- Associated Press - Tuesday, October 25, 2016

ST. JOHNSBURY, Vt. (AP) - Ariel Quiros, the Florida businessman accused of massive fraud involving foreign investors’ money in Vermont developments, will get back a fraction of his frozen assets to pay off legal fees.

The Caledonian Record reports (https://bit.ly/2dSgQir ) a federal judge in Miami last week approved the release of $80,000 from Quiros‘ assets.

Quiros, the owner of Jay Peak and Burke Mountain ski resorts in Vermont, had requested $1.5 million, to pay off his attorneys’ fees.

Quiros and former Jay Peak president Bill Stenger are charged with misusing about $200 million raised from foreign investors for developments through a special visa program.

A federal receiver is now overseeing the resorts.

Quiros‘ attorney says he’ll be cleared of any wrongdoing. Stenger has said he has reached a settlement with the Securities and Exchange Commission.

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


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