Burke Mountain contractors receive final payments in EB-5 case
Michael Goldberg explains a settlement with the financial firm Raymond James which will pay contractors and investors owed money in the Jay Peak and Burke Mountain EB-5 projects at the Statehouse in Montpelier on Thursday, April 13, 2017.
Contractors who built a Vermont hotel at the center of $200 million fraud investigation will receive the final payments for the project.
The Caledonian-Record reports Ariel Quiros, the owner of Jay Peak Resort, and former Jay president William Stenger, were accused last year of misusing more than $200 million raised from foreign investors through the EB-5 visa program for developments at or near the ski resort. Prosecutors said money was inappropriately funneled between Jay Peak and the Burke Mountain Resort.
A $150 million settlement won by court-appointed federal receiver Michael Goldberg was used to help pay contractors working on the Burke Mountain property. The final $3.6 million in the case was received on Sept. 18.
According to the Goldberg, checks for the contractors have been sent via Federal Express.
Mentions
- Jay Peak - Q Burke Mountain Resort, Hotel and Conference Center L.P.
- Jay Peak Resort - Hotel Jay & Conference Center
- The AM Wealth Management Group of Raymond James
- Ariel Quiros
- Bill Stenger
Litigation Cases
- State of Vermont vs Bill Stenger & Ariel Quiros
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION vs Ariel Quiros & Bill Stenger
States
- Vermont
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