For eight years, Ariel Quiros lorded over a slate of Vermont real estate projects that raked in more than $350 million in capital from rich foreigners aiming to obtain green cards for themselves and their family members through the U.S. government’s EB-5 visa program.
Now the Key Biscayne-based entrepreneur is set to relinquish what’s left of his stake in ski resorts Jay Peak and Burke Mountain and six other New England developments to settle a U.S. Securities and Exchange Commission civil complaint that accused him of misusing $200 million of those foreign investments, including $50 million on personal use.
On Oct. 19, U.S. District Judge Darrin Gayles granted preliminary approval of the proposed settlement which calls for Quiros to waive any rights in entities that still partially own the projects. The waiver will “pave the way” for the projects to be sold so the proceeds can be used to repay duped investors, according to a motion filed by the court-appointed receiver, Akerman shareholder Michael I. Goldberg. Quiros has already turned over $81 million in assets he was ordered to surrender in February, the motion states.
“My client’s position is that he has been working hard with the SEC and the receiver to put everything behind him to the best extent possible,” Quiros’ lawyer, Melissa Damian Visconti, told Florida Bulldog. “Our efforts have been directed in cooperating and settling.”