- Associated Press - Friday, July 22, 2016

MONTPELIER, Vt. (AP) - State officials say the man responsible for promoting economic development projects in Vermont through the federal EB-5 program has resigned from his position.

Gene Fullam, a former Wall Street investment banker and analyst, resigned Wednesday after less than a year on the job as the head of Vermont’s EB-5 Regional Center.

Few details regarding Fullam’s departure have been provided. Pat Moulton, secretary of the Vermont Agency of Commerce and Community Development, says she accepted Fullam’s resignation and the Regional Center will continue with business as usual.

Vermont’s EB-5 program made national news in April after the Securities and Exchange Commission accused the developers of projects at Jay Peak and Burke Mountain ski resorts of fraud. Both men have denied the charges.

A spokesman for Gov. Peter Shumlin declined to comment.


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