A federal judge will let Jay Peak owner Ariel Quiros sell his New York City luxury condo, but he won’t let him keep the proceeds, at least not right now.
Instead, the funds will go into a trust account held by a court-appointed receiver who is overseeing the frozen assets associated with a massive investor fraud case against Quiros and his one-time business partner, Bill Stenger, former Jay Peak CEO and president.
Quiros has already taken out a $1.5 million mortgage on the condo, which the judge in May allowed for living expenses and attorneys fees. All of the Miami businessman’s assets related to the case were frozen when the Secrurities and Exchange Commission brought charges alleging that he and Stenger defrauded more than 700 investors. Quiors is challenging the state and federal allegations in court.
The repayment on the mortgage for the condo at The Setia on New York City’s Fifth Avenue is due in August, Michael Goldberg, the court-appointed receiver, wrote in a recent filing.
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