NEWPORT – Officials gathered at the Newport waterfront today to announce a settlement in the State’s EB-5 enforcement action.
Ariel Quiros will pay the State $2 million dollars as part of the settlement, which will be satisfied through his transfer to the State of title to five properties located in the Northeast Kingdom.
Stenger will pay $100,000 over the course of four years.
The State of Vermont filed a motion with the Washington Superior Court seeking approval of the settlement. If the Court approves, all of the proceeds of the settlements will be used for economic development in the Northeast Kingdom.
“We see this as another step in the healing process for our community,” said Newport Mayor Paul Monette. “Now that some of the uncertainty has been lifted, we want to continue to build on the momentum created by Newport’s recent centennial celebration and work together as a community to move the city forward.”
In conjunction with the settlements, Attorney General Donovan has asked Auditor Doug Hoffer to perform an audit of the State’s involvement with the EB-5 projects at Jay Peak.
Documents pertaining to the EB-5 program will be delivered to Auditor Hoffer upon the Court’s approval of the Quiros settlement.
“These settlements serve the public interest,” Attorney General Donovan said. “They will allow us to address the loss of trust in state government that has resulted from this fraud by performing a complete audit of the State’s role in the EB-5 projects.”
The settlements resolve the State’s enforcement actions in connection with EB-5 projects.
“With over $2 million dollars the state will receive in this settlement we will be able to help the Northeast Kingdom and Newport in particular with much-needed funding for economic development,” said Governor Scott.