Vermont ski resort owner and president accused of embezzling funds

Courtesy Jay Peak's Facebook page

JAY, Vt. (AP) — Vermont’s governor is meeting with ski resort employees nearly two weeks after the Securities and Exchange Commission and the state accused the resort’s owner and president of fraud.

Jay Peak Resort owner Ariel Quiros, of Miami, and resort president Bill Stenger, of Newport, Vermont, are accused of misusing more than $200 million raised from foreign investors through a special visa program. Both men say they will be cleared of wrongdoing.

Quiros also owns the Q Burke Mountain Resort. A federal receiver appointed to oversee Jay Peak and Q Burke says that Jay Peak could close and Q Burke may stay closed without additional money to pay expenses.

Democratic Gov. Peter Shumlin is meeting with Jay Peak employees Wednesday.

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