The CEO and president of Jay Peak Resort is expected to reach a settlement with the Securities and Exchange Commission in the next few weeks, according to court filings.
If Bill Stenger strikes a deal with federal regulators, the focus of the legal action in state and federal courts will shift away from his role in the EB-5 immigrant investor scandal and toward the alleged fraudulent activities of his partner, Miami businessman Ariel Quiros.
Much of what has been brought to light in the public record at the U.S. District Court in Miami has focused on accusations by the SEC against Quiros. That’s because the Miami businessman is fighting the SEC’s allegations.
Stenger, on the other hand, has been cooperating with the SEC, and his involvement in the alleged fraud has not been fully divulged.
He has largely avoided the spotlight in federal district court as SEC litigators brought their case — in filings and at hearings — about the alleged misuse of EB-5 money in six development projects at Jay Peak Resort and a proposed biomedical center in Newport, Vt.
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