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

[cali]

6. Guilty as.shit. I live here. 4 years ago many of us knew what was going on

Im not going to write animus here, but this has been horrifying and tragic particularly as Bill Stenger who brought Quiros into this, was a beloved and respected guy up here.


Here's a long NYT story about it.

http://www.nytimes.com/2016/05/11/us/fraud-charges-mar-a-plan-to-aid-a-struggling-vermont-region.html?_r=0

And from vtdigger via the Brattleboro Reformer:
The Securities and Exchange Commission told a South Florida federal court judge Tuesday that Ariel Quiros has no business running two resorts in Vermont.

Properties seized by the federal government last month should remain in the hands of a court-appointed receiver, SEC attorneys said, in order to protect the interests of 700 immigrant investors from 74 countries who were defrauded by Quiros as part of a massive "Ponzi-like" scheme in the Northeast Kingdom.

At a two day "cause" hearing in Miami, SEC lawyers detailed how Jay Peak developers Quiros and his partner Bill Stenger systematically defrauded investors.

Federal regulators interviewed expert witnesses who explained that the two men padded project budgets and used elaborate bank transfers to cover up the misappropriation of $200 million in EB-5 immigrant investor funds. Quiros was additionally charged with using $50 million for personal expenses.

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http://www.reformer.com/latestnews/ci_29889121/sec-says-its-time-remedy-wrongs-at-jay