Jay Peak set to open Saturday with financial challenges - WCAX.COM Local Vermont News, Weather and Sports-

Jay Peak set to open Saturday with financial challenges

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JAY, Vt. (AP) - Seven months after the Securities and Exchange Commission accused Jay Peak's owner and president of massive fraud, the ski resort is set to open for the season on Saturday with what the federal receiver overseeing it says is a $6.5 million shortfall.

In a court filing last week, the receiver says Jay Peak is expected to have lost that amount in the offseason. He says the resort typically loses money during the offseason but that a prudent operator would have built up cash during the winter season to get through it. He says that didn't happen because owner Ariel Quiros "wrongfully diverted millions of dollars."

Quiros' lawyer did not immediately return a phone call seeking comment. Former president Bill Stenger has settled his case with the SEC.

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