A second man indicted over a failed plan to build a biotechnology plant in northern Vermont using millions of foreign investors' money raised through a visa program has reached a plea deal and is expected to change his plea Wednesday.

William Kelly was indicted last year on multiple fraud charges along with Miami businessman Ariel Quiros, the former owner of Jay Peak and Burke Mountain ski resorts in northern Vermont, and former Jay Peak president William Stenger. Kelly was an advisor to Quiros.

The indictment accused the men of conspiring to devise a scheme between 2011 and 2016 to defraud investors in the AnC-Bio project in Newport. The EB-5 visa program encourages foreigners to invest in U.S. projects that create jobs in exchange for a chance to earn permanent U.S. residency.

Under the plea deal, Kelly has agreed to plead guilty to one count of conspiracy to commit wire fraud and one count of concealment of material information. He also has agreed to cooperate with the investigation. Eight others charges would be dropped.

Quiros, of Key Biscayne, Florida, pleaded guilty last August to charges of conspiracy to commit wire fraud, money laundering and the concealment of material information. Nine other charges were dropped as part of the plea deal. Under the plea agreement, Quiros will serve just over eight years in prison and will be sentenced after Kelly and Stenger are sentenced if convicted. Stenger has pleaded not guilty.

Recommended for you