MONTPELIER, Vt. (WCAX) – A new report released on Thursday blasts the state’s response to the Kingdom Con.
The report from the state auditor investigated the oversight of the EB-5 program that brought millions in foreign investments to Vermont and led to the largest fraud case in the state’s history.
EB-5 is a program that offers green cards to foreign nationals who invest in development projects in the U.S. It funded a huge expansion at the Jay Peak resort. But federal investigators found massive fraud and theft that led to prison time for three of the developers.
Now, in a 69-page report, Vermont Auditor Doug Hoffer spells out how then-governor Peter Shumlin and his administration failed to provide adequate oversight. Hoffer said, “The audit found a pattern of misplaced trust, unfortunate decision-making, lengthy delays, and missed opportunities to prevent or minimize fraud.”
Mark Johnson spoke in-depth with Hoffer about his new audit for the 802 News Podcast. You can listen now on www.wcax.com or the WCAX News App.