The SEC told Judge Darrin Gayles of the U.S. Federal District Court of South Florida that there’s plenty of evidence to show Quiros broke securities laws, and there is a reasonable chance he will do it again if not stopped by the court. Judge Gayles is reviewing the proposed preliminary injunction by the SEC.

In the SEC’s original complaint, it said Quiros pilfered about $50 million of EB-5 funds for his own personal use. Now the SEC says he could be liable for as much as $191.8 million in “ill-gotten gains.” This figure includes alleged misuse of $106 million from the AnC Bio Vermont and Jay Peak Stateside projects, $20 million in failed contributions to Jay Peak projects, and $15 million in interest, according to the SEC.

Since Quiros’ assets were frozen following the initial accusations by the SEC, his lawyers have asked the judge to allow him access to $100,000 a month for living expenses and $400,000 a month to pay his lawyers and accountants. Both figures are deemed by the SEC to be “outrageously high.”

Judge Gayles appears to agree. He has allowed Quiros to sell his 5th Avenue New York City apartment, which will fetch between $8 million and $10 million. However, Quiros must use proceeds from the sale to pay off any taxes or mortgages related to the property, with the remaining funds held in an escrow account managed by the SEC receiver, Michael Goldberg. The judge allowed Quiros $15,000 a month for reasonable legal fees and living expenses.

The SEC has charged that Quiros’ alleged misappropriation of funds has left Jay Peak and its limited partnerships in significant financial trouble. Goldberg has made strides to secure funds to keep the resort running, and is taking legal action to recoup losses that resulted from misdoings.

On the ground at Jay Peak, the court proceedings and related actions aren’t affecting daily operations, according to Jay Peak president and GM Steve Wright. “It’s all part of the process and, in reality, not an optic we at the managerial level have much interaction with,” said Wright. “We are in the process of trying to manage our way through the busiest shoulder season in our history, which includes a Porsche group landing here in two weeks that will consume nearly 3,000 room nights.

“Looking forward, we are pacing ahead for winter business-on-the-books (relative to YTD numbers) and we’re confident that that resiliency will continue as we head into the busier winter booking periods.”

As for the foreign investors in the Jay Peak, Burke, and AnC Bio projects themselves, the SEC now says that the immigrant status of more than half—404 out of 731—is in jeopardy. Several investors could be deported in the next few months. None of the 404 have been paid promised returns on their investments, and none have recouped their original investment of $500,000, according to the SEC.