Jay Peak receiver, People's United Bank reach $1.75M proposed deal

The court-appointed receiver overseeing properties at the center of Jay Peak EB-financial scandal has reached a proposed $1.75 million settlement with People’s United Bank, which was accused in a lawsuit of misappropriating funds.

Seven EB-5 investors claimed the bank aided and abetted Ariel Quiros, Jay Peak’s former owner, in an alleged scheme to defraud investors.

People’s United Bank has denied wrongdoing.

The $1.75 million settlement figure is a paltry sum compared to other settlements the receiver had reached with some other parties, including one for $150 million with Raymond James & Associates for its role in the scandal.

Michael Goldberg was appointed receiver of the Jay Peak assets in April 2016 when federal and state and regulators brought investor fraud claims against Quiros and his former business partner, Bill Stenger, past CEO and president of Jay Peak.

Read more: https://vtdigger.org/2021/04/29/jay-peak-receiver-peoples-united-bank-reach-1-75m-proposed-deal/