A federal judge has issued a scathing ruling against Jay Peak
developer Ariel Quiros, agreeing preliminarily with federal regulators
that the Miami businessman was the mastermind behind the largest EB-5
fraud case in the country that played out in the mountains of northern
Vermont. Judge Darrin P. Gayles, in a ruling handed down on Monday
in federal court in Miami, froze the assets Quiros, the owner of Jay
Peak, had accumulated through funds raised from EB-5 investors meant to
pay for developments in northern Vermont. The judge also barred Quiros, a
Miami businessman, from raising funds from the program.
Gayles agreed to the request for the injunction against Quiros from the U.S. Securities and Exchange Commission, and in a 44-page ruling, said the SEC wove “a compelling and well-documented account of one man’s use of his control over multiple entities to squander investor funds, enrich himself, and, ultimately, commit securities fraud.” “The record supports a preliminary finding that Quiros was the architect of a fraudulent scheme to use the investor fund to enrich himself,” Gayles wrote. See story here at Valley News.
Gayles agreed to the request for the injunction against Quiros from the U.S. Securities and Exchange Commission, and in a 44-page ruling, said the SEC wove “a compelling and well-documented account of one man’s use of his control over multiple entities to squander investor funds, enrich himself, and, ultimately, commit securities fraud.” “The record supports a preliminary finding that Quiros was the architect of a fraudulent scheme to use the investor fund to enrich himself,” Gayles wrote. See story here at Valley News.
