The Latest: Vermont governor thankful for help in fraud case

MONTPELIER, Vt. — The Latest on a ski resort owner who agreed to pay back $81 million he was accused of using illegally (all times local):

7 p.m.

Vermont Gov. Phil Scott has expressed his appreciation for the U.S. Securities & Exchange Commission's work investigating a ski resort owner who has agreed to pay back $81 million he was accused of using illegally.

Miami businessman Ariel Quiros was accused of massive fraud involving foreign investors' money in Vermont's Jay Peak ski area. He has agreed to give up ownership of two ski resorts and says he's pleased to be another step closer to resolving the claims against him.

The Republican governor and Democratic state Attorney General T.J. Donovan said Friday the SEC settlement with Quiros will provide a federal receiver with legal title to the Jay Peak Resort, the Burke Mountain Resort and other properties acquired by Quiros with investor money.

___

1 p.m.

The Securities and Exchange Commission says a Miami businessman accused of massive fraud involving foreign investors' money in a Vermont ski area has agreed to pay back more than $81 million.

The SEC announced the settlement with Ariel Quiros Friday. It must be approved by a court.

The SEC says Quiros was accused of misusing more than $50 million in investor funds to buy another resort and to pay for personal expenses such as two luxury New York City condominiums. And companies that Quiros owned allegedly failed to contribute about $30 million in investor money toward construction at Jay Peak ski resort.

Quiros has agreed to give up ownership of the two condos, Jay Peak and Burke Mountain resorts and his stake in more than a dozen properties.

Similar News

Teenager who scaled Trump Tower had past problems at home

Aug 11, 2016

A Virginia teenager who climbed partway up Trump Tower in New York City had a history of problems at home

Russia strikes IS-held city in Syria amid Aleppo fight

Aug 11, 2016

The Russian military sends long-range bombers to strike a series of IS targets in the group's de facto capital of Raqqa _ a fresh round of airstrikes that Syrian activists say killed at least 20 civilians

Average US 30-year mortgage rate ticks up to 3.45 percent

Aug 11, 2016

Long-term U.S. mortgage rates edged higher this week, though rates remain at historically low levels. Mortgage giant Freddie Mac says the average for the benchmark 30-year fixed-rate mortgage ticked up to 3.45 percent from 3.43 percent last week.

Broaden