A settlement for one man at the center of the Northeast Kingdom EB-5 controversy. And we're learning that an agreement may be in the works to sell Jay Peak.
Bill Stenger, one of the developers of Jay Peak and Burke Mountain, says he's reached an agreement with the Securities and Exchange Commission. That agreement "sets up a framework to fully resolve the case the SEC filed against (him)."
"It means they have not fully reached where they need to be, but from the sound of it, it appears that he has agreed to cooperate with the SEC and I would read into that his cooperation will make what happens with him going forward in the future significant, because if he cooperates, the SEC is more likely to go easy with him," legal analyst Jerry O'Neill said.
Meanwhile, Stenger's co-defendant, Ariel Quiros, has an attorney's bill worth more than $600,000 according to SEC documents. He wants the feds to free up his assets to pay for those attorney fees, and his legal team says he has an offer in writing from an unknown buyer to purchase Jay Peak Incorporated for $93 million.
Stenger's deal with the SEC only involves the civil complaint that includes Jay Peak and Burke Mountain. He is still under a criminal investigation by the U.S. attorney and he could still face civil penalties.
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