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Whistleblower: Cogent Communications Stole Data Center Model from FNSI — Former CIO Confirms It in Recorded Call
TelAve News/10866241
Meanwhile, CEO Dave Schaeffer is quietly unloading tens of millions in stock as the risk of Nasdaq delisting intensifies
WASHINGTON - TelAve -- — Federal whistleblower David Koch has released new evidence implicating Cogent Communications in the concealed theft and deployment of an entire data center model built by Fiber Network Solutions, Inc. (FNSI), a company Cogent fraudulently acquired in 2003.
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A recorded March 13, 2024 call in which Kyle Bacon confirms that CEO Dave Schaeffer instructed him to deploy FNSI's pre-existing model across Cogent's failing PSINet assets — which had been losing over $150,000 per month.
A 2001 FNSI brochure, archived by the Internet Archive, which proves FNSI's infrastructure was already fully deployed and serving clients long before Cogent's acquisition of PSINet's distressed bankrupt remnants in 2002.
https://fibernetworksolutions.net/news2.html
- "The five colocation centers I bought from you are profitable." — Dave Schaeffer, Cogent CEO, to Kyle Bacon
- "Cogent didn't have a product to sell for these data centers that they bought from PSI." — Kyle Bacon, former Cogent CIO
- "I took our data center model from FNSI — from FiberNet — packaged it up... and I said, 'Go sell the shit out of this,' because no one else is doing it." — Kyle Bacon, former Cogent CIO
- "I didn't build anything new. I just took what we had at Fibernet..." — Kyle Bacon, former Cogent CIO
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A recorded March 13, 2024 call in which Kyle Bacon confirms that CEO Dave Schaeffer instructed him to deploy FNSI's pre-existing model across Cogent's failing PSINet assets — which had been losing over $150,000 per month.
A 2001 FNSI brochure, archived by the Internet Archive, which proves FNSI's infrastructure was already fully deployed and serving clients long before Cogent's acquisition of PSINet's distressed bankrupt remnants in 2002.
- Confirmation that Cogent's celebrated data center model was not homegrown, but rather a repackaged, stolen design.
- Detailed insider trading records showing that Dave Schaeffer began dumping shares on March 14, 2025 — the same day he received the whistleblower notice.
- To date, he has sold 966,500 shares, netting $47.5 million.
https://fibernetworksolutions.net/news2.html
Source: Fiber Network Solutions, Inc.
Filed Under: Telecom
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