The U.S. Securities and Exchange Commission, in U.S. District Court in Miami, Fla., on Thursday filed its response to embattled Burke Mountain Resort and Jay Peak Resort owner Ariel Quiros’ efforts to unfreeze his assets.
In their 10-page response, SEC lawyers argue, “The Court should entirely deny Quiros’ attempt to modify the asset freeze to pay for his lavish and outrageous expenses.”
The federal government and Vermont Attorney General have alleged that Quiros and his business partner, Bill Stenger, misappropriated more than $200 million of investor funds in the federal EB-5 program, through which foreign investors can obtain green cards for half-million dollar investments in the Northeast Kingdom Economic Development Initiative.
Quiros is also accused of taking another $50 million of investor funds for his personal use. Last month federal officials froze his assets. Quiros’ asked to have the asset freeze lifted or modified. Last week, Quiros was given access to slightly over $41,000.
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