Accused Ponzi-scheme mastermind Ariel Quiros, owner of Jay Peak and Burke Mountain Resorts, filed a motion in U.S. District Court in Miami, Florida, seeking to have the federal Securities Exchange Commission’s (SEC) amended complaint dismissed.
In a 24-page document filed in recent days, attorneys for Quiros argue the SEC complaint filed in April should be dismissed “…because many of the claims are time-barred and, in any event, none of the claims are pled with sufficient particularity or plausibility.”
His lawyers seek several other reprieves, including that it be “substantially revised” in keeping with a recent SEC case before the 11th Circuit “…which provides that the SEC cannot bring claims for disgorgement, restitution, penalties, or any other monetary relief regarding offerings that occurred more than five years prior to filing of the initial complaint in this action.”
Quiros is accused, with his partner, Bill Stenger, of misappropriating more than $200 million in immigrant investor funds in the Northeast Kingdom Economic Development Initiative the pair proposed. Their plans promised thousands of jobs through various developments.
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