BURLINGTON, Vt. – The owner of Vermont's Jay Peak ski resort has reached a tentative settlement with the U.S. Securities and Exchange Commission in a fraud case.
The Burlington Free Press reports the tentative settlement between Florida businessman Ariel Quiros and the SEC is mentioned in federal court documents filed in Miami. The documents do not provide details of the settlement, which must be approved by the commissioners of the SEC.
Quiros and business partner Bill Stenger were accused of misusing more than $200 million raised from foreign investors to build projects at Jay Peak, at Burke Mountain and in Newport. Stenger settled his case with the SEC last year.
Quiros is believed to have pocketed more than $50 million.
Vermont's financial regulation commissioner says he can't comment on the details of the proposed agreement.
Information from: The Burlington Free Press, http://www.burlingtonfreepress.com