NEWPORT — With EB-5 fraud penalty money in hand, the state is returning to the scene of the crime to fund economic growth.
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BURLINGTON — In documents in federal court in Burlington, Bill Stenger, the former longtime Jay Peak president and the face of the resort and the associated EB-5 projects spearheaded by Jay Peak and Burke Mountain, has accepted a plea deal in which he admitted to having given government officials a false statement.
BURLINGTON — Attorneys for the developers accused of fraud in a failed biomedical research facility project in the Northeast Kingdom may soon file a formal request to postpone the trial currently scheduled for this fall.
The attorneys for the developers of a failed $110 million biomedical research center in Newport facing criminal charges say they need more time to consider whether their clients should be tried together or separately.
NEWPORT CITY — City resident Bill Stenger, former CEO and president of Jay Peak Resort, and Ariel Quiros, former resort owner, pleaded not guilty May 22, 2019 in U.S. District Court in Burlington to multiple charges related to conspiring to defraud immigrant investors who invested in what turned out to be a fictitious AnC Bio Vermont project in Newport City.
A federal judge in U.S. District Court for the District of Vermont in recent days amended the conditions of release for Bill Stenger, the former president of Jay Peak Resort, who has been given back his passport so he can travel out of the U.S. to work as a consultant. The federal court order returning his passport was entered Dec. 11.
A team of attorneys and professionals who continue to oversee the assets formerly owned by Ariel Quiros at Jay Peak and Burke Mountain ski resorts this week posted the federal receivership’s seventh expense report from March 1-Aug. 31, a total of $737,307.
More than three years have passed since federal Securities and Exchange Commission (SEC) agents raided Burke Mountain and Jay Peak ski resorts in the Northeast Kingdom, as part of a property seizure in what officials would describe as the biggest fraud case in Vermont history.
On May 22 a Federal grand jury indicted Jay Peak developer Bill Stenger for actions and omissions relating to the investments obtained through the Federal EB-5 immigration program. That program allows foreign investors to obtain legal resident permits in return for investing $500,000 in a development project that will bring a specified number of jobs to underdeveloped rural areas like the Northeast Kingdom.