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April 17, 2017

$150M settlement for ski resort's EB-5 fraud

  • The Vermont ski resort's owner, Ariel Quiros of Miami, and former president Bill Stenger were accused of misusing $200 million from foreign investors.
    Associated Press

    MONTPELIER, Vt. — A year after the owner and president of a Vermont ski resort were accused by the state and the U.S. Securities and Exchange Commission of massive fraud, a $150 million settlement has been reached with a financial institution, Republican Gov. Phil Scott announced last week.

    The federal receiver overseeing Jay Peak ski resort said he signed a settlement agreement with Raymond James Financial Inc. that will be filed in court this week. A federal judge still must approve the settlement.

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