Jay Peak Receiver Settles Tax Dispute With Vermont Town

Law360 (August 20, 2018, 8:44 PM EDT) -- A Florida federal court has approved a settlement reached between the court-appointed receiver for the failed Jay Peak EB-5 project and the town of Jay, Vermont, on interest and penalties stemming from $2 million in property taxes paid late to the town.

The tax dispute arose from several projects that were part of a $350 million investment fraud scheme allegedly orchestrated by Miami-based businessman Ariel Quiros, who owned the Jay Peak ski resort in Vermont. The scheme defrauded more than 700 investors from 74 countries, according to the U.S. Securities and Exchange Commission, which sued Quiros and others.

Under the agreement,...

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