Vermont ski resort owner denies SEC civil fraud charges

Markets Associated Press

The owner of a Vermont ski resort is denying fraud allegations filed against him by the U.S. Securities and Exchange Commission.

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In documents filed last week in federal court in Miami, Ariel Quiros (KWEHR'-ohs) denies that he was behind a $200 million fraud at Jay Peak ski resort.

Quiros and former Jay Peak President Bill Stenger were accused by Vermont and the SEC of misusing $200 million raised from foreign investors for developments through a special visa program. Quiros was also accused of improperly diverting $50 million for personal use.

Stenger has since settled his case with the SEC.

The Burlington Free Press ( ) reports Quiros has asked the court to dismiss the SEC's complaint in its entirety and award him his costs, including "discretionary costs and attorney's fees."


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Information from: The Burlington Free Press,