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Burke Mountain contractors receive final payments in EB-5 case

Burke Mountain contractors receive final payments in EB-5 case

EB-5 Visa, EB5 Visa, EB-5 Investment

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.


Source: http://www.burlingtonfreepress.com/story/news/2017/09/28/burke-mountain-contractors-receive-final-payments-eb-5-case/713095001/

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