The businesses received full payment, but not all survived the wait. “They were the victims, along with the investors, and many other people,” said one regulator.
Goldberg: “I guess (USCIS) has reached a point where they are comfortable that we have turned [Jay Peak] around.”
Plaintiffs argue that Saint-Sauveur was aware that Quiros was using the investors’ money improperly.
Former lawyers for Jay Peak owner Ariel Quiros are trying to collect $3 million in unpaid legal fees, but his current lawyer and the court-appointed receiver overseeing Quiros’ frozen assets are saying not so fast.
Paying property taxes and other expenses will preserve the value of assets for the benefit of investors if the SEC wins its case, according to a court filing.
The mountain’s “dilapidated” 62-year-old Poma lift is to make way for a new high-speed chair with five times the hourly capacity, increasing access to intermediate terrain.
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.
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.
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.
Town officials rejected a request by a court-appointed receiver who is overseeing properties tied to a federal fraud case. The tax bill has been paid, but a $164,159 late fee remains.
Federal regulators filed a request to compel officials with Saint-Sauveur Valley Resorts to explain how Ariel Quiros purchased the ski resort.
Under federal law, the penalties can not be applied to properties in receivership, according to Michael Goldberg, the receiver for the Jay Peak properties.
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.