The state of Vermont has agreed to pay $16.5 million to settle all pending and potential lawsuits from foreign investors in development projects at the Jay Peak resort, the ski area that was shaken by a massive fraud case involving its former owner and president, officials said Wednesday.
In 2016, the federal Securities and Exchange Commission and the state alleged that former Jay Peak owner Ariel Quiros and former president William Stenger took part in a “massive eight-year fraudulent scheme.” The civil allegations involved misusing more than $200 million of about $400 million raised for various ski area developments from foreign investors through a visa program. The EB-5 program encourages foreigners to invest in job-creating ventures in the U.S. in exchange for a chance to earn permanent residency.
