- Associated Press - Tuesday, August 9, 2016

MONTPELIER, Vt. (AP) - A federal judge has ruled that up to $1.5 million of a settlement reached with a financial firm in a fraud investigation of two Vermont ski resorts will be loaned to a federal receivership so the properties can meet payroll.

The Caledonian Record (https://bit.ly/2aWUHhf ) reports that under the order signed Monday, federal receiver Michael Goldberg must repay the borrowed money on or before April 1, 2017. Goldberg controls assets at Burke Mountain and Jay Peak.

State financial regulators reached a settlement with Raymond James and Associates after finding the firm failed to comply numerous times with supervisory requirements and Vermont law.

Ariel Quiros, owner of Burke Mountain and Jay Peak ski resorts, and Bill Stenger, Jay Peak’s president, are accused of misusing about $200 million from foreign investors through a visa program.

___

Information from: The Caledonian-Record, https://www.caledonianrecord.com


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide