Feds uphold decision to close Vermont's EB-5 center

Published: Oct. 1, 2019 at 5:40 PM EDT
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The feds are rejecting Vermont's attempt to reopen the state's EB-5 Center.

The EB-5 program allows foreigners to invest in a development project in exchange for green cards and being put on a fast track for citizenship.

In 1997, Vermont opened its EB-5 Center and projects worth millions flowed through it.

Then, in 2016, the Kingdom Con broke-- the largest fraud in Vermont history. Investigators say more than $200 million was misused.

The feds shut down Vermont's EB-5 Center in 2018.

Federal officials on Tuesday rejected Vermont's appeal to reopen the center.

But that might not be the end of the story. Economic Development Commissioner Joan Goldstein tells WCAX News the state is reviewing the decision and considering whether to challenge it.