Miami businessman challenges SEC over Vermont projects

AP News
|
Posted: May 09, 2016 3:54 PM

MIAMI (AP) — A Miami businessman is asking a federal judge to allow him to resume operating projects in Vermont that a U.S. Securities and Exchange Commission lawsuit claims are fraudulent.

The SEC accuses Ariel Quiros in civil complaints of misusing some $200 million from investors and improperly diverting about $50 million for personal use. The projects at a Vermont ski resort include a biomedical research facility and rental cottages.

Attorneys for Quiros asked a federal judge Monday to reject an injunction blocking him from his businesses and also to unfreeze his assets. The SEC wants a receiver appointed permanently to take over.

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.