The embattled owner of Burke Mountain Resort and Jay Peak, Ariel Quiros Sr., continues to maintain he did not violate securities rules to the federal judge in U.S. District Court in Miami overseeing his securities fraud case.
Meanwhile, the state of Vermont is working on behalf of hundreds of immigrant investors whose investments and green cards are in jeopardy, and is now urging officials in Washington, DC to help the investors hurt by the alleged securities fraud case.
Quiros and his business partner in the Northeast Kingdom Economic Development Initiative, Bill Stenger, face dozens of federal securities violations charges by the Securities Exchange Commission (SEC) and the Vermont Attorney General in connection with an alleged Ponzi-like scheme the two are accused of carrying out since 2008.
The immigration status of hundreds of investors is in jeopardy because the pair built their resort empire in the Northeast Kingdom using EB-5 funds of more than $395 million in the immigrant investor program which sees foreigners pledge half-million dollar investments in exchange for earning eventual green cards; the granting of the green cards is linked to job creation in the projects.
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