Jay Peak will be for sale 'within a few weeks,' says federal receiver
Jay Peak Resort, which was at the center of one of the biggest EB-5 frauds in history, moved a giant step closer to being sold Friday with the selection of an investment bank to represent it to potential buyers.
Federal receiver Michael Goldberg said he would file a motion in federal court late Friday or early Monday to retain Los Angeles-based Houlihan Lokey to "assist us with the sale of Jay Peak Resort." He said the resort would be on the market "within a few weeks."
Goldberg took control of the resort in 2016 after the U.S. Securities and Exchange Commission accused former owner Ariel Quiros and his partner Bill Stenger of fraud. The SEC alleged Quiros and Stenger misused $200 million from foreign investors. Quiros was accused of personally profiting more than $50 million.
The EB-5 program offers green cards to foreign investors in exchange for investing in projects in the United States that create jobs. Stenger and Quiros raised some $350 million for projects at Jay Peak, at Burke Mountain Resort and in Newport.
Read more: https://www.burlingtonfreepress.com/story/news/2019/01/04/jay-peak-sale-resort-selects-investment-bank-help-sell/2485188002/
