Jay Peak Inc. Busted By SEC As A Ponzi Scheme

Wow this is crazy. The owners of Jay Peak resort in Vermont are being charged with fraud by the SEC because they took money from foreign investors and misappropriated its use.

“Investors were told they were investing in one of several projects connected to Jay Peak Inc., a ski resort operated by Quiros and Stenger, and their money would only be used to finance that specific project.  Instead, in Ponzi-like fashion, money from investors in later projects was misappropriated to fund deficits in earlier projects.  More than $200 million was allegedly used for other-than-stated purposes, including $50 million spent on Quiros’s personal expenses and in other ways never disclosed to investors.” – SEC Press Release

Looks like these guys are going down! Yikes!

Here’s a press conference of VT Governer Peter Shumlin from Vermont news station WCAX:

WCAX.COM Local Vermont News, Weather and Sports-

Via Unofficial