The former owner and former president of Jay Peak have been indicted on multiple federal charges over a failed plan to build a biotech facility using foreign investors’ money.
The fraud charges were filed Wednesday against the ski resort’s former owner, Ariel Quiros, of Florida, and former president, William Stenger, of Newport. Also indicted were Quiros’ adviser, Wiliam Kelly, and Jong Weon Choi, a businessman in South Korea.
The indictments allege that they conspired to embezzle investors’ funds and deceive them about the project’s number of jobs and its ability to generate revenue.
Arraignments were scheduled Wednesday. Quiros declined comment.
Quiros and Stenger were accused in 2016 of misusing more than $200 million raised from foreign investors through the EB-5 visa program.