Vermont leaders say they referred Kingdom Con case to FBI
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.
Documents point fingers at Shumlin administration officials in Kingdom Con
Documents: Stenger knew more about Kingdom Con than he admitted
Kingdom Con defense lawyers claim Vt. brass knew about fraud
Proceeds from Quiros’ settlement aim to help Newport recover
Lawsuit claims Shumlin, state officials had prior knowledge of Kingdom Con
Former Jay Peak president pleads guilty in ‘Kingdom Con’ case
Stenger to take plea deal in ‘Kingdom Con’ case
Jay Peak ski area receiver reaches $32.5M settlement with Quiros’ law firm
2nd man in Kingdom Con case reaches plea deal
Settlement reached with bank in Kingdom Con case
US agency decision revives Vermont foreign investor center
Auditor’s report takes aim at Vermont EB-5 Center’s conflicted role in Kingdom Con
Quiros pleads guilty in Kingdom Con fraud case
Quiros to take plea deal in Kingdom Con
Judge OKs virus-relief loan to Jay Peak, Burke ski resorts
High court says lawsuit can proceed for failed oversight in Kingdom Con case
Quiros to withdraw not guilty pleas in Kingdom Con case
Judge rejects effort to move Kingdom Con trial
Leahy: Criminal case in EB-5 scandal ‘very appropriate’
Kingdom Con defendants want trial moved; point to news coverage
Stenger joins Quiros in Kingdom Con venue change request
Mastermind of alleged Kingdom Con wants trial moved
Vermont officials still working with defrauded EB-5 investors
EB-5 investors win Vt. Supreme Court appeal
Feds uphold decision to close Vermont’s EB-5 center
Kingdom Con: Criminal charges filed in largest fraud in Vermont history
Vermont releases documents related to EB-5 Kingdom Con
Did Shumlin officials intentionally ignore Kingdom Con warning signs?
Feds, Vermont at odds over shutting down state’s EB-5 office
Vt. judge orders freeze of Quiros’ assets
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