Colorado Cancels $103 Million Maverix Broadband Awards, Refers Suspected Fraud to CBI
Updated
Updated · The Colorado Sun · Sep 21
Colorado Cancels $103 Million Maverix Broadband Awards, Refers Suspected Fraud to CBI
1 articles · Updated · The Colorado Sun · Sep 21
Summary
$103 million in BEAD awards to Maverix Broadband were canceled after Colorado said the company misused taxpayer funds and submitted invoices for work not performed.
State officials estimate Maverix kept about $3.2 million tied to canceled invoices or unfinished work, while roughly $9.17 million had already been paid before payments were frozen.
Six active contracts serving more than 15,000 rural households and businesses were terminated or halted, though two partly paid programs totaling $27.38 million remain in construction limbo.
Maverix, already in receivership since January, filed for Chapter 11 on Aug. 31, complicating any effort by the state to recover funds through the courts.
Colorado has permission to rebid Maverix's locations under the $42.5 billion federal BEAD program, but communities from Livermore to Kiowa now face further delays in getting fiber service.