Lawyer Brooks McArthur stood beside client 70 year old Bill Stenger today after he pleaded not guilty to criminal charges related to a 14-count indictment from alleged criminal fraud in the development of a proposed biomedical facility called AnC Bio Vermont in Newport.
VTDigger lays out details of the scheme Bill Stenger and Ariel Quiros were trying to pull (quite complicated but worth digging down on) but it comes down to concealing the truth about the company and an investigation into allegations that person involved in the company was at the center of an another investor fraud scheme in Korea.
Stegner and his partner Ariel Quiros were also involved in the alleged fraud for misleading more than 800 investors in eight projects associated with Jay Peak Resort. The Securities and Exchange Commission brought 52 civil counts of securities fraud against Quiros and Stenger for their actions related to the handling of Jay Peaks investments.
Stenger was led out of the Burlington courtroom in handcuffs, pleaded not guilty to the charges and was released on $100,000 bail. His attorney said he would vigorously defend this “man who spent his life working for the Northeast Kingdom and the people of Vermont.”
Vermonters don’t take too kindly to crooks so the ex-Jay Peak exec better have a better defense than he works in Vermont to the benefit of the people. We will update this story as the news comes in.