A federal judge has issued a scathing ruling against Jay Peak developer Ariel Quiros, agreeing with federal regulators that the Miami businessman was the mastermind behind the largest EB-5 fraud case in the country, which played out in the mountains of northern Vermont.
District Judge Darrin P. Gayles, in a ruling handed down Monday in Miami, wrote that Quiros was the architect of a scheme to deceive hundreds of investors over an eight-year period.
With “severe recklessness,” Quiros intentionally defrauded investors, enriched himself and misappropriated funds, Gayles wrote.
The judge froze the assets Quiros accumulated through investor funds. Those assets include two ski resorts, one in Jay and another in East Burke, and properties in the town of Newport, in addition to money raised from immigrant investors meant to pay for developments.