A private venture that was supposed to spark an economic renaissance in northern Vermont has turned into what state and federal authorities are calling a “Ponzi-like” fraud on foreign investors, who have allegedly been duped out of tens of millions of dollars by the owner of Jay Peak.
An 81-page complaint unsealed by the Securities and Exchange Commission on Thursday outlines a scheme in which Ariel Quiros, a Miami businessman, and owner of Jay Peak, “systematically looted” more than $50 million from foreign investors through the federal EB-5 program. Authorities say Jay Peak CEO Bill Stenger facilitated the fraud by funneling investor money to private accounts controlled by Quiros.
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