Ariel Quiros, 64, of Key Biscayne, Florida, pleaded guilty to three felony charges in connection with the failed AnC Vermont biomedical research project in Newport, a venture funded through the federal EB-5 immigrant investor program.
Quiros admitted to conspiracy to commit wire fraud, money laundering, and concealing material facts from U.S. Citizenship and Immigration Services. The written plea agreement, filed with the court, describes a scheme hatched in 2011 that lasted until Quiros lost control of the project in April 2016.
From 2012 to 2016, Quiros and his co-defendants raised roughly $85 million plus $8 million in administrative fees from about 169 immigrant investors, each seeking a green card through a $500,000 investment. Prosecutors said Quiros misled investors about how their money would be used and used funds for personal expenses, including a $6 million IRS payment and to secure loans at Raymond James and Citibank.
Under the plea agreement, Quiros's jail sentence is capped at 97 months, provided he abides by its terms. He also agreed to cooperate with ongoing government investigations. Sentencing has been delayed pending that cooperation.
Co-defendants William Kelly and William Stenger have pleaded not guilty and are scheduled for trial in 2021. Co-defendant Jong Weon (Alex) Choi remains at large.
Originally reported by Newport Dispatch.
Photo: Jonathunder (Wikimedia Commons, CC BY-SA 3.0). Photo is illustrative and not from the scene.
Log in as a subscriber to comment, or become a member.