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71-577: Jay Peak Resort is an American ski resort located on Jay Peak in the northern Green Mountains , between Jay , Vermont and Montgomery Center , Vermont. Its vertical drop of 2,153 feet (656 m) is the eighth largest in New England and the fifth largest in Vermont. Although mostly located in the town of Jay, part of the resort, including the summit of Jay Peak, the Jet Triple Chair area, and much of

142-480: A 418 acres (169 ha) parcel of nearby undeveloped forest back to the state and sold 166 acres (67 ha) to the Green Mountain Club to ensure that the nearby 3.5 miles (5.6 km) of Long Trail would have a permanent buffer from ski-area development. In 2010, $ 13 million worth of improvements at Jay were completed including an indoor ice arena, a parking garage, an enclosed beginners surface lift, and

213-400: A Nazi salute. As of 2024, the mountain offers 81 trails covering nearly 385 acres (156 ha) of skiable terrain. About two dozen of these are off-piste tree-skiing areas, or glades, covering approximately 100 acres (40 ha). Jay Peak is home to the "Face Chutes," arguably the most challenging and steepest marked terrain in the east with an average slope of 56.5 percent (almost 30°) and

284-524: A basic first aid facility, and some kind of ski patrol service to ensure that injured skiers are rescued. The ski patrol is usually responsible for rule enforcement, marking hazards , closing individual runs or areas as conditions require, and removing (dismissing) dangerous participants from the area. The typical ski area base includes a ticket office, ski lodge , ski school , equipment rental/repair shop, restaurant/bar, shopping, shuttle bus stop and parking. Some ski resorts offer lodging options on

355-635: A derivation of the Old Norse skíð via Norwegian , the choice of French is likely attributed to the early popularity of such activities in the French Alps , with which it was then linked. As rising temperatures, receding glaciers and declining snowfall affect the environment, resort development and operations also have an environmental impact on land, lakes, streams, and wildlife. Amenities and infrastructure such as concrete buildings, ski lifts, access roads, parking lots, and railways have contributed to

426-482: A golf course in 2004–2006, without a permit from the U.S. Army Corps of Engineers . This was the same event for which the resort had paid a fine to the state in 2007. Over the ensuing years, the resort repeatedly postponed plans to expand its skiing terrain to a new area to be known as the West Bowl; it is not clear whether the resort ever obtained the support of the state to conduct the necessary cutting and construction in

497-406: A maximum slope of 73.9 percent (37°). The "Face Chutes" consist of four skiable lines, the most challenging being the 3 lines to skier's right, all of which are extremely narrow and include a mandatory cliff drop. The ski area is known for its gladed skiing. Jay Peak has a lift fleet consisting of an aerial tram , six chairlifts and two magic carpet surface lifts . It is one of two ski resorts on

568-614: A new RFID ticketing system. The old Hotel Jay was razed and replaced with a new 170-room hotel. The new facilities also include a spa, conference center, movie theatre and 33,000 square feet (3,066 m) water park . Also in 2010, Yankee magazine named Jay as the best ski resort in New England. In 2011, the resort agreed to pay an $ 80,000 fine to the United States Environmental Protection Agency for filling in 2 acres (0.81 ha) of wetlands to construct

639-439: A per capita tax load of $ 5,387, 14.1% of the per capita income of $ 38,306. Vermont collects personal income tax in a progressive structure of five different income brackets, with marginal tax rates ranging from 3.6% to 9.5%. In 2008, the top one percent of the residents provided 30% of the income tax revenue. 2,000 people had sufficient income to be taxed at the highest marginal rate of 9.5%. Vermont's general sales tax rate

710-481: A small lodge at the summit where the aerial tram terminates. There are also hotel facilities and a large number of ski-in/ski-out condominium units on the lower part of the mountain. Features at Jay include a league-sized hockey rink, the Ice Haus, with room for 700 spectators. Next to it is a 220 space parking garage, where 80% of the slots are covered. In 2011, an indoor water park named The Pump House opened. It features

781-648: A town meeting can opt for a city form with a mayor and city council . Towns and cities may also have town managers and mayors responsible for the management of municipal affairs. Cities also have a board of aldermen in place of a selectboard. There are three types of incorporated municipalities in Vermont, towns, cities and villages. As in the other New England states, towns are the basic unit of municipal government. Cities are independent of and equivalent to towns. Villages are included in towns but assume responsibility for some municipal services within their boundaries, usually water, sewage and sometimes local roads. Vermont

