Attorneys for Ariel Quiros are pushing to have a class-action lawsuit against their client tossed out, in part, because they say claims of investor fraud in development projects in northern Vermont are not clearly spelled out against him.
“They vaguely say, for instance, that ‘Quiros and (William) Stenger produced and adopted standardized offering materials.’” Scott Cosgrove, a Florida attorney for Quiros, wrote in a recent filing in the case brought by investors, led by plaintiff Alexander Daccache.
“Absent from the (complaint) is any allegation of what Mr. Quiros did and when to ‘produce’ and ‘adopt’ such offering materials,” Cosgrove added. “It is notable that the (U.S. Securities and Exchange Commission) has not made any such allegation against Mr. Quiros and that there does not actually appear to be any factual basis for one.”
In the filing, Cosgrove asks to have the case, which he said is “attorney-driven,” dismissed.
Quiros, a Miami businessman, is owner of Q Resorts, a holding company that includes Jay Peak. Stenger, of Newport, is Jay Peak’s former CEO and president. A court-appointed receiver is currently overseeing the properties at the center of the fraud allegations.
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