Company Denies Responsibility for Vermont Ski Resort Fraud

March 19, 2019

The former owner of Vermont’s Jay Peak resort is fighting claims from a court-appointed receiver that it should pay millions in damages as part of a settlement.

The Caledonian-Record reports Canadian Saint-Sauveur Valley Resorts, Inc. says the federal receiver in the case assumed liability when he took over in 2016.

SSVR says the settlement would prevent the company from filing its own claims against the businessman who bought the ski resort.

Court records show SSVR used the federal EB-5 program to fund development at the resort before selling it to Ariel Quiros.

The federal Securities and Exchange Commission says Quiros then used the funds to buy the resort and bilked investors out of more than $250 million.

The federal receiver has not responded to a request for comment.

Information from: The Caledonian-Record

Topics Fraud

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