NEWPORT, Vt. (AP) - The foreign investors in a biomedical project that was never built in Newport and was part of alleged fraud in northeastern Vermont can get their investments back.
The federal receiver overseeing Jay Peak ski resort and other projects connected to the alleged fraud has sent letters to the biotech investors. The Burlington Free Press reports (https://bfpne.ws/2igeldV ) he plans to use money from a $150 million settlement agreement with investment firm Raymond James to return investors’ initial $500,000 investment.
Jay Peak owner Ariel Quiros, of Miami, and former president Bill Stinger were accused of misusing $200 million from foreign investors through a visa program. Stenger has settled civil charges with the U.S. Securities and Exchange Commission. Quiros’ lawyers have said he will be cleared of any wrongdoing.
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Information from: The Burlington Free Press, https://www.burlingtonfreepress.com
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