Ski area developers to pay in immigrant investor fraud case

NEWPORT, Vt. (AP) — Vermont has settled a lawsuit against two ski resort developers accused of defrauding its immigrant investor program.

Attorney General T.J. Donovan announced Thursday former Jay Peak owner Ariel Quiros (KWEHR'-ohs), of Miami, will pay the state $2 million satisfied by transferring five properties to Vermont. Former Jay Peak president William Stenger will pay the city of Newport $100,000, earmarked for economic development.

The agreement is subject to court approval. If approved the state will drop its lawsuit against both men.

Quiros and Stenger were accused of misusing $200 million raised from foreign investors through the EB-5 visa program, which helps foreigners obtain permanent residency by investing in job-creating developments. They've reached settlements with the Securities and Exchange Commission.

Quiros' lawyer says he's happy to move toward putting this behind him. Stenger hasn't returned a call seeking comment.