Another chapter is set to close on the Kingdom Con.  Bill Stenger, the former president of Jay Peak

Another chapter is set to close on the Kingdom Con.  Bill Stenger, the former president of Jay Peak, will be sentenced for his role in the massive fraud. But the dream Stenger pitched for the area he said he loved, turned into a nightmare and literally left a mark on the community– a hole in the heart of downtown Newport.  There were major makeovers at Jay and Burke Mountain, and an entire block in Newport was brought down to make way for better businesses and a hotel. In 2019, federal officials announced it was a sham. A multiyear investigation uncovered the largest fraud case in Vermont’s history, the great Kingdom Con. Stenger and his business partner Ariel Quiros moved so much money around, that the diagram looked more like a bowl of spaghetti. Stenger says Quiros was the mastermind behind the Ponzi-like scheme and he was duped, too. But he admits he lied to government officials after the scam blew up. Under Stenger’s plea deal, all the fraud charges against him were dropped. Stenger pleaded guilty to one charge of providing a false statement to the government. He is asking the judge for home confinement citing health issues, financial hardship and great remorse for his role in the fraud. Prosecutors are asking that Stenger serve five years behind bars.

Photo credit:

https://www.wcax.com/2022/04/13/kingdom-con-history-vermonts-biggest-fraud-case/