Sam Koppelman

It's because Russia's actually kind of broke right now.

And so military units, even the top ones, they're saving Putin and the oligarchs funding the war money by begging for help to procure their own supplies.

And based on our review of these Telegram accounts, ones like the video you just saw,

We found that nine of the military units that received ubiquity gear or individuals associated with those units have been accused by human rights groups of having committed war crimes.

Yeah, man, there are rules called sanctions, which are a way that the United States can try to stop its adversaries from getting access to technology that they might want to use in a war.

And Russia has been sanctioned since before invading Ukraine, but especially since there are very tight export controls on what you're allowed to send to Russia.

And they, of course, include the types of dual-use devices like ubiquities that the military might need to go do horrible sh**.

Yeah, Ubiquity should definitely know about sanctions because they've actually had issues with them where in 2014, federal regulators fined Ubiquity for, quote, reckless disregard, end quote, of its compliant obligations when its products ended up in Iran.

And at the time, Ubiquity was let off fairly easy.

U.S.

authorities slapped them with just a $560,250 fine.

But it kind of made sense at the time because it was Ubiquity's first violation and the company took, quote, remedial action, according to the government.

And what Ubiquity said back then to investors was that if violations should occur in the future, the response of regulators may be more severe in light of prior compliance concerns.

So if you're a big company, normally you have a massive team of compliance people who are in charge of making sure that your products don't violate export bans.

But one of the weird things about Ubiquiti is how small the entire company is.

They actually make more money per employee than like NVIDIA.

And we spoke to a former employee of Ubiquiti's who told us that almost no one worked in compliance there.

The employee said, quote, all those processes you would see at large scale businesses, they don't really solve the problem.

And this former employee added of Robert Perra, quote, the CEO of Ubiquity recognizes that and just doesn't care about all the extra garbage.

We reached out to Ubiquity with detailed questions on their compliance practices, and they didn't respond.