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 rule change would allow the defrauded Jay Peak investors to recoup money through the sale of assets, settlements, or other litigation and reinvest in another qualified EB-5 project.
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.
Contractors can opt for 33 percent of what they are owed and hope for future proceeds when the properties sell. Or they can take a onetime 60 percent payment now of their total bill.
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.
Minggan Wei is trying to find a way to stay in the United States.
Bernie Sanders bid for president, EB-5 scandal, Phil Scott’s election fall in the top three.
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.
The CEO of a Korean sister company is accused of embezzling $10 million.
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“The Tram has passed inspection and will run at some point this weekend,” Steve Wright, the resort’s general manager, wrote in an email late Friday afternoon.