Bill Stenger, former president of Jay Peak resort, has been released from prison

Bill Stenger, former president of Jay Peak resort, has been released from prison after serving just over ten months of an 18-month sentence for his role in a massive foreign investor fraud case. The 73-year-old businessman pleaded guilty in August 2021 to submitting a false document in 2015 as part of the Jay Peak Biomedical Research Park EB-5 investment project. He was ordered to pay $250,000 in restitution to 36 investors. Stenger helped develop businesses in the Northeast Kingdom in connection with the immigration enhancement program. He was sentenced on April 14, 2022, and was expected to be released after 15 months. Stenger was freed early and will be under federal supervision for three years. Ariel Quiros, the former owner of Jay Peak and mastermind of the EB-5 fraud scheme in Vermont, was sentenced to five years in prison. Quiros pleaded guilty in August 2020 to multiple felony charges, including wire fraud and money laundering. William Kelly, a Quiros business partner, was sentenced to 18 months in prison and pleaded guilty in June 2021 to conspiring in a multi-year wire fraud scheme. The AnC Vermont project aimed to raise $110 million from 220 immigrant investors for a biotechnology facility in Newport. The facility was never constructed, and approximately 169 investors lost about $85 million.