It’s not often that a rad, little resort in Vermont makes the pages of The New Yorker Magazine, especially in a story featuring hundreds of millions in potentially mishandled funds. But that’s exactly the position Jay Peak and former resort manager Bill Stenger are in this month with a story titled “The Rural Ski Slope Caught Up in an International Scam,” by Sheelah Kolhatkare.
The crux of the story revolves around how Stenger and a business partner raised money for development at the resort and what they actually did with the money they raised. Here’s the how:
He [Stenger] raised money using the EB-5 visa program, which aimed to channel foreign investments into businesses that created jobs for Americans, especially in rural or economically depressed parts of the country. For five hundred thousand dollars (the amount has since risen to nine hundred thousand), foreign investors and their families became eligible for green cards, so long as that money succeeded in creating at least ten jobs.
As for what they did with all the money, you’ll have to read the story. In the end, it goes to show that running a resort isn’t always about keeping the snow guns blowing and the cats repaired. There is much, much, more involved. And sometimes it even a little prison time. Click the link for the rest of the story.
[Link: The New Yorker]
