MONTPELIER, Vt. – A foreign investor has filed a class action lawsuit against two developers accused of misusing $200 million in investors' funds for developments in northern Vermont.
Alexandre Daccache is suing developers Ariel Quiros and William Stenger, the financial firm Raymond James, and Joel Burstein, Quiros' then-son-in-law who worked at Raymond James. The lawsuit filed Tuesday in Miami says Daccache's seeking to recover funds he says were misused, commingled and stolen.
Quiros, of Miami, and Stenger, of Newport, Vermont, are accused by the Securities and Exchange Commission and state of Vermont of misusing more than $200 million of nearly $400 million raised for the Jay Peak ski resort and other Vermont developments through a visa program that offered foreign investors a chance at U.S. residency.
Their lawyers didn't immediately return phone calls seeking comment.