EB-5 investors take aim at Quiros and Raymond James

Featured

copyright the Chronicle June 15, 2016

by Joseph Gresser

The major skirmishes in the legal battle over Jay Peak’s EB-5 projects seem to have settled down, at least for the moment. Civil suits filed against Ariel Quiros, the owner of Jay Peak and Burke Mountain resorts, and his companies, along with Bill Stenger, former president of Jay Peak, have been filed in federal court by the U.S. Securities and Exchange Commission (SEC) and, in Vermont Superior Court, by the state Department of Financial Regulation.

Both allege that Mr. Quiros, with the help of Mr. Stenger, misused around $200-million of the $350-million they raised from foreign investors hoping to get green cards in exchange for putting money into a job-creating project. Mr. Quiros is also accused of taking about $55-million for his own use.

Mr. Quiros’ businesses and property have been put in the hands of Michael Goldberg, appointed receiver…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

Print subscription

Annual online subscription

Short-term online subscription

(To find a particular article, search for the corresponding edition of the newspaper)

Share

Quiros allowed $15,000 a month for expenses

Featured

copyright the Chronicle June 1, 2016

by Joseph Gresser

U.S. District Court Judge Darrin Gayles granted, in part, Ariel Quiros’ request for money to pay legal fees and living expenses last week. The same day Mr. Quiros, the owner of Jay Peak and Burke Mountain resorts, and the federal Securities and Exchange Commission (SEC) appeared to argue whether his assets and companies should be placed under a receivership.

Mr. Quiros’ assets were frozen and placed under the control of a receiver in April after he and Bill Stenger, former president of Jay Peak, were charged by the SEC with civil offenses including mishandling, comingling, and, in the case of Mr. Quiros, misappropriating about $200-million.

The money was invested in hotels and other projects at Jay Peak and Burke Mountain and in a biomedical facility in Newport by foreigners who hoped to gain permanent residency status through the federal EB-5 visa program…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

Print subscription

Annual online subscription

Short-term online subscription

(To find a particular article, search for the corresponding edition of the newspaper)

Share

Quiros asks for “reasonable” living expenses

Featured

copyright the Chronicle May 11, 2016 

by Joseph Gresser

Ariel Quiros, the owner of Jay Peak and Burke Mountain, has asked federal Judge Darrin Gayles to allow him access to enough money to cover what he considers reasonable living expenses.

The U.S. Securities and Exchange Commission (SEC) strongly disagrees with Mr. Quiros’ idea of what is reasonable.

The SEC called the nearly $100,000 a month Mr. Quiros said he needs to live on an “outrageous sum” in its motion opposing the release of the money.

About $90,000 of that amount is for “luxury items, non-necessities, or for undocumented expenses,” the SEC said.

Those include car lease payments of $3,295 for one of his automobiles, and $1,761 for one driven by his wife, and storage and upkeep payments for his collection of military jeeps of about $3,000 a month.

Mr. Quiros said he pays $147 a month to a yacht club and…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

Print subscription

Annual online subscription

Short-term online subscription

(To find a particular article, search for the corresponding edition of the newspaper)

Share