Investors in a planned Newport biotech facility are asking for their money back, according to documents released by the state to VTDigger through a public records request.
In a March 15 memo, Bill Stenger, the developer of AnC Bio Vermont, told state regulators that investors who bought into the project several years ago have requested refunds.
In the latest dispute with the state over disbursement of EB-5 investor funds, Stenger and his partner, Ariel Quiros, say they want to issue refunds from money collected from new investors in the biotech facility. That money is held in escrow under an agreement with the state. The new investor funds were solicited after March 2015 under a conditional approval plan that allowed the developers to collect more money while the state conducted a financial review of the AnC Bio project.