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April 26, 2016

Fraud probe could close ski resorts

  • The probe fcuses on more than $200 million raised from foreign investors for development at two resorts in Vermont.
    • By LISA RATHKE
    Associated Press

    MONTPELIER, Vt. — A federal receiver appointed to oversee two Vermont ski resorts amid allegations of massive fraud says Jay Peak could close and Q Burke Mountain may not open without additional money.

    Jay Peak owner Ariel Quiros of Miami and president Bill Stenger of Newport, Vermont, are accused in state and federal complaints of misusing in “Ponzi-like fashion” more than $200 million of about $400 million raised from foreign investors for development plans at Jay and in other parts of northern Vermont.


     
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