The owner of a Vermont ski resort accused of massive fraud involving foreign investors' money will not contest U.S. Securities and Exchange Commission charges against him.
A lawyer for Ariel Quiros, the Miami businessman who owns Jay Peak Resort, said Tuesday that Quiros is not admitting or denying any of the SEC charges and will only now litigate damages.
Quiros, and then-president of Jay Peak, William Stenger, were accused last year of misusing more than $200 million raised from foreign investors through the EB-5 visa program for developments at or near the ski resort.
Stenger has settled with the SEC. Quiros' lawyer says the focus for Quiros and the SEC will be on the amount of damages to be paid. An SEC spokesman declined to comment on the case.
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