Jay Peak and Burke Mountain will be sold separately, according to receiver Michael Goldberg.
A federal court in Miami seized control of both resorts in April after the Securities and Exchange Commission filed a complaint accusing owner Ariel Quiros and CEO Bill Stenger of perpetuating massive fraud related to the EB-5 program. Goldberg was appointed to oversee the operations of the resorts by the court.
Under the EB-5 program, foreign nationals can invest $500,000 into a project in an economically depressed area in exchange for a conditional green card. If the investment generates enough jobs, the conditions for the visa can be lifted. The SEC has accused Quiros of misappropriating funds for his personal use and accused both Quiros and Stenger of using money raised for one project for a different project.
Burke Mountain is the higher priority sale, Goldberg said on Tuesday, though both resorts will eventually be sold. The subcontractors who built the resort are owed millions of dollars and, as Quiros' assets have been frozen, may not be paid until the resort has changed hands.
"I am working on other ways to attempt to get the contractors paid," Goldberg wrote in an email to the Burlington Free Press, although he declined to elaborate at this time.
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