Quiros can use IRS refund on taxes, $15,000-a-month expenses

A federal judge is letting Jay Peak owner Ariel Quiros use a nearly $1 million tax refund to pay his $15,000-a-month living expenses as well as taxes and other bills for his properties not under receivership.

Quiros last week agreed not to challenge investor fraud allegations in a U.S. Securities and Exchange Commission case stemming from a series of developments at the ski resort and in nearby northern Vermont towns.

The SEC and attorneys for Quiros are negotiating how much, if anything, Quiros should pay in damages and penalties. The SEC alleges Quiros and Bill Stenger, the resort’s former president, misused $200 million of the more than $350 million they raised through the EB-5 visa program to fund those projects.

A court-appointed receiver recently requested that Quiros be allowed to use part of a $942,000 tax refund to cover his living expenses. Besides granting that request, the judge ruled the tax refund can be used to pay the roughly $216,000 Quiros owes in taxes, lease payments or maintenance fees for certain property he owns or controls.

Read more: https://vtdigger.org/2017/08/30/quiros-can-use-irs-refund-taxes-15000-month-expenses/#.WakwlMaQzRY