Another player in the Kingdom Con fraud scheme has been sentenced to prison

Another player in the Kingdom Con fraud scheme has been sentenced to prison. A federal judge in Burlington Wednesday sentenced William Kelly to 18 months in prison for his role in the scheme to defraud immigrant investors seeking green cards through the EB-5 program. In addition to the sentence, Kelly was ordered to pay $8.3 million in restitution. The Florida man pleaded guilty last summer to concealing material facts from the United States Citizenship and Immigration Services, the federal program overseeing the EB-5 program. As part of his plea agreement, Kelly also agreed to cooperate in the government’s investigation. From 2012 to 2016, Prosecutors say Kelly admitted that he and his co-conspirators, Ariel Quiros, Jong Weon Choi, and William Stenger, raised over $85 million from 169 investors for AnC Vermont, a phony biomedical company to be located in Newport. They say he admitted concealing from Vermont regulators that Quiros used millions for purposes unrelated to the project and maintained lies about how the funds would be used, how many jobs would be created, and the timeline for the job creation. Former Jay Peak president Bill Stenger was sentenced last week to 18 months in prison. Quiros, who was considered the mastermind of the fraud, is expected to be sentenced next Friday.

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https://www.wcax.com/2022/04/20/2nd-kingdom-con-player-sentenced-18-mos-83m-restitution/