Proceeds from Quiros’ settlement aim to help Newport recover
NEWPORT, Vt. (AP) - Officials say proceeds from a Vermont settlement with a former ski resort owner who was accused of massive fraud involving foreign investors’ money in area developments are being used to help the city of Newport recover from the failed projects.
Officials say under the 2018 settlement agreement, Ariel Quiros’ properties in northeastern Vermont were awarded to the state to be sold with the proceeds going toward promoting economic development, particularly in Newport.
Quiros pleaded guilty last year to three charges over a failed plan to build a biotechnology plant in Newport using millions raised through the EB-5 visa program.
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Feds uphold decision to close Vermont’s EB-5 center
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