The former owner and former president of Vermont ski resort accused in a multimillion-dollar fraud over a failed plan to build a biotechnology plant using foreign investors’ money. The fraudulent charges are against Jay Peak’s former president William Stenger of Newport; its former owner Ariel Quiros of Florida; Quiros’s adviser William Kelly and South Korean businessman Jong Weon Choi.
The grand jury charged alleges that they conspired to misuse investors’ funds and deceive investors about the project’s ability to generate revenue and jobs in the area. All three main people (Quiros, Kelly, and Stenger) who are involved in money laundering pleaded not guilty on Wednesday.
The A&C Bio Vermont project was supposed to raise $118 million to create a biotech facility and business in Newport, a city of just more than 4,000 on the Canadian border. It is in a remote and economically challenged region of Vermont known as the Northeast Kingdom.
The indictment said that they accepted investors’ money and put it into a Florida-based corporation that was used for other needs such as loan payments.
All three were released on $100,000 bond each and they had to turn in their passports until the case is solved.
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