MONTPELIER, Vt. (AP) — The Latest on a ski resort owner who agreed to pay back $81 million he was accused of using illegally (all times local):
Vermont Gov. Phil Scott has expressed his appreciation for the U.S. Securities & Exchange Commission's work investigating a ski resort owner who has agreed to pay back $81 million he was accused of using illegally.
Miami businessman Ariel Quiros was accused of massive fraud involving foreign investors' money in Vermont's Jay Peak ski area. He has agreed to give up ownership of two ski resorts and says he's pleased to be another step closer to resolving the claims against him.
The Republican governor and Democratic state Attorney General T.J. Donovan said Friday the SEC settlement with Quiros will provide a federal receiver with legal title to the Jay Peak Resort, the Burke Mountain Resort and other properties acquired by Quiros with investor money.
The Securities and Exchange Commission says a Miami businessman accused of massive fraud involving foreign investors' money in a Vermont ski area has agreed to pay back more than $81 million.
The SEC announced the settlement with Ariel Quiros Friday. It must be approved by a court.
The SEC says Quiros was accused of misusing more than $50 million in investor funds to buy another resort and to pay for personal expenses such as two luxury New York City condominiums. And companies that Quiros owned allegedly failed to contribute about $30 million in investor money toward construction at Jay Peak ski resort.
Quiros has agreed to give up ownership of the two condos, Jay Peak and Burke Mountain resorts and his stake in more than a dozen properties.