- Associated Press - Tuesday, May 31, 2016

MONTPELIER, Vt. (AP) - A judge is allowing a Miami businessman accused of fraud involving developments in Vermont to sell a New York condominium to pay legal fees and living expenses.

The Securities and Exchange Commission has accused Ariel Quiros - owner of Jay Peak, and Bill Stenger, the resort’s president, of misusing about $200 million raised from foreign investors. The SEC has frozen most of Quiros’ assets.

A judge has ruled that Quiros’ request for nearly $90,000 in living expenses is unreasonable but is allowing him to sell or mortgage a condominium to pay reasonable living expenses and legal fees. The court has ordered that if the condo is sold the proceeds be deposited into an escrow account that will be controlled by the federal receiver overseeing the resort and developments.

Both Quiros and Stenger have said they will be cleared of wrongdoing.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide