A Vermont ski resort whose owner and president were accused by the Securities and Exchange Commission of massive fraud is set to open for the season on Saturday with what a federal receiver overseeing it says is a $6.5 million shortfall.

The receiver said in a court filing last week the Jay Peak resort is expected to have lost that amount in the offseason. He says the resort typically loses money during the offseason but a prudent operator would've built up cash during the winter season to get through it. He says that didn't happen because owner Ariel Quiros (KWEHR'-ohs) "wrongfully diverted millions of dollars."

Quiros' lawyer hasn't returned a phone message left Tuesday seeking comment.

Former Jay Peak president Bill Stenger has settled his case with the SEC.