Montpelier — The Securities and Exchange Commission and the state of Vermont are charging the principals of a northern Vermont ski resort with misusing more than $200 million in funds raised from foreign investors for development projects in the Northeast Kingdom.

Both the SEC and Gov. Peter Shumlin announced today that they had simultaneously filed civil actions against Ariel Quiros and Bill Stenger, owners of Jay Peak.

The state alleges the fraud dates to 2008.

In addition to the $200 million in investor funds intended for development projects, the suits allege Quiros misappropriated an additional $50 million for his own personal use.

The SEC said that “in Ponzi-like fashion” money from investors in later projects was used to fund deficits in earlier projects.

Stenger did not return a call seeking comment.

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Posted online Thursday at 1:55 p.m. Find more in Friday’s Valley News.