One of two partners in an alleged massive fraud involving development projects in Vermont says he's reached a settlement with the federal Securities and Exchange Commission.

Bill Stenger, president of Jay Peak, made the announcement in a statement Thursday. Stenger said he could not comment on details, or on any developments relating to his partner, Ariel Quiros.

The men were accused by the SEC and the state of misusing about $200 million from foreign investors through a visa program for various developments. Both men have said they will be cleared of wrongdoing.

Stenger's statement says the settlement sets up a framework to resolve the SEC's amended complaint. He says that in it, he neither admits nor denies the SEC's allegations.