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852-407: Is 6%, which is imposed on sales of tangible personal property, amusement charges, fabrication charges, some public utility charges and some service contracts (some towns and cities impose an additional 1% Local Option Tax). There are 46 exemptions from the tax which include medical items, food, manufacturing machinery, equipment and fuel, residential fuel and electricity, clothing, and shoes. A use tax

923-446: Is a term for entertainment, nightlife or social events that occur specifically at ski resorts. These add to the enjoyment of resort-goers and provide something to do besides skiing and snowboarding . The culture originated in the Alps, where it is most popular and where skiers often stop at bars on their last run of the day while still wearing all their ski gear. Though the word "ski" is

994-451: Is also used, particularly in Europe, for a skiing facility which is not located in or near a town or village. A ski resort which is also open for summer activities is often referred to as a mountain resort . Ski areas have marked paths for skiing known as runs, trails or pistes . Ski areas typically have one or more chairlifts for moving skiers rapidly to the top of hills, and to interconnect

1065-555: Is composed of 30 state senators, while the House of Representatives has 150 members. State legislators are paid $ 536 per week while the legislature is in session plus $ 87 per diem. With the current estimated population of Vermont from the last U.S. Census , there is approximately one Representative for every 4,059 residents. The Executive Branch consists of the Governor of Vermont , and state agencies. The executive branch enacts and enforces

1136-449: Is due, in part, to Vermont (and New England's) practice of assuming the functions, and therefore the budgets of the county government which is nearly non-existent. In 2008, there were 8262 people working for the government. The average salary of a state employee was $ 50,014 in 2008. In 2010, state employees agreed to take a 3% cut in salary and wages so that the government could balance the budget. There are three levels of bureaucracy: at

1207-472: Is imposed on the buyer at the same rate as the sales tax. The buyer pays the use tax when the seller fails to collect the sales tax or the items are purchased from a source where no tax is collected. The use tax applies to items taxable under the sales tax. Vermont does not collect inheritance taxes ; however, its estate tax is decoupled from the federal estate tax laws and therefore the state still imposes its own estate tax. Property taxes are imposed for

1278-556: Is one of only nine states without an intermediate appellate court. Appointments to the state supreme court, superior court, and district courts are made by the governor, from a list of names submitted by the state's Judicial nominating committee and then are confirmed by the Senate. At the end of each six-year term, the General Assembly votes by joint ballot (each member, senator or representative, getting one vote) on whether to retain

1349-404: Is the only New England state with incorporated villages. As is the case in most of New England, nearly every square foot of the state is within the borders of an incorporated municipality; only a few hundred people live in the unincorporated gores. In 2010, as a result of a Homeland security grant for Operation Stonegarden, various local city police throughout the state were used to help patrol

1420-485: Is the use of side judges , elected laymen who sit with the judge in certain cases and also serve as county administrators. Vermont is the only state in the union not to have a balanced budget requirement and yet Vermont has had a balanced budget every year since 1991. In 2007, Moody's Investors Service gave its top rating of AAA to the state. The state uses enterprise funds for operations that are similar to private business enterprises. The Vermont Lottery Commission,

1491-599: The Canada–US border area for illegal immigrants . The money was managed by the Vermont State Police . In most New England states, municipal governments derive all of their power from the state, though in practice the laws regarding their authority are so broadly construed that they have the form, if not the substance, of home rule . This is not the case in Vermont. Towns and cities in Vermont are subject to Dillon's Rule , which holds that municipal governments only have

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1562-751: The Government of the United States . The Constitution of Vermont is the supreme law of the state, followed by the Vermont Statutes . This is roughly analogous to the Federal United States Constitution , United States Code and Code of Federal Regulations respectively. Provision is made for the following frame of government under the Constitution of the State of Vermont: the executive branch ,

1633-803: The US Senate . Federal court cases are handled in the United States District Court for the District of Vermont , which are subject to review by the Second Circuit Court of Appeals headquartered in New York City . By law judges and attorneys are nominated by the President and confirmed by the Senate. There is at least one agency which is jointly run by the Legislative and Executive branches. This

1704-550: The Zrankings ski resort data site calculates it at 322 inches, excluding October and May snow, writing: "Jay Peak's location near the northern tip of the Green Mountains and its proximity to large bodies of water means it often catches moist air. As this moist air is forced upwards by the mountain's topography, it cools and condenses, leading to snowfall, a process known as orographic lift . The resort has two base lodges and

