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MIL-OSI Asia-Pac: TRAI releases Recommendationson ‘the Frequency Spectrum in 37-37.5 GHz, 37.5-40 GHz, and 42.5-43.5 GHz bands Identified for IMT’

Source: Government of India

Posted On: 04 FEB 2025 4:50PM by PIB Delhi

The Department of Telecommunications (DoT), Ministry of Communications, Government of India, through its letterdated 02.08.2023, requestedTelecom Regulatory Authority of India (TRAI) to:-

provide recommendations on applicable reserve price, band plan, block size, quantum of spectrum to be auctioned and associated conditions for auction of spectrum in 600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz, 26 GHz, 37-37.5 GHz, 37.5-40 GHz and 42.5-43.5 GHz bands for IMT.
provide any other recommendations deemed fit for the purpose of spectrum auction in these frequency bands, including the regulatory/ technical requirements as enunciated in the relevant provisions of the latest NFAP/Radio Regulations of the ITU.

On 01.09.2023, TRAI sent a response to DoT wherein regarding the existing spectrum bands viz. 600 MHz, 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz, and 26 GHz, TRAI reiterated its recommendation dated 11.04.2022, and stated that all available spectrum in the existing bands may be put to auction with the same band plan, block size and associated conditions. Further, TRAI informed DoT that itwould initiate a consultation process for providing recommendations in respect of the new referred spectrum bands viz. 37-37.5 GHz, 37.5-40 GHz, and 42.5-43.5 GHz bands.

In this regard, TRAI issued a consultation paper on ‘Auction of Frequency Spectrum in 37-37.5 GHz, 37.5-40 GHz, and 42.5-43.5 GHz bands Identified for IMT’dated 04.04.2024 for seeking comments and counter comments of stakeholders. In response, 12 stakeholders submitted comments, and four stakeholders furnished counter-comments. An Open House Discussion on the consultation paper was held through virtual mode on 10.07.2024.

Based on the comments received from stakeholders during the consultation process, and on its own analysis, TRAI has finalized Recommendationson ‘the Frequency Spectrum in 37-37.5 GHz, 37.5-40 GHz, and 42.5-43.5 GHz bands Identified for IMT’. Salient points of these recommendations are given below:

The frequency spectrum in 37-37.5 GHz and 37.5-40 GHz frequency ranges should be put to auction in the forthcoming spectrum auction.
Owing to the non-availability of the device ecosystem in 42.5-43.5 GHz frequency range, it will be prudent that the frequency range 42.5-43.5 GHz is not put to auction in the forthcoming spectrum auction. DoT may send a separate reference for seeking the Authority’s recommendations for 42.5-43.5 GHz frequency range for IMT at an appropriate time.
The Band plan n260 with TDD-based duplexing configuration should be adopted for 37-40 GHz frequency range.
The frequency spectrum in the band n260 (37-40 GHz) should be auctioned with a block size of 100 MHz on LSA (Telecom Circle/ Metro) basis with a validity period of 20 years.
The spectrum cap for the frequency band n260 (37-40 GHz) should be kept as 40% of the total spectrumput to auction and it should not be clubbed with 26 GHz band for the purpose of spectrum cap.
The minimum roll-out obligations for the band n260 (37-40 GHz) should be similar to that prescribed in the NIA, 2024for 26 GHz band, and minimum roll-out obligations should be equally applicable for all telecom service providers i.e. existing as well as the new telecom service providers.
In addition to the access service providers, Internet service providers (Category ‘A’ and Category ‘B’), and M2M service providers (Category ‘A’ and Category ‘B’)under the Unified License, should also be permitted to participate in the auction of spectrum for frequency band n260 (37-40 GHz).
The recommended reserve price per MHz (Rs. in lakh) in 37-40 GHz band is as below:

Name of LSA	LSA Category	Recommended Reserve price (Rs. in Lakh)
Andhra Pradesh	A	49
Assam	C	9
Bihar	C	23
Delhi	Metro	76
Gujarat	A	43
Haryana	B	11
Himachal Pradesh	C	4
J&K	C	3
Karnataka	A	34
Kerala	B	16
Kolkata	Metro	27
Madhya Pradesh	B	25
Maharashtra	A	54
Mumbai	Metro	67
North East	C	3
Odisha	C	10
Punjab	B	17
Rajasthan	B	21
Tamil Nadu	A	39
U. P. (East)	B	26
U.P. (West)	B	25
West Bengal	B	16

For the payment terms– two options (i) upfront payment option and (ii) 20 equal annual instalments option, should be allowed for the assignment of spectrum in 37-37.5 GHz and 37.5-40 GHz spectrum bands.

The availability offrequency spectrum in 37-37.5 GHz and 37.5-40 GHz frequency rangesto telecom service providers will enable setting up of high-capacity, low-latency communication networksfor advanced use cases.TRAI has recommended that in addition to the access service providers, Internet service providers and Machine-to-Machine service providers should also be permittedto participate in the auction.

The Recommendations have been placed on the TRAI’s website (www.trai.gov.in). For any clarification/ information Shri Akhilesh Kumar Trivedi, Advisor (Networks, Spectrum and Licensing), TRAI may be contacted at Telephone Number +91-11-20907758.

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Samrat/Dheeraj : pibcomm[at]gmail[dot]com

(Release ID: 2099632) Visitor Counter : 29

MIL OSI Asia Pacific News –

February 5, 2025

MIL-OSI Asia-Pac: Bharat Tex 2025 is a testament to India’s commitment to becoming a global textile powerhouse: Secretary, Textiles

Source: Government of India (2)

Bharat Tex 2025 is a testament to India’s commitment to becoming a global textile powerhouse: Secretary, Textiles

Secretary, Textiles compliments Industry bodies for the largest ever Global Textile Show

Bharat Tex is a perfect example of industry- government collaboration: Secretary, Textiles

Posted On: 04 FEB 2025 4:52PM by PIB Delhi

Launches App and website for Bharat Tex 2025

Building on the success of its inaugural edition in 2024, Bharat Tex 2025 aims to further elevate its stature by attracting over 5,000 exhibitors, 6,000 international buyers from over 120 countries, and more than 1,20,000 visitors. The event will feature comprehensive pavilions, showcasing the entire textile value chain under one roof

Union Textiles Secretary, Mrs. Neelam Shami Rao applauded textile industry bodies for their proactive efforts in organizing Bharat Tex 2025. Describing it as the largest and most comprehensive textiles event ever, she commended the commitment of textile Export Promotion Councils and other industry bodies for their relentless efforts and dedication in bringing the entire value chain of textiles under the Bharat Tex umbrella. She underlined that Bharat Tex will reaffirm the attractiveness of India as a reliable, sustainable sourcing destination as well as an investment destination at scale for textiles. The entire event is a testament to India’s commitment to becoming a global textile powerhouse, she added.

The Secretary was speaking on the occasion of the unveiling of the Bharat Tex 2025 app and website at Udyog Bhawan.

Bharat Tex 2025, organized by 11 major textile industry bodies and supported by the Ministry of Textiles, promises to be a landmark event showcasing the diversity, scale, and capability of India’s textile sector. The event spread over an area of 2.2 million square feet is expected to attract over 5,000 exhibitors, 6,000 international buyers from 120 countries, and more than 1,20,000 visitors. Exhibitors will showcase a wide range of products, including apparel, dyes & chemicals, machinery & equipment, home furnishings, technical textiles, handlooms, and handicrafts.

The event will also feature over 70 conference sessions, roundtables, and master classes, with discussions led by nearly 100 international speakers. Topics such as sustainability, investments, manufacturing 4.0, and future fashion trends will dominate the agenda.

Besides a global sized trade fair and expo and an international textiles conference, the textile extravaganza will also offer a wide range of activities, seminars, CEO roundtables, and B2B and G2G meetings. It will also feature strategic investment announcements, product launches, and collaborations poised to reshape the global textile industry. Attendees can look forward to live demonstrations, cultural events, and fashion presentations, designer and brand exhibitions and sustainability workshops, and expert talks. Bharat Tex 2025 aims to serve as a unique and consolidated platform to showcase India’s full textile value chain, while highlighting its strengths in fashion, traditional crafts, and sustainability initiatives. The event is an industry led initiative and will be organized jointly by the 11 Textile related Export Promotion Councils (EPCs) and other industry bodies. It is supported by the Ministry of Textiles.

Bharat Tex is being run on an advanced technology platform offering a one source engagement to visitors, exhibitors and buyers. The Bharat Tex app, is a part of the overall technology platform designed to facilitate seamless engagement, networking, and information dissemination for this largest global textile event. Designed to enhance user convenience by offering exhibitor profiles, session details, and interactive maps, it is a comprehensive tool for buyers, exhibitors, and visitors to explore the vast scale and diversity of India’s textile ecosystem, connect with global stakeholders, and stay informed about key events during and after the expo.

The app allows users to explore the latest developments and technological advancements in the entire textile value chain covering fibers, yarns, apparels & fashions, home textiles, handlooms, technical textiles, and intelligent manufacturing. With easy access to venue maps, session details, and more, the app eliminates the need for paper guides, offering an efficient and eco-friendly experience. Available for download on the Apple App Store and Google Play Store, the Bharat Tex 2025 app is an essential tool for attendees aiming to navigate the event efficiently to maximize their opportunities. With the launch of the Bharat Tex 2025 exhibitors, buyers, and visitors will have access to an easy-to-use platform, to access event information, develop networks, and plan their participation efficiently.

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Dhanya Sanal K

Director(M&C)

(Release ID: 2099638) Visitor Counter : 61

MIL OSI Asia Pacific News –

February 5, 2025
MIL-OSI Asia-Pac: Innovative drug delivery system could revolutionize treatment of Rheumatoid Arthritis (RA)

Source: Government of India

Posted On: 04 FEB 2025 4:26PM by PIB Delhi

Researchers have developed an innovative “self-actuating” drug delivery system that could revolutionize the treatment of rheumatoid arthritis (RA) by targeting inflammation directly within the joints so that therapeutic agents are released only when needed.

Rheumatoid arthritis (RA) affects millions of people worldwide, causing chronic inflammation, debilitating pain, and irreversible joint damage. Traditional treatments often rely on systemic drug administration, which not only carries the risk of significant side effects but also requires frequent dosing due to the rapid clearance of drugs from inflamed joints and is a challenge for long-lasting, localized relief.

Recognizing the need for a more efficient solution, researchers from Institute of Nano Science and Technology (INST) Mohali, an autonomous institution of the Department of Science and Technology (DST) have developed a smart system that responds directly to the biochemical signals in the inflamed synovial environment. By targeting specific inflammatory enzymes present in the joints, the system ensures that therapeutic agents are released only when needed, offering a more precise and safer treatment option for RA patients.

The system uses specially designed microspheres loaded with methotrexate, a commonly used anti-rheumatic drug. These microspheres are engineered to sense inflammation in joints and release the drug only when needed, minimizing side effects and improving therapeutic outcomes. Triggered by elevated levels of specific enzymes (MMP-2 and MMP-9) present during RA flare-ups, the formulation ensures targeted, on-demand drug delivery. In animal studies, it significantly reduced joint swelling, inflammation, and cartilage damage while promoting joint repair.

The formulation used by the team led by Dr. Rahul Kumar Verma consists of polymer-lipid hybrid micro-composites, where the lipid component (soya lecithin) ensures high drug encapsulation efficiency, and the polymer component (gelatin) provides responsiveness to Matrix metalloproteinases (MMP). The system leverages the unique biochemical signals present in the inflamed synovial microenvironment to release therapeutic agents precisely when needed. When exposed to these enzymes, the gelatin substrate is cleaved, triggering the release of the encapsulated drug in a controlled, pulsatile manner.

This breakthrough published in the journal Biomaterial Advances could offer a safer, more effective alternative to current RA treatments by eliminating the need for frequent drug injections and reducing systemic toxicity. The system enhances drug effectiveness by improving bioavailability and retention in the affected joints, leading to longer-lasting relief with fewer doses. This means less pain, improved joint function, and slower progression of joint damage for patients. With its ability to respond to fluctuations in inflammation, this treatment provides a more personalized and efficient solution, making it a promising new option for RA patients looking for better, safer care.

Beyond arthritis, the technology holds promise for managing other inflammatory diseases, such as synovitis and inflammatory bowel disease. It could also pave the way for smart biomaterials in regenerative medicine and personalized treatments. Additionally, its potential use in veterinary medicine for managing arthritis in animals highlights its versatility.

Figure: Schematic Representation of Study Design. Authors (L-R): Krishna Jadhav, Swarnima Negi, Rahul K. Verma (PI), Raghuraj Singh, and Agrim Jhilta

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NKR/PSM

(Release ID: 2099618) Visitor Counter : 53

MIL OSI Asia Pacific News –

February 5, 2025
MIL-OSI USA: Shapiro Administration Announces Recipients of the Nation’s First Agricultural Innovation Grant to Continue Pennsylvania’s Legacy as a National Leader in Agriculture

Source: US State of Pennsylvania

February 03, 2025 – Mt. Joy, PA

Shapiro Administration Announces Recipients of the Nation’s First Agricultural Innovation Grant to Continue Pennsylvania’s Legacy as a National Leader in Agriculture

Governor Josh Shapiro announced recipients of $10 million in grants through the nation’s first Agricultural Innovation Grant Program. This funding will help Pennsylvania agricultural businesses adopt innovative technologies and practices to enhance conservation and implement clean energy solutions – boosting profits, protecting soil and water resources, and generating more clean, renewable energy.

“Our farmers form the backbone of our economy here in Pennsylvania – they put food on our tables and in our stores and restaurants every day. If we want to compete and succeed as a Commonwealth, then we have to invest in them,” said Governor Shapiro. “We are announcing investments in game-changing projects that are fueling the future of farming in Pennsylvania – and giving farmers and ag producers the tools they need to get ahead. The future of our economic success and opportunity runs through our farmlands, and we are going to continue to invest in agricultural innovation in my Administration.”

“As our farmers face increasing demands to feed a growing population while continuing their legacy of environmental stewardship, this fund will help power our farm and food businesses to meet those challenges,” said Secretary of Agriculture Russell Redding. “These investments ensure that Pennsylvania’s agricultural industry can continue to thrive and innovate for years to come.”

