Criminal proceedings in the largest fraud case in Vermont’s history are about to conclude with the sentencing of the scheme’s alleged ringleader.

Ariel Quiros once owned the Jay Peak and Burke Mountain ski resorts. He pleaded guilty in 2020 to money laundering, concealing material information and conspiracy to commit wire fraud. The charges stemmed from the EB-5 investment fraud scandal in Newport that first erupted in 2016.

William Kelly — a former advisor to Quiros — and former Jay Peak president Bill Stenger have both been sentenced within the last two weeks for their roles in the scheme. Both men will serve 18 months in prison and three years of home confinement. Quiros himself could go to prison for nearly a decade. He’s due in U.S. District Court in Burlington for sentencing this Friday, April 29.

Another named co-defendant in the case, South Korean businessman Alex Choi, is still at large. Choi was convicted of financial fraud in his home country in 2016 and is accused of serving as a silent partner in the failed Newport project to build a biomedical research facility.