The former owner of two Vermont ski resorts was sentenced Friday to five years in prison for his role in a failed plan to build a biotechnology plant using tens of millions of dollars in foreign investors’ money.
The sentencing of Ariel Quiros, former owner of Jay Peak and Burke Mountain, wraps up the largest fraud case in Vermont history.
During the hearing, prosecutors told U.S. District Judge Geoffrey Crawford that Quiros kept for himself an estimated $30 million to $37 million that had been intended for the construction of the biotechnology plant in Newport.
“This project was fiction from beginning to end,” Crawford said during the sentencing hearing.
A fourth man, a businessman in South Korea, remains at large.
Prior to being sentenced, Quiros apologized for his actions. “I deeply regret being involved in this case,” Quiros said.