Remember the LightSquared affair? That was the telecom startup owned by Philip Falcone, a major Democratic donor who tried to parley his political connections into profit by getting the FCC to allow him to build a wireless service on top of a spectrum used by GPS and plane avionics. After the White House’s corrupt intervention on his behalf came public, the effort collapsed and the company went bankrupt.
Falcone has admitted bilking clients of his hedge fund of hundreds of millions of dollars. He has been banned from trading for five years and ordered to pay millions in restitution.
Internet Scofflaw 