- Associated Press - Thursday, October 13, 2016

MONTPELIER, Vt. (AP) - Investors are objecting to a $13.3 million settlement that a federal receiver overseeing two ski resorts at the center of a fraud investigation reached with Citibank.

Receiver Michael Goldberg has said the money will keep the Jay Peak and Burke Mountain resorts running.

The Caledonian Record (https://bit.ly/2dLC81A ) reports that the settlement was given preliminary approval and is the subject of an Oct. 20 hearing. Among the filed motions objecting to the settlement is one brought by a committee of investors in the Jay Peak Biomedical Research Park, which authorities say will never be built.

Jay Peak president Bill Stenger and his partner, Ariel Quiros, were accused by federal and state authorities of misusing about $200 million from foreign investors through a visa program for various developments.


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

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