Bill Stenger, CEO of Jay Peak Resort, announced late Thursday that he reached a settlement with the U.S. Securities and Exchange Commission over the EB-5 foreign investment fraud and Ponzi scheme case against him and his partner, Ariel Quiros.
The negotiations between the SEC and Stenger have been ongoing. Stenger is being paid to help a court-appointed receiver operate Jay Peak Resort, where Stenger was the lead marketer for more than $200 million in expansion projects there and at Burke Mountain.
In a letter, Stenger said he has not admitted or denied any of the accusations against him that were filed in April and afterward in U.S. District Court in south Florida.
“I have entered into a settlement with the SEC that sets up a framework to fully resolve the case the SEC filed against me,” Stenger wrote.
“I also have been fully cooperating with the receiver since his appointment.
“Pursuant to the settlement with the SEC, I have not admitted nor have I denied the allegations of the amended complaint.
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