Ponzi scheme architect asks court for $100,000 a month for living expenses from frozen assets [View all]

[cali]

The Securities and Exchange Commission has asked a federal judge to deny a request to lift a hold on the assets of Ariel Quiros who was accused last month of defrauding hundreds of immigrant investors.

Federal regulators on April 12 froze all of Quiros’ assets when they filed allegations that the Miami businessman misappropriated $200 million out of $350 million in investor funds in “a Ponzi-like” scheme. The SEC says Quiros lied to hundreds of unsuspecting investors in the Jay Peak EB-5 projects and put $50 million into his own pocket.

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Gayles allowed the release of $41,000 last month.

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Now Quiros claims he needs $100,000 a month for “so-called reasonable living expenses.” In addition, Quiros is seeking $300,000 for professional expenses related to his court case.
Attorneys for the SEC say “Quiros wants to victimize investors again by stripping out millions of dollars from the Court’s asset freeze, so he can spend the funds before the Commission can use them to help compensate defrauded investors for the staggering losses created by Quiros and the other defendants.”

The SEC filing shows Quiros wants, for example, $8,904 a month to pay for his daughter’s expenses, $5,000 a month for his son, $5,056 for leases on luxury vehicles, $3,000 for storage of a military vehicle collection, $6,665 for expenses related to his luxury New York condo and $6,650 for personal assistants.

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http://vtdigger.org/2016/05/09/sec-quiros-wants-asset-freeze-lifted-to-pay-for-luxury-items/