Jay Peak on a clear day.
Michael Goldberg, the federal receiver managing Jay Peak following 2016’s EB-5 scandal, has announced that an investment bank will assist with the resort’s sale. According to the The Burlington Free Press, once that step has been taken, the resort will be on the market “within a few weeks." While the sale of ski resorts has been common in the past few years, the story behind Jay Peak’s sale is far from the norm.
In 2016, the SEC accused owner Ariel Quiros and CEO Bill Stenger of fraud related to the EB-5 Immigrant Investor Program, a program which grants green cards to foreigners investing at least $1,000,000 in a U.S. business employing at least 10 American workers. The owner and CEO were accused of misusing over $200 million raised for ski resort development and the construction of a biomedical research facility, instead using the money to fund earlier deficits and pay personal expenses. Quiros and Stenger resigned their positions, and subsequently settled the case without denying the charges, paying fines of $82.3 million and $75,000 respectively, according to the Burlington Free Press. After Quiros and Stenger's ousting, the federal government appointed Goldberg to manage the resort until it could be sold.
Skiers at Jay Peak heading down Ullr's Dream towards Beaver Pond.
Under new leadership Jay Peak has thrived, more than quadrupling profits in 2017. The resort’s newfound profitability has led Steve Wright, Jay Peak’s general manager, to predict widespread interest from resort companies such as Alterra and Vail, which acquired nearby Stowe in 2017.
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- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
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- Bill Stenger
- MICHAEL I. GOLDBERG vs The AM Wealth Management Group of Raymond James & Ariel Quiros & Joel Burstein
- JAMES B. SHAW, JOHANNES EIJMBERTS, and LORNE MORRIS Individually and On Behalf of All Others Similarly Situated, vs The AM Wealth Management Group of Raymond James & Bill Stenger & Joel Burstein & Ariel Quiros
- ALEXANDRE DACCACHE, on behalf of himself and all others similarly situated vs Ariel Quiros & Bill Stenger & The AM Wealth Management Group of Raymond James & Joel Burstein
- State of Vermont vs Bill Stenger & Ariel Quiros
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