EB-5 gives foreign backers (and their families) who invest a minimum of $500,000 in qualifying stateside projects a fast track to United States citizenship, granted the project creates a minimum of 10 jobs. Following the allegations, Lesiure Hotel and Resorts was selected to manage daily operations at Jay Peak, with a court-appointed receiver put in place to manage all assets. The whole situation spurred debate about Jay Peak’s future, especially from local media outlets that portrayed the dire financial circumstances and doubt that the resort would be able to operate moving forward.
Life did go on, and Jay Peak operated as scheduled throughout the summer of 2016 and winter of 2016-17. Big questions were laid to rest last Thursday when Michael Goldberg, the court-appointed receiver of both the Jay and Burke properties, and Vermont Governor Phil Scott announced a $150 million settlement from Goldberg’s assertion that the Raymond James financial services firm assisted and profited from the alleged fraud (a claim filed in May 2016).