Jay peak on the market within a few weeks

Jay peak on the market within a few weeks

EB-5 Visa, EB5 Visa, EB5 Investments

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. 



Litigation Cases


  • Vermont

Securities Disclaimer

This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.