AnC Bio Archives - VTDigger

AnC Bio

Some AnCBio investors to recoup nearly $18M

The investors who are covered put in money after March 2015, when the state added a new escrow requirement.

Judge OK’s payment option for unpaid EB-5 contractors, subcontractors

Contractors can opt for 33 percent of what they are owed and hope for future proceeds when the properties sell. Or they can take a onetime 60 percent payment now of their total bill.

ICYMI: Special report shows troubles at AnC Bio Vermont started in Korea

The CEO of a Korean sister company is accused of embezzling $10 million.

EB-5 program extended, leaving reforms in question

Sen. Patrick Leahy voted against the extension, which was attached to a spending bill, because, he says, the program needs either a major overhaul or termination. Some investors in Northeast Kingdom projects remain in limbo.

Lawyer: Stenger was in the dark until break with Quiros

The Vermont developer’s attorney wouldn’t comment “at this time” on whether his client will sue his onetime business partner. The two former partners have turned against each other as regulators pursue fraud allegations.

Immigrant investors, officials scramble to head off deportation

U.S. Citizenship and Immigration Services has not responded to queries from the state and Sen. Patrick Leahy’s office about the immigration status of investors in the Jay Peak and AnC Bio projects that are part of an alleged fraud by the developers.

In the Kingdom, the Ponzi cleanup crew is on the case

Attorney Michael Goldberg says it’s going to be “better than business as usual” at Jay Peak Resort while he’s in charge. He hopes to do the same for Q Burke Mountain Resort and the new hotel there, and has asked a federal judge to place both entities under his receivership.

Updated: Feds charge Quiros and Stenger with ‘Ponzi-like’ scheme

The SEC accuses the developers of fraudulently misusing $200 million; Ariel Quiros allegedly used $50 million to pay for personal expenses, including a luxury condo.

Paul Monette: Why not Newport?

I resent Mr. Loucks’ statement that there is no logical reason to build AnC Bio or any other high-tech industry in Newport.

Tim Loucks: AnC Bio – A groundbreaking with no politicians?

The fact that the money for this project is being spent as fast as it came in should be a flashing warning light to everyone.

VTDigger exclusive: State suspends approval for EB-5 funded biotech company

The state is probing business plans for AnC Bio, an EB-5 project in Newport. The Q Burke and West Bowl ski resort projects have also come under new scrutiny.

Biotech company to build $100M stem cell lab, medical device factory in Newport

AnC Bio has been working on a process to repair damaged heart muscle with the help of adult stem cell technology.