SAM Magazine—Miami, Fla., Feb. 2, 2018—Jay Peak’s former owner who allegedly misused millions of dollars in EB-5 foreign investor funds has agreed to pay back $81 million as part of a settlement with the government. The SEC charged Quiros in 2016 with orchestrating a “ponzi-like” scheme.
The government also said that Bill Stenger, former president and CEO of Jay Peak who was implicated in the scheme, has agreed to pay a $75,000 penalty. Stenger has been cooperating with the federal investigation since charges were brought, but the government said he did not personally benefit from the scheme.
For details about the settlement and the case, check out the full story on vtdigger.com.