Quiros allowed $15,000 a month for expenses

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copyright the Chronicle June 1, 2016

by Joseph Gresser

U.S. District Court Judge Darrin Gayles granted, in part, Ariel Quiros’ request for money to pay legal fees and living expenses last week. The same day Mr. Quiros, the owner of Jay Peak and Burke Mountain resorts, and the federal Securities and Exchange Commission (SEC) appeared to argue whether his assets and companies should be placed under a receivership.

Mr. Quiros’ assets were frozen and placed under the control of a receiver in April after he and Bill Stenger, former president of Jay Peak, were charged by the SEC with civil offenses including mishandling, comingling, and, in the case of Mr. Quiros, misappropriating about $200-million.

The money was invested in hotels and other projects at Jay Peak and Burke Mountain and in a biomedical facility in Newport by foreigners who hoped to gain permanent residency status through the federal EB-5 visa program…To read the rest of this article, and all the Chronicle‘s stories, subscribe:

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