JAY, Vt. (AP) — A troubled Vermont ski resort is now for sale following years of uncertainty brought on by a defrauding of the federal EB-5 program.
The U.S. Securities and Exchange Commission alleged in 2016 that former owner Ariel Quiros and his partner Bill Stenger misused $200 million in foreign investor funds, with Quiros personally pocketing some $50 million.
The Burlington Free Press reports appointed receiver Michael Goldberg would need a sale price of $250 million to recoup funds for the investors.
Quiros and Stenger settled their case earlier this year, and neither admitted or denied the allegations.
Jeffrey Altman of Houlihan Lokey is a New York-based investment banker hired by Goldberg to help him sell Jay Peak. Altman declined to say what price he believes the ski resort can command.