1775-502: The legislative branch , and the judicial branch . All members of the executive and legislative branch serve two-year terms including the governor and senators. There are no term limits for any office. The Vermont state capital is Montpelier . In 1791, Vermont joined the United States as the fourteenth state . An in-depth evaluation of government in 2008 ranked Vermont high compared to other states. It ranked highest in "small discrete issues and huge global ones." It performed poorly in

1846-411: The urbanization of mountainous zones. In recent years, the use of snow cannons by many ski resorts has increased to compensate for reduced levels of snowfall. In order to sustain good quality snow coverage, snowmaking requires large amounts of water and sometimes the creation of artificial lakes . Snow cannons also introduce a noise element. The required infrastructure can affect erosion through

1917-422: The 1777 Constitution prohibited slavery and indentured servitude and provided for universal male suffrage , with no property ownership requirement for voting rights. It also set forth broad protections of religious freedom and conscience while erecting a strong separation between church and state by prohibiting establishment or promotion of any faith by the government or compulsion to worship. The "Declaration of

1988-471: The 1950s by its first ski school director/general manager, Walter Foeger, an Austrian and former racer who had previously trained the Spanish Olympic ski team. In 1968 Weyerhaeuser invested $ 300,000 in the predecessor organization, Jay Peak, Inc., and loaned it $ 2.2 million. A 48-room hotel was built in the mid-1970s. In 1978 Mont Saint-Sauveur International , a Canadian firm, bought the resort. In 2006,

2059-598: The Big Jay backcountry descent, is located in the town of Westfield, Vermont , to the south. The northernmost part of the resort is just 4 miles (6.5 km) south of the Canada–United States border , above which is the Province of Quebec . The resort opened for skiing in 1957 and later expanded to year-round activities. The mountain offers 81 trails served by nine lifts. It receives the most snowfall of any ski area in

2130-559: The Democratic Lieutenant Governor Howard Dean succeeded him for the remainder of that term. In addition to the Governor and Lieutenant Governor, Vermonters elect four other officials on a statewide ballot: Secretary of State , State Treasurer, Vermont Auditor of Accounts , and Attorney General . The executive branch had about 8,000 employees in 2005, making it the largest employer in the state. This high number

2201-625: The Liquor Control Fund, and the Unemployment Compensation Trust Fund, are the largest of the State’s enterprise funds. In 2007 Vermont stood 14th highest out of 50 states and the District of Columbia for state and local taxation, with a per capita load of $ 3,681. The national average was $ 3,447. However, CNNMoney ranked Vermont highest in the nation based on the percentage of per capita income. The rankings showed Vermont had

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2272-728: The Northeastern U.S. and is known for its gladed skiing . In 2008, Jay Peak Resort was purchased by a group of investors headed by Ariel Quiros and the resort's CEO, Bill Stenger. They raised money from EB5 investors and undertook a major expansion of the resort's facilities, adding, among other things, new hotels, condos, an ice rink and a water park . In 2016, Jay Peak and another Vermont mountain, Burke Mountain Ski Area , were seized by U.S. government officials amid investigations regarding fraudulent offerings of securities. Quiros and Stenger pleaded guilty and received prison sentences. The resort

2343-490: The Peace elected from each municipality within the county. Unlike other states, Vermont counties are not responsible for a road network, old-age homes, or other infrastructure or services. All county services are directly funded by the state via property taxes levied within the constituent towns. Internally, Vermont's 254 municipalities comprise ten cities , 237 towns and five unincorporated gores, governed by guidelines set by

2414-800: The Rights of the Inhabitants of The State of Vermont" is believed to have been a model for France's Declaration of the Rights of Man and of the Citizen later. Vermont's state legislature is the Vermont General Assembly , a bicameral body composed of the Vermont House of Representatives (the lower house ) and the Vermont Senate (the upper house ) meet at the Vermont State House . The Senate

2485-467: The commissioners range from $ 83,387 to $ 121,596 annually. The bureaucracy is structured as follows: The governor, with approval of the legislature, appoints people to boards. Six boards govern the following commissions: a) Banking, Insurance, Securities, and Health Care Administration; b) Education - Run by Vermont State Board of Education; c) Labor; d) Liquor Control; e) Public Safety; and f) Public Service (advocacy). The remaining commissions are under

2556-552: The defrauded EB-5 investors, representing about 40% of their original investments. The transaction was completed in November 2022. Pacific stated that it had no plans to make "major changes" to winter operations at the resort. In February 2024, five Jay Peak Resort employees working in the water park under the J-1 visa program were fired by the resort after posting a photo of themselves on social media wearing home-made Swastika armbands and giving

