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Jay Peak bombshell

JoeB-Z

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You are so right about the ANC Bio thing. That was so laughable. Just dig up the prospectus. Broken down Korean bio fraud spawns VT clone?

We can't get Phd bio types to come to CT. Newport Vt schools for their kids? Preposterous..
 

thetrailboss

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Last edited:

BenedictGomez

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Congratulations Vermont!!!!

You've FINALLY done it!!!!

You are now officially the MOST corrupt state in all of America!!!:beer:

Illinois, New York, and New Jersey are really going to have to step-up their game to contend.

In addition, the judge ruled that agreements between the state and Jay Peak that required quarterly financial reporting, oversight, management and administration of the projects did not call for the state to conduct “any audit of the project.” “The reporting and honesty obligations fell on the Jay Peak entities,” he wrote.
 

mbedle

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Congratulations Vermont!!!!

You've FINALLY done it!!!!

You are now officially the MOST corrupt state in all of America!!!:beer:

Illinois, New York, and New Jersey are really going to have to step-up their game to contend.

I think little Vermont has got a long ways to go to be the most corrupt state in America. LOL
 

VTKilarney

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IMHO, this is an example of Vermont trying to play in the big leagues without having any real clue how to do so. That happens a lot in our little state.
 

mbedle

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IMHO, this is an example of Vermont trying to play in the big leagues without having any real clue how to do so. That happens a lot in our little state.

Just so you know VT, I wasn't trying to put down Vermont with the word little. It was more to do with the GSP and population. The point I was trying to make is this event doesn't even come close to the amount of corruption that exists in a lot of other states. As far as fraud cases, it also doesn't even come close to the top ten in this country.
 

thetrailboss

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Just so you know VT, I wasn't trying to put down Vermont with the word little. It was more to do with the GSP and population. The point I was trying to make is this event doesn't even come close to the amount of corruption that exists in a lot of other states. As far as fraud cases, it also doesn't even come close to the top ten in this country.

Well....this did involve hundreds of millions of dollars. And state officials traveled with the presenters to Asia, allowed the State seal to be used on marketing materials, affirmatively represented that these projects WERE audited and WERE a safe investment. Do I need to continue? I think that is a big deal.

While I have not reviewed the decision and get the whole sovereign immunity issue, politically and business wise this is a HUGE eff up.
 

Jcb890

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Well....this did involve hundreds of millions of dollars. And state officials traveled with the presenters to Asia, allowed the State seal to be used on marketing materials, affirmatively represented that these projects WERE audited and WERE a safe investment. Do I need to continue? I think that is a big deal.

While I have not reviewed the decision and get the whole sovereign immunity issue, politically and business wise this is a HUGE eff up.
Certainly not something you would expect to see happen at the state level with state officials involved.
 

AdironRider

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Allegations of kickbacks:
https://vtdigger.org/2018/07/08/lawsuit-attorneys-eb-5-investors-took-5m-kickbacks-jay-peak/

But remember, Stenger knew absolutely nothing. Right?


I don't know if this is much to get worked up about. They had to recruit investors.

If they were employees that would be a ok. But spending money to find investors, not ok? Seems like semantics here.

It certainly isn't some smoking gun. Did you think getting EB-5 cash wasn't going to cost something even when legal?

I think Stenger knew something wasn't adding up, maybe even was like Ari, wtf? But at the end of the day I don't think Quiros was filling him in on the fraud. Stenger seemed to be to public about his involvement, getting in the papers, etc for me to believe he was some criminal mastermind. This is a pretty elaborate fraud, not something some rube could pull off, but that would be a pretty stupid move drawing that much attention to one's self.

Who knows, I doubt we'll ever figure it out now that Quiros has settled.
 

thetrailboss

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So a finders fee in and of itself is not an issue in ordinary cases. The problem here though was that when investors grew concerned the lawyers who received these fees were slow to act if they acted at all. That does not look good.
 

AdironRider

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So a finders fee in and of itself is not an issue in ordinary cases. The problem here though was that when investors grew concerned the lawyers who received these fees were slow to act if they acted at all. That does not look good.

You would know better, are there contracts involved with this type of legal stuff? Like, your fee covers X and Y (getting involved with investing/green cards with Jay), but not Z (which in this case would be the investors being concerned after the fact).

I agree, on just an ethical plane, that it is a bad look.
 

AdironRider

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I think I said that in my comment, but he was also an employee, changes the power dynamic here a bit.

I think it is easier said than done to just be like, this smells funny, but without zero proof I think I would be hard pressed to just walk away from probably the best job in the entire NEK, maybe Vermont.

He very well could have had evidence, but the SEC seemed to "clear" him relatively, so I'll give him the benefit of the doubt somewhat.
 

BenedictGomez

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It certainly isn't some smoking gun. Did you think getting EB-5 cash wasn't going to cost something even when legal?

The direct costs associated with managing a program are entirely different from paying a scalp fee (which is a completely separate expense unrelated to the operation of the program).

In any event, this bit below is egregiously shady, if not illegal, and if it is legal (which would surprise me), it shouldn't be.

The three plaintiffs retained Shen as their immigration attorney in 2013, 2014 and March of 2016 (just prior to the SEC crackdown), and were not made aware that Shen was also representing the interests of Stenger and Quiros.
 

AdironRider

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TB would be a good one to answer that also. In other fields (like real estate) its legal to represent both parties. Divorces sometimes also.

The liability would be on the attorney though here wouldn't it, not Stenger/Jay?
 
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