Oslo, 1 July 2025 – DNO ASA, the Norwegian oil and gas operator, today announced that the Financial Supervisory Authority of Norway on 1 July 2025 approved the prospectus prepared in connection with the listing on the Oslo Stock Exchange of the Company’s 8.5 percent USD 600 million senior unsecured callable bonds issued on 27 March 2025 with maturity in March 2030 (ISIN: NO0013511113). Trading in the bonds is expected to commence shortly.
The prospectus dated 1 July 2025 is available on the Company’s website www.dno.no.
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For further information, please contact: Media: media@dno.no Investors: investor.relations@dno.no
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DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire and Yemen. More information is available at www.dno.no.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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This release does not constitute any offer or solicitation to sell or purchase any securities.
The release may not be released, published or distributed in the United States of America or any other jurisdiction where release, publication or distribution would be prohibited or require any registration or filing acts or similar.
Good afternoon. Thank you to the Government Finance Officers Association (“GFOA”) for inviting me to speak with you today. In my role as the Securities and Exchange Commission’s (“Commission” or “SEC”) Director of the Office of Municipal Securities (“Office of Municipal Securities” or “OMS”), I get a front row seat to see how government finance professionals strive to advance the continued integrity of the municipal securities market. However, I also get a front row seat to some concerning behaviors that may impact the investor confidence and transparency of the municipal securities market.
As is customary, I must remind you that this speech is provided in my official capacity as the Commission’s Director of the Office of Municipal Securities but does not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.
I. What’s in a Title?
Before I delve into disclosure practices, I would like to start by offering my views on another area of concern to which OMS is paying careful attention. It’s been fifteen years since Congress created a new class of regulated person required to register with the Commission: municipal advisors.[1] But when I speak with market participants or pick up an official statement or visit an issuer’s website, I am regularly confronted with a title that imprecisely[2] reflects the nature of the relationship between municipal entities and/or obligated persons and their advisors: financial advisor.[3]
While some of you may view using the terms “financial advisor” and “municipal advisor” to be interchangeable when discussing hiring a professional to negotiate terms of a transaction or verify pricing as just a matter of a title, Congress expressly defined those persons who engage in municipal advisory activities[4] as “municipal advisors”.[5]
I’m going to start with why I think it’s helpful to use regulatory terms. Although not required, using regulatory terms such as “municipal advisor” in solicitations and offering documents is helpful because it clearly indicates to investors that those professionals are subject to the rules and regulations designed to protect investors and municipal entities[6] and obligated persons.[7] Additionally, using defined regulatory terms in these documents may be helpful to municipal entities and obligated persons in avoiding including confusing or ambiguous statements in disclosures to investors.
Now, for the what. Let’s start with hiring professionals. Municipal entities and obligated persons often retain various professionals through a competitive request for proposal/qualification (“RFP/Q”) process. Before anyone objects, you’re correct: responses to RFP/Qs do not on their own constitute municipal advisory activity.[8] I have, however, observed instances (most notably in public-private partnerships[9] and charter schools[10]) where the work or services requested in the RFP/Qs would require the selected professional to be registered as a municipal advisor because they would be providing advice with respect to the issuance of municipal securities or the use of municipal financial products. In our review of these RFP/Qs, we have either seen municipal entities be silent on requiring that respondents to an RFP/Q be registered as a municipal advisor with the Commission and Municipal Securities Rulemaking Board (“MSRB”) or, worse, affirmatively say that registration as a municipal advisor is not a requirement.[11]
Given that unregistered entities may be engaging in what appears to be municipal advisory activity, you may want to confirm not only that any professional providing municipal advisory services to you is properly registered[12] but also that you have in your RFP/Qs for services or work constituting municipal advisory activity a requirement that respondents be registered with the Commission and the MSRB as municipal advisors in order to submit a response. At a minimum, I do not believe these RFP/Qs should be soliciting the services of a “financial advisor” or “consultant” which may create the impression that they do not need to be registered with the Commission or the MSRB. If you are seeking the services of a municipal advisor, it would be helpful to use the term municipal advisor in your RFP/Qs.
Another area where I see a concerning use of “financial advisor,” where “municipal advisor” should be used, is in your offering documents. As previously mentioned, municipal advisor is more than just a title: it is a regulatory term. Using “municipal advisor” tells investors that the firm, its associated persons, and its activities are subject to rules and regulations; that the Commission monitors municipal advisors for compliance; and takes necessary action to enforce Congress’s mandate. If you use municipal advisors in your transactions, I think it would be beneficial to use the defined term “municipal advisor” in your offering documents to accurately describe the professionals fulfilling that role. Using a term that is explicitly defined by law may also help avoid including confusing or ambiguous statements in disclosures to investors.
There are also strong benefits to being involved with or retaining persons or firms registered and regulated as municipal advisers, as it demonstrates that these persons or firms recognize that they are engaging in municipal advisory activity. Registering as a municipal advisor may also demonstrate that the advisor understands that it has certain legal obligations, including a requirement to register unless an exclusion or exemption applies. These obligations include, among other things, a requirement to disclose to clients any material conflicts of interest. If you remember nothing else from today, remember this: your municipal advisor is required to always act in your best interest.
II. Observations on Amendments to Continuing Disclosure Undertakings
Now turning to disclosure practices. When the Commission proposed amendments[13] to Rule 15c2-12 (“Rule 15c2-12” or “Rule”)[14] of the Securities Exchange Act of 1934 (“Exchange Act”) in 1994[15] prohibiting underwriters, subject to certain exemptions, from purchasing or selling municipal securities covered by the Rule in a primary offering, unless the underwriter had reasonably determined that the issuer (or obligated person) had undertaken in a written agreement or contract[16] (“continuing disclosure undertaking”) to provide specified annual information and event notices,[17] practitioners expressed concern[18] that the amendments were not sufficiently flexible to address changing conditions to financial and pertinent operating information. The Commission addressed practitioners’ concerns when it adopted the amendments.[19]
a. NABL 1 Letter
The Commission explained in the 1994 Amendments Adopting Release that Rule 15c2-12, as amended, requires that continuing disclosure undertakings specify only the general type of information to be provided[20] and that undertakings should be drafted with sufficient flexibility to accommodate for subsequent developments that may require adjustments in the financial information and operating data contractually agreed upon in the undertaking.[21] Shortly after adoption of the amendments, the National Association of Bond Lawyers (“NABL”) requested[22] staff guidance interpreting an issue that I see continues to be debated thirty-one years later: amending continuing disclosure undertakings.
Let’s take a moment and revisit the statements made by staff on amending continuing disclosure undertakings in response to the NABL 1 Letter.[23] Staff first noted that in meeting the requirement that annual financial information be specified in reasonable detail, staff anticipated that continuing disclosure undertakings would set forth a general description of the type of financial information and operating data that would be provided. Staff further observed that these descriptions would not need to state more than a general category of financial information and operating data. Moreover, staff noted that where a continuing disclosure undertaking calls for information that no longer can be generated because the operations to which it related had been materially changed or discontinued, a statement to that effect would satisfy the continuing disclosure undertaking. In such instances, staff explained that it may be good practice to provide similar operating data with respect to any substitute or replacement operation. Further, staff noted that issuers and obligated persons may provide additional information that is not required by the terms of the undertaking. Accordingly, the staff did not anticipate that it often would be necessary to amend informational undertakings.
In addition to providing guidance on the circumstances under which an undertaking could be amended, the staff also provided several examples[24] of annual financial information descriptions. For example, categories of operating data provided for a college or university facility bond offering might include, among others, information regarding attendance, applications, and tuition and room and board rates charged to students. In a water or sewer financing, categories of information provided might include, among others, customers, rates, use, capacity, and demand.
b. Current State of Continuing Disclosure Undertakings
Now I would like to take the opportunity to reflect on the current state of continuing disclosure undertakings. Since the 1994 amendments promoted flexibility in drafting continuing disclosure undertakings, staff has heard that practitioners have discovered ambiguities and inconsistencies in their continuing disclosure undertakings that have resulted in overlapping, inconsistent, and outdated information in required disclosures. Consequently, practitioners continue to struggle with questions about amending continuing disclosure undertakings and have asked the staff for guidance on this issue.
To start, I want to remind practitioners that Rule 15c2-12, as amended, offers flexibility in the content and scope of disclosed financial information.[25] The Rule specifies only general types of information relating to the financial information and operating data to accommodate for any subsequent developments that would require adjustments to the data.[26] Further, adhering to your continuing disclosure undertakings does not preclude you from providing additional information, particularly where disclosure may be necessary to avoid liability under the antifraud provisions.[27]
The staff recognizes that, despite the staff interpretive guidance in the NABL 1 Letter, which elaborated on statements in the 1994 Amendments Adopting Release, some obligated persons have continued to provide specific and relatively unflexible descriptions of annual financial information or operating data in the continuing disclosure undertakings by, for instance, pointing to specific tables of information in an official statement because they believe it makes it easier for issuers and dissemination agents to comply with the undertaking. Although Rule 15c2-12 does not prohibit such specificity or incorporation by reference,[28] I believe that where obligated persons choose to include references to specific tables or similar specificity, they might consider including language allowing for flexibility, such as describing tables “of the type” or tables “of the kind” provided in the official statement.
The inclusion in continuing disclosure undertakings of clear descriptions of the disclosures to be made by municipal issuers and obligated persons promotes a more transparent and efficient market. However, drafters of continuing disclosure undertakings may want to be mindful when specifying the particular types of information that will be provided for many years into the future, as continuing disclosure undertakings are contractual obligations that cannot be amended based on a unilateral decision by an issuer or any other party. With very limited exceptions, issuers and obligated persons may not later decide unilaterally what types of information an investor would consider necessary or meaningful, especially where such information has previously been agreed upon.[29]
Continuing disclosure undertakings would be meaningless if issuers and obligated persons could unilaterally determine that certain types of information were no longer necessary or meaningful to investors.[30] Despite previous requests from the market for guidance on amending continuing disclosure agreements, I remind you that those agreements are contracts governed by state law[31] from which the Commission does not have the authority to provide exemptions. Failure to comply with continuing disclosure undertakings would be breaches of contract enforceable by private parties.[32] This is why staff statements have focused on using language in continuing disclosure agreements that allow for changing conditions.
III. The Importance of Voluntary Disclosure in the Municipal Securities Market
Sound, timely, and accurate disclosures of the financial condition and operating status of issuers and obligated persons promotes the continued integrity of the municipal securities market.[33] As we all know, Rule 15c2-12 requires that continuing disclosure undertakings set forth certain enumerated requirements. Rule 15c2-12 does not generally impose an obligation to provide ongoing information beyond the contractual continuing disclosure obligations. I am of the view, however, that voluntary disclosures[34] — providing information beyond contractual continuing disclosure obligations — by issuers and obligated persons can provide market participants with updated financial and other disclosures regarding the effects of evolving economic conditions.[35]
a. Improving Transparency and Market Efficiencies
Issuer organizations and other market participants have noted that providing voluntary interim disclosure can serve the interests of municipal issuers and have developed voluntary disclosure best practices designed to improve the quality and quantity of voluntary disclosure in the secondary market.[36] GFOA issued a Best Practices on Voluntary Disclosure in 2021.[37]
I am of the view that if issuers and obligated persons provide voluntary disclosures of their financial condition and operating status on a more frequent basis, the additional information could potentially reduce information asymmetries and help investors and other market participants identify early warning signs of an issuer’s or obligated person’s deteriorating financial condition sooner (such as budget deficits and imbalances, high unfunded pensions liability, and decreases in property value), which could lead to increased market efficiencies.
Some examples of helpful voluntary disclosures that municipal issuers and obligated persons could consider disseminating are[38]
More Timely Financial Information. Municipal issuers routinely prepare periodic reports containing financial information and/or operating data, such as investment positions, interim financial information, or capital improvement plans, for various non-disclosure purposes,[39] which are generally produced in accordance with governance documents, best practices, and generally accepted guidelines. Municipal issuers could consider submitting such reports via the repository designated by the Commission (currently the MSRB’s Electronic Municipal Market Access (“EMMA”) system) and/or through their own designated website.
Reports Prepared for Other Governmental Purposes. Municipal issuers and obligated persons may have prepared reports addressing relevant climate, cybersecurity, litigation, or other risks for other purposes.
Reports and Information Shared with Third Parties. Reports prepared to be shared with rating agencies, bank loan providers or other market participants may also include information material to investors.[40]
Information Regarding Availability of Federal, State and Local Aid. If it materially affects, or is reasonably likely to materially affect, your ability to repay debt service, you could make available a description of available aid that you have sought or are planning on seeking and any other material terms of the aid to investors.
Information Regarding Non-Routine Events that May Impact an Issuer’s Ability to Repay Securities. For instance, a large business relocating to your jurisdiction may have a positive impact, while a natural disaster may have a negative impact. Sharing information with the market on any non-routine events that may impact your ability to repay debt service could be helpful.
In my view, making any voluntary disclosures available in the place or places where they regularly make information available to investors, such as on the EMMA system and/or on their own websites, would be helpful to both issuers and investors.
b. Observations on Liability
I sometimes hear from issuers that they would disclose more information to the market, but that their counsel advises them, as a matter of course, not to provide any information that is not required. I recognize that the issue of liability is often raised in connection with voluntary disclosures.
I believe that accompanying voluntary disclosures that contain projections or forward-looking statements with meaningful cautionary language — including, for example, (1) a description of relevant facts or assumptions affecting the reasonableness of reliance on and the materiality of the information provided, (2) a description of how certain important information may be incomplete or unknown, and (3) the process or methodology (audited versus unaudited) used by the municipal issuer or obligated person to produce the information — could not only improve the quality of the disclosure but also help mitigate associated legal risks.
As I observe the municipal securities market and consider appropriate paths to address behaviors that impact investor confidence and transparency, I believe that it would be beneficial for municipal issuers to disclose, to exercise reasonable care, and to follow best practices in the creation and release of any voluntary disclosure.
It’s always a pleasure to speak with members of the GFOA. Thank you again for the invitation to discuss these important issues with you today.
[1] See Section 975(a)(1)(B) (15 U.S.C. 78o-4(a)(1)(B)) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act” or “Dodd-Frank”).
[3] While state statutes or other governing documents may reference the selection or designation of a “financial advisor” in connection with the issuance of bonds, I am of the view that the term “municipal advisor” should also be used in any RFP/Qs and offering documents issued in these jurisdictions when the requested service may include municipal advisory activity. In the event a state statute or other governing document references “financial advisor” or other term, it may be appropriate to use both terms with appropriate definitions and cross-references.
[4] Pursuant to Exchange Act Rule 15Ba1-1(e) (15 CFR 240.15Ba1-1(e)), “municipal advisory activities” includes, but is not limited to, “[p]roviding advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, including advice with respect to the structure, timing, terms, and other similar matters concerning such financial products or issue.”
[5] See Exchange Act Section 15B(e)(4)(A) (15 U.S.C. 78o-4(e)(4)(A)). The definition of municipal advisor includes financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors that provide municipal advisory services, unless they are statutorily excluded. See 15 U.S.C. 78o-4(e)(4)(B). The statutory definition of municipal advisor excludes a broker, dealer, or municipal securities dealer serving as an underwriter (as defined in section 77b(a)(11) of this title), any investment adviser registered under the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.), or persons associated with such investment advisers who are providing investment advice, any commodity trading advisor registered under the Commodity Exchange Act or persons associated with a commodity trading advisor who are providing advice related to swaps, attorneys offering legal advice or providing services that are of a traditional legal nature, or engineers providing engineering advice. See 15 U.S.C. 78o-4(e)(4)(C). The Commission exempts the following persons from the definition of municipal advisor to the extent they are engaging in the specified activities: accountants; public officials and employees; banks; responses to requests for proposals or qualifications; swap dealers; participation by an independent registered municipal advisor; persons that provide advice on certain investment strategies; certain solicitations. See Exchange Act Rule 15Ba1-1(d)(3)(i) through (viii) (17 CFR 240.15Ba1-1(d)(3)(i) through (viii)).
[6] See Registration of Municipal Advisors, Exchange Act Release No. 70462 (Sept. 20, 2013), 78 FR 67468, 67509 (Nov. 12, 2013) (“Municipal Advisor Adopting Release”).
[7] The timeline for being required to register as a municipal advisor when advising clients about conduit financing or other financing options is dependent on certain facts and circumstances. See id. at 67485.
[8] Id. at 67475.
[11] While the Dodd-Frank Act is a federal law, the municipal advisor registration requirements apply to advice with respect to the issuance of municipal securities regardless of the proposed source of funds used to repay those securities, which may include local tax revenue, state or federal revenue or grants or funds paid by a private lessee or purchaser. The staff is aware of publicly available documents where a state or local government has stated that municipal advisor registration is only required for municipal securities being repaid with federal funds.
[12] See Speech, Responsibilities of Regulated Entities to Municipal Issuers, supra note 2.
[14] See 17 CFR 240.15c2-12. The Commission adopted Rule 15c2-12 in 1989 to enhance disclosure in the municipal securities market by codifying standards for underwriters to obtain, review, and disseminate disclosure documents. See Exchange Act Release No. 26100 (Sept. 22, 1988), 53 FR 37778 (“1988 Proposing Release”); Exchange Act Release No. 26985 (June 28, 1989), 54 FR 28799 (July 10, 1989) (“1989 Adopting Release”). Rule 15c2-12 requires an underwriter acting in primary offerings of municipal securities with an aggregate principal amount of $1,000,000 or more to obtain and review an official statement “deemed final” by an issuer of the municipal securities, except for the omission of specified information, prior to making a bid, purchase, offer, or sale of municipal securities. See 17 CFR 240.15c2-12(a) and (b)(1).
