NewzIntel.com

Category: Crime

  • MIL-OSI Australia: March crime statistics

    Source: New South Wales – News

    The sustained targeting of recidivist thieves has resulted in another significant reduction in shop theft offences in South Australia, the latest crime statistics have revealed.

    The March rolling year crime statistics reveal shop theft has declined for the fifth successive period, recording an eight per cent reduction – 1,511 offences – from 18,783 to 17,272 reported incidents.

    The reduction follows the previous eight per cent reduction in the February period, a five per cent decline in January, three per cent in December and two per cent in November.

    Acting Assistant Commissioner (metropolitan Operations Service) John de Candia said the reduction in offending corresponded with the continuing efforts of officers involved in Operation Measure across all policing districts.

    “We continue targeting the hardcore, recidivist offenders we know are committing large numbers of shoplifting offences and that is having an impact,’’ he said.

    “Some of these offenders are committing literally dozens of offences across the metropolitan area, often endangering innocent members of the community.’’

    While Operation Measure teams continue to target individual offenders, operations are also held at specific locations that record high levels of offending. One such two-day operation at an eastern suburbs liquor outlet in March resulted in the arrest of four offenders.

    Significant arrests in March included a Christie Downs man, 27, who was charged with 19 counts of shop theft committed across multiple districts, a Renown Park man, 22, charged with 22 counts of shop theft mostly committed in the western suburbs and an Elizabeth South man, 37, who was charged with 14 counts of shop theft committed in the northern suburbs.

    The March rolling year statistics also reveal house break-ins have dropped for the ninth successive period, while car theft and robbery and related offences have also continued to decrease significantly.

    The figures reveal house break-ins declined by eight per cent in the period from 5,873 to 5,378 reported offences. This followed a seven per cent decline in the February period, a five per cent decline in the January period and a six per cent decline in the December period.

    The number of non-residential break-ins declined by five per cent from 3,672 to 3,476 reported offences. This followed an identical decline in the February period.

    Car theft and theft from a vehicle have again recorded decreases in the March period. Car theft dropped by nine per cent or 340 offences – from 3,814 to 3,474 offences. This followed an 11 per cent decline in the February period, 12 per cent in January and an 11 per cent drop in the December period.

    Theft from a motor vehicle declined by 23 per cent – from 10,082 to 7,796 offences. This followed a 22 per cent decline in February, a 20 per cent drop in January and a 19 per cent decrease in the December and November periods.

    Robbery and related offences also continued to decrease in the March period with a 13 per cent decline reported. Within that category aggravated robbery declined by 16 per cent or 80 offences – from 503 offences to 423 offences – while non-aggravated robbery declined by six per cent – from 81 offences to 76 offences.

    The number of homicides committed in South Australia has continued to decrease with a 52 per cent decline recorded in the March period – from 23 to 11 offences.

    While a majority of offence categories showed decreases in the March period, increases were recorded in offences including serious assaults not resulting in injury, common assault, aggravated sexual assault, property damage and graffiti.

    MIL OSI News –

  • MIL-Evening Report: PNG police authorised to use lethal force with ‘domestic terrorist’ kidnappers as one hostage escapes

    RNZ Pacific

    An escape of a 13-year-old girl from a hostage crisis on the border of Papua New Guinea’s Western and Hela provinces has boosted hopes for the rescue of her fellow captives.

    The group of 10 people was taken captive early on Monday morning at Adujmari.

    PNG Police Commissioner David Manning has called the perpetrators “domestic terrorists” and warned that officers were able to use lethal force if needed to secure the release of the hostages.

    The girl Aiyo’s fellow captives are four adults — a teacher and his wife, and a health worker and his wife — along with another four school girls.

    The Post-Courier reports that the kidnappers have demanded the government pay a ransom of K500,000 (NZ$207,000) for the safe release of the captives.

    Aiyo has told police that the kidnappers had threatened to harm the group if no money was forthcoming.

    Assistant Commissioner of Police, Commander Steven Francis, said officers were working around the clock to secure their safe release.

    Locals in the Adujmari district have so far raised more than K11,000 (NZ4500) to try and negotiate the safe release of the group.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Anonymous tip off resulted in child abuse material offences – East Arnhem region

    Source: Northern Territory Police and Fire Services

    On 7 May 2025, an anonymous report was received via Crime Stoppers detailing a complaint that someone was allegedly distributing and in possession of child abuse material in an East Arnhem Region community.

    Following initial investigations, the Katherine Criminal Investigation Branch travelled to the remote community on Monday to execute a search warrant at the alleged offender’s residence. Throughout the search, investigators seized multiple storage devices and a mobile device which contained child abuse material.

    The 31-year-old male was arrested and has since been charged with:

    • Transmit Child Abuse Material – 474.22(1) Commonwealth Criminal Code Act
    • Possess/Produce Child Abuse Material – 125B Criminal Code Act NT x 6

    He was remanded to appear in Darwin local Court on Thursday 15 May 2025.

    Major Crime Detective, Senior Sergeant Justene Dwyer said “I commend the Katherine Criminal Investigation Branch investigators, local East Arnhem Region police members and Aboriginal Liaison Officers for their diligence and attention to detail to ensure this man is put before the courts.

    “This behaviour is not accepted in our community and police will continue to go above and beyond to arrest anyone responsible for harming children in the NT community.”

    Members of the public who have any information about people involved in child abuse and exploitation are urged to call police on 131 444 or Crime Stoppers on 1800 333 000. You can also submit a report online at https://crimestoppers.com.au/.

    You can also make a report online by alerting the Australian Centre to Counter Child Exploitation via the ‘Report Abuse’ button at www.accce.gov.au/report.

    MIL OSI News –

  • MIL-OSI Security: Sheet Harbour — Missing person: Help the RCMP find Robert Fleet

    Source: Royal Canadian Mounted Police

    Halifax Regional Detachment is asking for the public’s assistance in locating 56-year-old Robert James Fleet, who was last seen on May 13, 2025 at 8:00 a.m. in Watt Section.

    Fleet is described as 6-foot-1, 229lbs, hazel eyes, and short curly/white hair. He is likely wearing blue jeans, a blue t-shirt, and a hoodie.

    He is believed to be travelling in a 2018 Black GMC Sierra with Nova Scotia license plate FJG-669.

    When someone goes missing, it has deep and far-reaching impacts for the person and those who know them. We ask that people spread the word through respectfully.

    Anyone with information on the whereabouts of Robert Fleet is asked to contact the Halifax Regional Detachment at 902-490-5020 or local police. To remain anonymous, call Nova Scotia Crime Stoppers, toll free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    Note to media: A photo of Robert Fleet is attached.

    MIL Security OSI –

  • MIL-OSI Australia: Trail bike riders intercepted during targeted operation in Launceston

    Source: New South Wales Community and Justice

    Trail bike riders intercepted during targeted operation in Launceston

    Wednesday, 14 May 2025 – 10:31 am.

    Police intercepted six trail bike riders during a targeted operation in Launceston on Saturday.
    Members of Launceston Police and Road Policing Services conducted the operation in bushland across several northern suburbs of Launceston, targeting the unlawful use of recreational vehicles and trail bikes.
    During the operation, police intercepted the six riders operating trail bikes who were in close proximity to residential houses.
    Three riders will face proceedings for offences committed, including unlicensed driving and breaches of the Environmental Management and Pollution Control (Noise) Regulations 2016.
    Tasmania Police remind users of recreational vehicles and trail bikes that they cannot operate within 500 metres of another residence that is not their own, nor within 500 metres of another residence if they are on their own land.
    Anyone wishing to report the unlawful use of recreational vehicles or trail bikes near their home is encouraged to contact police on 131 444 or Crime Stoppers on 1800 333 000 or via crimestopperstas.com.au. Information can be provided anonymously.

    MIL OSI News –

  • MIL-OSI USA: Senate and House Republicans Make Strides to Repeal Over a Dozen Biden-Era Regulations to Advance Trump’s America First Agenda

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington – In a seismic victory for President Trump’s America First Agenda, U.S. Senator Roger Marshall, M.D. (R-Kansas) today released the following statement on Senate and House Republicans’ efforts to reverse over a dozen of Joe Biden’s nonsensical regulations using the Congressional Review Act (CRA) – a legislative tool allowing Congress to strike down federal rules and regulations with a simple majority vote.
    “While the Biden-Harris administration tried to suffocate our nation’s businesses and families with nonsensical regulation after regulation, Senate and House Republicans are tearing down these barriers to unleash American prosperity,” said Senator Marshall. “I am committed to continue working with my colleagues to ensure these CRAs allow us to boldly deliver on President Trump’s promises.”
    Among the 13 burdensome Biden-Harris-era regulations that were targeted, Senate Republicans have slashed red tape to unleash American energy, end costly green new scam mandates, strengthen digital finance, and expand personal freedoms. These actions deliver on President Donald Trump’s America First agenda by reducing consumer costs, protecting privacy, and empowering businesses.
    Promise Made: Unleash American Energy
    Promise Kept:

    S.J.Res. 11 – Offshore Oil and Gas Drilling

    What It Does: This resolution overturns a Biden-era rule that prevented offshore oil and gas drilling because of the presence of “shipwrecks and cultural resources.” 
    Why It Matters: By overturning this regulation, we can unleash American energy through expanded production capacity off American shores.
    Status: Passed and became law on March 14, 2025.

    S.J.Res. 31 – Tailpipe Emissions and Area Pollution

    What It Does: This resolution overturns a Biden-era rule that requires sources of persistent and bioaccumulative hazardous air pollutants to comply with certain major source emission standards under the Clean Air Act.
    Why It Matters: By eliminating it, we’re lessening regulations and letting American industry flourish without the heavy and misguided hand of activist government bureaucrats holding it back.
    Status: Passed the Senate but has not yet passed the House.

    Promise Made: End the Green New Scam
    Promise Kept:

    H.J.Res. 24 – Walk-in Coolers and Freezers

    What It Does: This resolution overturns a Biden-era regulation that defines “walk-in coolers” and “walk-in freezers” as refrigerated spaces smaller than 3,000 square feet, which would have increased costs and regulations on manufacturers and restaurants.
    Status: Passed, but not yet signed by the President.

    H.J.Res. 42 –Appliance Energy Efficiency

    What It Does: This resolution overturns a Biden-era Department of Energy (DOE) rule that would have increased the cost of basic appliances.
    Status: Passed, but not yet signed by the President.

    H.J.Res. 75 –Energy Standards for Freezers and Refrigerators

    What It Does: This resolution overturns a Biden-era DOE rule that attempts to amend energy conservation standards for refrigerators, refrigerator-freezers, and freezers, that would have increased the cost of basic appliances. It would also have put financial constraints on any business that uses these appliances, such as restaurants, grocers, and more.
    Status: Passed, but not yet signed by the President.

    H.J.Res. 20 – Gas Powered Water Heaters

    What It Does: This resolution overturns a Biden-era rule that would have placed restrictions and regulations on gas-powered water heaters, which would have resulted in increased costs of tankless water heaters and reduced choice in the market.
    Status: Passed, but not yet signed by the President.

    H.J.Res. 35 – Waste Emissions Tax for Energy Producers

    What It Does: This resolution overturns a Biden-era Environmental Protection Agency (EPA) rule that implemented a Methane Tax on American energy producers, which would have resulted in higher costs passed onto consumers.
    Status: Passed and became law on March 14, 2025.

    H.J.Res. 61 – Rubber Tire Manufacturer Emissions

    What It Does: This resolution overturns a Biden-era EPA rule that attempted to add emissions standards to rubber tire manufacturing, including them in the hazardous air pollutant (HAP) regulation requirements, which would have resulted in higher costs passed onto consumers.
    Status: Passed, but not yet signed by the President.

    Why They Matter: By passing resolutions to overturn these six specific rules, we’re preventing increased costs from being invariably be passed onto consumers, removing burdensome regulations that could harm businesses large and small, and allowing American families to have more choice in the market and keep more of their hard-earned money.

    Promise Made: Strengthen U.S. Leadership in Digital Finance
    Promise Kept:

    S.J.Res. 3 / H.J.Res. 25 –Crypto IRS Reporting Requirements

    What It Does: This resolution overturns a Biden-era rule that mandates that brokers submit information returns and provide payee statements detailing the gross proceeds from digital asset transactions they carry out for their clients.
    Why It Matters: With the elimination of this rule, the private financial information of American citizens is further protected. 
    Status: Passed and became law on April 10, 2025.

    S.J.Res. 18 – Overdraft Fee Regulations

    What It Does: This resolution overturns an overreaching Biden-era Consumer Financial Protection Bureau (CFPB) rule that limited overdraft fees.
    Why It Matters: Overturning this ensures that banks and financial institutions can negotiate their own relationships with customers with limited government interference. 
    Status: Passed and became law on April 10, 2025.

    S.J.Res. 28 – Digital Payment Providers

    What It Does: This resolution overturns a burdensome and overreaching Biden-era CFPB rule that would have threatened Americans’ privacy interests.
    Why It Matters: The rule, if left intact, could stifle innovation and impose undue burdens on digital payment providers like Venmo or PayPal. 
    Status: Passed, but not yet signed by the President.

    S.J.Res. 13 –Bank Merger Application Review

    What It Does: This resolution overturns a Biden-era rule from the Office of the Comptroller of the Currency (OCC) that would have made more stringent the government’s review of bank mergers.
    Why It Matters: Overturning this rule will allow American financial institutions to make decisions that work best for their customers. 
    Status: Passed the Senate but has not yet passed the House.

    Promise Made: Eliminate Burdensome Regulations
    Promise Kept:

    H.J.Res. 60 – Regulations for ATV Usage

    What It Does: This resolution will make minor changes to a Biden-era regulation that will result in improved management of motorized uses in the Orange Cliffs Special Management Unit, including:

    Prohibiting the use of ORVs and street-legal ATVs on an 8-mile segment of the Poison Spring Loop located on Route 633 proceeding north to Route 730.
    Eliminating the superintendent’s authority to potentially allow ORVs and street-legal ATVs on the upper portion of the Flint Trail.

    Why It Matters: By improving this regulation, we will give Americans greater freedom to traverse the great outdoors, without the government needlessly telling them how to do it. 
    Status: Passed, but not yet signed by the President.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall and Rep. Nehls Reintroduce Bill to Support Families of Victims Killed by Illegal Aliens

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington – U.S. Senator Roger Marshall, M.D. (R-Kansas) today reintroduced the Justice for Angel Families Act, legislation that would amend the Crime Victims Fund (CVF) to expand financial coverage for Angel Families – the immediate relatives of victims killed by illegal aliens, including in drunk driving accidents. This legislation would allow federal funds to cover medical expenses, lost wages, and funeral costs, easing the financial burden on grieving families.
    Additionally, the bill would codify the Victims of Immigration Crime Engagement (VOICE) Office at the Department of Homeland Security (DHS), originally established by President Trump in 2017 and recently reopened last month by the Trump Administration after the Biden Administration shuttered it. The VOICE Office provides critical services like grief counseling and case follow-ups for victims’ families. This bill would ensure the VOICE Office can never be shut down again.
    “President Trump is righting the catastrophic wrongs of the Biden-Harris Administration by restoring law and order, securing our borders, and putting an end to the lawlessness that plagued our nation for too long,” said Senator Marshall. “But for countless Angel Families, the damage is permanent – their loved ones were taken from them because of disastrous open-border policies. I urge my colleagues to join Congressman Nehls and me in delivering justice and ensuring these families receive the resources and support they deserve by passing the Justice for Angel Families Act.”
    U.S. Representative Troy Nehls (R-Texas-22) introduced the House companion version of this bill. Cosponsors in the House include Representatives Paul Gosar (R-Arizona-09), Don Bacon (R-Nebraska-02), Randy Weber (R-Texas-14), Lance Gooden (R-Texas-05), Barry Moore (R-Alabama-01), Tom Tiffany (R-Wisconsin-07), and Brian Babin (R-Texas-36). 
    “President Trump and his administration are restoring law and order and standing up for American citizens,” said Congressman Nehls. “Millions of illegal aliens flooded our country during the Biden Administration, and many of them took the lives of Americans, such as Jocelyn Nungaray, Laken Riley, and Rachel Morin. By codifying the VOICE Office, which was reopened last month by Secretary Noem, no future president can close the office again, ensuring that families that fall victim to illegal alien crimes are supported, not left behind.”
    The legislation is co-sponsored by U.S. Senators Ted Budd (R-North Carolina), Kevin Cramer (R-North Dakota), and Bill Cassidy (R-Louisiana).
    “Under the Biden administration’s watch our country faced record levels of illegal immigration that resulted in innocent American lives lost,” said Senator Budd. “Our nation’s Angel Families have faced unimaginable tragedies because of Joe Biden’s senseless open-border policies. Now, we must stand with them – giving them the support and justice they deserve.”
    “Families of victims murdered by illegal immigrants are forced to face unimaginable grief,” said Senator Cramer. “This bicameral bill supports Angel Families by ensuring they have the help and resources they need.”
    The legislation is also supported by Advocates for Victims of Illegal Alien Crime, NumbersUSA, and National Immigration Center for Enforcement (NICE).
    “As a nation, we spend hundreds of billions of dollars supporting illegal aliens who have no right to be in our country. Yet the victims of crimes committed by illegal aliens are left to fend for themselves at the worst times in their lives,” said Don Rosenberg, President and Treasurer of Advocates for Victims of Illegal Alien Crime. “Financial compensation will never replace the loss of a loved one, but the “Justice for Angel Families Act” will at least reduce the financial burden faced by those families who have been betrayed by the failure of some in our government to uphold the rule of law.”
    “It’s a shame that our past open border policies have made it necessary and needed to pass legislation to aid Angel families who suffered loss at the hands of illegal immigrants,” said Michael Hough, Director of Federal Government Relations at NumbersUSA. “This legislation will rightfully help those families who have lost their loved ones.”
    “To support angel families – American citizens permanently separated from loved ones due to illegal alien crime – President Trump relaunched the Victims of Immigrant Crime Engagement (VOICE) office,” said RJ Hauman, President of the National Immigration Center for Enforcement (NICE). “Now fully operational again, VOICE is assisting thousands of angel families, connecting them to vital services like grief counseling, tracking their cases, and ensuring criminal aliens responsible for their suffering are arrested, detained, and removed. This stands in stark contrast to the previous administration, which dismantled VOICE, opened our borders, and neglected angel families while policies led to more tragic losses. With Republicans now leading Congress, angel families are no longer ignored. Congressman Nehls and Senator Marshall are championing the Justice for Angel Families Act, reaffirming that their highest duty is to American citizens. This bill honors angel families, ensures their loved ones’ deaths were not in vain, and strengthens our nation’s safety and security. NICE urges everyone to support the Justice for Angel Families Act and calls on Congress to pass it after ICE receives critical resources via reconciliation.”
    The full text of the legislation can be found here.

