Main content

Major allegations of fraud against developers of two Vermont ski resorts

Wow, what a week. News outlets are full of ski resort news after a press conference in Montpelier on Thursday. Here are a few of the headlines:

<link http: www.burlingtonfreepress.com story news local vermont vermont-officials-burke-update external link in new>VT, feds allege 'massive' fraud at Jay Peak Inc.

<link http: digital.vpr.net post external link in new>An Alleged Fraud Fiasco In Vermont's Northeast Kingdom

<link http: vtdigger.org quiros-accused-of-stealing-more-than-200m external link in new>Feds charge Quiros and Stenger with 'Ponzi-like' scheme

<link http: newportdispatch.com stenger-and-quiros-charged-with-running-ponzi-like-scheme external link in new>Stenger and Quiros charged with running 'Ponzi-like' scheme

<link http: www.caledonianrecord.com news local nek-economic-development-initiative-implodes article_4596ab28-ecc1-52ef-b558-55f685562ff2.html external link in new>NEK Economic Development Initiative Implodes

It's shocking to many Vermonters to learn that projects at Jay Peak Resort and Burke Mountain Resort and others nearby, which held promises of enhancing the economy of the Northeast Kingdom, were allegedly so mishandled. From "day one," the Governor said.

There have been cheerful groundbeaking ceremonies for these EB-5 investor projects, such as the waterpark and hotel at Jay Peak and the new hotel and conference center at Burke Mountain. But officials allege that behind the scenes, developers Ariel Quiros and Bill Stenger were paying off old debts with funds from new investors and, in Quiros’ case, dipping into millions of dollars for personal use.

Today, a federally appointed manager is overseeing the continued operation of the resorts.

We'll see what ramifications this case has on skiing at these two fine Vermont ski mountains. We'll pray that no more of the hard-working folks at the resorts are impacted (people were laid off last month at Burke due to the developers' inability to open the new hotel and conference center) and hope that contractors get the money that is owed to them.

“We all feel betrayed,” Gov. Peter Shumlin said during the press conference. “It’s a dark day for Vermont.”

 

Photo of Burke Mountain's new hotel and conference center under construction in March 2015.

Share This Blog Post

Latest posts

Photo of a ski swap with people looking at lots of skis

SkiMaven’s 2021 list of Vermont ski swaps

Posted 9/7/21

Updated 9/22/2021 PM When there's a chill in the air and we start to reach for fleece layers, that's a sure sign that ski swaps will soon take place in Vermont! Here's our annual round-up of ski…

Photo of a skier moving through the woods with blue sky

Spring has sprung! Gotta make the most of the snow!

Posted 3/20/21

We're looking at a stretch of sunny (yay!) and warm (not so yay!) weather in Vermont. Better get out on the snow while we have it! Forty-six inches of snow at the stake atop Mt. Mansfield. That's…

Photo of mountain view while Nordic skiing on February 8

Bring on the snowstorms, March! We know you can do it!

Posted 3/3/21

Recently we've been enjoying the snow any way we can — from powdery goodness to challenging crust.  This morning after a thaw-and-freeze cycle, it was nice to cross-country ski on groomed trails with…

Photo of thick rime ice on branches in the woods

Now more than ever, we’re so grateful for snow!

Posted 2/5/21

We’ve been clicking into our skis a few times a week lately. We especially like getting out on the snow before we work from home. It's such a great way to start the day. Here in northern Vermont the…