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April 14, 2016

Posted  May 2, 2016

The SEC announced fraud charges and an asset freeze against Vermont-based ski resort Jay Peak, Inc. and related businesses for allegedly misusing millions of dollars raised through investments solicited under the EB-5 immigrant investor program.  The SEC alleges that Ariel Quiros of Miami, William Stenger of Newport, Vermont, and their companies, made false statements and omitted key information while raising more than $350 million from investors to construct ski resort facilities and a biomedical research facility in Vermont.  Investors were told their money would be used to finance a specific project connected to Jay Peak.  Instead, in Ponzi-like fashion, money from investors in later projects was misappropriated to fund deficits in earlier projects.  More than $200 million was allegedly used for other-than-stated purposes, including $50 million spent on Quiros’ personal expenses and in other undisclosed ways.  SEC

Tagged in: Ponzi Schemes,