Jay Peak bombshell

[thetrailboss]

None so far as I know, but I recall the Kushner thing being referred to in one of these EB-5 threads, which is how I learned about it. Without checking, I was guessing it was this one.

Sure. Kushner and company are using EB-5 to get lower interest loans/investments and to save a buck. The issue is that these projects are in areas that are not at all poor. As to Quiros, his motive for EB-5 was to, well, get money to use for however he wanted. Both demonstrate how EB-5 is in need of reform. As to that, I have two words: good luck.

 

[BenedictGomez]

I'd say EB-5 is in need of death by fire.

 

[thetrailboss]

No surprise.

https://m.sevendaysvt.com/OffMessag...-shutter-vermonts-scandal-plagued-eb-5-center


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[thetrailboss]

https://vtdigger.org/2017/08/21/scott-feds-closing-states-eb-5-regional-center/


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[tnt1234]

Facebook tells me Jay is building some new things....employee housing and maybe a sports center?

I guess the courts are comfortable with the operating forecasts? Seems like good news....

 

[dlague]

Facebook tells me Jay is building some new things....employee housing and maybe a sports center?

I guess the courts are comfortable with the operating forecasts? Seems like good news....

The rec center was already permitted so they are moving forward with it.

 

[BenedictGomez]

they will respond to the federal agency by arguing that Vermont's EB-5 center should be phased out instead of shut down immediately. That process could take 10 years

LOL. Gotta' keep that taxpayer money gravy train running!

More pockets to line.

 

[VTKilarney]

It's over (mostly):

https://vtdigger.org/2017/08/22/quiros-wont-fight-sec-allegations-penalty-decided/

 

[tnt1234]

It's over (mostly):

https://vtdigger.org/2017/08/22/quiros-wont-fight-sec-allegations-penalty-decided/

That guy's got to end up in jail doesn't he?

 

[BenedictGomez]

That guy's got to end up in jail doesn't he?

Yes, he's definitely going to jail.

 

[VTKilarney]

His cooperation could be consistent with a fear of criminal prosecution and an attempt to mitigate a potential sentence.

But who knows...

 

[mbedle]

I am going to say that no, he is not going to be sentence to jail. That is off the table when he signed this settlement agreement. I don't think you typically see someone negotiating their own jail sentence, outside of a court. Maybe I am wrong.

 

[mbedle]

Upon entry of the Judgment, the only issues remaining for the Court’s determination against Quiros will be the amount of disgorgement and prejudgment interest on disgorgement, and whether to impose a civil penalty and the amount of any penalty. The parties will continue to attempt to resolve those issues through negotiation.

 

[cdskier]

I am going to say that no, he is not going to be sentence to jail. That is off the table when he signed this settlement agreement. I don't think you typically see someone negotiating their own jail sentence, outside of a court. Maybe I am wrong.

Upon entry of the Judgment, the only issues remaining for the Court’s determination against Quiros will be the amount of disgorgement and prejudgment interest on disgorgement, and whether to impose a civil penalty and the amount of any penalty. The parties will continue to attempt to resolve those issues through negotiation.

I don't particularly agree. The investigation by the US Attorney's office is still ongoing. The settlement now pertains to the SEC case. Criminal charges could still be filed once the US Attorney's office completes their investigation.

 

[VTKilarney]

Agreed. The settlement only applies to the civil case. The criminal division of the DOJ is free to do whatever they want to do. This type of scenario is quite common.

Now what the statute of limitations is, I do not know.

 

[mbedle]

Wasn't aware of that (hence the reason I'm not a lawyer!). You would think that they would have already filed a criminal case against him. Maybe its standard practice to wait out the civil case before filing the criminal charges. I guess in these cases, they want to recover as much money as possible, prior to him spending funds on defense of the criminal charges. Below is what I think are the status of limitation for DC and Florida:

DISTRICT OF COLUMBIA

23-113

1st or 2nd degree murder: none; other felonies in 1st and 2nd degree: 6 yrs.; all other crimes: 3 yrs.; except if offense included official misconduct, fraud or breach of fiduciary trust: max. 9 yrs. felony, 6 yrs. misdemeanor 3 yrs.

FLORIDA

775.15

Felony that resulted in death: none; perjury in official proceeding that relates to prosecution of a capitol felony: none; Capital or life felony: none; 1st degree felony and 2nd degree felony for abuse or neglect of aged or disabled adult: 5 yrs.; others: 3 yrs.; other felony, violation of securities transaction: 5 yrs.; violation of environmental control: 5 yrs. of date of discovery; any offense which fraud or breach of fiduciary obligation is a material element: 3 yrs.; misconduct in public office: within 2 yrs. of leaving office or any above limit, whichever is greater; sexual offenses (battery, assault, intercourse under age 18): begins running at age 16 or when violation is reported, whichever is earlier.

Other 1st degree misdemeanors: 2 yrs.; 2nd degree and noncriminal violations: 1 yr.

Federal:
The statute of limitations is the time limit for filing charges against the defendant. The general federal statute of limitations for felonies stand for the proposition that the government can no longer file criminal charges for an offense once 5 years has passed. The federal statute of limitations is 18 USC 3282. This statue states:

Except as otherwise expressly provided by law, no person shall be prosecuted, tried, or punished for any offense, not capital, unless the indictment is found or the information is instituted within five years next after such offense shall have been committed. .

 

[thetrailboss]

Probably nobody will be surprised by this.....

http://www.burlingtonfreepress.com/...-vermont-failed-prevent-eb-5-fraud/590059001/

 

[BenedictGomez]

Probably nobody will be surprised by this.....

You're forgetting the half dozen or so posters who swore up and down that Vermont's EB-5 program was the safest in America because it was the only one that was government regulated.

Though they're easy to forget given they never return to this thread anymore.

 

[thetrailboss]

You're forgetting the half dozen or so posters who swore up and down that Vermont's EB-5 program was the safest in America because it was the only one that was government regulated.

Though they're easy to forget given they never return to this thread anymore.

The waves have been too awesome for some to come and post.

 

[luvinjaycloud]

You're forgetting the half dozen or so posters who swore up and down that Vermont's EB-5 program was the safest in America because it was the only one that was government regulated.

Though they're easy to forget given they never return to this thread anymore.

You say this sarcastically but in actuality the Jay peak EB-5 investors who were scammed are getting their money back AND their lawyers paid! (i guess it was safe) Those that are still in the EB-5 program at Jay probably already have their 10 year visas and I believe might have a deep pocket debtee after the resort is sold.

If this wasn't a government sponsored program they probably would be SOL. I personally thought the investors (sophisticated i assume) knew the risks and valued the reward of the 10 year visa and still chose to participate.

Receiver has done a great job in turning lemons into lemonade.