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

[SnoBrdr]

From WCAX:

JAY, Vt. -
The tram at Jay Peak is back in operation.

The Resort kicked off summer operations on Saturday after passing a recent multi-day safety inspection and evacuation drill. State officials earlier this spring ordered the tram to shut down until it could complete needed repairs. The tram is due for $5 million in upgrades, money that was not immediately available following recent fraud allegations against the resort's Ariel Quiros and Bill Stenger.

The federal receiver operating the resort recently signed a contract to complete the work -- those upgrades will begin next spring. The state will allow the tram to operate this upcoming ski season.

[Bubba]

Raymond James pays $5.95 million for Jay Peak-related EB-5 involvement
http://vermontbiz.com/news/raymond-jame ... -286323177" onclick="window.open(this.href);return false;

SEC in ‘serious’ settlement talks with Stenger, says his lawyer
http://vtdigger.org/2016/06/29/sec-in-s ... -286323177" onclick="window.open(this.href);return false;

[Guy in Shorts]

Vermont gets to skim 1.45 million off the top with the investors getting the remaining 4.5 million. Sweet deal for Vermont.

[steamboat1]

Vermont gets to skim 1.45 million off the top with the investors getting the remaining 4.5 million. Sweet deal for Vermont.

VT. better hope the investors don't file a class action suit against the state for actively promoting & promising oversight to these projects. Investors already have class action suits going against the bank & brokerage firm who enabled this ponzi scheme. So does the SEC appointed receiver.

[Bubba]

Quiros asks Vermont judge to dismiss EB-5 fraud case
Jul. 11, 2016,

http://vtdigger.org/2016/07/11/quiros-a ... -286323177" onclick="window.open(this.href);return false;

[MrsG]

Quiros asks Vermont judge to dismiss EB-5 fraud case
Jul. 11, 2016,

http://vtdigger.org/2016/07/11/quiros-a ... -286323177" onclick="window.open(this.href);return false;

Interesting remarks in the comments section

[Bubba]

Shumlin Administration Received Indication Of Alleged EB-5 Fraud In November 2014

http://digital.vpr.net/post/shumlin-adm ... 7#stream/0" onclick="window.open(this.href);return false;

[Bubba]

Mount Snow upgrade won’t be ready for winter


http://vtdigger.org/2016/07/15/mount-sn ... -286323177" onclick="window.open(this.href);return false;

EB-5 delays cited as cause

[madhatter]

Mount Snow upgrade won’t be ready for winter


http://vtdigger.org/2016/07/15/mount-sn ... -286323177" onclick="window.open(this.href);return false;

EB-5 delays cited as cause

from the link above on MT SNOW

milking it for all its worth, diggers lead page:

EB-5 FRAUD AT VERMONT'S JAY PEAK
TWO YEARS OF INVESTIGATIVE REPORTING BY VTDIGGER

their imagined claim to "fame" ...

[steamboat1]

Mount Snow upgrade won’t be ready for winter


http://vtdigger.org/2016/07/15/mount-sn ... -286323177" onclick="window.open(this.href);return false;

EB-5 delays cited as cause

http://www.newenglandskiindustry.com/vi ... toryid=457

[Dr. NO]

Mount Snow upgrade won’t be ready for winter


http://vtdigger.org/2016/07/15/mount-sn ... -286323177" onclick="window.open(this.href);return false;

EB-5 delays cited as cause

http://www.newenglandskiindustry.com/vi ... toryid=457

Like turning back the clock and watching ASC over invest and not keep up with debt. Just change the name from PEAK to American Ski Company and Les Otten.

[steamboat1]

http://vtdigger.org/2016/07/21/vermont- ... r-resigns/

[Bubba]

Documents suggest state ignored warnings about Jay Peak in 2012
Jul. 25, 2016, by Anne Galloway


http://vtdigger.org/2016/07/25/document ... -286323177" onclick="window.open(this.href);return false;

[steamboat1]

Documents suggest state ignored warnings about Jay Peak in 2012
Jul. 25, 2016, by Anne Galloway


http://vtdigger.org/2016/07/25/document ... -286323177" onclick="window.open(this.href);return false;

That's old news .

[jayisking]

The State's reaction here makes no sense. Originally Jay agreed to do the work on the Tram in the Summer of 2016 in exchange for being able to run it for the 15-16 season.
So they run it for the 15-16 season, do no work this summer, and tell the State they'll do the work next year. And the State says "sure, you ignored our instructions, but you can run it another season."

WTF?

I'll most definitely have this on my mind when I ride the tram this winter, I wonder how safe it really is.