VT Digger: Jay Peak Under SEC Investigation

The Securities and Exchange Commission is investigating Jay Peak ski resort’s EB-5 projects in the Northeast Kingdom.

Documents obtained by VTDigger show the federal regulatory agency is conducting a review and inquiry. The principals of the Jay Peak companies, Bill Stenger and Ariel Quiros, have been interviewed, and the SEC has asked the developers for financial information.

The SEC will not confirm or deny that a probe of the Jay Peak projects is underway.


http://vtdigger.org/2015/06/24/jay-peak-projects-under-sec-investigation/

This doesnt sound good for Jay

I've expressed concerns here before that Jay is over building beyond thier ski capacity and how they can possibly fill all those beds 7 months of the year out of season.  It sounds like they are playing a high end ponzi play but at least the people that invest get thier green card.

Seems like they will never get to expand the ski area at this point.  Just like Otten these guys are like shooting stars - they seem successful for a while but can't sustain because in the end they are not about running a ski business just real estate and making a quick buck.

This could be burning the eb5 route that Tupper could have used.

someone should investigate the shifty characters that own all the real estate in LP and Wilmington.  Key commercial properties in non-use for years.  BS!  Take back their green cards!  

ScottyJack wrote

someone should investigate the shifty characters that own all the real estate in LP and Wilmington.  Key commercial properties in non-use for years.  BS!  Take back their green cards!

Right on Scotty

It appears to be some tax avoidance thing going on.  Certainly should be investigated.  They buy stuff and rip them apart and never really operate or try to make money.  Looks like money laundering to me.  Same goes for that fake charity on 86 in Jay that I think are the same family that owns that Italian restaurant in Wilmington that is never open.  But they did build big houses behind or to the sides of those which I'll bet you were expensed thru those businesses.

For some reason Wilmington has become a magnet for these type things and it is hurting the town.  The rest of the business owners are really stepping up thier game to improve things but you have these eye sores just sitting there and they make the town look bad to tourists.

A couple of these will solve the overdevelopment problems in a heartbeat.