Former Jay Peak owner expected to plead guilty in federal EB-5 investment fraud case

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Documents Released in Jay Peak Fraud Investigation_40461256-159532

A lawyer for former Jay Peak owner Ariel Quiros says he and his client are expecting to reach a plea agreement with federal prosecutors in the immediate future.

The alleged ringleader of the largest fraud case on record in Vermont is expected to plead guilty soon. According to media outlets including VTDigger, the Times Argus and the Caledonian Record, the lawyer for former Jay Peak owner Ariel Quiros disclosed that information in a federal court hearing in Burlington on Friday.

Attorney Neil Taylor told a judge that he and his client have been cooperating with federal prosecutors and expect to reach a plea agreement “in the immediate future”. Quiros, adviser William Kelly and former Jay Peak president and CEO Bill Stenger are charged with defrauding foreign investors through the federal EB-5 program. The three are currently scheduled to go to trial in January.

The alleged fraud scandal, which erupted in 2016, concerned the failed development of a $110 million biomedical research center on Bogner Drive in Newport. A fourth defendant in the case, South Korean investor Jong-Weon Choi, remains at large.

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