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Jay Peak Ski Resort in Vermont Overcomes Financial Scandal


The Jay Peak resort in Vermont is renowned for its Jay Cloud, a mythical storm cloud that delivers the best snow in the region. However, the resort’s reputation was tarnished by a massive financial fraud perpetrated by its former owners, Bill Stenger and Ariel Quiros, who defrauded foreign investors of $200 million in a Ponzi-like scheme. The resort was seized by the Securities and Exchange Commission in 2016, but emerged from federal receivership in 2022 under new ownership.

Despite the scandal, Jay Peak has thrived, with new hotels, a water park, and other amenities attracting visitors. However, promises of job creation and economic development in the impoverished Northeast Kingdom region fell short. While the resort itself has seen significant growth, neighboring areas like Newport still struggle with economic challenges.

The scandal surrounding Jay Peak did not deter visitors, as the resort experienced record skier visits even during the pandemic. The new owners plan to maintain the resort’s unique vibe while continuing to offer a mix of skiing and non-skiing activities. The mountain’s expansive glades and natural snow trails make it a popular destination for skiers seeking a more adventurous experience.

Overall, Jay Peak has weathered the storm of scandal and the challenges of the pandemic, continuing to attract visitors with its powder, challenge, and modern amenities. Despite its troubled past, the resort remains a popular destination for skiing enthusiasts seeking a unique and memorable experience in Vermont’s Northeast Kingdom.

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Photo credit www.nytimes.com

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