Embattled Jay Peak and Burke Mountain Resort owner Ariel Quiros, who is accused by federal and state authorities of masterminding an eight-year Ponzi-like scheme to defraud international investors in the EB-5 program to the tune of more than $250 million, is continuing to press a federal judge to release $640,000 for him to pay his legal bills.
Quiros, and his business partner, Bill Stenger, were accused in mid-April by the federal Securities Exchange Commission (SEC) and the Vermont Attorney General of having misappropriated more than $200 million of the investments made through the EB-5 program, which saw hundreds of immigrant investors pledge $500,000 in the economic development projects the pair proposed.
The EB-5 program allows foreign investors to earn permanent green cards after jobs are created or preserved through their investments in projects.
In late May, the U.S. District Court in Miami, Fla., where the SEC case is based, granted Quiros’s first motion for attorneys’ fees, ordering that he could sell or mortgage his Setai Condominium in New York City, to pay the legal fees he had incurred to that time.
Quiros’s attorneys are seeking access to those funds now to pay the first two months of legal fees, through the end of June, for teams of lawyers from New York to Florida, Vermont to California, who are defending him in the complex cases in both federal court in Miami and in Vermont, in the Washington County Superior Court in Barre.
Read more by clicking below image