The former CEO of Jay Peak is “in the midst of serious, detailed settlement discussions” with the Securities and Exchange Commission, according to a court filing by his lawyer.
Bill Stenger has cooperated with the SEC since mid-April when federal regulators filed charges against him and his business partner, Ariel Quiros, in the U.S. District Court of Southern Florida in Miami.
For a second time, Stenger is asking to delay a response to SEC allegations that he abdicated his fiduciary duty, made misrepresentations to more than 700 foreign investors and allowed Quiros to misuse $200 million in EB-5 immigrant investor funds.
Stenger wants until Aug. 19 to answer the charges, after he was granted one extension in order to continue settlement discussions, according to court documents. He was originally asked to file defense arguments by May 26. That date was moved to June 30.
Stenger is represented by Stephanie Casey, of the firm Colson Hicks Eidson. Casey wrote that the former resort operator could settle out of court before the requested hearing date.
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