Shane Posted June 23, 2018 Share Posted June 23, 2018 I'm sure many are familiar with this on-going case and investigation into the funding of Jay Peak's recent expansions by Ariel Quiros and Bill Stinger. Just found on VTDigger that the Jay Peak receiver is now trying to press charges against the previous owners of Jay Peak, namely Saint-Sauveur Valley Resorts (formerly MSSI). Here is a quote: “Plaintiff details in the (lawsuit) how SSVR enriched itself at investors’ expense by transferring investor funds to Raymond James accounts controlled by Quiros; transferring ownership of the Jay Peak resort to Quiros and Stenger without any evidence of financing and for a minimal deposit; and receiving and retaining investor funds from the Raymond James accounts as payment for the resort,” the filing stated. More details here : https://vtdigger.org/2018/06/10/receiver-presses-case-former-canadian-owners-jay-peak/ Needless to say, this is only the latest in this epic scandal that has been filled with plenty of twists and turns. Let's hope for the best. Quote Link to comment Share on other sites More sharing options...
Paul Posted June 27, 2018 Share Posted June 27, 2018 Not only Jay Peak was tagged in this scheme, but also Burke Mountain as well, as Quirios and Stenger were involved there too. I believe things were settled down at Burke before Jay was settled. I will be curious in how this is going to play out for the Sauveur group since they owned Jay at the time of the transfer to Quirios and Stenger. Quote Link to comment Share on other sites More sharing options...
Shane Posted July 4, 2018 Author Share Posted July 4, 2018 Here is an article from a year ago with more detail on what’s going on. It states that the charges will go to court in September of this year. This article contains more details on why it is claimed that Saint-Sauveur was knowing of the source of the troubled money and is now being sued. https://vtdigger.org/2017/04/10/jay-peak-eb-5-investors-sue-saint-saveur-valley-resorts/ Quote Link to comment Share on other sites More sharing options...
Ocean Posted July 5, 2018 Share Posted July 5, 2018 omg this is nuts. Actually I was thinking the other day how great it would be if they buy it back! (ie. so that Vail and Alterra don't get their dirty mitts all over Jay and Burke!!) oh well... Quote Link to comment Share on other sites More sharing options...
Shane Posted July 13, 2018 Author Share Posted July 13, 2018 UPDATE: State settles with Jay Peak developers over EB-5 fraud case https://vtdigger.org/2018/07/11/gov-ag-make-settlement-announcement-eb-5-fraud-case/ No news on the connection to Saint-Sauveur though. Quote Link to comment Share on other sites More sharing options...
Ocean Posted July 21, 2018 Share Posted July 21, 2018 Interesting! Quote Link to comment Share on other sites More sharing options...
Shane Posted August 17, 2018 Author Share Posted August 17, 2018 Just saw this on VTDigger. (https://vtdigger.org/2018/08/13/receiver-plans-sell-jay-peak-next-summer-hits-brake-burke-sale/) The receiver plans to sell Jay Peak next summer, but the sale of Burke is on hold indefinitely. Apparently Jay pulled in $9 million in profits last winter, while two winters ago (2016-17) Burke was $2 million in losses. Quote Link to comment Share on other sites More sharing options...
Shane Posted May 23, 2019 Author Share Posted May 23, 2019 New news today courtesy of VTDigger... actually a few things today: Federal grand jury indicts Jay Peak developers ---- https://vtdigger.org/2019/05/22/federal-grand-jury-indicts-jay-peak-developers/?is_wppwa=true&wpappninja_cache=friendly Quiros indictment sets stage for battle over state’s role in EB-5 fraud ---- https://vtdigger.org/2019/05/22/quiros-indictment-sets-stage-battle-states-role-eb-5-fraud/?is_wppwa=true&wpappninja_cache=friendly Stenger pleads not guilty to charges of fraud and false statements ---- https://vtdigger.org/2019/05/22/stenger-pleads-not-guilty-fraud-charges-released-100k-bail/?is_wppwa=true&wpappninja_cache=friendly So let all of this sink in for a few moments.... I don't even know what to say on all of this crap. Quote Link to comment Share on other sites More sharing options...
Paul Posted May 23, 2019 Share Posted May 23, 2019 @Shane I don't know what to say either, but it wouldn't be family friendly to post.........so I will save us from that! However it is about time that this rig gets rolling to hold those responsible for this huge mess, and to finally fill in that "war zone like" hole in the center of the city of Newport, VT. I am going to sit back, grab a few beers, and watch this %$#@$ show unfold. Sorry for the expletive. Quote Link to comment Share on other sites More sharing options...
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