The Vermont Agency of Commerce and Community Development has rejected a plea by EB-5 investor-financed project DreamLife to reconsider the project’s cancelation. The ‘final’ decision to end the state’s authorization for the plan to build high-end assisted-living units in Vermont was recently reported in the Free Press.
[Vermont] – unswayed by an appeal from DreamLife, an EB-5 project to build assisted living homes around the state – has finalized its cancellation of the project.
DreamLife Retirement Resorts proposed building six, 160-unit high-end assisted-living facilities in Vermont. Using the EB-5 investment program they were seeking to raise $144 million cash from 300 foreign investors seeking green card visas.
The EB-5 project arrangement with the state was initially canceled March 27th because of “material misrepresentation” by DreamLife. Four individuals representing the company in Florida claimed to be attorneys but were not licensed to practice law in that state. As long ago as last September, the state had canceled a memorandum of understanding with Dreamlife over the company’s failure to provide proper notification of expanding development plans.
Now the promised “detailed response” by DreamLife’s head Phil Mooney to the state’s concerns has been rejected and cancelation made final, according to Secretary of Commerce Lawrence Miller.
However Mooney is not giving up the company’s Vermont dream easily, according to the Free Press. He would like to meet with Secretary Miller about salvaging his investment scheme.
“We maintain that our project brings substantial benefits in employment and quality of life in several communities in Vermont,” Mooney said. “We have hope of being able to bring the benefits of these projects to Vermont.”
Phil Mooney took up the DreamLife leadership from Richard Parenteau, the founder who remains a “background” investor. Parenteau, a Canadian, was convicted of perjury in Quebec last summer in a dispute over a will. In an earlier diary about DreamLife I noted that Parenteau was serial business starter or creator.
Over the last 20 years, Parenteau has created and dissolved more than two dozen companies in Florida and Vermont […] Five of the entities bear the DreamLife name, including an insurance company, a real estate firm and a finance company, all three of which are now inactive.
And now Phil Mooney also seems to have his head in the endless dream life cloud. But in this case, the clouds are full of rain.
BP. I’m pretty impressed with our states’ ability to see through the lies and deception of white collar criminals attempts to pull the wool. The COOP plot is another one, seems to be one every week.
Obviously there are those who seem to think Vermonters are a bunch of dumb hicks, however the hammer falling on so many “schemes” lately disproves this. But doesn’t seem to stop these jokers from trying.
I sincerely hope this level of scrutiny is being applied to all proposals being entertained under the EB5 umbrella.
I loved that bit, a little while back, about the Trapp Family Lodge wanting to be considered a troubled business” for purposes of EB-5 opportunities!
Ultimatel, though, the “trouble” seemed to be that the Chinese simply weren’t interested.