The former Q Burke partner and Jay Peak CEO was previously relieved of duties by the SEC.
Tuesday, April 18, 2017, NewEnglandSkiIndustry.com
Despite being relieved of duties in 2016 by the Securities and Exchange Commission for his role in the alleged Jay Peak EB-5 Ponzi scheme, Bill Stenger is now deeply involved in the $762,503 Burke T-Bar project.
Writing on behalf of Burke Mountain Academy and Burke Mountain Resort, Stenger submitted the Vermont Act 250 filing for the project last week, nearly one year after the SEC raided Jay Peak and Burke.
Though a September 2, 2016 statement from the Federally appointed receiver stated Stenger was no longer working at Jay Peak, Stenger has reportedly continued as a consultant to the receiver and has been seen at both Jay Peak and Burke.
Criminal charges have not been filed against Stenger or business partner Ariel Quiros for their roles in the alleged $350 million Ponzi scheme.
In his September 1, 2016 no contest settlement with the SEC, Stenger was reportedly barred from admitting or denying allegations that he violated securities laws. In addition, Stenger was reportedly barred from further participation in the EB-5 program.
In last week's EB-5 related settlement with Raymond James, the Federal receiver allocated $3 million in proceeds to Burke Mountain Academy. $240,000 in Federal funds was awarded to the T-bar project via the Northern Border Regional Commission.
The Poma was installed for the 1955-56 season, instantly establishing Burke as a major ski area. The high speed surface lift has undergone significant modifications over the years and generally serves racers on Warren's Way. Burke Mountain Academy claims the new T-Bar will triple the uphill capacity offered by the Poma.
While the Poma lift line featured a left turn, the proposed T-Bar would follow a straight line. The lift is expected to be installed for the 2017-18 season by Leitner-Poma.