Big Burke announcement

[yeggous]

If Stenger's sons still have their jobs, what does that say about Q Jr?


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[River19]

Listen, I liked Stenger too, I thought he gave a shit about the NEK, and deep down, I think he does. But he cared about stuffing cash in his pockets even more than he cared about the NEK. Unfortunate for him, in these cases, and with the damning evidence on him, there is no insanity defense. Not even temporarily insane..........for 8 years........

The dude is dirty. Flat out barn-yard, rolling in poop, drinking a 30 rack of straight Budweiser peeing yourself and not showering for weeks dirty. He is the unwashed; who the frig talks like that anyways?

Ary, he is a pathetic poser of a man with negative character........if I didn't respect his service to our country he would be a straight up panty waste. Sorry for the harsh language today but these 3 dipshits really have me seething.

Don't even get me started on Newport......

 

[River19]

Listen, I liked Stenger too, I thought he gave a shit about the NEK, and deep down, I think he does. But he cared about stuffing cash in his pockets even more than he cared about the NEK. Unfortunate for him, in these cases, and with the damning evidence on him, there is no insanity defense. Not even temporarily insane..........for 8 years........

The dude is dirty. Flat out barn-yard, rolling in poop, drinking a 30 rack of straight Budweiser peeing yourself and not showering for weeks dirty. He is the unwashed; who the frig talks like that anyways?

Ary, he is a pathetic poser of a man with negative character........if I didn't respect his service to our country he would be a straight up panty waste. Sorry for the harsh language today but these 3 dipshits really have me seething.

Don't even get me started on Newport......

 

[thetrailboss]

Worth a listen. Pretty much spot on:

http://digital.vpr.net/post/albright-broken-promises


And:

http://timesargus.com/article/20160417/OPINION01/160419682/1021

 

[mbedle]

Listen, I liked Stenger too, I thought he gave a shit about the NEK, and deep down, I think he does. But he cared about stuffing cash in his pockets even more than he cared about the NEK. Unfortunate for him, in these cases, and with the damning evidence on him, there is no insanity defense. Not even temporarily insane..........for 8 years........

The dude is dirty. Flat out barn-yard, rolling in poop, drinking a 30 rack of straight Budweiser peeing yourself and not showering for weeks dirty. He is the unwashed; who the frig talks like that anyways?

Ary, he is a pathetic poser of a man with negative character........if I didn't respect his service to our country he would be a straight up panty waste. Sorry for the harsh language today but these 3 dipshits really have me seething.

Don't even get me started on Newport......

I wasn't aware that Stenger got any money out of these actions. It seemed to me that Stinger's part was limited to moving the money around between the Bank and the investment firm in FL. I guess you could say that by those actions it allow the Tramhouse and Stateside hotels to get completed, which should have resulted in generating profits.

 

[River19]

Stenger doesn't have to necessarily have profited to be dirty. Of course if he wasn't profiting from this one would have to ask why would he have done it and for so long. The reality is he defrauded a slew of investors with false marketing materials and gladly collected the investment management fee in the process. So he at the very least collected a large number of $50K fees on false pretenses.

He broke the limited partnership agreements numerous times every time he wired money from People's Bank to RJ accounts in Q's control.

Every time Stenger would solicit for investors both overseas as well as in the US he violated SEC regs with material misrepresentations and omissions.

Bill is up to his neck in this.

 

[mbedle]

Stenger doesn't have to necessarily have profited to be dirty. Of course if he wasn't profiting from this one would have to ask why would he have done it and for so long. The reality is he defrauded a slew of investors with false marketing materials and gladly collected the investment management fee in the process. So he at the very least collected a large number of $50K fees on false pretenses.

He broke the limited partnership agreements numerous times every time he wired money from People's Bank to RJ accounts in Q's control.

Every time Stenger would solicit for investors both overseas as well as in the US he violated SEC regs with material misrepresentations and omissions.

Bill is up to his neck in this.

Very good point - I forgot about the management fees he shared with Quiros.

 

[thetrailboss]

Stenger responds....at least to the Caledonian Record:

NEWPORT CITY — Jay Peak Resort CEO and President Bill Stenger said he was surprised by some of the state and federal lawsuits over misuse and fraud of millions in EB-5 foreign investments in the Northeast Kingdom projects he spearheaded.

And he thanked his family and employees at Jay Peak for their support in the last few days.

Stenger, a Newport City resident who has lived in Vermont for 32 years and ran Jay Peak back when it was owned by a Quebec ski resort family, was locked out of his offices at Jay Peak Resort Wednesday.

On Thursday, Gov. Peter Shumlin, Attorney General Sorrell and the head of the Department of Financial Regulation unveiled a lawsuit by the state of Vermont and the main lawsuit filed in Miami by the U.S. Securities and Exchange Commission.

The SEC alleges that the fraud and misuse began in 2008, and over time Stenger facilitated misuse and fraud of $50 million by his partner, Ariel Quiros of Jay and Florida.

Both Stenger and Quiros are banned from any EB-5 projects or raising EB-5 investments.

The $200 million plus resort that Stenger built with EB-5 money is now being run by Leisure Hotels and Resorts of Kansas, brought in by state and federal authorities to operate the resort while the lawsuits play out in court.

