U.S. Citizenship and Immigration Services demanded answers from the state about oversight of the Jay Peak projects.
AnC Bio Vermont
The move could enable about 35 investors to look for another EB-5 project in hopes of still getting a green card, the motion says. More than 100 other investors wouldn’t be affected.
The latest judgments are against a slew of corporate and relief entities. The latter received “ill-gotten gains” but didn’t necessarily take actions that led to the SEC’s fraud allegations.
The lead plaintiff in the case is Alexander Daccache, of Brazil. More than 800 others could become eligible to join the suit against developers Ariel Quiros and Bill Stenger.
One of the defendants, a longtime business associate of Quiros’ who runs an entity embroiled in the case, appears to be settling with the SEC.
The CEO of a Korean sister company is accused of embezzling $10 million.
The CEO of a Korean firm was charged with embezzlement when he ran a related company in Vermont.
A financial firm that was used by fraud suspect Ariel Quiros says releasing the records to investors suing him would be an unreasonable invasion of privacy.
An attorney for the investors says Alex Choi and Ary and Nicole Quiros had business dealings with Jay Construction Management an entity central to the alleged fraud.
Federal Judge Darrin P. Gayles found that Ariel Quiros acted with “severe recklessness” in intentionally defrauding investors.
The settlement funds, in large part, will go to run ski operations at Jay Peak and pay contractors for work on two developments in the Northeast Kingdom.
Exactly what convinced the investors to change their position is unclear.
As part of the settlement, Citibank is seeking assurances that no claims can be asserted against the bank related to the federal lawsuit.
A Florida lawyer says her clients are entitled to $13.3 million from the proposed settlement between Citibank and the receiver.