JAY, Vt. (AP) – Democratic Vermont Gov. Peter Shumlin is meeting with employees of Jay Peak Resort, nearly two weeks after the Securities and Exchange Commission and state accused the resort’s owner and president of a massive fraud scheme.
Jay Peak owner Ariel Quiros of Miami and resort president Bill Stenger of Newport, Vermont, are accused of misusing more than $200 million of about $400 million raised from foreign investors through a special visa program for development in the area. Both men say they will be cleared of any wrongdoing.
A federal receiver appointed to oversee Jay and Q Burke Mountain Resort, also owned by Quiros, has said in a recent court filing that Jay Peak could close and Q Burke may stay closed without additional money to pay expenses.
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