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Reality knocks: Vermont s biggest economic development story becomes its biggest fraud

Reality knocks: Vermont’s biggest economic development story becomes its biggest fraud April McCullum and Dan D Ambrosio, Burlington Free Press © RYAN MERCER/FREE PRESS FILE The hole in downtown Newport was a demolished city block that was to become a retail, office and residential space, and possibly a boutique hotel, under Bill Stenger and Ariel Quiros grand design. It was never approved as an EB-5 project that could accept foreign investment. After allegations of financial fraud pulled both Jay Peak Resort and Burke Mountain into federal receivership, the plan flew apart. As ski season was drawing to a close at Jay Peak, J.J. Toland heard a knock at his door and looked up to see a security officer, who told him to step away from his computer.

United statesNew yorkBurke mountainWhite plainsLake memphremagogJay peakEric flachbartNeil taylorRaymond jamesKen straussFred burgessAriel quirosSeth levineBill kellyAriel quiroJohn kessler

Assurances aren t enough: Pressure mounts on ski resort owners in Vermont s largest fraud

Assurances aren’t enough: Pressure mounts on ski resort owners in Vermont’s largest fraud April McCullum and Dan D Ambrosio, Burlington Free Press © EMILY McMANAMY/FREE PRESS FILE The Pump House Indoor Water Park at Jay Peak Resort is a humid oasis away from the cold ski conditions on Jay s mountains on Wednesday Feb. 8, 2012. Jay opened the water park to provide year-round resort options for both skiers and non-skiers. This is the second of a three-part investigation. Read the first story here: To those who were watching carefully in 2012, the cracks in Ariel Quiros’ scheme were beginning to show. The first public sign of trouble at Jay Peak ski resort came from Douglas Hulme, a British broker who had been given exclusive marketing rights for the resort’s first EB-5 projects.

United statesNew yorkBurke mountainUnited kingdomTrump placeJay peakWhite plainsSouth korea generalSouth koreaNeil taylorKen straussRaymond jamesFred burgessAriel quirosBill kellyAriel quiro

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