Big Burke announcement

[nek_crumudgeon]

Burke Mountain Resort
138. Q Burke is the owner of the Burke Mountain Resort, a ski resort in East Burke,
Vermont, which is the site of another EB-5 offering that Quiros is promoting called Q Burke
Mountain Resort. Quiros and Stenger are trying to raise $98 million from the Q Burke EB-5
offering, and to date have raised approximately $53 million. As described above, Quiros
improperly used approximately $7 million from the last margin loan (collateralized by investor
funds) to purchase Q Burke. He subsequently used approximately $18.2 million of Biomedical
Phase VII investor funds as part of the $19 million day off of this margin loan (to replace in part
the fiends he had spent to buy Q Burke).

 

[from_the_NEK]

Holy Shit spaghetti map!

 

[River19]

Holy crap that chart is pure ponzi like a text book

 

[BenedictGomez]

Paragraph 136: Around April 2015, Quiros transferred approximately $10.7 million of Biomedical Phase VII investor funds as collateral for the personal line of credit, He subsequently used the line to pay approximately $6 million of his personal taxes (he funneled the payment through GSI), approximately $3.5 million to Stateside Phase VI construction vendors, and approximately $1.4 million of purported returns to investors in PhasesIII-VI.

Hmm... Weren't we just talking about how odd it was that GSI, LLC didn't start with a "Q" - and how that was a major red flag?

Well, I can tell you exactly when the "denial" stage should have ended even for the most hopeful believers.

The day when it became known that the guy who brands everything with his name, even organic farm stands, opened a nondescript shell company called GSI (i.e. not Quiros Real Estate Ventures) and bought land for $3M, then sold it back to his EB-5 group for $6M about a year later.

The "bringing hope and opportunity" to the NEK story should have ended for all that day.

Never a good idea to start illegal ventures with your name.

 

[thetrailboss]

The press conference: http://www.wcax.com/story/24396596/watch-live-coverage-onwcaxcom

The chart they just showed, and you are commenting on, is simply sickening.

 

[deadheadskier]

So does Q senior end up in jail is my question

 

[BenedictGomez]

So does Q senior end up in jail is my question

Obviously.

Still waiting for the details on where he is.

 

[from_the_NEK]

 

[BenedictGomez]

"This is not a simple bank robbery, this is a very complex and massive fraud"

No, it's really NOT that complex.

What makes it complex is that there were YEARS of absolutely no financial scrutiny, so now you have an auditing mess of massive scope due to Vermont's complete incompetence.

 

[BenedictGomez]

Reminds me of Family Circus.

 

[yeggous]

No criminal case, no jail.

 

[BenedictGomez]

SEC filing states fraud began in June of 2008.

Have fun untangling this mess auditors.

 

[MEtoVTSkier]

*I'm sure they know more than Q Jr :razz:

Most people with a modicum of common sense, know more! :wink:

 

[freeski]

If this massive fraud is proven the people who set it up will get at least 10 years.

 

[BenedictGomez]

Reporter's question:

This has been going on for 8 years, why did it take the state so long to figure out what was going on?

ROFLMAO

And this question comes about 2 minutes after the State of Vermont rep today AGAIN states that EB-5 money is safest in Vermont because "the government" is in charge of the oversight. This REALLY just happened!

 

[from_the_NEK]

SEC filing states fraud began in June of 2008.

Have fun untangling this mess auditors.

Yep, it goes alllllll the way back to the beginning.
Who was that company (some financial management company if I remember correctly) that broke ties with the Jay Peak projects soon after they started building stuff up there? Citing financial shenanigans.
THAT should have been the canary in the coal mine for the state.

 

[VTKilarney]

Watching the live stream... Shumlin is in FULL damage control mode.

 

[yeggous]

So the Burke Hotel remains in limbo. It is not under receivership yet.

 

[BenedictGomez]

And to fully beat on a dead horse that I keep brigning up every few months, I hope the SEC is investigating State of Vermont employee Brent Raymond as well.

I only see two plausible explanations for his behavior:

1) He's in on the fraud and was paid off in some way.
2) He's completely incompetent and a total moron, who should never have had his position.

I'd say it's a coin-toss between #1 & #2, though I'm leaning towards #2.

 

[VTKilarney]

Yep, it goes alllllll the way back to the beginning.
Who was that company (some financial management company if I remember correctly) that broke ties with the Jay Peak projects soon after they started building stuff up there? Citing financial shenanigans.
THAT should have been the canary in the coal mine for the state.

That would be Rapid USA Visas.