    MIL OSI USA News –

  • MIL-OSI Security: Justice Department Announces Results of Operation Restore Justice: 205 Child Sex Abuse Offenders Arrested in FBI-Led Nationwide Crackdown, Including Two in the Southern District of Georgia

    Source: Federal Bureau of Investigation FBI Crime News (b)

    May 12, 2025 – Today, the Department of Justice announced the results of Operation Restore Justice, a coordinated enforcement effort to identify, track and arrest child sex predators.  The operation resulted in the rescue of 115 children and the arrests of 205 child sexual abuse offenders in the nationwide crackdown.  The coordinated effort was executed over the course of five days by all 55 FBI field offices, the Child Exploitation and Obscenity Section in the Department’s Criminal Division, and United States Attorney’s Offices around the country. 

    Two individuals were arrested in the Southern District of Georgia. To date, both have been charged federally. 

    Michael Alexander James, 44, of Waynesboro, GA and Martin Lindner, 52, of Augusta, GA were both charged in newly unsealed federal indictments with one count of Possession of Child Pornography, said Tara M. Lyons, Acting U.S. Attorney for the Southern District of Georgia.

    “The Department of Justice will never stop fighting to protect victims — especially child victims — and we will not rest until we hunt down, arrest, and prosecute every child predator who preys on the most vulnerable among us,” said Attorney General Pamela Bondi. “I am grateful to the FBI and their state and local partners for their incredible work in Operation Restore Justice and have directed my prosecutors not to negotiate.”

    “Every child deserves to grow up free from fear and exploitation, and the FBI will continue to be relentless in our pursuit of those who exploit the most vulnerable among us,” said FBI Director Kash Patel. “Operation Restore Justice proves that no predator is out of reach and no child will be forgotten. By leveraging the strength of all our field offices and our federal, state and local partners, we’re sending a clear message: there is no place to hide for those who prey on children.”

    “Possessing child pornography perpetuates the victimization of child sexual abuse survivors,” said Acting U.S. Attorney Lyons. “As exemplified in Operation Restore Justice, we will continue to collaborate with our law enforcement partners to protect our most vulnerable citizens.”

    Others arrested around the country are alleged to have committed various crimes including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking. In Minneapolis, for example, a state trooper and Army Reservist was arrested for allegedly producing child sexual abuse material while wearing his uniforms. In Norfolk, VA, an illegal alien from Mexico is accused of transporting a minor across state lines for sex. In Washington, D.C., a former Metropolitan Police Department Police Officer was arrested for allegedly trafficking minor victims.

    In many cases, parental vigilance and community outreach efforts played a critical role in bringing these offenders to justice. For example, a California man was arrested eight hours after a young victim bravely came forward and disclosed their abuse to FBI agents after an online safety presentation at a school near Albany, N.Y.

    This effort follows the Department’s observance of National Child Abuse Prevention Month in April, and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.

    The Justice Department is committed to combating child sexual exploitation. These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

    The Department partners with and oversees funding grants for the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org.

    The Department urges the public to remain vigilant and report suspected exploitation of a child through the FBI’s tipline at 1-800-CALL-FBI (225-5324), tips.fbi.gov, or by calling your local FBI field office.

    Other online resources:

    Electronic Press Kit

    Violent Crimes Against Children

    How we can help you: Parents and caregivers protecting your kids

    An indictment is merely an allegation. The defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI: TWFG Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    THE WOODLANDS, Texas, May 13, 2025 (GLOBE NEWSWIRE) — – Total Revenues increased 16.6% for the quarter over the prior year period to $53.8 million –
    – Total Written Premium increased 15.5% for the quarter over the prior year period to $371.0 million –
    – Organic Revenue Growth Rate* of 14.3% for the quarter –
    – Net income of $6.9 million for the quarter –
    – Adjusted EBITDA* increased 35.3% for the quarter over the prior year period to $12.2 million –

    THE WOODLANDS, Texas, May 13, 2025 (GLOBE NEWSWIRE) – TWFG, Inc. (“TWFG”, the “Company” or “we”) (NASDAQ: TWFG), a high-growth insurance distribution company, today announced results for the first quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • Total revenues for the quarter increased 16.6% to $53.8 million, compared to $46.1 million in the prior year period
    • Commission income for the quarter increased 14.7% to $48.8 million, compared to $42.5 million in the prior year period
    • Net income for the quarter was $6.9 million, compared to $6.6 million in the prior year period, and net income margin for the quarter was 12.7%
    • Diluted Earnings Per Share for the quarter was $0.09 and Adjusted Diluted Earnings Per Share* for the quarter was $0.16
    • Total Written Premium for the quarter increased 15.5% to $371.0 million, compared to $321.3 million in the prior year period
    • Organic Revenue Growth Rate* for the quarter was 14.3%
    • Adjusted Net Income* for the quarter increased 14.3% from the prior year period to $9.2 million, and Adjusted Net Income Margin* for the quarter was 17.1%
    • Adjusted EBITDA* for the quarter increased 35.3% over the prior year period to $12.2 million, and Adjusted EBITDA Margin* for the quarter was 22.6% compared to 19.5% in the prior year period

    *Organic Revenue Growth Rate, Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Diluted Earnings Per Share are non-GAAP measures. Reconciliations of Organic Revenue Growth Rate to total revenue growth rate, Adjusted Net Income and Adjusted EBITDA to net income, Adjusted Diluted Earnings Per Share to diluted earnings per share, and Adjusted Free Cash Flow to cash flow from operating activities, the most directly comparable financial measures presented in accordance with GAAP, are outlined in the reconciliation table accompanying this release.

    Gordy Bunch, Founder, Chairman, and CEO said “Our strong first quarter performance reflects the continued execution of our strategy and strength of our business model. Total revenues grew 16.6% year-over-year, and Adjusted EBITDA increased by 35.3%, and Adjusted EBITDA Margin expansion grew to 22.6%. Organic Revenue Growth of 14.3% underscores the productivity of our agents and the enduring value we deliver to our carrier partners and clients.

    Our recruiting momentum remains robust as we continue to expand our national footprint. During the quarter, we completed the acquisition of two new corporate locations, one in Ohio and one in Texas, expanded into New Hampshire, and added 17 branches across the U.S. The new locations are in line with our acquisition expectations for both revenue and EBITDA.

    As a reminder to our shareholders, newly onboarded agents typically take two to three years to reach full productivity.”

    First Quarter 2025 Results

    Total Written Premium for the first quarter of 2025 was $371.0 million, representing an increase of 15.5% compared to the prior year period. Total revenues were $53.8 million, an increase of 16.6% year-over-year.

    Organic Revenue, a non-GAAP measure that excludes contingent income, non-policy fee income, and other income, was $49.2 million for the first quarter of 2025, compared to $41.6 million in the prior year period. Organic Revenue Growth Rate was 14.3%, driven by robust new business production, moderating retention levels, rate increases, and continued growth in new business activity within one of our managing general agency (MGA) programs.

    Commission expense for the quarter totaled $31.8 million, an increase of 20.3% compared to $26.4 million in the prior year period. This increase reflects the continued growth of our business, partially offset by the one-time favorable adjustment in prior year period due to the branch conversions.

    Salaries and employee benefits were $8.2 million, an increase of 31.1% compared to $6.3 million in the first quarter of 2025. The increase includes $1.2 million of equity compensation expense and $0.7 million related to increased headcount and overall business growth.

    Other administrative expenses were $4.7 million in the quarter, up 50.9% from the prior year period. The increase reflects investments to support business growth and the absorption of public company operating costs.

    Net income for the first quarter of 2025 was $6.9 million, compared to $6.6 million in the prior year period. Net income margin was 12.7%, compared to 14.4% a year ago. Adjusted Net Income was $9.2 million for the quarter, compared to $8.1 million in the same period last year. Adjusted Net Income Margin was 17.1%, versus 17.5% in the prior year period.

    Adjusted EBITDA was $12.2 million for the first quarter, an increase of 35.3% year-over-year. Adjusted EBITDA Margin expanded to 22.6%, compared to 19.5% in the first quarter of 2024.

    Cash flow from operating activities was $15.6 million, up from $9.8 million in the prior year period. Adjusted Free Cash Flow for the quarter was $13.6 million, compared to $7.3 million in the same period a year ago.

    Liquidity and Capital Resources

    As of March 31, 2025, the Company had cash and cash equivalents of $196.4 million. We had full unused capacity on our revolving credit facility of $50.0 million as of March 31, 2025. The total outstanding term notes payable balance was $5.4 million as of March 31, 2025.

    2025 Adjusted Outlook

    Based on our strong first quarter results, the Company has updated its full-year 2025 guidance by raising the range of the outlook across all key metrics to reflect the improved visibility and confidence in the Company’s execution.

    • Organic Revenue Growth Rate*: Expected to be in the range of 12% to 16% (prior: 11% to 16%)
    • Adjusted EBITDA Margin*: Expected to be in the range of 20% to 22% (prior: 19% to 21%)
    • Total Revenues: Expected to be between $240 million and $255 million (prior: $235 million to $250 million)

    The Company is unable to provide a reconciliation to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting the timing of items that have not yet occurred, as well as quantifying certain amounts that are necessary for such reconciliation.

    *For a definition of Organic Revenue Growth Rate and Adjusted EBITDA Margin, see “Non-GAAP Financial Measures” below.

    Conference Call Information

    TWFG will host a conference call and webcast tomorrow at 9:00 AM ET to discuss these results.

    To access the call by phone, participants should register at this link, where they will be provided with the dial in details. A live webcast of the conference call will also be available on TWFG’s investor relations website at investors.twfg.com. A webcast replay of the call will be available at investors.twfg.com for one year following the call.

    About TWFG

    TWFG (NASDAQ: TWFG) is a high-growth, independent distribution platform for personal and commercial insurance in the United States and represents hundreds of insurance carriers that underwrite personal lines and commercial lines risks. For more information, please visit twfg.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “outlook,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the captions entitled “Risk factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the U.S. Securities and Exchange Commission. You should specifically consider the numerous risks outlined under “Risk factors” in the Annual Report on Form 10-K for the year ended December 31, 2024.

    Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Non-GAAP Financial Measures and Key Performance Indicators

    Non-GAAP Financial Measures

    Organic Revenue, Organic Revenue Growth, Adjusted Net Income, Adjusted Net Income Margin, Adjusted Diluted Earnings Per Share, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow included in this release are not measures of financial performance in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and should not be considered substitutes for GAAP measures, including revenues (for Organic Revenue and Organic Revenue Growth), net income (for Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA and Adjusted EBITDA Margin), diluted earnings per share (Adjusted Diluted Earnings Per Share), and cash flow from operating activities (for Adjusted Free Cash Flow), which we consider to be the most directly comparable GAAP measures. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these non-GAAP financial measures in isolation or as substitutes for revenues, net income, operating cash flow or other consolidated financial statement data prepared in accordance with GAAP. Other companies may calculate any or all of these non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.

    Organic Revenue. Since the first quarter of 2025, we have utilized the revised calculation methodology for Organic Revenue to include policy fee income as it is directly correlated to MGA commission income. Our legacy calculation methodology removed policy fee income from Organic Revenue. Organic Revenue is total revenue (the most directly comparable GAAP measure) for the relevant period, excluding contingent income, non-policy fee income, other income and those revenues generated from acquired businesses with over $0.5 million in annualized revenue that have not reached the twelve-month owned mark.

    Organic Revenue Growth. Organic Revenue Growth is the change in Organic Revenue period-to-period, with prior period results adjusted to include revenues that were excluded in the prior period because the relevant acquired businesses had not reached the twelve-month-owned milestone but have reached the twelve-month owned milestone in the current period. We believe Organic Revenue Growth is an appropriate measure of operating performance because it eliminates the impact of acquisitions, which affects the comparability of results from period to period.

    Adjusted Net Income. Adjusted Net Income is a supplemental measure of our performance and is defined as net income (the most directly comparable GAAP measure) before amortization, non-recurring or non-operating income and expenses, including equity-based compensation, adjusted to assume a single class of stock (Class A) and assuming noncontrolling interests do not exist. We believe Adjusted Net Income is a useful measure because it adjusts for the after-tax impact of significant one-time, non-recurring items and eliminates the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.

    We are subject to U.S. federal income taxes, in addition to state, and local taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. Adjusted Net Income pre-IPO did not reflect adjustments for income taxes since TWFG Holding Company, LLC is a limited liability company and is classified as a partnership for U.S. federal income tax purposes. Post-IPO, the calculation incorporates the impact of federal and state statutory tax rates on 100% of our adjusted pre-tax income as if the Company owned 100% of TWFG Holding Company, LLC.

    Adjusted Net Income Margin. Adjusted Net Income Margin is Adjusted Net Income divided by total revenues. We believe that Adjusted Net Income Margin is a useful measurement of operating profitability for the same reasons we find Adjusted Net Income useful and also because it provides a period-to-period comparison of our after-tax operating performance.

    Adjusted Diluted Earnings Per Share. Adjusted Diluted Earnings Per Share is Adjusted Net Income divided by diluted shares outstanding after adjusting for the effect of (i) the exchange of 100% of the outstanding Class B common stock of the Company (the “Class B Common Stock”) and Class C common stock of the Company (the “Class C Common Stock”) (together with the related limited liability units in TWFG Holding Company, LLC (the “LLC Units”)) into shares of Class A common stock of the Company (“Class A Common Stock”) and (ii) the vesting of 100% of the unvested equity awards and exchange into shares of Class A Common Stock. This measure does not deduct earnings related to the noncontrolling interests in TWFG Holding Company, LLC for the period prior to July 19, 2024, when we did not own 100% of the business. The most directly comparable GAAP financial metric is diluted earnings per share. We believe Adjusted Diluted Earnings Per Share may be useful to an investor in evaluating our operating performance and efficiency because this measure is widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon acquisition activity and capital structure. This measure also eliminates the impact of expenses that do not relate to core business performance, among other factors.

    Adjusted EBITDA. Adjusted EBITDA is a supplemental measure of our performance and is defined as EBITDA adjusted to reflect items such as equity-based compensation, interest income, other non-operating and certain nonrecurring items. EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation, and amortization. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it adjusts for significant one-time, non-recurring items and eliminates the ongoing accounting effects of certain capital spending and acquisitions, such as depreciation and amortization, that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.

    Adjusted EBITDA Margin. Adjusted EBITDA Margin is Adjusted EBITDA divided by total revenue. We believe that Adjusted EBITDA Margin is a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful and also because it provides a period-to-period comparison of our operating performance.

    Adjusted Free Cash Flow. Adjusted Free Cash Flow is a supplemental measure of our performance. We define Adjusted Free Cash Flow as cash flow from operating activities (the most directly comparable GAAP measure) less cash payments for tax distributions, purchases of property and equipment and acquisition-related costs. We believe Adjusted Free Cash Flow is a useful measure of operating performance because it represents the cash flow from the business that is within our discretion to direct to activities including investments, debt repayment, and returning capital to stockholders.

    The reconciliation of the above non-GAAP measures to their most comparable GAAP financial measure is outlined in the reconciliation table accompanying this release.

    Key Performance Indicators

    Total Written Premium. Total Written Premium represents, for any reported period, the total amount of current premium (net of cancellation) placed with insurance carriers. We utilize Total Written Premium as a key performance indicator when planning, monitoring, and evaluating our performance. We believe Total Written Premium is a useful metric because it is the underlying driver of the majority of our revenue.

