The owner and president of Jay Peak were charged with securities fraud for allegedly misusing at least $200 million raised through the EB-5 immigrant investor program for projects at the Green Mountains ski resort, according to a Securities and Exchange Commission civil complaint unsealed Thursday.
Ariel Quiros of Key Biscayne and resort president and CEO William Stenger of Newport, Vermont, told investors their money in Jay Peak Inc. would be used for the resort and a biomedical research center, the SEC charged in Miami federal court. The SEC said the proposed $100 million research center was almost three-quarters funded but “nearly a complete fraud.”
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