SUPPLEMENTAL EVIDENCE Supplement to Appeal of Termination ... · letter dated July 3, 2018. The...

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SUPPLEMENTAL EVIDENCE

Supplement to Appeal of Termination

AAO1890000630 / RCW1031910148 / RCID1031910148

Vermont Agency of Commerce and Community

Development Regional Center

633 CHESTNUT STREET

SUITE 1900

CHATTANOOGA, TENNESSEE 37450

PHONE: 423.756.2010

FAX: 423.756.3447

www.bakerdonelson.com

ALABAMA FLORIDA GEORGIA LOUISIANA MARYLAND MISSISSIPPI SOUTH CAROLINA TENNESSEE TEXAS VIRGINIA WASHINGTON,

ROBERT C. DIVINE, SHAREHOLDER Direct Dial: 423.752.4416 Direct Fax: 423.752.9533 E-Mail Address: rdivine@bakerdonelson.com

September 18, 2018

USCIS Administrative Appeals Office U.S. Citizenship and Immigration Services 20 Massachusetts Ave., N.W., MS 2090 Washington, DC 20529-2090 Re: SUPPLEMENTAL EVIDENCE Supplement to Appeal of Termination AAO1890000630 / RCW1031910148 / RCID1031910148 Vermont Agency of Commerce and Community Development Regional Center

Dear Officers:

Please accept the following supplement to the appeal of the above-referenced termination of Vermont Agency of Commerce and Community Development Regional Center (“VRC”) by letter dated July 3, 2018. The complaint (Exhibit 1) filed by the SEC against Joel N. Burstein, a Raymond James broker who managed the Jay Peak accounts, provides further evidence that although VRC continually met its oversight requirements, the Jay Peak developers, with the help of Mr. Burstein, actively concealed the fraud, making it difficult to detect from the outside. According to the complaint, Mr. Burstein helped mask the misappropriation of investor funds by obtaining margin loans and purchasing U.S. Treasury Bills on margin to hide shortfalls in accounts, by transferring funds in roundabout ways through several accounts, and by using other similar tactics. As detailed in the SEC press release and final judgment (Exhibits 2 and 3, respectively), Mr. Burstein settled the claims without admitting or denying the allegations. He is permanently enjoined from future violations of the antifraud provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5. In addition, he is required to pay the SEC a civil penalty of $80,000 and is barred from associating with any broker, dealer, investment adviser, municipal securities dealer, transfer agent, or nationally recognized statistical rating organization, and from participating in an offering of penny stock, with the right to apply for reentry after 10 years. The complaint, press release, and final judgment included in this supplement were not available at the time the brief and supporting evidence were filed on September 4, 2018 and

Supplemental to Appeal of Termination Vermont Agency of Commerce and Community Development Regional Center Page 2 of 2 provide compelling evidence supporting this appeal. Thus, we respectfully ask that they be added to the record. We reiterate our request that USCIS reverse the termination and allow VRC to continue in existence until all pending projects are concluded.

Respectfully,

Robert C. Divine

Exhibit 1

Case 1:18-cv-23636-FAM Document 1 Entered on FLSD Docket 09/06/2018 Page 1 of 16

Exhibit 2

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Exhibit 3

SUPPLEMENTAL EVIDENCE Supplement to Appeal of Termination ... · letter dated July 3, 2018. The...

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