Vermont settles lawsuits from defrauded foreign investors for $16.5 million

The state of Vermont agreed to pay $16.5 million to settle pending and potential lawsuits by about 850 foreign investors defrauded in development projects at Jay Peak ski resort.
Two former executives misused over $200 million raised from foreign investors seeking U.S. residency.
Ariel Quiros, the resort's former owner, surrendered $80 million in assets and was sentenced to five years in prison.
William Stenger, the former president, served nine months in prison for his role in the scheme.
The settlement resolves all lawsuits against Vermont and protects the state from further financial liability.