Truphone Agrees to Divest Sanctioned Russian Investors, Pay $600K Fine

Truphone agreed to divest Russian investors and pay a $600,000 fine for failing to disclose accurate ownership stakes held by foreign entities and transferring control of FCC licenses and international section 214 authorization without agency approval. In April, the FCC had proposed a fine of $660,639. The FCC said sanctioned Russian oligarch Roman Abramovich invested in the company and Truphone didn’t provide timely notice or seek commission approval. “Since 2011, Truphone’s ownership and reports regarding its foreign ownership have changed over time without accurate and requisite reporting to the Commission,” the Enforcement Bureau said in the Oct. 20 order. A Truphone spokesperson didn't respond to a request for comment.