The former president of Jay Peak resort is asking the federal court to strike a $250,000 restitution order in his EB-5 fraud case because he says newly provided evidence shows Vermont officials failed to act when told about serious investment problems for a proposed bio-medical facility in Newport. Defense lawyers for William Stenger of Newport say in court records that state documents finally made available last month clearly confirm earlier beliefs that Vermont authorities were alerted in early 2015 about financial concerns by the U.S. Securities and Exchange Commission. Department of Financial Regulation officials at the time, including then-Commissioner Susan Donegan and her deputy Michael Pieciak, should never had allowed for the resumption of the marketing for a biomedical research facility planned for Newport. Stenger was released from federal prison March 22 after serving about 9 months of an 18-month sentence for his part in the massive foreign investor fraud case. The early release to home confinement in Newport was related to health and COVID considerations and was made by the Bureau of Prisons over objections from prosecutors.
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