Stenger, Quiros, meet The Backstreet Boys – sort of

 

Yesterday, Miami lawyer Michael Goldberg was appointed by the SEC as the receiver to oversee and administer the assets of Q-Resorts’ EB-5 projects, now under a cloud of federal and state fraud charges.

The choices and arrangements made by Attorney Goldberg on behalf of the SEC as receiver will have big impacts on Vermont’s NEK. And after a ton of  litigation wallows its way through the courts, and depending on the outcome of those legal proceedings, the receiver is tasked to recover and protect funds and other assets the defendants have obtained in connection with the fraud and to distribute those assets to injured investors if a determination of liability is made.

And Michael Goldberg, Q-Resort’s SEC appointed receiver, has managed some of the largest Ponzi scheme liquidation recoveries in U.S. history, according to his bio.

A notable one he manged was as Trustee of the Louis J. Pearlman and Transcontinental Records estates  also known as Lou Pearlman’s twenty-year Ponzi scheme.

BSBoysPearlman, aka the “Svengali behind the ’90s boy-band craze,” created and managed the Backstreet Boys, and NSYNC. Pearlman was convicted of defrauding investors to the tune of $300 million by creating an airline and airline service company which did not exist. He tried to flee, but was caught on the run in Indonesia and brought to court.

Now, thanks to a simple twist of fate, the SEC (and indirectly to Carlo “Charles” Ponzi), Bill Stenger and Ariel Quiros share more with NSYNC’s Justin Timberlake than ever dreamed possible.

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