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A ski resort, a dream and greed: How a $350M fraud happened in Vermont's poorest region

A ski resort, a dream and greed: How a $350M fraud happened in Vermont’s poorest region
Dan D Ambrosio and April McCullum, Burlington Free Press
© COURTESY
Jay Peak Resort seen on Thursday, January 17, 2020. The resort got about 8 inches of snow between Wednesday and Thursday with more expected over the MLK Day holiday weekend.
No one would have recognized the man with icy eyes and a military bearing who drove through rural Vermont in 2007 with his lawyer in tow.
In anonymity, Ariel Quiros brought his real estate attorney, Fred Burgess, on a tour of the mountainous area near the Canadian border that’s known as the Northeast Kingdom. Laced with lakes and expansive forests, the Kingdom, as locals call it, is a silent fortress of natural beauty, hardscrabble dairy farms and people eager for a return to prosperity. ....

United States , New York , Orleans County , Burke Mountain , Newport State Airport , Republic Of , South Africa , Jay Peak , White Plains , South Korea , Neil Taylor , Ken Strauss , Raymond James , Fred Burgess , Ariel Quiros , Bill Kelly , John Kessler , Jeffrey Schneider , Patrick Leahy , Michael Pieciak , Bernie Madoff , Eric Flachbert , Frank Esposito , Peter Shumlin , Joel Burstein , Ariel Qurios ,

Vermont fraud ends as SEC raids Jay Peak resort, owners indicted

April McCullum and Dan D Ambrosio, Burlington Free Press
Published
6:59 pm UTC Dec. 22, 2020
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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.
RYAN MERCER/FREE PRESS
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 States , New York , Burke Mountain , White Plains , Lake Memphremagog , Jay Peak , Eric Flachbart , Neil Taylor , Raymond James , Ken Strauss , Fred Burgess , Ariel Quiros , Bill Kelly , John Kessler , Alex Choi , Jeffrey Schneider , Michael Pieciak , Michael Goldberg , Eric Flachbert , Peter Shumlin , Frank Esposito , Joel Burstein , Ariel Qurios , Burlington Free , Vermont Department Of Financial Regulation , Q Burke ,

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 States , New York , Burke Mountain , White Plains , Lake Memphremagog , Jay Peak , Eric Flachbart , Neil Taylor , Raymond James , Ken Strauss , Fred Burgess , Ariel Quiros , Seth Levine , Bill Kelly , Ariel Quiro , John Kessler , Alex Choi , Jeffrey Schneider , Michael Pieciak , Eric Flachbert , Peter Shumlin , Frank Esposito , Joel Burstein , Ariel Qurios , Burlington Free , Vermont Department Of Financial Regulation ,

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 States , New York , Burke Mountain , United Kingdom , Trump Place , Jay Peak , White Plains , South Korea General , South Korea , Neil Taylor , Ken Strauss , Raymond James , Fred Burgess , Ariel Quiros , Bill Kelly , Ariel Quiro , John Kessler , Jeffrey Schneider , Alex Choi , Patrick Leahy , Michael Pieciak , Douglas Hulme , Eric Flachbert , Peter Shumlin , Frank Esposito , Joel Burstein ,

A ski resort, a dream and greed: How a $350M fraud happened in Vermont's poorest region

A ski resort, a dream and greed: How a $350M fraud happened in Vermont’s poorest region
Dan D Ambrosio and April McCullum, Burlington Free Press
© COURTESY
Jay Peak Resort seen on Thursday, January 17, 2020. The resort got about 8 inches of snow between Wednesday and Thursday with more expected over the MLK Day holiday weekend.
No one would have recognized the man with icy eyes and a military bearing who drove through rural Vermont in 2007 with his lawyer in tow.
In anonymity, Ariel Quiros brought his real estate attorney, Fred Burgess, on a tour of the mountainous area near the Canadian border that’s known as the Northeast Kingdom. Laced with lakes and expansive forests, the Kingdom, as locals call it, is a silent fortress of natural beauty, hardscrabble dairy farms and people eager for a return to prosperity. ....

United States , New York , Orleans County , Burke Mountain , Newport State Airport , Republic Of , South Africa , Jay Peak , White Plains , South Korea , Neil Taylor , Ken Strauss , Raymond James , Fred Burgess , Ariel Quiros , Bill Kelly , John Kessler , Jeffrey Schneider , Patrick Leahy , Michael Pieciak , Bernie Madoff , Eric Flachbert , Frank Esposito , Peter Shumlin , Joel Burstein , Ariel Qurios ,