Speaker list:
Mike Roth, Director of Innovation, PA Department of Agriculture
Pennsylvania Agriculture Secretary Russell Redding
Josh Brubaker, Owner & Manager, Brubaker Farms
Chris Hoffman, President, PA Farm Bureau
State Representative Paul Takac

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Governor Shapiro Unveils 2025-26 Budget Proposal to Cut Costs, Drive Economic Growth, Strengthen Public Safety, Fund Our Kids’ Education, and Continue to Get Stuff Done for Pennsylvanians

Source: US State of Pennsylvania

February 04, 2025 – Harrisburg, PA

Governor Shapiro Unveils 2025-26 Budget Proposal to Cut Costs, Drive Economic Growth, Strengthen Public Safety, Fund Our Kids’ Education, and Continue to Get Stuff Done for Pennsylvanians

Governor Josh Shapiro presented his 2025-26 budget proposal to the General Assembly and the people of Pennsylvania – a commonsense plan that builds on two years of progress, continues to solveproblems, and paves the way for a stronger, more competitive Pennsylvania. The Governor’s budget proposal places a special emphasis on workforce development; reduces health care, housing, and energy costs; invests in economic development; and continues bipartisan efforts to support Pennsylvania students – all while maintaining fiscal responsibility.

This budget will build on the foundation the Shapiro Administration has constructed over the past two years and move Pennsylvania forward as Governor Shapiro continues working across the aisle to get stuff done and ensure people across the Commonwealth have the freedom to chart their own course and the opportunity to succeed.

“Pennsylvania is on the rise, and this budget is a clear roadmap for tackling our challenges and building on the bipartisan foundation we’ve created over the last two years,” said Governor Shapiro. “My budget proposal is focused on solving problems for Pennsylvanians, expanding our workforce, cutting costs, investing in public safety and economic development – and so much more – to keep creating more opportunity for all Pennsylvanians. This budget strikes a balance by making historic investments while maintaining fiscal responsibility, continuing to cut taxes, and ensuring our Commonwealth’s surplus remains strong while we keep moving Pennsylvania forward. By working together with Democrats and Republicans in the General Assembly, we will continue to tackle the challenges we face and drive growth for a stronger, more prosperous Pennsylvania.”

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Governor Phil Scott Lays Out Direction for Navigating National Politics
Source: US State of Vermont

Montpelier, Vt. – Governor Phil Scott has directed his Administration to take a disciplined and measured approach to any major proposals coming from Washington, D.C.

In last week’s meeting of the Governor’s Cabinet, Scott asked his team to remain disciplined, thoughtful and factual when evaluating and responding to changes in federal policy. This includes taking time to fully assess each proposal and distinguish between what is rhetoric, and what is real, in terms of impacts to Vermont.

“We cannot be in a constant state of fear, panic and disruption over the next four years,” Governor Scott said.

The Governor noted that while there will be areas of disagreement, there may also be policy positions which could be beneficial to Vermont.

“We need to stay focused on Vermont and remain disciplined as we distinguish between what is fact and what is rhetoric before we react to any change in federal policy or law. We will follow through on Vermonters’ priorities: housing, education, public safety, and affordability, and do our part to unite Americans by focusing on solutions and results, not the chaos and anger being used to divide us.”

Governor Forms Decision Support Team on Potential Tariffs

As a result of President Trump’s recent proposal on tariffs, Governor Scott has tasked Secretary of Commerce and Community Development Lindsay Kurrle with leading a multi-agency effort to assess the possible impacts on Vermont. While the tariffs have been paused for 30 days, the Decision Support Team will begin its work immediately, so Vermont is prepared for any further changes in policy.

“As I have said in the past, I am not a fan of increasing tariffs on our friends and close allies. And most Vermonters agree, a trade war with our largest trading partner, which could increase costs on already overburdened working families, seems like a bad idea,” Governor Scott said. “But we should be fair and take time to understand what problem the President intends to solve, the results he expects to get, and the risks he’s willing to take, before we cast judgement. We need actual data and credible analysis to demonstrate disadvantages we are concerned about.”

The Governor added, “while the President’s tariffs would undoubtedly be very disruptive, and the risk of higher prices has been well reported, I have directed my team to weigh the outcomes fairly and objectively,” he said.

Governor Scott also charged the team with identifying options for mitigating short-term and long-term impacts on consumers and ratepayers, as well as opportunities for expanding any potential upside.

“The Governor has asked for a tangible analysis of net impacts, not a knee jerk reaction to the idea of tariffs or the unfortunate friction trade federal policies create with our very good friends to the north and that is exactly what we’re going to provide,” Secretary Kurrle said.

While the President has paused potential tariffs for 30 days, Kurrle said the team will continue reviewing the President’s proposals and she will update the Governor weekly and as necessary.

The interagency team includes:
- Agency of Commerce and Community Development
- Department of Labor
- Agency of Agriculture
- Public Service Department
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MIL OSI USA News –
February 5, 2025
MIL-OSI Security: La Loche — La Loche RCMP asks public to report sightings of Darcy Herman

Source: Royal Canadian Mounted Police

La Loche RCMP is actively working to locate and arrest 28-year-old Darcy Herman, who is wanted on multiple warrants.

Herman is wanted for charges including assault, failing to comply with a release order and failing to attend court.

The release order and court appearances are in relation to charges including resisting a peace officer, uttering threats and unauthorized possession of a firearm.

Investigators believe Herman is in the La Loche and/or Turnor Lake area and is actively evading arrest.

They ask that members of the public report all sightings of Herman and information on his whereabouts.

Herman is described as approximately 5’11” and 160 lbs. He has black hair and brown eyes. He typically has some facial hair. There is a tattoo of cursive writing on the left side of his neck.

If you see him, do not approach him. Contact La Loche RCMP by dialling 310-RCMP. Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

MIL Security OSI –

February 5, 2025

MIL-OSI: GAMCO Investors, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

Quarter End AUM of $31.7 billion
Operating Margin of 32.3% for the Fourth Quarter and 31.0% for 2024
Fourth Quarter Earnings of $0.70 per Share versus $0.66 per Share in the Fourth Quarter of 2023
2024 Earnings of $2.65 per Share versus $2.38 per Share for 2023
$182.8 million in Cash, Cash Equivalents, Seed Capital, and Investments and No Debt
Board Authorizes 100% Increase of the Regular Quarterly Dividend
Repurchased 1.3 million Shares, or 3% of Outstanding Shares, During the Fourth Quarter of 2024 and Increased Buyback Authorization to 1.5 Million Shares

GREENWICH, Conn., Feb. 04, 2025 (GLOBE NEWSWIRE) — GAMCO Investors, Inc. (“Gabelli”) (OTCQX: GAMI) today reported its operating results for the quarter ended December 31, 2024.

Financial Highlights

(In thousands, except percentages and per share data)
	Three Months Ended
	December 31, 2024			December 31, 2023
U.S. GAAP
Revenue	$	59,262		$	57,313
Expenses		40,109			41,517
Operating income		19,153			15,796
Non-operating income		3,452			6,199
Net income		16,797			16,560
Diluted earnings per share	$	0.70		$	0.66
Operating margin		32.3	%		27.6	%

Giving Back to Society – $80 million since IPO

Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $80 million, including $48 million through the shareholder designated charitable contribution program. Based on the program created by Warren Buffett at Berkshire Hathaway, our corporate charitable giving is unique in that the recipients of Gabelli’s charitable contributions are chosen directly by our shareholders, rather than by our corporate officers. Since its inception in 2013, Gabelli shareholders have designated charitable gifts to approximately 350 charitable organizations.

On August 6, 2024, Gabelli’s board of directors authorized the creation of a private foundation, headquartered in Reno, Nevada, to continue our charitable giving program with an initial contribution of $5 million.

Revenue

(In thousands)	Three Months Ended
	December 31, 2024			December 31, 2023
Investment advisory and incentive fees
Funds	$	40,441		$	37,748
Institutional and Private Wealth Management		15,057			13,712
SICAV		4	(a)		1,541	(a)
Total	$	55,502		$	53,001
Distribution fees and other income		3,760			4,312
Total revenue	$	59,262		$	57,313

(a) Reflects change in reporting methodology. See AUM table.

The year over year increase in Funds revenues was primarily the result of higher average assets under management. The increase in Institutional and Private Wealth Management revenues was primarily the result of higher beginning of the quarter equity assets under management, which are generally used to calculate the revenues. The decrease in SICAV revenues reflects a change in the agreement for the merger arbitrage SICAV, an open-end fund available to non-U.S. shareholders, which became effective in December 2023. The change better aligns the financial arrangements with the services rendered by each party in managing the fund and did not have a material impact on the financial results. The decrease in distribution fees and other income was primarily the result of a decrease in equity mutual funds AUM that pay distribution fees.

Expenses

(In thousands)	Three Months Ended
	December 31, 2024		December 31, 2023
Compensation	$	26,593	$	27,316
Management fee		2,512		2,444
Distribution costs		5,634		5,848
Other operating expenses		5,370		5,909
Total expenses	$	40,109	$	41,517

The lower compensation expense in the fourth quarter of 2024 reflected $2.9 million of waived compensation partially offset by increased fixed compensation of $1.4 million and increased variable compensation of $0.8 million.
The $0.1 million increase in management fee is attributable to the higher pre-management fee income of $0.7 million; and,
Other operating expenses this quarter were lower versus the fourth quarter of 2023 reflecting the change in the agreement for the merger arbitrage SICAV beginning in December 2023.

Operating Margin

The operating margin, which represents the ratio of operating income to revenue, was 32.3% for the fourth quarter of 2024 compared with 27.6% for the fourth quarter of 2023.

Non-Operating Income

(In thousands)	Three Months Ended
	December 31, 2024			December 31, 2023
Gain from investments, net	$	644		$	3,529
Interest and dividend income		3,090			2,951
Interest expense (a)		(282	)		(281	)
Total non-operating income	$	3,452		$	6,199

(a) Related to GAAP accounting of finance lease.

Non-operating income decreased $2.7 million for the quarter, reflecting the lower mark-to-market net gains on our investment portfolio for the quarter slightly offset by an increase in interest and dividend income.

Other Financial Highlights

The effective income tax rate for the fourth quarter of 2024 was 25.7% versus 24.7% for the fourth quarter of 2023.

Cash, cash equivalents, and investments were $182.8 million with no debt at December 31, 2024.

Assets Under Management

(In millions)	As of
	December 31, 2024		September 30, 2024		December 31, 2023

Mutual Funds	$	8,078	$	8,440	$	7,973
Closed-end Funds		7,344		7,459		7,097
Institutional & PWM (a) (b)		10,700		10,984		10,738
SICAV (c)		9		9		631
Total Equities		26,131		26,892		26,439

100% U.S. Treasury Money Market Fund		5,552		5,268		4,615
Institutional & PWM Fixed Income		32		32		32
Total Treasuries & Fixed Income		5,584		5,300		4,647
Total Assets Under Management	$	31,715	$	32,192	$	31,086

(a) Includes $242, $278, and $370 of AUM subadvised for Teton Advisors, Inc. at December 31, 2024, September 30,
2024, and December 31, 2023, respectively.
(b) Includes $237, $212, and $227 of 100% U.S. Treasury Money Market Fund AUM at December 31, 2024,
September 30, 2024, and December 31, 2023, respectively.
(c) Includes $0, $0, and $620 of the SICAV AUM subadvised by Associated Capital Group, Inc. at December 31, 2024,
September 30, 2024, and December 31, 2023, respectively.

Assets under management on December 31, 2024 were $31.7 billion, a decrease of 1.6% from the $32.2 billion on September 30, 2024. The quarter’s decrease consisted of net market depreciation of $0.2 billion, net outflows of $0.2 billion, and distributions, net of reinvestments, of $0.1 billion.

Mutual Funds

Assets under management in Mutual Funds on December 31, 2024 were $8.1 billion, a decrease of 4.3% from the $8.4 billion at September 30, 2024. The quarterly change was attributed to:

Distributions, net of reinvestment, of $27 million;
Net outflows of $209 million; and
Net market depreciation of $126 million.

Closed-end Funds

Assets under management in Closed-end Funds on December 31, 2024 were $7.3 billion, a decrease of 1.5% from the $7.5 billion on September 30, 2024. The quarterly change was comprised of:

Distributions, net of reinvestment, of $129 million;
Net inflows of $169 million, including the issuance of $150 million preferred shares, the issuance of $62 million common shares less the redemption of $30 million of preferred shares, and the repurchase of $13 million of common stock ; and
Net market depreciation of $155 million.

Institutional & PWM

Assets under management in Institutional & PWM on December 31, 2024 were $10.7 billion, a decrease of 0.9% from the $10.8 billion on December 31, 2023. The quarterly change was due to:

Net outflows of $345 million; and
Net market appreciation of $61 million.

SICAV

Assets under management were $9 million in the GAMCO All Cap Value sleeve and the GAMCO Convertible Securities sleeve on December 31, 2024 versus $11 million in those sleeves at December 31, 2023.

100% U.S. Treasury Money Market Fund

Assets under management in our 100% U.S. Treasury Money Market Fund (GABXX) on December 31, 2024 were $5.6 billion, up from $5.3 billion at September 30, 2024.

The Gabelli Growth Fund – Up 35.8% For 2024

The Growth team of Howard Ward, CFA, and John Belton, CFA, commented on The Gabelli Growth Fund’s 2024 performance:

“The environment remained favorable for growth stocks in 2024, underpinned by a resilient economy and the start of a Federal Reserve interest rate cutting cycle. Earnings growth accelerated for many US companies, aided by healthy consumer spending trends, robust technology investments, and continued cost discipline. Artificial Intelligence (AI) remained a key stock market theme, as capital expenditure plans across the hyperscale cloud computing group reached astronomical levels, and given a host of new AI-centric business models which have started to take shape. To date, this technology appears to be making some of the strongest companies, stronger, and to that end we maintained positions in many of the largest AI beneficiaries including NVIDIA, Microsoft, Amazon, Alphabet and Meta Platforms. This group remains a cornerstone of our portfolio, and as of year-end more than half of the portfolio’s assets are invested across the Technology Sector as a whole. Outside of the Megacap Tech group, top performers to performance this year included Eli Lilly (boosted by continued success across an industry-leading incretin drug portfolio), ServiceNow (which is an early leader in AI software commercialization) and Intuitive Surgical.”

The Gabelli Gold Fund – Up 15.2% For 2024

Portfolio manager Caesar Bryan commented on The Gabelli Gold Fund’s 2024 performance:

“Gold performed strongly for the second consecutive year largely driven by overseas central bank purchases. However, gold equities underperformed the gold price. Recently the rise in the gold price has not been fully reflected in the profit margins of gold mining companies. This has largely been due to cost pressures emanating from a variety of sources, exacerbated by covid. But we believe the market may be too pessimistic concerning both cost pressures which are diminishing and enhanced revenues from a higher gold price. Gold equities are inexpensive relative to their history and on an absolute basis. But a catalyst is needed to alter investor perception. This could be gold backed ETFs adding ounces reflecting a recovery in investor interest in the sector, a decline in other asset markets which may highlight gold as a portfolio diversifier, increased takeover activity or simply continued strength in the gold price. Some of our smaller gold producers such as Lundin Gold and Wesdome Gold Mines, had stellar returns. Among our larger producers Kinross and Agnico Eagle contributed significantly to performance. We continue to favor mid capitalization gold producers with good assets that trade at a big discount to some of the larger producers.”