    Contacts
    Investor Contact:
    Gene Padgett, CAO for TWFG
    Email: gene.padgett@twfg.com

    PR Contact:
    Alex Bunch, CMO for TWFG
    Email: alex@twfg.com


    Condensed Consolidated Statements of Income     (Unaudited)
    (Amounts in thousands, except share and per share data)

        Three Months Ended
    March 31,
          2025       2024  
    Revenues        
    Commission income(1)   $ 48,785     $ 42,545  
    Contingent income     1,663       1,076  
    Fee income(2)     3,011       2,232  
    Other income     364       290  
    Total revenues     53,823       46,143  
    Expenses        
    Commission expense     31,814       26,443  
    Salaries and employee benefits     8,196       6,254  
    Other administrative expenses(3)     4,724       3,130  
    Depreciation and amortization     3,359       3,013  
    Total operating expenses     48,093       38,840  
    Operating income     5,730       7,303  
    Interest expense     83       842  
    Interest income     1,863       170  
    Other non-operating expense     1       2  
    Income before tax     7,509       6,629  
    Income tax expense     656       —  
    Net income     6,853       6,629  
    Less: net income attributable to noncontrolling interests     5,515       6,629  
    Net income attributable to TWFG, Inc.     1,338       —  
             
    Weighted average shares of common stock outstanding:        
    Basic     14,889,739      
    Diluted     15,055,553      
    Earnings per share:        
    Basic   $ 0.09      
    Diluted   $ 0.09      
             

    (1) Commission income – related party of $3,135 and $1,109 for the three months ended March 31, 2025 and 2024, respectively
    (2) Fee income – related party of $834 and $354 for the three months ended March 31, 2025 and 2024, respectively
    (3) Other administrative expenses – related party of $770 and $401 for the three months ended March 31, 2025 and 2024, respectively

    The following table presents the disaggregation of our revenues by offerings (in thousands):

        Three Months Ended March 31,
          2025       2024  
    Insurance Services        
    Agency-in-a-Box   $ 35,996     $ 31,729  
    Corporate Branches     8,223       7,276  
    Total Insurance Services     44,219       39,005  
    TWFG MGA     9,195       6,794  
    Other     409       344  
    Total revenues   $ 53,823     $ 46,143  
             

    The following table presents the disaggregation of our commission income by offerings (in thousands):

        Three Months Ended March 31,
          2025       2024  
    Insurance Services        
    Agency-in-a-Box   $ 33,358     $ 29,900  
    Corporate Branches     8,214       7,250  
    Total Insurance Services     41,572       37,150  
    TWFG MGA     7,213       5,395  
    Total commission income   $ 48,785     $ 42,545  
             

    The following table presents the disaggregation of our fee income by major sources (in thousands):

        Three Months Ended March 31,
          2025       2024  
    Policy fees   $ 1,051     $ 513  
    Branch fees     1,256       1,131  
    License fees     608       515  
    TPA fees     96       73  
    Total fee income   $ 3,011     $ 2,232  
             

    The following table presents the disaggregation of our commission expense by offerings (in thousands):

        Three Months Ended March 31,
          2025       2024  
    Insurance Services        
    Agency-in-a-Box   $ 25,954       22,028  
    Corporate Branches     1,105       862  
    Total Insurance Services     27,059       22,890  
    TWFG MGA     4,726       3,535  
    Other     29       18  
    Total commission expense   $ 31,814     $ 26,443  
             


    Condensed Consolidated Balance Sheets     (Unaudited)
    (Amounts in thousands, except share/unit data)

        March 31, 2025   December 31, 2024
    Assets        
    Current assets        
    Cash and cash equivalents   $ 196,424     $ 195,772  
    Restricted cash     11,853       9,551  
    Commissions receivable, net     23,575       27,067  
    Accounts receivable     8,053       7,839  
    Other current assets, net     1,500       1,619  
    Total current assets     241,405       241,848  
    Non-current assets        
    Intangible assets, net     80,919       72,978  
    Property and equipment, net     3,364       3,499  
    Lease right-of-use assets, net     4,307       4,493  
    Other non-current assets     535       610  
    Total assets   $ 330,530     $ 323,428  
             
    Liabilities and Equity        
    Current liabilities        
    Commissions payable   $ 16,303     $ 13,848  
    Carrier liabilities     14,710       12,392  
    Operating lease liabilities, current     1,124       1,013  
    Short-term bank debt     1,927       1,912  
    Deferred acquisition payable, current     1,956       601  
    Other current liabilities     6,842       9,851  
    Total current liabilities     42,862       39,617  
    Non-current liabilities        
    Operating lease liabilities, net of current portion     3,119       3,372  
    Long-term bank debt     3,519       4,007  
    Deferred acquisition payable, non-current     973       1,122  
    Other non-current liabilities     —       24  
    Total liabilities     50,473       48,142  
    Commitment and contingencies (see Note 14)        
    Stockholders’/Members’ Equity        
    Class A common stock ($0.01 par value per share – 300,000,000 authorized, 14,904,083 and 14,811,874 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively )     149       148  
    Class B common stock ($0.00001 par value per share – 100,000,000 authorized, 7,277,651 shares issued and outstanding at March 31, 2025 and December 31, 2024)     —       —  
    Class C common stock ($0.00001 par value per share – 100,000,000 authorized, 33,893,810 shares issued and outstanding at March 31, 2025 and December 31, 2024)     —       —  
    Additional paid-in capital     58,374       58,365  
    Retained earnings     16,626       15,288  
    Accumulated other comprehensive income     65       83  
    Total stockholders’ equity attributable to TWFG, Inc.     75,214       73,884  
    Noncontrolling interests     204,843       201,402  
    Total stockholders’ equity     280,057       275,286  
    Total liabilities and equity   $ 330,530     $ 323,428  
             


    Non-GAAP Financial Measures

    A reconciliation of Organic Revenue and Organic Revenue Growth Rate to Total Revenue and Total Revenue Growth Rate, the most directly comparable GAAP measures, is as follows (in thousands):

    Revised Calculation Methodology Applied to Current Period
        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Acquisition adjustments(1)     (610 )     (1,467 )
    Contingent income     (1,663 )     (1,076 )
    Fee income     (3,011 )     (2,232 )
    Policy fee income     1,051       513  
    Other income     (364 )     (290 )
    Organic Revenue   $ 49,226     $ 41,591  
    Organic Revenue Growth(2)   $ 6,169     $ 4,780  
    Total Revenue Growth Rate(3)     16.6 %     15.8 %
    Organic Revenue Growth Rate(2)     14.3 %     13.0 %
             

    (1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.
    (2) Revised Organic Revenue for the three months ended March 31, 2024 and 2023, used to calculate Organic Revenue Growth for the three months ended March 31, 2025 and 2024, was $43.1 million and $36.8 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three months ended March 31, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.
    (3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.

    Legacy Calculation Methodology Applied to Current Period
        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Acquisition adjustments(1)     (610 )     (1,467 )
    Contingent income     (1,663 )     (1,076 )
    Fee income     (3,011 )     (2,232 )
    Other income     (364 )     (290 )
    Organic Revenue   $ 48,175     $ 41,078  
    Organic Revenue Growth(2)   $ 5,630     $ 4,822  
    Total Revenue Growth Rate(3)     16.6 %     15.8 %
    Organic Revenue Growth Rate(2)     13.2 %     13.3 %
             

    (1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.
    (2) Organic Revenue for the three months ended March 31, 2024 and 2023, used to calculate Organic Revenue Growth for the three months ended March 31, 2025 and 2024, was $42.5 million and $36.3 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three months ended March 31, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.
    (3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.

    A reconciliation of Adjusted Net Income and Adjusted Net Income Margin to Net income and Net income Margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):

    Revised Calculation Methodology Applied to Current Period
        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Net income   $ 6,853     $ 6,629  
    Income tax expense     656       —  
    Acquisition-related expenses     33       —  
    Equity-based compensation     1,204       —  
    Other non-recurring items(1)     —       (1,477 )
    Amortization expense     3,210       2,917  
    Adjusted income before income taxes     11,956       8,069  
    Adjusted income tax expense(2)     (2,736 )     —  
    Adjusted Net Income   $ 9,220     $ 8,069  
    Net Income Margin     12.7 %     14.4 %
    Adjusted Net Income Margin     17.1 %     17.5 %
             
    Legacy Calculation Methodology Applied to Current Period
        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Net income   $ 6,853     $ 6,629  
    Income tax expense     656       —  
    Acquisition-related expenses     33       —  
    Equity-based compensation     1,204       —  
    Other non-recurring items(1)     —       (1,477 )
    Adjusted income before income taxes   $ 8,746     $ 5,152  
    Adjusted income tax expense(2)     (2,001 )     —  
    Adjusted Net Income   $ 6,745     $ 5,152  
    Net Income Margin     12.7 %     14.4 %
    Adjusted Net Income Margin     12.5 %     11.2 %
             

    (1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.
    (2) Post-IPO, we are subject to United States federal income taxes, in addition to state, local, and foreign taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. For the three months ended March 31, 2025, the calculation of adjusted income tax expense is based on a federal statutory rate of 21% and a blended state income tax rate of 1.88% on 100% of our adjusted income before income taxes as if we owned 100% of the TWFG Holding Company, LLC.

    A reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to Net income and Net income margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):

        Three Months Ended
    March 31,
          2025       2024  
    Total revenues   $ 53,823     $ 46,143  
    Net income   $ 6,853     $ 6,629  
    Interest expense     83       842  
    Interest income     (1,863 )     (170 )
    Depreciation and amortization     3,359       3,013  
    Income tax expense     656       —  
    EBITDA     9,088       10,314  
    Acquisition-related expenses     33       —  
    Equity-based compensation     1,204       —  
    Interest income     1,863       170  
    Other non-recurring items(1)     —       (1,477 )
    Adjusted EBITDA   $ 12,188     $ 9,007  
    Net Income Margin     12.7 %     14.4 %
    Adjusted EBITDA Margin     22.6 %     19.5 %
             

    (1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.

    A reconciliation of Adjusted Free Cash Flow to Cash Flow from Operating Activities, the most directly comparable GAAP measure, for each of the periods indicated is as follows (in thousands):

        Three Months Ended
    March 31,
          2025       2024  
    Cash Flow from Operating Activities   $ 15,645     $ 9,754  
    Purchase of property and equipment     (15 )     (8 )
    Tax distribution to members(1)     (2,024 )     (2,420 )
    Acquisition-related expenses     33       —  
    Adjusted Free Cash Flow   $ 13,639     $ 7,326  
             

    (1) Tax distributions to members represents the amount distributed to the members of TWFG Holding Company, LLC in respect of their income tax liability related to the net income of TWFG Holding Company, LLC allocated to its members.

    A reconciliation of Adjusted Diluted Earnings Per Share to diluted earnings per share, the most directly comparable GAAP measure, is as follows:

        Three Months Ended March 31,
          2025  
    Earnings per share of common stock – diluted   $ 0.09  
    Plus: Impact of all LLC Units exchanged for Class A Common Stock(1)     0.03  
    Plus: Adjustments to Adjusted net income(2)     0.04  
    Adjusted Diluted Earnings Per Share   $ 0.16  
         
    Weighted average common stock outstanding – diluted     15,055,553  
    Plus: Impact of all LLC Units exchanged for Class A Common Stock(1)     41,171,461  
    Adjusted Diluted Earnings Per Share diluted share count     56,227,014  
         

    (1) For comparability purposes, this calculation incorporates the net income that would be distributable if all shares of Class B Common Stock and Class C Common Stock, together with the related LLC Units, were exchanged for shares of Class A Common Stock. For the three months ended March 31, 2025, this includes $5.5 million of net income on 56,227,014 weighted-average shares of common stock outstanding – diluted. For the three months ended March 31, 2025, 41,260,844 weighted average outstanding Class B Common Stock and Class C Common Stock were considered dilutive and included in the 56,227,014 weighted-average shares of common stock outstanding – diluted within diluted earnings per share calculation.
    (2) Adjustments to Adjusted Net Income are described in the footnotes of the reconciliation of Adjusted Net Income to Net Income in “Adjusted Net Income and Adjusted Net Income Margin”, which represent the difference between Net Income of $6.9 million and Adjusted Net Income of $9.2 million for the three months ended March 31, 2025. For the three months ended March 31, 2025, Adjusted Diluted Earnings Per Share include adjustments of $2.4 million to Adjusted Net Income on 56,227,014 weighted-average shares of common stock outstanding – diluted for the period presented.

    Key Performance Indicators

    The following presents the disaggregation of Total Written Premium by offerings, business mix and line of business (in thousands):

        Three Months Ended March 31,
          2025       2024  
        Amount   % of Total   Amount   % of Total
    Offerings:                
    Insurance Services                
    Agency-in-a-Box   $ 249,475     68 %   $ 218,936     68 %
    Corporate Branches     68,098     18       57,884     18  
    Total Insurance Services     317,573     86       276,820     86  
    TWFG MGA     53,389     14       44,446     14  
    Total written premium   $ 370,962     100 %   $ 321,266     100 %
                     
    Business Mix:                
    Insurance Services                
    Renewal business   $ 244,845     66 %     214,477     67 %
    New business     72,728     20       62,343     19  
    Total Insurance Services     317,573     86       276,820     86  
                     
    TWFG MGA                
    Renewal business     36,375     9       35,464     11  
    New business     17,014     5       8,982     3  
    Total TWFG MGA     53,389     14       44,446     14  
        Total written premium   $ 370,962     100 %   $ 321,266     100 %
                     
    Written Premium Retention:                
    Insurance Services       88 %       97 %
    TWFG MGA       82         81  
    Consolidated       88         94  
                     
    Line of Business:                
    Personal lines   $ 298,289     80 %   $ 254,864     79 %
    Commercial lines     72,673     20       66,402     21  
    Total written premium   $ 370,962     100 %   $ 321,266     100 %
                     

    The MIL Network –

  • MIL-OSI: Carbon Streaming Announces Financial Results for the Three Months Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today reported its financial results for the three months ended March 31, 2025. All figures are expressed in United States dollars, unless otherwise indicated.

    Carbon Streaming Chief Executive Officer Marin Katusa stated: “In the first quarter of 2025, Carbon Streaming made significant progress in reducing costs and improving financial sustainability, while continuing to evaluate strategic alternatives. Ongoing operating expenses have decreased substantially compared to prior years, and by May 2025, the number of individuals at the Company receiving a full-time salary was reduced to three. While we continue to pursue cost reductions, our priority in 2025 is to maximize value from our existing portfolio while exploring all strategic options to enhance shareholder value. More specifically, we will evaluate potential acquisitions, divestments, corporate transactions, and strategic partnerships. Although the voluntary carbon market continues to face challenging conditions and broader economic uncertainties persist, we remain committed to adapting to market realities and identifying the best path forward for our shareholders. In line with this commitment to shareholders, we have recently filed a statement of claim against certain former executives, board members, consultants, and associated entities in order to hold the defendants to account for actions that have caused financial harm to the Company, as outlined in the lawsuit. And with respect to the Rimba Raya, Magdalena Bay, and Sustainable Community Streams, the Company remains focused on protecting our investments and preserving our rights — as we will with all our investments.”

    Quarterly Highlights

    • Ended the year with $36.4 million in cash and no corporate debt. During the quarter, the Company converted $18.0 million in cash from US$ to C$ at an exchange rate of 1.42 C$ for every 1.00 US$. The Company continues to earn interest income on its cash.
    • Reduced the number of individuals receiving full-time salaries at the Company – including employees, consultants, and directors – from 24 at the start of 2024 to 3 full-time employees by May 2025, resulting in significant savings in ongoing operating expenses. The Chief Executive Officer is not collecting a salary, the Chief Financial Officer is receiving a part-time salary, and the Company has eliminated cash-settled director’s fees to its board of directors (“Board”).
    • Recognized a net gain on revaluation of carbon credit streaming and royalty agreements of $49 thousand (net loss on revaluation of $33.1 million for Q1 2024). The net gain on revaluation for the current period was primarily related to changes to the risk-adjusted discount rate and accretion due to the passage of time.
    • Building on the success of the previously-announced ongoing corporate restructuring plan, the Company has significantly reduced ongoing operating expenses and is continuing to review its existing streams and royalties.
    • Generated $2 thousand in settlements from carbon credit streaming and royalty agreements (settlements of $406 thousand during Q1 2024).
    • Operating loss of $1.4 million (operating loss of $36.6 million in Q1 2024).
    • Recognized net loss of $0.8 million (net loss of $35.8 million in Q1 2024).
    • Adjusted net loss was $0.5 million (adjusted net loss of $1.6 million in Q1 2024) (see the “Non-IFRS Accounting Standards Measures” section of this news release).
    • Paid $164 thousand in upfront deposits for carbon credit streaming and royalty agreements (paid $400 thousand in upfront deposits in Q1 2024).
    • In April 2025, the Company announced that it had filed a lawsuit in the Ontario Superior Court of Justice against several former executives, directors, consultants, and associated entities. Please refer to the Company’s news release titled “Carbon Streaming Announces Filing of Claim Against Former Executives and Consultants” for further information.

