Vermont Public Radio has found that, despite ongoing investigations, Gov. Peter Shumlin’s administration in 2015 allowed Jay Peak Resort to resume marketing securities to fund offshoot developments AnC Bio and Q Burke Mountain in northern Vermont.
The move that returned Jay Peak owner Ariel Quiros and president Bill Stenger to the international market came months after investors sent concerns of securities violations to the state. The men now face state and federal fraud charges, which they deny. The resorts remain open under federal receivership.
Officials say the decision was a “calculated risk” that included solid protections — for investors and the contractors halfway into constructing a $98 million hotel.