Governor Bumblin and the Northeast Kingdom – Jon Farber

Governor Bumblin and the Northeast Kingdom To the Editor: The emerging EB-5 scandal and Gov. Bumblin’s role in it is but another shameful chapter in the treatment of NEK citizens by at least 25 years of successive state governments in Montpelier. High school and college graduates from the NEK must leave the state in droves … Read moreGovernor Bumblin and the Northeast Kingdom – Jon Farber

JayState Side Project Might Be Completed

Some EB-5 foreign investors are willing to put more money on the table to finish building townhouses and condos at Jay Peak Resort’s State Side project to get their green cards. Court-ordered receiver Michael Goldberg said he’s been approached by foreign investors who want to complete the 35 townhouses that are in various stages of … Read moreJayState Side Project Might Be Completed

World Events, Not Trade and Commerce, Are Shaping Immigration Policy in The 21st Century

About a decade ago Thomas L Friedman, foreign affairs columnist for The New York Times, published The World is Flat: A Brief History of the Twenty-First Century, which described the complexities of 21st century globalisation to demonstrate a growing “levelling” of the global economy. Mr Friedman designated 10 forces that work to “flatten” the global … Read moreWorld Events, Not Trade and Commerce, Are Shaping Immigration Policy in The 21st Century

Florida EB-5 Regional Center Sponsored Spoleto/My Italian Kitchen, Named One of Best South American Fast Casual Dining Restaurants Headed to the US

Florida EB-5 Regional Center and Spoleto Brazil announce its partnership to provide an initial $25 million EB-5 investment opportunity within the restaurant industry. With two existing established Spoleto USA locations in Orlando, at the University of Central Florida and the Florida Mall, the partnership aims to grow the brand to 25 new locations throughout the … Read moreFlorida EB-5 Regional Center Sponsored Spoleto/My Italian Kitchen, Named One of Best South American Fast Casual Dining Restaurants Headed to the US

‘Business as usual’ at Jay Peak as receiver gets to work

Soon after he arrived in the state two weeks ago, Michael Goldberg ditched his suit in favor of the sweaters and slacks of “Vermont casual.” Goldberg is the attorney appointed by a federal court in Miami to dig the Northeast Kingdom out of the biggest alleged fraud in its history. He said Wednesday he wanted … Read more‘Business as usual’ at Jay Peak as receiver gets to work

Jay Peak to Remain Open Amid Fraud Scandal

Despite growing concerns Jay Peak will close, the man charged with overseeing the resort’s finances said Wednesday. He has a plan to keep the ski destination open.    During a press conference Wednesday, Michael Goldberg said within the last few days he secured $4.7 million to finance Jay Peak during the off-season, and additional funds … Read moreJay Peak to Remain Open Amid Fraud Scandal

The little-known CMBS bill that could have a major impact on NYC real estate

New York’s real estate industry is keeping a close eye on Capitol Hill – and not just because the U.S. Senate is debating the future of the EB-5 visa program. In March, the House financial services committee quietly passed a bill that could have a big impact on commercial real estate lending. Dubbed the Preserving … Read moreThe little-known CMBS bill that could have a major impact on NYC real estate

Court-Appointed Lawyer Peddles Q Burke Hotel, Minus the Q

Four days after a federal court judge in Miami gave him control over the Q Burke Hotel in Vermont, Michael Goldberg was in East Burke on Tuesday showing the property to two potential buyers. “It will be sold eventually. It’s not going to be sold right away,” said Goldberg, who was appointed by the federal … Read moreCourt-Appointed Lawyer Peddles Q Burke Hotel, Minus the Q

Years Before Jay Peak Allegations, Hoffer Questioned EB-5 Oversight

In the week and a half since federal and state authorities accused a pair of Northeast Kingdom developers of massive fraud, some of the state’s most powerful politicians have sought to walk back their support for the projects.  But there’s one top pol who has little walking-back to do.  Doug Hoffer, the Democratic and Progressive … Read moreYears Before Jay Peak Allegations, Hoffer Questioned EB-5 Oversight

Quiros’ SEC Interview Reveals Depth Of Investigation

Ariel Quiros Sr. was called before an enforcement division of the U.S. Securities Exchange Commission on May 22, 2014, the day after his business partner in the Jay Peak and Q Burke resorts, Bill Stenger, spent a full day being interrogated. Quiros, like Stenger, was brought back before a team of SEC investigators in Miami … Read moreQuiros’ SEC Interview Reveals Depth Of Investigation

