Foreign investor-funded project at Okemo Mountain penalized
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Statements made in a financial prospectus to investors have brought regulatory penalties against a foreign investor-funded project at the base of Okemo Mountain Resort.
Vermont Public Radio reports the state Department of Financial Regulation has stripped the “SouthFace Village at Okemo” project of its ability to solicit new investors.
The suspension is pending the creation of new disclosures that more accurately reflect the project’s risks.
Commerce Secretary Patricia Moulton said the suspension can be a relatively normal course of action for other EB-5 projects. The federal EB-5 program allows foreign investors to obtain U.S. visas if they pledge a minimum $500,000 investment in job-creating projects.
The more than $200 million project is billed as “the first four-season luxury home community at Okemo Mountain in over a decade.”