The Gabelli Small Cap Growth Fund

We utilize our own in-house team of over 40 industry equity analysts and portfolio managers to analyze the stocks in the fund, using our bottom-up research-intensive process and, more importantly, our accumulated and compounded knowledge of selected industry sectors. We use GAPIC – gather, array, project, interpret, and communicate data daily. We have consistently applied our Private Market Value with a Catalyst approach to help generate our long-term returns since the inception of the fund in 1991.

ETFs

In 2024, Gabelli Growth Innovators (NYSE: GGRW), managed by Howard Ward and John Belton, generated a 41.8% total return, the Gabelli Financial Services Opportunities ETF (NYSE: GABF), led by Macrae Sykes, produced a 44.6% total return, and the Gabelli Commercial Aerospace & Defense ETF (NYSE: GCAD), managed by Lieutenant Colonel G. Anthony (Tony) Bancroft, USMCR returned 22.2%. The firm launched its first active ETF, the Gabelli Love Our Planet & People ETF (NYSE: LOPP) in January 2021 to extend the tax benefits of owning exchange traded funds to our investors. Since the initial launch, the Gabelli platform has steadily grown the differentiated suite of ETFs. We are pleased with the client adoption progress and excited about this growth area of the market and positioning of these unique funds supported by our investment team. To accelerate the growth of these funds, each of the funds (with the exception of GGRW) has fee and expense waivers on the first $25 million of assets, whereas LOPP has a fee and expense waiver for the first $100 million of assets under management.

Assets Under Administration

(In millions)	As of
	December 31, 2024		September 30, 2024		December 31, 2023

Teton-Keeley Funds (a)	$	809	$	883	$	964
SICAV		408		431		–
Total Assets Under Administration	$	1,217	$	1,314	$	964

(a) Includes $242, $278 and $370 of AUM subadvised for Teton Advisors, Inc. at
December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

AUA on December 31, 2024 were $1.2 billion, a slight decline from the $1.3 billion at September 30, 2024.

Return to Shareholders

During the fourth quarter of 2024, Gabelli returned to shareholders $86 million in the form of a special dividend of $2.00 per share totaling $50.5 million that was declared in the third quarter of 2024, the repurchase of 1,304,358 shares for $34.4 million at an average investment of $26.37 per share, and a regular quarterly dividend of $0.04 per share totaling $1.0 million. From January 1, 2025 to February 4, 2025, the Company has repurchased 12,971 shares at an average price of $23.95 per share for an aggregate purchase price of approximately $0.3 million. On February 4, 2025, the board of directors increased the buyback authorization to 1.5 million shares.

On February 4, 2025, Gabelli’s board of directors declared a regular quarterly dividend of $0.08 per share, an increase of 100%, which is payable on March 25, 2025 to class A and class B shareholders of record on March 11, 2025.

Balance Sheet Information

As of December 31, 2024, cash, cash equivalents, and U.S Treasury Bills were $116.5 million and investments were $66.3 million, compared with cash, cash equivalents, and U.S. Treasury Bills of $160.8 million and investments of $44.1 million as of December 31, 2023. As of December 31, 2024, stockholders’ equity was $136.6 million compared to $181.0 million as of December 31, 2023. The decline in stockholders’ equity resulted from the payment of $59.5 million in dividends, $49.3 million of stock buybacks, offset partially by $64.4 million in net income.

Symposiums/Conferences

On November 4^th and 5^th, we hosted the 48^th Annual Automotive Aftermarket Symposium at the Encore at Wynn in Las Vegas. The symposium featured presentations from senior management of leading automotive and trucking companies, with a lineup that enabled investors to understand everchanging dynamics within the automotive industry.
On November 15^th, we hosted the 6^th Annual Healthcare Symposium in connection with Columbia Business School.
On December 5^th, we hosted the 2^nd Section 852(b)(6) Conference.
In addition to the above, we hosted the following during 2024:
- 34^th Pump, Valve & Water Systems Symposium
- 30^th Aerospace & Defense Symposium
- 18^th Omaha Research Trip
- 16^th Media & Entertainment Symposium
- 15^th Specialty Chemicals Symposium
- 10^th Waste & Environmental Services Conference
- 2^nd PFAS Symposium

We are hosting the following symposiums and conferences in 2025:

About Gabelli

Gabelli is best known for its research-driven value approach to equity investing (known as PMV with a Catalyst^TM). Gabelli conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts). Gabelli serves a broad client base including institutions, intermediaries, offshore investors, private wealth, and direct retail investors. In recent years, Gabelli has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities. As we stated in the past, Gabelli continues to look for new acquisitions / lift-outs and will pay finder’s fees for successful opportunities.

Gabelli offers a wide range of solutions for clients across Value and Growth Equity, Convertibles, actively managed ETFs, sector-focused strategies including Gold and Utilities, Merger Arbitrage, Fixed Income, and 100% U.S. Treasury Money Market.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
Fitch rating drivers include: credit quality, interest rate risk, liquid assets, maturity profiles, and the capabilities of the investment advisor

Active Transparent Exchange-Traded Funds
GABELLI FINANCIAL SERVICES OPPORTUNITIES: GABF

IMPORTANT DISCLOSURES

Shares of this ETF are bought and sold at market prices (not NAV) and are not individually redeemed from the fund.
Buying or selling ETF shares may require additional fees such as brokerage commissions, which will reduce returns.
These traditional risks may be even greater in challenging or uncertain market conditions.
Financial service companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could affect earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

Active Exchange-Traded Funds
GABELI LOVE OUR PLANET & PEOPLE: LOPP
GABELLI GROWTH INNOVATORS: GGRW
GABELLI COMMERCIAL AEROSPACE & DEFENSE: GCAD

IMPORTANT DISCLOSURES
These ETFs are different from traditional ETFs. Traditional ETFs tell the public what assets they hold each day. These ETFs do not. This may create additional risks for your investment. For example:
• You may have to pay more money to trade the ETFs’ shares. These ETFs will provide less information to traders, who tend to charge more for trades when they have less information.
• The price you pay to buy ETF shares on an exchange may not match the value of an ETF’s portfolio. The same is true when you sell shares. These price differences may be greater for these ETFs compared to other ETFs because they provide less information to traders.
• These additional risks may be even greater in challenging or uncertain market conditions.
• The differences between these ETFs and other ETFs may also have advantages. By keeping certain information about the ETFs undisclosed, these ETFs may face less risk that other traders can predict or copy its investment strategy. This may improve the ETFs’ performance. If other traders are able to copy or predict the ETFs’ investment strategies, however, this may hurt the ETFs’ performance. For additional information regarding the unique attributes and risks of these ETFs, see the ActiveShares prospectus/registration statement.

You should consider the ETFs’ investment objectives, risks, charges and expenses carefully before you invest. The ETFs’ Prospectus is available from G.distributors, LLC, a registered broker-dealer and FINRA member firm, and contains this and other information about the ETFs, and should be read carefully before investing.

GABF
Financial services companies operate in heavily regulated industries, which are subject to change. The underlying securities are subject to credit and interest rate sensitivity risk, which could impact earnings. Additionally, since financial services firms are correlated to GDP, a decline in the economic environment could impact profitability.

GGRW
Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

GCAD
Government aerospace regulation and spending policies can significantly affect the aerospace industry because many companies involved in the aerospace industry rely to a large extent on U.S. (and other) Government demand for their products and services.

LOPP
The application of the Adviser’s socially responsible criteria will affect the Fund’s exposure to certain issuers, industries, sectors, regions, and countries, and may impact the relative financial performance of the Fund.

Money Market Fund
Investment in the fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. You could lose money by investing in the fund.

Growth
Securities of growth companies may be more volatile since such companies usually invest a high portion of earnings in their business, and they may lack the dividends of value stocks that can cushion stock prices in a falling market.

As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Growth Fund.

Gold
Investments related to gold and other precious metals and minerals are considered speculative and are affected by a variety of worldwide economic, financial, and political factors. Investing in foreign securities involves risks not ordinarily associated with investment in domestic issues. Funds concentrating in specific sectors may experience greater fluctuations in value than funds that are more diversified. Not FDIC Insured. Not Bank Guaranteed. May Lose Value.

As of December 31, 2024, GAMI and affiliates owned less than one percent of all stocks mentioned in the Gold Fund.

Small Cap
Small capitalization stocks are subject to significant price fluctuations and business risks. The stocks of smaller companies may trade less frequently and experience more abrupt price movements than stocks of larger companies; therefore, investing in this sector involves special challenges.

Returns represent past performance and do not guarantee future results. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end.

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
	Three Months Ended
	December 31, 2024			September 30, 2024			December 31, 2023
Revenue:
Investment advisory and incentive fees	$	55,502		$	53,829		$	53,001
Distribution fees and other income		3,760			3,717			4,312
Total revenue		59,262			57,546			57,313
Expenses:
Compensation		26,593			22,566			27,316
Management fee		2,512			2,517			2,444
Distribution costs		5,634			6,033			5,848
Other operating expenses		5,370			4,801			5,909
Total expenses		40,109			35,917			41,517
Operating income		19,153			21,629			15,796
Non-operating income:
Gain from investments, net		644			3,370			3,529
Interest and dividend income		3,090			2,947			2,951
Interest expense		(282	)		(290	)		(281	)
Charitable giving contribution		–			(5,000	)		–
Total non-operating income		3,452			1,027			6,199
Income before provision for income taxes		22,605			22,656			21,995
Provision for income taxes		5,808			5,822			5,435
Net income	$	16,797		$	16,834		$	16,560

Earnings per share attributable to common
stockholders:
Basic	$	0.70		$	0.69		$	0.66
Diluted	$	0.70		$	0.69		$	0.66

Weighted average shares outstanding:
Basic		23,971			24,263			25,038
Diluted		23,971			24,263			25,038

Shares outstanding		22,930			24,235			24,906

GAMCO Investors, Inc. and Subsidiaries
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands)

	December 31,		December 31,
	2024		2023
Assets
Cash and cash equivalents	$	17,254	$	61,801
Short-term investments in U.S. Treasury Bills		99,216		99,025
Investments in securities		36,855		19,998
Seed capital investments		29,452		24,044
Receivable from brokers		3,103		4,562
Other receivables		21,246		21,178
Deferred tax asset and income tax receivable		7,553		8,927
Other assets		9,509		9,896
Total assets	$	224,188	$	249,431

Liabilities and stockholders’ equity
Income taxes payable	$	196	$	17
Compensation payable		38,489		23,399
Accrued expenses and other liabilities		48,929		45,036
Total liabilities		87,614		68,452

Stockholders’ equity		136,574		180,979
Total liabilities and stockholders’ equity	$	224,188	$	249,431

Shares outstanding		22,930		24,906

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
		Three Months Ended									% Changed From
		December 31,			September 30,			December 31,			September 30,		December 31,
		2024			2024			2023			2024		2023
Equities:
Mutual Funds
Beginning of period assets		$	8,440		$	8,035		$	7,546
	Inflows		211			175			153
	Outflows		(420	)		(415	)		(451	)
	Net inflows (outflows)		(209	)		(240	)		(298	)
	Market appreciation (depreciation)		(126	)		652			744
	Fund distributions, net of reinvestment		(27	)		(7	)		(19	)
	Total increase (decrease)		(362	)		405			427
Assets under management, end of period		$	8,078		$	8,440		$	7,973		-4.3	%	1.3	%
Percentage of total assets under management			25.5	%		26.2	%		25.6	%
Average assets under management		$	8,447		$	8,177		$	7,593		3.3	%	11.2	%

Closed-end Funds
Beginning of period assets		$	7,459		$	7,052		$	6,727
	Inflows		212			25			16
	Outflows		(43	)		(32	)		(63	)
	Net inflows (outflows)		169			(7	)		(47	)
	Market appreciation (depreciation)		(155	)		540			544
	Fund distributions, net of reinvestment		(129	)		(126	)		(127	)
	Total increase (decrease)		(115	)		407			370
Assets under management, end of period			7,344		$	7,459		$	7,097		-1.5	%	3.5	%
Percentage of total assets under management			23.2	%		23.2	%		22.8	%
Average assets under management		$	7,610		$	7,260		$	6,785		4.8	%	12.2	%

Institutional & PWM
Beginning of period assets		$	10,984		$	10,436		$	10,034
	Inflows		62			87			63
	Outflows		(407	)		(373	)		(371	)
	Net inflows (outflows)		(345	)		(286	)		(308	)
	Market appreciation (depreciation)		61			834			1,012
	Total increase (decrease)		(284	)		548			704
Assets under management, end of period		$	10,700		$	10,984		$	10,738		-2.6	%	-0.4	%
Percentage of total assets under management			33.7	%		34.1	%		34.5	%
Average assets under management		$	11,085		$	10,905		$	10,005		1.7	%	10.8	%

SICAV
Beginning of period assets		$	9		$	9		$	622
	Inflows		–			–			82
	Outflows		–			–			(110	)
	Net inflows (outflows)		–			–			(28	)
	Market appreciation (depreciation)		–			–			37
	Total increase (decrease)		–			–			9
Assets under management, end of period		$	9		$	9		$	631		0.0	%	-98.6	%
Percentage of total assets under management			0.0	%		0.0	%		2.0	%
Average assets under management		$	9		$	9		$	628		0.0	%	-98.6	%

Total Equities
Beginning of period assets		$	26,892		$	25,532		$	24,929
	Inflows		485			287			314
	Outflows		(870	)		(820	)		(995	)
	Net inflows (outflows)		(385	)		(533	)		(681	)
	Market appreciation (depreciation)		(220	)		2,026			2,337
	Fund distributions, net of reinvestment		(156	)		(133	)		(146	)
	Reclassification to AUA		–			–			–
	Total increase (decrease)		(761	)		1,360			1,510
Assets under management, end of period		$	26,131		$	26,892		$	26,439		-2.8	%	-1.2	%
Percentage of total assets under management			82.4	%		83.5	%		85.1	%
Average assets under management		$	27,151		$	26,351		$	25,011		3.0	%	8.6	%


GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle – continued
(in millions)
		Three Months Ended									% Changed From
		December 31,			September 30,			December 31,			September 30,		December 31,
		2024			2024			2023			2024		2023
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets		$	5,268		$	5,159		$	4,217
	Inflows		1,656			1,245			1,424
	Outflows		(1,440	)		(1,205	)		(1,088	)
	Net inflows (outflows)		216			40			336
	Market appreciation (depreciation)		68			69			62
	Total increase (decrease)		284			109			398
Assets under management, end of period		$	5,552		$	5,268		$	4,615		5.4	%	20.3	%
Percentage of total assets under management			17.5	%		16.4	%		14.8	%
Average assets under management		$	5,415		$	5,246		$	4,418		3.2	%	22.6	%

