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.
EB-5
Jay Peak receiver seeks $1.35M
The $1.35 million will cover six months’ worth of expenses for the court-appointed receiver overseeing the properties at the heart of the alleged “Ponzi-like” scheme.
Quiros fraud defenses at issue as settlement talks continue
In dueling court filings, the two sides disagree over what arguments Ariel Quiros should be allowed to raise to allegations he defrauded foreign investors.
Judge gives final OK to financial firm’s settlement in EB-5 case
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.
Special report: EB-5 reforms face major hurdles
Fraud in the EB-5 program has been rampant, and Sen. Patrick Leahy has been critical of a lack of federal oversight.
EB-5 investor: Raymond James $150M settlement ‘grossly inequitable’
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.
SEC filing: Quiros discloses $150,000 account in Colombia
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.
UPDATED: Jay Peak investor sues state
The lawsuit alleges that state officials and the developers at Jay Peak were partners in the largest fraud in the history of the national EB-5 program.
Attorneys divvy up $25M from Raymond James settlement
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.
Mount Snow ‘finally’ starts new lodge construction
The alleged fraud at Jay Peak Resort intensified scrutiny of the Vermont EB-5 Regional Center program and made it difficult for Mount Snow to solicit investors for a planned resort expansion.
Country Home Products to lay off more than 60
The announcement comes less than two years after Generac Power Systems bought the company.
Nearly $150M settlement in fraud case on track for final OK after no objections
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.
Quiros battle rages over $2 million in attorneys’ fees
Dueling filings show that Ariel Quiros’ new counsel claims his previous lawyers have revealed attorney-client information in documents submitted to the court.
Until we sued for EB-5 records, the public didn’t know.
We were finally able to get at the truth about the state’s EB-5 program in March — after a protracted battle with the Vermont Attorney General’s office. Please support VTDigger’s investigative reporting. $113,184 left to raise by June 15th.