Q Burke, Jay Peak Receiver Offers Resources To EB-5 To Creditors, Investors

The court-appointed receiver, in control of Jay Peak Resort and its related companies after state and federal lawsuits were filed, has created a hot line for creditors. Michael I. Goldberg, an attorney from Fort Lauderdale, Fla., has already visited Jay Peak Resort, QBurke and other properties and has appointed a management company to operate the … Read moreQ Burke, Jay Peak Receiver Offers Resources To EB-5 To Creditors, Investors

PhoenixMart official says he is still optimistic about the center’s future

Despite FBI and U.S. Securities and Exchange Commission probes into its foreign investors, AZ Sourcing, the company behind PhoenixMart, says it is moving forward with construction of the giant wholesale center and hopes to be open for business in fall of 2017. The company repeatedly has delayed its construction timetable in the past few years … Read morePhoenixMart official says he is still optimistic about the center’s future

EB-5 Fallout: Bill Stenger Provides 563 Pages of Testimony, Defense To SEC

While allegations of wrong-doing only came to light this week, federal depositions with Ariel Quiros Sr. and Bill Stenger were taken nearly two years ago. Documents were posted this week on the Vermont Department of Financial Regulation’s (DFR) website detailing the depositions. Last week state officials accused Q Burke and Jay Peak partners Ariel Quiros … Read moreEB-5 Fallout: Bill Stenger Provides 563 Pages of Testimony, Defense To SEC

Mount Snow’s EB-5 projects awaiting investor approval, ‘no relation’ to Jay Peak

Dick Deutsch, vice president of business and real estate development at Peak Resorts, shed some more light on Mount Snow’s West Lake snow-making pond and Carinthia Base Lodge projects that are currently held up. The ski resort is depending on money raised through the EB-5 program, which encourages foreign investment in projects anticipated to create … Read moreMount Snow’s EB-5 projects awaiting investor approval, ‘no relation’ to Jay Peak

Burlington rep wants Shumlin to release emails

Rep. Chris Pearson, P-Burlington, is calling for Gov. Peter Shumlin’s administration to release the former staff emails that Shumlin’s attorney requested be deleted. The request became public around the same time a Securities and Exchange Commission complaint accusing Jay Peak chief executive officer Bill Stenger and owner Ariel Quiros of massive fraud was filed in … Read moreBurlington rep wants Shumlin to release emails

Hole in Newport: Disappointment growing in city rocked by fraud allegations

A week after allegations of massive fraud in a series of real estate deals in Vermont’s Northeast Kingdom, disappointment and frustration continue growing among many people in affected communities “It kind of feels like the rug’s been pulled out, under all of our feet,” said Ned Andrews, who works in Newport. “And it’s really sad.” … Read moreHole in Newport: Disappointment growing in city rocked by fraud allegations

Bernie Sanders Won’t Talk About Alleged Corporate Corruption In His Home State

Virtually every prominent Vermont politician condemned the alleged multimillion-dollar fraud in the Northeast Kingdom after federal authorities charged the developers last week, but Vermonters have yet to hear what Sen. Bernie Sanders thinks about it – or how he might vote on a key reform bill. Sanders, a Democratic candidate for president, has been silent … Read moreBernie Sanders Won’t Talk About Alleged Corporate Corruption In His Home State

Leahy: Now Vermont, too, shows why national EB-5 reforms are needed

by Patrick Leahy Years ago when I began working to reform the national EB-5 program, the problems we saw seemed far removed from the many promising EB-5 development projects in Vermont. It is heartbreaking, and it is maddening, to see such problems here at home. It is now painfully clear to all Vermonters that the … Read moreLeahy: Now Vermont, too, shows why national EB-5 reforms are needed

Documents Show Feds Were Onto Quiros Long Before State Launched Probe

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 … Read moreDocuments Show Feds Were Onto Quiros Long Before State Launched Probe

After SEC Takedown, Vermont Pols Back Away From EB-5, Developers

Reports of a Securities and Exchange Commission investigation had been circulating for months last July when Jay Peak Resort president Bill Stenger met with a reporter to insist that his $500 million economic development plan for Vermont’s Northeast Kingdom was still on track.  Seated in a spare room at the Hotel Jay & Conference Center, … Read moreAfter SEC Takedown, Vermont Pols Back Away From EB-5, Developers

