Jay, Burke and EB-5

245 messages Options
1 ... 3456789 ... 25
Sick Bird Rider Sick Bird Rider
Reply |
Open this post in threaded view
 

Re: Jay, Burke and EB-5

Stenger and Q are in big doodoo. What a shell game:

http://vtdigger.org/2016/04/14/quiros-stenger-accused-of-15-state-law-violations-too/

There is a bio piece on Quiros in a 2014 VTDigger article, and it quotes Quiros:

VTDigger wrote
Quiros says that, despite his penchant for trouble, he avoids it in business by not borrowing money.

“If I had a dollar, I lived with a dollar, instead of looking for the easy way, borrowing money,” Quiros says. “That makes an entrepreneur.”
I guess borrowing money from investors in 2008 to pay for the resort they thought they were investing in doesn't count.

Edit: read the comments in the article. This one is mind-blowing:

Jeremy Wheeler wrote

From reading the briefs in both the SEC and VT state filings, it appears that Phase I and II of the jay peak buildout were conceived and sold as EB-5 investments initially by Stenger acting in his role as CEO and general manager for Mt. St. Sauveur Inc (MSSI), the Canadian company which had owned Jay since the 70’s. At some point in this initial project, which until this time was on the up-and-up, Quiros approached Stenger with a scheme to purchase Jay Peak from MSSI by funneling the EB-5 money through a Miami brokerage firm to give the appearance that it was Quiros’ money being used to purchase Jay. At this time, attorneys for MSSI explicitly stated that EB-5 money couldn’t be used to purchase the property. Nevertheless, Quiros wasn’t about to give up hos free lunch. Stenger transferred $25 million in EB-5 funds meant to construct Phase I and II of the Jay Peak buildout from the accounts set up by MSSI to Quiros. Quiros purchased Jay Peak, amd every project going forward from this moment had to be run as a Ponzi scheme to “back fill” the $25 million hole in the financing due to Quiros’ misappropriation of funds to acquire the property in the first place.

In other words, the Miami guy, Quiros, didn’t have any skin in the game from the get-go, but took advantage of the EB-5 development program that Jay already had in place to “purchase” a large chunk of the Kingdom to enrich himself. By going along with the scheme, Stenger went from white-knight savior of the NEK, managing projects that were on the up and up, to a participant in securities fraud. As always with Ponzi schemes, a slowdown in recruitment of new investors in the later projects brought the whole house of cards tumbling down.
Love Jay Peak? Hate Jay Peak? You might enjoy this: The Real Jay Peak Snow Report
Harvey Harvey
Reply |
Open this post in threaded view
 

Re: Jay, Burke and EB-5

Woah, brain freeze

The thing is that people must get away with this stuff a lot for other to think they won't get caught. How could you possibly think you could get away with this? You have 350 mil and you only do 150 of construction. That should be pretty obvious?
"You just need to go at that shit wide open, hang on, and own it." —Camp
Sick Bird Rider Sick Bird Rider
Reply |
Open this post in threaded view
 

Re: Jay, Burke and EB-5

Harvey wrote
Woah, brain freeze
No kidding. I can't even handle doing our tax return.

The really mind-boggling thing is how Quiros and Stenger ever thought this could all work out and that they would get away with it.

Funny thing, I followed up Bill S up the 52 steps of Stateside when I was last at Jay, he looked just like an aging resort manager in a cardigan, checking out how things were going. On a Sunday even. I thought, "good for you, Bill."
Love Jay Peak? Hate Jay Peak? You might enjoy this: The Real Jay Peak Snow Report
Sick Bird Rider Sick Bird Rider
Reply |
Open this post in threaded view
 

Re: Jay, Burke and EB-5

Sick Bird Rider wrote
The really mind-boggling thing is how Quiros and Stenger ever thought this could all work out and that they would get away with it.
Harvey wrote
The thing is that people must get away with this stuff a lot for other to think they won't get caught. How could you possibly think you could get away with this? You have 350 mil and you only do 150 of construction. That should be pretty obvious?
Pop jinx. We must have been editing at the same time.
Love Jay Peak? Hate Jay Peak? You might enjoy this: The Real Jay Peak Snow Report
freeheeln freeheeln
Reply |
Open this post in threaded view
 

Re: Jay, Burke and EB-5

$200 million misused $50 million misappriated but this?
Susan Donegan, the commissioner of the Department of Financial Regulation, is seeking $185,000 in fines for seven alleged violations of the Vermont Uniform Securities Act and eight alleged violations of the Vermont Consumer Protection

Harvey Harvey
Reply |
Open this post in threaded view
 

Re: Jay, Burke and EB-5

http://vermont.craigslist.org/grd/5539110344.html
"You just need to go at that shit wide open, hang on, and own it." —Camp
Sick Bird Rider Sick Bird Rider
Reply |
Open this post in threaded view
 

Re: Jay, Burke and EB-5

SnoDad should pony up. Put Snoloco in charge, a la Quiros, trial by fire. What could go wrong?
Love Jay Peak? Hate Jay Peak? You might enjoy this: The Real Jay Peak Snow Report
raisingarizona raisingarizona
Reply |
Open this post in threaded view
 

Re: Jay, Burke and EB-5

Harvey Harvey
Reply |
Open this post in threaded view
 

Re: Jay, Burke and EB-5

Yeah and this too:

http://vtdigger.org/2016/04/15/governors-office-asks-that-old-emails-be-destroyed/

And this on Facebook from Ski The East's Editor:

"I have held back from a hot take on this until now. Here it is. The good guy (BS) got trapped by the bad guy (AQ) and taken on a ride he couldn't control. Good intentions and questionable accounting married him to a parter with very different plans. This is how I choose to view this until shown otherwise based on watching it since before it began. I also think Jay and Burke will emerge quite strong, quite soon. It serves all parties. Regardless of the outcome Bill Stenger is still a fine man."
"You just need to go at that shit wide open, hang on, and own it." —Camp
Z Z
Reply |
Open this post in threaded view
 

Re: Jay, Burke and EB-5

I totally called that this was totally unsustainable at Jay

Search "More expansion at Jay" thread from 2012.

I argued then that just because Jay can build all this that they should have.  I made a case that that much infrastructure will not be profitable due to overhead.

The reason this failed is that they couldn't make a profit and had to keep raising eb5 funds just to cover the losses and pay back the earlier groups of investors.  New jobs really were not being created at anywhere near what they claimed.

They will never find all this money Q was spending it and him and Stenler likely have millions shashed off shore in the Caymans.  

Did Bernie know?  Who knows but it is incumbent on him to do his due dilagence before supporting these crooks for the eb5 and clearly there was a lot of questionable shit Q had pulled.  Big question is how much money did Bill and Q give to Bernies various campaigns.
if You French Fry when you should Pizza you are going to have a bad time
Reply
1 ... 3456789 ... 25