Bill Stenger Under Fire for Role in Burke T-Bar Project
The former Q Burke partner and Jay Peak CEO was previously relieved of duties by the SEC.
Tuesday, May 2, 2017, NewEnglandSkiIndustry.com
Former Q Burke partner and Jay Peak CEO Bill Stenger is under fire, after it was revealed he had "no authority" to sign Vermont Act 250 documents for the upcoming $762,503 Burke T-Bar project.
As first reported on NewEnglandSkiIndustry.com News on April 18, Stenger composed and signed filings on behalf of Burke Mountain Academy and Burke Mountain Resort nearly one year after the SEC raided Jay Peak and Burke. Stenger was previously relieved of his duties in 2016 by the Securities and Exchange Commission for his role in the alleged Jay Peak EB-5 Ponzi scheme.
According to a VTDigger report released yesterday, government appointed receiver Michael Goldberg stated Stenger "has no authority," and that "I can tell you straight out Bill Stenger shouldnâ€™t be signing any official documents."
Nevertheless, Goldberg defended Stenger's involvement in the project, stating "I am making the decision that it is in the best interests of this receiver estate that he assist in connection with overseeing the lift."
According to VTDigger, Goldberg is looking into amending the applications with his authorized signature.
Though a September 2, 2016 statement from the Federally appointed receiver stated Stenger was no longer working at Jay Peak, Stenger has continued as a consultant to the receiver and has been seen at both Jay Peak and Burke. According to VTDigger, Stenger is paid $50 per hour and drives a company issued Volvo.
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.
$3 million in EB-5 related funds from Raymond James have been allocated to Burke Mountain Academy, which is funding the T-Bar project. $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.