WCAX News has confirmed federal charges will happen Wednesday in Vermont's largest fraud scandal ever.
It involves Jay Peak Resort and the never-built ANC Bio facility, along with several other redevelopment projects in the Northeast Kingdom.
A source close to the investigation says several people are expected to be arraigned, including Jay Peak and Burke Mountain resort developers Ariel Quiros and Bill Stenger.
We're told much of the focus will be around ANC Bio, which was supposed to have been a research facility built in Newport.
Stenger and Quiros were accused of a $200 million "Ponzi-like" scheme, diverting investor money through the EB-5 program. Quiros was also accused of spending $50 million of investors' funds on personal luxuries like a Trump Tower condo.
EB-5 allows foreign investors to obtain visas to live in the U.S. by investing in economic development projects. Two other people, including a Korean investor, could be officially charged Wednesday.
That alleged scheme, uncovered in April 2016, revealed contractors and investors who were unpaid.
The properties were handed over to a receiver to manage.
We've also learned that the U.S. Attorney for Vermont will hold a press conference Wednesday at a site that was supposed to have been developed but still sits empty on Main Street in Newport. It's a site some in the city have dubbed "Little Beirut."