Documents will be made public as the discovery phase of the state’s court case moves forward.
The Dover resort is planning a $40 million EB-5 offering with up to 900 new residential units. Company officials intend to split off from the Vermont EB-5 Regional Center and start their own EB-5 center.
The Jay Peak owner is suing the insurer to cover his legal bills in the face of fraud allegations. But the company says Quiros should pay its cost of fighting the coverage request.
U.S. Citizenship and Immigration Services demanded answers from the state about oversight of the Jay Peak projects.
“Another lawyer has about 30 people, and that lawyer contacted me and asked to join this case,” said an attorney for Chinese investors. “This is a lawyer who had not filed anything yet …”
“What it means is we don’t have to go out and secure a loan,” said a town official in Jay.
The investors who are covered put in money after March 2015, when the state added a new escrow requirement.
Galloway says, “We believe the state is using the ‘relevant’ litigation exemption as a shield to prevent the public from understanding why officials failed to provide adequate oversight of the Jay Peak Projects.”
The federal judge’s one-paragraph order doesn’t say why it will be so long before the trial starts.
Federal regulators have dropped their claims against a slew of entities that received money raised through the EB-5 program, saying such penalties would lessen the amount defrauded investors might recoup.
The funds will go into a trust account held by a court-appointed receiver.
2016 was not a banner year for state officials charged with watching out for the welfare of its citizens and citizens-to-be.
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 […]