The federal Securities Exchange Commission on Tuesday filed an amended complaint in the securities fraud case it filed in mid-April against Ariel Quiros and Bill Stenger.
According to Michael Goldberg, the federal receiver appointed by a U.S. District Court in Miami, Florida, last month to take control of Burke Mountain Resort and Jay Peak Resort, the amended federal complaint “contains more specifics on the money diverted.”
Quiros and Stenger were accused last month of a “massive,” “Ponzi-like scheme” to defraud international investors in the EB-5 program of millions of dollars. They are alleged to have misappropriated more than $200 million in investor funds. Quiros is also charged with bilking an additional $50 million in investor funds.
The Vermont Attorney General has also filed suit against Quiros and Stenger.
The charges at the federal and state level at this point are civil, though federal and state officials said criminal charges could come later.
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