The former chief executive officer of an Anchorage - base telecommunication was sentenced on Friday to five years in prison house after pleading guilty to defrauding New York investors of more than $ 270 million .
Elizabeth Ann Pierce , 55 , former CEO of Quintillion Networks , convince investing firms that she had ensure contract for gamey - hurrying fiber optic organization that would generate jillion of dollars in revenue . As it ferment out , the contracts were forge . Pierce was still talk terms the mickle with telecommunications companies . When they fall through , her system was bring out to the fellowship .
The FBI investigated the vicious allegations . The guinea pig was prosecuted by the Justice Department ’s Complex Frauds and Cybercrime Unit .
Photo: Gizmodo / Dell Cameron
https://gizmodo.com/feds-charge-one-of-ajit-pais-broadband-advisers-for-all-1825311796/amp
According to the U.S. Attorney ’s office in Manhattan , in some cases , Pierce created fake copies of exist tax revenue agreements to let in price that appeared more favorable to Quintillion . In other cases , she invented revenue understanding that did n’t be .
While win over investment funds firms to provide more than $ 270 million to make a roughage oculus cablegram system in northern Alaska , she also swindled two individuals out of $ 365,000 . In telephone exchange , they were promised ownership pastime in Quintillion . They find neither shares in the company nor their money back .
The Justice Department said Friday that she used one-half of one of the dupe ’s money and all of the other victim ’s funds “ for her own personal welfare . ”
“ When her system originate to unravel , she tried to detain picture with yet more Lie and forged written document . She will now attend to five years in prison for her offence , ” U.S. Attorney Geoffrey Berman tell in a instruction .
Pierce was additionally ordered to forfeit nearly $ 870,000 and was sentenced to three year of supervised released .
Quintillion , which get together with authorities during the investigating , said in a statement last twelvemonth that it became aware of the situation with Pierce and ego - report to the Justice Department . The allegation of her conduct , it said , “ are not align with how Quintillion conducts business . ”
Pierce was tapped in April 2018 by FCC Chairman Ajit Pai to direct the Broadband Deployment Advisory Committee ( BDAC ) . Pai created the committee to propose FCC commissioner on how to accelerate the deployment of high - speed internet access .
The BDAC was re - chartered last month with Elizabeth Bowles , United States President of the Arkansas - based cyberspace provider Aristotle , serving as chair .
Chairman Pai did not respond for comment .
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