A state worker involved the investigation of the Jay Peak/Q Burke EB-5 scandal has been appointed to head up the Vermont Department of Financial Regulation.
Gov. Peter Shumlin appointed Michael Pieciak as commissioner of the DFR. Pieciak replaces Susan Donegan, whose last day on the job was June 30.
Pieciak was previously the deputy commissioner of the DFR’s Securities Division, a role that included an investigation in coordination with the Federal Securities and Exchange that led to charges being filed against Ariel Quiros and Bill Stenger in conjunction with EB-5 projects at Jay Peak and Q Burke ski resorts.
Pieciak has been called as an expert witness as the federal case unfolds in federal court in Miami.
“Susan Donegan left big shoes to fill, but I cannot think of someone who is more prepared to lead DFR at this critical time than Mike,” Shumlin said. “Mike’s intimate knowledge of the Jay Peak EB-5 investigation undertaken by the state is crucial as the case continues to work its way through the legal process. In addition to his good work on that front, Mike is a proven leader who will serve the department well over these next few months.”
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