Burke Mountain Hotel and Conference Center during his ribbon cup in September 2016.
By Timothy Mcquiston, Vermont Business Magazine The sale of Burke Mountain Resort was approved on Thursday April 24, 2025 by judge Darrin Gayles in an order from the United States district court for the southern Florida district. Gayles approved the sale of burkes in Bear Den Partners LLC for $ 11.5 million. The sale was the most notable persistent case involving Ariel Quiros, William Stenger and other entities associated with Mapping securities fraud to Jay Peak and Burke Mountain Resort. Quiros owned the two complexes.
Gayles wrote in part: “A private sale to the buyer is the only current viable alternative to preserve and capture the value of assets for the benefit of the succession of the reception. The purchase price constitutes the highest offer price received by the receiver for assets. ”
And: “the lease on the ground between Burke Mountain Resort And the state of the Vermont is in force and effect with all the options of option to expire on December 1, 2054. The state of the Vermont has already approved and executed an assignment to the buyer who eliminated an extremely important condition to close. »»
The case stems from an action in charge of Securities and Exchange Commission (SEC) against Ariel Quiros, William Stenger, and their companies affiliated for alleged fraud in securities provided in April 2016. The court appointed a recipient, Michael I. Goldberg, to manage and have assets in the field of creator session, which includes Burke Mountain Resort.
The action of the application of the dry against Quiros and Stenger, including Jay Peak and Burke Mountain Resort, arise from allegations of massive fraud involving the EB-5 immigrant program. This program allows foreign investors to obtain the American residence by investing in projects that create jobs in the United States.
Quiros and Stenger have been accused of having abused more than $ 200 million out of the $ 350 million in investors. These funds were intended for various development projects, including ski resort facilities and a biomedical research installation in Vermont. Instead, the SEC allegedly alleged that the funds had been diverted in a Ponzi type program to cover deficits in previous projects.
Quiros was also accused of using investors’ money for personal expenses, such as the purchase of a luxury condominium and the payment of its taxes.
The SEC charged the defendants to have violated the antifraude provisions of the federal laws on securities. The court froze its assets and appointed an receiver to manage and recover funds for the benefit of frauds investors.
Stenger finally served 10 months in prison with an 18 -month mandate and was released in March 2023. Quiros began to serve a sentence of five years in prison in July 2022.
Goldberg Finalize the sale, via the auctions, of the much larger Jay Peak Resort In September 2022 for $ 76 million at Pacific Group Resorts, Inc (PGRI).
The most important EB-5 investment in Burke is Burke Mountain Hotel and Conference Center. Goldberg published a statement in March describing the progress of the sale.
In this declaration, Goldberg contradicted the declarations of another buyer and said: “I now finalize a contract with a much more credible and financially capable buyer without any possibility and at a higher price. The success of Burke Mountain. Probably, this “other buyer” was Bear den Partners LLC.
The hotel, however, was not part of EB-5 fraud, according to the commissioner of the Vermont securities division, and now the treasurer of the State, Michael Pieciak. Pocketiak said in a 2023 Affidavit that the Burke Mountain Hotel $ 50 million was not included in the fraud case in April 2016 Because the investment funds of this project were distinct from Jay Peak projects and the money collected and spent were within the limits of the EB-5 investment agreement.
THE North Star Monthly Said that Ken Graham, president of Bear Den Partners, said that his group planned to invest $ 10 million in the short term and $ 20 million in the long term to make the station.
THE Burke Mountain Academyto which the world champion and the Olympic skiing Mikaela Shiffrin attended, is detained separately.
Burke Mountain Photo of the skimming event of the ponds.
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