BURLINGTON, Vt. (WCAX) – Bill Stenger’s fall from grace could hardly be more dramatic.
In 2011, the Vermont Chamber of Commerce named him Citizen of the Year as he traveled the globe raising hundreds of millions of dollars for a series of projects to revitalize the economically depressed Northeast Kingdom. Today the one-time “king of the kingdom” is a convicted felon who served time in connection with the biggest fraud in state history.
That fraud included his business partner Ariel Quiros, a Miami businessman siphoning off $50 million of the more than $400 million Stenger led the effort to raise from foreign investors who hoped to gain permanent residency in the United States. While Stenger was never accused of stealing money — and claims he didn’t know Quiros was until federal authorities stepped in, he failed so many in so many ways. He didn’t ask enough questions when he suspected something was wrong, and whether intentionally or unintentionally, whether by design or neglect — or as he claims by naivete — he and others put the future and the money of investors at risk.
Whether all 800+ who trusted him were made whole remains to be seen. Vermont taxpayers will also have to pony up $16 million as part of the scandal. Some of the projects were completed and Stenger has helped find a company to take over part of the building intended for ANCBio. But there’s an empty lot in downtown Newport that locals call “The Hole” that serves as a reminder of the failed dreams and promises Stenger played the key role in promoting.