The latest investigation into Jay Peak resort by Vermont Public Radio and independent journalist Hilary Niles has found that, despite ongoing inquiries, Gov. Peter Shumlin’s administration allowed Jay Peak Resort to resume marketing securities to fund developments in northern Vermont. 

The move that returned Jay Peak owner Ariel Quiros and president Bill Stenger to the international market came five months after investors sent concerns of securities violations to the state. The men now face state and federal fraud charges, which they deny. The resorts remain open under federal receivership.

Officials say the decision was a “calculated risk” that included solid protections — for investors and the contractors halfway into constructing a $98 million hotel.