$150 million settlement announced in ski resort fraud case

LISA RATHKE

MONTPELIER, Vt. (AP) — A year after the owner and president of a Vermont ski resort were accused by the U.S. Securities and Exchange Commission of massive fraud, a $150 million settlement has been reached.

The federal receiver overseeing Jay Peak ski resort announced Thursday that he had signed a settlement agreement with Raymond James Financial Inc. The settlement money will be used to pay contractors, vendors and investors.

The resort's owner, Ariel Quiros (KWEHR'-ohs), of Miami, 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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This story has been corrected to show the financial organization's name is U.S. Securities and Exchange Commission.