Scamfluencers
Kingdom Con: The Vermont Ski Scam | 121
Sep 2, 2024
In this insightful discussion, ski enthusiast Bill Stenger, who aims to revitalise a Vermont mountain town, joins his business partner Ariel. They reveal their ambitious plan to transform a ski resort into a bustling year-round destination. The conversation uncovers how they tapped into the EB-5 visa program, promising jobs and investment. However, millions go unaccounted for, leading to a rollercoaster of financial mismanagement and fraud as troubled investors band together. The fallout exposes ethical dilemmas and the dark side of ambitious development.
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Quick takeaways
- The ambitious development project at Jay Peak was manipulated through the EB-5 program, leading to significant financial fraud and mismanagement.
- The scandal highlights the vulnerability in investment programs aimed at economic growth, exposing potential exploitation and the risks for investors.
Deep dives
The Ambitious Vision Behind Jay Peak
In December 2012, journalists spotlighted Jay Peak, a struggling Vermont ski resort, and its ambitious expansion plans aimed at revitalizing the local economy. Bill Stenger, an owner of Jay Peak, discussed a $900 million development project that promised to create 10,000 jobs through various recreational and hospitality facilities, including a massive indoor water park. The project was funded through the EB-5 visa program, which allowed foreign investors to obtain American green cards in exchange for substantial investments. However, despite the optimistic projections, there were underlying suspicions regarding the project's sustainability given the rural area’s low tourism levels.
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