Former ski resort owner agrees to surrender airport hangar

File photo

MONTPELIER, Vt. (AP) A former Vermont ski resort owner accused of massive fraud involving foreign investors' money has agreed to surrender an airport hangar in Coventry.

Miami businessman Ariel Quiros reached a settlement with the U.S. Securities and Exchange Commission in February in which he agreed to pay back more than $81 million and surrender Jay Peak and Burke Mountain ski resorts and other property.

The Caledonian Record reports that the SEC says in a recent amended filing that Quiros mistakenly listed a property twice, so he has agreed to substitute it with the airplane hangar.

Quiros and then-Jay Peak president William Stenger were accused of misusing more than $200 million raised from foreign investors through a visa program. Stenger has agreed to pay a $75,000 penalty.

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