2nd man in Vermont ski resort fraud case reaches plea deal
LISA RATHKE, Associated Press
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A second man indicted over a failed plan to build a biotechnology plant in northern Vermont using millions of foreign investors’ money raised through a visa program has reached a plea deal and is expected to change his plea Wednesday.
William Kelly was indicted last year on multiple fraud charges along with Miami businessman Ariel Quiros, the former owner of Jay Peak and Burke Mountain ski resorts in northern Vermont, and former Jay Peak president William Stenger. Kelly was an advisor to Quiros.
The indictment accused the men of conspiring to devise a scheme between 2011 and 2016 to defraud investors in the AnC-Bio project in Newport. The EB-5 visa program encourages foreigners to invest in U.S. projects that create jobs in exchange for a chance to earn permanent U.S. residency.