Receiver may borrow money to complete Stateside project
A federal receiver appointed to oversee developments around a Vermont ski resort amid allegations of massive fraud says he may borrow money to finish one of the projects that has left foreign investors' immigration status in limbo.
Michael Goldberg said in a Miami court this week that he needs $17.5 million to finish the Jay Peak Hotel Suites Stateside project, plus $2.1 million owed to the contractor. The hotel is built but the recreation center and medical center are not.
The Securities and Exchange Commission and the state of Vermont have accused Ariel Quiros — owner of Jay Peak, and Bill Stenger, the resort's president, of misusing about $200 million raised from foreign investors through a special visa program.
Both men have said they will be cleared of wrongdoing.
- State of Vermont vs Bill Stenger & Ariel Quiros
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION vs Ariel Quiros & Bill Stenger
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