Ski resort accused of fraud set to open with $6.5M shortfall

JAY, Vt. (AP) " A Vermont ski resort whose owner and president were accused by the Securities and Exchange Commission of massive fraud is set to open for the season on Saturday with what a federal receiver overseeing it says is a $6.5 million shortfall.

The receiver said in a court filing last week the Jay Peak resort is expected to have lost that amount in the offseason. He says the resort typically loses money during the offseason but a prudent operator would've built up cash during the winter season to get through it. He says that didn't happen because owner Ariel Quiros (KWEHR'-ohs) "wrongfully diverted millions of dollars."

Quiros' lawyer hasn't returned a phone message left Tuesday seeking comment.

Former Jay Peak president Bill Stenger has settled his case with the SEC.

This story has been automatically published from the Associated Press wire which uses US spellings

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