TOLEDO, Ohio (AP) — Federal regulators are proposing a $63 million fine against an Ohio company they say bought a yacht and jet with money meant to help low-income people get phone and internet service.

The Federal Communications Commission says Toledo-based American Broadband and Telecommunications Co. created fake accounts using the identities of dead people to get government reimbursements.

The commission says the company’s owner used the money to buy a Ferrari, a Florida condominium and an $8 million Cessna jet.

The company says in a statement to The Blade newspaper it told the FCC two years ago about significant compliance and reporting issues and repaid nearly all of the money.

The FCC has said in recent years the Lifeline phone program needs reformed because of waste and fraud.