Bill Stenger: Fall from Grace, Pt 1

802 News with Mark Johnson

Northeast Kingdom developer Bill Stenger served jail time in connection with the EB-5 scandal that rocked Vermont. The Newport businessman led the effort to raise more than $400 million from foreign investors to fund projects in Jay, Burke and Newport. In part 1 of "Fall from Grace," Stenger discusses his 9 months at a Massachusetts prison and his relationship with business partner Ariel Quiros, who siphoned off $50 million in investor money and was sentenced to five years in prison and ordered to pay back more than $81 million. Stenger pleaded guilty to a federal felony charge of providing false information about one of the projects and was sentenced to 18 months in prison and ordered to pay $250,000 in restitution.