In this case study we focus on the background, implementation, and consequences of the EB-5 Immigrant Investor Program at Jay Peak in Vermont. We examine the legal and ethical challenges of the EB-5 program, the business rationale for the Jay Peak EB-5 program, and the handling of the Jay Peak EB-5 program crisis.  We draw on secondary information sources including local and national media outlets, and state and federal government publications.  We trace the development of the federal EB-5 program.  Next, we outline the implementation of the EB-5 program in Vermont.  Last, we analyze the reactions of various stakeholder groups to the Jay Peak EB-5 financial crisis that unfolded in 2016.  We argue that the EB-5 Immigrant Investor Program is not free of controversy, that the EB-5 program in Vermont performed well in the past but the Jay Peak project was questionable, and that the reaction to and the handling the of the crisis varied according to the underlying interests of different stakeholders.  We conclude with recommendations for investors, communities, public officials, government agencies, and legislators on how to approach the EB-5 program in the future.