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Ex-Chair of FCC Broadband Committee Gets Five Years In Prison For Fraud

Wednesday June 26, 2019. 12:03 AM , from Slashdot
An anonymous reader quotes a report from Ars Technica: The former head of FCC Chairman Ajit Pai's Broadband Deployment Advisory Committee (BDAC) was sentenced to five years in prison for defrauding investors. Elizabeth Ann Pierce was CEO of Quintillion, an Alaskan telecom company, when she lied to two investment firms in New York in order to raise $270 million to build a fiber network. She also defrauded two individual investors out of $365,000 and used a large chunk of that money for personal expenses. Pierce, 55, pleaded guilty and last week was given the five-year prison sentence in U.S. District Court for the Southern District of New York, U.S. Attorney Geoffrey Berman announced. Pierce was also 'ordered to forfeit $896,698.00 and all of her interests in Quintillion and a property in Texas.' She will also be subject to a restitution order to compensate her victims 'at a later date.' Pierce landed the top sot on Pai's broadband advisory committee in April 2017. 'But she left Quintillion in July 2017 as her scheme unraveled, and she resigned from the FCC advisory panel,' reports Ars. 'Pai appointed a new chair for his committee two months later; he thanked Pierce for her service, saying she did 'an excellent job' chairing the committee and 'wish[ed] her all the best in her future endeavors.'' According to Berman's announcement, Pierce forged contracts in order to raise $270 million from investors.

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