Podcast Summary
Jay Peak scam: Bill Stenger and Ariel Quiros raised millions from foreign investors for Jay Peak ski resort under false promises, instead defrauding them and using the money for personal gain, known as Kingdom Con
The seemingly successful expansion of Jay Peak ski resort in Vermont, led by Bill Stenger and Ariel Quiros, hid a massive years-long scam. They raised millions from foreign investors through a government program, promising jobs and economic growth, but instead, they defrauded investors and lined their own pockets. This scam, known as Kingdom Con, was a massive grift that went undetected for years, with Bill and Ariel living the high life as local legends. Even as they showed off their new water park and other developments, they were using investors' money for personal gain. The story is a reminder that not all feel-good stories are what they seem and that it's important to scrutinize the actions of those in power.
Jay Peak expansion, EB-5 funds: Bill and Ariel's partnership to expand Jay Peak ski resort using EB-5 funds raised ethical concerns when funds were transferred to a questionable account.
Bill, a passionate skier and resort manager, saw an opportunity to buy and expand Jay Peak ski resort with the help of an EB-5 foreign investment program. He partnered with Ariel Quiros, a wealthy businessman, to make his dream a reality. However, Ariel later acted suspiciously by asking Bill and the current owners to transfer EB-5 investor funds into a bank account linked to his son-in-law's financial advisory firm. Despite the risks, Bill was determined to keep Jay Peak and transform it into a year-round destination, creating jobs for American workers. This partnership, while ambitious, raises ethical concerns regarding the handling of foreign investment funds.
Financial deceit, EB-5 investor funds: Ariel manipulated financial records and misappropriated $13.5 million from EB-5 investors for personal use, leaving the resort in a precarious financial situation and causing potential harm to Bill's reputation
Bill and Ariel's partnership in purchasing Jay Peak resort involved the misappropriation of EB-5 investor funds for personal use and financial deceit. Ariel, the main investor, manipulated financial records to make it appear as if he had the necessary funds to purchase the resort, using $13.5 million from the investors. Ariel's actions were illegal, and he mismanaged the funds, leaving the resort in a precarious financial situation. Mike, the CFO, discovered these irregularities and raised concerns with Bill but was dismissed as a "depressive character having a hissy fit." Despite initial successes, such as the construction of a water park, Bill's involvement in the scheme left him vulnerable to legal consequences and potential damage to his reputation. The situation highlights the dangers of financial mismanagement and the potential harm caused by deceitful business practices.
Transparency in Business: Lack of transparency in business dealings can lead to significant concerns about financial stability and damage relationships. It's crucial to maintain open communication and ensure all parties are informed to build trust and avoid potential conflicts.
Trust and transparency are crucial in business relationships. In the case of Douglas Hume and his dealings with Bill and Ariel, the lack of transparency led to significant concerns about the financial stability of their business ventures. Despite raising over $150 million together, Douglas became increasingly uneasy when he received warnings about Jay Peak's finances and noticed extravagant spending by Bill. However, his attempts to address these concerns were met with resistance, leading him to send an email to 100 immigration attorneys and ultimately alert the local EB-5 center. Despite these efforts, Bill continued to enjoy success and influence, as evidenced by a New York Times feature and a large conference at Jay Peak. This story serves as a reminder that the importance of transparency cannot be overstated, especially when it comes to managing other people's money and trust.
Vermont development fraud: Despite close monitoring, massive fraud schemes can go unnoticed in development projects, leaving investors in the dark and vulnerable to financial losses
The seemingly successful development projects led by Bill Stenger and Ariel Quiros in Vermont, including the building of a hotel, conference center, athletic training center, and plans for a ski resort overhaul, hid a massive fraud scheme. Investors, like Tony Sutton, who had put their trust and significant funds into these projects were left in the dark, discovering only years later that their investments had been misused and turned into unsecured IOUs. Despite the state's close monitoring of these projects, the deception went unnoticed until investigations were launched by both the Vermont Department of Financial Regulation and the Securities and Exchange Commission (SEC). The shocking revelation left many feeling betrayed, including Vermont Governor Peter Shumlin, who had previously supported and praised the duo.
Biotech fraud: Two executives, Bill and Ariel, were accused of misappropriating $200 million in a Ponzi scheme, resulting in prison sentences and restitution for the victims. The incident underscores the importance of transparency and accountability in financial dealings.
Bill and Ariel, the masterminds behind a biotech company in Vermont, were accused of misappropriating $200 million from 836 investors in a Ponzi-like scheme. Ariel, who was friends with the CEO, was found to have stolen $50 million for personal use, while Bill, though not directly profiting, was an accomplice by signing off on the transactions and lying to regulators. Despite their actions, Bill argued that he was an unknowing pawn and even tried to blame the government for covering up the scheme. However, his appeal was rejected, and he was sentenced to 18 months in prison and $250,000 in restitution. Ariel, on the other hand, was sentenced to five years and ordered to pay over $81 million in damages. The victims, who had invested in the EB-5 program, faced uncertainty about their financial future and residency status, but a powerful lawyer intervened to ensure they received the proceeds from the sale of Jay Peak, which went for $76 million at auction. The incident serves as a reminder of the importance of transparency and accountability in financial dealings.
EB-5 program scams: The EB-5 program, which enables foreign investors to gain U.S. residency by investing in American businesses, can be exploited for personal gain and Ponzi schemes, resulting in unfinished projects and broken promises, emphasizing the importance of scrutiny and transparency in business dealings.
The EB-5 program, which allows foreign investors to obtain green cards by investing in U.S. businesses and creating jobs, was exploited in a major ski resort development scam in Vermont. The scam involved promises of creating jobs and revitalizing a town, but instead, the investors' money was used for personal gain and a Ponzi scheme. The result was an unfinished construction project, now a famous tourist attraction, and a reminder of unfulfilled promises. The case highlights the potential for abuse in legal immigration programs and the importance of scrutiny and transparency in business dealings. Despite the negative outcomes, the scam did lead to the creation of a water park and more jobs in the area. It serves as a reminder that even in complex systems, individuals can act unethically, and vigilance is necessary to protect against such activities.
Football Podcast Production: A successful football podcast requires a dedicated team of producers and hosts, engaging content, and opportunities for listeners to access bonus content and ad-free listening
"The Offensive Line" is a football podcast hosted by Annie Heikon, where she and her team of producers discuss and analyze NFL and college football matchups, hand out awards, and provide fantasy football picks. The team includes managing producers Desi Blalock and Matt Gantt, development producers Janine Cornillo and Stephanie Gens, associate producers Charlotte Miller and Lexi Peery, producers John Reed, Yasmin Ward, and Kate Young, senior producers Sarah Enney and Janine Bloom, and executive producers Jenny Lauer Beckman, Marshall Louie, and Aaron O'Flarety for Wondery. Each episode, they break down the weekly slate of games into serious categories and discuss top storylines, awarding categories like "He May Have a Point" to the most justifiably bitter wide receiver. They also provide fantasy football picks on Thursdays in an exclusive bonus episode on Wondrey Plus. Listeners can access bonus episodes and ad-free listening by joining Wondrey Plus on the Wondrey app or wherever they get their podcasts.