NEWPORT — With EB-5 fraud penalty money in hand, the state is returning to the scene of the crime to fund economic growth.
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The federal judge handling the massive securities fraud case against Ariel Quiros Sr. and William Stenger has issued the final judgments in settlements between the men and the Securities and Exchange Commission (SEC).
Some 4,000 pages of public records related to the largest case of alleged securities fraud in state history, centering around the owner of Jay Peak, Ariel Quiros, were posted this week to the Vermont Department of Financial Regulation’s website earlier this week.
The federal receiver for Jay Peak and Burke Mountain resorts filed a motion this week in U.S. District Court asking that nearly $18 million in escrowed funds be returned to investors in the AnC Bio research project.
NORTHEAST KINGDOM — Property tax payments on EB-5 properties at Jay Peak, Burke Mountain and in Newport City are late.
EAST BURKE — Taxes due on the Burke Mountain Resort, including the new hotel and conference center, and several other properties under the resort’s umbrella – all under federal receivership since allegations of a Ponzi-like scheme surfaced in April – did not arrive by the close of business Friday, the due date.