Montpelier — Bill Stenger, the former CEO and president of Jay Peak Resort, said on Thursday he has partially settled with the Securities and Exchange Commission.

The SEC alleged in April that Stenger made material misrepresentations to defraud 700 immigrant investors from 74 countries in an effort to allegedly aid and abet his business partner, Ariel Quiros, in a Ponzi-like scheme.

Under the agreement, Stenger cannot admit or deny allegations that he violated securities laws in the agreement with the SEC.

The permanent injunction bars Stenger from participating in the EB-5 program.

Stenger adamantly denied any culpability immediately after federal and state regulators brought charges against him in April.

In a statement on Thursday evening, Stenger said the settlement “sets up a framework to fully resolve the case the SEC filed against me.”

“I also have been fully cooperating with the Receiver since his appointment,” Stenger said.

Stenger has agreed to cooperate with Michael Goldberg, the SEC receiver, as part of the case against Quiros and could testify against the Miami businessman in a future civil trial.

Stenger said he will no longer speak to the press. “Based upon the terms of the settlement, this is all I can say and will be saying,” Stenger said. “I ask that you please respect that I will not be making any more public statements about the settlement nor about the case. I want to focus my efforts fully to assist the receiver and to help the investors.”

A civil penalty may be levied at a future date, depending on Stenger’s ability to pay and his level of cooperation.

The state also has charged Stenger with making material representations to investors. A resolution in that case has not yet been reached. The U.S. Attorney also is investigating possible criminal charges associated with the Jay Peak case.

Also on Thursday, a new hotel and conference center officially opened.

The $50 million Lodge at Burke Mountain had been scheduled to open in December, but was delayed due to a financial review by the state and money owed to the contractor.

“We’ve been waiting for a long time so we’re real excited. It’s very positive for the community,” said Steve Scherer of Leisure Hotels and Resorts, a Kansas-based management company that now is running the Burke Mountain and Jay Peak ski resorts.

The ski-in, ski-out hotel was built with money raised from foreign investors who get a chance at U.S. residency through a special visa program, but the lodge is not cited in the investment fraud allegations. But the hotel is under the control of a federal receiver who was appointed to oversee the two resorts.

About $3.5 million still is owed to the contractor and subcontractors who worked on the hotel, said Patricia Moulton, secretary of the Vermont Agency of Commerce and Community Development.

The 116-room hotel is about 20 percent booked for September, with reservations picking up daily, hotel officials said.

“The hotel is unprecedented for the area,” Scherer said. “That’s a new dimension to the ski area. It will give people that come up from the surrounding states an opportunity to stay here right on the mountain, experience the whole thing, which is really what it was lacking to make it a full service resort.”

A grand opening and ribbon cutting ceremony is planned for next Thursday.