State of Vermont settles all remaining EB-5 lawsuits
MONTPELIER, Vt. (WCAX) - The state of Vermont has reached an agreement to settle all pending and potential Kingdom Con lawsuits related to the Jay Peak EB-5 projects.
In a statement, the state says 64 individual plaintiffs agreed to settle all pending and potential cases related to the eight EB-5 Jay Peak projects.
The state says the $16.5 million settlement would be paid out over three years and will be paid into the Jay Peak receivership.
The state will also continue to support green card pursuits by investors, and if that’s successful, the state would reduce the settlement payment by $4 million.
A court still has to approve the settlement.
In a separate agreement settled recently, the state agreed to pay eight investors $750,000.
In a statement Wednesday, Vermont Attorney General Charity Clark said this resolution “will protect the State from additional EB-5 lawsuits, preventing further financial harm to Vermont. My team and I did not come to this decision lightly... This settlement removes the State’s exposure to financial risk and gives Vermont the opportunity to move forward from this chapter.”
The Kingdom Con was the largest fraud case the state has ever seen. The massive Ponzi scheme to rebuild Jay Peak, Burke Mountain and the Newport area was fueled by $200 million in foreign investor money as part of the federal EB-5 green card program. But prosecutors say the money was misused or stolen by the developers. The lawsuits claimed the state intentionally kept quiet, allowing more investors to be defrauded so construction projects already underway could continue.
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