2627-571: The dollars raised for his personal use and that Stenger had lied to investors and the SEC about, among other things, the status of some of the construction projects, some of which were never built, including a biotechnology plant in Newport, Vermont. On April 14, 2016, Jay Peak and Burke Mountain were seized by U.S. government officials. The resort remained operational under management of an SEC-designated receiver , Michael Goldberg, and acting CEO Steve Wright, who

2698-492: The east coast that has and aerial tram, the other being Cannon Mountain in New Hampshire . The mountain has a total uphill capacity of approximately 12,820 skiers/hour. The oldest of the lifts, the 60-person aerial tramway , also known as the "tram", is the only one of its type in the State of Vermont. This tramway was originally installed in 1966 by Von Roll and upgraded in 2000 with new cabins from Garaventa . In 1985,

2769-498: The existence of the $ 18 million already raised by Mount Saint-Sauveur through the EB-5 program. He persuaded the sellers to put the funds into an account at Raymond James Financial , which employed his son-in-law, who helped to retitle the accounts in Quiros' name immediately before the closing of the sale of Jay. They transferred the funds to other accounts, misusing the EB-5 funds to pay part of

2840-467: The following agencies along with various departments as indicated: There are more than 100 transportation-related fees in the state including the usual drivers licenses and vehicle registration. Among other functions, the Department of Financial Regulation (DFR) regulates individual budgets for Vermont's fourteen hospitals. They approved an average increase for 2007 of 6.3%. The average increase for 2008

2911-472: The forest. By 2014, some EB-5 investors had complained to the Vermont Department of Financial Regulation (DFR) and the U.S. Securities and Exchange Commission (SEC) that the resort company had abruptly reclassified their investments. The investigators found the resort company's answers to their questions about the use of the funds to be evasive. They eventually found that Quiros had diverted millions of

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2982-513: The highest are secretaries and agencies; the next level are commissions; the third are departments and offices. Some commissions still retain their old name of "Department", as well as agencies, e.g. "Department of Transportation" is an agency. There are seven agencies run by appointed secretaries: Administration, Vermont Agency of Agriculture Food and Markets (Agriculture), Commerce and Community Development , Digital Services, Human Services , Natural Resources, and Transportation . The salaries of

3053-666: The highest in the country for property taxes. Chittenden ($ 3,809 median), Windham ($ 3,412), Addison ($ 3,352), and Windsor ($ 3,327) ranked in the top 100, out of 1,817 counties in the nation with populations greater than 20,000. Twelve of the state's 14 counties stood in the top 20%. To equitably support education, some towns are required by Act 60 to send some of their collected taxes to be redistributed to school districts lacking adequate support. The state collects 86 cents per $ 100 of real estate valuation for residential properties and $ 1.35 per $ 100 for commercial and vacation properties. In an attempt to raise money and discourage smoking,

3124-454: The incentive of the EB-5 program. Under this visa program, every $ 500,000 invested in the U.S. that results in ten new jobs gains the investor permanent U.S. residence. Separately from that program, but as part of its ongoing planning, the resort engaged in a three-way swap with the State of Vermont in 2010. The State deeded 59.8 acres (24.2 ha) to the resort. The resort relinquished its lease to

3195-420: The increased area of impervious surfaces , redirecting the flow of water runoff . Many resorts are taking steps to reduce their energy and water consumption and waste production, increase recycling, and restore habitats. Initiatives aimed at addressing environmental concerns include: Government of Vermont#Executive branch The government of Vermont is a republican form of government modeled after

3266-484: The issues in-between and planning for the future. The Vermont Constitution guarantees broad rights for its citizens. Adopted in 1793, it contains in its first article ("Declaration of the Rights of the Inhabitants of the State of Vermont") a far-reaching bill of rights , one of the most extensive in the world at the time of its adoption. Predating the ratification of the United States Bill of Rights by 14 years,

3337-464: The judge or justice (known as a judicial retention vote ). Judges on lower courts are elected on a partisan ballot. The Vermont Constitution spells out the process of judicial appointment and retention in Chapter 2, Sections 32 through 35, 50 and 51. Vermont is one of twelve states that have no death penalty statute. After 1930, there were four executions, the last two being in 1954. Capital punishment

