Ariel Quiros, the embattled mastermind of the Northeast Kingdom Economic Development Initiative, still hopes to have the securities fraud case against him dismissed in U.S. District Court in Miami, Florida.
The Securities Exchange Commission (SEC) on Tuesday filed its response to Quiros’ Motion to Dismiss, calling his quest to have the case dropped “meritless.”
In a 40-page response filed in Miami, the SEC’s legal team calls Quiros’s motion “nothing more than a mix of incorrect legal assertions.”
Quiros, who was involved in seven partnerships across northern Vermont at Burke Mountain, Jay Peak and beyond – sought dismissal of the case from several points – including statute of limitations and alleging issues of fact.
The court granted Quiros until Sept. 2 to respond to the SEC’s arguments against his dismissal effort.
The SEC asserts right off that its case against Quiros – and his partner in the EB-5 empire, Bill Stenger – is solid and has “easily satisfied the minimal requirements for pleading injunctive relief and disgorgement of ill-gotten gains.”
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