This is an archived article that was published on sltrib.com in 2016, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Miami • A Miami businessman is going to federal court to challenge a U.S. Securities and Exchange Commission lawsuit claiming fraud in his Vermont projects.
The SEC accuses Ariel Quiros in civil complaints of misusing some $200 million from investors and improperly diverting about $50 million for his own use. The projects at a Vermont ski resort include a biomedical research facility, a hotel and rental cottages.
The SEC wants a receiver appointed to take over the project. At a hearing Monday, Quiros will ask a Miami judge to block that effort and also unfreeze his assets.
The money was raised from foreign investors through the federal EB-5 visa program, which allows U.S. residency for those who finance projects that create a certain amount of jobs.