Jay Peak Owner Denies Running EB-5 Ponzi Scheme

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Law360, New York (October 3, 2016, 7:03 PM EDT) — The owner of Vermont ski resort Jay Peak Friday asked Florida federal court to dismiss a proposed class action seeking to recover funds obtained under the EB-5 immigrant investor program that were allegedly misused and stolen, saying he has been unfairly and inaccurately accused of running a Ponzi scheme.

Ariel Quiros argued that if he had been running a Ponzi scheme, the projects being funded would never have been built because earlier investors would have been paid off with money from later investors.

“The facts here…

Source: Law360