Contractors and vendors owed millions of dollars after the owner and president of a Vermont ski resort were accused of massive fraud will soon see their bills paid.
The Caledonian Record reports the federal receiver overseeing Jay Peak ski resort expects to receive the first payment this month from Raymond James Financial Inc. in a recently finalized $150 million settlement.
A Raymond James employee is accused of inappropriately transferring investment to funds to buy Jay Peak at the direction of resort owner Ariel Quiros, of Miami, Fla.
Quiros 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.
Article source: http://www.insurancejournal.com/news/east/2017/07/11/457228.htm