    Financial Highlights Summary

      Three months ended
    March 31, 2025    		 Three months ended
    March 31, 2024
    Carbon credit streaming and royalty agreements    
    Revaluation of carbon credit streaming and royalty agreements $ 49   $ (33,136 )
    Settlements from carbon credit streaming and royalty agreements1   2     406  
    Other financial highlights    
    Other operating expenses   1,401     3,709  
    Operating loss   (1,351 )   (36,756 )
    Net loss   (822 )   (35,771 )
    Loss per share (Basis and Diluted) ($/share)   (0.02 )   (0.75 )
    Adjusted net loss2   (508 )   (1,596 )
    Adjusted net loss per share (Basic and Diluted) ($/share)2   (0.01 )   (0.03 )
    Statement of financial position    
    Cash3   36,444     49,008  
    Carbon credit streaming and royalty agreements3   9,292     26,980  
    Total assets3   47,098     81,596  
    Non-current liabilities3   47     1,059  
     
    1. Relates to the net cash proceeds generated from the Company’s carbon credit streaming and royalty agreements.
    2. “Adjusted net loss”, including per share amounts, is a non-IFRS® Accounting Standards (the “IFRS Accounting Standards”) financial performance measure that is used in this news release. This measure does not have any standardized meaning under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. For more information about this measure, why it is used by the Company, and a reconciliation to the most directly comparable measure under the IFRS Accounting Standards, see the “Non-IFRS Accounting Standards Measures” section of this news release.
    3. Cash, carbon credit streaming and royalty agreements, total assets and non-current liabilities are presented as at the relevant tabular reporting date.
     

    Portfolio Updates

    Nalgonda Rice Farming Stream: The project was registered with Verra on February 10, 2025, using the UNFCCC Clean Development Mechanism Methodology AMS-III.AU: Methane emission reduction by adjusted water management practice in rice cultivation in the VCS program (“AMS-III.AU”). Registration and first validation of the project was delayed when Verra temporarily inactivated AMS-III.AU as part of a broader review of validation and verification quality and began developing a revised rice-specific methodology to replace AMS-III.AU. During this review, Verra determined that certain projects identified as having quality issues with validations and/or verifications would remain on hold, but Core CarbonX’s projects, including the Nalgonda Rice Farming project, were approved for registration under AMS-III.AU.

    Verra released the new VCS Methodology VM0051 (Improved Management in Rice Production Systems v1.0) on February 27, 2025, which the project plans to transition to for the second monitoring period. However, the project has already applied the guidelines required under the VCS Methodology VM0051. At this time, it is not known how the transition to the new methodology will impact the project, if at all.

    Sheep Creek Reforestation Stream: In January 2025, the Company received a Notice of Adverse Impact from Mast Reforestation SPV I, LLC (“Mast”) and the parent company of Mast, Droneseed Co. d/b/a Mast Reforestation under the Sheep Creek Reforestation Stream pursuant to which, among other things, Mast advised the Company that the Sheep Creek project has experienced significantly higher than expected mortality rates and that the surviving seedlings had exhibited slower than expected growth rates. As a result, Mast indicated to the Company that it no longer expects to deliver the Company the agreed-upon 286,229 carbon removal credits, referred to as forecast mitigation units (“FMUs”) under the Climate Action Reserve’s Climate Forward program under the Sheep Creek Reforestation Stream, as Mast no longer considers the existing Sheep Creek project plan and budget to be viable. The Company has formally responded to the Notice of Adverse Impact and requested that Mast respond to the Company’s significant concerns regarding, among other things, the timing of the delivery of the Notice of Adverse Impact, and the characterization of the cause of the adverse impact. The Company is continuing to evaluate all legal avenues available under the Sheep Creek Reforestation Stream. As a result, the Company no longer anticipates generating cash flow from the Sheep Creek Reforestation Stream, and its fair value is $nil as of March 31, 2025.

    Baccala Ranch Reforestation Stream: In March 2025, Mast delivered the Company a notice of termination of the Baccala Ranch Reforestation Stream and the Baccala Ranch project, thereby confirming it will forego any plantings. The Company had not advanced any funds for the Baccala project and the closing of the Baccala Ranch Reforestation Stream remained subject to customary closing conditions.

    Enfield Biochar Stream: In April 2025, Standard Biocarbon Corporation (“Standard Biocarbon”) successfully completed an equity financing resulting in a change of control. In connection with the financing, a new CEO has been appointed to lead Standard Biocarbon through project commissioning.

    Strategy

    Carbon Streaming is currently focused on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal. During 2024, the Company underwent changes to the Board and management, including the termination of certain consulting contracts, which reduced ongoing cash expenditure and streamlined decision-making. The Company continues to focus on its previously announced evaluation of strategic alternatives with a focus on maximizing value for all shareholders. These alternatives could include acquisitions, divestments, corporate transactions, financings, other strategic partnership opportunities or continuing to operate as a public company.

    The Company’s carbon credit streaming agreements are structured to retain a portion of the cash flows from carbon credit sales, with stream-specific retention varying. Project partners typically receive the balance through ongoing delivery payments under the terms of each agreement. Cash flows are subject to fluctuations based on realized carbon credit prices and agreement terms. As the Company continues to evaluate its strategic direction, it remains focused on optimizing portfolio economics and managing exposure to market volatility.

    Outlook

    Carbon Streaming continues to reposition itself for success and for maximizing shareholder value amid ongoing challenges. In May 2024, as part of its ongoing corporate restructuring first initiated in 2023, the Company announced changes to its senior management and Board after constructive discussions with certain shareholders. The Company continues to evaluate strategic alternatives for the business and remains focused on cash flow optimization through the reduction of operating expenses and a reassessment of its existing streams and royalties. Building on the previous measures implemented by the Company to reduce ongoing operating expenses, further steps have been taken in recent months, including significantly reducing employee headcount, renegotiating and amending vendor agreements to lower costs, eliminating cash-settled director’s fees to the Board and terminating certain consulting contracts. As the Company’s broader strategy continues to evolve, these recent steps are expected to result in significant reductions to annualized ongoing operating expenses when compared to 2024.

    While the Company aims to increase cash flow generation through the sale of carbon credits from several streaming agreements over the next year, there remains ongoing uncertainty regarding the evolving nature of carbon markets, including potential registry delays, project-specific issues, and methodology-related risks, in addition to impacts the industry may face as a result of general economic, political and regulatory conditions. In 2024, the Company recognized a decrease in the fair values of the Rimba Raya Stream, the Magdalena Bay Blue Carbon Stream, the Sustainable Community Stream, and the Sheep Creek Reforestation Stream to $nil as a result of the failure of the respective projects to meet their obligations under the stream agreements and ongoing legal disputes. The Company is actively pursuing all available legal remedies to protect its investments and enforce its contractual rights. Given the multiple ongoing litigation matters, the outcomes remain uncertain and could materially impact the Company’s financial position and strategic direction. Please refer to the “Legal Proceedings” section of the Company’s most recently filed MD&A for further information.

    Given the evolving nature of carbon markets and ongoing legal considerations, Carbon Streaming is focussed on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal.

    For a comprehensive discussion of the risks, assumptions and uncertainties that could impact the Company’s strategy and outlook, including without limitation, changes in demand for carbon credits and Indonesian developments described herein, investors are urged to review the section of the Company’s most recently filed AIF entitled “Risk Factors” a copy of which is available on SEDAR+ at www.sedarplus.ca.

    About Carbon Streaming

    Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential.

    ON BEHALF OF THE COMPANY:
    Marin Katusa, Chief Executive Officer
    Tel: 365.607.6095
    info@carbonstreaming.com
    www.carbonstreaming.com

    Investor Relations
    investors@carbonstreaming.com

    Media
    media@carbonstreaming.com

    Non-IFRS Accounting Standards Measures

    Adjusted Net Loss and Adjusted Loss Per Share

    The term “adjusted net loss” in this news release is not a standardized financial measure under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. These non-IFRS Accounting Standards measures should not be considered in isolation or as a substitute for measures of performance, cash flows and financial position as prepared in accordance with the IFRS Accounting Standards. Management believes that these non-IFRS Accounting Standards measures, together with performance measures and measures prepared in accordance with the IFRS Accounting Standards, provide useful information to investors and shareholders in assessing the Company’s liquidity and overall performance.

    Adjusted net loss is calculated as net and comprehensive loss and adjusted for the revaluation of carbon credit streaming and royalty agreements, the revaluation of warrant liabilities, the impairment loss on early deposit interest receivable, the revaluation of derivative liabilities, the revaluation of the convertible note, the impairment loss on investment in associate, the gain on dissolution of associate, and the corporate restructuring which the Company views as having a significant non-cash or non-continuing impact on the Company’s net and comprehensive loss calculation and per share amounts. Adjusted net loss is used by the Company to monitor its results from operations for the period.

    The following table reconciles net and comprehensive loss to adjusted net loss:

      Three months ended
    March 31, 2025    		 Three months ended
    March 31, 2024
    Net loss and comprehensive loss $ (822 ) $ (35,771 )
    Adjustment for non-continuing or non-cash settled items:    
    Revaluation of carbon credit streaming and royalty agreements   (49 )   33,136  
    Revaluation of warrant liabilities   (114 )   (334 )
    Litigation and corporate restructuring   477     1,373  
    Adjusted net loss   (508 )   (1,596 )
    Loss per share (Basic and Diluted) ($/share)   (0.02 )   (0.75 )
    Adjusted net loss per share (Basic and Diluted) ($/share)   (0.01 )   (0.03 )
                 

    Cautionary Statement Regarding Forward-Looking Information

    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, statements regarding the anticipated impact of changes to the Company’s Board and management; the impact of the Company’s restructuring strategies, including evaluation of strategic alternatives; the ability of the Company to execute on expense reductions and savings from operating cost reduction measures; statements with respect to cash flow optimization and generation; its sales strategy; supporting the Company’s carbon streaming and royalty partners; timing and the amount of future carbon credit generation and emission reductions and removals from the Company’s existing streaming and royalty agreements; statements with respect to the projects in which the Company has streaming and royalty agreements in place; statements with respect to the Company’s growth objectives and potential and its position in the voluntary carbon markets; statements with respect to execution of the Company’s portfolio and partnership strategy; statements regarding the Company holding certain former executives, directors, consultants, and associated entities to account. statements with respect to the ongoing legal process to protect the Company’s investment in the Rimba Raya project and to enforce its legal and contractual rights; and statements regarding the Company’s intention to strictly enforce its legal and contractual rights under the Sustainable Community Stream and the Magdalena Bay Blue Carbon Stream and the Sheep Creek Reforestation Stream.

    When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and environmental, social and governance initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; the Company’s expectations and plans with respect to current litigation, arbitration and regulatory proceedings; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of project value, which may impact the ability of the Company to execute on its growth and diversification strategy; dependence upon key management; impact of corporate restructurings; the inability of the Company to optimize cash flows or sufficiently reduce operating expenses; reputational risk; risks arising from competition and future acquisition activities failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 31, 2025 filed on SEDAR+ at www.sedarplus.ca.

    Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

    The MIL Network –

  • MIL-OSI Security: U.S. Attorneys for Southwestern Border Districts Charge More than 1400 Illegal Aliens with Immigration-Related Crimes During the Second week in May as part of Operation Take Back America

    Source: United States Attorneys General

    Since the inauguration of President Trump, the Department of Justice is playing a critical role in Operation Take back America, a nationwide initiative to repel the invasion of illegal immigration, achieve total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    Last week, the U.S. Attorneys for Arizona, Central California, Southern California, New Mexico, Southern Texas, and Western Texas charged more than 1400 defendants with Criminal violations of U.S. immigration laws.

    The Southern District of California filed 176 border-related cases this week, including charges of assault on a federal officer, bringing in aliens for financial gain, reentering the U.S. after deportation, and importation of controlled substances. These included Two complaints which charged five people with participating in a human smuggling event that led to the deaths of at least three migrants, including a 14-year-old boy from India. His 10-year-old sister is still missing at sea and presumed dead; their father is in a coma and mother is also hospitalized.

    The Central District of California filed criminal charges against 34 defendants this week who allegedly were found in the U.S. following removal. Many of the defendants charged were previously convicted of felonies before they were removed from the United States.

    The District of New Mexico charged approximately 300 defendants with border-related crimes, including 91 defendants charged with Illegal Reentry After Deportation (8 U.S.C. 1326). In addition, 209 individuals charged with Illegal Entry (8 U.S.C. 1325) were also charged with violation of a military security regulation (50 U.S.C. 797) because they unlawfully entered the National Defense Area in New Mexico.

    The Southern District of Texas filed a total of 300 cases, charging 302 people from May 2-8 in continuing efforts to secure the southern border. As part of the cases, 93 face allegations of illegally reentering the country. The majority have prior felony convictions for narcotics, prior immigration crimes and more. A total of 193 people face charges of illegally entering the country, while 11 cases allege various instances of human smuggling with the remainder involving other immigration-related crimes.

    The Western District of Texas filed 316 new immigration and immigration-related criminal cases from May 2 through May 8. Among the new cases, Cirilo Delgado-Alderete, Dilan Karim Valenzuela-Baca, and Antelmo Eligio Ramirez-Bernardo were arrested at an alleged stash house in Anthony, New Mexico. According to an affidavit, U.S. Border Patrol and Homeland Security Investigations agents observed three vehicles that had been identified as being used to smuggle illegal aliens to Albuquerque, New Mexico, parked at the residence. When agents questioned Ramirez-Bernardo, a Guatemalan national, they allegedly discovered he possessed a key to the residence on his keychain. Agents then located 25 individuals inside the residence who admitted to being citizens of Mexico, Peru, Honduras, Guatemala, Dominican Republic, and Pakistan without documentation to be in the U.S. Two of the individuals, Delgado-Alderete and Valenzuela-Baca, were identified as alleged stash house caretakes and drivers to harbor and transport the illegal aliens. Delgado-Alderete, Valenzuela-Baca, and Ramirez-Bernardo are charged with one count of conspiracy to transport illegal aliens and one count of conspiracy to harbor illegal aliens.  The drivers allegedly picked up aliens in El Paso before transporting them to New Mexico.

    The District of Arizona brought immigration-related criminal charges against 314 defendants. Specifically, the United States filed 117 cases in which aliens illegally re-entered the United States, and the United States also charged 166 aliens for illegally entering the United States.  In its ongoing effort to deter unlawful immigration, the United States filed 25 cases against 31 individuals responsible for smuggling illegal aliens into and within the District of Arizona.

    We are grateful for the hard work of our border prosecutors in bringing these cases and helping to make our border safe again.

    MIL Security OSI –

  • MIL-OSI Security: Delaware Man Convicted of Sex Trafficking and Forced Labor

    Source: United States Attorneys General

    A federal jury in the District of Delaware convicted Clifton H. Gibbs, 68, of Sussex County today on multiple counts of sex trafficking and forced labor. Specifically, the jury convicted Gibbs of seven counts of sex trafficking seven adult victims, five counts of forced labor, and one count of interstate transportation for purposes of prostitution.

    According to the evidence at trial, Gibbs exploited the victims’ heroin addiction and fears of withdrawal sickness to compel the victims to engage in commercial sex, panhandle, perform demanding manual labor on his property, and to steal goods for him to resell. Gibbs’ co-defendant, Brooke Waters, 46, previously pled guilty to sex trafficking, forced labor, and interstate transportation for purposes of prostitution charges.

    “Today’s conviction vindicates the rights of multiple victims who the defendant trafficked over several years within the District of Delaware,” said Assistant Attorney General Harmeet K. Dhillon of the Justice Department’s Civil Rights Division. “This defendant preyed on individuals suffering from opiate addiction and cruelly exploited them for his own profit. The Justice Department is committed to aggressively fighting human trafficking and seeking justice for its victims.”

    “I hope that today’s verdict brings some measure of closure for the victims in this case,” said Acting U.S. Attorney Shannon T. Hanson for the District of Delaware. “I commend the victims’ bravery and willingness to testify to bring this defendant to justice. Our communities are much safer, and this verdict should serve as a warning to other individuals who exploit victims for personal gain.”  

    “The conviction of Clifton H. Gibbs highlights the strong partnership between Homeland Security Investigations and the Department of Justice in the fight against human trafficking,” said Special Agent in Charge Edward V. Owens of HSI Philadelphia. “Gibbs preyed on vulnerable individuals, feeding their addiction for profit through forced labor and commercial sex. HSI remains committed to working alongside our federal partners to dismantle trafficking networks, bring perpetrators to justice, and through our victim centered approach, support victims as they reclaim their lives.”

    “The crimes uncovered in this case are among the most egregious that Homeland Security Investigations encounters,” said Special Agent in Charge Michael McCarthy of HSI Maryland. “Exploiting vulnerable individuals through coercion, abuse, and manipulation is nothing short of reprehensible. This kind of predatory behavior destroys lives and undermines the fundamental values of human dignity and freedom. HSI remains unwavering in its mission to dismantle criminal networks, bring perpetrators to justice, and protect the safety and well-being of our communities, especially those who are unable to protect themselves.”

    The evidence presented at the seven-day trial demonstrated that Gibbs sought out individuals, often young women, who were addicted to heroin, and without any money or a stable place to live, promising to take care of them by giving them housing, food, clothing, and easy access to drugs. He then provided many of them with heroin for free to ease their withdrawal sickness. He allowed them to live in trailers or campers on his two rural properties in Sussex County. He then instructed the women to engage in commercial sex, instructing his co-defendant to take photos of them and post online advertisements for them to do “dates” with commercial sex buyers. Gibbs kept all the proceeds from the commercial sex acts and provided the women with small amounts of heroin and cocaine to avoid withdrawal sickness. Gibbs positioned himself to control the victims’ access to heroin and thereby controlled the onset of withdrawal sickness. Exploiting the victims’ fear of withdrawal sickness, Gibbs profited from the commercial sex acts in which he compelled the women to engage. Gibbs and his co-defendant also recruited heroin-addicted individuals to “boost” or steal goods for him to re-sell, panhandle, and do manual labor on his properties. In the same way he did with the young women he compelled to engage in commercial sex, Gibbs exploited the victims’ fear of withdrawal sickness to coerce this labor for his profit.

