Bill Stenger says the State of Vermont covered up the $200 million fraud
BURLINGTON, Vt. (WCAX) – The former president of Jay Peak Resort Bill Stenger says the State of Vermont “covered up” the $200 million fraud that sent him to federal prison. Stenger accuses state officials, especially former Governor Peter Shumlin, D-Vermont, of knowing about the Ponzi-like scheme as early as 2015 and promoting the projects, anyway. Stenger accuses the state of exploiting naïve foreign investors who weren’t familiar with the U.S. legal system and would rely on the promise of oversight. That promise, Stenger says, was a key selling point when soliciting funds. In reality, the sworn testimony claims, the state would approve the projects without any proper review. Shumlin tells VTDigger that this testimony is just an attempt to shift the blame for criminal activity. Stenger pleaded guilty to making a false statement to a federal agency last summer and is currently serving an 18-month sentence for the scandal that rocked the Northeast Kingdom.