MONTPELIER, Vt. (AP) - Contractors and vendors owed millions of dollars after the owner and president of a Vermont ski resort were accused of massive fraud will soon see their bills paid.
The Caledonian Record reports (https://bit.ly/2tpt8GZ ) the federal receiver overseeing Jay Peak ski resort expects to receive the first payment this month from Raymond James Financial Inc. in a recently finalized $150 million settlement.
A Raymond James employee is accused of inappropriately transferring investment to funds to buy Jay Peak at the direction of resort owner Ariel Quiros (KWEHR’-ohs), of Miami.
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Quiros and former president Bill Stenger were accused of misusing $200 million raised from foreign investors through a special visa program.
Stenger has settled civil charges with the Securities and Exchange Commission. Quiros’ lawyers have said he will be cleared of wrongdoing.
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