Canadian company pays $800K to settle claims of fraudulent sale of Jay Peak
Jay Peak Resort’s receiver has reached an $800,000 settlement in a lawsuit accusing the former Canadian owners of the ski area of engaging in the fraudulent sale of the property, which eventually led to a massive financial scandal.
However, not much of that money will benefit the foreign investors allegedly bilked by Ariel Quiros, the Miami businessman who bought the Jay Peak ski resort in northern Vermont.
The settlement, reached quietly earlier this year, ended a legal battle that started in April 2017 when the lawsuit was filed against the Canadian company, now known as Saint-Sauveur Valley Resorts.
The lawsuit accused Saint-Sauveur of fraudulently accepting $18 million in investor funds raised through the federal EB-5 visa program as part of Quiros’ payment for the ski resort. That money from foreign investors for the Tram Haus Lodge and Hotel Jay developments at the resort was legally bound to be held in separate escrow accounts for each project.
Read more: https://vtdigger.org/2021/06/11/canadian-company-pays-800k-to-settle-claims-of-fraudulent-sale-of-jay-peak/