Stenger and Quiros Ousted from Management of Jay Peak and Burke

BenedictGomez · Feb 16, 2017

The documents, previously withheld by the Shumlin administration, show that federal immigration officials have considered closing the state’s EB-5 regional center.

Golly, why on earth would they threaten to "shut down" the Vermont EB-5 center given it's the "safest" program in all of America due to the fact that it's the "only one that's government run and monitored"?

ROFLMAO.

I've arrived at the conclusion that all the posters here who espoused that belief over the years must have moved to the Kamchatka peninsula, because you never hear from them in these EB-5 threads anymore.

thetrailboss · Feb 16, 2017

BenedictGomez said:
Golly, why on earth would they threaten to "shut down" the Vermont EB-5 center given it's the "safest" program in all of America due to the fact that it's the "only one that's government run and monitored"?

ROFLMAO.

I've arrived at the conclusion that all the posters here who espoused that belief over the years must have moved to the Kamchatka peninsula, because you never hear from them in these EB-5 threads anymore.

What's worse is that the legacy of Shumlin is that the Feds have SUED Vermont for this whole fiasco. How he got a job at Harvard when it was clear from the docs that he was incompetent is beyond me.

Smellytele · Feb 16, 2017

thetrailboss said:
What's worse is that the legacy of Shumlin is that the Feds have SUED Vermont for this whole fiasco. How he got a job at Harvard when it was clear from the docs that he was incompetent is beyond me.

Really because they did hire "Native American" Elizabeth Warren as well...

thetrailboss · Apr 10, 2017

The latest: Quiros fires his attorneys because they were ripping him off he claims and keeping him in the dark:

https://vtdigger.org/2017/04/10/court-filings-show-bad-blood-quiros-former-attorneys/

MSS has been sued by the investors for turning over the EB-5 escrow accounts to Quiros before he bought the resort....and he used the money to buy the resort:

https://vtdigger.org/2017/04/10/jay-peak-eb-5-investors-sue-saint-saveur-valley-resorts/

The lead plaintiff?

Tony Sutton, an investor in Tram Haus Lodge, and an anonymous investor in Hotel Jay say that the Canadian company had knowledge of the fraud scheme and illegally accepted monies held in escrow for investors as payment for the resort in June 2008.

thetrailboss · Apr 10, 2017

Part One of a two-part series....hopefully you can all see it without the paywall. If not, some of you know the "trick"

http://www.caledonianrecord.com/new...cle_83fd2cbb-808c-5d4d-8c39-4380d7e199c1.html

thetrailboss · Apr 10, 2017

....and the VT Digger article on the MSS Suit makes it sound even more like it was a scam from the start with Bill involved:

Ten days before the closing on June 23, Stenger, acting as general partner of the Tram Haus and Hotel Jay projects, signed a stock transfer agreement with Saint Sauveur. No lender was involved in the transaction, and Quiros was not asked to provide financial statements before the EB-5 stocks were transferred, according to the lawsuit.

In his dual capacities as general partner and an employee of Saint Sauveur, Stenger had signature authority for all of the escrowed EB-5 monies and authorized wire transfers to two brokerage accounts held by the Coral Gables, Florida, branch of Raymond James & Associates.

Acting on behalf of Saint Sauveur, Stenger transferred $11 million in escrowed funds for the Tram Haus from People’s United Bank in Vermont to a Raymond James account in Florida, according to the lawsuit. Then he transferred $7 million from the Hotel Jay escrow account in Vermont to another account at Raymond James.

The Raymond James branch was managed by Joel Burstein, Quiros’ former son-in-law.

A lawyer for Saint Sauveur told Burstein that the transferred money should not be used for the purchase of Jay Peak.

Stenger, however, “consciously permitted” $18 million of the escrowed EB-5 investor funds to be turned over to Quiros just days before the closing “for no known purpose,” according to the investor lawsuit.

Granted it sounds like they were paraphrasing a civil complaint that makes factual allegations.

https://vtdigger.org/2017/04/10/jay-peak-eb-5-investors-sue-saint-saveur-valley-resorts/

BenedictGomez · Apr 10, 2017

Granted, you're only getting one-side of the story when you're hearing solely from the plaintiff, but this bit here.....

Quiros was not asked to provide financial statements before the EB-5 stocks were transferred,

is particularly disturbing, and if true, would be all I'd need to know to believe MSS was indeed in on the initial scam.

56fish · Apr 11, 2017

BenedictGomez said:
Granted, you're only getting one-side of the story when you're hearing solely from the plaintiff.......

