BURLINGTON, Vt. (WCAX) – Ariel Quiros, the Florida businessman prosecutors say was the mastermind behind the largest fraud case in Vermont history, was sentenced in federal court in Burlington Friday to serve five years in prison.
Quiros pleaded guilty two years ago to wire fraud, money laundering, and concealment of material information in the massive Ponzi scheme. Nine other charges were dropped in the plea deal.
Prosecutors say Quiros raised $450 million from out-of-state investors through the EB-5 program foreign investor program. It was supposed to go to economic development projects like AnC Bio and a conference center and hotel in Newport, but they were never built. That’s because $200 million was misspent covering expenses for other projects and Quiros pocketed $50 million for himself.
The former owner of Jay Peak Resort and Burke Mountain, has already surrendered more than $80 million in assets, including both resorts, to settle a civil case brought by the Securities and Exchange Commission. He is the last of three men to be sentenced in the criminal case. His two co-conspirators, William Kelly and Bill Stenger, were recently sentenced and got 18 months each.
Our Calvin Cutler was at the sentencing and will have more on the Channel 3 News starting at 4 p.m.
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