Post by Logan on Apr 22, 2016 21:26:39 GMT -6
Federal authorities launched an investigation into Jay Peak’s EB-5 projects nearly a year before state officials had their first inkling that something illegal was afoot. And documents on file at the Securities and Exchange Commission indicate that the agency had strong forensic evidence of a massive fraud well before the changes in state regulatory oversight that Gov. Peter Shumlin now credits for taking down the “Ponzi-like” scheme.
On May 22, 2014, at about 10:30 in the morning at SEC offices in Miami, federal lawyers grilled Ariel Quiros about a series of financial transactions detailing alleged misappropriation of funds from the foreign investors.
The 245-page transcript of their day-long interview reveals pieces of the evidence the SEC would later use to file dozens of federal civil charges against Quiros, the owner of Jay Peak, and Bill Stenger, the resort CEO that federal authorities say facilitated the scam.
SEC lawyers conducted that deposition seven months before a memorandum of understanding that shifted the state’s financial oversight of Quiros’ and Stenger’s dealings away from the Agency of Commerce and Community Development, and over to the Department of Financial Regulation. And the interview occurred more than a year before state officials imposed restrictions on Quiros’ EB-5 projects designed to prevent continued misappropriation of investor funds.
Read more: www.vnews.com/Feds-Launched-Investigation-of-Quiros-Months-Before-Vermont-Was-Involved-1639303
On May 22, 2014, at about 10:30 in the morning at SEC offices in Miami, federal lawyers grilled Ariel Quiros about a series of financial transactions detailing alleged misappropriation of funds from the foreign investors.
The 245-page transcript of their day-long interview reveals pieces of the evidence the SEC would later use to file dozens of federal civil charges against Quiros, the owner of Jay Peak, and Bill Stenger, the resort CEO that federal authorities say facilitated the scam.
SEC lawyers conducted that deposition seven months before a memorandum of understanding that shifted the state’s financial oversight of Quiros’ and Stenger’s dealings away from the Agency of Commerce and Community Development, and over to the Department of Financial Regulation. And the interview occurred more than a year before state officials imposed restrictions on Quiros’ EB-5 projects designed to prevent continued misappropriation of investor funds.
Read more: www.vnews.com/Feds-Launched-Investigation-of-Quiros-Months-Before-Vermont-Was-Involved-1639303