Stenger and Quiros Ousted from Management of Jay Peak and Burke

[thetrailboss]

http://vtdigger.org/2016/09/16/eb-5-investors-burke-project-sue-immigration-lawyer-state/

 

[from_the_NEK]

At least they invested in the Burke Hotel and not ANCBio. The investors in the latter have the least likely chance of seeing anything back out of this debacle let alone a green card.

 

[BenedictGomez]

http://vtdigger.org/2016/09/16/eb-5-investors-burke-project-sue-immigration-lawyer-state/

Anybody who believed this situation couldn't possibly get any worse, read the above, because you've just been proved wrong. LOL

My favorite part?

Remember how some of us speculated here that after forcing disclosure of financial investigation it must be far more difficult, if not near impossible, for Stenger and Quiros to bring in new EB-5 investors?

It turns out it's not difficult at all if you just completely ignore the mandatory disclosures and keep the new "marks" in the dark! ROFL

Quiros and Stenger had to tell new and previous investors in the Q Burke project that federal regulators were scrutinizing the development. “(Commissioner Susan) Donegan required Quiros and Stenger to disclose in the private placement memorandum that the Jay Peak projects are under an investigation by the SEC,” Lynn wrote. “ … however, Quiros, Stenger and Leamy failed to provide the Weis with the memorandum.”

 

[thetrailboss]

Anybody who believed this situation couldn't possibly get any worse, read the above, because you've just been proved wrong. LOL

My favorite part?

Remember how some of us speculated here that after forcing disclosure of financial investigation it must be far more difficult, if not near impossible, for Stenger and Quiros to bring in new EB-5 investors?

It turns out it's not difficult at all if you just completely ignore the mandatory disclosures and keep the new "marks" in the dark! ROFL

Disclosure is so overrated I guess.

"Meh, they couldn't read English."

 

[VTKilarney]

At the risk of tooting my own horn, I predicted quite some time ago that an immigration attorney would be sued.

 

[River19]

The other thing I found telling about this piece (nice job Digger as usual) was how it appears the "duped" Stenger was pretty eager to keep the money flow coming in, so much so that he was more than happy to wave $60K in "admin fees" for these two investors.

Now if you didn't know you were in a Ponzi scheme situation, and you were honestly under the impression your partner Q was sitting on well organized and discreet piles of EB-5 funds still to be deployed to build out ANC and Q Burke, why the immediate rush to get more $ in? Surely you could wait a week or two.

If your partner supposedly has 8 figures socked away per the investor agreements then why the rush for a measly $1M in additional funds right friggin' now?

Unless........unless just maybe Billy S. isn't as monumentally ignorant as the current party line of apologists would like you to believe. Perhaps, if he knew there was a significant financial mess of Ponzi scheme proportions he knew they needed to get that money, any money, any amount into the RJ accounts ASAP.....no matter what it takes.....even wave $60K in fees if that is what it takes.....but don't wave 100% of the fees as we don't want to seem desperate do we? Someone might catch on that $ is missing........

"Duped".....my left toe.....

 

[BenedictGomez]

The other thing I found telling about this piece (nice job Digger as usual) was how it appears the "duped" Stenger was pretty eager to keep the money flow coming in, so much so that he was more than happy to wave $60K in "admin fees" for these two investors.

Nahhhh..... Stenger was just feeling really generous that day!

 

[mbedle]

The private placement memorandum these two got already had the SEC investigation info in it. Not sure what I am missing here, but wasn't that added to the PPM in early 2015, before they could re-start marketing the Burke Hotel. Maybe the states case agains't them says something about them using the older version after the mandate.

 

[dlague]

Life begins after exit 32!

Agreed!

 

[steamboat1]

http://vtdigger.org/2016/09/18/jay-peak-receiver-quiros-purchase-offers-bogus/

 

[fbrissette]

http://vtdigger.org/2016/09/18/jay-peak-receiver-quiros-purchase-offers-bogus/

This is beyond bizarre.

 

[River19]

Honestly, this is turning into a real life soap opera and you can't make these things up.

I'm still waiting for a story to pop about how these two guys submitting offers are old Army pals with Q or Q Jr. doing big Q a favor etc.

"Hey make it look like the value of Jay has gone up a ton so I can prove I increased the value etc.".....


I still look down at my signature here with the Q quote and I just laugh every single time.....perhaps he will have the same response if he were handed these two offers.

 

[mbedle]

Third letter of intent to purchase was received. Offer to invest a total of 203 million in all of the receivership entities. Good reading up on the receiverships website. Receivership says they are all greatly flawed and incomplete.

 

[dlague]

Since both offers came from the same company and they are located in the same area as Q's office in FL seems suspicious.

 

[mbedle]

Interesting that the guy behind the offer (jean joseph) has his own legal problems and was the owner of a company call Evergreen United Investments, LLC that did work with the EB-5 program.

 

[BenedictGomez]

This is beyond bizarre.

Not really. I knew there was something fishy with that offer (below) as it made absolutely no flippin' financial sense whatsoever.

I doubt the entire thing. The offer price versus what we know regarding recent year's income, their debt, etc.. makes no sense to me.

 

[thetrailboss]

Settlement Agreement with Stenger is approved. He is OUT of the SEC action:

http://vtdigger.org/2016/09/22/federal-judge-approves-stenger-settlement-sec-eb-5-fraud-allegations/

Though he is apparently not "working" at Jay anymore, I have seen references to him being a "consultant" for Burke and Jay. Anyone know what is going on with him?

 

[thetrailboss]

Drip, drip, drip.....

http://vtdigger.org/2016/09/22/dono...il&utm_term=0_dc3c5486db-f87f51d5e6-405558657

In addition to the contribution from Leamy, Leahy received $5,575 from Stenger and his wife between 1998 and 2009. The Vermont Democratic Party received $48,000 from Quiros and related entities. Gov. Peter Shumlin has received $23,000 in donations from Quiros, Stenger and related entities and people.

 

[fbrissette]

Drip, drip, drip.....

http://vtdigger.org/2016/09/22/dono...il&utm_term=0_dc3c5486db-f87f51d5e6-405558657

I'm not a fan of the US political system, but over a 12-year period this amount of money is next to nothing. You're not going to corrupt a politician with a few thousands (of a few hundreds in the case of BS) per year of legal donations.

If we're to get excited about this, what would be the appropriate reaction to the hundreds of millions that have been pouring into HRC and the Donald coffers in previous months ?

 

[BenedictGomez]

The first sentence is the worst part.

A week after federal regulators began questioning a developer about an alleged fraud scheme at Jay Peak Resort, Charles Leamy who served as counsel for the resort made his first-ever donation to a federal officeholder: $5,000 to Sen. Patrick Leahy of Vermont.....The donations represent the only money Leamy has given a federal officeholder.

But it's okay, because....

Leahy, a Democrat who is Vermont’s longtime senior senator, said he would give the donations from Leamy to charity if the court finds that the lawyer did “something inappropriate.”

LOL. Well isnt that nice? It's sad how stupid the politicians think we are. Even sadder is the fact that they're generally correct.