Jay Peak's Stenger asks court to return his passport so he can earn money
Bill Stenger of Newport, Vermont, left, seen leaving federal court in Burlington on Wednesday, May 22, 2019, after pleading not guilty to charges related to a visa-fraud case in Vermont's Northeast Kingdom. Lawyer Brooks McArthur, right, speaks to the media.
Bill Stenger, the former CEO of Jay Peak, now under criminal indictment in the EB-5 visa fraud case connected to the ski resort, wants his passport back so he can work.
Stenger's attorney, Brooks McArthur, filed a motion in federal court in Burlington on Thursday asking for the release of Stenger's passport to allow him to travel outside of the United States "for work purposes."
McArthur explains in the motion that since being fired from his consulting position at Jay Peak at the end of May, Stenger has been without income except for his Social Security benefits.
"Given this, Defendant is currently pursuing consulting opportunities — an area he is experienced in — in an effort to gain income to financially support his wife and himself," the motion states. "In pursuing these consulting opportunities, Defendant is finding that travel outside of the United States is a main requirement."
A Ponzi-like scheme
Under the EB-5 program, foreign nationals who invest $500,000 in a project in an economically struggling region of the country can receive residency if the project creates a specified number of jobs. Stenger raised about $400 million for projects at Jay Peak and Burke Mountain from some 800 investors in countries from Brazil to South Africa, Vietnam and China.
Stenger and former Jay Peak owner Ariel Quiros were accused by the U.S. Securities and Exchange Commission in April 2016 of perpetrating a "Ponzi-like scheme," in which they diverted money raised from the investors to a variety of shell companies and financial accounts. In the case of Quiros, the SEC alleged $50 million was diverted for his personal use.
- 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
Subscribe for News
Join Professionals on EB5Projects.com →
This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.