Jay Peak Ski Resort
2008 - 2016
According to the Security and Exchange Commission (“SEC”) Ariel Quiros, a businessman from Miami, and his conspirators defrauded hundreds of EB-5 investors when advertising the Jay Peak Ski Resort project in the city of Jay, Vermont. The resort alongside a biomedical research facility were used as investment opportunities in the EB-5 program. However, $81 million worth of investors’ money was directed to personal and non-project-related expenses. The SEC reports that the funds came from over 700 investors from more than 74 countries.
According to a statement by the SEC, “Companies owned by Quiros also allegedly failed to contribute approximately $30 million in investor funds toward Jay Peak construction, with two projects going uncompleted. This jeopardized investors' investments as well as their participation in the EB-5 Immigrant Investor Program under which Quiros and his businesses solicited the money.”
Quiros and an associate agreed to pay a settlement exceeding $81 million without officially admitting to the allegations.