EB-5 foreign investor money was misspent, investors were misled by Stenger and Quiros, says SEC. Assets frozen. Court places Vermont resorts in receivership.
The beauty of the EB-5 Immigrant Investor Program, Jay Peak co-owner Bill Stenger told SKI Magazine last year, was that it provided him with “patient capital,” the kind he and partner Ariel Quiros weren’t required to pay back on a set timeline as they went about developing Jay and Q Burke resorts in Vermont.
Forty-eight passengers stranded, then roped to safety, after historic Tram breaks down. No injuries reported. Reopening expected by weekend.
Officials at state-owned Cannon Mountain, N.H., said late Sunday that a problem with the drive motor on the historic Tramway caused it to break down on Valentine's Day, stranding 48 people for between 90 minutes and three hours in subzero temperatures.