Former Jay Peak owner and alleged ponzi scheme mastermind, Ariel Quiros reached an $84 million settlement with the Securities and Exchange Commission on February 2nd and should avoid time behind bars reports The National Law Review.
Back in 2016, news broke that the SEC was levying charges against Quiros and his partner William Stenger for misusing EB-5 investor funds. Part of those investments paid for swanky Manhattan apartments and the acquisition of another unrelated resort. The SEC charges claimed that Quiros was using the funds in a “ponzi-like fashion.”
#Quiros to Pay $84 Million for #EB5 Investment Fraud https://t.co/F2Lry6smqg
— National Law Review (@natlawreview) February 6, 2018
All in all, the total amount of misused investor dollars totaled roughly $150 million. Quiros used Raymond James Financial to funnel the fraudulent cash and the investment firm has since settled out of court for $150 million, all of which went to unpaid contractors and other costs related to Jay Peak’s EB-5 program.
Find the entire National Law Review post here:Â Quiros to Pay $84 Million for EB-5 Investment Fraud