The federal receiver in charge of the assets of the Northeast Kingdom Economic Development Initiative wants to protect contractors and subcontractors in the collapsed AnC Bio project.
A motion filed by the receiver was begun by the contractor of the project, PeakCM, to protect its interests and the interests of subcontactors owed money from the project that will now not be built.
In April the state and federal government accused Ariel Quiros and Bill Stenger of perpetrating a “ponzi-like” fraud scheme through the federal EB-5 program. The developers are accused by theSecurities Exchange Commission and Vermont Attorney General of misappropriating more than $200 million. Quiros is also accused of diverting $55 million more for his personal use.
Millions of dollars are owed to contractors, subcontractors and vendors associated with the various projects, and the immigration status of hundreds of foreign investors who put up a half-million dollars each, in exchange for green cards, is now in jeopardy.
The federal receiver, Michael Goldberg, is trying to right the assets, prepare them for sale, and represent the interests of allegedly defrauded investors.
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