3408-486: The laws of the state. The Governor is the supreme executive. The current Governor is Phil Scott , a Republican . The offices of the Governor are located at The Pavilion in Montpelier , the state capital. The governor is paid a salary of $ 181,646.40 annually. Vermonters elect a state governor and lieutenant governor on separate tickets. For example, when Republican Governor Richard Snelling died in office in 1991,

3479-469: The lifts, an RFID system scans a chip embedded in a plastic card which is typically held in the skier's pocket. The summit is at an elevation of 3,968 feet (1,209 m), with a 2,153 foot (656 m) vertical drop. Jay Peak has the largest average annual snowfall of any ski area in Eastern North America. The resort states its annual snowfall at 359 inches (9.1 metres), while

3550-505: The longest "lazy river" in Vermont. The resort also has a cross-country ski center , a recreation center with climbing walls and a movie theatre, athletic fields, and an 18-hole golf course. Ski resort Ski resorts are located on both Northern and Southern Hemispheres on all continents except Antarctica . They typically are located on mountains , as they require a large slope. They also need to receive sufficient snow (at least in combination with artificial snowmaking , unless

3621-448: The lottery went to the state government's general fund, but since then all profits are required to be spent on education. As in most of New England, Vermont counties have very few autonomous functions. Counties serve mainly as dividing lines for county and state courts, with several countywide elected officers such as a State's Attorney , two Assistant Judges, Probate Judge , Sheriff , and High Bailiff , and five to fifteen Justices of

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3692-403: The powers that are expressly granted to them by Vermont or federal law, plus any powers that are necessarily implied by the express powers and any powers essential to the municipality's existence. Vermont is one of ten states that does not grant municipalities even limited home rule, and one of three "strict" Dillon's Rule states which impose particularly close limits on municipal power. As in

3763-430: The purchase price; they used more EB-5 funds raised later to complete the payments owed to Mount Saint-Sauveur. The new resort company's plan was to invest $ 100 million in capital improvements for the resort over the next few years. The resort company raised $ 250 million by 2010, for improvements at Jay and other nearby projects and purchases, including Burke Mountain Ski Area , from 250 investors from 43 companies through

3834-413: The receivership, from $ 2 million to $ 10 million annually. In September 2022, after operating the resort for more than six years, Goldberg conducted an auction of the resort in which the winner was Pacific Group Resorts, Inc. of Park City , Utah, with a bid of $ 76 million. The sale was approved by the federal court, which ordered that approximately $ 70 million of the purchase funds were to be distributed to

3905-410: The resort employed 550 people in the winter, 100 in the summer. The following year, the resort agreed to pay the State of Vermont $ 105,000 for violating stormwater rules in polluting a stream while building a new golf course. Despite a drop in skier visits statewide during the 2006–2007 season, Jay Peak saw a record year with skier visits up 7%. In 2007–2008, the resort reported a record 320,000 skiers for

3976-732: The resort purchased the Jet Triple chair from Doppelmayr to replace a T-Bar. This was followed in 1987 with the purchase of the Bonaventure Quad which replaced a double chairlift. In 1999 the resort removed the Green Mountain Double chair, which had serviced the north side of the mountain for 30 years, and replaced it with the Green Mountain Flyer (dubbed the "Green Mountain Freezer" by skiers because of its notoriously cold ride due to

4047-606: The resort uses dry ski slopes ). High concentrations of ski resorts are located in the Alps , Scandinavia , western and eastern North America , and Japan . There are also ski resorts in the Andes , scattered across central Asia , and in Australia and New Zealand . Extreme locations of non-indoor (at least one ski lift outside) ski resorts include: The ski industry has identified advancing generations of ski resorts: The term ski station

4118-510: The rest of the United States, the state government does not take direction from the federal government. However, the people of Vermont elect representatives to the federal government which pass federal laws and also recommend federal judicial appointments each of which may ultimately affect Vermont citizens. Based on U.S. census data, Vermont has had one member in the House of Representatives since 1933. Like all states, Vermont has two senators in

4189-538: The secretaries range from $ 109,000 to $ 128,169 annually. There are 21 commissions run by individual appointed commissioners: Aging and Independent Living, Buildings and General Services, Children and Families , Corrections, Disabilities, Economic Development, Education , Finance, Financial Regulation, Fish and Wildlife, Forests, Health, Human Resources, Information and Innovation, Labor, Liquor Control , Mental Health, Motor Vehicles , Parks and Recreation, Public Safety, Public Service , Taxes, and Tourism. The salaries of

