Miami businessman challenges SEC over Vermont projects

A Miami businessman is going to federal court to challenge a U.S. Securities and Exchange Commission lawsuit claiming fraud in his Vermont projects.

The SEC accuses Ariel Quiros in civil complaints of misusing some $200 million from investors and improperly diverting about $50 million for his own use. The projects at a Vermont ski resort include a biomedical research facility, a hotel and rental cottages.

The SEC wants a receiver appointed to take over the project. At a hearing Monday, Quiros will ask a Miami judge to block that effort and also unfreeze his assets.

The money was raised from foreign investors through the federal EB-5 visa program, which allows U.S. residency for those who finance projects that create a certain amount of jobs.

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