Leahy, ‘Leading Champion’ of EB-5 Program, Threatens to ‘Kill It’

Employing his strongest words to date, Sen. Patrick Leahy (D-Vt.) said Friday that Congress should “kill” the federal EB-5 investor visa program if it can’t reform it. Leahy’s remarks came a day after federal and state authorities accused a pair of Northeast Kingdom developers of misappropriating more than $200 million raised through the EB-5 program, … Read moreLeahy, ‘Leading Champion’ of EB-5 Program, Threatens to ‘Kill It’

Mineral Wells’ Baker Hotel stuck in quagmire of bureaucratic red tape

The long-awaited plans to redevelop the historic Baker Hotel remain on hold. The huge structure still towers over the Mineral Wells skyline, attracting curiosity seekers, history buffs and those who illegally try to sneak in. Southlake-based developers want to restore the 86-year-old hotel, in part using money from foreign investors, but are still awaiting pre-approval from the … Read moreMineral Wells’ Baker Hotel stuck in quagmire of bureaucratic red tape

Lt Gov Candidate Randy Brock Vermont Must Not Abandon Newport Northeast Kingdom

Randy Brock, candidate for lieutenant governor, said today: “The news of an alleged ‘Ponzi-like’ scheme linked to Jay Peak, Q Burke Resorts and ANC Bio is very troubling. The intent of the EB-5 investment was to create economic development and jobs in a struggling region of Vermont. It is irresponsible for Governor Shumlin to state that projects in Newport … Read moreLt Gov Candidate Randy Brock Vermont Must Not Abandon Newport Northeast Kingdom

Leahy Says He Had No Warning Of Fraud Case Against ‘Friend’ Stenger

A disappointed Sen. Patrick Leahy said Friday he had no regrets about being one of the country’s leading champions for the EB-5 immigrant investor program and said reforms that he’s been pushing could have uncovered allegations sooner that two developers in the Northeast Kingdom were using the program to run a “Ponzi-like” scheme. The senator … Read moreLeahy Says He Had No Warning Of Fraud Case Against ‘Friend’ Stenger

EB-5 immigrant investor program hit by massive fraud investigation

Businessmen behind Jay Peak and Q Burke ski resorts have been charged with fraud for alleged misuse of more than $200 million in investor money raised through the federal EB-5 program. According to announcements from the Securities and Exchange Commission and the Vermont’s governor’s office, businessmen Ariel Quiros, of Miami, and William Stenger, of Newport, … Read moreEB-5 immigrant investor program hit by massive fraud investigation

Officials: Developers Misused Millions

A private venture that was supposed to spark an economic renaissance in northern Vermont has turned into what state and federal authorities are calling a “Ponzi-like” fraud on foreign investors, who have allegedly been duped out of tens of millions of dollars by the owner of Jay Peak. An 81-page complaint unsealed by the Securities … Read moreOfficials: Developers Misused Millions

Chuck Schumer Says EB-5 Developers Won’t Build in Poor Neighborhoods

U.S. Sen. Charles Schumer (D., N.Y) Wednesday had an answer to those who want to use a federal immigration program to help spark property development in impoverished neighborhoods: it won’t work. The so-called EB-5 program gives certain immigrant investors green cards if they put money into job-creating projects. But the program has been the subject … Read moreChuck Schumer Says EB-5 Developers Won’t Build in Poor Neighborhoods

State Regulator: Q Burke Developers Were Short Of Money

Vermont’s top financial regulator said delays in the opening of a Northeast Kingdom hotel occurred because the developers were running short of money. Susan Donegan, the commissioner of the Department of Financial Regulation, says developers Bill Stenger and Ariel Quiros are wrong to blame the state for the problems at Q Burke Hotel, one of … Read moreState Regulator: Q Burke Developers Were Short Of Money

Berkowitz gives up on seeking county funds for SkyRise Miami

Developer Jeff Berkowitz has reportedly given up on his search for $9 million in county funding for his SkyRise Miami project, saying he’ll move forward without it. The developer said he didn’t meet county requirements for the $9 million grant, which was funded by property taxes, according to the Miami Herald. He submitted a letter … Read moreBerkowitz gives up on seeking county funds for SkyRise Miami