Institutional & PWM Fixed Income
Beginning of period assets		$	32		$	32		$	32
	Inflows		–			–			–
	Outflows		–			–			–
	Net inflows (outflows)		–			–			–
	Market appreciation (depreciation)		–			–			–
	Total increase (decrease)		–			–			–
Assets under management, end of period		$	32		$	32		$	32		0.0	%	0.0	%
Percentage of total assets under management			0.1	%		0.1	%		0.1	%
Average assets under management		$	32		$	32		$	32		0.0	%	0.0	%

Total Treasuries & Fixed Income
Beginning of period assets		$	5,300		$	5,191		$	4,249
	Inflows		1,656			1,245			1,424
	Outflows		(1,440	)		(1,205	)		(1,088	)
	Net inflows (outflows)		216			40			336
	Market appreciation (depreciation)		68			69			62
	Total increase (decrease)		284			109			398
Assets under management, end of period		$	5,584		$	5,300		$	4,647		5.4	%	20.2	%
Percentage of total assets under management			17.6	%		16.5	%		14.9	%
Average assets under management		$	5,447		$	5,278		$	4,450		3.2	%	22.4	%

Total AUM
Beginning of period assets		$	32,192		$	30,723		$	29,178
	Inflows		2,141			1,532			1,738
	Outflows		(2,310	)		(2,025	)		(2,083	)
	Net inflows (outflows)		(169	)		(493	)		(345	)
	Market appreciation (depreciation)		(152	)		2,095			2,399
	Fund distributions, net of reinvestment		(156	)		(133	)		(146	)
	Reclassification to AUA		–			–			–
	Total increase (decrease)		(477	)		1,469			1,908
Assets under management, end of period		$	31,715		$	32,192		$	31,086		-1.5	%	2.0	%
Average assets under management		$	32,598		$	31,629		$	29,461		3.1	%	10.6	%

GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle
(in millions)
		Twelve Months Ended
		December 31,			December 31,
		2024			2023			% Change
Equities:
Mutual Funds
Beginning of period assets		$	7,973		$	8,140
	Inflows		751			711
	Outflows		(1,626	)		(1,616	)
	Net inflows (outflows)		(875	)		(905	)
	Market appreciation (depreciation)		1,023			772
	Fund distributions, net of reinvestment		(43	)		(34	)
	Total increase (decrease)		105			(167	)
Assets under management, end of period		$	8,078		$	7,973		1.3	%
Percentage of total assets under management			25.5	%		25.6	%
Average assets under management		$	8,173		$	8,035		1.7	%

Closed-end Funds
Beginning of period assets		$	7,097		$	7,046
	Inflows		281			41
	Outflows		(226	)		(130	)
	Net inflows (outflows)		55			(89	)
	Market appreciation (depreciation)		700			654
	Fund distributions, net of reinvestment		(508	)		(514	)
	Total increase (decrease)		247			51
Assets under management, end of period		$	7,344		$	7,097		3.5	%
Percentage of total assets under management			23.2	%		22.8	%
Average assets under management		$	7,274		$	7,058		3.1	%

Institutional & PWM
Beginning of period assets		$	10,738		$	10,714
	Inflows		340			241
	Outflows		(1,701	)		(1,739	)
	Net inflows (outflows)		(1,361	)		(1,498	)
	Market appreciation (depreciation)		1,323			1,522
	Total increase (decrease)		(38	)		24
Assets under management, end of period		$	10,700		$	10,738		-0.4	%
Percentage of total assets under management			33.7	%		34.5	%
Average assets under management		$	10,891		$	10,670		2.1	%

SICAV
Beginning of period assets		$	631		$	867
	Inflows		–			357
	Outflows		(2	)		(624	)
	Net inflows (outflows)		(2	)		(267	)
	Market appreciation (depreciation)		–			31
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		(622	)		(236	)
Assets under management, end of period		$	9		$	631		-98.6	%
Percentage of total assets under management			0.0	%		2.0	%
Average assets under management		$	9		$	694		-98.7	%

Total Equities
Beginning of period assets		$	26,439		$	26,767
	Inflows		1,372			1,350
	Outflows		(3,555	)		(4,109	)
	Net inflows (outflows)		(2,183	)		(2,759	)
	Market appreciation (depreciation)		3,046			2,979
	Fund distributions, net of reinvestment		(551	)		(548	)
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		(308	)		(328	)
Assets under management, end of period		$	26,131		$	26,439		-1.2	%
Percentage of total assets under management			82.4	%		85.1	%
Average assets under management		$	26,347		$	26,457		-0.4	%


GAMCO Investors, Inc. and Subsidiaries
Assets Under Management
By investment vehicle – continued
(in millions)
		Twelve Months Ended
		December 31,			December 31,
		2024			2023			% Change
Fixed Income:
100% U.S. Treasury fund
Beginning of period assets		$	4,615		$	2,462
	Inflows		5,796			5,498
	Outflows		(5,122	)		(3,536	)
	Net inflows (outflows)		674			1,962
	Market appreciation (depreciation)		263			191
	Total increase (decrease)		937			2,153
Assets under management, end of period		$	5,552		$	4,615		20.3	%
Percentage of total assets under management			17.5	%		14.8	%
Average assets under management		$	5,140		$	3,823		34.4	%

Institutional & PWM Fixed Income
Beginning of period assets		$	32		$	32
	Inflows		–			–
	Outflows		–			–
	Net inflows (outflows)		–			–
	Market appreciation (depreciation)		–			–
	Total increase (decrease)		–			–
Assets under management, end of period		$	32		$	32		0.0	%
Percentage of total assets under management			0.1	%		0.1	%
Average assets under management		$	32		$	32		0.0	%

Total Treasuries & Fixed Income
Beginning of period assets		$	4,647		$	2,494
	Inflows		5,796			5,498
	Outflows		(5,122	)		(3,536	)
	Net inflows (outflows)		674			1,962
	Market appreciation (depreciation)		263			191
	Total increase (decrease)		937			2,153
Assets under management, end of period		$	5,584		$	4,647		20.2	%
Percentage of total assets under management			17.6	%		14.9	%
Average assets under management		$	5,172		$	3,855		34.2	%

Total AUM
Beginning of period assets		$	31,086		$	29,261
	Inflows		7,168			6,848
	Outflows		(8,677	)		(7,645	)
	Net inflows (outflows)		(1,509	)		(797	)
	Market appreciation (depreciation)		3,309			3,170
	Fund distributions, net of reinvestment		(551	)		(548	)
	Reclassification to AUA		(620	)		–
	Total increase (decrease)		629			1,825
Assets under management, end of period		$	31,715		$	31,086		2.0	%
Average assets under management		$	31,519		$	30,312		4.0	%

Contact:	Kieran Caterina
	Chief Accounting Officer
	(914) 921-5149

	For further information please visit
	www.gabelli.com

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/67be43da-4ba8-4a8b-adfc-6568958b2c5f
https://www.globenewswire.com/NewsRoom/AttachmentNg/184b5374-0f9b-4bf5-a782-689155142d7e

The MIL Network –

February 5, 2025

MIL-OSI: Red Cat CEO Jeff Thompson to Present at TD Cowen’s 46th Annual Aerospace & Defense Conference

Source: GlobeNewswire (MIL-OSI)

SAN JUAN, Puerto Rico, Feb. 04, 2025 (GLOBE NEWSWIRE) — Red Cat Holdings, Inc. (Nasdaq: RCAT) (“Red Cat”) (“Red Cat”), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, today announced that its Chief Executive Officer, Jeff Thompson, will present at TD Cowen’s 46th Annual Aerospace & Defense Conference on Wednesday, February 12, 2025.

Thompson’s presentation is scheduled from 1:20 PM to 2:00 PM ET in Track 2 (Salon II, Conference Level) at The Ritz-Carlton, Pentagon City in Arlington, VA. He will discuss Red Cat’s latest advancements in drone technology and the company’s strategic initiatives within the aerospace and defense sectors.

TD Cowen’s 46th Annual Aerospace & Defense Conference, taking place February 11-13, 2025, brings together industry leaders for a series of presentations, fireside chats, and panel discussions. Moderated by members of the TD Cowen research team, the event will highlight key trends shaping the aerospace and defense industries.

Investors and attendees interested in scheduling a one-on-one meeting with Mr. Thompson are encouraged to contact the Company through the investor relations section of the Red Cat website.

About Red Cat Holdings, Inc.

Red Cat (Nasdaq: RCAT) is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Through two wholly owned subsidiaries, Teal Drones and FlightWave Aerospace, Red Cat has developed a Family of Systems. This includes the Black Widow™, a small unmanned ISR system that was awarded the U.S. Army’s Short Range Reconnaissance (SRR) Program of Record contract. The Family of Systems also includes TRICHON™, a fixed wing VTOL for extended endurance and range, and FANG™, the industry’s first line of NDAA compliant FPV drones optimized for military operations with precision strike capabilities. Learn more at www.redcat.red.

About TD Securities

As a leading corporate and investment bank, TD Securities offers a wide range of integrated capital markets products and services. Our corporate, government, and institutional clients choose us for our innovation, execution, and experience.

With more than 7,100 professionals operating out of 34 cities across the globe, we help clients meet their needs today and prepare for tomorrow. Our services include underwriting and distributing new issues, providing trusted advice and industry-leading insight, extending access to global markets, and delivering integrated transaction banking solutions.

TD Cowen is a division of TD Securities. As part of TD Securities’ broader suite of integrated capital markets products and services, our offering includes investment banking, research, sales and trading, prime brokerage, outsourced trading, and commission management services.

We are growth-oriented, people-focused, and community-minded. As a team, we work to deliver value for our clients every day.

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Red Cat Holdings, Inc.’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the Form 10-K filed with the Securities and Exchange Commission on July 27, 2023. Forward-looking statements contained in this announcement are made as of this date, and Red Cat Holdings, Inc. undertakes no duty to update such information except as required under applicable law.

Contact:

INVESTORS:
E-mail: Investors@redcat.red

NEWS MEDIA:
Phone: (347) 880-2895
Email: peter@indicatemedia.com

The MIL Network –

February 5, 2025
MIL-OSI Video: That lake ice is snow joke! #Icebreaker #greatlakes #Manitoulin

Source: US Coast Guard (video statements)

Last month the U.S. Coast Guard cutters Bristol Bay (WTGB 102) and Neah Bay (WTGB 105), along with the Canadian Coast Guard Ship Samuel Risley, broke the freighter Manitoulin free from the ice, allowing the ship to continue its travels.

The U.S. Coast Guard continues to conduct icebreaking missions throughout the Great Lakes to ensure maritime safety and protect our nation’s maritime transportation system.

Follow @uscggreatlakes for more posts and imagery out of the Great Lakes Region!

#greatlakes #USCG #coastguard #breaktheice

https://www.youtube.com/watch?v=iqqzEKTHtQQ

MIL OSI Video –

February 5, 2025
MIL-OSI Canada: BC Coroners Service shares 2024 data into unregulated drug toxicity deaths

Source: Government of Canada regional news

Reporting from the BC Coroners Service shows the continued impact of unregulated drug toxicity in communities throughout the province in 2024, with 2,253 lives lost last year.

The cumulative number of unregulated drug deaths represents a 13% decrease from the number of deaths in 2023 and is less than the annual figure from any of the previous three years. The rate of death in 2024 was 40 per 100,000 people, compared with 47 per 100,000 in 2023, 45 per 100,000 in 2022 and 44 per 100,000 in 2021.

“The information collected by our coroners during their investigations into unregulated drug toxicity deaths, indicates a decline in fatalities over the last several months of 2024. This is consistent with reporting from other jurisdictions in Canada and internationally,” said Dr. Jatinder Baidwan, chief coroner. “This doesn’t mitigate the fact that 2,253 members of our communities died in 2024, leaving behind grieving loved ones, friends, colleagues and teammates. Our thoughts are with all of those many, many people who have been touched by this crisis.”

In 2024, about seven in every 10 decedents were between the ages of 30 and 59, and nearly three-quarters were male. The rate of death among females in 2024 is 20 per 100,000. This is an increase of 65% from 2020 (13 per 100,000) and a slight reduction from 2023 (21 per 100,000).

As in years prior, the drug-toxicity crisis affected cities of all sizes in 2024. By Local Health Area, the highest rates of death per 100,000 were in Vancouver-Centre North (422), Lillooet (116), Greater Campbell River (109), Terrace (109) and Prince George (103).

Fentanyl and its analogues continue to be the primary driver of unregulated drug toxicity deaths in B.C., detected in 78% of expedited toxicological testing in 2024. Cocaine (52%), fluorofentanyl (46%), methamphetamine (43%) and bromazolam (41%) were the other most common substances detected in expected toxicology. It’s important to note that the data from the report is preliminary and subject to change as additional toxicology results are received and investigations are concluded.

Since the public health emergency was first declared in April 2016, the lives of at least 16,047 people in B.C. have been lost to unregulated drug toxicity.

Learn More:

November and December 2024 unregulated drug toxicity deaths: https://app.powerbi.com/view?r=eyJrIjoiMDEwZjVlNmQtYWE2YS00YWZkLWE2MzEtNzE5MTdhNjhkMTE3IiwidCI6IjZmZGI1MjAwLTNkMGQtNGE4YS1iMDM2LWQzNjg1ZTM1OWFkYyJ9

Youth Unregulated Drug Toxicity Deaths, 2019-2023: https://www2.gov.bc.ca/assets/gov/birth-adoption-death-marriage-and-divorce/deaths/coroners-service/statistical/youth_unregulated_drug_toxicity_deaths_in_bc_2019-2023.pdf

BC Coroners Service Death Review Panel: An Urgent Response to a Continuing Crisis: https://www2.gov.bc.ca/assets/gov/birth-adoption-death-marriage-and-divorce/deaths/coroners-service/death-review-panel/an_urgent_response_to_a_continuing_crisis_report.pdf

B.C. Ministry of Health mental-health and substance-use supports: https://helpstartshere.gov.bc.ca/

BC Centre on Substance Use: https://www.bccsu.ca

MIL OSI Canada News –

February 5, 2025
MIL-OSI Australia: Frontline police boosted

Source: South Australia Police

Police resources allocated to investigating youth crime, domestic and family violence, cybercrime and retail theft are being significantly boosted.

More than 70 police officers are being redirected to a range of key frontline areas that will provide the most benefit to the community and enhance public safety and well-being.

