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SUPPLEMENTAL EVIDENCE Supplement to Appeal of Termination AAO1890000630 / RCW1031910148 / RCID1031910148 Vermont Agency of Commerce and Community Development Regional Center
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: [email protected]
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
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Exhibit 2
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Exhibit 3
Case 1:18-cv-23636-FAM Document 5 Entered on FLSD Docket 09/14/2018 Page 1 of 6
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