LHR CEO Steve Olsen promoted Jay Peak chief marketing officer Steve Wright to general manager. The LHR team will work with Wright and his team to keep the resort going, including almost 70 weddings and a summer of already planned entertainment. Skiing continued on the mountain this weekend.

On Saturday, Stenger spoke to The Record.

“I have a wonder family and they are incredibly supportive. I have a wonderful staff at Jay Peak and they are incredibly supportive,” Stenger said.

“I’ve been advised by my attorney not to comment further,” Stenger said.

Stenger confirmed comments he made to the Burlington Free Press.

He told Free Press reporter Dan D’Ambrosio on Friday that he received word of the details of the federal and state lawsuits on Wednesday when they took over the Jay Peak and QBurke hotel offices.

“There was a lot of stuff in the presentation that I got on Wednesday that I was not aware of,” Stenger said. “I can’t go any further than that. I’ve got to let it go at that. I’m trying to figure this out as well. I just need to deal with it.”

He said he and his family are “holding up.”

Both of Stenger’s sons work at Jay Peak. He told the Free Press they still have their jobs. He could not comment on that Saturday on advice of his attorney.

On Monday before the lawsuits were unveiled, Stenger gave an interview with the Free Press about the conflict he was having with the state to do with oversight of the QBurke hotel project.

He said then that he was “disappointed this has gotten sideways.”

About his Northeast Kingdom Economic Development Initiative, Stenger was philosophical. Stenger has said for years that the EB-5 program allowed developers access to what he called “patient capital” in an area where there are few deep pockets willing to invest in projects that significantly would change the local economy.

He spoke two days before the federal and state authorities showed him the allegations and locked him out of his offices.

That puts an end to the proposed AnC Bio Vermont biotech plant in Newport City, which authorities said did not have the money needed to begin construction. It also ends the plans for the companion Renaissance Block hotel and retail space in downtown Newport City.

Stenger and Quiros razed the block where the hotel was to be built last year at the request of the city and merchants who didn’t want the vacant block to become a fire and safety hazard.

Mayor Paul Monette is meeting as early as this week with Shumlin to discuss the future of the cellar hole on Main Street. The property was purchased by Quiros’ business GSI of Dade County, Inc. of Miami in 2013 for $2.85 million. That company is one of those named in the federal lawsuit. But the property itself is not named.

Stenger and Quiros never applied for permission to build the hotel as an EB-5 project. It’s not clear if that property is under federal receivership like Jay Peak and the other EB-5 properties.

 

[SIKSKIER]

I find this pretty ironic

I found this on Areys FB page.Sounds like he and his father took this one to heart....and too far.

 

[thetrailboss]

I found this on Areys FB page.Sounds like he and his father took this one to heart....and too far.

There are probably a lot of these inspirational messages hanging on the walls of their place at Trump Place in NYC. Losers.

And at last check, Ary is STILL working at the mountain. How that is happening is beyond me. Apparently it will take a nuclear bombing of the mountain to get him out. He has no legitimacy at all.

 

[VTKilarney]

And at last check, Ary is STILL working at the mountain. How that is happening is beyond me. Apparently it will take a nuclear bombing of the mountain to get him out. He has no legitimacy at all.

I have mixed feelings about this. I still believe that he is a very short-timer, but I also believe that having to answer to someone else has got to be KILLING him. I know that he can do it in the military, but I still think that it is torture for him at Burke.

 

[mbedle]

There are probably a lot of these inspirational messages hanging on the walls of their place at Trump Place in NYC. Losers.

And at last check, Ary is STILL working at the mountain. How that is happening is beyond me. Apparently it will take a nuclear bombing of the mountain to get him out. He has no legitimacy at all.

Why does that surprise you? Did you think that Leisure Hotels was going to come in and be able to make the determination to let him go, only after 4 days?

 

[thetrailboss]

Why does that surprise you? Did you think that Leisure Hotels was going to come in and be able to make the determination to let him go, only after 4 days?

I think that considering that his Dad is the target of this whole thing that there might be a SLIGHT conflict of interest there or issue.

 

[thetrailboss]

http://www.wcax.com/story/31755600/...ls-in-the-spotlight-after-alleged-kingdom-con

 

[steamboat1]

Very good point - I forgot about the management fees he shared with Quiros.

The $50k wasn't the management fee. That was the fee above & beyond the $500k investment to get in. The management fee was 15% on top of that .

 

[Smellytele]

Can we just combine the other thread with this one so TB doesn't have to post everything in both threads?

 

[epic]

The question that I keep asking myself is have they taken Ary Sr.'s passport? It sure does seem like it would be easy for him to flee given his easy access to aircraft and the fact that he surely has tens of millions of dollars offshore.

 

[Smellytele]

The question that I keep asking myself is have they taken Ary Sr.'s passport? It sure does seem like it would be easy for him to flee given his easy access to aircraft and the fact that he surely has tens of millions of dollars offshore.

Was he on the Panama list?

 

[fbrissette]

The $50k wasn't the management fee. That was the fee above & beyond the $500k investment to get in. The management fee was 15% on top of that .

Both amounts are management fees. The 50k is the EB5 management fee (i.e. paperwork for the visa process). The 15% is the construction management fee.

 

[epic]

Was he on the Panama list?

Good question, I think only a media outlet can answer that as it hasn't been released publicly yet.