Court unfreezes portion of Quiros' assets

Court unfreezes portion of Quiros' assets

EB-5 Visa, EB5 Visa, EB-5 Investment

A federal court in Miami has unfrozen three accounts belonging to Ariel Quiros, the Jay Peak developer accused of massive fraud by the Securities and Exchange Commission.

Quiros asked the court to unfreeze his assets last week, writing in a statement that he was unable to pay his legal fees or take care of his basic living expenses.

The court granted Quiros access to three Merrill Lynch accounts containing $41,308.69. Quiros asked the court to unfreeze all but $50 million of his assets. He estimated his net worth to be about $200 million.

SEC investigators said Quiros diverted $50 million of EB-5 funds for his own personal use. Quiros said in his argument to the court that he has fully cooperated with the SEC investigation and has not done anything wrong.



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