MONTPELIER, Vt. – A year after the owner and president of a Vermont ski resort were accused by the U.S. Securities and Exchange Commission of massive fraud, a $150 million settlement has been reached.
The federal receiver overseeing Jay Peak ski resort announced Thursday that he had signed a settlement agreement with Raymond James Financial Inc. The settlement money will be used to pay contractors, vendors and investors.
The resort's owner, Ariel Quiros (KWEHR'-ohs), of Miami, and former president Bill Stenger were accused of misusing $200 million raised from foreign investors through a special visa program.
Stenger has settled civil charges with the Securities and Exchange Commission. Quiros' lawyers have said he will be cleared of wrongdoing.
This story has been corrected to show the financial organization's name is U.S. Securities and Exchange Commission.