Vt. judge orders freeze of Quiros' assets

Published: Apr. 10, 2018 at 9:45 AM EDT
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A Vermont judge Monday issued an order to freeze the assets of Ariel Quiros, the alleged ringleader behind the alleged Jay Peak Kingdom Con scheme.

VT Digger reports the order by Judge Mary Miles Teachout was requested by state lawyers as part of its civil fraud case. The order applies to $8 million worth of property and other assets in Vermont including five properties in Jay, Troy and Burke. The newspaper reports the order also applies to eight additional properties in Florida, Colorado, Colombia, the Bahamas and Puerto Rico.

The state has argued that without the freeze, Quiros could spend down his remaining assets on other expenses.

Monday's order does not include Jay Peak, Burke Mountain and other assets that are part of an earlier $81 million settlement with the U.S. Securities and Exchange Commission.

Quiros and his business partner, Bill Stenger, were accused in 2016 of misusing more than $200 million raised from foreign investors through the federal EB-5 visa program. No federal criminal charges have been filed yet against Quiros.