BURLINGTON, Vt. (Legal Newsline) – Investors in projects at ski resorts in the state allege they were damaged by a scheme and are seeking to recover their losses.
Almasood Qureshi, Alexandre Daccache, Carlos Enrique Hiller Sanchez, Phillip Calderwood, Jose Antonio Pietri, Jose R. Casseres-Pinto and Tongyi Wang filed a complaint on behalf of themselves and all others similarly situated on Oct. 5 in the U.S. District Court for the District of Vermont against People's United Financial Inc., et al. alleging aiding and abetting fraud and other counts.
According to the complaint, the plaintiffs allege that they represent a proposed class of 837 investors who invested more than $400 million for projects at the Jay Peak and Q Burke ski resorts in Vermont. The plaintiffs allege the defendants should be held accountable for their "knowing facilitation of a Ponzi-like scheme run through the resorts and masterminded by Ariel Quiros." The suit states the U.S. Securities and Exchange Commission filed an action against Quiros in 2016.
The plaintiffs hold People's United Financial Inc., et al. responsible because the defendants allegedly concealed Quiros' wrongdoing and/or substantially assisted the Jay Peak scheme.
The plaintiffs request a trial by jury and seek compensatory damages, punitive damages, pre- and post-judgment interests. They are represented by Lisa B. Shelkrot of Langrock Sperry & Wool LLP in Burlington, Vermont and others.
U.S. District Court for the District of Vermont case number 2:18-cv-00163-CR