    Gibbs also used physical force with some of his victims by hitting, kicking, or threatening to shoot those who disobeyed his orders or talked back.

    A sentencing hearing will be scheduled at a later date. Gibbs faces a minimum penalty of 15 years in prison and a maximum penalty of life in prison as well as mandatory restitution. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Homeland Security Investigations investigated the case. Assistant United States Attorney Briana Knox for the District of Delaware and Trial Attorneys Christina Randall-James and Leah Branch of the Civil Rights Division’s Human Trafficking Prosecution Unit prosecuted the case.

    Anyone who has information about human trafficking should report that information to the National Human Trafficking Hotline toll-free at 1-888-373-7888, which is available 24 hours a day, seven days a week. For more information about human trafficking, please visit www.humantraffickinghotline.org. Information on the Justice Department’s efforts to combat human trafficking can be found at www.justice.gov/humantrafficking.

    MIL Security OSI –

  • MIL-OSI USA: Delaware Man Convicted of Sex Trafficking and Forced Labor

    Source: US State of North Dakota

    A federal jury in the District of Delaware convicted Clifton H. Gibbs, 68, of Sussex County today on multiple counts of sex trafficking and forced labor. Specifically, the jury convicted Gibbs of seven counts of sex trafficking seven adult victims, five counts of forced labor, and one count of interstate transportation for purposes of prostitution.

    According to the evidence at trial, Gibbs exploited the victims’ heroin addiction and fears of withdrawal sickness to compel the victims to engage in commercial sex, panhandle, perform demanding manual labor on his property, and to steal goods for him to resell. Gibbs’ co-defendant, Brooke Waters, 46, previously pled guilty to sex trafficking, forced labor, and interstate transportation for purposes of prostitution charges.

    “Today’s conviction vindicates the rights of multiple victims who the defendant trafficked over several years within the District of Delaware,” said Assistant Attorney General Harmeet K. Dhillon of the Justice Department’s Civil Rights Division. “This defendant preyed on individuals suffering from opiate addiction and cruelly exploited them for his own profit. The Justice Department is committed to aggressively fighting human trafficking and seeking justice for its victims.”

    “I hope that today’s verdict brings some measure of closure for the victims in this case,” said Acting U.S. Attorney Shannon T. Hanson for the District of Delaware. “I commend the victims’ bravery and willingness to testify to bring this defendant to justice. Our communities are much safer, and this verdict should serve as a warning to other individuals who exploit victims for personal gain.”  

    “The conviction of Clifton H. Gibbs highlights the strong partnership between Homeland Security Investigations and the Department of Justice in the fight against human trafficking,” said Special Agent in Charge Edward V. Owens of HSI Philadelphia. “Gibbs preyed on vulnerable individuals, feeding their addiction for profit through forced labor and commercial sex. HSI remains committed to working alongside our federal partners to dismantle trafficking networks, bring perpetrators to justice, and through our victim centered approach, support victims as they reclaim their lives.”

    “The crimes uncovered in this case are among the most egregious that Homeland Security Investigations encounters,” said Special Agent in Charge Michael McCarthy of HSI Maryland. “Exploiting vulnerable individuals through coercion, abuse, and manipulation is nothing short of reprehensible. This kind of predatory behavior destroys lives and undermines the fundamental values of human dignity and freedom. HSI remains unwavering in its mission to dismantle criminal networks, bring perpetrators to justice, and protect the safety and well-being of our communities, especially those who are unable to protect themselves.”

    The evidence presented at the seven-day trial demonstrated that Gibbs sought out individuals, often young women, who were addicted to heroin, and without any money or a stable place to live, promising to take care of them by giving them housing, food, clothing, and easy access to drugs. He then provided many of them with heroin for free to ease their withdrawal sickness. He allowed them to live in trailers or campers on his two rural properties in Sussex County. He then instructed the women to engage in commercial sex, instructing his co-defendant to take photos of them and post online advertisements for them to do “dates” with commercial sex buyers. Gibbs kept all the proceeds from the commercial sex acts and provided the women with small amounts of heroin and cocaine to avoid withdrawal sickness. Gibbs positioned himself to control the victims’ access to heroin and thereby controlled the onset of withdrawal sickness. Exploiting the victims’ fear of withdrawal sickness, Gibbs profited from the commercial sex acts in which he compelled the women to engage. Gibbs and his co-defendant also recruited heroin-addicted individuals to “boost” or steal goods for him to re-sell, panhandle, and do manual labor on his properties. In the same way he did with the young women he compelled to engage in commercial sex, Gibbs exploited the victims’ fear of withdrawal sickness to coerce this labor for his profit.

    Gibbs also used physical force with some of his victims by hitting, kicking, or threatening to shoot those who disobeyed his orders or talked back.

    A sentencing hearing will be scheduled at a later date. Gibbs faces a minimum penalty of 15 years in prison and a maximum penalty of life in prison as well as mandatory restitution. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Homeland Security Investigations investigated the case. Assistant United States Attorney Briana Knox for the District of Delaware and Trial Attorneys Christina Randall-James and Leah Branch of the Civil Rights Division’s Human Trafficking Prosecution Unit prosecuted the case.

    Anyone who has information about human trafficking should report that information to the National Human Trafficking Hotline toll-free at 1-888-373-7888, which is available 24 hours a day, seven days a week. For more information about human trafficking, please visit www.humantraffickinghotline.org. Information on the Justice Department’s efforts to combat human trafficking can be found at www.justice.gov/humantrafficking.

    MIL OSI USA News –

  • MIL-OSI USA: New Hampshire Doctor Pleads Guilty to Illegally Prescribing Opioids

    Source: US State of California

    A New Hampshire doctor pleaded guilty today to unlawfully distributing a controlled substance. This is the first conviction of a doctor in the District of New Hampshire from a joint investigation by the New England Strike Force and the U.S. Attorney’s Office.

    According to court documents, Robert G. Soucy Jr., D.O., 72, of Columbia, New Hampshire, illegally prescribed opioids from his home in Columbia, New Hampshire. Dr. Soucy knew that pharmacies in and around Colebrook, New Hampshire, would not fill his prescriptions for several of his patients. To have the unlawful prescriptions filled, Dr. Soucy specifically instructed a patient to bring his prescriptions to a pharmacy in another location. Dr. Soucy also continued to prescribe opioids to the patient, who the defendant knew had a substance-abuse disorder, without conducting any medical evaluation or testing and after the patient had moved out of New England.

    Dr. Soucy faces a maximum penalty of 20 years in prison. He surrendered his DEA registration and is no longer authorized to prescribe controlled substances.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, Acting United States Attorney Jay McCormack for the District of New Hampshire, Acting Special Agent in Charge Stephen Belleau and Acting Diversion Program Manager George Lutz of the Drug Enforcement Administration (DEA) New England Division, and Deputy Inspector General for Investigations Christian J. Schrank of the Health and Human Services Office of Inspector General (HHS-OIG) made the announcement.

    The DEA and HHS-OIG investigated the case.

    Trial Attorneys Thomas D. Campbell and Danielle H. Sakowski of the Criminal Division’s Fraud Section are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    Anyone needing access to opioid treatment services can contact HHS-OIG’s Substance Abuse and Mental Health Services Administration 24/7 National Helpline for referrals to treatment services at 1-800-662-4359. 

    MIL OSI USA News –

  • MIL-OSI: Westport Fuel Systems Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport“) (TSX:WPRT / Nasdaq:WPRT) reported financial results for the first quarter ended March 31, 2025, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.

    “We continue to make significant strides in transforming Westport and sharpening our strategic focus. Our priorities remain clear: driving success through Cespira, our HPDI joint venture with Volvo Group; pursuing operational excellence through initiatives to streamline processes and reduce costs; and positioning Westport at the forefront of the alternative fuel shift.

    These priorities are guiding us as we work towards a brighter future. We’re seeing the impact of our efforts in our recent results – we significantly improved our net loss to $2.5 million in Q1 of 2025 from a net loss of $13.6 million in Q1 of 2024. This was supported by a $3.5 million increase in gross profit and an $8.1 million decrease in operating expenses. We also reported a substantial improvement in adjusted EBITDA as compared to the same period of the prior year.

    Looking to the future, with the announcement of the proposed sale of our light-duty business, Westport is realigning to focus on the hard-to-decarbonize applications primarily in long-haul and heavy-duty trucking where our unique HPDI and high-pressure technologies offer significant growth potential. Critically, this transaction is designed to provide immediate cash proceeds that bolster our balance sheet and fund growth opportunities in Cespira and the High-Pressure Controls & Systems business.

    Now, the conversation has changed. Our attendance at the Advanced Clean Transportation Expo or ACT Expo, the largest showcase of clean transportation technologies in North America, validated our view that the market recognizes that the internal combustion engine utilizing alternative fuels is an affordable solution that also decarbonizes long-haul, heavy-duty transport. Westport is the clean-tech innovation company to help drive this change. Through Cespira, the HPDI fuel system does the on-engine work to our High Pressure Controls and Systems business where our components do the off-engine work we are providing OEMs with simplified solutions to decarbonize.

    Volvo recently highlighted that demand for their gas-powered trucks that utilize HPDI technology has been increasing, with sales up more than 25% in 2024, a trend that we saw continue into Q1 with Cespira delivering improved revenue driven by increased volumes as compared to Q1 of 2024. While we remain focused on scaling our alternative fuel solutions, including LNG, CNG, RNG, and hydrogen systems, we are matching the cleanest gaseous fuels with the most efficient engine technologies. We are committed to delivering practical, commercially viable low-carbon solutions today and providing sustainable, high-performance solutions that help our customers achieve their goals now and for years to come.”

    Dan Sceli, Chief Executive Officer

    Q1 2025 Highlights

    • Revenues decreased 9% to $71.0 million compared to the same period in 2024, primarily driven by decreased sales volumes in our Heavy-Duty OEM and High-Pressure Controls & Systems segments. This was partially offset by increased sales in our Light-Duty segment in the quarter. In Q1 2024, our Heavy-Duty OEM segment included the financial results of the HPDI business which are now accounted for as part of the Cespira joint venture.
    • Net loss of $2.5 million for the quarter compared to net loss of $13.6 million for the same quarter last year. The decrease in net loss was driven by a $3.5 million increase in gross profit, decrease in operating expenditures by $8.1 million; change in foreign exchange gain or loss by $2.3 million and an increase in loss from investments accounted for by the equity method of $3.8 million.
    • Adjusted EBITDA[1] of nil  compared to negative $6.6 million for the same period in 2024.
    • Cash and cash equivalents were $32.6 million at the end of the first quarter. Cash used in operating activities during the quarter was $4.9 million with net cash used by working capital of $8.1 million, partially offset by operating income of $1.7 million. Investing activities included the collection of $10.5 million in a holdback receivable related to our previous sale of CWI to Cummins in 2022, capital contribution into Cespira of $4.7 million and purchase of capital assets of $3.1 million. Cash used in financing activities was attributed to net debt repayments of $3.9 million in the quarter.

    [1] Adjusted earnings before interest, taxes and depreciation is a non-GAAP measure. Please refer to NON-GAAP FINANCIAL MEASURES in Westport’s Management Discussion and Analysis for the reconciliation.

    Consolidated Results      Over /   
    ($ in millions, except per share amounts)     (Under)   
      1Q25 1Q24 %  
    Revenue $ 71.0   $ 77.6   (9 )%
    Gross Profit(2)   15.2     11.7   30 %
    Gross Margin(2)   21 %   15 %  
    Income (loss) from Investments Accounted for by the Equity Method(1)   (3.8 )   —   (100 )%
    Net Loss   (2.5 )   (13.6 ) 82 %
    Net Loss per Share – Basic   (0.14 )   (0.79 ) 82 %
    Net Loss per Share – Diluted   (0.14 )   (0.79 ) 82 %
    EBITDA (2)   (0.1 )   (9.2 ) 99 %
    Adjusted EBITDA (2)   —     (6.6 ) 100 %

    (1) This includes income or loss primarily from our investments in Cespira and Minda Westport Technologies Limited
    (2) Gross margins, EBITDA and Adjusted EBITDA are non-GAAP measures. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES for the reconciliation to equivalent GAAP measures and limitations on the use of such measures.

    Segment Information

    Light-Duty

    Revenue for the three months ended March 31, 2025 was $64.2 million compared with $63.3 million for the three months ended March 31, 2024. Light-Duty revenue increased by $0.9 million compared to the prior year and was primarily driven by increase in sales in our light-duty OEM and DOEM businesses. The light-duty OEM business had an increase in sales from its Euro 6 program compared to the prior year. In the first quarter of 2024, DOEM had a significant decrease in sales to a customer. This was partially offset by lower sales in our IAM, electronics and fuel storage businesses compared to the prior year.

    Gross profit for the three months ended March 31, 2025 increased by $1.6 million to $14.0 million, or 22% of revenue, compared to $12.4 million, or 20% of revenue, for the same prior year period. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions.

    High Pressure Controls & Systems

    Revenue for the three months ended March 31, 2025 was $1.4 million compared with $2.4 million for the three months ended March 31, 2024. The decrease in revenue for the three months ended March 31, 2025 compared to the prior year was primarily driven by the hydrogen industry slowdown impacting demand for hydrogen components.

    Gross profit for the three months ended March 31, 2025 decreased by $0.2 million to $0.2 million, or 14% of revenue, compared to $0.4 million, or 17% of revenue, for the same prior year period. This was primarily driven by lower sales volumes increasing the per unit manufacturing costs in the quarter.

    Heavy-Duty Original Equipment Manufacturer (“OEM”)

    Revenue for the three months ended March 31, 2025 was $5.4 million, compared to $11.9 million for the prior year. The decrease in revenue for the three months ended March 31, 2025 is a result of the continuation of the business in Cespira. The revenue earned in the current quarter was from our services provided under the transitional service agreement with Cespira that is expected to end by Q2 2026.

    Gross profit for the three months ended March 31, 2025 increased by $2.1 million to $1.0 million, or 19% of revenue, compared to negative $1.1 million or negative 9% of revenue, for the same prior year period. The Heavy-Duty OEM segment received $0.9million in credits from component suppliers for inventory sold in the quarter.

    Selected Cespira Statements of Operations Data

    We account for Cespira using the equity method of accounting. However, due to its significance to our long-term strategy and operating results, we disclose certain Cespira’s financial information in notes 7 and 17 of our interim financial statements for the three months ended March 31, 2025.

    The following table sets forth a summary of the financial results of Cespira for the three months ended March 31, 2025 .

    (in millions of U.S. dollars)   Three months ended March 31,   Change
          2025       2024     $   %
    Total revenue   $ 16.7     $ —     $ 16.7     — %
    Gross profit   $ 0.5     $ —     $ 0.5     — %
    Gross margin1     3 %     — %        
    Operating loss   $ (7.1 )   $ —     $ (7.1 )   — %
    Net loss attributable to the Company   $ (3.9 )   $ —     $ (3.9 )   — %

    1Gross margin is non-GAAP financial measure. See the section ‘Non-GAAP Financial Measures’ for explanations and discussions of these non-GAAP financial measures or ratios.

    Revenue

    Cespira revenues for the three months ended March 31, 2025 were $16.7 million. In the prior year, the Heavy-Duty OEM segment, which included our HPDI business, had revenues of $11.9 million. This was primarily driven by an increase in HPDI fuel systems sold in the period.

    Gross Profit

    Gross profit was $0.5 million for the three months ended March 31, 2025. In the prior year, the Heavy-Duty OEM segment had negative $1.1 million in gross profit primarily driven by the increase in sales volumes compared to the prior year and reductions in manufacturing cost.

    Operating loss

    Cespira incurred operating losses of $7.1 million for the three months ended March 31, 2025. Cespira continues to incur operating losses as it scales its operations and expand into other markets.

    Q1 2025 Conference Call
    Westport has scheduled a conference call for May 14, 2025, at 7:00 am Pacific Time (10:00 pm Eastern Time) to discuss these results. To access the conference call please register at
    https://register-conf.media-server.com/register/BI73bcac200e5f4652873668cf803d72ed

    The live webcast of the conference call can be accessed through the Westport website at
    https://investors.wfsinc.com/.

    Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.

    The webcast will be archived on Westport’s website at https://investors.wfsinc.com.

    Financial Statements and Management’s Discussion and Analysis

    To view Westport financials for the first quarter ended March 31st, 2025, please visit https://investors.wfsinc.com/financials/

    About Westport Fuel Systems

    At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global automotive industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

    Cautionary Note Regarding Forward Looking Statements
    This press release contains forward-looking statements, including statements regarding future strategic initiatives and future growth, future of our development programs (including those relating to HPDI and Hydrogen), our expectations for 2024 and beyond, including the demand for our products, and the future success of our business and technology strategies. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward looking statements. These risks, uncertainties and assumptions include those related to our revenue growth, operating results, industry and products, the general economy, conditions of and access to the capital and debt markets, solvency, governmental policies and regulation, technology innovations, fluctuations in foreign exchange rates, operating expenses, continued reduction in expenses, ability to successfully commercialize new products, the performance of our joint ventures, the availability and price of natural gas and hydrogen, new environmental regulations, the acceptance of and shift to natural gas and hydrogen vehicles,fuel emission standards, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, the effects and duration of the Russia-Ukraine conflict, supply chain disruptions as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102.

