Big Burke announcement

[VTKilarney]

Holy crap. That's way worse than I was expecting. Way worse.


.

 

[BenedictGomez]

in Ponzi-like fashion, money from investors in later projects was misappropriated to fund deficits in earlier projects. More than $200 million was allegedly used for other-than-stated purposes, including $50 million spent on Quiros’s personal expenses and in other ways never disclosed to investors.

According to the SEC’s complaint, Quiros improperly tapped investor funds for such things as the purchase of a luxury condominium, payment of his income taxes and other taxes unrelated to the investments, and acquisition of an unrelated ski resort.

“The alleged fraud ran the gamut from false statements to deceptive financial transactions to outright theft,”

“As alleged in our complaint, the defendants diverted millions of EB-5 investor dollars to their own pockets, leaving little money for construction of the research facility investors were told would be built and thereby putting the investors’ funds and their immigration petitions in jeopardy.”

Everyone who doubted me over the last several years may now officially suck it.

 

[from_the_NEK]

BenedictGomez wins beers for being so right about this debacle that it makes me sick.

Note: I was writing this before you started your victory lap :beer:

 

[DoublePlanker]

Its even WORSE than BenedictGomez said!

 

[thetrailboss]

http://www.sec.gov/news/pressrelease/2016-69.html


Good bye Ary, you thief!!!!!!!!!!

 

[River19]

I can't believe how close some of us on this site were.....even down to the Ponzi mention........smelled like rotten fish for a long time......

This is unbelievable.

I thought Q was a dink but wow, what a friggin' snake POS

 

[mbedle]

I would say that Ary is the least of the problems now facing Burke Mountain. Talk about barking up the wrong tree. You think snow making was bad this past year - wait until next season. I wouldn't expect a dime spent at either resort. Any profits the owners make will be going to payoff their fines and not being reinvested into the business.

 

[BenedictGomez]

Its even WORSE than BenedictGomez said!

Not really. I'd say I pretty much had the perfect bracket.

Just need the Federal Indictment to be officially filed and I've batted 1000, but that's all just a formality now.

 

[mbedle]

Everyone who doubted me over the last several years may now officially suck it.

Hat is off to you!

 

[xlr8r]

Everyone who doubted me over the last several years may now officially suck it.

I may not post in this thread much, but I could see something like this coming 5 years ago. It was always a ponzi scheme. There was never an end game in sight for Quiros and Stenger. no way Jay Peak would ever be profitable enough to repay investors 100s of millions of dollars.

 

[River19]

Everyone who doubted me over the last several years may now officially suck it.

Exactly....we had a strong core of Ponzi sniffers here......

 

[mbedle]

http://www.sec.gov/news/pressrelease/2016-69.html


Good bye Ary, you thief!!!!!!!!!!

I'm confused, why are you call Ary a thief???

 

[sull1102]

Talking about it on Vermont NPR stations right now as well. This is going to get bigger and bigger.

 

[VTKilarney]

Did anyone else pick up on the allegation that the Burke ski area was purchased using EB-5 money?

Didn't Ary insist that his family had invested a lot of money in the ski area? I guess that's technically true... He just didn't say where that money came from.

 

[River19]

When does this damn conf begin?

 

[thetrailboss]

Did anyone else pick up on the allegation that the Burke ski area was purchased using EB-5 money?

Didn't Ary insist that his family had invested a lot of money in the ski area? I guess that's technically true... He just didn't say where that money came from.

Right, and Daddy used the money to buy himself luxury goods. Good riddance thieves!!!!

 

[DoublePlanker]

Not really. I'd say I pretty much had the perfect bracket.

Just need the Federal Indictment to be officially filed and I've batted 1000, but that's all just a formality now.

Yes, you are a home run hitter on this one!

 

[BenedictGomez]

Might be time for the SEC to pay Quiros Sr. a little, "we just want to make sure you're still here" visit too, for that matter.

This post I made a week ago is especially relevant now. Does anyone know where Papa Q is?

Prison is where he's going, but they need to locate him first.

 

[mbedle]

Did anyone else pick up on the allegation that the Burke ski area was purchased using EB-5 money?

Didn't Ary insist that his family had invested a lot of money in the ski area? I guess that's technically true... He just didn't say where that money came from.

It does seem like that is the what they are saying.

 

[VTKilarney]

I'm reading through the complaint now.

First interesting fact: It is alleged that over HALF of the money raised through EB-5 was inappropriately used.