Second man in Vermont ski resort fraud case concludes plea deal

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A second man charged with failing to build a biotech plant in northern Vermont using millions of money from foreign investors raised through visa program has struck a plea deal and is expected to change his plea on Wednesday.

William Kelly was indicted last year on multiple charges of fraud with Miami businessman Ariel Quiros, the former owner of Jay Peak and Burke Mountain ski resorts in northern Vermont, and the former Jay Peak President William Stenger. Kelly was Quiros’ advisor.

The indictment accused the men of plotting between 2011 and 2016 to defraud investors in the AnC-Bio project in Newport. The EB-5 visa program encourages foreigners to invest in US projects that create jobs in return for a chance to obtain permanent residence in the United States.

As part of the plea deal, Kelly agreed to plead guilty to one count of conspiracy to commit wire fraud and one count of concealing important information. He also agreed to cooperate with the investigation. Eight other charges would be dropped.


Quiros, of Key Biscayne, Fla., Pleaded guilty last August to conspiracy to commit wire fraud, money laundering and withholding important information. Nine other charges were dropped as part of the plea deal. Under the plea deal, Quiros will serve just over eight years in prison and be sentenced after Kelly and Stenger are convicted if they are found guilty. Stenger has pleaded not guilty.


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