Company Denies Responsibility for Vermont Ski Resort Fraud
The former owner of Vermont’s Jay Peak resort is fighting claims from a court-appointed receiver that it should pay millions in damages as part of a settlement.
The Caledonian-Record reports Canadian Saint-Sauveur Valley Resorts, Inc. says the federal receiver in the case assumed liability when he took over in 2016.
SSVR says the settlement would prevent the company from filing its own claims against the businessman who bought the ski resort.
Court records show SSVR used the federal EB-5 program to fund development at the resort before selling it to Ariel Quiros.
The federal Securities and Exchange Commission says Quiros then used the funds to buy the resort and bilked investors out of more than $250 million.
The federal receiver has not responded to a request for comment.
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
- Ariel Quiros
- Jay Peak - Q Burke Mountain Resort, Hotel and Conference Center L.P.
- 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
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION vs Ariel Quiros & Bill Stenger
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