4260-413: The slopes themselves, with ski-in and ski-out access allowing guests to ski right up to the door. Ski resorts often have other activities, such as snowmobiling , sledding , horse-drawn sleds , dog-sledding , ice skating , indoor or outdoor swimming and hot tubbing , game rooms, and local forms of entertainment, such as clubs, cinema, theaters and cabarets . Après-ski (French for after skiing )

4331-469: The state raised taxes on cigarettes over the past decade. The tax in 2002 was 93 cents per pack; in 2010 it was $ 2.24 per pack. This resulted in cigarette revenue in 2002 of $ 24.5 million; $ 64.5 million in 2010. Money from the Vermont Lottery supplied about 2% of the annual expenditures for education in 2007, contributing $ 23 million, of the $ 1.3 billion of school spending. Prior to 1998, profits from

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4402-413: The state statutes and constitution. Towns govern themselves by direct citizen participation via town meeting . Between town meetings, town affairs are managed by a selectboard or a town manager. Additionally, an elected town clerk keeps track of the town's records, manages licenses, convenes civil boards, and runs elections. As in most of New England, any town that grows too large to be governed by

4473-401: The strong winds blowing on it), the mountain's first high-speed detachable chairlift . The other five lifts serve the lower mountain terrain. In May 2016 the state raised concerns over the safety of the aerial tramway, which resulted in $ 4.5 million worth of electronic upgrades and carriage overhauls. The capacity of the two tram cars was reduced from 60 to 45 at this time. To gain access to

4544-567: The support of education and municipal services. Vermont does not assess tax on personal property , though individual towns or cities can opt to do so. Property taxes are levied by municipalities based on fair market appraisal of real property. Rates vary from .97% on homesteaded property in Ferdinand, Essex County, to 2.72% on nonresidents' property in Barre City. Statewide, towns average 1.77% to 1.82% tax rate. In 2007, Vermont counties were among

4615-499: The various trails. Rope tows can also be used on short slopes (usually beginner hills or bunny slopes). Larger ski areas may use gondola lifts or aerial tramways for transportation across longer distances within the ski area. Resorts post their trail map illustrating the location of lifts, trails, services and the ski area boundary, and during the ski season issue a daily snow conditions report listing open trails, operating lifts and weather status. Ski areas usually have at least

4686-439: The winter. In 2008, it was the second biggest employer in the area. In 2008, the resort was valued by the town of Jay at slightly over $ 12 million. By 2008, the resort's owner, Mount Saint-Sauveur, began an EB-5 visa program to finance development. That year, a group headed by Miami businessman Ariel Quiros and the resort's CEO, Bill Stenger, purchased the resort. Before the purchase of Jay, Quiros claimed that he needed to verify

4757-471: Was 9.5%. Individual hospitals received approval for increases from 3.8% to 11.8%. The state's highest and the sole appellate court is the Vermont Supreme Court made up of five justices who serve six-year terms. The Chief Justice is the head of the judiciary and, with the other justices of the supreme court, oversees the judicial branch. Vermont has three additional courts and one division. Vermont

4828-496: Was effectively abolished in practice in 1964, with the statutes being completely removed in 1987. State law allows children as young as ten years to be tried as adults, the lowest age limit currently specified by any of the 50 states. The Vermont prison system is administered by Vermont Department of Corrections . There are about 2,200 inmates as of May 2007. There are nine prisons in Vermont: An unusual feature of Vermont Courts

4899-454: Was operated under US government receivership for more than six years, and in 2022 it was purchased by Pacific Group Resorts, Inc., with proceeds going to the defrauded EB5 investors. Jay Peak was incorporated by Harold Haynes in 1955. That same year, the resort purchased its first ski lift , a T-bar , and in January 1957 it opened for skiing. Many ski trails were carved into the mountain during

4970-488: Was previously Jay Peak's marketing director. On January 15, 2019, Goldberg announced that the resort had been offered for sale. The SEC recovered $ 81 million from Quiros (including the ski area assets), who pleaded guilty in 2020 to federal crimes including wire fraud, money laundering and obstructing investigators. He was sentenced to five years in prison. Stenger cooperated with the investigation and pleaded guilty in 2021 to supplying false statements to federal investigators. He

5041-424: Was sentenced to 18 months in prison (but served 10 months) and a further 3 years of home confinement, and he was fined $ 250,000. A third conspirator, William Kelly, also received fines and a prison sentence. Raymond James Financial paid a $ 150 million settlement for its part in the fraud. As of 2022, Jay Peak employed more than 1,200 people in the winter and about half that number year-round; profits increased, during

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