Receiver Hopes to Sell Burke This Year
The Northern Vermont resort has operated under receivership since 2016.
Wednesday, July 10, 2024,

Jay Peak EB-5

Burke Mountain could be sold by the end of the year, according to the court-appointed receiver. A similar statement was made one year ago, but did not come to fruition.

According to VTDigger, the receiver has received a bid that would be the basis for a future auction. The related Jay Peak auction process kicked into gear two years ago, with Pacific Group Resorts completing the acquisition that fall.

Located in northeastern Vermont, Burke features two high-speed quads that serve a vertical drop of 2,011 feet.

Jay Peak EB-5

The SEC took control of Jay Peak and Burke on April 13, 2016, alleging that Ariel Quiros and Bill Stenger were running a Ponzi scheme that was defrauding EB-5 investors. A Federal program created by Senator Ted Kennedy and championed by Senator Patrick Leahy, EB-5 allows immigrants to obtain a green card in exchange for investing $500,000 in a government endorsed business that creates ten jobs. In the case of the Jay Peak program, 20% to 25% of the investment was taken by developers and agents as fees. Stenger was released from prison on May 8, 2023, while Quiros is at Pensacola FPC prison with an expected release date of December 16, 2025.

No government officials involved in the EB-5 immigrant investment scheme have been charged.

According to VTDigger, the receiver and associated consultants have collected nearly $12 million for their services thus far.

  • Court-appointed receiver aims to sell Burke Mountain ski resort by year’s end - VTDigger External link

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  • Former Jay Peak Owner Sentenced to Prison - April 29, 2022
  • Former Jay Peak CEO to Plead Guilty - August 11, 2021
  • Former Jay Peak Owner Pleads Guilty to Federal Charges - August 14, 2020
  • Former Jay Peak, Burke Owners Indicted - May 22, 2019
  • Sale of Jay Peak and Burke Mountain Delayed - August 14, 2018
  • Vermont Settles with Quiros, Stenger over Jay Peak, Burke Scheme - July 12, 2018
  • Receiver: Jay Peak and Burke To Be Sold This Year - February 15, 2018
  • Quiros Surrenders Jay Peak and Burke in SEC Settlement - February 2, 2018

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