MONTPELIER, Vt. – One of two businessmen accused in what the Securities and Exchange Commission calls a “massive eight-year fraud scheme” involving developments in Vermont says he’s confident he’ll be cleared of any wrongdoing.
Bill Stenger tells the Caledonian-Record (http://bit.ly/1NDGos8) that he “trusted that all funds raised were being used correctly and legally.” Stenger is president of Jay Peak ski resort.
He is accused along with Miami businessman Ariel Quiros of misusing more than $200 million raised from foreign investors through a special visa program. Quiros owns Jay Peak and Q Burke resorts.
Quiros has asked a court to unfreeze his assets. In the filing, his lawyer said the SEC case is premised on an incorrect argument that Quiros and his affiliates were only entitled to receive a limited amount of investor funds.