[15] The Commission has amended Rule 15c2-12 over the years to respond to evolving market practices. See Exchange Act Release No. 34961 (Nov. 10, 1994), 59 FR 59590 (Nov. 17, 1994) (“1994 Amendments Adopting Release”); Exchange Act Release No. 59062 (Dec. 5, 2008), 73 FR 76104 (Dec. 15, 2008) (“2008 Amendments Adopting Release”); Exchange Act Release No. 62184A (May 27, 2010), 75 FR 33100 (June 10, 2010) (“2010 Amendments Adopting Release”); and Exchange Act Release No. 83885 (Aug. 20, 2018), 83 FR 44700 (Aug. 31, 2018) (“2018 Amendments Adopting Release”).
[16] See 17 CFR 240.15c2-12(b)(5).
[17] See 17 CFR 240.15c2-12(b)(5)(C).
[18] See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599.
[19] Id.
[20] Id.
[21] Id.
[22] NABL raised several questions in its letters. See Letter from Robert L.D. Colby, Deputy Director, Division of Market Regulation, U.S. Securities and Exchange Commission, to John S. Overdorff, Chair, and Gerald J. Laporte, Vice-Chair, Securities Law and Disclosure Committee, National Association of Bond Lawyers, dated June 23, 1995 (‘‘NABL 1 Letter”), available at https://www.sec.gov/info/municipal/nabl-1-interpretive-letter-1995-06-23.pdf; and Letter from Catherine McGuire, Chief Counsel, Division of Market Regulation, U.S. Securities and Exchange Commission, to John S. Overdorff, Chair, Securities Law and Disclosure Committee, National Association of Bond Lawyers, dated Sept. 19, 1995 (“NABL 2 Letter”), available at https://www.sec.gov/info/municipal/nabl-2-interpretive-letter-1995-09-19.pdf. See also Letter from Michael Nicholas, Chief Executive Officer, Bond Dealers of America, Emily Swenson Brock, Director, Federal Liaison Center, Government Finance Officers Association, Kenneth R. Artin, President, National Association of Bond Lawyers, Cornelia Chebinou, Washington Director, National Association of State Auditors, Comptrollers and Treasures, Michael Decker, Managing Director, Securities Industry and Financial Markets Association, to Jessica Kane, Director, Office of Municipal Securities, U.S. Securities and Exchange Commission, dated Aug. 9, 2016 available at https://www.nabl.org/wp-content/uploads/2023/02/20160809-Joint-Letter-on-Amending-CDAs.pdf.
[23] See NABL 1 Letter, Question 2, supra note 22.
[24] Id.
[25] See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599; Securities and Exchange Commission, Report on the Municipal Securities Market (July 31, 2012) (“Report on the Municipal Securities Market”), at 70, available at https://www.sec.gov/news/studies/2012/munireport073112.pdf.
[26] See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599 (Commission noting that “the amendments require that the undertaking specify only the general type of information to be supplied . . .”).
[27] Id.
[28] Id.
[29] See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599. But see NABL 1 Letter, Question 2, supra note 22, outlining scenarios where an undertaking that includes an amendment provisions nevertheless may satisfy the requirements of Rule 15c2-12.
[30] See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599.
[31] Id. at 59601.
[32] Id. (“remedies for breach of any undertaking under applicable state law are a subject for negotiation between the parties to the Offering.”).
[34] As seen during the Covid-19 Pandemic, variations in voluntary disclosures persisted and the differing approaches to disclosure served as a reminder that required disclosures are not confined to enumerated events. For instance, some issuers included tailored, stand-alone COVID-19-risk sections in their disclosures or uploaded financial informational statements to EMMA identifying impacts on economies and revenues, and expectations regarding associated risk mitigation. See, e.g., MSRB, Municipal Securities Market COVID-19-Related Disclosure Summary (updated Mar. 28, 2021), available at https://www.msrb.org/sites/default/files/2022-09/Municipal-Securities-Market-COVID-19-Related-Disclosure-Summary.pdf; DPC Data COVID Disclosure Trends Charted in New Infographic, A Year of COVID-Tagged Disclosures, Mar. 2020 to Mar. 2021, available at https://www.dpcdata.com/resources/year-covid-tagged-disclosures/.
[35] See, e.g., Report on the Municipal Securities Market, supra note 25, at III.A.1 and III.B (summarizing market participant and investor interest in voluntary disclosure guidelines and best practices to improve the level and quality of disclosure in the primary and secondary markets); Chairman Jay Clayton and Rebecca Olsen, Director, Office of Municipal Securities, U.S. Securities and Exchange Commission, The Importance of Disclosure for our Municipal Markets (May 4, 2020) (the “Municipal Market COVID-19 Statement”), available at https://www.sec.gov/news/public-statement/statement-clayton-olsen-2020-05-04.
[36] See, e.g., Government Finance Officers Association (“GFOA”) Best Practices Voluntary Disclosure (Oct. 1, 2021) (“Best Practices on Voluntary Disclosure”), available at https://www.gfoa.org/materials/voluntary-disclosure (“Enhanced market communication achieved through voluntary disclosure the issuer to improve its investor relations. This enhanced communication and improved relations with investors can become an important factor for access to the capital for markets….”); National Federation of Municipal Analysts (“NFMA”) Position Paper on Voluntary Interim Disclosures by State and Local Governments (Oct. 26, 2004) (“NFMA Voluntary Interim Disclosures Paper”), at 2-4, available at https://www.nfma.org/assets/documents/nfma_position_interim_disclosure.pdf (NFMA “strongly believe(s) that it is in the best interest of state and local government units and political instrumentalities thereof to provide investors on a voluntary basis with timely disclosure reports derived from information maintained in the normal course of operations” and that “[t]o the extent that governmental issuers have relevant financial information on hand, the benefits of providing voluntary interim disclosure vastly outweigh any administrative burden entailed in disseminating this information to the market.”)
[37] See Best Practices on Voluntary Disclosure, supra note 36.
[38] See, e.g., id.; Report on the Municipal Securities Market, supra note 25, at 58 (noting that the “practices of market participants in voluntarily providing [large amounts of information about issuers of municipal securities] to investors are not, however, consistent,” further explaining that “[l]arge repeat issuers generally have more comprehensive disclosure than small, infrequent or conduit issuers, who may voluntarily provide little ongoing information to investors.”).
[39] In many cases, municipal issuers already prepare and disseminate reports or other documents containing financial information and/or operating data to various governmental or institutional bodies, or to the public. See, e.g., Application of Antifraud Provisions to Public Statements of Issuers and Obligated Persons of Municipal Securities in the Secondary Market: Staff Legal Bulletin No. 21 (OMS) (Feb. 7, 2020) (“Staff Legal Bulletin No. 21”), available at https://www.sec.gov/municipal/application-antifraud-provisions-staff-legal-bulletin-21; Report of Investigation in the Matter of the City of Harrisburg, Pa. Concerning the Potential Liability of Public Officials with Regard to Disclosure Obligations in the Secondary Market, Exchange Act Release No. 69516 (May 6, 2013), (“Harrisburg Report”), available at https://www.sec.gov/litigation/investreport/34-69516.htm.
[40] See Report on the Municipal Securities Market, supra note 25, at 106 n.640.
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Cedar Rapids, IA – U.S. Marshals in Florida today arrested a man wanted on several sex abuse charges in Iowa.
Tyler Michael Treadaway, 27, is wanted in Iowa County in connection to multiple charges of sexual abuse (second-degree) of multiple children.
On April 21 investigators with the Iowa County Sheriff’s Office contacted the Northern Iowa Fugitive Task Force requesting assistance in the location and apprehension of Treadaway. Task force officers began to follow up on leads throughout the Midwest and developed information indicating Treadaway had fled following the reports of abuse. Officials began coordinating with the U.S. Marshals Florida/Caribbean Regional Fugitive Task Force (FCRFTF).
Officers with the FCRFTF today narrowed their search to an area in the 4900 block of Lofty Pines Circle West in Jacksonville. U.S. Marshals approached the suspect shortly after noon and Treadaway eventually surrendered to the officers. Treadaway was arrested without incident and transported for processing. He will remain in custody until extradition to Iowa.
The U.S. Marshals Service is the federal government’s primary agency for fugitive investigations. Nationwide, 60 local task forces are dedicated to violent crime reduction by locating and apprehending wanted criminals. These task forces also serve as the central point for agencies to share information on fugitive matters. The Northern Iowa Fugitive Task Force is comprised of officers from the U.S. Marshals Service, U.S. Immigration and Customs Enforcement, Cedar Rapids Police Department, Waterloo Police Department, Marion Police Department, the Iowa Division of Criminal Investigation, and the Iowa Department of Corrections.
BILLINGS – A Minnesota man who failed to register as a sex offender was sentenced today to 16 months in prison to be followed by 5 years of supervised release, U.S. Attorney Kurt Alme said.
Jeremiah Robert Wiberg, 42, pleaded guilty in March 2025 to one count of failure to register as a sex offender.
U.S. District Judge Susan P. Watters presided.
The government alleged in court documents that Jeremiah Wiberg is required to register as a sexual offender under SORNA following a 2007 federal conviction for receipt of child pornography. Wiberg has been on federal supervised release for the past eight years and has been revoked off supervised release multiple times.
Following his sentence of incarceration after being revoked from supervision, Wiberg was released from the BOP in Louisiana on November 8, 2023. Per his travel itinerary with BOP he traveled to Billings, Montana the same day. Wiberg arrived in Billings that day, but he did not check in with United States Probation on that day, nor did he register under SORNA upon his arrival in Billings. His whereabouts were unknown.
It was determined through records and witness statements that Wiberg was in Montana for a period of a few weeks after he arrived in Billings. Wiberg traveled to Roundup and then left the state. He never registered in Montana.
On December 27, 2023, law enforcement received information that the Wiberg was staying in Minnesota. Wiberg was subsequently located at a VFW in Forrest Lake, Minnesota. He was arrested on a federal warrant for violating his supervised release. Wiberg had not registered in Minnesota.
The U.S. Attorney’s Office prosecuted the case. The investigation was conducted by the FBI, U.S. Marshals Service, U.S. Probation Office, Yellowstone County Sheriff’s Office and Montana Division of Criminal Investigation.
Following the settlement of HFF bonds issued by ÍL Fund (formerly the Housing Financing Fund), it has been decided to hold a switch auction, giving owners of the inflation-linked government bond series RIKS 50 0915 the opportunity to exchange them for the nominal bond series RIKB 32 1015. Interested parties are advised to contact a primary dealer to participate in the switch auction.
Series
RIKB 32 1015
ISIN
IS0000037752
Maturity Date
10/15/2032
Auction Date
07/03/2025
Settlement Date
07/08/2025
Buyback issue
RIKS 50 0915
Buyback price (clean)
112.9150, which is equivalent to a yield of 2.78%
On the Auction Date, between 10:30 a.m. and 11:00 a.m., the Government Debt Management will auction Treasury bonds in the Series, with the ISIN number and with the Maturity Date according to the table above. The Treasury bond will be delivered in electronic form on the Settlement Date.
Payment for the bonds can only be made with the Buyback issue at the Buyback price. Cash is not accepted.
The value of the Buyback bond is determined by the Buyback price plus accrued interest and indexation (i.e. dirty price). The bonds must be delivered to the Central Bank before 14:00 on the Settlement Date.
No fee is paid in relation to the purchase of RIKS 50 0915.
SANTIAGO, Chile, July 01, 2025 (GLOBE NEWSWIRE) — (NYSE: BSAC; SSE: Bsantander). Andrés Trautmann Buc was officially welcomed as the new CEO and Country Head of Banco Santander Chile (“Santander Chile” or the “Company”), an appointment previously announced last February, in the presence of Héctor Grisi, CEO of Banco Santander. Trautmann thus replaces Román Blanco, who is leaving the Chilean subsidiary after a successful tenure with the bank.
At the meeting, which was attended via streaming by all employees across the country, Grisi thanked Román Blanco for his work over the years, highlighting the strong position of the Chilean subsidiary in terms of results and market share. “The Group is proud to have a bank like Santander Chile: number one in loans, with practically one in three SMEs in the country as a client, and an ROE of 25.9% in a highly competitive environment. We must be Best in Class in each of the markets in which we operate, and to achieve this, it is essential to combine our local presence with the strength of our global scale. That is our greatest strength; we have exceptional teams and a solid culture. Developing it to its full potential is the great challenge we face.” Thus, the executive addressed the bank’s employees, asking them to “give Andrés the same support they gave Román, because having a team that supports him is essential.”
For his part, Trautmann stated, “I am deeply proud to represent Santander Chile in this new position, a leading bank in the local industry that has made significant contributions to the Group’s global objectives. I know I have a first-class team with whom we will continue to dedicate ourselves strongly to supporting the progress of people and companies with innovative products and services that make their daily lives easier and boost the development of their businesses.”
In his first appearance as CEO and country head, Trautmann emphasized that “Santander is present in key markets in Europe and the Americas. One of our key goals is precisely to leverage this global capacity and, through our experience and market knowledge, contribute to the growth of Chilean companies that are the driving force of our economy. We also want our more than 4.3 million customers to have a similar service experience in the different geographical areas where the Group operates, so that they feel part of an international entity. This is what they can experience today through the Work/Café branch network deployed in more than nine countries.”
For his part, Román Blanco stated that “over these three years, we have made great progress in a context where digital banking is advancing rapidly. In this context, we strengthened the growth of Getnet, also adding new features, and Santander Consumer Finance, in addition to the launch of digital accounts and new ways of serving our customers, such as the Work/Café Expresso model.” The executive concluded by thanking “everyone who has been part of this journey over these three years and who has made it possible to accomplish all these achievements. Chile is a country of multiple opportunities and great growth potential. I am convinced that Santander is in the best hands, because through Andrés’s leadership, his business vision, and his ability to work as a team, they will be able to face the new challenges of this industry and achieve the goals we have set for ourselves.”
Local Perspective with International Experience Trautmann, who holds a degree in Business Administration from the University of Chile, has a distinguished career at Santander, having joined the Group in 2007. He began his career as Head of Institutional and Corporate Sales at Santander Chile, then, between 2010 and 2012, he was in charge of Structured Products Sales in London for Santander UK. From 2013 to 2018, he was responsible for Andean Region Sales for Goldman Sachs in New York. That year, he assumed the position of Head of Markets for Santander’s local subsidiary until 2021, when he was appointed Executive Vice President of CIB at Santander Chile, a global division that supports corporate and institutional clients with high-value-added services, products, and solutions.
From his initial position at Markets, he has led significant achievements such as tripling the growth of the Sales and Trading business and then, from CIB, the Investment Banking area, also driving the expansion of CIB products in large companies, leveraging the global capabilities of the Santander Group. Recently, the executive has also added the Corporate and Institutional Banking and Santander Consumer Finance businesses to his responsibilities, which has given him a comprehensive view of the bank’s management.
As of March 31, 2025, the bank had total assets of Ch$67,059,423 million (US$70,284 million), total gross loans (including those owed by banks) at amortized cost of Ch$41,098,666 million (US$43,075 million), total deposits of Ch$30,607,715 million (US$32,080 million), and bank owners’ equity of Ch$4,400,233 million (US$4,612 million). The BIS capital ratio was 16.9%, with a core capital ratio of 10.7%. As of March 31, 2025, Santander Chile employed 8,712 people and had 237 branches throughout Chile. Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard & Poor’s, A+ from the Japan Credit Rating Agency, AA- from HR Ratings, and A from KBRA. All of our ratings have a stable outlook as of the date of this report.
CONTACT INFORMATION Investor Relations Banco Santander Chile Bandera 140, Floor 20 Santiago, Chile (562) 26483583
DUBAI, United Arab Emirates, July 01, 2025 (GLOBE NEWSWIRE) — Viral meme token LILPEPE has already raised over $3 million and is currently in its 4th presale stage, priced at just $0.0013. It’s shaking up the EVM Layer 2 space by merging meme culture with serious blockchain utility—offering lightning-fast transactions, ultra-low fees, and full Ethereum compatibility through the Little Pepe Chain. This innovative blend of virality and infrastructure positions $LILPEPE as a standout project in the next generation of meme space.
Little Pepe: A New Era of Meme Token Beyond the Hype
Meme coins have long been viewed as novelty acts—fun, speculative assets with little intrinsic value. But times are changing, and Little Pepe is leading that transformation. Designed from the ground up as a high-speed, low-cost Layer 2 blockchain, the Little Pepe sets a new technical standard while embracing the energy and virality of meme culture.
Where most meme coins rely solely on community-driven momentum, Little Pepe fuses utility and scalability, making $LILPEPE a token with a real role to play. Built as an ERC-20 token on the Little Pepe, $LILPEPE is more than just a meme fun—it’s the token of a growing ecosystem.
EVM-Compatible Layer 2: Speed Meets Scalability
The Layer 2 ecosystem has gained major traction in recent years, especially as Ethereum continues to face scalability and gas fee challenges. Little Pepe addresses those concerns head-on with a network engineered for efficiency. EVM compatibility ensures seamless integration with existing Ethereum-based dApps and wallets, making it easy for developers and users alike to migrate or interact without friction.
This design choice positions the Little Pepe not just as another Layer 2 solution, but as a meme-powered blockchain that doesn’t sacrifice performance. Its lightning-fast transactions and near-zero gas fees mean users can transact, play, mint, or trade without ever worrying.
$LILPEPE Presale: Over $3 Million Raised
$LILPEPE’s presale performance can be a strong indicator of long-term growth. Little Pepe has already crossed the $3 million mark in presale funding, currently sitting in Stage 4. This surge of capital has come from many crypto whales.
More so, the presale is exclusively available via littlepepe.com, giving investors a chance to get in early before listing on the exchanges. With four stages already underway and a growing community behind it, the momentum is clear.
Viral Meme Token $LILPEPE
Timing in crypto is everything, and $LILPEPE arrives at a critical inflection point. Meme coins like PEPE, SHIB, and DOGE have shown that massive gains are possible, but also highlighted the volatility of hype-driven assets. By building real infrastructure beneath the meme, Little Pepe is aiming for something more sustainable.
