Vermont leaders say they referred Kingdom Con case to FBI

Published: Oct. 5, 2021 at 4:50 PM EDT
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MONTPELIER, Vt. (WCAX) - A top state official spoke out for the first time Tuesday on his connection to the Kingdom Con case.

Vermont Financial Regulation Commissioner Michael Pieciak says he and other members of the Shumlin administration held off on going public so they could build their case against three businessmen who defrauded foreign investors out of $200 million.

Last week, unsealed court documents showed state officials knew about the massive fraud a year before the feds pumped the brakes on the program.

Pieciak, who was then deputy commissioner, says he wanted to be transparent. He says the documents show the state was actively investigating the fraud and that they were the ones who made the criminal referral to the FBI.

“We brought in federal law enforcement. We worked closely with the SEC through that whole time period. It was not that we were preventing it from being public, it was that we were tying out every last penny so when we did do the court case, it was on solid footing and the court case was ultimately successful against the defendant,” Pieciak said.

Former Jay Peak CEO and Kingdom Con defendant Bill Stenger is scheduled to appear before a judge next week for a presentencing hearing.

Stenger and the other defendants, Ariel Quiros and William Kelley, have taken plea deals in the case.

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