A federal grand jury has criminally charged former Jay Peak developers Bill Stenger and Ariel Quiros in a 14-count indictment.

Federal prosecutors allege Quiros, Stenger and two other business partners committed criminal fraud in the development of a proposed biomedical facility in Newport.

Bill Kelly, an adviser for Quiros, and Jong Weon (Alex) Choi, who ran AnC Korea, were also charged criminally for fraud associated with the AnC Bio Vermont project. Kelly has pleaded not guilty.

All four defendants are charged with concealing the truth about AnC Bio Korea and an investigation into allegations that Choi was at the center of an investor fraud scheme in Korea. The Vermont project was a carbon copy of the Korean company.

Read more at VTDigger.org (Federal grand jury indicts Jay Peak developers)

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