The crypto world is hungry for innovation, but also for culture—and Little Pepe provides both. Its blend of humor, decentralization, and technical performance may well mark the arrival of the next big crypto narrative: meme coins with purpose.
Furthermore, whether you’re a meme enthusiast, a DeFi investor, or someone scouting the next big altcoin breakout, Little Pepe offers something rare in this market: a reason to believe that fun, function, and finance can coexist. With over $3 million raised, a powerful utility token, and a purpose-built Layer 2 chain, $LILPEPE may be early—but it’s already unstoppable.
About Little Pepe
Little Pepe is a next-gen Layer 2 blockchain designed to merge meme culture with high-speed, low-cost decentralized infrastructure. Built for scalability, security, and accessibility, Little Pepe supports EVM-compatible applications and is powered by means of the $LILPEPE token. The project’s mission is to create a meme coin environment wherein utility meets virality, empowering users through cutting-edge technology and lightning-fast transactions.
Disclaimer:This content is provided byLittle Pepe. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented.We do not guarantee any claims, statements, or promises made in this article.This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital.It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.In the event of any legal claims or charges against this article, we accept no liability or responsibility. GlobeNewswire does not endorse any content on this page.
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Source: United States Senator for Nebraska Deb Fischer
Fischer’s Paid Family and Medical Leave policy made permanent in bill—delivering long-term support for working families and employers
Today, U.S. Senator Deb Fischer (R-Neb.) released the following statement after the U.S. Senate passed the One Big Beautiful Bill:
“Last November, Americans spoke loud and clear: they want safer communities, lower energy costs, and real relief for working families. Today, the Senate delivered—blocking a $4 trillion tax hike and investing in border security to keep America safe. This bill locks in the 2017 Tax Cuts and Jobs Act, saving the average Nebraska family $2,400 a year. It keeps taxes low, boosts small businesses, strengthens our military, supports farmers and ranchers, and makes energy more affordable for everyone.
“I’m also pleased this bill makes permanent my Paid Family and Medical Leave (PFML) Tax Credit. Since I established the nation’s first and only federal PFML policy in 2017, this credit has empowered employers of all sizes to offer paid leave to their workers voluntarily, rather than through a government mandate. Now, employers across America have the certainty they need to support employees as they care for a newborn or an aging parent without sacrificing their job or paycheck.
“I urge the House to take up this bill and send it to the president’s desk so we can deliver on our promises to empower working families and keep America safe, strong, and prosperous.”
One Big Beautiful Bill Provisions:The One Big Beautiful Bill contains the following provisions championed by Fischer:
Paid Family Medical Leave Tax Credit Extension and Enhancement Act: makes the PFML Employer Tax Credit—the country’s first-ever nationwide PFML policy—permanent, helping employers of all sizes to voluntarily – not through a government mandate—offer PFML plans to their employees;
A carve-out for the Department of Defense—for the first time in history—of specific spectrum bands (3, 7, and 8 gigahertz frequencies) from general Federal Communications Commission auction authority, which will safeguard the missile defense of the homeland, protect our military radars and sensors, and lay the groundwork for long-term defense innovation—including the Golden Dome Missile Defense Shield; and
A modified version of her Protecting Rural Seniors Access to Care Act, which repeals a harmful Biden-era staffing mandate that would have forced several long-term care (LTC) facilities to close, depriving America’s seniors of care.
It also includes the following tax provisions to benefit Nebraska families:
Prevents a more-than $2,400 tax hike on the average Nebraska family;
Protects over 44,000 family-owned farms in Nebraska from having their death tax exemption cut in half;
Protects 37,000 jobs in Nebraska from being lost;
Ensures more than 239,000 Nebraska households’ child tax credit is not cut in half;
Makes sure more than 868,000 Nebraska families’ standard deduction is not cut in half;
Establishes work requirements for able-bodied adults who are choosing not to work and do not have dependent children or elderly parents in their care; and
Ensures no taxes on tips or overtime for millions of tipped and hourly workers.
It also supports Nebraska’s agricultural industry by:
Extending the 45Z Clean Fuels Production Tax Credit to support Nebraska’s farmers and biofuel producers;
Investing in and modernizing the farm safety net, including improvements to crop insurance;
Expanding markets for Nebraska’s ag producers by investing in trade promotion;
Increasing funding for foreign animal disease prevention to protect Nebraska’s ag industry; and
Increasing funding for agricultural research.
The bill invests in America’s border security through the following provisions:
$46.5 billion for U.S. Customs and Border Patrol (CBP) to build the border wall and associated infrastructure;
$45 billion to increase the detention of illegal migrants;
$6 billion for improvements to surveillance at the border; and
Funding for the U.S. Department of Homeland Security (DHS) to increase staffing and enhance migrant screening and vetting processes.
The bill also makes crucial investments in America’s national security through the following provisions:
$15 billion to modernize nuclear weapons and delivery systems and to invest in the infrastructure needed to restore America’s ability to manufacture nuclear weapons;
$25 billion to accelerate procurement of key munitions and expand production capacity;
$25 billion for America’s Golden Dome—building a layered missile defense shield and developing space-based assets to protect the homeland and deployed troops; and
$1 billion to support Department of Defense personnel and logistics for border security and counterdrug operations.
Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.
———————————
Highlights:
Secretary-General / Financing for Development
Deputy Secretary-General
Occupied Palestinian Territory
Syria
Humanitarian Syria
Sudan
Sudan Humanitarian
Democratic Republic of the Congo
Haiti
Briefing
———————————
SECRETARY-GENERAL/ FINANCING FOR DEVELOPMENT
This morning, in Sevilla, Spain, the Secretary-General had a closed meeting with the Heads of the Multilateral Development Banks (MDBs). He then had a bilateral meeting with Juan Manuel Moreno Bonilla, President of the regional government of Andalusia and the First Vice-President of the European Committee of the Regions.
The Secretary-General left Sevilla in the afternoon. We expect to announce his next travel in the coming days.
DEPUTY SECRETARY-GENERAL
The Deputy Secretary-General, Amina Mohammed, was also present at the Fourth International Conference on Financing for Development (FFD4) in Sevilla, where she delivered remarks at the High-Level session of the International Business Forum. She called for a shift from international assistance to investments in sustainable development and underscored the private sector’s role in delivering impact at scale.
She also participated in a G20-Spain high-level special event on debt sustainability in developing countries alongside Prime Minister Pedro Sanchez, and she highlighted the need to break the cycle of debt and welcomed the growing attention from policymakers.
This evening, she will travel to Vienna to address the 68th session of the Committee on the Peaceful Uses of Outer Space, organized by the United Nations Office for Outer Space Affairs (UNOOSA).
During her time, there she will meet with Member States, senior government officials and the UN system. She will then return to Seville on Thursday for the closing of FFD4.
OCCUPIED PALESTINIAN TERRITORY
Turning to the situation in the Gaza Strip, the Israeli military operations have further intensified in northern Gaza since the issuance of the displacement order on Sunday by the Israeli authorities. In the time since that directive was announced, our partners on the ground say that at least 1,500 families have been displaced from North Gaza, as well as eastern parts of Gaza governorate, towards the central and western parts of Gaza governorate.
Over the past 48 hours, five school buildings sheltering displaced families in North Gaza were reportedly hit, with deaths and injuries reported. Initial assessments by partners indicate that many families who fled from the schools that were hit have returned to North Gaza, largely due to the lack of alternatives and limited shelter space elsewhere.
Healthcare also continues to come under attack. The World Health Organization says that in central Gaza yesterday, a tent sheltering displaced people in the courtyard of Al-Aqsa Hospital in Deir al Balah was reportedly hit, injuring five people. The agency added that the hospital’s internal medicine department also sustained some damage, and its oxygen supply line was affected.
Since October 2023, WHO has documented 734 attacks on healthcare in Gaza. WHO reiterated its call for the protection of civilians and healthcare facilities. OCHA reiterates that under international humanitarian law, civilians and civilian infrastructure must be protected, not targeted.
Regarding aid operations on the ground, OCHA tells us that movement restrictions remain a major challenge, preventing partners from predictably and sustainably providing critical services and assistance.
Full Highlights:
https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=01+July+2025
Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.
———————————
Highlights:
Secretary-General / Financing for Development
Deputy Secretary-General
Occupied Palestinian Territory
Syria
Humanitarian Syria
Sudan
Sudan Humanitarian
Democratic Republic of the Congo
Haiti
Briefing
———————————
SECRETARY-GENERAL/ FINANCING FOR DEVELOPMENT
This morning, in Sevilla, Spain, the Secretary-General had a closed meeting with the Heads of the Multilateral Development Banks (MDBs). He then had a bilateral meeting with Juan Manuel Moreno Bonilla, President of the regional government of Andalusia and the First Vice-President of the European Committee of the Regions.
The Secretary-General left Sevilla in the afternoon. We expect to announce his next travel in the coming days.
DEPUTY SECRETARY-GENERAL
The Deputy Secretary-General, Amina Mohammed, was also present at the Fourth International Conference on Financing for Development (FFD4) in Sevilla, where she delivered remarks at the High-Level session of the International Business Forum. She called for a shift from international assistance to investments in sustainable development and underscored the private sector’s role in delivering impact at scale.
She also participated in a G20-Spain high-level special event on debt sustainability in developing countries alongside Prime Minister Pedro Sanchez, and she highlighted the need to break the cycle of debt and welcomed the growing attention from policymakers.
This evening, she will travel to Vienna to address the 68th session of the Committee on the Peaceful Uses of Outer Space, organized by the United Nations Office for Outer Space Affairs (UNOOSA).
During her time, there she will meet with Member States, senior government officials and the UN system. She will then return to Seville on Thursday for the closing of FFD4.
OCCUPIED PALESTINIAN TERRITORY
Turning to the situation in the Gaza Strip, the Israeli military operations have further intensified in northern Gaza since the issuance of the displacement order on Sunday by the Israeli authorities. In the time since that directive was announced, our partners on the ground say that at least 1,500 families have been displaced from North Gaza, as well as eastern parts of Gaza governorate, towards the central and western parts of Gaza governorate.
Over the past 48 hours, five school buildings sheltering displaced families in North Gaza were reportedly hit, with deaths and injuries reported. Initial assessments by partners indicate that many families who fled from the schools that were hit have returned to North Gaza, largely due to the lack of alternatives and limited shelter space elsewhere.
Healthcare also continues to come under attack. The World Health Organization says that in central Gaza yesterday, a tent sheltering displaced people in the courtyard of Al-Aqsa Hospital in Deir al Balah was reportedly hit, injuring five people. The agency added that the hospital’s internal medicine department also sustained some damage, and its oxygen supply line was affected.
Since October 2023, WHO has documented 734 attacks on healthcare in Gaza. WHO reiterated its call for the protection of civilians and healthcare facilities. OCHA reiterates that under international humanitarian law, civilians and civilian infrastructure must be protected, not targeted.
Regarding aid operations on the ground, OCHA tells us that movement restrictions remain a major challenge, preventing partners from predictably and sustainably providing critical services and assistance.
Full Highlights:
https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=01+July+2025
NEW YORK, July 01, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for over 12,000 U.S. and international securities, today launched the OTCID™ Basic Market, a major structural upgrade that redefines the baseline for disclosure in the over-the-counter (OTC) equities space.
With the elimination of the Pink CurrentMarket, the new OTCID™ Basic Market introduces a more transparent framework for companies that choose to engage with U.S. investors through consistent, ongoing reporting.
The move reflects OTC Markets Group’s broader strategy to enhance market clarity, reduce investor uncertainty, and offer compliant companies a more defined pathway to grow their presence in U.S. public markets.
Companies trading on the OTCID™ Basic Market are now required to meet specific disclosure benchmarks, including timely quarterly and annual financials, management certifications, and updated company profile information. These foundational requirements ensure that investors, brokers, regulators, and data providers can rely on timely, accurate information from issuers of securities.
“We’re supporting companies that choose to connect with the market and commit to timely, consistent, ongoing disclosure, as the best public companies understand that their data drives market quality” said Cromwell Coulson, President and CEO of OTC Markets Group. “When companies provide reliable information, that data flows directly into investor screens and broker-dealer machines, enhancing transparency, improving price discovery, and driving better outcomes across the market.”
1237 securities from the US and key international markets, including Canada, Australia, the United Kingdom, Japan and Hong Kong have already taken the necessary steps to meet OTCID requirements, reinforcing their commitment to timely disclosure and direct engagement with U.S. investors.
For many, OTCID is a strategic entry point, not a final destination. Investor-focused issuers continue to move up the market. Since January, 61 companies, including Bayer AG and OMV AG, have qualified for the OTCQX® Best Market, underscoring growing demand among issuers for higher visibility, stronger governance, and deeper, digital engagement with U.S. investors.
Companies that fail to meet the new OTCID’s requirements have been downgraded to either the Pink Limited™ Market or the Expert Restricted Market. Pink Limited™ Market serves as a warning to investors, flagging securities with limited to no issuer involvement, including companies with limited, outdated, or inconsistent disclosures. The Expert Market continues to include securities that fail to meet even the most basic public disclosure requirements under SEC Rule 15c2-11. Quotes in Expert Market securities are not available to retail investors.
By setting sharper distinctions between active and inactive issuers, OTC Markets Group is delivering on its mission to foster informed investment decisions and build a more efficient public market.
About OTC Markets Group Inc. OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.
OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.
SANTIAGO, Chile, July 01, 2025 (GLOBE NEWSWIRE) — You are cordially invited to participate in Banco Santander Chile’s (NYSE: BSAC) conference call-webcast on Tuesday August 5, 2025, at 11.00 AM (ET time) where we will discuss 2Q 2025 financial results. The Bank’s Officers participating in the conference call are: Patricia Pérez, CFO, Cristian Vicuña, Chief Strategy Officer & Head of IR and Andrés Sansone, Chief Economist. A question and answer session will follow the presentation.
The Management Commentary report will be published on July 31, 2025, before the market opens. The quiet period begins on July 17.
Banco Santander Chile is one of the companies with the highest risk classifications in Latin America with an A2 rating from Moody’s, A- from Standard and Poor’s, A+ from Japan Credit Rating Agency, AA- from HR Ratings and A from KBRA. All our ratings as of the date of this report have a Stable Outlook.
As of March 31, 2025, the bank had total assets of Ch$67,059,423 million (US$70,284 million), total gross loans (including those owed by banks) at amortized cost of Ch$41,098,666 million (US$43,075 million), total deposits of Ch$30,607,715 million (US$32,080 million), and bank owners’ equity of Ch$4,400,233 million (US$4,612 million). The BIS capital ratio was 16.9%, with a core capital ratio of 10.7%. As of March 31, 2025, Santander Chile employed 8,712 people and had 237 branches throughout Chile.
MINNEAPOLIS and ST. PAUL, Minn., July 01, 2025 (GLOBE NEWSWIRE) — (NASDAQ: ONB)– Old National Bancorp (“Old National”) has appointed Matt Keen as Chief Information Officer (CIO). In this role, Keen will join Old National’s Executive Leadership Team – the company’s senior-most group of C-suite executives.
Keen brings more than three decades of experience in significant technology leadership roles at national companies, including leading architecture development, as well as experience with brokerage and banking services, cloud service optimization, and platform modernization.
“As Old National continues our Midwest and Southeast expansion, our technology strategy and capabilities are also evolving to continue meeting our ever-growing clients’ needs and expectations,” said Old National Chairman & CEO Jim Ryan. “Matt’s wide-ranging technology expertise will be essential for helping us innovate and deliver client-focused solutions, while also supporting the personal relationships that have always been the heart of our success.”
Keen’s previous technology leadership experience included consulting with American Express as part of his tenure at PriceWaterhouseCoopers, almost 15 years at Ameriprise Financial (formerly a division of American Express), and six years at Two Harbors Investments. Most recently, he served as CIO for Bremer Bank, which became a division of Old National Bank on May 1, 2025.
As Old National’s CIO, Keen will lead a forward-thinking approach to leveraging technology as an enabler for business success. He will shape and execute the company’s technology strategy, working closely and collaboratively with all aspects of the business to identify ways to increase efficiencies and drive growth. With a particular emphasis on innovation, Keen and his team will use technology, as well as data and analytics, to effectively support and enhance the client and team member experience, to meet their ever-evolving expectations.
“I’m looking forward to continuing to advance the strong technology foundation that has enabled Old National to achieve its growth goals,” Keen said. “Through a collaborative approach and intense focus on our clients, we’ll bring forward the best technology capabilities to serve the business and support the culture that our team members, clients, and communities expect and appreciate.”
A resident of Chanhassen, Minn., Keen holds a degree in quantitative methods and computer science from the University of St. Thomas.
Keen succeeds retiring Chief Information Officer Paul S. Kilroy, who joined Old National in 2020. During his tenure, Kilroy spearheaded a groundbreaking partnership with Infosys that vastly improved contact center quality and stabilized information quality metrics across the organization, leading to a 2024 “Tech Exec of the Year” honor from the Indianapolis Business Journal.
ABOUT OLD NATIONAL Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $70 billion of assets and $37 billion of assets under management (including Bremer Financial Corporation on a pro forma basis as of March 31, 2025), Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light again named Old National one of “The Civic 50” — an honor reserved for the 50 most community-minded companies in the United States.
Source: United States Senator Ben Ray Luján (D-New Mexico)
WATCH: Luján Holds Senate Floor During Midnight Session
WATCH: Luján Introduces Amendment to Save SNAP
Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.) issued the following statement after Senate Republicans voted to pass their partisan budget reconciliation bill:
“Senate Republicans just pushed through a budget bill that hurts New Mexican families. In their rush to meet President Trump’s demands, they voted blindly, with no regard for the harm this bill will inflict on all of our constituents.
“This Republican bill guts health care for children and families, strips food assistance from our neighbors, and puts rural hospitals and grocery stores on the brink of closure – all to hand out massive tax cuts to the ultra-wealthy and big corporations. It also adds more than $3 trillion to the national debt – driving up interest rates across the board, making car loans and mortgages more expensive for families, and raising borrowing costs for small businesses and farmers.