The majority of the resources – 51 positions – have become available following successful programs such as the introduction of Police Security Officers in custody management areas, the civilianisation of some roles and the rationalisation of some small police stations.

Additional government funding has also delivered another 20 positions.

As part of the major initiative Commissioner of Police Grant Stevens has revealed the formation of a new Youth and Street Gangs Task Force to enhance SAPOL’s response into youth crime in South Australia.

The new task force will see the current Operation Meld and Operation Mandrake initiatives merged – with an additional 13 police officers added to its ranks.

An additional nine officers will be allocated to investigate financial and cybercrime and eight added to the successful Operation Measure anti-shoplifting initiative.

Regional communities will also benefit with 14 new positions assigned to volume crime teams and another 13 family and domestic violence investigation officers.

SAPOLs growing reliance on airborne policing operations has also resulted in 14 permanently appointed tactical flight officers who will contribute significantly to community safety and provide vital support to frontline officers involved in a variety of taskings.

Commissioner Stevens said while many of the positions will be filled immediately, others will be filled as resources become available.

“We are focusing resources on frontline roles and doing what matters most in areas that will have the most impact, the most benefit in responding to public concerns over safety and emerging crime trends,’’ he said.

“These include areas that both proactively investigate and respond to cybercrime incidents, youth crime, family violence, retail theft and our increasing reliance on airborne law enforcement operations.

“With the growing imbalance between our resources and demand, we will continue to look for opportunities to rationalise services to deliver similar frontline services where they matter the most.’’

The Youth and Street Gangs Task Force will continue the work of Operations Meld and Mandrake by responding to the evolving nature of youth street gangs by providing specialist investigative and intelligence skills.

Besides responding to specific incidents, SAPOL is working to break the cycle of criminality and recruitment of young members through interagency collaboration and community engagement.

“Youth crime is not just about the criminality, but the recruitment of younger members, so the task force provides an opportunity to break this cycle,” Commissioner Stevens said.

“This permanent task force will disrupt and reduce the criminal activities of a target group of offenders, particularly focusing on crimes of violence that pose a significant risk to community safety.”

MIL OSI News –

February 5, 2025
MIL-OSI Security: Tifton, Georgia, Man Pleads Guilty to Trafficking Methamphetamine

Source: Office of United States Attorneys

ALBANY, Ga. – A Tifton resident faces up to 40 years in federal prison for distributing kilograms of Mexico-sourced methamphetamine after he was caught with a pound of methamphetamine while wearing an ankle monitor for a prior drug trafficking charge and attempted to flee from deputies.

Travarious Deshawn Mike, 29, of Tifton, pleaded guilty to two counts of distribution of methamphetamine before U.S. District Judge Leslie Abrams Gardner on Feb. 3. Mike faces a maximum of 20 years in prison per count, to be followed by at least three years of supervised release and a $1,000,000 fine. A sentencing date will be determined by the Court. There is no parole in the federal system.

“The defendant was transporting large quantities of methamphetamine from an Atlanta source into the Tifton community. Even after his initial arrest, he willfully continued to violate the law and traffic dangerous drugs into Southwest Georgia,” stated Acting U.S. Attorney Shanelle Booker. “Our office collaborates closely with local, state and federal law enforcement to ensure that repeat offenders who are causing significant harm in the Middle District of Georgia are stopped and held accountable for their actions.”

“This investigation resulting in the seizure of meth, heroin and firearms is a clear reminder of the dangerous networks we continue to dismantle,” said GBI Director Chris Hosey. “The GBI remains committed to disrupting drug trafficking and criminal activity, especially those tied to dangerous sources of supply. This is a significant step in protecting our communities.”

According to court documents and statements referenced in court, GBI agents recorded Mike providing methamphetamine during a controlled buy utilizing a confidential informant (CI) on Aug. 15, 2022, at the Church’s Chicken in Tifton. A court-authorized tracking device monitored by the GBI captured Mike departing Tifton for Atlanta on Aug. 30, 2022. GBI agents observed Mike travel to two Mexican restaurants for brief periods, then immediately begin to travel back down I-75 towards Tifton. Crisp County Sheriff’s Office (CCSO) deputies initiated a traffic stop on his vehicle after it observed a defective brake light and a window tint violation. A CCSO trained K9 made a positive alert on Mike’s car. During a search of the vehicle, agents seized 502 grams of heroin in Mike’s bookbag.

At the same time, GBI requested the Tifton Police Department’s (TPD) assistance to conduct surveillance on Mike’s Tifton residence. TPD initiated a traffic stop on a vehicle leaving Mike’s residence, locating 8,068 grams of 67.9% pure methamphetamine. The occupant was a drug courier delivering the narcotics from a Mexican source of supply near Atlanta to Mike and had made the trip before. GBI executed a court-authorized search warrant at Mike’s residence that same day and found four semiautomatic pistols, a revolver, rounds of ammunition, methamphetamine and a set of digital scales. A vehicle parked outside Mike’s residence and belonging to a co-defendant contained 783 grams of 80% pure methamphetamine, 168 grams of a heroin and fentanyl mixture, 97 oxycodone/fentanyl pills, seven grams of crack cocaine, plastic baggies and a digital scale. Interviews, evidence and text messages on seized cell phones belonging to Mike and co-defendants revealed that Mike was purchasing methamphetamine from a Mexican source of supply based in the metro Atlanta area. Mike subsequently bonded out of jail.

On June 5, 2024, the Monroe County Sheriff’s Office (MCSO) observed a white Dodge Charger driven by Mike commit a traffic violation in Monroe County, Georgia. MCSO deputies attempted to initiate a traffic stop, but Mike tried to escape and reached speeds over 125 mph. During the pursuit, Mike discarded a brick-shaped package out the window, which burst into a white crystal-like substance. Other MCSO officers secured the scene where the substance was discarded, finding approximately one pound of methamphetamine. Mike lost control of the vehicle and crashed onto the side of the highway. He attempted to flee on foot but was immediately apprehended. At the time of his arrest, Mike was wearing an ankle monitor and advised that he was out on bond for another drug trafficking incident.

The case was investigated by the Georgia Bureau of Investigations (GBI) with assistance from the Drug Enforcement Administration (DEA), the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the Georgia State Patrol (GSP), the Tifton Police Department, the Crisp County Sheriff’s Office and the Monroe County Sheriff’s Office.

Assistant U.S. Attorney Matthew Redavid is prosecuting the case for the Government.

MIL Security OSI –

February 5, 2025
MIL-OSI Security: Southbridge Man Convicted of Fentanyl and Cocaine Trafficking Conspiracy

Source: Office of United States Attorneys

BOSTON – A Southbridge man has been convicted by a federal jury for his role in a drug trafficking organization (DTO) that distributed cocaine and fentanyl throughout the North Shore and Central Massachusetts areas.

Ismael Maysonet, 40, was convicted of conspiracy to distribute and to possess with the intent to distribute 500 grams or more of cocaine and possession with intent to distribute 40 grams or more of fentanyl. U.S. District Court Judge Margaret R. Guzman scheduled sentencing for June 4, 2025. In September 2022, Maysonet was charged along with 21 other co-conspirators.

“Ismael Maysonet was a member of a large-scale drug trafficking organization that pumped fentanyl and cocaine into the communities of Massachusetts. We will continue to target and dismantle these groups to keep our communities safe and hold drug traffickers accountable,” said United States Attorney Leah B. Foley. “My office is committed to prosecuting all drug traffickers who prey on the vulnerable and addicted in our communities. We will continue to root out, arrest and prosecute those who violate our drug laws.”

“Those who choose to distribute fentanyl and cocaine endanger their customers as well as the general public. Maintaining public safety requires that they be prosecuted aggressively,” said Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division. “We work closely each day with our law enforcement partners to target those who seek to profit from the sale of these substances.”

“Postal inspectors are committed to ensuring the U.S. Postal Service is not a mechanism to distribute deadly fentanyl and other illicit narcotics,” stated Ketty Larco-Ward, Inspector in Charge of the Boston Division of the United States Postal Inspection Service. “Let today’s verdict serve as a reminder that postal inspectors, along with our law enforcement partners, remain steadfast in our resolve to combat the flow of illicit drugs impacting our communities.”

In and around August 2021 through August 2022, Maysonet was identified as a member of a Southbridge-based DTO who distributed cocaine and fentanyl to retail customers and other drug dealers at the request of the leaders of the DTO, Jonathan Pizarro Gonzalez and Isaac Gonzalez. The DTO regularly used the United States mail to conduct drug trafficking activities. Specifically, the DTO obtained large quantities of cocaine through packages mailed from Puerto Rico to addresses used by the DTO and mailed packages containing fentanyl to recipients in Florida and elsewhere. On multiple occasions Maysonet was observed retrieving packages that were delivered by the United States mail that were known to contain drugs. Throughout the investigation, Maysonet was heard over intercepted calls discussing drug trafficking, payments and pickups, as well as the packaging of fentanyl in an electronic device to be mailed to Florida. Approximately nine kilograms of cocaine from packages sent through the mail and 800 grams of fentanyl were seized from various DTO members over the course of the investigation.

Both Jonathan Pizarro Gonzalez and Isaac Gonzalez pleaded guilty in January 2025 and are scheduled to be sentenced on April 29, 2025 and May 12, 2025, respectively.

The charge of conspiracy to distribute and to possess with the intent to distribute 500 grams of cocaine fentanyl provides for a mandatory minimum sentence offive5 years and up to life in prison, at least four years of supervised release and a fine of up to $10 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

U.S. Attorney Foley, DEA Acting SAC Belleau and USPIS INC Larco-Ward made the announcement today. Valuable assistance was provided by the United States Marshals Service, Massachusetts State Police, Southbridge Police Department, Lawrence Police Department, Essex County Sherriff’s Department and Worcester County Sheriff’s Department. Assistant U.S. Attorneys Stephen W. Hassink and Samuel R. Feldman of the Narcotics & Money Laundering Unit are prosecuting the case.

This investigation is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

The details contained in the charging document are allegations. The remaining defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

February 5, 2025
MIL-OSI Security: Disbarred Queens Attorney Sentenced to 54 Months in Prison for Defrauding Clients

Source: Office of United States Attorneys

Defendant Falsely Held Himself Out as a Trusted Attorney in the Korean-American Community

Earlier today, in federal court in Brooklyn, disbarred attorney Hyun W. Lee, also known as “Michael Lee,” was sentenced by United States District Judge Pamela K. Chen to 54 months in prison for wire fraud in connection with a scheme to defraud his real estate clients and their counterparties of funds held in his attorney escrow account. As part of the sentence, Lee was ordered to pay the government $3.27 million in forfeiture and restitution to the victims in the amount of $3.29 million. Lee pleaded guilty to wire fraud in December 2023.

John J. Durham, United States Attorney for the Eastern District of New York, announced the sentence.

“The defendant was disbarred from the practice of law for reprehensible misconduct, but that severe penalty did not deter him from continuing to abuse the trust of clients, so it is my hope that he will get the message after serving a term of imprisonment for his crimes,” stated United States Attorney Durham. “It is particularly egregious that Lee committed these crimes by holding himself out as a trusted lawyer to clients within the Korean-American community in Queens, where many immigrants have little experience with the legal system and place an enormous amount of trust in the hands of individuals like the defendant who profess to represent their interests in legal proceedings.”

Mr. Durham thanked the Queens County District Attorney’s Office for their assistance in this matter.

Lee was an attorney licensed by the State of New York admitted to practice in 2003. He maintained an office in Flushing, Queens, where he represented buyers and sellers in connection with the purchase and sale of real property. On March 11, 2020, Lee was disbarred as a result of charges brought by the Grievance Committee that he had engaged in a pattern and practice of misappropriating client and third-party funds. As a result, Lee was not permitted to accept funds from clients and third parties.

Between February 2018 and May 2023, Lee induced clients and counterparties to entrust funds to him for the purchase of real estate based on misrepresentations that he would release the funds deposited into his escrow account. Instead, Lee misappropriated these funds and used them for his own benefit, which included gambling at casinos and to pay expenses at a restaurant that he was a part-owner. Lee misrepresented that he was an attorney authorized to represent clients in connection with the purchase and sale of real estate, and to receive and hold funds in his escrow account in connection with real estate transactions.

In furtherance of the scheme, Lee misled clients about the status of funds held in his escrow account by fabricating documents leading them to believe their funds were secure. While documentation Lee showed to clients reflected a balance in Lee’s escrow account of nearly $3 million, in reality Lee had depleted the escrow account down to only approximately $25,000. Lee failed to honor requests by clients and their counterparties to release funds from his escrow account, falsely claiming that he was in the process of working out an equitable distribution of funds that remained. In reality, Lee had already spent virtually all of the funds in the account.

Victims who suffered losses as a result of the conduct of Lee, or other New York lawyers who engage in misconduct, may be eligible to receive compensation by filing a claim with the Lawyer’s Fund for Client Protection, which may be reached by calling (800) 442-3863 or e-mailing info@nylawfund.org

The government’s case is being handled by the Office’s Business and Securities Fraud Section. Assistant U.S. Attorney Hiral D. Mehta is in charge of the prosecution with assistance from Special Agent Martin Sullivan.

The Defendant:

HYUN W. LEE (also known as “Michael Lee”)
Age: 51
Closter, New Jersey

E.D.N.Y. Docket No. 23-CR-465 (PKC)

MIL Security OSI –

February 5, 2025
MIL-OSI: Terren S. Peizer, through Humanitario Capital LLC, Acquires Proportionate Voting Shares and Proportionate Voting Share Warrants of Inspire Semiconductor Holdings Inc.

Source: GlobeNewswire (MIL-OSI)

DORADO, Puerto Rico and VANCOUVER, British Columbia , Feb. 04, 2025 (GLOBE NEWSWIRE) — This news release is issued by Terren Peizer (“Mr. Peizer”) pursuant to the early warning requirements of Canada’s National Instrument 62-104 and National Instrument 62-103 with respect to proportionate voting shares (“PVS”) and proportionate voting share warrants (“PVS Warrants”) of Inspire Semiconductor Holdings Inc. (the “Issuer”).

Mr. Peizer announces that, through his wholly owned corporation, Humanitario Capital LLC. (“Humanitario”), he has acquired PVS and PVS Warrants in connection with the conversion (the “Conversion”) of a C$10,000,000 loan made to the Issuer pursuant to a loan agreement dated September 23, 2024. The issuance of the securities described hereby was entirely contingent upon the delisting of the Issuer’s subordinate voting shares (“SVS”) from the TSX Venture Exchange which occurred on December 31, 2024.

Pursuant to the Conversion, Humantario was issued 740,740.74 PVS and 740,740 PVS Warrants representing approximately 26.78% of the issued and outstanding SVS on a basic basis and approximately 42.25% of the issued and outstanding SVS on a partially-diluted basis, after giving effect only to the exercise of the PVS Warrants held by Humanitario.

