- Bill Stenger has been released from prison after serving 9 months of an 18-month sentence.
- Stenger was sentenced for his role in the massive EB-5 fraud case and was ordered to pay $250,000 in restitution.
- The scheme used EB-5 money from foreign investors to create job-generating businesses in exchange for a path to U.S. residency.
- Stenger was never convicted of fraud.
NEWPORT – According to a report by WCAX, Bill Stenger has been released from prison after serving nine months of an 18-month sentence.
Stenger was also ordered to pay $250,000 in restitution for his involvement in the AnC Vermont EB-5 project fraud in the Northeast Kingdom.
Stenger pleaded guilty to a felony count of knowingly and willfully submitting false documents to the Vermont Regional Center as part of his effort to continue marketing the AnC Vermont project.
The AnC Vermont project was designed to raise $110 million from 220 immigrant investors to construct and operate a biotechnology facility in Newport.
From 2012 to 2016, approximately 169 investors invested approximately $85 million in the AnC Vermont project, in addition to paying approximately $8 million in “administrative fees.” However, fundraising was never completed, and the facility was never constructed.
The AnC Vermont fraud involved the defendants’ misrepresentations about job creation and future revenues, as well as the misuse of investor funds.
According to court records, while Stenger was not primarily responsible for the misuse of funds, he knew about and assisted in it.
Source: WCAX. Key player in Kingdom Con out of prison, back home.