- Associated Press - Friday, September 23, 2016

MONTPELIER, Vt. (AP) - A federal judge has accepted a settlement involving one of two partners in an alleged fraud scheme involving development projects in Vermont and the federal Securities and Exchange Commission.

The Caledonian Record reports (https://bit.ly/2d348tX ) U.S. District Judge Darrin Gayles on Wednesday approved a settlement reached Sept. 1 between the SEC and Bill Stenger, president of Jay Peak. Stenger will work with federal authorities under the settlement.

Stenger and his partner, Ariel Quiros, were accused by the SEC and the state of misusing about $200 million from foreign investors through a visa program for various developments.

Quiros is also accused of diverting about $50 million for his personal use. His lawyer has said he’ll be cleared of wrongdoing.

Stenger neither admits nor denies the SEC’s allegations in the settlement.


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

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