The businesses received full payment, but not all survived the wait. “They were the victims, along with the investors, and many other people,” said one regulator.
Lawyers for the Northeast Kingdom developer charged with running a “Ponzi-like” scheme say they are owed a total of $3 million.
If the AG’s office’s role is defense and protecting the state, then who represents the citizens of the state if officials are guilty of wrongdoing?
Investors say state officials were warned in 2012 that Bill Stenger was rewarding immigration lawyers, but chose not to investigate. There is a hearing in the case Monday.
Plaintiffs argue that Saint-Sauveur was aware that Quiros was using the investors’ money improperly.
The lawsuit alleges: “People’s Bank was a substantial and active participant in a massive fraud that caused millions of dollars in damages.”
Former lawyers for Jay Peak owner Ariel Quiros are trying to collect $3 million in unpaid legal fees, but his current lawyer and the court-appointed receiver overseeing Quiros’ frozen assets are saying not so fast.
Paying property taxes and other expenses will preserve the value of assets for the benefit of investors if the SEC wins its case, according to a court filing.
On this week’s podcast, VTDigger Editor Anne Galloway joins WDEV’s Mike Smith to talk about two new developments in the Jay Peak EB-5 case.
On ProPublica’s latest podcast, VTDigger’s Anne Galloway discusses her investigation into the multimillion-dollar Northeast Kingdom development that she thought was “too good to be true.”
The two sides will try to negotiate how much, if anything, Quiros will pay in disgorgement of any ill-gotten gains, interest and penalties. He isn’t admitting or denying the charges.
U.S. Citizenship and Immigration Service says the state “failed to properly engage in management, monitoring and oversight of the program for many years.”
The investors have until Aug. 31 to decide to either get back their $500,000 investment in AnC Bio Vermont, or put the money toward another project EB-5 project approved by a court.
Ariel Quiros’ current lawyer says his previously legal team needs to file a separate suit and not try to intervene in litigation brought by investors in development projects in northern Vermont.