Jay Peak Ski Resort Fraud Case: Tentative Deal Reached

BURLINGTON, VT — Ariel Quiros, the owner of Vermont's Jay Peak ski resort, reached a tentative settlement with the U.S. Securities and Exchange Commission in a fraud case. The deal is mentioned in federal court documents filed in Miami, The Burlington Free Press reported, but the documents don't elaborate on the settlement.

Commissioners of the SEC still have to sign off on the deal. Quiros and business partner Bill Stenger were accused of misusing more than $200 million raised from foreign investors to build projects at Jay Peak, at Burke Mountain and in Newport. Stenger settled his case with the SEC last year.

Quiros is believed to have pocketed more than $50 million.

Vermont's financial regulation commissioner says he can't comment on the details of the proposed agreement.

Photo credit: Lisa Rathke/Associated Press