Ski resort accused of fraud set to open with $6.5 M deficit

JAY, Vt. – A Vermont ski resort whose owner and president have been accused by the Securities and Exchange Commission of a massive fraud, is set to open for the season on Saturday with what a federal receiver overseeing it says it is a $6.5 million deficit.

The receiver said in a court filing last week the Jay Peak resort is expected to have lost that amount in the off-season. He said the resort usually lose money during the off-season, but a prudent operator would have built up cash during the winter. He says that didn’t happen because the owner Ariel Quiros (KWEHR’-ohs) “incorrectly derived from millions of dollars.”

Quiros’ attorney, did not return a phone message Tuesday seeking comment.

Former Jay Peak president Bill Stenger has settled his case with the SEC.

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