SEC Says Bid To Toss $350M EB-5 Suit Built On Errors

Law360, New York (August 3, 2016, 6:17 PM EDT) -- The U.S. Securities and Exchange Commission Tuesday called a motion by Jay Peak ski resort owner Ariel Quiros for dismissal of claims he engaged in a $350 million fraud scheme targeting participants in the EB-5 immigrant investor program a collection of incorrect legal assertions.

The SEC argued Quiros' claims that the fraud allegations are time-barred and not specific enough "demonstrate a vast misunderstanding or erroneous assertions of what the law requires."

"Defendant Ariel Quiros' Motion to Dismiss is meritless — nothing more than a mix of incorrect legal assertions about the pleading standards Plaintiff Securities and Exchange Commission must satisfy and...

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