Vermont officials still working with defrauded EB-5 investors

Published: Oct. 10, 2019 at 12:10 AM EDT
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The Vermont financial regulation commissioner says the state is still working with foreign investors defrauded in the Kingdom Con scandal.

The Vermont Supreme Court ruled last week that the lawsuit against the state brought by the group of EB-5 investors can move forward. The group claims the state-run Vermont Regional Center and top officials with the Vermont Agency of Commerce and Community Development were negligent in overseeing the federal EB-5 program.

"There are still investors we are working hard to ensure that they get their immigration benefit that was a number one in terms of their priority and then also working closer to the receiver to make sure they get as much of that money back as possible," said Vermont Financial Regulation Commissioner Michael Pieciak.

The ruling kicks the case back to Vermont Superior Court for further consideration.

Investors contributed $500,000 each in exchange for a green card and a path to permanent residency.