    Contact Information
    Investor Relations
    Westport Fuel Systems
    T: +1 604-718-2046

    GAAP and Non-GAAP Financial Measures

    Our financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). These U.S. GAAP financial statements include non-cash charges and other charges and benefits that may be unusual or infrequent in nature or that we believe may make comparisons to our prior or future performance difficult. In addition to conventional measures prepared in accordance with U.S. GAAP, Westport and certain investors use EBITDA and Adjusted EBITDA as an indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. Management also uses these non-GAAP measures in its review and evaluation of the financial performance of Westport. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. We believe that these non-GAAP financial measures also provide additional insight to investors and securities analysts as supplemental information to our U.S. GAAP results and as a basis to compare our financial performance period-over-period and to compare our financial performance with that of other companies. We believe that these non-GAAP financial measures facilitate comparisons of our core operating results from period to period and to other companies by, in the case of EBITDA, removing the effects of our capital structure (net interest income on cash deposits, interest expense on outstanding debt and debt facilities), asset base (depreciation and amortization) and tax consequences. Adjusted EBITDA provides this same indicator of Westports’ EBITDA from continuing operations and removing such effects of our capital structure, asset base and tax consequences, but additionally excludes any unrealized foreign exchange gains or losses, stock-based compensation charges and other one-time impairments and costs which are not expected to be repeated in order to provide greater insight into the cash flow being produced from our operating business, without the influence of extraneous events.

    Segment Information

    EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under U.S. GAAP, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under U.S. GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently.

    Segment earnings or losses before income taxes, interest, depreciation, and amortization (“Segment EBITDA”) is the measure of segment profitability used by the Company. The accounting policies of our reportable segments are the same as those applied in our consolidated financial statements. Management prepared the financial results of the Company’s reportable segments on basis that is consistent with the manner in which Management internally disaggregates financial information to assist in making internal operating decisions. Certain common costs and expenses, primarily corporate functions, among segments differently than we would for stand-alone financial information prepared in accordance with GAAP. These include certain costs and expenses of shared services, such as IT, human resources, legal, finance and supply chain management. Segment EBITDA is not defined under US GAAP and may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for net earnings or other results reported in accordance with GAAP. Reconciliations of reportable segment information to consolidated statement of operations can be found in section “NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS” within this press release.

      Three months ended March 31, 2025
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Cespira   Total Segment
    Revenue $ 64.2   $ 1.4     $ 5.4   $ 16.7     $ 87.7
    Cost of revenue   50.2     1.2       4.4     16.2       72.0
    Gross profit   14.0     0.2       1.0     0.5       15.7
    Operating expenses:
    Research & development   3.0     1.0       0.1     3.1       7.2
    General & administrative   4.1     0.3       0.1     2.7       7.2
    Sales & marketing   2.3     0.1       —     0.3       2.7
    Depreciation & amortization   0.7     0.1       —     0.7       1.5
        10.1     1.5       0.2     6.8       18.6
    Equity income (note 8)   0.1     —       —     —       0.1
    Add back: Depreciation & amortization   1.9     0.1       —     1.6       3.6
    Segment EBITDA $ 5.9   $ (1.2 )   $ 0.8   $ (4.7 )   $ 0.8
      Three months ended March 31, 2024
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Total Segment
    Revenue $ 63.3   $ 2.4     $ 11.9     $ 77.6  
    Cost of revenue   50.9     2.0       13.0       65.9  
    Gross profit   12.4     0.4       (1.1 )     11.7  
    Operating expenses:              
    Research & development   3.6     1.3       2.8       7.7  
    General & administrative   3.7     0.2       1.8       5.7  
    Sales & marketing   2.1     0.2       0.5       2.8  
    Depreciation & amortization   0.6     0.1       0.1       0.8  
        10.0     1.8       5.2       17.0  
    Equity income   —     —       —       —  
    Add back: Depreciation & amortization   1.5     0.1       1.4       3.0  
    Segment EBITDA $ 3.9   $ (1.3 )   $ (4.9 )   $ (2.3 )
    Gross Profit    
    (expressed in millions of U.S. dollars) 1Q25   1Q24
    Three months ended  
    Revenue $ 71.0     $ 77.6  
    Less: Cost of revenue   55.8       65.9  
    Gross profit   15.2       11.7  
    Gross margin %   21.4 %     15.1 %
      Three months ended March 31, 2025
      Total Segment   Less: Cespira   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 87.7   $ 16.7   $ —     $ 71.0  
    Cost of revenue   72.0     16.2     —       55.8  
    Gross profit   15.7     0.5     —       15.2  
    Operating expenses:
    Research & development   7.2     3.1     —       4.1  
    General & administrative   7.2     2.7     1.9       6.4  
    Sales & marketing   2.7     0.3     0.3       2.7  
    Depreciation & amortization   1.5     0.7     —       0.8  
        18.6     6.8     2.2       14.0  
    Equity income (loss)   0.1     —     (3.9 )     (3.8 )
      Three months ended March 31, 2024
      Total Segment   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 77.6   $ —   $ 77.6
    Cost of revenue   65.9     —     65.9
    Gross profit   11.7     —     11.7
    Operating expenses:
    Research & development   7.7     —     7.7
    General & administrative   5.7     4.7     10.4
    Sales & marketing   2.8     0.4     3.2
    Depreciation & amortization   0.8     0.2     1.0
        17.0     5.3     22.3
    Equity income   —     —     —
    Reconciliation of Segment EBITDA to Loss before income taxes   Three months ended March 31,
        2025       2024  
    Total Segment EBITDA   $ 0.8     $ (2.3 )
    Adjustments:
    Depreciation & amortization     2.0       3.0  
    Cespira’s Segment EBITDA     (4.7 )     —  
    Cespira’s equity loss     3.9       —  
    Corporate and unallocated operating expenses     2.2       5.3  
    Foreign exchange loss     (0.5 )     1.8  
    Interest on long-term debt and accretion of royalty payable     0.7       0.8  
    Interest and other income, net of bank charges     (0.9 )     (0.3 )
    Loss before income taxes   $ (1.9 )   $ (12.9 )
    EBITDA and Adjusted EBITDA        
    (expressed in millions of U.S. dollars)   1Q25   1Q24
    Three months ended    
    Loss before income taxes   $ (1.9 )   $ (12.9 )
    Interest expense (income), net     (0.2 )     0.5  
    Depreciation and amortization     2.0       3.2  
    EBITDA     (0.1 )     (9.2 )
    Stock based compensation (recovery)     0.3       0.3  
    Unrealized foreign exchange (gain) loss     (0.5 )     1.8  
    Severance costs     —       0.5  
    Restructuring costs     0.3       —  
    Adjusted EBITDA   $ —     $ (6.6 )
    WESTPORT FUEL SYSTEMS INC.
    Condensed Consolidated Balance Sheets (unaudited)
    (Expressed in thousands of United States dollars, except share amounts)
    March 31, 2025 and December 31, 2024
     
        March 31, 2025   December 31, 2024
    Assets        
    Current assets:        
    Cash and cash equivalents (including restricted cash)   $ 32,637     $ 37,646  
    Accounts receivable     66,634       73,054  
    Inventories     63,214       53,526  
    Prepaid expenses     6,551       5,660  
    Total current assets     169,036       169,886  
    Long-term investments     40,052       39,732  
    Property, plant and equipment     45,314       41,956  
    Operating lease right-of-use assets     19,249       19,019  
    Intangible assets     5,174       5,277  
    Deferred income tax assets     10,261       9,695  
    Goodwill     2,996       2,876  
    Other long-term assets     3,163       3,180  
    Total assets   $ 295,245     $ 291,621  
    Liabilities and shareholders’ equity        
    Current liabilities:        
    Accounts payable and accrued liabilities   $ 93,127     $ 88,123  
    Current portion of operating lease liabilities     2,750       2,624  
    Current portion of long-term debt     13,225       14,660  
    Current portion of warranty liability     4,013       3,861  
    Total current liabilities     113,115       109,268  
    Long-term operating lease liabilities     16,560       16,433  
    Long-term debt     17,915       19,067  
    Warranty liability     1,603       1,456  
    Deferred income tax liabilities     4,063       4,029  
    Other long-term liabilities     4,391       4,343  
    Total liabilities     157,647       154,596  
    Shareholders’ equity:        
    Share capital:        
    Unlimited common and preferred shares, no par value        
    17,326,732 (2024 – 17,282,934) common shares issued and outstanding     1,246,408       1,245,805  
    Other equity instruments     9,081       9,472  
    Additional paid in capital     11,516       11,516  
    Accumulated deficit     (1,098,726 )     (1,096,275 )
    Accumulated other comprehensive loss     (30,681 )     (33,493 )
    Total shareholders’ equity     137,598       137,025  
    Total liabilities and shareholders’ equity   $ 295,245     $ 291,621  
    WESTPORT FUEL SYSTEMS INC.
    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited)
    (Expressed in thousands of United States dollars, except share and per share amounts)
    Three months ended March 31, 2025 and 2024
     
        Three months ended March 31,
          2025       2024  
    Revenue   $ 70,955     $ 77,574  
    Cost of revenue     55,730       65,851  
    Gross profit     15,225       11,723  
    Operating expenses:        
    Research and development     4,052       7,693  
    General and administrative     6,397       10,353  
    Sales and marketing     2,758       3,287  
    Foreign exchange (gain) loss     (456 )     1,820  
    Depreciation and amortization     740       1,043  
          13,491       24,196  
    Income (loss) from operations     1,734       (12,473 )
             
    Income (loss) from investments accounted for by the equity method     (3,799 )     31  
    Interest on long-term debt     (676 )     (812 )
    Interest and other income, net of bank charges     869       341  
    Loss before income taxes     (1,872 )     (12,913 )
    Income tax expense     579       735  
    Net loss for the period     (2,451 )     (13,648 )
    Other comprehensive income (loss):        
    Cumulative translation adjustment     3,641       (430 )
    Ownership share of equity method investments’ other comprehensive loss     (829 )     —  
          2,812       (430 )
    Comprehensive income (loss)   $ 361     $ (14,078 )
             
    Loss per share:        
    Net loss per share – basic and diluted   $ (0.14 )     (0.79 )
    Weighted average common shares outstanding:        
    Basic and diluted     17,322,681       17,220,540  
    WESTPORT FUEL SYSTEMS INC.
    Condensed Consolidated Statements of Cash Flows (unaudited)
    (Expressed in thousands of United States dollars)
    Three months ended March 31, 2025 and 2024
     
        Three months ended March 31,
          2025       2024  
    Operating activities:        
    Net loss for the period   $ (2,451 )   $ (13,648 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
    Depreciation and amortization     1,930       3,247  
    Stock-based compensation expense     212       331  
    Unrealized foreign exchange (gain) loss     (456 )     1,820  
    Deferred income tax (recovery)     (33 )     (40 )
    Loss (income) from investments accounted for by the equity method     3,799       (31 )
    Interest on long-term debt     22       22  
    Change in inventory write-downs     223       413  
    Change in bad debt expense     (33 )     (121 )
    Other     —       (248 )
    Changes in operating assets and liabilities:        
    Accounts receivable     (2,072 )     12,526  
    Inventories     (7,502 )     (7,434 )
    Prepaid expenses     (415 )     (400 )
    Accounts payable and accrued liabilities     2,840       4,725  
    Warranty liability     (963 )     (1,020 )
    Net cash provided by (used in) operating activities     (4,899 )     142  
    Investing activities:        
    Purchase of property, plant and equipment     (3,142 )     (4,893 )
    Proceeds on sale of assets     82       135  
    Proceeds from holdback receivable     10,450       —  
    Capital contributions to investments accounted for by the equity method (note 7)     (4,686 )     —  
    Net cash used in investing activities     2,704       (4,758 )
    Financing activities:        
    Repayments of operating lines of credit and long-term facilities     (3,918 )     (17,689 )
    Drawings on operating lines of credit and long-term facilities     —       11,848  
    Net cash used in financing activities     (3,918 )     (5,841 )
    Effect of foreign exchange on cash and cash equivalents     1,104       (494 )
    Net decrease in cash and cash equivalents     (5,009 )     (10,951 )
    Cash and cash equivalents, beginning of period (including restricted cash)     37,646       54,853  
    Cash and cash equivalents, end of period (including restricted cash)   $ 32,637     $ 43,902  

    The MIL Network –

  • MIL-OSI Security: ICYMI-Deputy Secretary Edgar: “An Illegal Immigrant Killed Two Teenagers In My Community. Under The Trump Administration, He Will Face Justice”

    Source: US Department of Homeland Security

    ICYMI-Deputy Secretary Edgar: “An Illegal Immigrant Killed Two Teenagers In My Community. Under The Trump Administration, He Will Face Justice” 

    Oscar Ortega-Anguiano is set to be released from prison after serving just three-and-a-half years of his 10-year sentence for the killing of Anya Varfolomeev and Nikolay Osokin 

    WASHINGTON – Today, the Washington Examiner published Homeland Security Deputy Secretary Troy Edgar’s Op-Ed in the Washington Examiner titled, “An Illegal Immigrant Killed Two Teenagers In My Community. Under the Trump Administration, He Will Face Justice.”  

    The Op-Ed highlights the story of Anya Varfolomeev and Nikolay Osokin, two 19-year-olds that were killed in 2021 by an illegal alien who was driving under the influence in the Deputy Secretary’s home state of California.  

    Recently, it was revealed that Oscar Ortega-Anguiano—the teens’ killer—is set to be released from a California state prison after serving just three-and-a-half years of a 10-year sentence. However, the Trump administration is intervening to ensure Ortega-Anguiano does not walk free.  

    The worst call you could ever receive as a parent is one telling you that your teenage son or daughter has been in a car accident. It’s a lifechanging call that would go down as one of the worst days of your life. It could be even worse though: What if you also found out that the driver that caused the accident was in our country illegally? This tragic circumstance is a reality for the parents of Anya Varfolomeev and Nikolay Osokin. 

    At just 19 years old, these two young people from Orange County, California had their whole lives ahead of them. Varfolomeev was a bright young woman, who was a dedicated ballerina and scout. Osokin was a gifted student at Pepperdine University who excelled in both music and academics. But in November 2021, their lives were senselessly stolen in a fiery crash caused by a criminal illegal alien who should have never been in this country in the first place.  

    Oscar Eduardo Ortega-Anguiano was driving drunk, high on drugs, and speeding at nearly 100 mph on the 405 freeway when he crashed into a vehicle carrying Varfolomeev and Osokin. Even worse, Ortega-Anguiano was a repeat criminal, with a track record that includes multiple felonies and convictions for driving without a license. Despite being deported, he re-entered our country illegally twice.  

    Now, four years later, Ortega-Anguiano is set to be released from California state prison after serving just 3.5 years of his 10-year sentence. I’ve spoken to Anya’s father, and he is outraged. So am I.  

    This story hits especially close to home because I served as mayor and city council member of Los Alamitos for over a decade, and this tragic incident happened in our community. It also represents so much that is wrong with our broken immigration system. As Deputy Secretary of Homeland Security, I work relentlessly under the leadership of President Donald Trump and Secretary Kristi Noem to carry out their priorities to protect our communities from brutal criminals who should not be loose on American streets.  

    Under the Trump administration, DHS is enforcing our nation’s immigration laws and seeking to punish criminals to the fullest extent of the law, and this has my direct attention. Immigration and Customs Enforcement has placed a detainer for Ortega-Anguiano with the California Department of Corrections. If state authorities do not honor the ICE detainer, federal agents will take custody of Ortega-Anguiano and deport him immediately upon release. The U.S. Attorney for the Central District of California has also filed a felony immigration charge against Ortega-Anguiano, which could put him behind bars for an additional 20 years.  

    Under the secretary’s leadership, the department is also giving support to victims by reopening the ICE’s Victims of Immigration Crime Engagement office. VOICE was first launched in 2017 by the Trump administration as a dedicated resource for those who have been victimized by crime that has a nexus to immigration. The Biden administration shuttered the office, leaving victims and their families without access to key resources and support services–but we will not allow their stories to be silenced any longer.  

    Every day, the Trump Administration is working to prevent these tragedies from happening in another town, to another family. We owe it to Anya and Nikolay, and every family like theirs, to never stop fighting for justice and safety. That starts with removing the worst of the worst– and making sure they never return.  

    Not in my town. Not in any American town.  

    MIL Security OSI –

  • MIL-OSI Security: Gloucester Police Officer Charged with Child Pornography Offense

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    BOSTON – A police officer with the Gloucester Police Department has been charged with receipt of child sexual abuse material (CSAM).  

    Alexander Aiello, 34, of Gloucester, was charged with one count of receipt of child pornography. Aiello will appear in federal court in Boston at a later date.

    According to the charging documents, Aiello is a patrol officer employed with the Gloucester Police Department. It is alleged that Aiello was identified as a user with a registered account for a dark website, which provided a platform for users to download, view, advertise and distribute CSAM. Searches of Aiello’s person and residence on April 28, 2025, resulted in the seizure of the defendant’s cell phone and laptop as well as a USB thumb drive, which was found in Aiello’s nightstand in his bedroom.

