The owner of Jay Peak accused of “massive fraud”

president-chef-directionThe State of Vermont and the Securities and Exchange Commission filed charges of “massive fraud” against the boss of the Jay Peak ski resort, Bill Stenger, and a close associate, Ariel Quiros.

According to information made public by the State of Vermont Thursday MM Stenger and Quiros have used $ 200 million for purposes other than those intended. This money was used to finance projects in northeastern Vermont.

In addition, Mr. Quiros himself would have cottoned an additional $ 50 million in cash, and that, for projects that had not received the approval of investors.

Note that, over the years, the two men have appealed to many foreign investors to finance their projects. With the EB-5 program, they could easily find dozens of investors from outside the United States.

Created by Congress in 1990, the EB-5 program is administered by the US Citizenship and Immigration Services (USCIS). It allows foreign residents to obtain a work permit on American soil against an investment of at least $ 500,000 in a company that commit to hire US workers.

Recall that the Jay Peak resort has been considerable investment in recent years. Dozens of condominiums appeared in the ski resort industry, which attracts every year thousands of Quebecers.

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