Stenger and Quiros Ousted from Management of Jay Peak and Burke

[BenedictGomez]

Brent Raymond, who was director of the EB-5 center at the time, and Pat Moulton, the outgoing secretary of the Agency of Commerce and Community Development, which oversees the program in Vermont, did not respond to investor complaints about Penthouse

I realize I've been saying this for literally (not figuratively) years now, but is SOMEONE....ANYONE.... ever going to investigate Brent Raymond?

I had suspicions about what I financially felt was "odd" behaviour here long before it was known this was all a scam, and this dude should be a key cog to look at, yet nobody ever seems to do so.

It just gets mentioned he used to lead the EB-5 center and now works for Mount Snow.....nothing to see here, move along. I'd be all up in his bank accounts, his wife & childrens bank accounts, his distant cousin's once-removed bank accounts, credit card records, ACH transfers, email records, credit history, and ANY interaction he's had with a one, Mr. Ariel Quiros, etc....

As I've said before, at best he's completely financially incompetent.........at.......best.

At worst?

 

[River19]

BG, completely agree with you.

And toss in there the question of when can we all move on from Stenger still being involved in the operations at Jay and Burke? Can we take away the condo, the salary and the Audi now? I understand he is a likeable guy but his willing paw prints are all over this whole boondoggle.

Heck Davis' quotes on how Bill approached him and drove the whole "fifth floor build out" is shady as a grove of fir trees. I'll tell you what.....if that whole Penthouse Suites thing turns out to be another "exaggeration, fraud etc." designed to fleece EB-5 $ from folks to fund their mismanaged and fraudulent mess can we then move him fully into the "completely dirty" bucket with the Q family? And remove him from his current role?

 

[mbedle]

Alright - I'm a little confused here. I just read the POM for the Hotel Jay and it does not say they are going to build a 250 sf hotel, it says the hotel is going to be approximately 171,000 sf. Doing some simple math, that give us 43,000 sf per floor. Correct me if I am wrong, but doesn't the entire 5th floor cover the 4th floor? If they truly only built 10 penthouse units, they would be 4,300 sf each. I know they have single bedroom penthouse units, and they are no where near 4,600 sf. With that said, what else is occupying the 5th floor? Another thing I noticed is the Hotel POM stated that there would be 121 suites and the Penthouse stated that there would be 55 suites. Hotel Jay does have 176 suites, so the math adds up, just maybe they are all not located on the 5th floor.

 

[thetrailboss]

I realize I've been saying this for literally (not figuratively) years now, but is SOMEONE....ANYONE.... ever going to investigate Brent Raymond?

I had suspicions about what I financially felt was "odd" behaviour here long before it was known this was all a scam, and this dude should be a key cog to look at, yet nobody ever seems to do so.

It just gets mentioned he used to lead the EB-5 center and now works for Mount Snow.....nothing to see here, move along. I'd be all up in his bank accounts, his wife & childrens bank accounts, his distant cousin's once-removed bank accounts, credit card records, ACH transfers, email records, credit history, and ANY interaction he's had with a one, Mr. Ariel Quiros, etc....

As I've said before, at best he's completely financially incompetent.........at.......best.

At worst?

And why does Pat Moulton still have a job?

 

[doublediamond]

I think Stenger is dirty. I also think he may be helping the SEC and/or US Attorneys. If he is really just an advisor, that's fine as he knows the mountain in and out. If he's really calling all the shots, he shouldn't be. However, even if the latter, the Receiver may not want to fire him in the tiny chance the SEC loses their case as the Receiver may be on the hook for lost wages.

At a minimum, especially with Jay's cashflow problem, he should not be driving a company Audi fueled with company gas.

 

[steamboat1]

Quiros is allowed $15,000 a month living expenses from the sale of his NYC condo he purchased with EB-5 money. This is part of the money he's alleged to of outright stole from EB-5 investors.

 

[dlague]

Reading all of this and my firstbthought is "What a friggin' mess!" I grew up there and it is all sad to see. Never was a big fan of all the expansion. Want my old Jay back.

 

[LONGBOARDR]

Reading all of this and my firstbthought is "What a friggin' mess!" I grew up there and it is all sad to see. Never was a big fan of all the expansion. Want my old Jay back.