    It is alleged that a preliminary examination of the devices revealed that a TOR Browser – an application that provides anonymous web access and access to dark web hidden services – was installed and actively running on Aiello’s laptop. It is further alleged that the application had evidence of downloaded files consistent with recent use. Additionally, the preliminary examination allegedly located encrypted folders on the USB drive and laptop computer.

    “As a law enforcement officer, Mr. Aiello was entrusted with safeguarding the community – and that includes protecting children from exploitation and abuse. Instead, he allegedly participated in one of the most reprehensible forms of exploitation,” said United States Attorney Leah B. Foley. “This case underscores our unwavering commitment to combating child exploitation in all its forms. Whether the offender is a private citizen or a public official, our mission remains the same: to protect children and pursue justice for victims.”

    “As a police officer, Alexander Aiello was sworn to protect and serve, but today, the FBI charged him for receiving images of children being sexually abused,” said James Crowley, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “Those who seek out this despicable material are perpetuating the victimization of innocent children. That’s why the FBI Boston’s Child Exploitation – Human Trafficking Task Force diligently pursues these cases. Protecting kids from this physical and emotional trauma is our priority.”

    The charge of receipt of child pornography provides for a sentence of at least five years and up to 20 years in prison, at least five years and up to a lifetime of supervised release and a fine of up to $250,000. 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.

    Members of the public who have questions, concerns or information regarding this case should call 617-748-3274 or contact USAMA.VictimAssistance@usdoj.gov.

    U.S. Attorney Foley and FBI Acting SAC Crowley made the announcement today. Valuable assistance was provided by the Gloucester Police Department. Assistant U.S. Attorney Luke A. Goldworm, Project Safe Childhood Coordinator and a member of the Major Crimes Unit is prosecuting the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse, launched in May 2006 by the Department of Justice. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to locate, apprehend and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.

    The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
     

    CORRECTION: The defendant is 34, not 24 as the original release stated. In addition there is a updated FBI quote.

    MIL Security OSI –

  • MIL-OSI Security: Security News: U.S. Attorneys for Southwestern Border Districts Charge More than 1400 Illegal Aliens with Immigration-Related Crimes During the Second week in May as part of Operation Take Back America

    Source: United States Department of Justice 2

    Since the inauguration of President Trump, the Department of Justice is playing a critical role in Operation Take back America, a nationwide initiative to repel the invasion of illegal immigration, achieve total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    Last week, the U.S. Attorneys for Arizona, Central California, Southern California, New Mexico, Southern Texas, and Western Texas charged more than 1400 defendants with Criminal violations of U.S. immigration laws.

    The Southern District of California filed 176 border-related cases this week, including charges of assault on a federal officer, bringing in aliens for financial gain, reentering the U.S. after deportation, and importation of controlled substances. These included Two complaints which charged five people with participating in a human smuggling event that led to the deaths of at least three migrants, including a 14-year-old boy from India. His 10-year-old sister is still missing at sea and presumed dead; their father is in a coma and mother is also hospitalized.

    The Central District of California filed criminal charges against 34 defendants this week who allegedly were found in the U.S. following removal. Many of the defendants charged were previously convicted of felonies before they were removed from the United States.

    The District of New Mexico charged approximately 300 defendants with border-related crimes, including 91 defendants charged with Illegal Reentry After Deportation (8 U.S.C. 1326). In addition, 209 individuals charged with Illegal Entry (8 U.S.C. 1325) were also charged with violation of a military security regulation (50 U.S.C. 797) because they unlawfully entered the National Defense Area in New Mexico.

    The Southern District of Texas filed a total of 300 cases, charging 302 people from May 2-8 in continuing efforts to secure the southern border. As part of the cases, 93 face allegations of illegally reentering the country. The majority have prior felony convictions for narcotics, prior immigration crimes and more. A total of 193 people face charges of illegally entering the country, while 11 cases allege various instances of human smuggling with the remainder involving other immigration-related crimes.

    The Western District of Texas filed 316 new immigration and immigration-related criminal cases from May 2 through May 8. Among the new cases, Cirilo Delgado-Alderete, Dilan Karim Valenzuela-Baca, and Antelmo Eligio Ramirez-Bernardo were arrested at an alleged stash house in Anthony, New Mexico. According to an affidavit, U.S. Border Patrol and Homeland Security Investigations agents observed three vehicles that had been identified as being used to smuggle illegal aliens to Albuquerque, New Mexico, parked at the residence. When agents questioned Ramirez-Bernardo, a Guatemalan national, they allegedly discovered he possessed a key to the residence on his keychain. Agents then located 25 individuals inside the residence who admitted to being citizens of Mexico, Peru, Honduras, Guatemala, Dominican Republic, and Pakistan without documentation to be in the U.S. Two of the individuals, Delgado-Alderete and Valenzuela-Baca, were identified as alleged stash house caretakes and drivers to harbor and transport the illegal aliens. Delgado-Alderete, Valenzuela-Baca, and Ramirez-Bernardo are charged with one count of conspiracy to transport illegal aliens and one count of conspiracy to harbor illegal aliens.  The drivers allegedly picked up aliens in El Paso before transporting them to New Mexico.

    The District of Arizona brought immigration-related criminal charges against 314 defendants. Specifically, the United States filed 117 cases in which aliens illegally re-entered the United States, and the United States also charged 166 aliens for illegally entering the United States.  In its ongoing effort to deter unlawful immigration, the United States filed 25 cases against 31 individuals responsible for smuggling illegal aliens into and within the District of Arizona.

    We are grateful for the hard work of our border prosecutors in bringing these cases and helping to make our border safe again.

    MIL Security OSI –

  • MIL-OSI Security: Security News: Delaware Man Convicted of Sex Trafficking and Forced Labor

    Source: United States Department of Justice 2

    A federal jury in the District of Delaware convicted Clifton H. Gibbs, 68, of Sussex County today on multiple counts of sex trafficking and forced labor. Specifically, the jury convicted Gibbs of seven counts of sex trafficking seven adult victims, five counts of forced labor, and one count of interstate transportation for purposes of prostitution.

    According to the evidence at trial, Gibbs exploited the victims’ heroin addiction and fears of withdrawal sickness to compel the victims to engage in commercial sex, panhandle, perform demanding manual labor on his property, and to steal goods for him to resell. Gibbs’ co-defendant, Brooke Waters, 46, previously pled guilty to sex trafficking, forced labor, and interstate transportation for purposes of prostitution charges.

    “Today’s conviction vindicates the rights of multiple victims who the defendant trafficked over several years within the District of Delaware,” said Assistant Attorney General Harmeet K. Dhillon of the Justice Department’s Civil Rights Division. “This defendant preyed on individuals suffering from opiate addiction and cruelly exploited them for his own profit. The Justice Department is committed to aggressively fighting human trafficking and seeking justice for its victims.”

    “I hope that today’s verdict brings some measure of closure for the victims in this case,” said Acting U.S. Attorney Shannon T. Hanson for the District of Delaware. “I commend the victims’ bravery and willingness to testify to bring this defendant to justice. Our communities are much safer, and this verdict should serve as a warning to other individuals who exploit victims for personal gain.”  

    “The conviction of Clifton H. Gibbs highlights the strong partnership between Homeland Security Investigations and the Department of Justice in the fight against human trafficking,” said Special Agent in Charge Edward V. Owens of HSI Philadelphia. “Gibbs preyed on vulnerable individuals, feeding their addiction for profit through forced labor and commercial sex. HSI remains committed to working alongside our federal partners to dismantle trafficking networks, bring perpetrators to justice, and through our victim centered approach, support victims as they reclaim their lives.”

    “The crimes uncovered in this case are among the most egregious that Homeland Security Investigations encounters,” said Special Agent in Charge Michael McCarthy of HSI Maryland. “Exploiting vulnerable individuals through coercion, abuse, and manipulation is nothing short of reprehensible. This kind of predatory behavior destroys lives and undermines the fundamental values of human dignity and freedom. HSI remains unwavering in its mission to dismantle criminal networks, bring perpetrators to justice, and protect the safety and well-being of our communities, especially those who are unable to protect themselves.”

    The evidence presented at the seven-day trial demonstrated that Gibbs sought out individuals, often young women, who were addicted to heroin, and without any money or a stable place to live, promising to take care of them by giving them housing, food, clothing, and easy access to drugs. He then provided many of them with heroin for free to ease their withdrawal sickness. He allowed them to live in trailers or campers on his two rural properties in Sussex County. He then instructed the women to engage in commercial sex, instructing his co-defendant to take photos of them and post online advertisements for them to do “dates” with commercial sex buyers. Gibbs kept all the proceeds from the commercial sex acts and provided the women with small amounts of heroin and cocaine to avoid withdrawal sickness. Gibbs positioned himself to control the victims’ access to heroin and thereby controlled the onset of withdrawal sickness. Exploiting the victims’ fear of withdrawal sickness, Gibbs profited from the commercial sex acts in which he compelled the women to engage. Gibbs and his co-defendant also recruited heroin-addicted individuals to “boost” or steal goods for him to re-sell, panhandle, and do manual labor on his properties. In the same way he did with the young women he compelled to engage in commercial sex, Gibbs exploited the victims’ fear of withdrawal sickness to coerce this labor for his profit.

    Gibbs also used physical force with some of his victims by hitting, kicking, or threatening to shoot those who disobeyed his orders or talked back.

    A sentencing hearing will be scheduled at a later date. Gibbs faces a minimum penalty of 15 years in prison and a maximum penalty of life in prison as well as mandatory restitution. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Homeland Security Investigations investigated the case. Assistant United States Attorney Briana Knox for the District of Delaware and Trial Attorneys Christina Randall-James and Leah Branch of the Civil Rights Division’s Human Trafficking Prosecution Unit prosecuted the case.

    Anyone who has information about human trafficking should report that information to the National Human Trafficking Hotline toll-free at 1-888-373-7888, which is available 24 hours a day, seven days a week. For more information about human trafficking, please visit www.humantraffickinghotline.org. Information on the Justice Department’s efforts to combat human trafficking can be found at www.justice.gov/humantrafficking.

    MIL Security OSI –

  • MIL-OSI USA: ICE St. Paul targets unauthorized employment, arrests illegal aliens in rural South Dakota

    Source: US Immigration and Customs Enforcement

    SIOUX FALLS, S.D. — U.S. Immigration and Customs Enforcement, with support from the FBI, Internal Revenue Service, Drug Enforcement Administration, Bureau of Alcohol, Tobacco, Firearms and Explosives, U.S. Marshals Service, U.S. Customs and Border Protection’s Air and Marine Operations, Madison Police Department, South Dakota Highway Patrol, and the South Dakota Division of Criminal Investigation, conducted a worksite enforcement criminal investigation in Madison May 13. Eight illegal aliens were arrested during the operation.

    The multiagency investigation took place at Manitou Equipment America and Global Polymer Industries, resulting in a total of eight arrests. At Manitou, three illegal aliens, two from Nicaragua and one from El Salvador, were arrested. At Global, five illegal aliens, three from Nicaragua and two from Guatemala, were arrested. All eight individuals are currently being held by ICE pending removal proceedings.

    “Worksite enforcement remains a critical component of our mission to uphold the law and protect the integrity of the U.S. labor market. Employers who knowingly hire individuals without legal work authorization not only undermine our nation’s immigration laws but also exploit vulnerable populations,” said ICE Homeland Security Investigations St. Paul Special Agent in Charge Jamie Holt. “These enforcement actions make it clear: illegal hiring practices aren’t limited to major metropolitan areas – they are happening in small towns across rural America, and we will continue to hold violators accountable, wherever they operate.”

    ICE officials emphasized the agency’s continued focus on identifying public safety and national security threats. Individuals unlawfully present in the United States who are encountered during enforcement operations may be taken into custody and processed for removal in accordance with federal law.

    Members of the public with information about suspected immigration violations or related criminal activity are encouraged to contact the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or submit information online via the ICE Tip Form.

    For more information about ICE HSI St. Paul and its efforts to enhance public safety in Minnesota, North Dakota and South Dakota, follow on X at @HSISaintPaul.

    MIL OSI USA News –

  • MIL-OSI USA: ICE Salt Lake City announces 52 illegal aliens were arrested during recent operation

    Source: US Immigration and Customs Enforcement

    RENO, Nev. — U.S. Immigration and Customs Enforcement arrested 52 illegal aliens during a four-day operation from May 5 to May 8 focused on bolstering public safety in northern Nevada.

    ICE Enforcement and Removal Operations and its interagency partners identified, detained and removed dangerous criminals in the northern Nevada area, including Carson City and Reno. Criminal aliens in the U.S. illegally should utilize the CBP Home app to self-deport and avoid arrest by ICE.

    Among the criminal aliens arrested during the operation included:

    • Ernesto Lopez-Barrios, 50, of El Salvador, who was convicted of child molestation and DUI.
    • Luis Urbina-Bucio, 36, of Mexico in Reno, who was convicted of battery and carrying a concealed weapon.
    • Ariberto Roque-Sanchez, 32, of Mexico in Carson City, who was convicted of “statutory sexual seduction,” also known as statutory rape.
    • Rodolfo Hernandez-Yanez, 52, of Mexico in Carson City, who was convicted of involuntary manslaughter.

    Several federal law enforcement agencies assisted ICE during the operation, including Drug Enforcement Administration, the FBI, the ATF and the U.S. Marshals Service, along with local law enforcement partners.

    Members of the public can report crime and suspicious activity by calling 866-347-2423 or completing the online tip form. Follow us on X at @ICEgov to learn more about ERO’s missions and operations.

    Learn more about ICE’s mission to increase public safety in Utah, Nevada, Idaho and Montana on X, formerly known as Twitter, at @EROSaltLakeCity.

    MIL OSI USA News –

  • MIL-OSI Europe: Written question – Counterfeit pharmaceutical medicines – E-001808/2025

    Source: European Parliament

    Question for written answer  E-001808/2025
    to the Commission
    Rule 144
    Benoit Cassart (Renew), Olivier Chastel (Renew), Billy Kelleher (Renew), Vlad Vasile-Voiculescu (Renew), Sophie Wilmès (Renew)

    The EU Serious and Organised Crime Threat Assessment report entitled ‘The changing DNA of serious and organised crime’ underlines growing concerns over pharmaceutical crime, namely the circulation and promotion of counterfeit, falsified, substandard or fraudulently obtained medicines. The report highlights the fact that all types of medicines can be concerned but that there are growing concerns over antidiabetic, weight loss and hormonal substances. Furthermore, pharmaceutical crime has been identified as an enabler for drug crime, as pharmaceuticals are used for the production of synthetic drugs.

    The report warns about the theft of medicines, which may occur throughout the supply chain, in locations ranging from manufacturing sites to hospitals, and the illicit manufacturing of pharmaceuticals within EU-based clandestine laboratories.

    Pharmaceutical crime poses a clear risk to public health and safety, undermines the European pharmaceutical industry and incurs significant economic losses.

    • 1.What action does the Commission intend to take to fight pharmaceutical crime?
    • 2.What action does the Commission intend to take to protect EU patients and to better inform them about the risks posed by counterfeit medicines for their health and safety?
    • 3.Does the Commission intend to work with the Council to include pharmaceutical crime as one of the top EU crime priorities under EMPACT (the European Multidisciplinary Platform Against Criminal Threats) for the post-2025 period?

    Submitted: 5.5.2025

    Last updated: 13 May 2025

    MIL OSI Europe News –

  • MIL-OSI Security: Landover, Maryland, Man Sentenced to 16 Years in Federal Prison for Series of Armed Robberies

    Source: Federal Bureau of Investigation FBI Crime News (b)

    Greenbelt, Maryland – U.S. District Judge Theodore D. Chuang sentenced James Kareen Day, 43, of Landover, Maryland, to 16 years in prison, followed by five years of supervised release, for a series of armed and attempted armed robberies of businesses located in Howard, Montgomery, and Prince George’s County, Maryland. 

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the sentences with Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI) – Baltimore Field Office; Chief Gregory Der, Howard County Police Department (HCPD); Chief Marc Yamada, Montgomery County Police Department (MCPD); and Chief Malik Aziz, Prince George’s County Police Department (PGPD).

    According to the guilty plea, between December 2022 and February 2023, Day committed three armed robberies and four attempted armed robberies of several businesses located within Howard County, Montgomery County, and Prince George’s County, Maryland. Day fled with money and other property of the businesses and victims. During some of the robberies, Day brandished a short-barrel shotgun while demanding cash and valuables.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone.  On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    U.S. Attorney Hayes commended the FBI, HCPD, MCPD, and PGPD for their work in the investigation.  Ms. Hayes also thanked Assistant U.S. Attorneys Dawn Williams and Timothy Hagan who are prosecuting the case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to report fraud, visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Bristol Man Convicted of Violent Sex Trafficking and Related Offenses

    Source: United States Department of Justice (Human Trafficking)

    David X. Sullivan, United States Attorney for the District of Connecticut, today announced that a federal jury in Hartford has found DAVID MARSHALL, also known as “Saint,” 40, of Bristol, with sex trafficking, obstruction of justice, and violation of a protective order offenses.

