Capitol Beat: Officials back away from EB-5 charges
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News of massive civil fraud charges against two Northeast Kingdom developers Thursday had Vermont pols looking to distance themselves from the developers and the EB-5 program they used to fund their projects.
Ariel Quiros and Bill Stenger face federal and state lawsuits for allegedly using foreign investors’ funds fraudulently.
Republican Lt. Gov. Phil Scott issued a blistering statement after the charges were revealed that seemed to fault the administration of Democratic Gov. Peter Shumlin for exercising poor oversight.
“At a minimum there appears to be a significant lack of oversight on this project. We need immediate answers to basic, yet essential, questions. What went wrong at Jay Peak and Q Burke? How was this allowed to deteriorate to the point it is now? What steps, if any, did the Administration take to prevent this from happening?” Scott said in the statement. “This is obviously very troubling at a time when faith and trust in government is extremely low. We should be taking steps to restore Vermonters’ confidence in state government.