Uh oh...Jay Peak owner pulls a fast one on EB-5 investors

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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

Post by Bubba »

No surprise...

Town: Burke Mountain Resort owes property taxes
November 8, 2016

EAST BURKE — Officials in a Vermont town say taxes due on the Burke Mountain Resort did not arrive by the deadline last week.

Burke Assistant Town Clerk Cathi Feeley tells The Caledonian Record the total amount due on the East Burke resort and associated properties — nearly $409,000 — wasn't submitted to the town by Friday.

Once taxes are late, an 8 percent penalty is immediately added to the total amount that's due. In this case, the penalty fee would be $32,666.

A federal court had appointed federal receiver Michael Goldberg to oversee the resort and Jay Peak amid fraud allegations against the owner and Jay Peak's former president.

Goldberg said Friday the taxes will be paid when a recently approved $13.3 million settlement with Citibank is in hand around Nov. 20.


http://www.burlingtonfreepress.com/stor ... -286323177" onclick="window.open(this.href);return false;
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

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MONTPELIER, Vt. (AP) - A group of Chinese investors is suing a Miami businessman accused of massive fraud involving foreign investors' money in Vermont developments.

Each of the 31 investors had contributed $500,000 for projects at or near Jay Peak ski resort as part of a special visa program in which they would get a chance at U.S. residency.

The lawsuit, first reported by VTDigger, seeks more than $17 million in damages. It was filed in Miami against Ariel Quiros, the financial services company Raymond James & Associates, and a Raymond James employee.

Quiros, the owner of Jay Peak, and former Jay Peak president Bill Stenger, are charged with misusing about $200 million from foreign investors.

Stenger has said he's reached a settlement with the Securities and Exchange Commission. Quiros' lawyer did not immediately return a phone call Monday.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

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Another big "surprise". Hope Newport survives these financial disasters.

Newport ‘hole’ and AnC Bio site go delinquent on taxes too
http://vtdigger.org/2016/11/17/newport- ... -286323177" onclick="window.open(this.href);return false;
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

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UPDATED: Federal judge rules for SEC in Quiros EB-5 case
Nov. 21, 2016, 11:20 pm by Alan Keays and Anne Galloway


http://vtdigger.org/2016/11/21/federal- ... -286323177" onclick="window.open(this.href);return false;

“The record supports a preliminary finding that Quiros was the architect of a fraudulent scheme to use the investor funds to enrich himself,” Gayles wrote.

“The result is a financially strapped ski resort, unpaid contractors, unfinished projects, and unhappy investors at risk of losing their residency status in the United States,” Gayles added. “Accordingly, the court finds a preliminary injunction necessary to maintain the status quo pending trial on the merits.”
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:zzz
Last edited by E O Eleven on Feb 3rd, '23, 14:19, edited 3 times in total.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

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Q&A: Michael Goldberg, Jay Peak Receiver
by Bruce Edwards Vermont Business Magazine

http://vermontbiz.com/news/november/qa- ... -286323177" onclick="window.open(this.href);return false;
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

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Can a Scandal-Tainted Hotel Save Q-Less Burke Mountain?
By Mark Davis

http://www.sevendaysvt.com/vermont/can- ... -286323177" onclick="window.open(this.href);return false;
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

Post by RENO »

Such a shame what those 2 scumbags did up there. Wish both would get locked up in prison and put in general population. Unlikely..... :evil:
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

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RENO wrote:Such a shame what those 2 scumbags did up there. Wish both would get locked up in prison and put in general population. Unlikely..... :evil:
I can understand Stenger being an unknowing party to the fraud, thus settling with the SEC and providing his cooperation. I cannot understand how Quiros is not being charged criminally, at least as of yet, and only under civil (SEC) charges.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

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Bubba wrote:
RENO wrote:Such a shame what those 2 scumbags did up there. Wish both would get locked up in prison and put in general population. Unlikely..... :evil:
I can understand Stenger being an unknowing party to the fraud, thus settling with the SEC and providing his cooperation. I cannot understand how Quiros is not being charged criminally, at least as of yet, and only under civil (SEC) charges.
Makes one think that others are being protected for their part in what could be a criminal situation.

Or that the Feds made a deal with Stenger in their future criminal case against Quiros.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

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Investors seek Jay Peak-related brokerage records
Dec. 6, 2016

https://vtdigger.org/2016/12/06/investo ... -286323177" onclick="window.open(this.href);return false;
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

Post by SnoBrdr »

Bubba wrote:Investors seek Jay Peak-related brokerage records
Dec. 6, 2016

https://vtdigger.org/2016/12/06/investo ... -286323177" onclick="window.open(this.href);return false;
I still wonder if anyone is looking into what the governor and the rest of the state officials who were supposed to be monitoring this, did or didn't do.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

Post by Mister Moose »

SnoBrdr wrote:
Bubba wrote:Investors seek Jay Peak-related brokerage records
Dec. 6, 2016

https://vtdigger.org/2016/12/06/investo ... -286323177" onclick="window.open(this.href);return false;
I still wonder if anyone is looking into what the governor and the rest of the state officials who were supposed to be monitoring this, did or didn't do.
If you, and the rest of the state's residents, aren't wondering aloud to their elected representatives, not much will happen. With a new administration on the way, will there be any desire to investigate the ousted inept?
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Bubba
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

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Mister Moose wrote:
SnoBrdr wrote:
Bubba wrote:Investors seek Jay Peak-related brokerage records
Dec. 6, 2016

https://vtdigger.org/2016/12/06/investo ... -286323177" onclick="window.open(this.href);return false;
I still wonder if anyone is looking into what the governor and the rest of the state officials who were supposed to be monitoring this, did or didn't do.
If you, and the rest of the state's residents, aren't wondering aloud to their elected representatives, not much will happen. With a new administration on the way, will there be any desire to investigate the ousted inept?
I think the question is whether it was inept monitoring resulting from a clear conflict of organizational interest until a year ago when monitoring and promotional responsibility were split, or whether the state knowingly and intentionally looked the other way.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor

Post by Mister Moose »

Bubba wrote:
Mister Moose wrote: With a new administration on the way, will there be any desire to investigate the ousted inept?
I think the question is whether it was inept monitoring resulting from a clear conflict of organizational interest until a year ago when monitoring and promotional responsibility were split, or whether the state knowingly and intentionally looked the other way.
Not sure I see the difference. Ineptitude is as ineptitude does.
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