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

[Bubba]

Feds order EB-5 Center terminated immediately

https://vermontbiz.com/news/2018/july/0 ... -286700865" onclick="window.open(this.href);return false;


Lawsuit: Attorneys for EB-5 investors took $5M in kickbacks from Jay Peak

https://vtdigger.org/2018/07/08/lawsuit ... -286700865" onclick="window.open(this.href);return false;

[Bubba]

Settlement reached in State's EB-5 enforcement action.

https://vermontbiz.com/news/2018/july/1 ... -286700865" onclick="window.open(this.href);return false;

[SnoBrdr]

Settlement reached in State's EB-5 enforcement action.

https://vermontbiz.com/news/2018/july/1 ... -286700865" onclick="window.open(this.href);return false;

Interesting that the State got cash out of this when it looks like their people were either complicit in it or looked the other way.

[Bubba]

State and investors square off in EB-5 lawsuit.

https://vtdigger.org/2018/08/05/investo ... -286700865" onclick="window.open(this.href);return false;

[MrsG]

State and investors square off in EB-5 lawsuit.

https://vtdigger.org/2018/08/05/investo ... -286700865" onclick="window.open(this.href);return false;

Hey Bubba, can you please give us the "Cliff Notes" version - dldr

[Bubba]

State and investors square off in EB-5 lawsuit.

https://vtdigger.org/2018/08/05/investo ... -286700865" onclick="window.open(this.href);return false;

Hey Bubba, can you please give us the "Cliff Notes" version - dldr

This sums up the essentials:

A judge has already ruled that the state has immunity....but.....


The state is fighting Barr’s bid to send the case back to the trial court. In April, Carlson sided with lawyers from the Vermont Attorney General’s Office, which argued that the state has absolute immunity from the lawsuit. state is fighting Barr’s bid to send the case back to the trial court. In April, Carlson sided with lawyers from the Vermont Attorney General’s Office, which argued that the state has absolute immunity from the lawsuit. investors accuse state officials of negligence, wholly inadequate oversight and actions that gave the Jay Peak developers the opportunity to bilk more than 800 investors of more than $200 million in EB-5 money from 2008 to 2016.

The fraud occurred under the noses of high level Shumlin administration officials who were warned about financial improprieties as early as 2012. Regional center and commerce agency staff did not take action to stop the fraud. Investors were lured into the scheme as late as March 31, 2016, just two weeks before the Securities and Exchange Commission brought 52 counts of securities fraud against Bill Stenger, the former CEO of Jay Peak, and Ariel Quiros, the former owner of the resort. Both men have since settled with the U.S. Securities and Exchange Commission and settlements with the state are pending a judge’s approval. A criminal investigation is ongoing.

[MrsG]

State and investors square off in EB-5 lawsuit.

https://vtdigger.org/2018/08/05/investo ... -286700865" onclick="window.open(this.href);return false;

Hey Bubba, can you please give us the "Cliff Notes" version - dldr

This sums up the essentials:

A judge has already ruled that the state has immunity....but.....


The state is fighting Barr’s bid to send the case back to the trial court. In April, Carlson sided with lawyers from the Vermont Attorney General’s Office, which argued that the state has absolute immunity from the lawsuit. state is fighting Barr’s bid to send the case back to the trial court. In April, Carlson sided with lawyers from the Vermont Attorney General’s Office, which argued that the state has absolute immunity from the lawsuit. investors accuse state officials of negligence, wholly inadequate oversight and actions that gave the Jay Peak developers the opportunity to bilk more than 800 investors of more than $200 million in EB-5 money from 2008 to 2016.

The fraud occurred under the noses of high level Shumlin administration officials who were warned about financial improprieties as early as 2012. Regional center and commerce agency staff did not take action to stop the fraud. Investors were lured into the scheme as late as March 31, 2016, just two weeks before the Securities and Exchange Commission brought 52 counts of securities fraud against Bill Stenger, the former CEO of Jay Peak, and Ariel Quiros, the former owner of the resort. Both men have since settled with the U.S. Securities and Exchange Commission and settlements with the state are pending a judge’s approval. A criminal investigation is ongoing.

Much appreciated!!

[Bubba]

Who's buying Jay Peak?

https://vtskiandride.com/whos-buying-jay-peak/" onclick="window.open(this.href);return false;

[Big Bob]

Who's buying Jay Peak?

https://vtskiandride.com/whos-buying-jay-peak/" onclick="window.open(this.href);return false;

I think Highway star should. Then he can show Powdr how a ski area in the east SHOULD be run!

[Bubba]

Several people ought to be looking at jail time but probably won't even get charged criminally.


EB-5 chief was repeatedly shut down in efforts to audit Jay Peak

By Anne Galloway

https://vtdigger.org/2018/09/20/eb-5-ch ... -286700865" onclick="window.open(this.href);return false;

[SnoBrdr]

Several people ought to be looking at jail time but probably won't even get charged criminally.


EB-5 chief was repeatedly shut down in efforts to audit Jay Peak

By Anne Galloway

https://vtdigger.org/2018/09/20/eb-5-ch ... -286700865" onclick="window.open(this.href);return false;

Obviously, this started in the Governor's office yet no one is being held accountable?

You have to ask why not.

Where's the DoJ on this one.

[SnoBrdr]

https://www.rutlandherald.com/news/loca ... 52538.html

[Bubba]

State blocking 3 more top EB-5 officials from answering questions
By Alan J. Keays
Oct 9 2018


https://vtdigger.org/2018/10/09/state-b ... -286700865" onclick="window.open(this.href);return false;

[SnoBrdr]

And still there have been no criminal charges against anyone

[SnoBrdr]

https://www.wcax.com/content/news/Forme ... 92921.html