Businessmen behind Jay Peak and Q Burke ski resorts have been charged with fraud for alleged misuse of more than $200 million in investor money raised through the federal EB-5 program.
According to announcements from the Securities and Exchange Commission and the Vermont’s governor’s office, businessmen Ariel Quiros, of Miami, and William Stenger, of Newport, Vermont, raised more than $350 million through the federal EB-5 Immigrant Investor Program, but diverted $200 million of that money for unapproved purposes, including $50 million spent on Quiros’ personal expenses.
The money came from about 700 overseas investors through a program administered by U.S. Citizenship and Immigration Services, which allows foreign nationals to obtain green cards in exchange for investing at least $1 million in new developments, or at least $500,000 for developments in rural or high-unemployment areas.
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