The Last Burke Payment

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Created on Friday, 29 September 2017 16:30

Written by Victoria Carlson

BURKE- Contractors who built the Burke Mountain Resort were set to receive the final payments for the project last night. 

In April of 2016, Ariel Quiros and his former business partner Bill Stenger were accused by the federal Securities and Exchange Commission and the Vermont Attorney General of misusing over two hundred million dollars through the E-B 5 Foreign Visa Program. 

Quiros has claimed he did not steal from the projects. He has been accused of stealing more than $50 million dollars to suit his personal needs. The Burke hotel struggled to pay off vendors, contractors, and staff was not available. 

Raymond James, the financial services firm in which Quiros held accounts at and fulfilled his operations through, did not confess of doing anything wrong. All parties are not eligible to pursue further action against the company. This allows contractors in the Jay Peak Stateside projects, vendors, and EB-5 investors to all be paid. 

Michael Goldberg, federal receiver, explained sending out the checks was, "A good feeling by us. We are thrilled to send out the checks. People were patient and stood by us."

The last $3.6 million of the $150 million dollar settlement were sent in the mail on September 18. This final payment was part of the second half of the Raymond James settlement.