When the news broke that Jay Peak was a part of a vast, “ponzi-like“ scheme coordinated by Ariel Quiros and William Stenger, most people fretted over whether or not their season passes would still be valid.
Little attention was paid to the unpaid contractors and their families whose livelihoods were at stake. This week those folk can rest easy following the decision by financial services firm, Raymond James to settle for $150 million dollars. The settlement was announced yesterday afternoon and is the result of a complaint filed by the court appointed receiver, Michael Goldberg. Goldberg claims the financial services company benefited from fraudulent funds moving throughout various Raymond James accounts.
According to The Burlington Free Press, a federal court still needs to approve the settlement but once that happens, contractors, trade creditors, and foreign investors should receive full reimbursement. Part of the settlement also includes $19 million going towards the construction efforts at Jay Peak’s Stateside Hotel and Baselodge.
Find the entire Burlington Free Press article here: $150M settlement reached in ski resort fraud case