    According to the evidence presented during the trial, between January and April 2022, Marshall compelled a victim into performing commercial sex for his financial benefit and repeatedly raped and beat her if she did not follow his orders.  He also controlled the victim by other means, including getting her addicted to fentanyl and threatening to harm her family.  In March 2022, the victim attempted to escape from Marshall and obtained an order of protection against him after he was arrested by Cromwell Police for threatening to kill her.

    On April 27, 2022, Marshall was arrested by police in Freeport, Maine, after he severely beat the victim.  While in jail, Marshall contacted the victim in violation of the protection order, and attempted to convince her not to cooperate with the police and to continue to prostitute herself to earn money to bail him out of jail.  Marshall also contacted another person from jail in an attempt to remotely erase the evidence on his cell phone, but he was unable to do so because the FBI had already secured the phone.

    On May 10, 2023, while he was detained in federal custody, Marshall again attempted to obstruct the investigation and prosecution of this matter by writing a letter to a family member with instructions to “harass” the victim to keep her from testifying.

    Marshall forcibly sex trafficked at least one other woman between 2017 and 2022.  With his second victim, Marshall similarly used beatings, rapes, and other means to coerce her into engaging in commercial sex acts for his financial benefit for almost two years.

    The trial began on April 30, 2025.  Yesterday, Marshall was convicted of two counts of sex trafficking by force, fraud, and coercion; two counts of attempted obstruction of sex trafficking enforcement; and one count of interstate violation of a protection order, causing serious bodily injury to the victim.  The jury found Marshall not guilty of one count of sex trafficking by force, fraud, and coercion.

    At sentencing, which is not scheduled, Marshall faces a mandatory minimum term of imprisonment of 15 years and a maximum term of imprisonment of life.

    Marshall has been detained since April 27, 2022.

    This matter has been investigated by the Federal Bureau of Investigation, with the assistance of the Newington Police Department, Cromwell Police Department, Freeport (Maine) Police Department, and Connecticut Department of Correction.  The case is being prosecuted by Assistant U.S. Attorneys Angel Krull, Shan Patel, and Alexis Beyerlein.

    U.S. Attorney Sullivan thanked the U.S. Attorney’s Office for the District of Maine for its assistance in this case.

    MIL Security OSI –

  • MIL-OSI USA: Sinaloa Cartel Leaders Charged with Narco-Terrorism, Material Support of Terrorism and Drug Trafficking

    Source: US State of North Dakota

    SAN DIEGO — An indictment unsealed today is the first in the nation to charge alleged leaders of the Sinaloa Cartel with narco-terrorism and material support of terrorism in connection with trafficking massive amounts of fentanyl, cocaine, methamphetamine and heroin into the United States.

    Pedro Inzunza Noriega and his son, Pedro Inzunza Coronel, are charged with narco-terrorism, drug trafficking and money laundering as key leaders of the Beltran Leyva Organization (BLO), a powerful and violent faction of the Sinaloa Cartel that is believed to be the world’s largest known fentanyl production network. Five other BLO leaders are charged with drug trafficking and money laundering. The indictment is a direct result of President Trump’s Executive Order 14157 which designated the Sinaloa Cartel as a Foreign Terrorist Organization and the Secretary of State’s subsequent designation of the same on February 20, 2025.

    “The Sinaloa Cartel is a complex, dangerous terrorist organization and dismantling them demands a novel, powerful legal response,” said Attorney General Pamela Bondi. “Their days of brutalizing the American people without consequence are over — we will seek life in prison for these terrorists.”

    “Operation Take Back America initiatives reflect the reality that narco-terrorists operate as a cancer within a state,” said U.S. Attorney Adam Gordon for the Southern District of California. “They metastasize violence, corruption and fear. If left unchecked, their growth would lead to the death of law and order. This indictment is what justice looks like when the full measure of the Department of Justice along with its law enforcement partners is brought to bear against the Sinaloa Cartel.”

    “These charges highlight the unwavering efforts of transnational criminal organizations like the Sinaloa Cartel to flood our communities with deadly drugs,” said Special Agent in Charge Shawn Gibson of U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations (HSI) San Diego. “HSI and our law enforcement partners will not allow cartel-driven drug trafficking to threaten the safety and stability of our neighborhoods. We are all lasered focused on a unified effort to dismantling these networks and their factions in bringing those responsible to justice.”

    “BLO, under the leadership of Inzunza Noriega, is allegedly responsible for some of the largest-ever drug seizures of fentanyl and cocaine destined for the United States,” said Acting Special Agent in Charge Houtan Moshrefi of the FBI San Diego Field Office. “Their drugs not only destroy lives and communities, but also threaten our national security. The law enforcement efforts against the Noriegas reaffirms our commitment to dismantling and disrupting this very dangerous narco-terrorist group and combating narco-trafficking.”

    According to court documents, since its inception the Beltran Leyva faction has been considered one of the most violent drug trafficking organizations to operate in Mexico, engaging in shootouts, murders, kidnappings, torture and violent collection of drug debts to sustain its operations. The Beltran Leyva faction controls numerous territories and plazas throughout Mexico – including Tijuana – and operates with violent impunity, trafficking in deadly drugs, threatening communities, and targeting key officials, all while making millions of dollars from their criminal activities.

    Pedro Inzunza Noriega works closely with his son, Pedro Inzunza Coronel, to produce and aggressively traffic fentanyl to the United States, the government has alleged. Court documents indicate that together the father and son lead one of the largest and most sophisticated fentanyl production networks in the world. Over the past several years, they have trafficked tens of thousands of kilograms of fentanyl into the United States. On Dec. 3, 2024, Mexican law enforcement raided multiple locations in Sinaloa that are controlled and managed by the father and son and seized 1,500 kilograms (more than 1.65 tons) of fentanyl – the largest seizure of fentanyl in the world.

    These indictments follow a notable tradition in the Southern District of California for targeting leadership and operations of powerful Mexican cartels – from the dismantling of the Arellano Felix Cartel to major strikes against today’s most dangerous, powerful and violent cartels, including the Sinaloa Cartel, Cartel de Jalisco Nueva Generación (CJNG), and now the Beltran Leyva Organization. It is the first indictment from the newly formed Narco-Terrorism Unit in the Southern District of California which was established upon the swearing in of U.S. Attorney Gordon on April 11.

    The indictment of Pedro Inzunza Noriega reflects the Southern District of California’s pursuit of the Sinaloa Cartel. Federal drug trafficking indictments are pending against all alleged leaders of its Beltran Leyva faction, including:

    • Fausto Isidro Meza Flores aka “Chapo Isidro,” case number: 19-CR-1272 in the Southern District of California and 12-116BAH in the District of Columbia
    • Oscar Manuel Gastelum Iribe aka “El Musico,” case number 19-CR-3736 in the Southern District of California; 09-CR-00672 in the Northern District of Illinois; 15-CR-00195 in the District of Columbia, and
    • Pedro Inzunza Noriega aka “Sagitario,” case number 25cr1505.

    The Southern District of California also has indictments pending against other leaders of the Sinaloa Cartel, including:

    • Ivan Archivaldo Guzman Salazar aka “El Chapito,” case number 14-cr-00658 in the Southern District of California and 09-CR-383 in the Northern District of Illinois
    • Ismael Zambada Sicairos aka “Mayito Flaco,” case number: 14-cr-00658 in the Southern District of California; and
    • Jose Gil Caro Quintero aka “El Chino,” case number 22-cr-00036 in the District of Columbia

    1,500 kilogram fentanyl seizure on December 5, 2024

    1,680 kilogram cocaine seizure in Mexico City

    Cocaie seizure with the “Incredibles” brand and “R” brand

    Rainbow colored fentanyl pills and fentanyl bricks with “Louis Vuitton” and “Rolls Royce” stamps

    Pedro Inzunza branded hat with Fausto Isidro Meza Flores, aka, “Chapo Isidro” and Oscar Manuel Gastelum Iribe aka, “El Musico” symbols

    This case is being prosecuted by Assistant U.S. Attorneys Joshua Mellor and Matthew Sutton for the Southern District of California.

    DEFENDANTS                                 Case Number: 25cr1505                                          

    Pedro Inzunza Noriega                                     Age: 62              Los Mochis, Sinaloa, Mexico

    aka “Sagitario,” aka “120,” aka “El De La Silla”

    Pedro Inzunza Coronel                                     Age: 33              Los Mochis, Sinaloa, Mexico

    Aka “Pichon,” Aka “Pajaro,”  Aka “Bird”

    David Alejandro Heredia Velazquez                Age: 50              Guadalajara, Jalisco,

    Aka “Tano,” Aka “Mr. Jordan”                                                     Mexico, and Culiacan,                                                                                                                                                           Sinaloa, Mexico          

    Oscar Rene Gonzalez Menendez                       Age: 45             Guatemala City, 

    Aka “Rubio”                                                                                         Guatemala

    Elias Alberto Quiros Benavides                        Age: 53              San Jose, Costa Rica

    Daniel Eduardo Bojorquez                                Age: 47              Nogales, Sonora, Mexico

    Aka “Chopper”

    Javier Alonso Vazquez Sanchez                       Age: 31               Los Mochis, Sinaloa, Mexico

    Aka “Tito”, Aka “Drilo”

    SUMMARY OF CHARGES

    Title 21, U.S.C., Secs. 960a and 841 – Narco-Terrorism

    Maximum penalty: Life in prison, mandatory minimum 20 years in prison; $20 million fine

    Title 18, U.S.C. Sec. 2339B – Providing Material Support to Terrorism

    Maximum penalty: Twenty years in prison and $250,000 fine

    Title 21, U.S.C., Sec. 848(a) -Continuing Criminal Enterprise

    Maximum penalty: Life in prison, mandatory minimum 20 years; $10 million fine

    Title 21, U.S.C., Secs. 952, 959, 960, and 963 – International Conspiracy to Distribute Controlled Substances

    Maximum penalty: Life in prison, mandatory minimum 10 years; $10 million fine

    Title 21, U.S.C., Secs. 841(a)(1) and 846 – Conspiracy to Distribute Controlled Substances

    Maximum penalty: Life in prison, mandatory minimum 10 years in prison; $10 million fine

    Title 21, U.S.C., Secs. 952, 960 and 963 – Conspiracy to Import Controlled Substances

    Maximum penalty: Life in prison, mandatory minimum 10 years; $10 million fine

    Money Laundering Conspiracy – Title 18, U.S.C., Section 1956(h)

    Maximum penalty: Twenty years in prison and a fine of the greater of $500,000 or twice the value of the monetary instrument or funds involved

    INVESTIGATING AGENCIES

    HSI

    FBI

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    This case is the result of ongoing efforts by the Organized Crime Drug Enforcement Task Force (OCDETF), a partnership that brings together the combined expertise and unique abilities of federal, state and local law enforcement agencies. The principal mission of the OCDETF program is to identify, disrupt, dismantle and prosecute high-level members of drug trafficking, weapons trafficking and money laundering organizations and enterprises.

    The charges and allegations contained in an indictment or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

    MIL OSI USA News –

  • MIL-OSI Security: International coalition uncovers EUR 3 million online investment fraud

    Source: Eurojust

    Using the method of cyber trading, the group was able to make considerable profits and defraud victims of their substantial savings. The criminals created a fake online trading platform that promised large profits in a short period of time. After initially transferring modest sums of money to the platform, victims are then persuaded by fake charts that they will make large profits. Using psychological pressure, fake brokers call their victims to convince them to transfer higher amounts to the platform. The money transferred by the victims is never invested and instead goes directly to the criminal group. Authorities are aware of approximately 100 victims, but they believe more people have fallen victim to the OCG. 

    German authorities started investigating the fake platform after a married couple reported the scam to the police. The initial investigation focused on the holder of the bank account to which the couple had transferred their savings. The authorities soon uncovered an international criminal group behind the fake investment platform. On 6 September 2022, during the first action day in this investigation, authorities searched multiple locations in Belgium and Latvia, arrested two suspects and seized important evidence. This evidence was instrumental in identifying seven more members of the criminal group, including the managers of the call centres used to convince victims to invest more money. 

    The second action day took place on 13 May 2025. A total of eight searches took place simultaneously in Albania, Cyprus and Israel and executed six interrogations.  During the searches, authorities seized evidence to continue the investigation such as electronic devices and documents as well as cash.  A suspect in Cyprus was arrested with the intention of either surrendering or extraditing them to Germany. Investigations into the investment fraud will continue. 

    As victims were identified across the world and the group operated globally, international cooperation was essential. Eurojust ensured that judicial authorities worked together smoothly and efficiently from the start of the investigation in 2022. For the second phase of the investigation, Eurojust facilitated all judicial cooperation requests and coordinated the action day from its headquarters in The Hague. Europol provided operational support throughout the investigation, deploying mobile offices in Israel, Albania and the United Kingdom. A virtual command post was also set up by Europol to facilitate real-time coordination and intelligence sharing.

    The following authorities carried out the operations:

    • Germany: Public Prosecutor’s Office at the Itzehoe Regional Court, Department for Combating Cybercrime; District Criminal Investigation Office Kiel
    • Cyprus: Attorney General’s Office; Cyprus Police; Unit for Combating Money Laundering (MOKAS)
    • Albania: Special Prosecution Office against Corruption and Organised Crime
    • United Kingdom: National Crime Agency
    • Israel: Israeli Police –  National Cybercrime Unit, LAHAV 433 together with the Coordination and Operational Division in the Intelligence Branch

    This operation was carried out as part of the European Multidisciplinary Platform Against Criminal Threats (EMPACT).

    EMPACT tackles the most important threats posed by organised and serious international crime affecting the European Union. EMPACT strengthens intelligence and strategic and operational cooperation between national authorities, EU institutions and bodies, and international partners. EMPACT runs in four-year cycles focusing on common EU crime priorities. Fraud, economic and financial crimes are among the priorities for the 2022-2025 Policy Cycle.

    MIL Security OSI –

  • MIL-OSI Security: District of Arizona Charges 314 Individuals for Immigration-Related Criminal Conduct

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    PHOENIX, Ariz. – During the week of enforcement operations from May 3, 2025, through May 9, 2025, the U.S. Attorney’s Office for the District of Arizona brought immigration-related criminal charges against 314 defendants. Specifically, the United States filed 117 cases in which aliens illegally re-entered the United States, and the United States also charged 166 aliens for illegally entering the United States.  In its ongoing effort to deter unlawful immigration, the United States filed 25 cases against 31 individuals responsible for smuggling illegal aliens into and within the District of Arizona.

    These cases were referred or supported by federal law enforcement partners, including Immigration and Customs Enforcement’s Enforcement and Removal Operations (ICE ERO), ICE Homeland Security Investigations (HSI), U.S. Border Patrol, the Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), the U.S. Marshals Service (USMS), and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF).

    Recent matters of interest include:

    United States v. Marco Antonio Ruelas-Solis: On May 3, 2025, Marco Antonio Ruelas-Solis, of Mexico, was found in possession of an FNS-9C 9-millimeter pistol and 40 rounds of 9-millimeter ammunition while target shooting along Forest Road 403 in the Tonto National Forest in Maricopa County. Ruelas-Solis was charged with Possession of a Firearm by Alien Unlawfully Present in the United States and Reentry of a Removed Alien. [Case Numbers: MJ-25-0178; MJ-25-6183]

    United States v. Clayton Line Wilhite: On May 4, 2025, Clayton Line Wilhite was arrested and charged with Transportation of an Illegal Alien after he failed to yield at an immigration checkpoint. After Wilhite failed to yield, law enforcement officers from Border Patrol and Customs and Border Protection responded to the scene and attempted to effectuate a stop. Wilhite led officers on a short vehicle chase before striking another car from behind and pulling over. Two illegal aliens from Mexico then exited the vehicle and tried to flee but were detained by agents. Wilhite remained in the driver’s seat and was arrested without further incident. [Case number: MJ-25-07795]

    A criminal complaint is simply a method by which a person is charged with criminal activity and raises no inference of guilt. An individual is presumed innocent until evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

    These cases are part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    RELEASE NUMBER:    2025-076_May 9 Immigration Enforcement

    # # #

    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

     

    MIL Security OSI –

  • MIL-OSI Russia: Financial news: 05/13/2025, 11-14 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A102DB2 (GPB001P18P) were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    05/13/2025

    11:14

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 13.05.2025, 11-14 (Moscow time), the values of the upper limit of the price corridor (up to 108.77) and the range of market risk assessment (up to 1254.5 rubles, equivalent to a rate of 11.25%) of the RU000A102DB2 (GPB001P18P) security were changed.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MEEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 05/13/2025, 11:39 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A10A6B8 (RusGid2P02) were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    05/13/2025

    11:39

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 13.05.2025, 11-39 (Moscow time), the values of the upper limit of the price corridor (up to 121.94) and the range of market risk assessment (up to 1275.32 rubles, equivalent to a rate of 10.0%) of the security RU000A10A6B8 (RusGid2P02) were changed.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MEEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 05/13/2025, 12-12 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0ZZ7G1 (KAMAZ BO-7) were changed.

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    05/13/2025

    12:12

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 13.05.2025, 12-12 (Moscow time), the values of the upper limit of the price corridor (up to 107.59) and the range of market risk assessment (up to 1257.83 rubles, equivalent to a rate of 13.75%) of the RU000A0ZZ7G1 (KAMAZ BO-7) security were changed.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MOEX.K.M.M.

    MIL OSI Russia News –