Until Thursday, Jay Peak’s website still included a web page soliciting investments in Jay Peak’s EB-5-funded projects. The page was removed Thursday afternoon after VPR made inquiries about it.
A version of the web page as it appeared Thursday morning is available through the Internet Archive’s Wayback Machine here.
The webpage made no reference to the major fraud allegations made against the resort’s CEO Bill Stenger and owner Ariel Quiros earlier this year. The U.S. Securities and Exchange Commission (SEC) said Quiros and Stenger abused the EB-5 program, which was designed to bring job-creating investments to economically troubled regions of the U.S.
In exchange for investments of $500,000 in qualified projects, foreign investors can get legal U.S. residency under the EB-5 program.
The SEC alleged in April that Stenger and Quiros misappropriated hundreds of millions of dollars of investor money for spending on personal expenses for Quiros, among other things.
Stenger agreed to a settlement deal with the SEC earlier this month that bars him from ever participating in any EB-5-related business.
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