The Miami businessman accused of defrauding investors of millions of dollars meant to fund Northeast Kingdom development projects is renewing his call to have a federal case against him thrown out.
Attorneys for Ariel Quiros initially filed a motion earlier this summer to dismiss the civil fraud case brought against him by the U.S. Securities and Exchange Commission, with government lawyers filing their own motion shortly after opposing the request.
Late last week attorneys for Qurios submitted a new filing, again asking the judge presiding over the case in Miami federal court to toss the lawsuit despite claims by SEC attorneys that the arguments raised in the original motion to dismiss are “meritless.”
“But the SEC’s bluster reveals only its insecurity,” Scott Cosgrove, a Florida attorney representing Quiros, wrote in the latest motion. “After a three-year investigation, it has brought claims in a high-profile case that disregard established precedent and should be dismissed.”
The federal lawsuit along with one filed by the state in April allege that Quiros, owner of Q Resorts, a holding company that includes Jay Peak, and William Stenger, at the time CEO and president of Jay Peak, misused $200 million in funding from foreign investors through the federal EB-5 visa program.