FollowUp: Vermont Quarry Probe

The Burlington Free Press reported that John Byors, who sold investors on a plan to reopen a red marble quarry in Swinton, Vt., pled guilty to 16 federal charges of bank fraud, mail fraud, travel fraud, wire fraud and money laundering.
He made the plea a day before the start of jury selection for a trial on 42 counts of fraud and other charges in U.S. District Court in Burlington.
The federal indictment accused Byors of collection $8 million-plus from more than 70 investors for the quarry, and then spending most of the money on personal items and repaying only 16 investors. (“$7 Million Stake in Quarry Probed,” Stone Business, April 2006)
Byors will remain in custody while awaiting sentencing in September. Originally charged more than two years ago, he was jailed in February 2006 after reportedly approaching an original investor for a $50,000 loan after his arrest.
Byors faces a potential sentence of more than 20 years in prison and fines of $1 million, according to the Free Press.
Byors originally agreed to a plea bargain in the spring of 2007 in the case involving a six-year prison sentence and paying $8.4 million in restitution. However, he revoked the agreement last May on the day before he was to appear before a federal district judge. (“Friable Case in Vermont?” Stone Business, October 2007)