A federal judge has ruled that up to $1.5 million of a settlement reached with a financial firm in a fraud investigation of two Vermont ski resorts will be loaned to a federal receivership so the properties can meet payroll.
Under the order signed Monday, federal receiver Michael Goldberg must repay the borrowed money on or before April 1, 2017. Goldberg controls assets at Burke Mountain and Jay Peak.
The Caledonian Record reports that state financial regulators reached a settlement with Raymond James and Associates after finding the firm failed to comply numerous times with supervisory requirements and Vermont law.
Ariel Quiros, owner of Burke Mountain and Jay Peak ski resorts, and Bill Stenger, Jay Peak's president, are accused of misusing about $200 million from foreign investors through the EB-5 visa program.