Follow-Up: Vermont Red-Marble Scam
The Burlington, Vt., Free Press reported that John Byors of Essex Junction, Vt., will also face paying more than $9.1 million in restitution, under terms of sentencing from Federal District Judge William Sessions III on Sept. 22.
Byors, 51, pleaded guilty earlier this year to 16 counts of mail, wire, bank and travel fraud and money laundering in connection with a plan pitched to investors for reopening a quarry near Swanton, Vt. (“$7 Million Stake in Quarry Probed,” April 2006 Stone Business)
Federal prosecutors claimed that Byors raised more than $10 million from more than 70 investors, but repaid only 16. The remaining backers lost between $20,000 and $823,000 individually.