Indictments and the closing of the state EB-5 program
VTDigger exposed the fraud at Jay Peak Resort five years ago, and but for our reporting the developers likely would have continued looting foreign investors.
In May, indictments were handed down in a dramatic hearing in U.S. Federal Court.
Federal prosecutors charged developers Ariel Quiros, Bill Stenger and two other men with money laundering in the biggest investor fraud in the state’s history. The Securities and Exchange Commission accused Quiros and Stenger of misusing $200 million in EB-5 monies.
The fraud was perpetrated under the noses of state officials. In September, the federal government permanently shut down the Vermont EB-5 Regional Center partly in response to VTDigger’s reporting on the state’s cozy relationship with the developers.
In an ongoing, two year battle over records in the case, we sued (again) for documents in January and after months of legal wrangling, we were told by the Vermont Attorney General’s office that the communications of a former director of the center had been destroyed.
Thousands of pages of records in the EB-5 scandal have yet to be released and a half dozen lawsuits remain in play. It could be years before the full story comes out.
VTDigger has been on the case since 2014, and we stay on it because of you.
https://vtdigger.org/2019/12/18/indictments-and-the-closing-of-the-state-eb-5-program/
Mentions
- Vermont EB5 Regional Center
- Jay Peak - Q Burke Mountain Resort, Hotel and Conference Center L.P.
- Ariel Quiros
- Bill Stenger
Litigation Cases
- United States of America vs Ariel Quiros & Bill Stenger
- Michael I. Goldberg vs Ariel Quiros
- MICHAEL I. GOLDBERG vs The AM Wealth Management Group of Raymond James & Ariel Quiros & Joel Burstein
- JAMES B. SHAW, JOHANNES EIJMBERTS, and LORNE MORRIS Individually and On Behalf of All Others Similarly Situated, vs The AM Wealth Management Group of Raymond James & Bill Stenger & Joel Burstein & Ariel Quiros
- ALEXANDRE DACCACHE, on behalf of himself and all others similarly situated vs Ariel Quiros & Bill Stenger & The AM Wealth Management Group of Raymond James & Joel Burstein
- 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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