Each PVS is convertible at the option of the holder in 100 SVS pursuant to the Issuer’s articles. Each of the foregoing percentages assumes the conversion of all issued and outstanding PVS to SVS.

Mr. Peizer (through Humanitario) acquired the Shares for investment purposes and may, depending on market and other conditions, increase or decrease his beneficial ownership, control, or direction over securities of the Issuer through market transactions, private agreements, treasury issuances, exercise of warrants, or otherwise.

For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial and territorial securities legislation in connection with the transactions described herein, please go to the Issuer’s profile on the SEDAR+ website (www.sedarplus.ca) or contact the Company at invest@inspiresemi.com

The MIL Network –

February 5, 2025
MIL-Evening Report: Graffiti removal isn’t the enemy of art. It’s part of a vibrant dialogue on life in the big city

Source: The Conversation (Au and NZ) – By Sabina Andron, Postdoctoral Research Fellow in Cities and Urbanism, The University of Melbourne

Thanks Radical Graffiti for informing me where my next job is!

This is the message I woke up to on January 26, as one of my research participants saw some anti-colonial graffiti in Melbourne posted on the popular Instagram page. The “job” he refers to is that of removing graffiti – a costly, relentless and largely overlooked maintenance operation in modern cities.

Graffiti removal is an ongoing practice in big cities such as Sydney and Melbourne.
Sabina Andron

You may have heard of various statues being defaced across the country to protest Australia Day. And if you live in Melbourne, you’ve probably come across the city’s iconic “Pam the Bird” graffiti. Pam’s creator was arrested on January 30, about a week after a massive image of the bird appeared on the Novotel hotel in South Wharf.

What you don’t see, however, are the groups of workers standing by to evaluate and repair the damage done by graffiti artists. These graffiti removal technicians, or “buffers”, often posses a more detailed knowledge of the urban fabric than many architects and planners.

With millions invested in graffiti removal in Australia, as part of a visual policing of surfaces, I argue “buff” deserves recognition as a cultural and aesthetic practice of its own.

Buff commonly appears as mismatched rectangular shapes.
Sabina Andron

What is “buff” and how does it work?

Graffiti removal is the practice of removing, erasing or obliterating unauthorised displays from publicly visible urban surfaces.

In graffiti culture, this removal is colloquially known as “buff”. The name comes from a chemical train washing facility deployed by the Municipal Transit Authority in New York City in the 1970s, when graffiti clean-up efforts first started.

Buff is typically conducted by authorised municipal officers or private contractors and businesses. It involves the chemical and mechanical treatment of urban surfaces, often underpinned by zero tolerance policies that have turned it into a global billion dollar industry.

Greg Ireland demonstrating his products inside his Graffiti Removal Chemicals training facility in Melbourne.
Sabina Andron

Whether they work for local councils through apps such as Snap Send Solve, run private businesses, or operate independently as anti-graffiti vigilantes, buffers either remove unwanted marks, or paint over them to obstruct them from view.

And with the removal of one image, comes the creation of another.

In this example chemicals are used to destroy the surface paint, leaving behind a ‘ghost’ image.
Sabina Andron

A symbiotic relationship

It’s a common misconception that buff is strictly an image removal process – a zero sum game aimed at returning public surfaces to a pristine material state. This assumption is the main reason it has been afforded little attention as a creative practice.

In fact, buff produces some of the most interesting visual forms within contemporary cities. It contributes to the visual cultures of cities worldwide, not just through maintaining visual order, but through delivering easily overlooked painterly compositions.

The visual forms of buff done by vigilantes can be even more jarring than the graffiti they cover.
Sabina Andron

Much like graffiti, buff is a widespread visual and symbolic feature of contemporary cities. These two practices need each other, and engage with cities in symmetrical and symbiotic ways.

Buff will sometimes closely follow the contours of the graffiti it obstructs.
Sabina Andron

Also, although they operate on different mandates, graffiti writers and buffers largely respect each others’ resourcefulness and creativity. As one buffer has repeatedly told me, “tagging and buffing are more related than people are prepared to see.”

Buffers and writers use walls collaboratively. Here, a graffiti writer acknowledges the abater with a message: ‘legendary buff’.
Sabina Andron

Graffiti removal as aesthetic practice

Keen urban enthusiasts have been documenting buff in many forms, from the early photographs of Avalon Kalin in the United States, to artist Lorenzo Servi’s The City Is Ours bookzine on graffiti removal, to Hans Leo Maes’ photographic collection of buff from the 2019 Hong Kong protests.

Most famously, buff made the object of a 2001 experimental documentary by Matt McCormick. This cult favourite popularised the idea of graffiti removal as a subconsciously creative act with aesthetics that resemble the works of abstract expressionists such as Mark Rothko or Agnes Martin.

The abstract expressionist aesthetics of repeated buff interventions.
Sabina Andron

A suite of other contemporary artists and photographers, many of who come from a graffiti background, also engage with buff in their practice. Mobstr, Germain Prévost (Ipin), Thierry Furger, Nelio Riga and Svetlana Feoktistova provide just some examples of buff-generated creativity.

Three different buff treatments of the same wall.
Sabina Andron

Others such as activist Kyle Magee have served prison sentences for buffing public ads, raising questions about not only the legitimacy of public images, but the legitimacy of their obstruction.

An example of activist buff on street posters.
Sabina Andron

Beyond visual order mandates

Involuntarily perhaps, creativity is everywhere. Urban surfaces are prized visual and material assets in cities, with the potential to generate huge symbolic and economic capital.

No matter how many millions of dollars are invested in removing graffiti, or pursuing criminal cases against its creators, public surfaces will always be contentious forums of visual production, obstruction and collaboration.

Textured surfaces resulting from visual dialogues between graffiti and buff.
Sabina Andron

Alongside graffiti, posters, stickers and myriad other inscriptions, buff adds new textures to the surfaces of our cities. Its aesthetic and cultural value should be celebrated.

Sabina Andron does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Graffiti removal isn’t the enemy of art. It’s part of a vibrant dialogue on life in the big city – https://theconversation.com/graffiti-removal-isnt-the-enemy-of-art-its-part-of-a-vibrant-dialogue-on-life-in-the-big-city-248668

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-Evening Report: Climate-affected produce is here to stay. Here’s what it takes for consumers to embrace it

Source: The Conversation (Au and NZ) – By Liudmila Tarabashkina, Senior Lecturer, The University of Western Australia

Joanna Dorota/Shutterstock, Zoom Team/Shutterstock, The Conversation

The economic cost of food waste in Australia is staggering. It’s estimated $36.6 billion is lost to the economy every year. Much of our fresh produce never even makes it to stores, rejected at the farm gate due to cosmetic reasons, such as its appearance, size or ripeness.

We’ve known about this problem for a long time, which has given rise to the “ugly” food movement. Once-rejected produce has been rebranded as “wonky” in the UK, “inglorious” in France, “naturally imperfect” in Canada or an “odd bunch” in Australia.

While the existence of these campaigns is commendable, there’s another major marketing challenge if we want to reduce food waste – acceptance of climate-affected produce.

Broadly speaking, this refers to produce affected by extreme or moderate weather events. Droughts are an example of such climate events, predicted to become more intense and frequent as a result of global climate change.

Climate-affected produce resembles “ugly” food as it is often smaller, misshapen or has surface imperfections.

Climate-affected produce often has a lot in common with ‘ugly’ fruit, but may also differ in taste and texture.
Alexey Borodin/Shutterstock

But in contrast to “ugly food”, the taste and texture of climate-affected produce can be quite different.

Under the effects of drought, apples may become sweeter and more granular, chillies hotter and onions more pungent. In the case of mild or moderate droughts, such produce is still edible.

Our recent research points to some uncomfortable truths. Many consumers prefer to avoid climate-affected produce altogether. And when price is a factor, they won’t choose it without a discount.

But our research also offers suggestions on how purchases of such produce could be encouraged – including marketing messages that highlight the “resilience” of climate-affected produce.

Our research

We carried out two discrete choice experiments with consumers who buy fresh fruit and vegetables. One sample was drawn from among Australian students, the other from members of the wider Australian population.

Participants were shown eight different apple options simulating a shopping environment, which were described with a range of different attributes including firmness, sweetness, appearance and size.

The apples were also labelled with a price tag and information on whether they were sold at a supermarket or farmers’ market. All climate-affected apples were presented with a “resilience” message: “resilient apple – survived the drought”.

We sought to examine how produce’s “organoleptic” properties – the way it impacts our different senses – as well as levels of empathy toward the farmers impact consumers’ willingness to choose climate-affected produce, and how much they’d pay for it.

Drought can make apples sweeter, smaller, and less firm.
The Conversation, Natthapol Siridech/Shutterstock, PickPik

A preference for perfect

We found when an apple’s firmness, size and aesthetics were important and empathy towards farmers was low, consumers tended to avoid climate-affected produce. They instead chose unaffected alternatives at higher prices (no such effect was observed for sweetness).

This finding might not be surprising, but it’s still cause for concern. If farmers cannot repurpose climate-affected produce into spreads, jams, smoothies or animal feed, it can’t enter supply chains and may end up as waste.

Previous campaigns for “ugly” fruit and vegetables may not offer much help with this problem, either. These campaigns emphasise the unaffected taste and texture of the produce. Marketing climate-affected produce needs a different approach.

Otherwise, we expect a discount

When price was important to consumers, they chose climate-affected produce, regardless of their levels of empathy toward farmers. But they were only willing to pay discounted prices for it.

That might seem like a more positive outcome. But consumer expectations that climate-affected produce will always be discounted may disadvantage farmers with lower profit margins and diminish its value as a still-usable resource.

Getting climate-affected (but still edible) produce into supply chains can help reduce food waste.
Ekaterina Pokrovsky/Shutterstock

The power of “resilience” messaging

Importantly, we found when the “resilience” message resonated with consumers, they were more inclined to consider climate-affected apples. This was true even when their empathy towards farmers was low.

This suggests that when empathy fails, leveraging marketing messages that highlight “resilience” could be another avenue worth exploring.

Our research team is now exploring what types of “resilience” messages can encourage purchases of climate-affected produce.

Australians have been conditioned for many years to expect only aesthetically pleasing fruit and vegetables.

Given extreme weather events are unlikely to become less frequent in the future, climate-affected produce is likely here to stay. If we want consumers to embrace it, we need to have uncomfortable conversations around its different taste and texture, and rethink what we’re willing to accept.

This research was supported by the University of Western Australia Business School Future Fund Research Grant.

– ref. Climate-affected produce is here to stay. Here’s what it takes for consumers to embrace it – https://theconversation.com/climate-affected-produce-is-here-to-stay-heres-what-it-takes-for-consumers-to-embrace-it-248776

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-Evening Report: Emergency response beacons can cut drownings at the beach – but 72% of people haven’t heard of them

Source: The Conversation (Au and NZ) – By Rob Brander, Professor, UNSW Beach Safety Research Group, School of Biological, Earth & Environmental Sciences, UNSW Sydney

Rob Brander

Do you know what an emergency response beacon or “ERB” is? Do you know what it does? Do you know which beaches have one? If you answered “nope!” to any of those questions, you’re not alone – and that’s a problem.

In short, an emergency response beacon basically consists of a telephone and camera that sits on a pole on a beach. These can be triggered with a button press by anybody who sees someone in trouble in the water or on the sand.

In New South Wales, where emergency response beacons are located on some beaches, pressing the button puts you in immediate contact with a 24/7 duty officer at the Surf Life Saving New South Wales state operations centre.

This duty officer can then talk with the person, give instructions and dispatch the nearest suitable emergency resources to that location. The beacons are solar powered and 4G/5G enabled.

But our new research, recently published in the journal Ocean & Coastal Management, found only 28% of surveyed beachgoers have heard of emergency response beacons – and only half of those actually knew what they were for.

Our findings show a clear need to better communicate with and educate the public about the purpose and location of emergency response beacons. Otherwise, these potential lifesaving devices might not be as effective as authorities assume.

Why NSW installed ERBs

In 2023-24 there were 61 coastal drowning deaths in NSW, representing a 27% increase from the previous year and a 33% increase above the ten-year average.

Most of these coastal drowning deaths occurred at beaches (56%) and along rocky coastal locations (25%).

All of them occurred away from patrolled areas or outside of patrol hours.

The traditional response to keeping people safe in unpatrolled coastal locations has been to install various signs warning visitors about potential hazards such as rip currents.

However, previous studies have highlighted these signs don’t always work – many people look past them or don’t understand them.

In 2018, the NSW state government committed A$16 million over four years to install emergency response beacons at identified drowning hotspots.

At least 53 have now been installed along the NSW coast, including at both unpatrolled and patrolled beaches, with additional funding available to install more units from 2024 to 2028.

All will eventually have rescue tubes attached (a rescue tube is a flotation device often used in lifesaving efforts).

This all sounds great, but how effective have emergency response beacons actually been in reducing drowning?

Our new research, conducted by the UNSW Beach Safety Research Group on public awareness and understanding of emergency response beacons, has shown there is significant work to do.

What we did and what we found

Our study involved surveying 301 people at beaches along the NSW coast, both beaches with and without emergency response beacons, and both unpatrolled and patrolled.

Only 28% of the surveyed beachgoers had actually heard of emergency response beacons.

Of those, only half (54%) actually knew what they were for and 50% were not aware if the beach they were visiting had one installed.

Most people who were aware of the beacons (82%) lived within ten kilometres from the coast and had learned about them from direct experience visiting a beach with a beacon. In other words, they were locals.

Given that between 2014 and 2024, 73% of coastal drowning deaths were associated with visitors who lived more than ten kilometres from the location where they drowned, this finding suggests that knowledge of emergency response beacons may not be getting through to the people who need it most.

Our results also showed that, after being briefed about their purpose, most people (72%) surveyed thought that emergency response beacons were a great idea.

At least 53 ERBs have now been installed along the NSW coast.
Rob Brander

Concerningly, though, people with lower swimming abilities said they’d feel safer and more likely to go in the water if they knew an emergency response beacon was there. This is definitely not the intended outcome at an unpatrolled beach, and suggests the presence of beacons may give some people an unjustified sense of safety and confidence.

Collectively, our results suggest there is an urgent need for vastly improved communication to enhance public awareness and understanding of emergency response beacons to all types of visitors to beaches in NSW.

People are using ERBs but more detail required

Nevertheless, emergency response beacons are clearly being used. Earlier this summer, Surf Life Saving NSW CEO Steven Pearce said there had been more than “100 documented rescues and activations as a direct result of the ERBs being installed”. You can also find examples on social media of people using the beacons.

