Investors Sue Businessman In Vermont Fraud Case

Nov 14, 2016

A group of Chinese investors is suing a Miami businessman accused of massive fraud involving foreign investors' money in Vermont developments.

Each of the 31 investors had contributed $500,000 for projects at or near the Jay Peak ski resort as part of a special visa program in which they would get a chance at U.S. residency.

The lawsuit, first reported by VTDigger, seeks more than $17 million in damages. It was filed in Miami against Ariel Quiros, the financial services company Raymond James & Associates, and a Raymond James employee.

Quiros, the owner of Jay Peak, and former Jay Peak president Bill Stenger, are charged with misusing about $200 million from foreign investors.

Stenger has said he's reached a settlement with the Securities and Exchange Commission. Quiros' lawyer did not immediately return a phone call Monday.

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