Jay Peak ski area in Vermont has been shrouded in scandal this year following a federal accusation of huge fraud to the tune of $200 million.  They stole $200 million of the $350 million they fundraised from 700 different investors.  That’s 57% of all the monies raised!  Why did they think they’d get away with this?  Silly.

The federal government has charged Bill Stenger and Ariel Quiros with 52 counts of federal securities violations.  Ariel Quiros was charged with personally stealing $55 million.

The feds are also looking into criminal charges for Stenger and Quiros.  These boys might headed to jail.

Now, PBS is calling out Ariel Quiros and Bill Stenger hard and making them look like moral bankrupt villains.  Maybe they are…

The state of Vermont and the Securities and Exchange Commission have accused the men of misusing about $200 million from foreign investors through a special visa program.  The EB-5 program allows permanent U.S. residency for those who finance projects that create a certain amount of jobs. The $5.9 million settlement will be divided, $4.5 million will go to the federal receiver overseeing the resorts and projects to reimburse possible claims by investors, $1.25 million will go to Vermont’s general fund as an administrative penalty, and $200,000 will be paid to state financial regulation for the investigation.

‘‘Since the SEC’s seizure of the Jay Peak-related EB-5 projects, investors have been rightly concerned about possible recovery of funds. This settlement contributes to their restitution,’’ department commissioner Susan Donegan said.