copyright the Chronicle April 20, 2016
by Chris Braithwaite
When investigators with the U.S. Securities and Exchange Commission asked Bill Stenger whether his partner had bought Jay Peak resort with money misappropriated from foreign investors, Mr. Stenger said he didn’t know.
That was the gist of Mr. Stenger’s answers in May 2014, when he was summoned to Miami, Florida, to answer questions about how Ariel Quiros became the owner of Jay Peak in June 2008.
In the lawsuit it filed last week, the SEC charged that Mr. Quiros’ diversion of the investors’ funds to buy the ski area was the beginning of a “massive eight-year fraudulent scheme” that led them to seize both Jay Peak and Q Burke Mountain last week.
When asked if he knew if any of the funds Mr. Quiros used to buy Jay Peak were investor’s funds that had been transferred to a Miami brokerage house, Mr. Stenger’s reply was vague:
“I don’t know if they were or not,” he said according to a transcript of his deposition. “They might have been. I don’t know.”
Mr. Stenger’s alleged role…To read the rest of this article, and all the Chronicle‘s stories, subscribe:
Annual online subscription
Short-term online subscription
(To find a particular article, search for the corresponding edition of the newspaper)