EB-5 investors: Don't toss case against ex-Jay Peak owner [View all]

Last edited Sat Sep 23, 2017, 06:16 AM - Edit history (1)

Three EB-5 investors are challenging a bid to throw out a lawsuit brought against a Canadian company they say “aided and abetted” an alleged fraud scheme at Jay Peak Resort.

Saint-Sauveur Valley Resorts Inc. asked a judge to dismiss the case in July.

The plaintiffs in the case claim the company knowingly accepted $15 million in EB-5 funds from Miami businessman Ariel Quiros to buy Jay Peak in 2008.

Quiros’ purchase of Jay Peak from Saint-Sauveur is at the center of an alleged $400 million Ponzi scheme. Federal regulators say Quiros used money from EB-5 investors to buy the resort from Saint-Sauveur, in violation of investor agreements in which money was to be held in escrow for construction of two hotels at the resort. Plaintiffs argue that Saint-Sauveur was aware that Quiros was using the investors’ money improperly.

Read more: https://vtdigger.org/2017/09/21/eb-5-investors-dont-toss-case-ex-jay-peak-owner/#.WcYeXsZrzRY