Jay Peak bombshell

[BenedictGomez]

the SEC seemed to "clear" him relatively, so I'll give him the benefit of the doubt somewhat.

I think you're too kind.

It's routine in matters like this to let the smaller fish go if its' necessary to catch the trophy fish. This may well be such a case; time will tell.

 

[AdironRider]

Like I said, it is all relative. But we don't have anything else to go on.

I would continue your "he would have to be the biggest moron alive" to be as publicly brazen about the whole effort if he really knew the extent of the scam right?

 

[VTKilarney]

TB would be a good one to answer that also. In other fields (like real estate) its legal to represent both parties. Divorces sometimes also.

The liability would be on the attorney though here wouldn't it, not Stenger/Jay?

If it is ethical (big if), it must be disclosed and consented to. That did not appear to happen here.

 

[thetrailboss]

TB would be a good one to answer that also. In other fields (like real estate) its legal to represent both parties. Divorces sometimes also.

The liability would be on the attorney though here wouldn't it, not Stenger/Jay?

While it may technically allowed, the best practice is not to even go there.

 

[thetrailboss]

Like I said, it is all relative. But we don't have anything else to go on.

I would continue your "he would have to be the biggest moron alive" to be as publicly brazen about the whole effort if he really knew the extent of the scam right?

To claim ignorance is the lesser of two evils. Even if it means you look like a buffoon.

 

[AdironRider]

That is certainly true, he could just be covering his ass.

I'm just as much a skeptic of the SEC as Benedict, but they seemed to think he was a bit player in the whole thing ultimately. It's what I have to go on currently.

Just to be clear, none of this changes the ultimate effect on the community, but given Stenger had already put in decades of effort furthering Jay's cause (if I remember correctly he came with Jay and the Quiros didn't hire him?), and I think proved he legitimately cared about the NEK and the ski areas, I continue to give him the benefit of the doubt.

 

[thetrailboss]

That is certainly true, he could just be covering his ass.

I'm just as much a skeptic of the SEC as Benedict, but they seemed to think he was a bit player in the whole thing ultimately. It's what I have to go on currently.

Just to be clear, none of this changes the ultimate effect on the community, but given Stenger had already put in decades of effort furthering Jay's cause (if I remember correctly he came with Jay and the Quiros didn't hire him?), and I think proved he legitimately cared about the NEK and the ski areas, I continue to give him the benefit of the doubt.

Bill graduated from Syracuse (I think) and then went to work for Jack Frost in PA before coming to Jay in the early 1980's to work for MSSI. He had some ownership in the mountain when MSSI sold it to Q in 2008.

So Jay was pretty much his life. He still "consults" for the receiver.

 

[VTKilarney]

He was promised ownership. I don’t think that Q ever gave him some.

 

[VTKilarney]

Vermont EB-5 center is shut down:
https://vtdigger.org/2018/07/09/federal-agency-terminates-vermont-eb-5-regional-center/

 

[thetrailboss]

He was promised ownership. I don’t think that Q ever gave him some.

He had an ownership interest BEFORE Q with MSSI. A small piece, but a piece.

 

[thetrailboss]

Vermont EB-5 center is shut down:
https://vtdigger.org/2018/07/09/federal-agency-terminates-vermont-eb-5-regional-center/

So glad that the court tossed the investors' case against the State. I mean they did nothing wrong, right?!

USCIS determined that the Vermont Agency of Commerce and Community Development made material misrepresentations to EB-5 investors and to the USCIS in its statements about the Jay Peak developments, and failed to address some of those discrepancies in their response to the feds’ notice of intent to terminate last year.

Or how about:

In addition, the federal agency said the state was warned of financial red flags in mid-2013, and upon becoming aware failed to notify USCIS and “remained silent in their concerns and took no action as over 83 petitions were approved” in 2014 and 2015.

And:

“These discrepancies and misrepresentations cast doubt on the credibility of [the commerce agency’s] filings and call into question the legitimacy of its operations,” wrote Juliette Harrison, acting chief of the Immigrant Investor Program.

“Thus, any harm to businesses which were not listed in the SEC or State complaint is attributable to the Regional Center’s lack of management and oversight which resulted in the diversion of EB-5 funds,” USCIS said.

However, it adds that “problems with the projects are not alleged to have been perpetrated” by state officials or employees of the EB-5 regional center. And while the USCIS gave the state credit for helping to investigate the fraud, it chided officials for the “lax oversight” of the state-run regional center that “allowed the fraud to occur in the first place.”

Finally, the Feds have spoken:

“For these reasons, USCIS has determined by a preponderance of the evidence that the Regional Center no longer serves the purpose of promoting economic growth in compliance with the Program.”

[....]

USCIS blames state officials for knowingly allowing the fraud to continue.

I will never invest in Vermont after this shit show.

 

[VTKilarney]

And Brent Raymond still has a cushy job with Peak Resorts.

 

[thetrailboss]

And Brent Raymond still has a cushy job with Peak Resorts.

...and Peter Shumlin is at Harvard teaching government. Pat Moulton is President of VTC. It's a big joke.

 

[mbedle]

Saw the first piece of real estate sold for a good chunk of change. Wondering if they will get the resorts on the market this year.

 

[BenedictGomez]

Whatever happened to the people that used to argue with me about how they were sure the Vermont EB-5 center was the safest in America because it was the only one that was government run & operated? It's as if they vanished from the earth.

 

[thetrailboss]

Whatever happened to the people that used to argue with me about how they were sure the Vermont EB-5 center was the safest in America because it was the only one that was government run & operated? It's as if they vanished from the earth.

Riding the waves...at least Big Wave Dave is! :lol:

 

[BenedictGomez]

And Brent Raymond still has a cushy job with Peak Resorts.

It's even worse than that, he was never even investigated.

While we're still on the recent subject of, "kickbacks", etc....., he'd be the very first name I'd be spending my forensic accounting time on & government powers via reviewing bank accounts, wire transfers, South African Krugerrand purchases, LOL etc...

I cant even fathom a potential hypothesis as to how it could be possible that he isn't somehow involved in this.

 

[BenedictGomez]

I will never invest in Vermont after this shit show.

Imagine how corrupt Vermont is that even after this "shit show", the state still REFUSED to shut down the state EB-5 center. So the Trump Administration had to step in and swing the death blow.

Oh the wailing in the night and gnashing of teeth that must be occurring now that they've lost a bevy of $100,000 jobs to hand to their friends and political cronies.

 

[thetrailboss]

Imagine how corrupt Vermont is that even after this "shit show", the state still REFUSED to shut down the state EB-5 center. So the Trump Administration had to step in and swing the death blow.

Oh the wailing in the night and gnashing of teeth that must be occurring now that they've lost a bevy of $100,000 jobs to hand to their friends and political cronies.

I am waiting for someone to complain that the closure was because of the mean Trumpites and was mere politics.

I think it is funny that the AG is going to appeal the closure decision. I think he almost has to do so to save face. From what I have seen the new AG is just as much amateur hour as the last one.

 

[VTKilarney]

A settlement with the State of Vermont?

https://vtdigger.org/2018/07/11/gov-ag-make-settlement-announcement-eb-5-fraud-case/