Documents point fingers at Shumlin administration officials in Kingdom Con

Published: Sep. 28, 2021 at 4:38 PM EDT|Updated: Sep. 28, 2021 at 7:53 PM EDT
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BURLINGTON, Vt. (WCAX) - Newly unsealed court documents show state officials knew about the Kingdom Con a year before federal officials halted projects caught up in the state’s largest fraud scheme.

The EB-5 scandal rocked the Northeast Kingdom.

Foreign investors-- who pumped money into projects at Jay Peak, Burke Mountain and a never-built biotech company-- were swindled out of $200 million.

The documents show the governor’s general counsel warned the Shumlin administration about deceptive practices and that investors’ money would be lost for good.

The governor’s former chief of staff Liz Miller and Financial Regulation Commissioner Michael Pieciak, who was then deputy commissioner, have now been subpoenaed. The court documents show they were aware of the fraud.

Former Jay Peak owner Ariel Quiros, associate William Kelly and the ski resort’s former president Bill Stenger have all taken plea deals.

Ahead of Stenger’s sentencing, his lawyers sought to unseal these documents that they say show state officials tried to conceal their knowledge of the fraud.

Stenger’s sentencing is likely at the beginning of next year.

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