MONTPELIER, Vt. — The owner of two Vermont resorts who is accused of misusing foreign investors’ money in “Ponzi-like fashion” has received more news: his $950,000 tax refund was turned over to a federal receivership in charge of his assets.
The Caledonian Record reports (http://bit.ly/2q9LKay) that the receiver has no plans to return the tax refund to Ariel Quiros, owner of Jay Peak and Burke Mountain. Quiros made a motion to modify the freeze order on his assets, but it is still pending.
Last year, the SEC and Vermont announced civil complaints filed against Quiros and his former business partner, Bill Stenger.
Quiros’ lawyer says they continue to work cooperatively with the SEC and the receiver on Quiros’ behalf. Stenger reached a settlement with the SEC.
Information from: The Caledonian-Record, http://www.caledonianrecord.com