Much like beach safety messaging in general, we need more evidence-based research to assist in the strategic placement of future emergency response beacons, including in other Australian states apart from NSW.

The response times to emergency response beacon activations should also be examined in further detail; in areas with full mobile phone reception, it might be faster, easier and cheaper to alert emergency services by phoning 000.

Ultimately, the best way to stay safe at a beach is to swim between the red and yellow flags on patrolled beaches.

On unpatrolled beaches it really comes down to always thinking about beach safety, understanding and being aware of hazards like rip currents, knowing your own abilities and sticking to the mantra: “if in doubt, don’t go out”.

If you want to learn more about emergency response beacons and their locations before venturing out to a beach in New South Wales, please visit the Surf Life Saving NSW website.

Rob Brander receives funding from the Australian Research Council (ARC), the NSW State government, the NSW National Parks and Wildlife Service (NPWS), Surf Life Saving Australia (SLSA) and Surfing NSW.

– ref. Emergency response beacons can cut drownings at the beach – but 72% of people haven’t heard of them – https://theconversation.com/emergency-response-beacons-can-cut-drownings-at-the-beach-but-72-of-people-havent-heard-of-them-248676

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-Evening Report: Peter Dutton is promising to slash the public service. Voters won’t know how many jobs are lost until after the election

Source: The Conversation (Au and NZ) – By Andrew Podger, Honorary Professor of Public Policy, Australian National University

Oakland Images/Shutterstock

Opposition Leader Peter Dutton has doubled down on his commitment to sack thousands of public servants if he’s elected prime minister.

Dutton has again highlighted the “wasteful” 36,000 increase in public service jobs under Labor, which he says has made the Australian Public service “bloated and inefficient”.

While there is considerable political hyperbole and Trumpian allusions in Dutton’s statements, there are areas where legitimate savings could be made by whoever wins the coming election. That includes a second-term Albanese government, which would need to find efficiencies to offset promised wage increases.

Dutton’s commitment

Dutton unrealistically mentioned A$24 billion in potential savings over four years by reversing the growth in the number of new public service jobs since the last election.

Dutton’s claim of 36,000 extra bureaucrats under the Albanese government is broadly correct. The latest State of the Service Report shows the ongoing workforce increased from 133,976 in June 2021 to 170,186 in June last year. This was offset by a reduction of around 4,000 non-ongoing employees.

Labor has reduced the use of consultants and contractors, though at best those savings only partially offset the costs of the public service expansion.

Reversing the net increase in costs in the next term of Parliament, however, will not be easy and could not be done immediately.

In turn, Labor is hiring fewer consultants and contractors. Those numbers could rise again if permanent positions are axed under a Coalition government.

Dutton is careful not to make any specific commitments regarding the number of jobs that would go nor the dollar savings involved. However, he and his shadow ministers have repeatedly referred to the 36,000 new positions under Labor.

While the Coalition won’t be detailing any spending cuts until after the election, Dutton has alluded to US President Donald Trump’s playbook by targeting “culture, diversity and inclusion advisers”.

Dutton contends these roles add to costs while providing little public service:

Such positions, as I say, do nothing to improve the lives of everyday Australians.

Putting the public service growth into context

Despite Dutton’s combative language, the growth of the Australian Public Service is not nearly as dramatic as he claims, nor is it concentrated in Canberra.

The State of the Service Report shows the Australian Public Service headcount is lower now (0.68%) as a percentage of the Australian population than it was in 2008 (0.75%). It is also a smaller share of the overall Australian workforce (1.36% compared to 1.52%).

Despite Dutton’s often repeated claim that all of the additional public servants are based in Canberra, the proportion of the public service working in the capital has decreased to just 36.9%.

The numbers back up the government’s claim that the expanded bureaucracy has delivered improvements to critical public services such as the National Disability Insurance Scheme, Veterans’ Affairs and Centrelink outside of Canberra.

Labor has also committed to savings

Despite its defence of the public service, a re-elected Labor government would also need to find efficiencies.

The Australian Financial Review has drawn attention to the mid-year budget update, which forecast no growth in the public service wages bill from 2025–26 to 2027–28. This is despite an enterprise bargaining agreement to increase wages by 11.2% over the three years to March 2026.

Finance and Public Service Minister Katy Gallagher has dismissed the Coalition’s claims of a $7.4 billion black hole. She says Labor’s forecasting method is the same as the one the Liberals used in government

And the minister has restated Labor’s commitment to finding its own savings through the 1% efficiency dividend, which she says is “largely a good thing”.

In other words, the Albanese government is assuming pay increases will be offset by efficiency measures over the next three years. That will require some effort.

Where savings could actually be made

Regardless of who forms the next government, there are savings to be made across the public service, which has become too top heavy.

Remuneration is a mess, with extraordinary variations in pay, particularly among the senior executive level.

A wholesale change in the membership of the Remuneration Tribunal, which sets public service pay levels, and a review of its methodology are much needed.

There should also be more emphasis on skills and capability, and less on diversity. A strong business case exists to maximise the talent pool the public service draws on, but care is needed to not compromise the merit principle in the pursuit of equity.

Dutton’s plan raises legitimate concerns

Dutton’s populist rhetoric about the public service raises legitimate concerns beyond the potential job cuts.

There’s a real risk the Coalition will resurrect its ideological preference for the private sector, with its associated extra costs and conflicts of interest.

Nor is there any clear commitment to avoiding a return to the politicisation of the bureaucracy evident under former prime minister Scott Morrison, which contributed to the Robodebt scandal.

The Albanese government has sadly dropped the ball by failing to legislate to promote merit-based appointments, leaving open opportunities for politically based hirings and firings.

With election day fast approaching, voters may reasonably be wary of both sides of politics when it comes to the independence and performance of the public service.

Andrew Podger does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Peter Dutton is promising to slash the public service. Voters won’t know how many jobs are lost until after the election – https://theconversation.com/peter-dutton-is-promising-to-slash-the-public-service-voters-wont-know-how-many-jobs-are-lost-until-after-the-election-248897

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-Evening Report: OpenAI says DeepSeek ‘inappropriately’ copied ChatGPT – but it’s facing copyright claims too

Source: The Conversation (Au and NZ) – By Lea Frermann, Senior Lecturer in Natural Language Processing, The University of Melbourne, The University of Melbourne

TA Design/Shutterstock

Until a few weeks ago, few people in the Western world had heard of a small Chinese artificial intelligence (AI) company known as DeepSeek. But on January 20, it captured global attention when it released a new AI model called R1.

R1 is a “reasoning” model, meaning it works through tasks step by step and details its working process to a user. It is a more advanced version of DeepSeek’s V3 model, which was released in December. DeepSeek’s new offering is almost as powerful as rival company OpenAI’s most advanced AI model o1, but at a fraction of the cost.

Within days, DeepSeek’s app surpassed ChatGPT in new downloads and set stock prices of tech companies in the United States tumbling. It also led OpenAI to claim that its Chinese rival had effectively pilfered some of the crown jewels from OpenAI’s models to build its own.

In a statement to the New York Times, the company said:

We are aware of and reviewing indications that DeepSeek may have inappropriately distilled our models, and will share information as we know more. We take aggressive, proactive countermeasures to protect our technology and will continue working closely with the US government to protect the most capable models being built here.

The Conversation approached DeepSeek for comment, but it did not respond.

But even if DeepSeek copied – or, in scientific parlance, “distilled” – at least some of ChatGPT to build R1, it’s worth remembering that OpenAI also stands accused of disrespecting intellectual property while developing its models.

What is distillation?

Model distillation is a common machine learning technique in which a smaller “student model” is trained on predictions of a larger and more complex “teacher model”.

When completed, the student may be nearly as good as the teacher but will represent the teacher’s knowledge more effectively and compactly.

To do so, it is not necessary to access the inner workings of the teacher. All one needs to pull off this trick is to ask the teacher model enough questions to train the student.

This is what OpenAI claims DeepSeek has done: queried OpenAI’s o1 at a massive scale and used the observed outputs to train DeepSeek’s own, more efficient models.

A fraction of the resources

DeepSeek claims that both the training and usage of R1 required only a fraction of the resources needed to develop their competitors’ best models.

There are reasons to be sceptical of some of the company’s marketing hype – for example, a new independent report suggests the hardware spend on R1 was as high as US$500 million. But even so, DeepSeek was still built very quickly and efficiently compared with rival models.

This might be because DeepSeek distilled OpenAI’s output. However, there is currently no method to prove this conclusively. One method that is in the early stages of development is watermarking AI outputs. This adds invisible patterns to the outputs, similar to those applied to copyrighted images. There are various ways to do this in theory, but none is effective or efficient enough to have made it into practice.

There are other reasons that help explain DeepSeek’s success, such as the company’s deep and challenging technical work.

The technical advances made by DeepSeek included taking advantage of less powerful but cheaper AI chips (also called graphical processing units, or GPUs).

DeepSeek had no choice but to adapt after the US has banned firms from exporting the most powerful AI chips to China.

While Western AI companies can buy these powerful units, the export ban forced Chinese companies to innovate to make the best use of cheaper alternatives.

The US has banned the export of the most powerful computer chips to China.
Nor Gal/Shutterstock

A series of lawsuits

OpenAI’s terms of use explicitly state nobody may use its AI models to develop competing products. However, its own models are trained on massive datasets scraped from the web. These datasets contained a substantial amount of copyrighted material, which OpenAI says it is entitled to use on the basis of “fair use”:

Training AI models using publicly available internet materials is fair use, as supported by long-standing and widely accepted precedents. We view this principle as fair to creators, necessary for innovators, and critical for US competitiveness.

This argument will be tested in court. Newspapers, musicians, authors and other creatives have filed a series of lawsuits against OpenAI on the grounds of copyright infringement.

Of course, this is quite distinct to what OpenAI accuses DeepSeek of doing. Nevertheless OpenAI isn’t attracting much sympathy for its claim that DeepSeek illegitimately harvested its model output.

The war of words and lawsuits is an artefact of how the rapid advance of AI has outpaced the development of clear legal rules for the industry. And while these recent events might reduce the power of AI incumbents, much hinges on the outcome of the various ongoing legal disputes.

Shaking up the global conversation

DeepSeek has shown it is possible to develop state-of-the-art models cheaply and efficiently. Whether they can compete with OpenAI on a level playing field remains to be seen.

Over the weekend, OpenAI attempted to demonstrate its supremacy by publicly releasing its most advanced consumer model, o3-mini.

OpenAI claims this model substantially outperforms even its own previous market-leading version, o1, and is the “most cost-efficient model in our reasoning series”.

These developments herald an era of increased choice for consumers, with a diversity of AI models on the market. This is good news for users: competitive pressures will make models cheaper to use.

And the benefits extend further.

Training and using these models places a massive strain on global energy consumption. As these models become more ubiquitous, we all benefit from improvements to their efficiency.

DeepSeek’s rise certainly marks new territory for building models more cheaply and efficiently. Perhaps it will also shake up the global conversation on how AI companies should collect and use their training data.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. OpenAI says DeepSeek ‘inappropriately’ copied ChatGPT – but it’s facing copyright claims too – https://theconversation.com/openai-says-deepseek-inappropriately-copied-chatgpt-but-its-facing-copyright-claims-too-248863

MIL OSI Analysis – EveningReport.nz –

February 5, 2025
MIL-OSI Global: Dementia: why prescription drugs like antibiotics and vaccines have been linked to lower risk of the disease

Source: The Conversation – UK – By Rahul Sidhu, PhD Candidate, Neuroscience, University of Sheffield

Antibiotics, antivirals and anti-inflammatory drugs were all associated with reduced dementia risk Slladkaya/ Shutterstock

There’s currently no cure for dementia. Although some recently developed drugs show promise in slowing the progress of the disease, these are both costly and may have limited benefit for many patients.

However, a recent Cambridge-led study has found a link between commonly used prescription drugs – including antibiotics, antivirals and vaccines – and a lower risk of dementia.

Given these drugs are already licensed and their safety profiles well established, this could enable faster and more cost-effective clinical trials in the search for a cure.

The study analysed health data from 130 million people, including one million people who had been diagnosed with dementia. Having identified possible links with prescription drugs and dementia risk, the researchers conducted a systematic review of 14 studies to explore these links further and understand which prescription drugs might affect dementia outcomes.

This led them to the conclusion that antibiotics, antivirals and anti-inflammatory drugs were all associated with reduced dementia risk. The researchers also found a link between the hepatitis A, typhoid and diphtheria vaccines and lower dementia risk.

It’s unknown how long participants had been taking any of these prescription drugs or how many times they’d been prescribed them during their lifetime, so it will be important for future studies to investigate these factors.

Immune reponse and brain health

Based on their findings, the researchers suggest that the protective effects that these prescription drugs appear to have may be because they reduce inflammation, control infections and improve overall brain health.

This supports the theory that common types of dementia could be triggered by viral or bacterial infections. We know that infections that last a few days to several weeks, whether bacterial or viral, can cause great damage to the brain. This is because infections cause an enhanced immune response from the body, which can damage brain cells – disrupting brain connections and accelerating memory decline.

Antibiotics and antivirals help to combat infections.

Antivirals and antibiotics help combat infections, which in turn may dampen this excessive immune response. Meanwhile, vaccines can prevent these infections from occurring in the first place. In both cases, this can significantly reduce the risk of prolonged infections and their potentially devastating consequences for brain health.

It’s also worth noting that other studies have also shown an association between the BCG vaccine, which protects against tuberculosis, and a decreased risk of Alzheimer’s (a type of dementia).

Read more:
My work investigating the links between viruses and Alzheimer’s disease was dismissed for years – but now the evidence is building

Inflammation and dementia risk

Regarding the new study’s finding of a link between the use of anti-inflammatory medications and a reduced risk of dementia, notably non-steroidal anti-inflammatory drugs (NSAIDs) such as ibuprofen were identified as potentially protecting against memory decline.

Again, this is another piece of evidence suggesting that inflammation plays a central role in dementia.Inflammation is the body’s natural way of defending itself against injury or infection. But when inflammation lasts too long, it can cause harm – particularly to the brain. Long-lasting inflammation releases chemicals that can damage healthy tissue. These chemicals can damage brain cells and disrupt communication between them, which leads to memory loss.

Anti-inflammatory drugs work by blocking the production of certain molecules that cause inflammation. By doing this, they might help protect brain cells from damage caused by long-term inflammation.

Next steps

The evidence for the benefits of other types of drugs on dementia risk was less consistent. The study found that certain blood-pressure drugs, antidepressants and diabetes drugs were linked to both a lower and higher risk of dementia.

One possible reason is that these prescription drugs affect different biological processes. Even drugs designed to treat the same condition may target different biological mechanisms, which might explain the varying results.

