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Quiros agrees to settlement

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copyright the Chronicle August 30, 2017


by Joseph Gresser


Ariel Quiros, the owner of Jay Peak, has followed the path blazed several months ago by Bill Stenger, the resort’s former president, and agreed to a settlement on civil charges of investment fraud. Mr. Quiros promised to accept U.S. District Court Darrin Gayles’ decision on how much of the money he got from illegal actions he will return to investors and what penalties he must pay.

Mr. Quiros, in agreeing to the settlement, neither admitted nor denied guilt.

Judge Gayles accepted the settlement worked out between the federal Securities and Exchange Commission (SEC) and Mr. Quiros, and the case was marked closed on August 23.

A temporary injunction that forbade him to be involved with companies seeking investments through the federal EB-5 program has been made permanent. In addition, Mr. Quiros has agreed to not appeal any penalties the judge assesses or try to deduct them from his income taxes.

He will be required to pay whatever amount Judge Gayles deems appropriate with interest calculated from April 16, 2016, the day charges were unsealed. The agreement says Mr. Quiros will pay the same interest rate the Internal Revenue Service charges taxpayers who owe it money.

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