UPDATED: Ecojets CEO Edgar Costa denies fraud accusations in hotel bankruptcy

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The jet card program had launched a “cash back” jet card in 2017

(Updated Aug. 17, 2018 – 5:55 pm – After we published this story, Edgar Costa reached out and told Private Jet Card Comparisons, “The bankruptcy is a fraudulent attempt by Don and Kerry Wellington to try to buy back the hotel for a fraction of the value. Regarding the hotel, at the time of my acquisition, I requested a forensic audit of the project. The only time I have managed the hotel was March to June 2018. Kerry Wellington, Don Wellington, Howard Dean and John Krupa have received from banks and project investors $45 million and the hotel budget was $20 million. The question is really about their misappropriation of funds and bad management.” Costa also forwarded us a report published yesterday of a lawsuit filed against the Wellingtons and a third party on Aug. 8 for “failing or refusing” to honor their obligations under a loan agreement for a separate project. The article noted no criminal charges have been brought against Costa in the TIME Nyack bankruptcy.)

Edgar Costa, the CEO of jet card charter broker Ecojets is “fighting back” after being accused of fraud in a hotel bankruptcy, according to three newspaper reports. The story has apparently been unfolding since July 16th when the TIME Nyack Hotel filed for Chapter 11 protection. In the news report from a local newspaper in the Lower Hudson Valley, it said, “Investors said the first move was to regain control by filing for Chapter 11 to get rid of manager Edgar Costa, whom they described as a conman who allegedly stole at least $1 million from the business.” 

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