Stenger to take plea deal in ‘Kingdom Con’ case
BURLINGTON, Vt. (WCAX) - One of the main players in the Kingdom Con fraud case has made a plea deal with prosecutors.
Bill Stenger, the former owner of Jay Peak, will plead guilty to one count of lying to a government official, according to court documents. All the fraud charges against him related to the EB-5 scandal will be dropped.
Stenger was accused of working with businessman Ariel Quiros and misusing $200 million through the foreign investor program to develop projects in the Northeast Kingdom. Stenger, who was set to go to trial in October for his part in the Ponzi scheme, is now expected to plead guilty in federal court in Burlington Friday. When sentenced, he could face up to five years in prison and up to 250,000 in fines.
Quiros and one of his advisors have already pleaded guilty to charges and are awaiting sentencing.
In a statement Wednesday, DFR Commissioner Michael Pieciak said the agreement brings accountability to the state’s worst fraud case. “The Jay Peak developers, including Mr. Stenger, routinely provided the State of Vermont false, misleading, and fraudulent information throughout the course of our dealings. I am pleased Mr. Stenger has taken responsibility for similar deceptive statements to the U.S. government,” he said. “Mr. Stenger’s guilty plea helps bring accountability and closure to the Northeast Kingdom, the investors, and all those impacted by the EB-5 fraud.”
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