Quiros ordered to pay millions for alleged Kingdom Con
The man at the center of the alleged Kingdom Con has been ordered to pay big bucks to the feds.
The Securities and Exchange Commission ordered penalties today against Ariel Quiros, the former owner of Jay Peak.
Regulators had alleged fraud in a complicated scheme to use the EB-5 visa program to fund the resort's massive expansion.
Now, the SEC says Quiros must pay $81 million in assets and a $1 million cash penalty.
Bill Stenger, the Vermont-based former co-owner of the resort, was ordered to pay $75,000 for negligence in the case.
A federal criminal investigation into the big swindle is still underway. The state is proceeding to build its case.
Gov. Phil Scott, R-Vermont, and Attorney General T.J. Donovan released a joint statement saying they are committed to pursuing and seeking maximum financial justice for Vermonters.
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