Ariel Quiros will be allowed to sell his New York condominium to pay his living expenses, according to documents filed with a Miami federal court.
In April, the Securities and Exchange Commission accused Quiros, the owner of Vermont's Jay Peak and other Northeast Kingdom projects, of massive fraud related to the EB-5 program, which allows foreigners to receive residency if they invest $500,000 in a project in an economically depressed area.
The court approved a preliminary injunction freezing Quiros' assets after the SEC filed its civil fraud complaint in April. He has argued he is worth more than $200 million and needs $90,000 a month in living expenses, along with money to pay his lawyers. The court called the $90,000 sum unreasonable, but granted him the ability to sell or mortgage his condo in the Setai building in New York City's Financial District.
The court has ordered that if the condo is sold, the proceeds must be deposited into an escrow account that would be controlled by the federal receiver overseeing the resort and developments, because the court said there still are questions about whether Quiros purchased the property with misbegotten money.
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