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Huge Mess at Jay Peak & Burke in VT

ilovepugs

Angel Diva
Hindsight is always 20/20 but in retrospect it seems flipping insane to think that a biomedical facility would be successful in the NEK. Burlington has enough trouble attracting STEM talent. To think that Newport would be able to entice scientists with a single employer in town is utter folly. And while it may have claimed to bring jobs to the region, the locals don’t have the education level to support such a facility.
 

ski diva

Administrator
Staff member
Update to this long and tragic tale:

Quiros has pled guilty to three of the twelve charges brought by federal prosecutors here in Vermont: Conspiracy to commit wire fraud, money laundering, and concealing of material information. He'll remain free on conditions pending a sentencing hearing that hasn’t yet been set.

As part of a plea deal, prosecutors can ask for a sentence of up to 97 months, or a little more than eight years, behind bars for Quiros at a later sentencing hearing. His attorney can argue for a shorter prison term.

More here.

BTW, Jay Peak (and Burke) are still for sale, if anyone is interested.
 
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2ski2moro

Ski Diva Extraordinaire
With Quiros and Stenger out, who is running Jay day-to-day?
 

BlueSkies

Ski Diva Extraordinaire
While the the resort is in receivership, Steve Wright is President/General Manager and has been since the start of the receivership . He has been with Jay for 16 years.
 

skinnyfootskis

Angel Diva
I'm sure this doesn't belong here, but this morning I read that "Merrill Lynch has agreed to pay $4.5m to end claims related to its alleged oversight and management of accounts opened by the mastermind of the $350m Jay Peak Resort EB-5 Visa fraud scheme, according to a settlement approval bid in Florida fed court." (Law360)
 

ski diva

Administrator
Staff member
An update from VTDigger:

A federal judge on Thursday sentenced former Jay Peak Resort president Bill Stenger to 18 months in prison for his role in a massive financial scandal that defrauded foreign investors and dashed their hopes of permanent U.S. residency.

Judge Geoffrey Crawford handed down the sentence following a daylong hearing in federal court in Burlington. In addition to the prison time, Stenger also faces three years of supervised release and must pay $250,000 in restitution. He is to report to prison June 7.

Stenger pleaded guilty in August 2021 to submitting false information to the government.

He was indicted in May 2019 on criminal charges in connection with a failed project to build a $110 million biomedical research facility in Newport, known as AnC Bio VT.

Despite raising more than $80 million from over 160 foreign investors through the federal EB-5 visa program, regulators ground the project to a halt in April 2016 when they accused Stenger and his business partner, Jay Peak’s then-owner Ariel Quiros, of engaging in a Ponzi-like scheme.
 

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