“This bill is not just bad policy – it’s a failure of leadership and a betrayal of New Mexico families, rural communities, and American values.”
Senator Luján backed a series of amendments and motions to the Republican reconciliation bill aimed at protecting access to health care and nutrition programs and lowering costs for New Mexicans. Senate Republicans blocked these common-sense proposals from Senator Luján and Senate Democrats.Among those measures:
Keeping Food on the Table for New Mexicans:
Millions of families rely on nutrition assistance programs. Senator Luján led a motion to protect funding for SNAP that ensures New Mexico families and children have access to nutritious food. These programs also support New Mexico’s farmers, ranchers, and local communities that rely on these dollars to keep food on shelves and economies strong.
Defending Medicaid and the Affordable Care Act:
Republicans are trying to pay for tax breaks for the wealthy and big corporations by ripping away Medicaid coverage from millions of Americans. New Mexico has the highest per-capita Medicaid enrollment in the country, and children, pregnant women, and working families depend on it. Senator Luján supported a motion to strengthen Medicaid and protect health care for New Mexicans.
Keeping New Mexico Communities Safe:
Amid a nationwide shortage of police officers, Senator Luján proposed a motion to provide increased resources for local law enforcement by funding the COPS Hiring Program. Senator Luján previously led dozens of his colleagues in calling for additional funding for public safety.
Protecting New Mexicans from Wildfires:
As wildfires continue to devastate New Mexico and the West, Senator Luján supported a motion to invest in wildfire prevention and protect our communities from future disasters.
Protecting Clean Energy Investments:
As the climate crisis grows more urgent – and Republicans push to gut clean energy programs – Senator Luján supported amendments to safeguard investments in our energy future and reduce costs.
Lowering Taxes for Small Businesses and the Middle Class:
To bring down costs for New Mexico families and small businesses, Senator Luján supported amendments that would provide tax relief to the middle class and small businesses.
Arrests Disrupted Clandestine PRC Ministry of State Security Intelligence Network Operating in the United States
Two nationals of the People’s Republic of China (PRC) made their initial appearances in federal court in Portland, Oregon, and Houston, Texas, yesterday to face charges issued out of the Northern District of California for acting as agents of the Government of the PRC without prior notification to the Attorney General. The defendants, Yuance Chen, 38, a PRC national and legal permanent resident who resides in Happy Valley, Oregon, and Liren “Ryan” Lai, 39, a PRC national who traveled from the PRC to Houston, Texas, on a tourist visa in April 2025, were arrested Friday on a criminal complaint charging them with overseeing and carrying out various clandestine intelligence taskings in the United States on behalf of the PRC Government’s principal foreign intelligence service, the Ministry of State Security (MSS). These activities included facilitating a “dead drop” payment of cash for information relating to the national security of the United States previously provided to the MSS, gathering intelligence about U.S. Navy service members and bases, and assisting with efforts to recruit other individuals from within the U.S. military as potential MSS assets.
Chen and Lai were arrested on June 27, 2025, by the FBI in Happy Valley, Oregon, and Houston Texas, as part of a coordinated counterintelligence and law enforcement operation across multiple states.
“This case underscores the Chinese government’s sustained and aggressive effort to infiltrate our military and undermine our national security from within,” said Attorney General Pamela Bondi. “The Justice Department will not stand by while hostile nations embed spies in our country – we will expose foreign operatives, hold their agents to account, and protect the American people from covert threats to our national security.”
“The FBI arrested two Chinese nationals who were allegedly attempting to recruit U.S. military service members on behalf of the PRC,” said FBI Director Kash Patel. “The Chinese Communist Party thought they were getting away with their scheme to operate on U.S. soil, utilizing spy craft, like dead drops, to pay their sources. This case was a complex, coordinated effort and is an example of outstanding counterintelligence work done by FBI San Francisco, Portland, Houston, San Diego, and the Counterintelligence Division. The FBI will continue to vigilantly defend the homeland from China’s pervasive attempts to infiltrate our borders.”
“Adverse foreign intelligence services like the PRC’s Ministry of State Security dedicate years to recruiting individuals and cultivating them as intelligence assets to do their bidding within the United States,” said Assistant Attorney General for National Security John A. Eisenberg. “Under my leadership, the National Security Division will continue to defend our nation and neutralize our adversaries’ clandestine spy networks.”
“These charges reflect the breadth of the efforts by our foreign adversaries to target the United States — this time by conducting illegal intelligence-gathering operations aimed at our national security information and military service members,” said U.S. Attorney Craig H. Missakian for the Northern District of California. “My office and the FBI remain ever vigilant in guarding against these threats to the United States. We will continue to undertake counterespionage investigations and prosecutions, no matter how complex and sensitive, to disrupt attempts to weaken our national security.”
As alleged in the criminal complaint unsealed yesterday, the PRC Government conducts intelligence activities against the United States through multiple arms, including the MSS. The MSS handles civilian intelligence collection for the PRC and is responsible for counterintelligence and foreign intelligence, as well as political security. The MSS and its bureaus seek to obtain information on political, economic, and security policies that might affect the PRC, along with military, scientific, and technical information of value to the PRC. The MSS and its bureaus are tasked with conducting clandestine and covert human source operations, of which the United States is a principal target.
As alleged in the criminal complaint, Lai recruited Chen to work on behalf of the MSS in or about 2021. While in Guangzhou, China, in January 2022, Lai and Chen worked together to facilitate a dead-drop payment of at least $10,000 on behalf of the MSS, working with other individuals located in the United States to leave a backpack with the cash at a day-use locker at a recreational facility located in Livermore, California.
Following the January 2022 dead drop, Lai and Chen continued to work on behalf of the MSS, including to help identify potential assets for MSS recruitment within the ranks of the U.S. Navy. For example, beginning in 2022, Chen was tasked by Lai and other agents of the MSS to contact a Navy employee over social media, and then later, in 2025, arranged for a tour with the employee of the USS Abraham Lincoln and provided information about the employee to the MSS. In 2022 and 2023, Chen was tasked to visit a U.S. Naval installation in Washington State and a U.S. Navy recruitment center in San Gabriel, California. While in the recruitment center, Chen obtained photographs of a bulletin board containing the names, programs, and hometowns of recent Navy recruits, the majority of whom listed their hometown as “China,” which he appears to have transmitted to an MSS intelligence officer in China. The complaint also alleges that Chen received instruction from the MSS on what to say to potential recruits regarding potential payment that could be made by the MSS, preferred Naval job assignments for potential recruits, and methods for minimizing Chen’s risk of exposure. The complaint alleges that in 2023, Lai flew to the United States from the PRC and provided Chen with a cellphone that Chen then used to communicate with the MSS. The complaint also alleges that Chen traveled to Guangzhou and met with MSS intelligence officers in April 2024 and March 2025 in order to discuss compensation and specific taskings.
The complaint also alleges that Lai traveled to Houston, Texas, in April 2025, claiming that the purpose of his visit was related to his business as an online retail seller, and that he would be staying in the Houston area for two weeks. However, on May 9, 2025 – more than four weeks after his arrival in the United States – Lai traveled by car with a companion from Houston to Southern California, via New Mexico and Tucson, Arizona, before returning to Texas, on May 15, 2025.
Chen and Lai are charged with violating Title 18, United States Code, Section 951, which makes it a crime for a person to operate or agree to operate within the United States as an agent of a foreign government without notification to the Attorney General of the United States. If convicted, the defendants face a fine of up to $250,000 and a term of imprisonment of up to 10 years.
The FBI San Francisco Field Office is leading the investigation, with valuable assistance provided by the FBI Portland, Houston, and San Diego Field Offices. The Naval Criminal Investigative Service (NCIS) also provided valuable assistance during the operation.
The National Security and Special Prosecutions Section of the U.S. Attorney’s Office for the Northern District of California and the National Security Division’s Counterintelligence and Export Control Section are in charge of the prosecution. Significant operational support and assistance is also being provided by the District of Oregon, the Southern District of Texas, and the Southern District of California.
A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
New York City, July 01, 2025 (GLOBE NEWSWIRE) — Against the backdrop of drastic fluctuations in the global economy, cryptocurrencies have become the “number one” investment asset pursued by global investors. In particular, BTC, ETH, and XRP continue to influence the global cryptocurrency market. However, AQUARONE, Steffan Luke, CEO of WinnerMining Co., Ltd., believes that amid the market fluctuations that everyone is worried about, there are business opportunities that cannot be missed.
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Villers-lès-Nancy, 1st July 2025 – 07:00 p.m. (CET)
PRESS RELEASE
RESULTS OF THE VOTES ON THE RESOLUTIONS SUBMITTED TO THE ORDINARY ANNUAL SHAREHOLDERS’ MEETING OF 25 JUNE 2025
Number of shares comprising the share capital: 15,174,125
Number of shares with voting rights: 14,830,415
Number of shares with voting rights possessed by shareholders presents or represented or having voted by mail: 13,173,125
That means a quorum of 88.83% of the 14,830,415 shares with voting rights:the Ordinary Annual General Meeting was able to deliberate.
The Ordinary Annual General Meeting was held on Wednesday, 25 June 2025 at 5:30 p.m. at the Company’s headquarters and approved the separate parent company and consolidated financial statements for the 2024 financial year. The results of the votes on the resolutions proposed at this meeting by the Board of Directors were as follows:
Resolutions
Results of the votes
RESOLUTION ONE
Approval of the annual financial statements
Resolution adopted by:
13,170,684 votes in favour
0 vote against
2,441 abstentions
RESOLUTION TWO
Discharge of directors and discharge of the Statutory Auditors for the performance of their engagement
Resolution adopted by:
12,831,312 votes in favour
339,266 votes against
2,547 abstentions
RESOLUTION THREE Approval of the consolidated financial statements
Resolution adopted by:
13,170,684 votes in favour
0 vote against
2,441 abstentions
RESOLUTION FOUR
Appropriation of earnings, setting the dividend
Resolution adopted by:
13,138,631 votes in favour
34,494 votes against
0 abstention
RESOLUTION FIVE
Agreements and commitments governed by Articles L. 225-38 of the French Commercial Code
Resolution adopted by (*):
13,101,211 votes in favour
59,549 votes against
12,365 abstentions
RESOLUTION SIX
Approval of the information on the compensation of corporate officers paid in or granted for fiscal 2024 and mentioned in Article L. 22-10-9 of the French Commercial Code
Resolution adopted by:
12,507,815 votes in favour
665,242 votes against
68 abstentions
RESOLUTION SEVEN
Approval of the components of compensation paid in 2024 to Mr. Thierry CHAPUSOT, Chairman of the Board of Directors
Resolution adopted by:
13,115,547 votes in favour
57,510 votes against
68 abstentions
RESOLUTION EIGHT
Approval of the components of compensation paid in 2024 to Mr. Denis SUPPLISSON, Chief Executive Officer
Resolution adopted by:
10,782,118 votes in favour
2,390,939 votes against
68 abstentions
RESOLUTION NINE
Approval of the components of compensation paid in 2024 to Mr. Grégoire DE ROTALIER, Deputy CEO
Resolution adopted by:
10,782,118 votes in favour
2,390,939 votes against
68 abstentions
RESOLUTION TEN
Approval of the components of compensation paid in 2024 to Mr. Damien VALICON, Deputy CEO (non-Board member), as from 01/04/2024
Resolution adopted by:
10,762,253 votes in favour
2,410,804 votes against
68 abstentions
RESOLUTION ELEVEN
Approval of the compensation policy for Mr. Thierry CHAPUSOT, Chairman of the Board of Directors, for 2025
Resolution adopted by:
13,115,547 votes in favour
57,510 votes against
68 abstentions
RESOLUTION TWELVE
Approval of the compensation policy for Mr. Denis SUPPLISSON, Chief Executive Officer, for 2025
Resolution adopted by:
10,545,572 votes in favour
2,454,875 votes against
172,678 abstentions
RESOLUTION THIRTEEN
Approval of the compensation policy for Mr. Grégoire de ROTALIER, Deputy Chief Executive Officer, for 2025
Resolution adopted by:
10,537,207 votes in favour
2,463,240 votes against
172,678 abstentions
RESOLUTION FOURTEEN
Approval of the compensation policy for Mr. Damien VALICON, Deputy Chief Executive Officer, for 2025
Resolution adopted by:
10,537,207 votes in favour
2,463,240 votes against
172,678 abstentions
RESOLUTION FIFTEEN
Approval of the compensation policy for Directors
Resolution adopted by:
13,127,845 votes in favour
45,212 votes against
68 abstentions
RESOLUTION SIXTEEN
Setting total annual compensation for Directors for 2025
Resolution adopted by:
13,127,845 votes in favour
45,212 votes against
68 abstentions
RESOLUTION SEVENTEEN
Authorisation by the Company to repurchase its own shares
Resolution adopted by:
11,297,178 votes in favour
1,875,947 votes against
0 abstention
RESOLUTION EIGHTEEN
Powers for formalities
Resolution adopted by:
13,173,125 votes in favour
0 vote against
0 abstention
(*)After deduction of excluded voting rights
Upcoming financial communications
31 July 2025: Q2 2025 revenue – After the close of trading
26 September 2025: H1 2025 results: 26 September 2025
Founded over 35 years ago, Equasens Group, a leader in digital healthcare solutions, today employs over 1.300 people across Europe. Equasens Group’s specialised business applications facilitate the day-to-day work of healthcare professionals and their teams, working in private practice, collaborative medical structures or healthcare establishments. The Group also provides comprehensive support to healthcare professionals in the transformation of their profession by developing electronic equipment, digital solutions and healthcare robotics, as well as data hosting, financing and training adapted to their specific needs. And reflecting the spirit of its tagline “Technology for a More Human Experience”, the Group is a leading provider of interoperability solutions that improve coordination between healthcare professionals, their communications and data exchange resulting in better patient care and a more efficient and secure healthcare system.
Listed on Euronext Paris™ – Compartment B
Indexes: MSCI GLOBAL SMALL CAP – GAÏA Index 2020 – CAC®SMALL and CAC®All-Tradable Included in the Euronext Tech Leaders segment and the European Rising Tech label
Eligible for the Deferred Settlement Service (“Service à Réglement Différé” – SRD) and equity savings accounts invested in small and mid-caps (PEA-PME). ISIN: FR 0012882389 – Ticker Code: EQS
The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a ZAR 2.5 billion (approximately $139 million) corporate loan to the City of Johannesburg Metropolitan Municipality, marking the Bank’s first direct lending to a subnational entity in Africa.
The transaction will finance critical infrastructure projects in electricity, water, sanitation, and solid waste management, directly benefiting over 6 million residents in South Africa’s economic powerhouse.
The approval marks a transformative moment for municipal financing across Africa, operationalizing the African Development Bank’s Guidelines for Subnational Finance for the first time. The funding will exclusively support trading services infrastructure that generates revenue, ensuring sustainable debt repayment, while addressing urgent challenges in service delivery.
“This landmark transaction, led by the African Development Bank’s Infrastructure and Urban Development Department, in coordination with the Water and Sanitation Department, and the Power Department, signals a new era in how the African Development Bank can empower cities,” said the Bank’s Vice President for Private Sector, Infrastructure & Industrialization, Solomon Quaynor. “By directly financing Johannesburg, we are unlocking a scalable model for subnational lending that enables multi-sectoral infrastructure delivery and positions the Bank as a trusted partner in driving sustainable, inclusive urban development across Africa.”
The loan will finance over 100 carefully selected projects across four vital sectors: upgrading distribution networks, installing smart meters, expanding renewable energy capacity, and connecting 3,200 new households to the grid; rehabilitating aging pipelines, upgrading treatment facilities, and reducing water losses from 46% to 37%; and improving landfill compliance, expanding recycling facilities, and enhancing waste collection services.
“This historic transaction demonstrates the African Development Bank’s commitment to supporting creditworthy cities as engines of economic growth,” said the African Development Bank’s Director General for Southern Africa, Kennedy Mbekeani. “Johannesburg is not just South Africa’s largest city – it contributes 16% to the country’s GDP and serves as a gateway for investment across the continent. By strengthening its infrastructure backbone, we’re investing in Africa’s urban future.”
The City of Johannesburg faces significant infrastructure challenges, with annual electricity losses of 30% for the past three years and water losses of 46.1%. The project is expected to create 2,869 jobs during construction and substantially improve service reliability for millions of residents.
An additional $1.5 million grant through the Bank’s Urban and Municipal Development Fund is being sought to support municipal reforms, governance and climate-resilient planning initiatives.
Beyond infrastructure improvements, the project will deliver significant socioeconomic benefits:
592 full-time equivalent jobs, with 14% reserved for women and 23% for youth.
Reduced electricity and water interruptions will boost productivity for 65% of electricity and 5% of water consumed by industry.
Enhanced free basic services for 160,000 indigent households.
ZAR 500 million in contracts earmarked for small and medium enterprises, with 40% reserved for women-owned businesses and 50% for youth entrepreneurs.
The African Development Bank has included comprehensive safeguards in the project to assure robust monitoring and oversight, transparency, compliance, and sound financial management throughout the loan lifecycle.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Media contact: Emeka Anuforo Communication and External Relations Department media@afdb.org
About the African Development Bank Group: The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states.
BALTIMORE — An investigation conducted by U.S. Immigration and Customs Enforcement led to the sentencing of Amos Oluremi Nureni, 43, to 10 years in prison followed by four years of supervised release, for conspiracy to distribute 40 grams or more of fentanyl and possession of a firearm in furtherance of a drug trafficking crime.
