A former Jay Peak financial executive told the Securities and Exchange Commission he resigned in 2011 after Bill Stenger, Jay Peak's CEO, failed to address concerns about the use of money from foreign investors under a government visa program.
John Carpenter stated in a sworn document filed in federal court that he raised issues with program finances but saw his warnings go unaddressed.
"Ultimately, Mr. Stenger failed to alleviate my concerns about the additional cost growth and how it would be funded," Carpenter stated in his declaration. "When presented with an employment opportunity at New Hampshire-based Waterville Valley Holdings, I resigned my position at Jay Peak and left in March 2011."
Carpenter's statement was included in thousands of pages of SEC documents the state of Vermont released Tuesday. The documents had been submitted to federal court in Miami as exhibits in a civil complaint against Jay Peak Inc., Stenger and Ariel Quiros, the owner of Jay Peak and other Northeast Kingdom developments. Quiros lives in Miami.
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