Bill Stenger’s settlement with the federal Securities Exchange Commission (SEC), filed in U.S. District Court in Miami, Fla., on Thursday, makes clear he may still face a civil penalty and the agreement does not protect him from possible criminal filings in the future.
In April, Stenger fell from grace when he was accused with his business partner Ariel Quiros, of an 8-year Ponzi-like scheme connected with Jay Peak, Burke Mountain, and a string of development projects in the Northeast Kingdom.
Under the terms of the SEC settlement, in a permanent court injunction granted, Stenger is prevented from ever being involved in another EB-5 project.
The federal program enables foreign investors to earn permanent green cards for hefty investments in U.S. economic development projects, once job retention or creation can be demonstrated.
More than 700 international investors pledged $500,000 apiece in the projects in the Northeast Kingdom, and the immigration status of many of those investors is now in jeopardy, according to state and federal documents.
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