Jay Peak's Former Owner Won't Contest Fraud Charges

Jay Peak's Former Owner Won't Contest Fraud Charges

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Jay Peak's Former Owner Won't Contest Fraud Charges

Ariel Quiros, the former owner of Jay Peak, was accused last year of a massive fraud scam involving international investors. According to the SEC and the state of Vermont, Quiros and then-president of Jay Peak, William Stenger, had misused more than $200 million in funds they raised from foreign investors through the EB-5 visa program for developments at or near the ski resort.

A lawyer for Ariel Quiros said Tuesday that Quiros is not admitting or denying anything and now will only litigate damages.

‘‘As far as Mr. Quiros is concerned he’s interested in resolving everything,’’ attorney Melissa Visconti said.

Hopefully this will mean that the good people still working at Jay Peak can put this matter behind them in a speedy fashion and get back to skiing the deepest snow in the East.

[Source: bostonglobe.com]

 

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