Ex-Jay Peak president says new evidence shows state is to blame for EB-5 fraud, wants relief from $250,000 restitution order

Apr 20th, 2023

Attorneys representing former Jay Peak President Bill Stenger claim that new evidence shows that state regulators are responsible for investor losses in AnC Bio Vermont, a proposed biomedical facility that was never built. As a result, they argue that Stenger should not have to pay $250,000 in restitution to investors. The lawyers claim that new memos reveal that state officials knew that "the project was mired in fraud" but allowed it to raise $110 million from 220 EB-5 investors. Stenger, who was serving an 18-month prison sentence, was released to home confinement after about nine months due to COVID health concerns.

See Vermont Business Magazine article

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