Audit finds inadequate state oversight in Vermont's largest fraud case
A state audit has found that Vermont did not provide adequate oversight to prevent the massive fraud that occurred in ski area and other development projects funded by foreign investors’ money through a special visa program
The state of Vermont did not provide adequate oversight to prevent the massive fraud that occurred in ski area and other development projects funded by foreign investors' money through a special visa program, a state audit has found.
The financial scandal first revealed in 2016, which became the state's largest fraud case, shook Vermont and the economically depressed region called the Northeast Kingdom.
In 2018, Vermont's former attorney general asked for an audit of the state's involvement in the projects at Jay Peak and Burke resorts to address the loss of trust in state government from the fraud, State Auditor Doug Hoffer wrote in the report released on Thursday. The audit was completed after the legal proceedings concluded, he wrote.
The findings should not be entirely surprising, Hoffer wrote.
