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State Releases Nearly Half Million Jay Peak EB-5 Records

Clockwise from top left: Vermont Department of Financial Regulation; Alden Pellet/AP; Freeman/French/Freeman; Steve Legge/AP

Vermont’s Department of Financial Regulation released almost 500,000 pages of documents Thursday related to the EB-5 and Jay Peak financial fraud.

In 2016 state and federal authorities pressed charges against developers of Jay Peak, including 52 counts of fraud and for misusing millions of dollars in investor funds in a Ponzi-like scheme.

Governor Phil Scott ordered the release of EB-5 documents in March 2017. Now, two years later, the department has complied. In the coming weeks ,200,000 more pages of records will be uploaded to the department’s website housing all the records, the department said.

The records released contain all the information gathered by the state during their 15 month investigation into Jay Peak, said Mike Pieciak, commissioner of the Department of Financial Regulation.

“I think in many ways this is unprecedented,” Pieciak said. “Part of the reason this is so unprecedented is not just the volume, but the amount of time and effort we put to make sure they [the records] could be released to the public.”

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