Jay Peak Developers To Pay In Immigrant Investor Fraud Case

NEWPORT, Vt. (AP) — Vermont has settled a lawsuit against two ski resort developers who were accused of defrauding the state's troubled immigrant investor program.

Attorney General T.J. Donovan announced on Thursday that former Jay Peak ski area owner Ariel Quiros, of Miami, will pay the state $2 million, satisfied by giving it five properties in and around Jay Peak. Those properties will be liquidated, and the money will be earmarked for economic development, Donovan said.

Former Jay Peak president William Stenger will pay the city of Newport $100,000, also earmarked for economic development.

The settlement is subject to court approval. If approved the state will drop the lawsuit against both men.

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