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.
A Florida shopping center that says Ariel Quiros owes $86,721 in back rent for his now-shuttered Key Biscayne restaurant has received approval to throw him out. Quiros, facing state and federal investor fraud lawsuits stemming from developments at Jay Peak Resort in Vermont, did not contest the move to clear out his leased space in […]
Memos from Douglas’ commerce agency reveal mostly positive views about the massive expansion of Jay Peak and other projects. “Looking back, more (oversight) would have been better,” he says in hindsight.
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.
Contractors who have not been paid in more than a year are barely hanging on.
The CEO of a Korean firm was charged with embezzlement when he ran a related company in Vermont.
The one-paragraph notice does not state the grounds for the appeal.
The move was needed after NBT Bank said it wouldn’t renew a letter of credit following investor fraud lawsuits filed against Jay Peak owner Ariel Quiros and Bill Stenger, its former CEO.
“It is expected that hundreds of young skiers will train and compete at Burke Mountain annually.”
A lawyer argues that holding off on a separate lawsuit while the Securities and Exchange Commission case proceeds would hinder efforts to recoup money for investors.
The judge didn’t buy claims that the state had overreached with its investor fraud allegations and that all the projects Quiros and his partner promised to build were either complete or under construction.
The money covers expenses incurred since Jay Peak and Burke Mountain went into receivership in April and include attorney, accounting and other professional fees.