“This sentence sends a clear message: Those who traffic fentanyl, a deadly drug fueling our nation’s overdose crisis, will be held accountable,” said ICE Homeland Security Investigations Baltimore acting Special Agent in Charge Evan Campanella. “In Maryland, we are seeing the devastating impact of fentanyl on our communities every day. Through our strong partnerships with the DEA and the U.S. attorney’s office, HSI will continue to pursue and dismantle the criminal networks responsible for pushing this poison into our neighborhoods. The sentencing of Amos Oluremi Nureni is a direct result of that commitment.”
In September 2023, HSI and the DEA began investigating Nureni in connection with suspected fentanyl trafficking. During the investigation, law enforcement conducted two controlled purchases in which Nureni sold an undercover officer approximately 400 to 500 pills.
The pills were blue in color and imprinted with “M30” — mimicking the markings on legitimate pills from a manufacturer containing oxycodone hydrochloride. As confirmed by laboratory analysis, the blue “M30” pills contained fentanyl. In total, Nureni sold approximately 866 fentanyl pills — or nearly 100 grams of a mixture and substance containing fentanyl — to the undercover officer.
Law enforcement executed a search warrant on Nureni’s Laurel residence March 27, 2024. During the search, law enforcement found a bag containing approximately 10.48 grams (98 pills) of a mixture and substance containing fentanyl and a silver Taurus pistol with an obliterated number in Nureni’s safe. The pistol was loaded with a 9mm round of ammunition in the chamber and a magazine containing six rounds of 9mm ammunition.
Additionally, law enforcement found a large silver and red hydraulic press; a small silver hydraulic press; a digital scale with white powder residue; and several bags containing approximately 6.44 grams (61 pills) of fentanyl, approximately 6.25 grams of cocaine base, approximately 0.859 grams of cocaine, approximately 3.04 grams of cocaine, approximately 3.02 grams of methamphetamine and approximately 1.478 grams of dipentylone in Nureni’s residence.
Campanella, U.S. Attorney for the District of Maryland Kelly O. Hayes and DEA Washington Special Agent in Charge Ibrar A. Mian announced the sentence.
Members of the public with information about criminal activity should contact the ICE Tip Line at 866-DHS-2-ICE (866-347-2423).
Learn more about HSI Baltimore’s mission to increase public safety in our Maryland communities on X at @HSIBaltimore.
Arrests Disrupted Clandestine PRC Ministry of State Security Intelligence Network Operating in the United States
Two nationals of the People’s Republic of China (PRC) made their initial appearances in federal court in Portland, Oregon, and Houston, Texas, yesterday to face charges issued out of the Northern District of California for acting as agents of the Government of the PRC without prior notification to the Attorney General. The defendants, Yuance Chen, 38, a PRC national and legal permanent resident who resides in Happy Valley, Oregon, and Liren “Ryan” Lai, 39, a PRC national who traveled from the PRC to Houston, Texas, on a tourist visa in April 2025, were arrested Friday on a criminal complaint charging them with overseeing and carrying out various clandestine intelligence taskings in the United States on behalf of the PRC Government’s principal foreign intelligence service, the Ministry of State Security (MSS). These activities included facilitating a “dead drop” payment of cash for information relating to the national security of the United States previously provided to the MSS, gathering intelligence about U.S. Navy service members and bases, and assisting with efforts to recruit other individuals from within the U.S. military as potential MSS assets.
Chen and Lai were arrested on June 27, 2025, by the FBI in Happy Valley, Oregon, and Houston Texas, as part of a coordinated counterintelligence and law enforcement operation across multiple states.
“This case underscores the Chinese government’s sustained and aggressive effort to infiltrate our military and undermine our national security from within,” said Attorney General Pamela Bondi. “The Justice Department will not stand by while hostile nations embed spies in our country – we will expose foreign operatives, hold their agents to account, and protect the American people from covert threats to our national security.”
“The FBI arrested two Chinese nationals who were allegedly attempting to recruit U.S. military service members on behalf of the PRC,” said FBI Director Kash Patel. “The Chinese Communist Party thought they were getting away with their scheme to operate on U.S. soil, utilizing spy craft, like dead drops, to pay their sources. This case was a complex, coordinated effort and is an example of outstanding counterintelligence work done by FBI San Francisco, Portland, Houston, San Diego, and the Counterintelligence Division. The FBI will continue to vigilantly defend the homeland from China’s pervasive attempts to infiltrate our borders.”
“Adverse foreign intelligence services like the PRC’s Ministry of State Security dedicate years to recruiting individuals and cultivating them as intelligence assets to do their bidding within the United States,” said Assistant Attorney General for National Security John A. Eisenberg. “Under my leadership, the National Security Division will continue to defend our nation and neutralize our adversaries’ clandestine spy networks.”
“These charges reflect the breadth of the efforts by our foreign adversaries to target the United States — this time by conducting illegal intelligence-gathering operations aimed at our national security information and military service members,” said U.S. Attorney Craig H. Missakian for the Northern District of California. “My office and the FBI remain ever vigilant in guarding against these threats to the United States. We will continue to undertake counterespionage investigations and prosecutions, no matter how complex and sensitive, to disrupt attempts to weaken our national security.”
As alleged in the criminal complaint unsealed yesterday, the PRC Government conducts intelligence activities against the United States through multiple arms, including the MSS. The MSS handles civilian intelligence collection for the PRC and is responsible for counterintelligence and foreign intelligence, as well as political security. The MSS and its bureaus seek to obtain information on political, economic, and security policies that might affect the PRC, along with military, scientific, and technical information of value to the PRC. The MSS and its bureaus are tasked with conducting clandestine and covert human source operations, of which the United States is a principal target.
As alleged in the criminal complaint, Lai recruited Chen to work on behalf of the MSS in or about 2021. While in Guangzhou, China, in January 2022, Lai and Chen worked together to facilitate a dead-drop payment of at least $10,000 on behalf of the MSS, working with other individuals located in the United States to leave a backpack with the cash at a day-use locker at a recreational facility located in Livermore, California.
Following the January 2022 dead drop, Lai and Chen continued to work on behalf of the MSS, including to help identify potential assets for MSS recruitment within the ranks of the U.S. Navy. For example, beginning in 2022, Chen was tasked by Lai and other agents of the MSS to contact a Navy employee over social media, and then later, in 2025, arranged for a tour with the employee of the USS Abraham Lincoln and provided information about the employee to the MSS. In 2022 and 2023, Chen was tasked to visit a U.S. Naval installation in Washington State and a U.S. Navy recruitment center in San Gabriel, California. While in the recruitment center, Chen obtained photographs of a bulletin board containing the names, programs, and hometowns of recent Navy recruits, the majority of whom listed their hometown as “China,” which he appears to have transmitted to an MSS intelligence officer in China. The complaint also alleges that Chen received instruction from the MSS on what to say to potential recruits regarding potential payment that could be made by the MSS, preferred Naval job assignments for potential recruits, and methods for minimizing Chen’s risk of exposure. The complaint alleges that in 2023, Lai flew to the United States from the PRC and provided Chen with a cellphone that Chen then used to communicate with the MSS. The complaint also alleges that Chen traveled to Guangzhou and met with MSS intelligence officers in April 2024 and March 2025 in order to discuss compensation and specific taskings.
The complaint also alleges that Lai traveled to Houston, Texas, in April 2025, claiming that the purpose of his visit was related to his business as an online retail seller, and that he would be staying in the Houston area for two weeks. However, on May 9, 2025 – more than four weeks after his arrival in the United States – Lai traveled by car with a companion from Houston to Southern California, via New Mexico and Tucson, Arizona, before returning to Texas, on May 15, 2025.
Chen and Lai are charged with violating Title 18, United States Code, Section 951, which makes it a crime for a person to operate or agree to operate within the United States as an agent of a foreign government without notification to the Attorney General of the United States. If convicted, the defendants face a fine of up to $250,000 and a term of imprisonment of up to 10 years.
The FBI San Francisco Field Office is leading the investigation, with valuable assistance provided by the FBI Portland, Houston, and San Diego Field Offices. The Naval Criminal Investigative Service (NCIS) also provided valuable assistance during the operation.
The National Security and Special Prosecutions Section of the U.S. Attorney’s Office for the Northern District of California and the National Security Division’s Counterintelligence and Export Control Section are in charge of the prosecution. Significant operational support and assistance is also being provided by the District of Oregon, the Southern District of Texas, and the Southern District of California.
A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Source: The Conversation – UK – By Labib Azzouz, Research Associate in Transport and Energy Innovation, University of Oxford
Electric vehicle chargers at a motorway service station in Grantham, England.Angus Reid/Shutterstock
The automotive and EV industry has repeatedly insisted that the UK needs more electric vehicle (EV) chargers to help motorists make the switch from conventional fossil-fuel burning cars.
The Labour government has announced £400 million to install EV chargers, mainly on streets in poorer residential neighbourhoods, in place of the Conservative’s £950 million rapid charging fund that was directed at installing chargers in motorway service stations.
Does it matter where these chargers are – and who pays to build them?
The short answer is yes, it does matter. Our research conducted at motorway and local EV charging stations across England – including those located in residential areas, high streets and community centres – indicates that these two types of infrastructure serve distinct groups of users and fulfil different purposes.
Suggesting that one can substitute for the other risks sending mixed signals to both the industry and the driving public.
We found that motorway charging stations tend to cater to wealthier men, who are more likely to own premium EVs with long-range batteries and better performance. Many of these drivers have access to home chargers, so their use of public chargers is only for occasional, long-distance travel for business, leisure, or holidays – trips that require chargers along motorways.
Convenience and charging speed are often more important than the price of public charging, particularly when the travel costs of these drivers are covered by their employers.
Local public charging stations, on the other hand, serve more diverse groups. These include drivers from lower-income households who are more likely to own older and smaller EVs with shorter ranges. Access to home charging is often limited, especially for people living in flats or urban areas without driveways, garages or off-street parking.
Local chargers are also vital for taxi and delivery drivers who depend on their vehicles for work and make frequent short trips throughout the day. There are many professional drivers without access to workplace charging stations who need alternative local provision – something the Conservative government recognised in its 2022 EV charging strategy.
Ultimately, the transition to EVs should take a balanced approach that carefully considers social equity, economic viability and environmental impact.
Different locations serve different drivers
Motorway charging stations are commercially attractive to private investors, such as energy companies, specialist charging providers and car manufacturers, despite their higher upfront costs and complex requirements.
This is because service stations offer greater short-term revenue due to their ability to set premium prices. This is a result of there being limited alternatives and high demand for rapid charging, especially among long-distance travellers, and the willingness of EV drivers to pay for speed and convenience – unlike in more price-sensitive neighbourhood settings.
Unsurprisingly, the government found that the rapid deployment of motorway chargers in recent years has been largely driven by the private sector. Our research highlighted that these revenues could be enhanced by a broader range of retail, dining and relaxation amenities, turning the time waiting for a car to charge into a more productive and pleasurable experience.
Residential charging stations may not offer high profits per charge, but they typically require lower capital investment and benefit from consistent and predictable use. They are also suited to measures for reducing strain on the grid and balancing energy supply and demand.
These measures include tariffs that make it cheaper to charge EVs during off-peak hours, or technology that allows cars to feed electricity stored in batteries back into the grid. These features make them appropriate for public funding, where return on investment is measured not just in profit but in value for the public.
Considering that local EV charging serves those who do not have access to home charging and who drive for a living, the case for public funding is even stronger. These sorts of chargers make switching to an EV easier for different groups.
For example, safe and carefully placed public chargers could help more women switch to EVs – although our research suggests that, while “careful placement” might refer to residential areas, it doesn’t necessarily mean on streets. Well-lit car parks and community destinations are sometimes considered safer options.
Charging points outside a community centre in the Outer Hebrides, Scotland. AlanMorris/Shutterstock
By helping EV drivers make frequent short trips, local chargers can also significantly reduce urban air pollution, emissions and noise, contributing to more liveable, healthier cities.
That said, motorway charging stations and those near key transport corridors still play a crucial role in a comprehensive national network, and public funding may be required in more peripheral and rural areas of the UK where installations lag and commercial interest is limited.
While long-distance trips are less frequent than short ones, they account for a disproportionately large share of energy use and emissions. Switching such trips to electric will be essential to reaching net zero goals.
It seems reasonable to prioritise public investment in local EV charging infrastructure to support a fairer EV transition, but this should not be limited to on-street chargers. Investment is needed in residential and non-residential areas, public car parks, community centres and workplaces.
Different types of EV charging are not interchangeable – all are needed to support the switch.
Don’t have time to read about climate change as much as you’d like?
Labib Azzouz has received funding from the UK Research and Innovation via the UK Energy Research Centre and Innovate UK as part of the Energy Superhub Oxford (ESO) project.
Hannah Budnitz receives government funding from UK Research and Innovation grants via the Economic and Social Research Council and the Engineering and Physical Sciences Research Council. She has also previously received funding from Innovate UK and the Department for Transport.
Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. — U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance and Judiciary Committees, and Ranking Member of the Senate Agriculture Subcommittee on Rural Development, Energy, and Credit, released the following statement after voting in strong opposition against Senate Republicans’ disastrous tax bill:
“We have an obligation to put the constituents and hardworking families we represent first. Instead of helping everyday people, Republicans’ tax bill capitulates to President Trump and harms communities large and small. This cruel bill will take us back decades by exacerbating income inequality, ripping away health care, and rolling back progress on climate change. It will also raise costs and weaken the economy. All of this pain has been caused to help pay for tax cuts for the very wealthy—a top priority of President Trump. I am grateful to the few Republicans—Senators Tillis, Paul, and Collins—who voted against this terrible bill,” said Senator Welch. “The irony is all these hardships will be faced by citizens in red and blue states—the pain is bipartisan. It’s outrageous that families will now face untold hardships because of the Trump Administration’s cuts. I voted no on this bill and will fight to reverse these policies in any way I can.”
Republicans’ reckless tax and spending bill will block access to health care for 17 million people, rip away vital food assistance for millions, cut clean energy incentives and add a tax to wind and solar energy, raise utility bills and grocery prices, and tank the economy—all to pay for tax cuts for the very wealthy.
Senator Welch filed amendments and changes to Republicans’ One Big Beautiful Bill Act to strengthen the economy, protect access to health care and nutrition programs, and provide more stability for families and rural communities, including provisions to:
Protect Access to Health Care and Support Rural Hospitals:
Welch proposed requiring the Finance Committee to rewrite the bill to prevent harm to rural health care and the fiscal wellbeing of rural hospitals;
Welch proposed requiring the Finance Committee to exempt managed care programs operated by state governments like Vermont from any changes proposed to state directed payments.
Welch proposed requiring the Finance Committee to strike any changes to provider taxes, including changes that would impact states like Vermont with Medicaid expansion;
Welch proposed requiring the Health, Education, Labor and Pensions (HELP) Committee to make it easier to verify eligibility for the Affordable Care Act’s premium tax credits and expand special enrollment periods under certain circumstances.
Defend Food Assistance Programs:
Welch proposed requiring the Agriculture Committee to strike any cost-shifts of administering SNAP to states, which would kick American families off the food assistance they need and strain state budgets;
Welch proposed an amendment to strike administrative cost-shifts for SNAP;
Welch proposed an amendment to adjust the Thrifty Food Plan for cities, counties, and regions where the price of food is 10% higher than the national average;
Welch proposed an amendment that places a floor on SNAP allotments to households instead of a ceiling;
Welch proposed an amendment preserving the standard utility deduction, which cuts administrative red tape and boosts benefits by providing a more accurate portrayal of a household’s available resources for food when determining SNAP eligibility;
Welch proposed requiring the Agriculture Committee to rewrite the bill to allow volunteer work to qualify under SNAP’s work requirements.
Protect Programs and Government Services:
Welch proposed requiring the Finance Committee to rewrite the bill to maintain the energy efficient home improvement tax credit at current levels through 2028;
Welch proposed an amendment to strike the repeal of several home energy efficiency tax credits, including credits for home energy, rooftop solar, energy efficient homes for homebuilders, and more;
Welch proposed striking language in the bill that would rescind funding for state-based contractor training grants, as required in Welch’s HOPE for HOMES Act, passed as part of the Inflation Reduction Act;
Welch proposed striking language in the bill that would institute taxes on international remittances.
Welch proposed an amendment to dedicate funding for residential reentry centers, which are needed in Vermont;
Welch proposed an amendment to dedicate funding for the federal public defenders program, which is currently underfunded.
Senator Welch has been an outspoken opponent of the President Trump’s One Big Beautiful Bill Act, which Republicans are advancing through reconciliation process without Democratic support. Late Sunday evening, Senator Welch took to the Senate floor to reveal how Republicans’ disastrous tax and spending bill will force millions of working Americans in Vermont, West Virginia, and across the country to lose their health coverage, rip away vital food assistance for more than 42 million Americans, cut clean energy incentives and add a tax to wind and solar energy, raise utility bills and grocery prices, and tank the economy—all to pay for tax cuts for the very wealthy.
Welch has slammed the bill for threatening access to health care and cutting food assistance, and has sounded the alarm about how this bill will add more than $4 trillion to the national debt and tank the economy.
BALTIMORE — An investigation conducted by U.S. Immigration and Customs Enforcement led to the sentencing of Mark Rice, 38, to 30 years in prison followed by lifetime supervised release, for producing and distributing child sexual abuse material.
“This sentencing is a powerful reminder that those who exploit and abuse children will be relentlessly pursued and held accountable,” said ICE Homeland Security Investigations Baltimore Special Agent in Charge Michael McCarthy. “There is no place in society for predators who create and distribute child sexual abuse material. These crimes shatter lives, and HSI will never waver in our mission to bring justice to victims by targeting those who commit these horrific acts. We will continue to work with our partners to ensure the strongest possible consequences under the law.”
Rice previously pled guilty to one count of producing child sexual abuse material, one count of distributing child sexual abuse material and one count of possessing child sexual abuse material. These charges stem from Rice sexually abusing two minors in his care while using social media to distribute and solicit child sexual abuse material.
