A federal judge in Miami on Friday granted emergency motions to place the Q Burke Hotel and Conference Center into receivership and to fund operations at the facility with $750,000 in funds from other entities owned by Ari Quiros.
Attorneys for Quiros, the federal receiver appointed to oversee most of Quiros’ EB-5 projects, and the U.S. Securities Exchange Commission on Friday took part in a hearing in U.S. District Court in Miami before Judge Darrin P. Gayles.
The two emergency motions brought by receiver Michael Goldberg, seeking funding to continue the operations at Q Burke in the short-term, and to put the property under the same federal protection as the rest of the assets of Jay Peak and Q Burke Mountain Resort, were decided quickly, in a hearing which most attorneys called into via telephone, and in which The Caledonian-Record participated.
Last week, the SEC and the State of Vermont’s Attorney General filed separate but coordinated legal actions against Quiros and Stenger, alleging that their partnership had misused and misappropriated some $200 million of investor funds in the EB-5 immigrant investor program. The SEC further alleged that Quiros used approximately $50 million for personal gain.
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