Vermont announces EB-5 settlement

NEWPORT, Vt. (AP) — Vermont’s attorney general says the state has settled a civil lawsuit against two developers accused of defrauding the state’s immigrant investor program.

Attorney General T.J. Donovan announced Thursday that former Jay Peak owner Ariel Quiros of Miami will pay the state $2 million satisfied by transferring five properties to Vermont. Former Jay Peak president William Stenger will pay $100,000 to the city of Newport, which will be earmarked for economic development.

The agreement is subject to court approval. If approved the state will drop its lawsuit against both men.

Quiros and Stenger were accused in 2016 of misusing more than $200 million raised from foreign investors through the EB-5 visa program. They have also reached settlements with the Securities and Exchange Commission.

(Copyright (c) 2018 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)