"A lawyer for Saint Sauveur told Burstein that the transferred money should not be used for the purchase of Jay Peak."

Said lawyer have proof of statement above?

Not that Q & his team weren't shady from the get-go but, sounds like ambulance chasing.

mbedle · Apr 11, 2017

56fish said:
"A lawyer for Saint Sauveur told Burstein that the transferred money should not be used for the purchase of Jay Peak."

Said lawyer have proof of statement above?

Not that Q & his team weren't shady from the get-go but, sounds like ambulance chasing.

There is written proof that MSS did notify Quiros and Raymond James that the escrow money was not to be used for the purchase of Jay Peak.

fbrissette · Apr 11, 2017

mbedle said:
There is written proof that MSS did notify Quiros and Raymond James that the escrow money was not to be used for the purchase of Jay Peak.

Correct. It's somewhere in the legal papers on jaypeakreceivership.com. They knew. They just did not care. Happy to see them being dragged into this mess.

VTKilarney · Apr 11, 2017

A few weeks ago, the receiver spoke to the local Rotary Club. He said a few interesting things. One of the more memorable things is that apparently the money spent on the Burke hotel was just plain insane. For example, they have a ski tuning machine that cost over $300,000. There is only one other like it in the whole country. There are many other examples.

Jcb890 · Apr 11, 2017

vtkilarney said:
a few weeks ago, the receiver spoke to the local rotary club. He said a few interesting things. One of the more memorable things is that apparently the money spent on the burke hotel was just plain insane. For example, they have a ski tuning machine that cost over $300,000. There is only one other like it in the whole country. There are many other examples.

lol wtf

fbrissette · Apr 11, 2017

VTKilarney said:
A few weeks ago, the receiver spoke to the local Rotary Club. He said a few interesting things. One of the more memorable things is that apparently the money spent on the Burke hotel was just plain insane. For example, they have a ski tuning machine that cost over $300,000. There is only one other like it in the whole country. There are many other examples.

Me thinks somebody got a big kickback in cash for buying this machine.

slatham · Apr 11, 2017

VTKilarney said:
A few weeks ago, the receiver spoke to the local Rotary Club. He said a few interesting things. One of the more memorable things is that apparently the money spent on the Burke hotel was just plain insane. For example, they have a ski tuning machine that cost over $300,000. There is only one other like it in the whole country. There are many other examples.

Just like many politicians, its easy to spend someone else's money!

BenedictGomez · Apr 11, 2017

fbrissette said:
Correct. It's somewhere in the legal papers on jaypeakreceivership.com. They knew. They just did not care. Happy to see them being dragged into this mess.

Yes, this is what I meant in my last post. It's the only explanation for them making sure they're on record stating EB-5 money cant be used for the Jay Peak purchase, while simultaneously not even bothering to financially check and see if Quiros is a qualified buyer.

Might they get away with it? I dont know how the law works in that regard; it's obvious to anyone with 1/2 a brain that's precisely what went down (again, if it really is true they didnt even ask to see Quiros' finances), but I have no idea what's necessary to prove guilt in a case like that. I imagine they could argue it was an "oversight", or they could argue something ludicrous like they just "trusted" Quiros' handshake. lol Both ridiculous, but without a smoking gun how do you prove guilt. It's like collusion by looking the other way.

fbrissette said:
Me thinks somebody got a big kickback in cash for buying this machine.

Most likely. No other rational explanation.

fbrissette · Apr 11, 2017

BenedictGomez said:
It's like collusion by looking the other way..

Enablers. I also don't know how the law works, but MSS is as guilty as Quiros. Same as Joe Paterno looking the other way or the catholic church sending pedophile priests to another parish.

mbedle · Apr 11, 2017

Apparently some of these higher end tunning robots cost $175,000 and up, so $300,000 may not be out of the question for the highest end units sold by Wintersteiger or Montana.

MG Skier · Apr 11, 2017

Does the Quiros trial have to be completed before Jay and Burke get sold?

BenedictGomez · Apr 11, 2017

mbedle said:
Apparently some of these higher end tunning robots cost $175,000 and up, so $300,000 may not be out of the question for the highest end units sold by Wintersteiger or Montana.

What does the $300,000 model do that the $175,000 model does not?

And can you justify a place like Burke springing for the $300,000 version?

WJenness · Apr 11, 2017

BenedictGomez said:
What does the $300,000 model do that the $175,000 model does not?

And can you justify a place like Burke springing for the $300,000 version?

In addition to tuning skis and boards, maybe it launders your money for you as well?

Stenger and Quiros Ousted from Management of Jay Peak and Burke

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