Ariel Quiros, known for pulling one of the largest Ponzi-like schemes ever in the state of Vermont, has pleaded guilty to charges of conspiracy to commit wire fraud, money laundering, and the concealment of material information, according to a report from the Associated Press.

Quiros and three of his associates were indicted over a failed plan to build a 134,000 square foot biotech lab to the town of Newport, located in the Northeast Kingdom area of the state. The entirety of the invested money came through the EB-5 visa program, which allows foreign investors the opportunity to put money into domestic projects in exchange at a chance for permanent U.S. residency.

However, the money raised through the program allegedly went directly to Quiros' personal accounts, leaving the town of Newport without the new facility, which would have brought a large number of jobs to the area, and left investors out several million dollars.

Though having pled not guilty in May of 2019 to 12 federal charges, Quiros entered his new plea at the beginning of August. With this new plea entered, nine of the charges against him have been dropped.

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Quiros is the former owner of Northeast Kingdom ski areas Burke Mountain and Jay Peak, both of which he had to let go as part of the ongoing legal actions and settlements. Both mountains are currently operating under the watch of Michael Goldberg, the appointed federal receiver who was recently able to secure the go-ahead for both mountains to take advantage of a $3.2 million Payroll Protection Loan due to COVID-19 issues. Goldberg is also overseeing attempts at selling both of the mountains.

Photo: The Sherburne Express quad chair at Burke Mountain - Credit: Tim Meyer for Ski Rex Media