copyright the Chronicle May 11, 2016
by Joseph Gresser
Jay Peak’s EB-5 projects are keeping Miami’s federal court hopping.
A disappointed investor has launched a class action suit aimed directly at the deep pockets of Raymond James, the financial services company that acted as the bank for Jay Peak owner Ariel Quiros. Like the other civil cases aimed at Jay Peak’s foreign investor program this was filed in U.S. District Court for the Southern District of Florida.
Mr. Quiros has filed a challenge to the temporary restraining order issued by federal Judge Darrin Gayles that put his assets, including Jay Peak and Burke Mountain, into the hands of a receiver.
He has also asked Judge Gayles to release almost $300,000 to pay legal costs for his defense against charges laid against him by the Securities and Exchange Commission (SEC).
In turn, the SEC has asked Judge Gayles to deny Mr. Quiros’ request for access to enough money to pay living expenses amounting to around $100,000 a month. In its filing…To read the rest of this article, and all the Chronicle‘s stories, subscribe:
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