According to his plea agreement, Rice used his position of authority to sexually abuse a minor — beginning when she was less than 3 years old — as he created photographic evidence of the abuse. He also exploited a second minor through surreptitious photography. Rice actively participated in online communities dedicated to trading child sexual abuse material. He used platforms such as Reddit, Telegram and Kik to distribute images of his victims and obtain material depicting other children.
In April 2023, the National Center for Missing and Exploited Children received a CyberTip from Reddit regarding the transmission of child sexual abuse material. Authorities traced the tip to an IP address associated with Rice’s Elkton residence.
During a Maryland State Police interview, Rice denied the accusation but was observed deleting photos from his phone. When Rice showed officers his phone, investigators spotted child sexual abuse material in a thumbnail image. Through a deeper search, authorities uncovered additional material in his recently deleted folder.
Then, HSI Baltimore special agents discovered more than 600 child sexual abuse material images across Rice’s devices. Investigators also found that Rice used a public Reddit community to connect with people that he traded child sexual abuse material with using encrypted messaging platforms.
McCarthy, U.S. Attorney for the District of Maryland Kelly O. Hayes and Maryland State Police Superintendent Roland L. Butler Jr. announced the indictment.
Members of the public with information about criminal activity should contact the ICE Tip Line at 866-DHS-2-ICE (866-347-2423).
Learn more about HSI Baltimore’s mission to increase public safety in our Maryland communities on X at @HSIBaltimore.
Headline: Jasper Sleet: North Korean remote IT workers’ evolving tactics to infiltrate organizations
Since 2024, Microsoft Threat Intelligence has observed remote information technology (IT) workers deployed by North Korea leveraging AI to improve the scale and sophistication of their operations, steal data, and generate revenue for the Democratic People’s Republic of Korea (DPRK). Among the changes noted in the North Korean remote IT worker tactics, techniques, and procedures (TTPs) include the use of AI tools to replace images in stolen employment and identity documents and enhance North Korean IT worker photos to make them appear more professional. We’ve also observed that they’ve been utilizing voice-changing software.
North Korea has deployed thousands of remote IT workers to assume jobs in software and web development as part of a revenue generation scheme for the North Korean government. These highly skilled workers are most often located in North Korea, China, and Russia, and use tools such as virtual private networks (VPNs) and remote monitoring and management (RMM) tools together with witting accomplices to conceal their locations and identities.
Historically, North Korea’s fraudulent remote worker scheme has focused on targeting United States (US) companies in the technology, critical manufacturing, and transportation sectors. However, we’ve observed North Korean remote workers evolving to broaden their scope to target various industries globally that offer technology-related roles. Since 2020, the US government and cybersecurity community have identified thousands of North Korean workers infiltrating companies across various industries.
Organizations can protect themselves from this threat by implementing stricter pre-employment vetting measures and creating policies to block unapproved IT management tools. For example, when evaluating potential employees, employers and recruiters should ensure that the candidates’ social media and professional accounts are unique and verify their contact information and digital footprint. Organizations should also be particularly cautious with staffing company employees, check for consistency in resumes, and use video calls to confirm a worker’s identity.
Microsoft Threat Intelligence tracks North Korean IT remote worker activity as Jasper Sleet (formerly known as Storm-0287). We also track several other North Korean activity clusters that pursue fraudulent employment using similar techniques and tools, including Storm-1877 and Moonstone Sleet. To disrupt this activity and protect our customers, we’ve suspended 3,000 known Microsoft consumer accounts (Outlook/Hotmail) created by North Korean IT workers. We have also implemented several detections to alert our customers of this activity through Microsoft Entra ID Protection and Microsoft Defender XDR as noted at the end of this blog. As with any observed nation-state threat actor activity, Microsoft has directly notified targeted or compromised customers, providing them with important information needed to secure their environments. As we continue to observe more attempts by threat actors to leverage AI, not only do we report on them, but we also have principles in place to take action against them.
This blog provides additional information on the North Korean remote IT worker operations we published previously, including Jasper Sleet’s usual TTPs to secure employment, such as using fraudulent identities and facilitators. We also provide recent observations regarding their use of AI tools. Finally, we share detailed guidance on how to investigate, monitor, and remediate possible North Korean remote IT worker activity, as well as detections and hunting capabilities to surface this threat.
From North Korea to the world: The remote IT workforce
Since at least early 2020, Microsoft has tracked a global operation conducted by North Korea in which skilled IT workers apply for remote job opportunities to generate revenue and support state interests. These workers present themselves as foreign (non-North Korean) or domestic-based teleworkers and use a variety of fraudulent means to bypass employment verification controls.
North Korea’s fraudulent remote worker scheme has since evolved, establishing itself as a well-developed operation that has allowed North Korean remote workers to infiltrate technology-related roles across various industries. In some cases, victim organizations have even reported that remote IT workers were some of their most talented employees. Historically, this operation has focused on applying for IT, software development, and administrator positions in the technology sector. Such positions provide North Korean threat actors access to highly sensitive information to conduct information theft and extortion, among other operations.
North Korean IT workers are a multifaceted threat because not only do they generate revenue for the North Korean regime, which violates international sanctions, they also use their access to steal sensitive intellectual property, source code, or trade secrets. In some cases, these North Korean workers even extort their employer into paying them in exchange for not publicly disclosing the company’s data.
Between 2020 and 2022, the US government found that over 300 US companies in multiple industries, including several Fortune 500 companies, had unknowingly employed these workers, indicating the magnitude of this threat. The workers also attempted to gain access to information at two government agencies. Since then, the cybersecurity community has continued to detect thousands of North Korean workers. On January 3, 2025, the Justice Department released an indictment identifying two North Korean nationals and three facilitators responsible for conducting fraudulent work between 2018 and 2024. The indicted individuals generated a revenue of at least US$866,255 from only ten of the at least 64 infiltrated US companies.
North Korean threat actors are evolving across the threat landscape to incorporate more sophisticated tactics and tools to conduct malicious employment-related activity, including the use of custom and AI-enabled software.
Tactics and techniques
The tactics and techniques employed by North Korean remote IT workers involve a sophisticated ecosystem of crafting fake personas, performing remote work, and securing payments. North Korean IT workers apply for remote roles, in various sectors, at organizations across the globe.
They create, rent, or procure stolen identities that match the geo-location of their target organizations (for example, they would establish a US-based identity to apply for roles at US-based companies), create email accounts and social media profiles, and establish legitimacy through fake portfolios and profiles on developer platforms like GitHub and LinkedIn. Additionally, they leverage AI tools to enhance their operations, including image creation and voice-changing software. Facilitators play a crucial role in validating fraudulent identities and managing logistics, such as forwarding company hardware and creating accounts on freelance job websites. To evade detection, these workers use VPNs, virtual private servers (VPSs), and proxy services as well as RMM tools to connect to a device housed at a facilitator’s laptop farm located in the country of the job.
Figure 1. The North Korean IT worker ecosystem
Crafting fake personas and profiles
The North Korean remote IT worker fraud scheme begins with the procurement of identities for the workers. These identities, which can be stolen or “rented” from witting individuals, include names, national identification numbers, and dates of birth. The workers might also leverage services that generate fraudulent identities, complete with seemingly legitimate documentation, to fabricate their personas. They then create email accounts and social media pages they use to apply for jobs, often indirectly through staffing or contracting companies. They also apply for freelance opportunities through freelancer sites as an additional avenue for revenue generation. Notably, they often use the same names/profiles repeatedly rather than creating unique personas for each successful infiltration.
Additionally, the North Korean IT workers have used fake profiles on LinkedIn to communicate with recruiters and apply for jobs.
Figure 2. An example of a North Korean IT worker LinkedIn profile that has since been taken down.
The workers tailor their fake resumes and profiles to match the requirements for specific remote IT positions, thus increasing their chances of getting selected. Over time, we’ve observed these fake resumes and employee documents noticeably improving in quality, now appearing more polished and lacking grammatical errors facilitated by AI.
After creating their fake personas, the North Korean IT workers then attempt to establish legitimacy by creating digital footprints for these fake personas. They typically leverage communication, networking, and developer platforms, (for example, GitHub) to showcase their supposed portfolio of previous work samples:
Figure 3. Example profile used by a North Korean IT worker that has since been taken down.
Using AI to improve operations
Microsoft Threat intelligence has observed North Korean remote IT workers leveraging AI to improve the quantity and quality of their operations. For example, in October 2024, we found a public repository containing actual and AI-enhanced images of suspected North Korean IT workers:
Figure 4. Photos of potential North Korean IT workers
The repository also contained the resumes and email accounts used by the said workers, along with the following tools and resources they can use to secure employment and to do their work:
VPS and VPN accounts, along with specific VPS IP addresses
Playbooks on conducting identity theft and creating and bidding jobs on freelancer websites
Wallet information and suspected payments made to facilitators
LinkedIn, GitHub, Upwork, TeamViewer, Telegram, and Skype accounts
Tracking sheet of work performed, and payments received by the IT workers
Image creation
Based on our review of the repository mentioned previously, North Korean IT workers appear to conduct identity theft and then use AI tools like Faceswap to move their pictures over to the stolen employment and identity documents. The attackers also use these AI tools to take pictures of the workers and move them to more professional looking settings. The workers then use these AI-generated pictures on one or more resumes or profiles when applying for jobs.
Figure 5. Use of AI apps to modify photos used for North Korean IT workers’ resumes and profilesFigure 6. Examples of resumes for North Korean IT workers. These two resumes use different versions of the same photo.
Communications
Microsoft Threat Intelligence has observed that North Korean IT workers are also experimenting with other AI technologies such as voice-changing software. While we haven’t observed threat actors using combined AI voice and video products as a tactic first hand, we do recognize that combining these technologies could allow future threat actor campaigns to trick interviewers into thinking they aren’t communicating with a North Korean IT worker. If successful, this tactic could allow the North Korean IT workers to do interviews directly and no longer rely on facilitators standing in for them on interviews or selling them account access.
Facilitators for initial access
North Korean Remote IT workers require assistance from a witting facilitator to help find jobs, pass the employment verification process, and once hired, successfully work remotely. We’ve observed Jasper Sleet advertising job opportunities for facilitator roles under the guise of partnering with a remote job candidate to help secure an IT role in a competitive market:
Figure 7. Example of a job opportunity for a facilitator role
The IT workers may have the facilitators assist in creating accounts on remote and freelance job websites. They might also ask the facilitator to perform the following tasks as their relationship builds:
Create a bank account for the North Korean IT worker, or lend their (the facilitator’s) own account to the worker
Purchase mobile phone numbers or SIM cards
During the employment verification process, the witting accomplice helps the North Korean IT workers validate the latter’s fraudulent identities using online background check service providers. The documents submitted by the workers include fake or stolen drivers’ licenses, social security cards, passports, and permanent resident identification cards. Workers train using interview scripts, which include a justification for why the employee must work remotely.
Once hired, the remote workers direct company laptops and hardware to be sent to the address of the accomplice. The accomplice then either runs a laptop farm that provides the laptops with an internet connection at the geo-location of the role or forwards the items internationally. For hardware that remain in the country of the role, the accomplice signs into the computers and installs software that enables the workers to connect remotely. Remote IT workers might also access devices remotely using IP-based KVM devices, like PiKVM or TinyPilot.
Defense evasion and persistence
To conceal their physical location as well as maintain persistence and blend into the target organization’s environment, the workers typically use VPNs (particularly Astrill VPN), VPSs, proxy services, and RMM tools. Microsoft Threat Intelligence has observed the persistent use of JumpConnect, TinyPilot, Rust Desk, TeamViewer, AnyViewer, and Anydesk. When an in-person presence or face-to-face meeting is required, for example to confirm banking information or attend a meeting, the workers have been known to pay accomplices to stand in for them. When possible, however, the workers eliminate all face-to-face contact, offering fraudulent excuses for why they are not on camera during video teleconferencing calls or speaking.
Attribution
Microsoft Threat Intelligence uses the name Jasper Sleet (formerly known as Storm-0287) to represent activity associated with North Korean’s remote IT worker program. These workers are primarily focused on revenue generation, use remote access tools, and likely fall under a particular leadership structure in North Korea. We also track several other North Korean activity clusters that pursue fraudulent employment using similar techniques and tools, including Storm-1877 and Moonstone Sleet.
How Microsoft disrupts North Korean remote IT worker operations with machine learning
Microsoft has successfully scaled analyst tradecraft to accelerate the identification and disruption of North Korean IT workers in customer environments by developing a custom machine learning solution. This has been achieved by leveraging Microsoft’s existing threat intelligence and weak signals generated by monitoring for many of the red flags listed in this blog, among others. For example, this solution uses impossible time travel risk detections, most commonly between a Western nation and China or Russia. The machine learning workflow uses these features to surface suspect accounts most likely to be North Korean IT workers for assessment by Microsoft Threat Intelligence analysts.
Once Microsoft Threat Intelligence reviews and confirms that an account is indeed associated with a North Korean IT worker, customers are then notified with a Microsoft Entra ID Protection risk detection warning of a risky sign-in based on Microsoft’s threat intelligence. Microsoft Defender XDR customers also receive the alert Sign-in activity by a suspected North Korean entity in the Microsoft Defender portal.
Defending against North Korean remote IT worker infiltration
Defending against the threats from North Korean remote IT workers involves a threefold strategy:
Ensuring a proper vetting approach is in place for freelance workers and vendors
Monitoring for anomalous user activity
Responding to suspected Jasper Sleet signals in close coordination with your insider risk team
Investigate
How can you identify a North Korean remote IT worker in the hiring process?
To protect your organization against a potential North Korean insider threat, it is important for your organization to prioritize a process for verifying employees to identify potential risks. The following can be used to assess potential employees:
Confirm the potential employee has a digital footprint and look for signs of authenticity. This includes a real phone number (not VoIP), a residential address, and social media accounts. Ensure the potential employee’s social media/professional accounts are not highly similar to the accounts of other individuals. In addition, check that the contact phone number listed on the potential employee’s account is unique and not also used by other accounts.
Scrutinize resumes and background checks for consistency of names, addresses, and dates. Consider contacting references by phone or video-teleconference rather than email only.
Exercise greater scrutiny for employees of staffing companies, since this is the easiest avenue for North Korean workers to infiltrate target companies.
Search whether a potential employee is employed at multiple companies using the same persona.
Ensure the potential employee is seen on camera during multiple video telecommunication sessions. If the potential employee reports video and/or microphone issues that prohibit participation, this should be considered a red flag.
During video verification, request individuals to physically hold driver’s licenses, passports, or identity documents up to camera.
Keep records, including recordings of video interviews, of all interactions with potential employees.
Require notarized proof of identity.
Monitor
How can your organization prevent falling victim to the North Korean remote IT worker technique?
To prevent the risks associated with North Korean insider threats, it’s vital to monitor for activity typically associated with this fraudulent scheme.
Monitor for identifiable characteristics of North Korean remote workers
Microsoft has identified the following characteristics of a North Korean remote worker. Note that not all the criteria are necessarily required, and further, a positive identification of a remote worker doesn’t guarantee that the worker is North Korean.
The employee lists a Chinese phone number on social media accounts that is used by other accounts.
The worker’s work-issued laptop authenticates from an IP address of a known North Korean IT worker laptop farm, or from foreign—most commonly Chinese or Russian—IP addresses even though the worker is supposed to have a different work location.
The worker is employed at multiple companies using the same persona. Employees of staffing companies require heightened scrutiny, given this is the easiest way for North Korean workers to infiltrate target companies.
Once a laptop is issued to the worker, RMM software is immediately downloaded onto it and used in combination with a VPN.
The worker has never been seen on camera during a video telecommunication session or is only seen a few times. The worker may also report video and/or microphone issues that prohibit participation from the start.
The worker’s online activity doesn’t align with routine co-worker hours, with limited engagement across approved communication platforms.
Monitor for activity associated with Jasper Sleet access
If RMM tools are used in your environment, enforce security settings where possible, to implement MFA:
If an unapproved installation is discovered, reset passwords for accounts used to install the RMM services. If a system-level account was used to install the software, further investigation may be warranted.
Monitor for impossible travel—for example, a supposedly US-based employee signing in from China or Russia.
Monitor for use of public VPNs such as Astrill. For example, IP addresses associated with VPNs known to be used by Jasper Sleet can be added to Sentinel watchlists. Or, Microsoft Defender for Identity can integrate with your VPN solution to provide more information about user activity, such as extra detection for abnormal VPN connections.
Monitor for signals of insider threats in your environment. Microsoft Purview Insider Risk Management can help identify potentially malicious or inadvertent insider risks.
Monitor for consistent user activity outside of typical working hours.
Remediate
What are the next steps if you positively identify a North Korean remote IT worker employed at your company?
Because Jasper Sleet activity follows legitimate job offers and authorized access, Microsoft recommends approaching confirmed or suspected Jasper Sleet intrusions with an insider risk approach using your organization’s insider risk response plan or incident response provider like Microsoft Incident Response. Some steps might include:
Restrict response efforts to a small, trusted insider risk working group, trained in operational security (OPSEC) to avoid tipping off subjects and potential collaborators.
Rapidly evaluate the subject’s proximity to critical assets, such as:
Leadership or sensitive teams
Direct reports or vendor staff the subject has influence over
Suppliers or vendors
People/non-people accounts, production/pre-production environments, shared accounts, security groups, third-party accounts, security groups, distribution groups, data clusters, and more
Conduct preliminary link analysis to:
Detect relationships with potential collaborators, supporters, or other potential aliases operated by the same actor
Identify shared indicators (for example, shared IP addresses, behavioral overlap)
Avoid premature action that might alert other Jasper Sleet operators
Conduct a risk-based prioritization of efforts, informed by:
Placement and access to critical assets (not necessarily where you identified them)
Stakeholder insight from potentially impacted business units
Business impact considerations of containment (which might support additional collection/analysis) or mitigation (for example, eviction)
Conduct open-source intelligence (OSINT) collection and analysis to:
Determine if the identity associated with the threat actor is associated with a real person. For example, North Korean IT workers have leveraged stolen identities of real US persons to facilitate their fraud. Conduct OSINT on all available personally identifiable information (PII) provided by the actor (name, date of birth, SSN, home of record, phone number, emergency contact, and others) and determine if these items are linked to additional North Korean actors, and/or real persons’ identities.
