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Vermont will pay $16 5M to settle lawsuits by foreign investors in fraudulent ski developments

Vermont will pay $16 5M to settle lawsuits by foreign investors in fraudulent ski developments
netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.

Jay peakUnited statesState of vermontWilliam stengerWilliam kellyAriel quirosExchange commissionCharity clarkAssociated pressGeneral charity clarkBill stengerJay peak receivership

Vermont will pay $16 5M to settle lawsuits by foreign investors in fraudulent ski developments

The state of Vermont has agreed to pay $16.5 million to settle all pending and potential lawsuits against it from foreign investors in development projects at the Jay Peak resort.

United statesJay peakState of vermontWilliam kellyWilliam stengerAriel quirosCharity clarkExchange commissionGeneral charity clarkBill stengerJay peak receivership

Vermont will pay $16 5M to settle lawsuits by foreign investors in fraudulent ski developments

The state of Vermont has agreed to pay $16.5 million to settle all pending and potential lawsuits from foreign investors in development projects at the Jay Peak resort, the ski area that was shaken by a massive fraud case involving its former owner and president, officials said Wednesday. In 2016, the federal Securities and Exchange Commission and the state alleged that former Jay Peak owner Ariel Quiros and former president William Stenger took part in a “massive eight-year fraudulent scheme.” The civil allegations involved misusing more than $200 million of about $400 million raised for various ski area developments from foreign investors through a visa program.

United statesJay peakState of vermontAriel quirosWilliam stengerWilliam kellyExchange commissionCharity clarkGeneral charity clarkBill stengerJay peak receivership

Vermont will pay $16 5M to settle lawsuits by foreign investors in fraudulent ski developments

Vermont will pay $16 5M to settle lawsuits by foreign investors in fraudulent ski developments
apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.

State of vermontUnited statesJay peakWilliam kellyAriel quirosWilliam stengerExchange commissionCharity clarkGeneral charity clarkBill stengerJay peak receivership

Vermont will pay $16 5M to settle lawsuits by foreign investors in fraudulent ski developments

The state of Vermont has agreed to pay $16.5 million to settle all pending and potential lawsuits from foreign investors in development projects at the Jay Peak resort, the ski area that was shaken by a massive fraud case involving its former owner and president, officials said Wednesday. In 2016, the federal Securities and Exchange Commission and the state alleged that former Jay Peak owner Ariel Quiros and former president William Stenger took part in a “massive eight-year fraudulent scheme.” The civil allegations involved misusing more than $200 million of about $400 million raised for various ski area developments from foreign investors through a visa program.

Jay peakUnited statesState of vermontAriel quirosWilliam stengerWilliam kellyExchange commissionCharity clarkGeneral charity clarkBill stengerJay peak receivership