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 US District Court for the Southern District of New York, US 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.”