PDA

View Full Version : Jay Peak



Spartan82
04-14-2016, 02:40 PM
SEC is going after the developers of Jay Peak. I always thought that it was a fishy operation.

http://www.bostonglobe.com/business/2016/04/14/vermont-immigrant-investor-program-operated-ponzi-like-scheme-regulators-said/7UV1Cj2ciZcjT5s6kJIp3H/story.html

cdskier
04-14-2016, 04:02 PM
Over on AZ there are probably hundreds of posts about this in the Burke thread. If true (which it very much appears to be based on the information in the SEC documents) it is a shame as that just hurts other people that use EB5 funds legitimately... Also sucks for all the people involved in Jay/Burke that have nothing to do with this fraud.

random_ski_guy
04-14-2016, 04:03 PM
What an explosive story on Jay Peak and Q-Burke.

So many questions.... can't wait for Win and WinJrs take.

i) I wonder if the details of the states case will show that Q-Burke was a wing and prayer to use EB5 capital to feed Jay Peak deficits.
ii) Or that Stenger and Quiros really just got greedy and fleeced the place for their own personal needs.
iii) Or that none of it never worked and it was always just a business Ponzi.
iv) My hunch is that they started out with the right intentions and modest success, but then made some mistakes and got real sloppy with the accounting. I also speculate that while Jay had some initial success with their new toys, successive years saw declines which were not anticipated (ski business is like the theme park biz, people come, see the new toys and often never come back - even when they had a great time).

So, bottomline - look for the defense to assert they were business men with sloppy record keeping while the state pushes the ponzi-fraud story. Which is it really, it will be interesting to see.

The Bush is lucky it has the Win Smith team.

Benski
04-14-2016, 04:51 PM
So many questions.... can't wait for Win and WinJrs take.

They are the same person.

Benski
04-14-2016, 05:00 PM
Over on AZ there are probably hundreds of posts about this in the Burke thread. There are like 20 pages worth and probably 100 pages worth of speculation that something was wrong before yesterday.

cdskier
04-14-2016, 05:09 PM
There are like 20 pages worth and probably 100 pages worth of speculation that something was wrong before yesterday.

It was crazy how quickly those pages were filling up. I walked away from my desk for not even 30 minutes at work before and when I came back there must have been 5-6 new pages of posts.

Benski
04-14-2016, 07:32 PM
I guess this is good for sugarbush though since this may push a few people to buy passes at sugarbush instead of Jay Peak or Burke.

ducky
04-15-2016, 03:37 PM
Who ever bought passes at Burke to begin with other than locals and racers? Changing the name to Q-Burke was also dubious and narcissistic. Of the articles I've read, most were the usual sensational crap click bait. Seven Days did a good job of sticking to the facts. Sounds more like Quirios doing the ponzi while Stenger looked the other way but what do I know. Sad for the locals who pinned some hope on economy-boosting projects. There was to be a new biotech facility in Newport as well as a downtown revitalization, both now not to be. Wonder how the Kingdom Trails will be affected.