Feds order Vermont to shutter EB-5 Center

MONTPELIER, Vt. (WCAX) The state of Vermont has been ordered to shut down the organization that oversees the EB-5 investment program in the state.

The federal government first warned the state a year ago it planned to terminate the operation following allegations of fraud related to the big EB-5 projects at Jay Peak.

Gov. Phil Scott, R-Vermont, asked for a gradual winding down of the Vermont center, but in a decision issued last week, the U.S. Citizenship and Immigration Services ordered an immediate termination.

The state plans to appeal that decision.