By Associated Press - Friday, February 10, 2017

MONTPELIER, Vt. (AP) - The trial of a Miami businessman accused of massive fraud involving foreign investors’ money in Vermont developments is expected to start in the fall of 2018, not this fall as court documents previously suggested.

The Caledonian Record newspaper in Vermont reports ( ) that a federal judge recently indicated the trial of Ariel Quiros (KWEHR’-ohs) would begin in the fall of 2018.

Quiros is owner of Jay Peak ski resort. He and former resort president Bill Stenger were accused by Vermont and by the Securities and Exchange Commission of misusing $200 million raised from foreign investors. Quiros is also accused of improperly diverting $50 million for personal use.

Stenger has settled with the SEC. Lawyers for Quiros have said he will be cleared of wrongdoing.

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