+1

Me too.

 

[mbedle]

They settled with Citibank for 13.3 million. At least the vendor and subs will get paid now.

 

[oldtimer]

So, it is your understanding that this $13.3 million is a settlement on the EB-5 fund that is/was for the Burke Hotel & thus can be used to pay the Burke hotel subs? or have I missed the point? thanks-

They settled with Citibank for 13.3 million. At least the vendor and subs will get paid now.

 

[cdskier]

So, it is your understanding that this $13.3 million is a settlement on the EB-5 fund that is/was for the Burke Hotel & thus can be used to pay the Burke hotel subs? or have I missed the point? thanks-

http://vtdigger.org/2016/08/31/jay-peak-receiver-reaches-13-3m-settlement-citibank/

From this article it would seem at least part of it will be used for paying vendors that did work for Jay and Burke (although maybe not specifically the Burke hotel)...

Goldberg will establish a claims process for EB-5 investors and other parties, such as the contractors who have not been paid for work performed at Jay Peak and Burke Mountain resort.

About $10.8 million will be used to make payroll for 500 employees at Jay Peak, pay trade vendors who are owed $5 million in past due accounts, and make necessary repairs (the resort must make $4.9 million in repairs to the aerial tram).

 

[mbedle]

So, it is your understanding that this $13.3 million is a settlement on the EB-5 fund that is/was for the Burke Hotel & thus can be used to pay the Burke hotel subs? or have I missed the point? thanks-

His court order specifically states that this money will be used for that purpose. Below is a direct quote from the receiver.

I will request authorization from the Court to use a portion of the settlement proceeds to do the following: (i) subsidize operations at the Jay Peak Resort and the newly opened Burke Hotel until such time as they can be sold; (ii) pay a portion of the claims owed to contractors who are owed money for work performed in connection with the Burke Hotel; the Stateside project and the AnC Bio project; (iii) pay a portion of the claims of trade vendors who are owed money in connection with goods or services supplied to the Jay Peak Resort and the Burke Hotel; (iv) pay my invoices and my professionals for work done during the course of the receivership; and (v) set aside a contingency reserve for the operations of Jay Peak Resort and the Burke Hotel.

 

[from_the_NEK]

http://www.burlingtonfreepress.com/story/money/2016/09/01/bill-stenger-sec-fraud-case/89739550/

 

[River19]

Stenger.......well we saw that coming, but it irritates me that he will not be held accountable.

Everyone knows he is guilty and was nipple deep in that fraud.....and if he "truly knew nothing" then he is at the very least monumentally ignorant at historical levels. Sorry, just calling it like I see it.

 

[LONGBOARDR]

Stenger.......well we saw that coming, but it irritates me that he will not be held accountable.

Everyone knows he is guilty and was nipple deep in that fraud.....and if he "truly knew nothing" then he is at the very least monumentally ignorant at historical levels. Sorry, just calling it like I see it.

River,
Being closer to this debacle than I care to be, you are right on target and quite moderate of your assessment IMO.
+1

 

[thetrailboss]

https://vtdigger.org/2016/09/01/stenger-settles-sec/


Sent from my iPhone using AlpineZone

 

[River19]

River,
Being closer to this debacle than I care to be, you are right on target and quite moderate of your assessment IMO.
+1

No doubt. That is the kindergarten safe version of what is in my head.

Is no one accountable for their actions anymore? I'm beside myself. I would have thought some of the other folks involved but on the periphery would have skated like this in exchange for testimony but not uncle Billy.......he's dirtier than subway floor.

 

[doublediamond]

Why the F would anyone in their right mind secure a $15M personal line of credit with $17M in cash?

 

[BenedictGomez]

Unreleased photo of Bill Stenger meeting with the SEC.

 

[River19]

The only positive outcome or upside to letting Dirty Billy off the hook here is if he is indeed singing like BG suggests above ^.

It would be easier to swallow if he indeed provides the information and testimony to put the Q's behind bars where they belong and possibly take a few others along with them......like all the folks at "Northeast Contract Services".....oh yeah there was only one "folk" at NCS and he was Q's long time friend and the company was founded to just skim money off the EB-5 streams.......