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Ski resort receiver ends relationship with former president

June 1, 2019

BURLINGTON, Vt. (AP) — The federal receiver overseeing a Vermont ski resort has ended its relationship with a former president accused of fraud.

Receiver Michael Goldberg says former Jay Peak president William Stenger is no longer an independent contractor of Jay Peak or the receivership estate.

Goldberg’s Friday announcement says it wouldn’t be appropriate to retain Stenger in light of a recent indictment over a failed plan to build a biotech facility using foreign investors’ money.

Fraud charges filed this month allege Stenger and others conspired to embezzle investors’ funds and deceive them about the project’s number of jobs and its ability to generate revenue.

But Goldberg says the termination doesn’t signal he believes Stenger did anything wrong.

Goldberg says a professional forensic accounting failed to uncover any funds wrongfully diverted to Stenger.

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