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.
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 Vermont Attorney General will file a motion to dismiss in September.
In total, the receivership has now been awarded $3.3 million to cover its expenses since investor fraud allegations were brought against developers Ariel Quiros and Bill Stenger in 2016.
In dueling court filings, the two sides disagree over what arguments Ariel Quiros should be allowed to raise to allegations he defrauded foreign investors.
The nearly $150 million will be used in part to finish incomplete projects spearheaded by Ariel Quiros in the Northeast Kingdom and to pay contractors’ and vendors’ outstanding bills.
While he is getting his money back, Xiong says that he, and other investors like him, will have no opportunity to get a green card.
The hunt for assets of Ariel Quiros continues in the investigation of alleged investor fraud involving Vermont properties. Recently the search has yielded some surprises.
The financial firm was accused of aiding in fraud in a series of development projects in the Northeast Kingdom. The lawyers say their cut of about 16.5 percent is less than the usual.
The deadline was Monday for anyone seeking to block the payout agreement by the financial firm Raymond James. The firm is accused of helping developers Bill Stenger and Ariel Quiros carry out fraud.
Dueling filings show that Ariel Quiros’ new counsel claims his previous lawyers have revealed attorney-client information in documents submitted to the court.
Federal regulators filed a request to compel officials with Saint-Sauveur Valley Resorts to explain how Ariel Quiros purchased the ski resort.
The former president and CEO at Jay Peak, who is accused of investor fraud, works as a part-time consultant for $50 an hour and the use of a Volvo.
That’s estimated to be quadruple what they were in the prior fiscal year, when Ariel Quiros and Bill Stenger were still in charge and about to face state and federal fraud allegations.