25 Oct 2018
AP — A telecommunications company faces a potential $63 million fine for misusing government money meant to help low-income people get phone and internet service and instead spending it on a yacht and private jet, federal regulators said.
The Federal Communications Commission accused Toledo-based American Broadband and Telecommunications Co. of creating fake accounts by using the identities of dead people and manipulating the information from existing customers to get government reimbursements.
The company’s founder, Jeffrey Ansted, used the money to buy country club memberships, a Ferrari convertible, a Florida condominium and an $8 million Cessna jet, the FCC said.
Link to AP.
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