Accused EB-5 mastermind Ariel Quiros is urging the judge in U.S. District Court in charge of his case to hold off on discovery for his trial, hoping his attempt to have the case against him dismissed will be successful.
The request came during a recent scheduling conference via telephone. The conference included counsel for Quiros, his partner Bill Stenger, the federal receiver in charge of the properties involved in the Northeast Kingdom Economic Development Initiative funded with $350 million in EB-5 foreign investment, and the Securities Exchange Commission (SEC). Only Quiros wants a delay.
The SEC, Stenger and federal receiver Michael Goldberg all agree that the discovery process should get underway immediately for a trial expected to begin in October 2017.
Quiros and Stenger are implicated in an alleged Ponzi-like scheme dating to 2008 in their EB-5 funded projects mostly at Jay Peak Resort, but also at Burke Mountain.
They are accused of misappropriating $200 million and Quiros is further accused of skimming another $50+ million from the pool of investor money to buy for himself two luxury New York City condos among other luxury investments, to pay personal income taxes and more.
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