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

[rogman]

Hanlon's razor applies here, "Never attribute to malice that which can be adequately explained by stupidity". Did those with oversight responsibility financially benefit from their poor judgement? My guess is not. With the benefit of 20-20 hindsight, it is easy to see it was a Ponzi scheme, but it also easy to be blind to it until it was pointed out. Another aphorism applies here as well: if you shoot the king you better not miss. Quiros was a big deal, bringing growth and development to the NE kingdom. I suspect those in power were reluctant to ask too many questions as long as things went smoothly. He won't get let off the hook: his biggest crime was getting caught, making it more difficult for other swindlers. They'll make an example of him, and everyone will go back to their head in the sand complacency.

[brownman]

Decent historical perspective of the wide-ranging impact.
.. mIles to go before this sleeps ..

https://www.bostonglobe.com/magazine/20 ... story.html

[SnoBrdr]

JAY, Vt. (AP) - A Vermont ski resort owner is suing his insurer in federal court for more than $2 million to fund his legal defense against fraud accusations brought by the Securities and Exchange Commission.

Jay Peak owner Ariel Quiros and former president Bill Stenger were accused by Vermont and the SEC of misusing $200 million raised from foreign investors for developments through a special visa program. Quiros is also accused of improperly diverting $50 million for personal use.

Stenger settled his case with the SEC.

The Caledonian Record reports Quiros filed a lawsuit last week in Miami against Ironshore Indemnity.

The suit says Ironshore is contractually obligated to advance his defense costs and that it breached its contract by failing to do so.

Ironshore couldn't immediately be reached for comment.

[Bubba]

Mount Snow gets $52 million in EB-5 funds for new projects

http://vermontbiz.com/news/december/mou ... -286323177" onclick="window.open(this.href);return false;

Jay Peak receiver, et al, to get back pay of nearly $2 million

http://vermontbiz.com/news/december/jay ... -286323177" onclick="window.open(this.href);return false;

EB-5 program extended, leaving reforms in question

https://vtdigger.org/2016/12/13/eb-5-pr ... -286323177" onclick="window.open(this.href);return false;

Judge rejects Quiros’ bid to toss state case

https://vtdigger.org/2016/12/13/judge-r ... -286323177" onclick="window.open(this.href);return false;

[brownman]

Quiros must have consulted the President Elect for legal advice while he was living there.

[Bubba]

Receiver: Don’t delay suit against Quiros and financial firm

https://vtdigger.org/2016/12/20/receive ... -286323177" onclick="window.open(this.href);return false;

Change of banks clears way for Jay Peak’s sewage facility use

The move was needed after NBT Bank said it wouldn’t renew a letter of credit following investor fraud lawsuits filed against Jay Peak owner Ariel Quiros and Bill Stenger, its former CEO.

https://vtdigger.org/2016/12/21/change- ... -286323177" onclick="window.open(this.href);return false;

[Bubba]

Stenger acts as own lawyer, denies class-action claims

https://vtdigger.org/2016/12/23/stenger ... -286323177" onclick="window.open(this.href);return false;

[SnoBrdr]

Stenger acts as own lawyer, denies class-action claims

https://vtdigger.org/2016/12/23/stenger ... -286323177" onclick="window.open(this.href);return false;

Stenger earlier this year settled an investor fraud lawsuit filed against him by the U.S. Securities and Exchange Commission, neither admitting or denying the allegations.

Isn't that nice.

[brownman]

Yet .. Still no Tramway !
They say 'maybe' tomorrow.. Santa dependencies

Good thing that water park is operational.

[ME2VTSkier]

Yet .. Still no Tramway !
They say 'maybe' tomorrow.. Santa dependencies

Good thing that water park is operational.

https://vtdigger.org/2016/12/23/jay-pea ... -405602665

[Bubba]

Quiros denies SEC allegations, any knowledge of fraud

http://www.burlingtonfreepress.com/stor ... /95912174/" onclick="window.open(this.href);return false;

[SnoBrdr]

Quiros denies SEC allegations, any knowledge of fraud

http://www.burlingtonfreepress.com/stor ... /95912174/" onclick="window.open(this.href);return false;

I really really hope that there are criminal investigations ongoing.

[RENO]

Quiros denies SEC allegations, any knowledge of fraud

http://www.burlingtonfreepress.com/stor ... /95912174/" onclick="window.open(this.href);return false;

I really really hope that there are criminal investigations ongoing.

Quiros and Stenger should both be locked up! Scumbags.....

[Bubba]

Judge OK’s payment option for unpaid EB-5 contractors, subcontractors
Jan. 5, 2017, 5:23 am by Alan Keays

https://vtdigger.org/2017/01/05/judge-o ... -286323177" onclick="window.open(this.href);return false;

[Bubba]

Settlements in EB-5 case leave Quiros standing alone
Jan. 8, 2017,by Alan Keays

https://vtdigger.org/2017/01/08/settlem ... -286323177" onclick="window.open(this.href);return false;