For example, some blood pressure medications – such as ACE inhibitors and angiotensin II receptor blockers (ARBs) – improve brain health by enhancing blood flow and reducing inflammation. On the other hand, beta-blockers primarily lower heart rate and may not provide the same neuroprotective benefits.

Diabetes drugs also had mixed associations with dementia risk. But as people with diabetes are already at a higher risk of developing dementia, this makes it difficult to determine whether this association was due to the effects of the drugs themselves, or if diabetes is the main factor at play.

Overall, more research is needed to confirm this study’s findings and better understand how all these drugs appear to influence dementia risk. Randomised controlled trials will be crucial to see if these prescription drugs really can be repurposed to prevent dementia effectively. At the same time, looking into the biological mechanisms that are potentially affected by these drugs could shed light on the causes of dementia.

This research highlights the importance of addressing inflammation and infections as part of a broader strategy for maintaining brain health. And by finding new uses for existing drugs, scientists could deliver treatments to patients more quickly – offering hope in the fight against dementia.

Rahul Sidhu does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Dementia: why prescription drugs like antibiotics and vaccines have been linked to lower risk of the disease – https://theconversation.com/dementia-why-prescription-drugs-like-antibiotics-and-vaccines-have-been-linked-to-lower-risk-of-the-disease-248041

MIL OSI – Global Reports –

February 5, 2025
MIL-OSI Video: A Dialogue between Palestinian and Israeli Former Combatants | United Nations

Source: United Nations (Video News)

Two former combatants on opposing sides of the decades-old conflict between Palestinians and Israel have come to together to discuss how Israeli Jews and Palestinians can live side by side in peace. Given the brutality of the recent conflict in Gaza between Hamas and Israel, it has become increasingly difficult to imagine a durable peace. Yet, that remains the aim of a remarkable grassroots organization called Combatants for Peace.

The organization, which has been nominated for two Nobel Peace Prizes, is made up of Israelis and Palestinians who once embraced violence but have since turned to peace and dialogue as the only solution to healing the wounds of both communities.

https://www.youtube.com/watch?v=7mrROtHtIH4

MIL OSI Video –

February 5, 2025
MIL-OSI USA: Senators Hassan, Collins, Britt, Smith Reintroduce Bipartisan Legislation to Expand Access to Maternal Health Care
US Senate News:
Source: United States Senator for New Hampshire Maggie Hassan

WASHINGTON – U.S. Senators Maggie Hassan (D-NH), Susan Collins (R-ME), Katie Britt (R-AL), and Tina Smith (D-MN) today reintroduced bipartisan legislation to support rural health care facilities in providing urgent obstetric care.

“No pregnant woman should struggle to access quality, affordable health care they need because of their zip code,” said Senator Hassan. “This bipartisan legislation will provide targeted support so that health care facilities in rural New Hampshire and rural communities across the country can get the equipment, training, and resources that they need, and is an important step in ensuring that, no matter where they live, Granite State women can access high quality care during pregnancy, birth, and postpartum.”

“The closure of labor and delivery units in rural Maine and throughout the nation is an urgent issue that threatens the health and safety of mothers and babies,” said Senator Collins. “By creating new opportunities to improve obstetric readiness in rural communities through skills training, workforce development, and telehealth partnerships, this bipartisan legislation would help reduce care gaps and better ensure that more rural Maine communities have access to the maternal care they need.”

“Alabama women deserve access to high-quality care throughout their pregnancy journeys, no matter their zip code,” said Senator Britt. “The Rural Obstetrics Readiness Act would equip rural hospitals with the tools, training, and resources to deliver urgent obstetric care throughout Alabama. I’m proud to join Senators Hassan, Collins, and Smith in reintroducing this critical, bipartisan legislation to support moms and families across our nation.”

“Regardless of where new and expecting moms live, they should be able to access high-quality health care in their community. But right now, too many women in rural areas don’t have a nearby hospital with adequate labor and delivery services,” said Senator Smith. “I’ve heard from Minnesotans who have to drive hours, sometimes in dangerous conditions like Minnesota snowstorms, just to get to care. It is time to invest in preventing these closures that keep rural families from accessing the quality care they need.”

The Rural Obstetrics Readiness Act would help rural hospitals and doctors prepare to handle the obstetric emergencies that come through their doors by:
- Creating training programs to help non-specialists respond to emergencies like labor and delivery
- Providing federal grants for rural facilities to buy better equipment to train for and handle these emergencies
- And developing a pilot program for teleconsultation services, so that a doctor at a rural facility helping an expecting or postpartum mother facing an emergency can quickly consult with maternal health care experts
Last year, Senator Hassan announced the introduction of this legislation during a roundtable at Speare Memorial Hospital in Plymouth, New Hampshire—which has a birthing unit and could be eligible for a grant through Senator Hassan’s bill. Eleven maternity wards have closed in New Hampshire in the last two decades, and in recent years the median driving time to a labor & delivery unit has doubled to about 40 minutes—which can jeopardize a woman’s health and the health of her baby in emergency situations.

Senator Hassan has led efforts to ensure that new and expecting mothers have access to high-quality health care. Senator Hassan and the New Hampshire Congressional delegation also had previously announced nearly $1 million in federal funding for Dartmouth-Hitchcock Medical Center to strengthen maternal health care in the North Country. Thanks to Senator Hassan’s bipartisan legislation to improve mental health for new mothers, the Department of Health and Human Services launched the Task Force on Maternal Mental Health in 2023 and Senators Hassan and Chuck Grassley (R-IA) also previously introduced the Healthy Moms and Babies Act to strengthen health care for women before, after, and during childbirth.

Full text of this legislation is available here.
MIL OSI USA News –
February 5, 2025
MIL-OSI USA: Cassidy, Lee, Lummis Reintroduce the Knife Owners Protection Act

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Mike Lee (R-UT), and Cynthia Lummis (R-WY) reintroduced the Knife Owners Protection Act (KOPA), legislation that would protect knife owners traveling across state lines from changing state and local laws. If possession of the knife is legal in the state where the journey starts and ends, and provided the knife is secured in accordance with the requirements set in KOPA, knife owners would no longer be threatened with arrest simply for traveling from one state to another.
Originally introduced in 2013, KOPA serves as the first proactive pro-knife federal legislation in the nation’s history. In 1986, Congress enacted the Firearm Owner Protection Act (FOPA) to protect law-abiding gun owners from an inconsistent patchwork of local laws, but no such protections currently exist for knife owners.
“Let’s make sure conflicting state laws are not the basis for arresting an honest American,” said Dr. Cassidy. “This bill eliminates that uncertainty.”
“Patchwork and unclear knife laws across America endanger the rights of law-abiding knife owners, especially when traveling,” said Senator Lee. “This legislation will provide consistency and clarity for Americans who safely transport knives between jurisdictions and prevent capricious prosecutions against them.”
“Those who travel across the country with knives for work, recreation and self-defense are presently subject to arrest and prosecution under a confusing patchwork of inconsistent state and local laws,” said Knife Rights Chairman Doug Ritter. “What is perfectly legal in one place may be a serious crime in another, resulting in forfeiture of the knife and carrying significant penalties including jail time. Enforcement is not uniform even within jurisdictions and is too often subject to the vagaries of political expediency.”

MIL OSI USA News –

February 5, 2025
MIL-OSI USA: Cassidy Announces He Will Vote to Confirm RFK, Jr.

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) released the following statement announcing he will vote to confirm Robert F. Kennedy to serve as the U.S. Secretary of the Department of Health and Human Services.
“I’ve had very intense conversations with Bobby and the White House over the weekend and even this morning. I want to thank VP JD specifically for his honest counsel. With the serious commitments I’ve received from the administration and the opportunity to make progress on the issues we agree on like healthy foods and a pro-American agenda, I will vote yes,” said Dr. Cassidy.

MIL OSI USA News –

February 5, 2025
MIL-OSI New Zealand: Name release: Fatal crash Acacia Bay, Taupō

Source: New Zealand Police (District News)

Police can now release the names of the two people who died following a crash in Acacia Bay, Taupō on Friday 17 January.

They were Purity Anne Te Pairi and Tamatoa Kimi, both aged 19, from Taupo.

Our thoughts are with the whānau of those involved.

Inquiries into the circumstances of the crash are ongoing.

ENDS

Issued by Police Media Centre

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI New Zealand: Firearms and ammunition recovered in Levin

Source: New Zealand Police (District News)

Police have recovered stolen firearms and a large amount of ammunition from a house in Foxton, thanks to two members of the public making the decision to call 111.

Horowhenua Prevention Manager Acting Senior Sergeant Peter Vine says thanks to those calls, Police have prevented weapons and ammunition falling into the wrong hands.

The calls were made about 7:30am on Tuesday 4 February.

“A young man was seen going between houses carrying armfuls of firearms. They thought it was strange so got in touch with us.”

A Police team went to the Mark Perreau Place property where they located an 18-year-old Foxton man, 5 firearms and a large amount of ammunition.

“The firearms and ammo had been stolen a day earlier. To get that tip off from a member of the public is just fantastic – they’ve prevented these weapons from getting into the wrong hands and all the harm that goes with that.”

The 18-year-old Foxton man was taken into custody without incident. He has been charged with burglary, four counts of unlawfully possessing a firearm, two counts of unlawfully possessing ammunition, unlawfully being in an enclosed yard, and unlawfully getting into a motor vehicle.

He is due to appear in the Levin District Court today (5 January).

Acting Senior Sergeant Vine urged anyone who sees suspicious behaviour to report it.

“If it looks illegal, dodgy, or strange, tell us. Call 111 if it’s happening now, or make a report to 105 if it’s after the fact. Your call could make a huge difference.”

ENDS

Issued by Police Media Centre

MIL OSI New Zealand News –

February 5, 2025
MIL-OSI Security: Convicted Felon Admits Drug Trafficking Offense And Possessing Firearm In Furtherance Of Drug Trafficking

Source: Office of United States Attorneys

NEWARK, N.J. – An East Orange, New Jersey man today admitted possessing quantities of fentanyl, heroin and cocaine he intended to distribute, and possessing a firearm in furtherance of the drug trafficking crime, Acting U.S. Attorney Vikas Khanna announced.

Ibraheem Muhammad, 41, of East Orange, New Jersey pleaded guilty before U.S. District Judge Brian R. Martinotti to an Indictment charging him with one count of possession of a firearm and ammunition by a convicted felon, one count of possessing with intent to distribute controlled substances, and one count of possessing a firearm in furtherance of a drug trafficking crime.

According to documents filed in this case and statements made in court:

Law enforcement investigated Muhammad for his drug distribution from an apartment in East Orange (the “Residence”). On May 9, 2022, Muhammad was arrested on a warrant after law enforcement saw him exit the Residence and engage in a suspected drug transaction. He was caught in possession of numerous envelopes of suspected heroin and keys to the Residence. A subsequent search of the Residence revealed Muhammad to be in possession of controlled substances that subsequently lab tested positive for heroin, cocaine, and fentanyl, and various glassine envelopes and other paraphernalia used for packaging drugs. Law enforcement also recovered approximately $14,000 in cash; a Girsan 9mm semi-automatic handgun, loaded with fourteen (14) rounds of 9mm ammunition; and an additional fifteen (15) rounds of 9mm ammunition.

The drug charge carries a maximum potential penalty of 20 years in prison and a maximum fine of $1 million. The felon in possession of a firearm charge carries a maximum potential penalty of 10 years in prison and a maximum fine of $250,000. The possession of a firearm in furtherance of a drug trafficking crime charge carries a minimum sentence of 5 years in prison, a maximum potential penalty of life in prison, and a maximum fine of $250,000. Sentencing is scheduled for June 24, 2025.

Acting U.S. Attorney Khanna credited special agents of the Bureau of Alcohol, Tobacco, Firearms and Explosives, under the direction of Special Agent in Charge L.C. Cheeks Jr., Newark Field Division; and the East Orange Police Department, under the direction of Public Safety Director Maurice Boyd.

The government is represented by Assistant U.S. Attorney Farhana C. Melo of the Economic Crimes Unit in Newark.

MIL Security OSI –

February 5, 2025
MIL-OSI Security: Wisconsin Man Indicted for Selling and Smuggling Firearms to Buyers in Saudi Arabia

Source: Office of United States Attorneys

CLEVELAND – A six-count indictment was unsealed today charging a Viroqua, Wisconsin, man for allegedly selling firearms and related parts without a license to buyers in Saudi Arabia, shipping the prohibited items, and then lying to federal inspectors about it.

According to allegations in the indictment, Mark John Buschman, 60, conducted an illegal export conspiracy for more than five years, lasting from about February 2019 to about December 2024. Buschman obtained firearms and firearms parts in the U.S. and advertised the items for sale on eBay and other online marketplace-style websites. When buyers in Saudi Arabia expressed interest in the items for sale, he agreed to sell and ship the items out of the country to them. Throughout the course of the conspiracy, Saudi Arabian-based buyers paid the defendant approximately $398,000.

Court documents indicate that serial numbers from some of the firearms and firearms parts were removed before he shipped the items. The defendant then prepared the items further before shipping them, by concealing the firearms and firearm parts inside of common household appliances and tools such as toasters, coffee makers, space heaters, fans, and landscaping edge trimmers. For example, the defendant concealed rifle barrels in items such as car axles, and smaller pistols inside of toasters. Using a fake return address, the defendant shipped the items through the U.S. Postal Service to freight forwarders, which are companies that specialize in the logistics of shipping items from one country to another. The defendant allegedly shipped the items to freight forwarding companies that operated out of Ohio, New Jersey, Oregon and elsewhere, without declaring that the shipments contained firearms and firearms parts.

Buschman is charged by indictment with conspiracy to smuggle goods from the United States; attempted smuggling of goods from the United States; transporting and shipping firearms with removed, obliterated, or altered serial numbers; mailing firearms as non-mailable prohibited items; unlawful dealing in firearms without a license; and making false statements to law enforcement.

If convicted on all counts, Buschman faces a penalty of 42 years in prison and fines of up to $1.5 million. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The case is being investigated by the Homeland Security Investigations (HSI) Cleveland Office, the U.S. Postal Inspection Service, Cleveland Office (of the Pittsburgh Division), and the Bureau of Alcohol, Tobacco, Firearms & Explosives (ATF). Elements of the Office of Customs and Border Protection (CBP) also assisted HSI.

The case is being prosecuted by Assistant U.S. Attorneys Matthew Shepherd and Jerome J. Teresinski for the Northern District of Ohio. Trial Attorney Christopher Cook of the Department’s National Security Division, and Assistant U.S. Attorney Corey Stephan of the Western District of Wisconsin U.S. Attorney’s Office, assisted during the investigation of this case.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty.

MIL Security OSI –

February 5, 2025

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