Burke Mountain Resort, which was at the center of the EB-5 scandal, is officially under new ownership after nearly a decade of federal receivership.Northeast Kingdom-based Bear Den Partners ownership group completed the purchase of the resort Friday, according to a media release. The group is comprised of several local families as well as Burke Mountain Academy.A federal judge approved the $11.5 million sale of the resort to Bear Den Partners last month.The purchase means Burke Mountain will remain independent of corporate oversight.Burke Mountain has been held in federal receivership since 2016 following the fallout of the EB-5 scandal. During that incident, foreign investors were defrauded of billions of dollars. That case, which became one of the biggest fraud scandals in Vermont’s history, also involved Jay Peak and AnC Bio Vermont. Ultimately, three Jay Peak officials pleaded guilty to the felony charges against them. Ariel Quiros was sentenced to five years behind bars, Bill Kelly was sentenced to 18 months and Bill Stenger received a sentence of 18 months in prison.There will be a press conference on Tuesday, May 6, to announce additional details about the purchase.
Burke Mountain Resort, which was at the center of the EB-5 scandal, is officially under new ownership after nearly a decade of federal receivership.
Northeast Kingdom-based Bear Den Partners ownership group completed the purchase of the resort Friday, according to a media release. The group is comprised of several local families as well as Burke Mountain Academy.
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A federal judge approved the $11.5 million sale of the resort to Bear Den Partners last month.
The purchase means Burke Mountain will remain independent of corporate oversight.
Burke Mountain has been held in federal receivership since 2016 following the fallout of the EB-5 scandal. During that incident, foreign investors were defrauded of billions of dollars. That case, which became one of the biggest fraud scandals in Vermont’s history, also involved Jay Peak and AnC Bio Vermont.
Ultimately, three Jay Peak officials pleaded guilty to the felony charges against them. Ariel Quiros was sentenced to five years behind bars, Bill Kelly was sentenced to 18 months and Bill Stenger received a sentence of 18 months in prison.
There will be a press conference on Tuesday, May 6, to announce additional details about the purchase.
