Federal investigators are still looking into additional suspects in Vermont’s largest fraud case on record, even though the alleged mastermind pleaded guilty this summer.
According to the Times Argus, a prosecutor told a judge during a Friday hearing that the probe’s ongoing nature was why records from a 2018 search warrant in the case should remain sealed. The judge agreed with that assessment.
In August, former Jay Peak owner Ariel Quiros pleaded guilty to defrauding foreign investors in a failed attempt to start a $110 million biomedical research park in Newport. The investors became involved in the project through the federal EB-5 program, which provides green cards to foreign investors in U.S. projects if they meet certain conditions.
Two former co-defendants of Quiros are currently scheduled to go to trial next April. They are former Jay Peak president and CEO Bill Stenger and former Quiros adviser William Kelly. A third named co-defendant, South Korean businessman Alex Choi, is still at large. Choi, who was convicted of financial fraud in his home country in 2016, is accused of serving as a silent partner in the Newport project.