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Resort turned $17.5 million of equity into loans without telling investors

When a group of wealthy immigrants learned Vermont ski resort Jay Peak had converted their $17.5 million worth of equity investments into loans — a transaction they were not told about until five months after the fact — investors were incensed. But resort officials defend the transaction, saying it was in the investors’ best interest. The state says they had every right to do it, and Sen. Patrick Leahy, D-Vt., stands behind the program that let them.

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