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Commissioner Donegan Discusses Q Burke Allegations And Investigation

Courtesy of Vermont Department of Financial Regulation
The "spaghetti map" of how investors' money was allegedly misused.

The bombshell allegations last week surrounding development projects in the Northeast Kingdom point to a $200 hundred million scheme to defraud investors. On the next Vermont Edition, Vermont's top financial regulator Commissioner Susan Donegan explains what happened at Q Burke and Jay Peak ski resorts.

The frauds have been going on since 2008, a federal Securities and Exchange Commission complaint revealed on Thursday. Meanwhile, a state investigation by the Department of Financial Regulation also led to allegations of fraud against Jay Peak CEO Bill Stenger and the resort's owner Ariel Quiros. Instead of a clean line between investor money and project costs, Donegan says the finances were a “spaghetti map” that saw money being transferred inexplicably between more than 100 accounts at 10 financial institutions.    We discuss the investigation and the allegations with Donegan on Vermont Edition.

Also in the program, Anne Galloway, founder of VTDigger. Galloway has reported extensively on the development projects at Q Burke and the EB-5 investor visa program at the heart of the allegations against Stenger and Quiros.

Broadcast live on Tues., April 19, 2016 at noon; rebroadcast at 7 p.m.

Patti is an integral part of VPR's news effort and part of the team that created Vermont Edition. As executive producer, Patti supervises the team that puts Vermont Edition on the air every day, working with producers to select and research show ideas, select guests and develop the sound and tone of the program.
Jane Lindholm is the host, executive producer and creator of But Why: A Podcast For Curious Kids. In addition to her work on our international kids show, she produces special projects for Vermont Public. Until March 2021, she was host and editor of the award-winning Vermont Public program Vermont Edition.
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