Quiros asks Vermont judge to dismiss EB-5 fraud case
The Miami businessman who is accused of defrauding 700 EB-5 immigrant investors at a ski resort in the Northeast Kingdom is asking a Washington County Superior Court judge to dismiss allegations made by state regulators.
The Vermont Department of Financial Regulation has brought 15 charges of securities violations against Ariel Quiros, the owner of Jay Peak Resort, and his partner, Bill Stenger, the CEO and president of the ski area.
The state, in the amended complaint, is seeking $375,000 in civil penalties and costs for prosecution and investigation of the case.
Quiros has been accused by the Securities and Exchange Commission of stealing more than $55 million from investors. The SEC alleges that he and Stenger misused $200 million in EB-5 immigrant investor funds in a “Ponzi-like scheme.” Quiros has asked the federal court in Miami to dismiss the case. The alleged fraud is also subject of an FBI investigation.
Read more: http://vtdigger.org/2016/07/11/quiros-asks-vermont-judge-to-dismiss-eb-5-fraud-case/
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