BURLINGTON, Vt. – Former Jay Peak President Bill Stenger was sentenced to 18 months in prison on Thursday for submitting false documents connected to the largest financial crime in Vermont history.

Stenger pleaded guilty last August. Federal prosecutors argued his good reputation made the scheme possible, saying he served as the public face of the fraud.

Following the prison sentence, Stenger will be under supervised release for three years.

Chief Judge Geoffrey Crawford said he took a number of factors into consideration, including Stenger’s failing health and the fact that he didn’t see major financial benefits from the scheme.

However, he went on to describe Stenger’s role as “cheerleader” and “promoter” of the scheme, and added that the publicity of the case was a factor and the court needs to send a message.

“There are lines we simply don’t cross in business,” Judge Crawford said.

Before his sentencing, Stenger apologized to investors, the Northeast Kingdom, his family and the State of Vermont.

Stenger was also ordered to pay $250,000 in restitution.

According to court records, the Jay Peak Biomedical Research Park EB-5 investment project was designed to raise $110 million from 220 immigrant investors to build a biotechnology facility in Newport. Investors could qualify for a green card by investing at least $500,000.

In order to get that permanent resident status, investors had to demonstrate that their investment had created, or would create, ten jobs. That meant Stenger and co-defendants William Kelly and Ariel Quiros had to demonstrate a plan to create at least 2,200 jobs in order to get their project approved. The facility was never built.

Kelly pleaded guilty to wire fraud conspiracy and concealment charges in July. Quiros pleaded guilty to wire fraud conspiracy, money laundering and concealment charges in August 2020.