Gather all known external accounts operated by the alias/persona (for example, LinkedIn, GitHub, freelance working sites, bug bounty programs).
Perform analysis on account images using open-source tools such as FaceForensics++ to determine prevalence of AI-generated content. Detection opportunities within video and imagery include:
Temporal consistency issues: Rapid movements cause noticeable artifacts in video deepfakes as the tracking system struggles to maintain accurate landmark positioning.
Occlusion handling: When objects pass over the AI-generated content such as the face, deepfake systems tend to fail at properly reconstructing the partially obscured face.
Lighting adaptation: Changes in lighting conditions might reveal inconsistencies in the rendering of the face
Audio-visual synchronization: Slight delays between lip movements and speech are detectable under careful observation
Exaggerated facial expressions.
Duplicative or improperly placed appendages.
Pixelation or tearing at edges of face, eyes, ears, and glasses.
Engage counterintelligence or insider risk/threat teams to:
Understand tradecraft and likely next steps
Gain national-level threat context, if applicable
Make incremental, risk-based investigative and response decisions with the support of your insider threat working group and your insider threat stakeholder group; one providing tactical feedback and the other providing risk tolerance feedback.
Preserve evidence and document findings.
Share lessons learned and increase awareness.
Educate employees on the risks associated with insider threats and provide regular security training for employees to recognize and respond to threats, including a section on the unique threat posed by North Korean IT workers.
After an insider risk response to Jasper Sleet, it might be necessary to also conduct a thorough forensic investigation of all systems that the employee had access to for indicators of persistence, such as RMM tools or system/resource modifications.
For additional resources, refer to CISA’s Insider Threat Mitigation Guide. If you suspect your organization is being targeted by nation-state cyber activity, report it to the appropriate national authority. For US-based organizations, the Federal Bureau of Investigation (FBI) recommends reporting North Korean remote IT worker activity to the Internet Crime Complaint Center (IC3).
Microsoft Defender XDR detections
Microsoft Defender XDR customers can refer to the list of applicable detections below. Microsoft Defender XDR coordinates detection, prevention, investigation, and response across endpoints, identities, email, apps to provide integrated protection against attacks like the threat discussed in this blog.
Customers with provisioned access can also use Microsoft Security Copilot in Microsoft Defender to investigate and respond to incidents, hunt for threats, and protect their organization with relevant threat intelligence.
Microsoft Defender XDR
Alerts with the following titles in the security center can indicate threat activity on your network:
Sign-in activity by a suspected North Korean entity
Microsoft Defender for Endpoint
Alerts with the following titles in the security center can indicate Jasper Sleet RMM activity on your network. These alerts, however, can be triggered by unrelated threat activity.
Suspicious usage of remote management software
Suspicious connection to remote access software
Microsoft Defender for Identity
Alerts with the following titles in the security center can indicate atypical identity access on your network. These alerts, however, can be triggered by unrelated threat activity.
Atypical travel
Suspicious behavior: Impossible travel activity
Microsoft EntraID Protection
Microsoft Entra ID Protection risk detections inform Entra ID user risk events and can indicate associated threat activity, including unusual user activity consistent with known patterns identified by Microsoft Threat Intelligence research. Note, however, that these alerts can be also triggered by unrelated threat activity.
Microsoft Entra threat intelligence (sign-in): (RiskEventType: investigationsThreatIntelligence)
Microsoft Defender for Cloud Apps
Alerts with the following titles in the security center can indicate atypical identity access on your network. These alerts, however, can be triggered by unrelated threat activity.
Impossible travel activity
Microsoft Security Copilot
Security Copilot customers can use the standalone experience to create their own prompts or run the following pre-built promptbooks to automate incident response or investigation tasks related to this threat:
Incident investigation
Microsoft User analysis
Threat actor profile
Note that some promptbooks require access to plugins for Microsoft products such as Microsoft Defender XDR or Microsoft Sentinel.
Hunting queries
Microsoft Defender XDR
Because organizations might have legitimate and frequent uses for RMM software, we recommend using the Microsoft Defender XDR advanced hunting queries available on GitHub to locate RMM software that hasn’t been endorsed by your organization for further investigation. In some cases, these results might include benign activity from legitimate users. Regardless of use case, all newly installed RMM instances should be scrutinized and investigated.
If any queries have high fidelity for discovering unsanctioned RMM instances in your environment, and don’t detect benign activity, you can create a custom detection rule from the advanced hunting query in the Microsoft Defender portal.
Microsoft Sentinel
The alert Insider Risk Sensitive Data Access Outside Organizational Geo-locationjoins Azure Information Protection logs (InformationProtectionLogs_CL) with Microsoft Entra ID sign-in logs (SigninLogs) to provide a correlation of sensitive data access by geo-location. Results include:
User principal name
Label name
Activity
City
State
Country/Region
Time generated
The recommended configuration is to include (or exclude) sign-in geo-locations (city, state, country and/or region) for trusted organizational locations. There is an option for configuration of correlations against Microsoft Sentinel watchlists. Accessing sensitive data from a new or unauthorized geo-location warrants further review.
References
Acknowledgments
For more information on North Korean remote IT worker operations, we recommend reviewing DTEX’s in-depth analysis in the report Exposing DPRK’s Cyber Syndicate and IT Workforce.
Learn more
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Source: United States Senator Ted Budd (R-North Carolina)
Washington, D.C. — U.S. Senator Ted Budd (R-N.C.) released the following statement after voting in support of President Trump’s One Big Beautiful Bill Act, historic legislation that lowers taxes for families, makes America safer and more secure, and unleashes economic growth for the future:
“I voted in favor of the One Big Beautiful Bill Act because the people of North Carolina deserve more of their hard-earned wages, a more secure border, a reinvigorated military, responsible spending reforms for government programs, and a thriving economy. My colleagues and I fought successfully to protect North Carolina’s tobacco growers to help them stay competitive with China. I am also grateful that this bill included my PELL Act, which will help Americans earn in-demand credentials for rewarding careers. I hope my colleagues in the House quickly get this bill on President Trump’s desk because Americans cannot afford the largest tax increase in our nation’s history,” said Sen. Budd.
Here’s How the One Big Beautiful Bill Act Directly Benefits North Carolina:
Provides Unprecedented Tax Relief for Families
This legislation helps Americans keep more money in their pockets by extending key provisions of President Trump’s 2017 Tax Cuts and Jobs Act. Preventing the largest tax increase in American history will save the average North Carolinian $2,474 in 2026.
Working families will receive significant savings with the increase and permanence of the child tax credit, expanded tax credits for paid leave, enhanced 529 savings accounts, and additional childcare access.
This legislation lowers taxes for seniors relying on Social Security.
Gives Workers the Tools They Need to Advance Their Careers
Sen. Budd fought to have his PELL Act included in this legislation, a provision that expands Pell Grant eligibility for high-quality, short-term workforce programs. This would benefit individuals seeking to advance their careers without long-term debt while also providing American businesses with a broader, better-prepared talent pool ready to meet the demands of a rapidly evolving economy.
Protects North Carolina Agriculture
Sen. Budd successfully defended tobacco’s eligibility to receive the “duty drawback,” allowing tobacco manufacturers to receive reimbursement for the tariffs they pay on materials used to produce tobacco products that they ship to international markets. This will protect North Carolina growers and prevent the tobacco market from being flooded with cheaper, lower-quality products from China and Brazil.
This legislation provides serious tax relief for North Carolina farmers by raising the death tax exemption, ensuring family farms can be passed down to future generations, rather than being broken up and sold.
Unlocks Economic Growth & American Manufacturing
This legislation will create a renaissance in American manufacturing by delivering full expensing for companies that build new factories and invest in equipment and machinery. This will help create new, good-paying jobs.
By enhancing the small business deduction and making it permanent, small businesses will be able to hire more workers.
Increasing deductions for small businesses’ equipment and property will quickly help businesses grow.
Reduces Government Spending to Preserve & Protect Government Programs
This legislation contains the first structural reforms to address waste, fraud, and abuse in key government programs like SNAP and Medicaid in over three decades. Slowing the rate of exponential cost increases will result in significant deficit savings and will preserve and protect these programs for future generations.
Invests in America’s National Defense
Sen. Budd helped secure funding to boost manufacturing capacity for the next generation of the F-15, the F-15EX, which will sustain the training mission at Seymour Johnson far into the future.
This legislation also includes significant funding to enhance America’s air superiority by preventing the retirement of the F-15E aircraft flying out of Seymour Johnson Air Force Base.
America’s troops deserve a pay raise. This legislation increases pay and allowances while making improvements to housing, healthcare, childcare, and education.
This legislation makes generational investments in our military readiness that will protect the American homeland and deter our adversaries by boosting America’s missile defense by building the “Golden Dome.”
Sen. Budd worked to secure investments to improve housing at Fort Bragg and Seymour Johnson and funds for restoration and modernization at Camp Lejeune.
This legislation creates new production lines to scale innovative, cost-effective munitions, so we are no longer shooting $4M missiles at $50,000 drones.
This legislation makes the largest ever investment in the Coast Guard’s history, which will purchase more than 40 new helicopters and six new C-130J aircraft, which will be serviced at the Aviation Technical Training Center in Elizabeth City. The legislation also funds 17 new icebreakers to protect American interests and 21 new cutters to combat drug runners and human traffickers.
Keeps America’s Border Secure
While President Trump’s policies have resulted in a dramatic drop-off of illegal immigration, this legislation also boosts America’s border security by surging funding for 3,000 new Border Patrol agents and 10,000 new ICE agents. The One Big Beautiful Bill also increases funding to finish President Trump’s border wall.
Ushers in Next-Generation Technologies
This legislation includes funding for the transformational air traffic control modernization project underway at the FAA. This will quickly update aging and failing technologies to keep Americans safe in the sky.
This legislation makes a historic amount of spectrum available for commercial use, which will create new jobs and unleash the next generation of wireless technology. This will ensure America remains the premier destination for innovation and help unleash a new area of advanced manufacturing. This will also make the internet faster & more dependable across the country through commercial success stories like 5G, 6G, wi-fi, and private networks using CBRS.
Law Enforcement Actions Across 16 States Result in Charges, Arrest, and Seizures of 29 Financial Accounts, 21 Fraudulent Websites, and Approximately 200 Computers
The Justice Department announced today coordinated actions against the Democratic People’s Republic of North Korea (DPRK) government’s schemes to fund its regime through remote information technology (IT) work for U.S. companies. These actions include two indictments, an arrest, searches of 29 known or suspected “laptop farms” across 16 states, and the seizure of 29 financial accounts used to launder illicit funds and 21 fraudulent websites.
According to court documents, the schemes involve North Korean individuals fraudulently obtaining employment with U.S. companies as remote IT workers, using stolen and fake identities. The North Korean actors were assisted by individuals in the United States, China, United Arab Emirates, and Taiwan, and successfully obtained employment with more than 100 U.S. companies.
As alleged in court documents, certain U.S.-based individuals enabled one of the schemes by creating front companies and fraudulent websites to promote the bona fides of the remote IT workers, and hosted laptop farms where the remote North Korean IT workers could remote access into U.S. victim company-provided laptop computers. Once employed, the North Korean IT workers received regular salary payments, and they gained access to, and in some cases stole, sensitive employer information such as export controlled U.S. military technology and virtual currency. In another scheme, North Korean IT workers used false or fraudulently obtained identities to gain employment with an Atlanta, Georgia-based blockchain research and development company and stole virtual currency worth approximately over $900,000.
“These schemes target and steal from U.S. companies and are designed to evade sanctions and fund the North Korean regime’s illicit programs, including its weapons programs,” said Assistant Attorney General John A. Eisenberg of the Department’s National Security Division. “The Justice Department, along with our law enforcement, private sector, and international partners, will persistently pursue and dismantle these cyber-enabled revenue generation networks.”
“North Korean IT workers defraud American companies and steal the identities of private citizens, all in support of the North Korean regime,” said Assistant Director Brett Leatherman of FBI’s Cyber Division. “That is why the FBI and our partners continue to work together to disrupt infrastructure, seize revenue, indict overseas IT workers, and arrest their enablers in the United States. Let the actions announced today serve as a warning: if you host laptop farms for the benefit of North Korean actors, law enforcement will be waiting for you.”
“North Korea remains intent on funding its weapons programs by defrauding U.S. companies and exploiting American victims of identity theft, but the FBI is equally intent on disrupting this massive campaign and bringing its perpetrators to justice,” said Assistant Director Roman Rozhavsky of the FBI Counterintelligence Division. “North Korean IT workers posing as U.S. citizens fraudulently obtained employment with American businesses so they could funnel hundreds of millions of dollars to North Korea’s authoritarian regime. The FBI will do everything in our power to defend the homeland and protect Americans from being victimized by the North Korean government, and we ask all U.S. companies that employ remote workers to remain vigilant to this sophisticated threat.”
Zhenxing Wang, et al. Indictment, Seizure Warrants, and Arrest – District of Massachusetts
Today, the United States Attorney’s Office for the District of Massachusetts and the National Security Division announced the arrest of U.S. national Zhenxing “Danny” Wang of New Jersey pursuant to a five-count indictment. The indictment describes a multi-year fraud scheme by Wang and his co-conspirators to obtain remote IT work with U.S. companies that generated more than $5 million in revenue. The indictment also charges Chinese nationals Jing Bin Huang (靖斌 黄), Baoyu Zhou (周宝玉), Tong Yuze (佟雨泽), Yongzhe Xu (徐勇哲 andيونجزهي أكسو), Ziyou Yuan (زيو) and Zhenbang Zhou (周震邦), and Taiwanese nationals Mengting Liu (劉 孟婷) and Enchia Liu (刘恩) for their roles in the scheme.
“The threat posed by DPRK operatives is both real and immediate. Thousands of North Korean cyber operatives have been trained and deployed by the regime to blend into the global digital workforce and systematically target U.S. companies,” said U.S. Attorney Leah B. Foley for the District of Massachusetts. “We will continue to work relentlessly to protect U.S. businesses and ensure they are not inadvertently fueling the DPRK’s unlawful and dangerous ambitions.”
According to the indictment, from approximately 2021 until October 2024, the defendants and other co-conspirators compromised the identities of more than 80 U.S. persons to obtain remote jobs at more than 100 U.S. companies, including many Fortune 500 companies, and caused U.S. victim companies to incur legal fees, computer network remediation costs, and other damages and losses of at least $3 million. Overseas IT workers were assisted by Kejia Wang, Zhenxing Wang, and at least four other identified U.S. facilitators. Kejia Wang, for example, communicated with overseas co-conspirators and IT workers, and traveled to Shenyang and Dandong, China, including in 2023, to meet with them about the scheme. To deceive U.S. companies into believing the IT workers were located in the United States, Kejia Wang, Zhenxing Wang, and the other U.S. facilitators received and/or hosted laptops belonging to U.S. companies at their residences, and enabled overseas IT workers to access the laptops remotely by, among other things, connecting the laptops to hardware devices designed to allow for remote access (referred to as keyboard-video-mouse or “KVM” switches).
Kejia Wang and Zhenxing Wang also created shell companies with corresponding websites and financial accounts, including Hopana Tech LLC, Tony WKJ LLC, and Independent Lab LLC, to make it appear as though the overseas IT workers were affiliated with legitimate U.S. businesses. Kejia Wang and Zhenxing Wang established these and other financial accounts to receive money from victimized U.S. companies, much of which was subsequently transferred to overseas co‑conspirators. In exchange for their services, Kejia Wang, Zhenxing Wang, and the four other U.S. facilitators received a total of at least $696,000 from the IT workers.
IT workers employed under this scheme also gained access to sensitive employer data and source code, including International Traffic in Arms Regulations (ITAR) data from a California-based defense contractor that develops artificial intelligence-powered equipment and technologies. Specifically, between on or about Jan. 19, 2024, and on or about April 2, 2024, an overseas co-conspirator remotely accessed without authorization the company’s laptop and computer files containing technical data and other information. The stolen data included information marked as being controlled under the ITAR.
Simultaneously with today’s announcement, the FBI and Defense Criminal Investigative Service (DCIS) seized 17 web domains used in furtherance of the charged scheme and further seized 29 financial accounts, holding tens of thousands of dollars in funds, used to launder revenue for the North Korean regime through the remote IT work scheme.
Previously, in October 2024, as part of this investigation, federal law enforcement executed searches at eight locations across three states that resulted in the recovery of more than 70 laptops and remote access devices, such as KVMs. Simultaneously with that action, the FBI seized four web domains associated with Kejia Wang’s and Zhenxing Wang’s shell companies used to facilitate North Korean IT work.
The FBI Las Vegas Field Office, DCIS San Diego Resident Agency, and Homeland Security Investigations San Diego Field Office are investigating the case.
Assistant U.S. Attorney Jason Casey for the District of Massachusetts and Trial Attorney Gregory J. Nicosia, Jr. of the National Security Division’s National Security Cyber Section are prosecuting the case, with significant assistance from Legal Assistants Daniel Boucher and Margaret Coppes. Valuable assistance was also provided by Mark A. Murphy of the National Security Division’s Counterintelligence and Export Control Section and the U.S. Attorneys’ Offices for the District of New Jersey, Eastern District of New York, and Southern District of California.
Kim Kwang Jin et al. Indictment – Northern District of Georgia
Today, the Northern District of Georgia unsealed a five-count wire fraud and money laundering indictment charging four North Korean nationals, Kim Kwang Jin (김관진), Kang Tae Bok (강태복), Jong Pong Ju (정봉주) and Chang Nam Il (창남일), with a scheme to steal virtual currency from two companies, valued at over $900,000 at the time of the thefts, and to launder proceeds of those thefts. The defendants remain at large and wanted by the FBI.
