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updated: 2/2/2018 11:58 AM

Businessman in skiing fraud case agrees to pay back $81M

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MONTPELIER, Vt. -- The Securities and Exchange Commission says a Miami businessman accused of massive fraud involving foreign investors' money in a Vermont ski area has agreed to pay back more than $81 million.

The SEC announced the settlement with Ariel Quiros Friday. It must be approved by a court.

The SEC says Quiros was accused of misusing more than $50 million in investor funds to buy another resort and to pay for personal expenses such as two luxury New York City condominiums. And companies that Quiros owned allegedly failed to contribute about $30 million in investor money toward construction at Jay Peak ski resort.

Quiros has agreed to give up ownership of the two condos, Jay Peak and Burke Mountain resorts and his stake in more than a dozen properties.

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