Crime and Justice

Jay Peak receiver says Stenger no longer working for resort

[M]ichael Goldberg, the receiver for the Jay Peak properties, has announced that Bill Stenger is no longer working at the resort.

Goldberg made the announcement to investors and creditors of Jay Peak Friday evening.

Stenger will provide assistance to the receiver on an “as-needed” basis. Under a no contest settlement with the Securities and Exchange Commission, the former CEO of Jay Peak agreed not to admit or deny allegations that he aided and abetted an alleged fraud scheme in which he and his business partner Ariel Quiros misused $200 million in investor funds and put the green cards of 700 immigrants in the EB-5 program at risk.

“This coincides with the opening of Burke Hotel and the stabilization of Jay Peak Resort and the recognition that his services are no longer needed on a full-time basis,” Goldberg wrote in a statement posted on the website. “We thank Bill for his assistance over the past few months.”

Stenger had been working full-time for the resort since the Securities and Exchange Commission filed charges against the former CEO of Jay Peak in April. In that role, he provided Goldberg and Leisure Hotel Resorts information about resort operations. Stenger was paid the equivalent of $100,000 annual salary over the past four and a half months.

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Anne Galloway

About Anne

Anne Galloway is the founder and editor of VTDigger and the executive director of the Vermont Journalism Trust. Galloway founded VTDigger in 2009 after she was laid off from her position as Sunday editor of the Rutland Herald and Times Argus. VTDigger has grown from a $16,000 a year nonprofit with no employees to a $2 million nonprofit daily news operation with a staff of 25. In 2017, Galloway was a finalist for the Ancil Payne Award for Ethics, the Al Neuharth Innovation in Investigative Journalism Award and the Investigative Reporters and Editors FOIA Award for her investigation into allegations of foreign investor fraud at Jay Peak Resort.

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