Vermont to Freeze Remaining Assets in Ski Resort Fraud Case

A judge has approved freezing the remaining assets of a former Vermont ski resort owner who is being investigated on suspicion of investment fraud.

Michael Pieciak, commissioner of the state Division of Financial Regulation, tells the Caledonian Record the judge granted the state’s motion Monday to freeze Ariel Quiros’ assets.

Quiros is the former owner of Jay Peak and Burke Mountain ski resorts. He was ordered earlier this year to surrender an estimated $80 million to federal officials.

Pieciak says the remaining assets are estimated at between $8 million and $10 million. He says the state’s asset freeze will go into effect once the federal freeze is lifted.

Quiros and his business partner, William Stenger, were accused in 2016 of misusing more than $200 million raised through a federal visa program.

Related:

• $150M Settlement Gets Final Approval in Vermont Ski Resort Fraud Case
• Vermont Ski Resort to Open with $6.5M Shortfall After Fraud Case
• Vermont Ski Resort Owner Suing Insurer to Fund Defense in Fraud Case
• Businessman in Vermont Ski Resort Fraud Case Agrees to Pay $81M

Topics Fraud