“The defendants used fake and stolen personal identities to conceal their North Korean nationality, pose as remote IT workers, and exploit their victims’ trust to steal hundreds of thousands of dollars,” said U.S. Attorney Theodore S. Hertzberg for the Northern District of Georgia. “This indictment highlights the unique threat North Korea poses to companies that hire remote IT workers and underscores our resolve to prosecute any actor, in the United States or abroad, who steals from Georgia businesses.”
According to the indictment, the defendants traveled to the United Arab Emirates on North Korean travel documents and worked as a co-located team. In approximately December 2020 and May 2021, respectively, Kim Kwang Jin (using victim P.S.’s stolen identity) and Jong Pong Ju (using the alias “Bryan Cho”) were hired by a blockchain research and development company headquartered in Atlanta, Georgia, and a virtual token company based in Serbia. Both defendants concealed their North Korean identities from their employers by providing false identification documents containing a mix of stolen and fraudulent identity information. Neither company would have hired Kim Kwang Jin and Jong Pong Ju had they known that they were North Korean citizens. Later, on a recommendation from Jong Pong Ju, the Serbian company hired “Peter Xiao,” who in fact was Chang Nam Il.
After gaining their employers’ trust, Kim Kwang Jin and Jong Pong Ju were assigned projects that provided them access to their employers’ virtual currency assets. In February 2022, Jong Pong Ju used that access to steal virtual currency worth approximately $175,000 at the time of the theft, sending it to a virtual currency address he controlled. In March 2022, Kim Kwang Jin stole virtual currency worth approximately $740,000 at the time of theft by modifying the source code of two of his employer’s smart contracts, then sending it to a virtual currency address he controlled.
To launder the funds after the thefts, Kim Kwang Jin and Jong Pong Ju “mixed” the stolen funds using the virtual currency mixer Tornado Cash and then transferred the funds to virtual currency exchange accounts controlled by defendants Kang Tae Bok and Chang Nam Il but held in the name of aliases. These accounts were opened using fraudulent Malaysian identification documents.
The FBI Atlanta Field Office is investigating the case.
Assistant U.S. Attorneys Samir Kaushal and Alex Sistla for the Northern District of Georgia and Trial Attorney Jacques Singer-Emery of the National Security Division’s National Security Cyber Section are prosecuting the case.
21 Searches of Known or Suspected U.S.-based Laptop Farms – Multi-District
Between June 10 and June 17, 2025, the FBI executed searches of 21 premises across 14 states hosting known and suspected laptop farms. These actions, coordinated by the FBI Denver Field Office, related to investigations of North Korean remote IT worker schemes being conducted by the U.S. Attorneys’ Offices of the District of Colorado, Eastern District of Missouri, and Northern District of Texas. In total, the FBI seized approximately 137 laptops.
Valuable assistance was provided by the U.S. Attorney’s Offices for the District of Connecticut, the Eastern District of Michigan, the Eastern District of Wisconsin, the Middle District of Florida, the Northern District of Georgia, the Northern District of Illinois, the Northern District of Indiana, the District of Oregon, the Southern District of Florida, the Southern District of Ohio, the Western District of New York, and the Western District of Pennsylvania.
***
The Department’s actions to combat these schemes are the latest in a series of law enforcement actions under a joint National Security Division and FBI Cyber and Counterintelligence Divisions effort, the DPRK RevGen: Domestic Enabler Initiative. This effort prioritizes targeting and disrupting the DPRK’s illicit revenue generation schemes and its U.S.-based enablers. The Department previously announced other actions pursuant to the initiative, including in January 2025 and prior, as well as the filing of a civil forfeiture complaint in early June 2025 for over $7.74 million tied to an illegal employment scheme.
As the FBI has described in Public Service Announcements published in May 2024 and January 2025, North Korean remote IT workers posing as legitimate remote IT workers have committed data extortion and exfiltrated the proprietary and sensitive data from U.S. companies. DPRK IT worker schemes typically involve the use of stolen identities, alias emails, social media, online cross-border payment platforms, and online job site accounts, as well as false websites, proxy computers, and witting and unwitting third parties located in the U.S. and elsewhere.
Other public advisories about the threats, red flag indicators, and potential mitigation measures for these schemes include a May 2022 advisory released by the FBI, Department of the Treasury, and Department of State; a July 2023 advisory from the Office of the Director of National Intelligence; and guidance issued in October 2023 by the United States and the Republic of Korea (South Korea). As described the May 2022 advisory, North Korean IT workers have been known individually to earn up to $300,000 annually, generating hundreds of millions of dollars collectively each year, on behalf of designated entities, such as the North Korean Ministry of Defense and others directly involved in the DPRK’s weapons programs.
The U.S. Department of State has offered potential rewards for up to $5 million in support of international efforts to disrupt the DPRK’s illicit financial activities, including for cybercrimes, money laundering, and sanctions evasion.
The details in the above-described court documents are merely allegations. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
A Florida man was sentenced today to 12 years in prison and three years of supervised release for conspiring to defraud Medicare with false reimbursement claims for durable medical equipment (DME). He was also ordered to pay $21,195,540.18 in restitution and forfeiture in the amount of $2,514,040.
According to court documents, Peter Roussonicolos, 64, of Port Saint Lucie, Florida, owned and operated five DME suppliers as a silent partner. Roussonicolos hid his involvement in the companies from Medicare because he had one or more felony convictions, making him ineligible to enroll with the government program. To further conceal his involvement, he recruited and paid co-conspirators to serve as nominee owners of the DME suppliers and caused others to falsify Medicare enrollment forms, bank records, and other documents to conceal the true ownership and control of the DME suppliers. He also knew that a co-conspirator paid kickbacks and bribes to patient recruiters in exchange for beneficiary referrals. As part of the scheme, the DME companies submitted approximately $61.5 million in false and fraudulent claims to Medicare for medically unnecessary DME that was ineligible for reimbursement and were paid approximately $26.7 million of these claims.
“Through lies and deceit, the defendant and his co-conspirators orchestrated a $61 million fraud on Medicare,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “The defendant’s fraud drained critical government resources that could have been used to help vulnerable Americans. Today’s sentencing demonstrates the Department’s steadfast commitment to protecting taxpayer dollars and ensuring accountability for those who seek to defraud our health care programs.”
“Today’s sentence underscores HHS-OIG’s firm commitment to thoroughly investigating individuals who engage in illegal kickback schemes to prescribe medically unnecessary durable medical equipment for their own personal financial gain,” said Deputy Inspector General for Investigations Christian J. Schrank with the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “We remain steadfast in our mission to protect the integrity of Medicare and other federal healthcare programs as well as the people served by those programs.”
“This defendant and his co-conspirators orchestrated an elaborate scheme to steal millions from Medicare through kickbacks and sham billing,” said Assistant Director Jose A. Perez of the FBI Criminal Investigative Division. “Today’s sentencing demonstrates that those who exploit our healthcare system for personal gain will be held accountable. The FBI is committed to working with our partners to protect taxpayer dollars and ensure the integrity of healthcare programs.”
In November 2024, Roussonicolos pleaded guilty to conspiracy to commit health care fraud and wire fraud.
The FBI and HHS-OIG investigated the case.
Trial Attorney Jennifer Burns and Assistant Chiefs Jamie de Boer and Emily Gurskis of the Criminal Division’s Fraud Section prosecuted the case. Trial Attorneys Joanna Bowman and Lindita Ciko Torza of the Special Matters Unit assisted in the prosecution.
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 9 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 the Office of the Inspector General for the Department of Health and Human Services, 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.
Note: View the indictment here and detention letter here.
WASHINGTON — A dual Canadian American citizen was arrested on Sunday, June 15, for his role in a deadly human smuggling conspiracy that left a family of four, including two children under the age of three, dead in the St. Lawrence River. Oakes was arrested as he attempted to enter the United States via the Massena, New York, Port of Entry.
Timothy Oakes, 34, from the Akwesasne Mohawk Indian Reservation (AMIR), Canada, was previously arraigned on numerous human smuggling offenses in the Northern District of New York District Court and had his detention hearing earlier today and will remain detained. Oakes was indicted on April 9 for conspiring with others to engage in alien smuggling, four counts of alien smuggling for profit, and four counts of alien smuggling resulting in death. United States based co-conspirators Dakota Montour, 31, and Kawisiiostha Celecia Sharrow, 43, both of Akwesasne-Mohawk, New York, and Janet Terrance, 45, of Hogansburg, New York, entered guilty pleas on Jan. 23, Oct. 8, 2024, and March 6, respectively.
“As alleged, Oakes and his co-conspirators profited from a human smuggling operation with a singular, cold-hearted aim: making money by bringing illegal aliens into the United States, regardless of the danger to human life involved,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “Their greed resulted in the deaths of a mother, a father, and two small children, as well as one of the defendants’ own brothers. The Criminal Division will continue to disrupt and dismantle these organizations and bring justice to smugglers whose actions result in senseless deaths.”
“This case shows the terrible perils of illegally crossing the border,” said U.S. Attorney John A. Sarcone III for the Northern District of New York. “Four family members died because a smuggling network put them in harm’s way. My office is proud to partner with Joint Task Force Alpha to continue to combat dangerous human smuggling and trafficking organizations that operate on our northern border.”
“Oakes’ arrest comes as part of our nearly two-year long investigation into a transnational criminal organization responsible for the large-scale smuggling of aliens from Canada into the United States,” said U.S. Immigration and Customs Enforcement Homeland Security Investigations (ICE HSI) Buffalo Special Agent in Charge Erin Keegan. “ICE HSI leverages its full range of authorities to combat and dismantle the heinous networks of greedy criminals who illicitly sell dangerous, sometimes fatal, passage through our nation’s northern border. We are extremely grateful for a multitude of law enforcement agency partners on the Border Enforcement Security Taskforce who join us in this fight to bring smugglers to justice.”
“Two toddler aged children and their parents were the tragic victims of an alien smuggling attempt gone horribly wrong,” said Chief Patrol Agent Robert Garcia of the U.S. Border Patrol’s Swanton Sector. “Their deaths were a direct result of callous smugglers who exploited the vulnerable. Due to unrelenting perseverance and investigative efforts by multiple law enforcement agencies, those responsible will be held accountable. Our pursuit of justice persists until justice is served.”
According to court documents, Oakes was a key facilitator in a human smuggling organization (HSO) that smuggled aliens from Canada into northern New York. Oakes, working with the HSO, routinely smuggled aliens into the United States by piloting boats across the St. Lawrence River. Additionally, Oakes used his home as a staging area for aliens before the HSO smuggled them into the United States. Oakes earned approximately $1,000 for every alien whom he smuggled across the St. Lawrence River into the United States.
In March 2023, Oakes housed a Romanian family of four, together with other aliens, for about 24 hours. He then transported the family and a boat to a public boat launch. His brother, Casey Oakes, attempted to use the boat to smuggle the Romanian family into the United States, but the boat capsized, killing all four members of the family, as well as Casey Oakes.
Terrance, Montour, and Sharrow admitted in their plea agreements that in late March 2023, they were employed to illegally transport a Romanian family of four — a mother, father, one-year-old boy, and two-year-old girl — from Canada into New York. Specifically, Montour admitted that he was aware of the dangerous weather conditions on the day of the tragedy — high winds, freezing temperatures, and limited visibility — yet another co-conspirator still loaded the family of four into the small boat to attempt to cross the St. Lawrence River.
HSI Massena engaged in an extensive years-long investigation of the case, with assistance from the U.S. Border Patrol, U.S. Customs and Border Protection (CBP), HSI’s Human Smuggling Unit in Washington, D.C., CBP’s National Targeting Center International Interdiction Task Force, New York State Police, Canada Border Services Agency, Akwesasne Mohawk Police Service, St. Regis Mohawk Tribal Police Department, Ontario Provincial Police, Sûreté du Québec, St. Lawrence County Sheriff’s Department, Royal Canadian Mounted Police, and the Cornwall Police Service. The Justice Department’s Office of International Affairs provided significant support with foreign legal assistance requests.
The defendant’s vehicle with light blue boat in tow on March 29, 2023, at 9:29 p.m., consistent with the boat found in the river during recovery efforts.
The investigation is a result of the coordinated efforts of Joint Task Force Alpha (JTFA). JTFA, a partnership with the Department of Homeland Security (DHS), has been elevated and expanded by the Attorney General with a mandate to target cartels and other transnational criminal organizations and eliminate human smuggling and trafficking networks operating within the Americas that impact public safety and the security of our borders. JTFA currently comprises detailees from U.S. Attorneys’ Offices along the border, including the Northern District of New York. Dedicated support is provided by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section (HRSP) and supported by the Money Laundering and Asset Recovery Section, the Office of Enforcement Operations and the Office of International Affairs, among others. JTFA also relies on substantial law enforcement investment from DHS, FBI, and the Drug Enforcement Administration, and other partners. To date, JTFA’s work has resulted in more than 380 domestic and international arrests of leaders, organizers, and significant facilitators of alien smuggling; more than 340 U.S. convictions; more than 290 significant jail sentences imposed; and forfeitures of substantial assets.
The investigation is being conducted under the Extraterritorial Criminal Travel Strike Force (ECT) program, a joint partnership between the Justice Department’s Criminal Division and HSI. The ECT program focuses on human smuggling networks that may present particular national security or public safety risks, or present grave humanitarian concerns. ECT has dedicated investigative, intelligence and prosecutorial resources. ECT coordinates and receives assistance from other U.S. government agencies and foreign law enforcement authorities.
Trial Attorney Jenna E. Reed of the Criminal Division’s HRSP and Assistant U.S. Attorney Jeffrey Stitt for the Northern District of New York are prosecuting the case.
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 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 and Project Safe Neighborhoods.
A superseding indictment was unsealed today charging Montez Moore, 20, Duane Benson, 20, Aniya Sheperd, 20, Brandon Irons, 19, Allen Brown, 23, Markaveon Jackson, 19, Raynell Moore, 22, Lavatrice McCully-Collins, 24, Peontay Roddy, 21, and Noah Hornburg, 23 — all of St. Louis, Missouri — with crimes including racketeering conspiracy, carjacking, robbery, and firearm charges related to their participation in “the Strikers,” a violent, interstate stolen car ring.
According to court documents, between September 2023 and March 2024, the Strikers engaged in car dealership burglaries, illegal interstate vehicle sales and thefts, shootings, carjacking, robbery, and other criminal acts throughout Missouri and Illinois.
“As alleged, the Strikers enterprise stole approximately 50 vehicles and inflicted nearly $3 million in losses while carrying out a violent crime spree across Missouri and Illinois,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “Their reckless actions endangered communities and dealt a serious blow to local businesses. This kind of brazen, lawless conduct will not be tolerated, and the Justice Department is committed to working with our federal, state, and local partners to protect the public and hold those responsible fully accountable.”
“Thanks to the Justice Department’s Violent Crime Initiative, we were able to expand an existing indictment to hold more members of the Strikers responsible for a litany of violent crimes,” said Acting U.S. Attorney Matthew T. Drake for the Eastern District of Missouri. “As we said when we announced St. Louis’ inclusion in the VCI last year, we are targeting and dismantling the criminal organizations that are disproportionately driving violent crime in St. Louis.”
“This was a violent, organized crime operation that spanned across state lines, left a trail of stolen vehicles and cost millions of dollars in losses,” said Assistant Director Jose A. Perez of the FBI Criminal Investigative Division. “This case demonstrates the power of the RICO statute to dismantle interstate criminal enterprises and reflects the FBI’s unwavering commitment to pursuing those who use violence and intimidation to profit from crime.”
In a single burglary, defendants and others burglarized a dealership in Cape Girardeau, Missouri and stole seven high-end vehicles worth approximately $855,000.
To hide their identities during the burglaries, the defendants would wear gloves, dark clothing, and masks. In one incident, defendants Hornburg, Moore, and Irons led police on a high-speed chase, driving on a public street reaching speeds over 110 mph. In another incident, after police seized one of the stolen cars, defendants Shepard, Benson, and others broke into the police impound lot and stole the car back.
After stealing the vehicles, the defendants allegedly concealed their stolen nature or location by attaching stolen out-of-state dealer plates and covering or removing vehicle identification numbers. The stolen vehicles would then be used in other crimes or sold through social media advertising. The Strikers would often advertise a sales price at such a discount that prospective buyers should have suspected the vehicles were stolen. In one Instagram posting, defendants offered for sale a 2019 Infiniti q70 for $3000, a 2016 Mercedes Benz GLE 400 for $1500, and a 2014 BMW 528i for $2500.
In one alleged carjacking and robbery, defendants Benson and Moore pulled up to a BP gas station in a stolen blue 2017 BMW 330i that had been taken from a dealership in Springfield, Illinois. They briefly waited for a lottery machine technician to walk out of the store and as captured on store surveillance, ambushed him at gunpoint, robbed him, and highjacked his white Silverado pickup.
A screenshot showing a January 2024 robbery and carjacking in Cool Valley, Missouri
If convicted, each defendant faces up to 20 years in prison for the racketeering conspiracy. Defendants Moore and Benson face up to an additional 30 years in prison if convicted of carjacking, robbery and use of a firearm in connection thereof. Defendant Aniya Shephard faces up to an additional 10 years in prison if convicted of possessing a machinegun.
The Federal Bureau of Investigation and the St. Louis County Police Department are investigating the case.
Trial Attorney Jared A. Hernandez of the Criminal Division’s Violent Crime and Racketeering Section and Assistant U.S. Attorney Nino Przulj for the Eastern District of Missouri are prosecuting the case.
This case is part of the Criminal Division’s Violent Crime Initiative in St. Louis conducted in partnership with the U.S. Attorney’s Office in the Eastern District of Missouri and local, state, and federal law enforcement. The joint effort addresses violent crime by employing, where appropriate, federal laws to prosecute gang members and their associates in St. Louis.
An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.