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

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.

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