Jay Peak CEO Barred From Using EB-5 Program

Law360, New York (September 22, 2016, 6:04 PM EDT) — A Florida federal judge signed off on a settlement agreement barring Jay Peak CEO William Stenger from selling securities through the EB-5 investor program on Wednesday, closing the book on the U.S. Securities and Exchange Commission’s claims he helped the resort’s owner take $50 million from visa-seeking foreigners.

Stenger did not admit or deny the allegations under his late August settlement agreement with the agency, but agreed not to appeal or further commit fraud under the Securities Exchange Act. Stenger will also be fined, though the…

Source: Law360