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Category: Finance

  • MIL-OSI USA: Senator Collins Speaks at Northern Light Health Rural Dementia Training Program

    US Senate News:

    Source: United States Senator for Maine Susan Collins

    Click HERE and HERE for individual photos.

    Orono, ME – Today, U.S. Senator Susan Collins delivered remarks at the Northern Light Health Maine Rural Dementia Training Program at the University of Maine. More than 100 medical professionals from across the state were in attendance for the all-day program, which trains rural medical professionals, caregivers, and social workers to care for patients with dementia in outpatient and hospital-based settings. Maine, being one of the oldest and most rural states in the nation, faces a high prevalence of age-associated cognitive disorders and limited access to dementia specialists.

    “Far too many of us know the pain of having a loved one stricken by dementia, including Alzheimer’s. I’ve seen it in my own family, and I understand how devastating these diseases can be,” said Senator Collins during her remarks. “In our large rural state, it can be difficult to secure an accurate, early diagnosis and a plan for care. That’s why I worked hard to secure funding for this important training program to help ensure families across Maine can access the care they need.”

    Last year, through her role on the Senate Appropriations Committee, Senator Collins secured more than $1.3 million in Congressionally Directed Spending for Northern Light Acadia Hospital to create the Rural Dementia Training Program.

    This week, Senator Collins delivered remarks at the 2025 Alzheimer’s Impact Movement (AIM) Advocacy Forum in Washington. In her remarks, Senator Collins highlighted her successful legislative efforts to advance Alzheimer’s research, prevention, and treatment. In the 118th Congress, there were 1,868 standalone health care bills introduced in both the U.S. Senate and the U.S. House of Representatives. Of those bills, only 15 passed both chambers and were signed into law. U.S. Senator Susan Collins led or co-led 5 of those 15 bills to passage with strong bipartisan support, and 3 of those 5 bills dealt directly with brain health. Those bills were the National Alzheimer’s Project Act (NAPA), the Building Our Largest Dementia (BOLD) Infrastructure for Alzheimer’s Act, and the Alzheimer’s Accountability and Investment Act.

    MIL OSI USA News –

  • MIL-OSI USA: ICE, Homeland Security Task Force, partners investigate cockfighting operation, illegal immigration and other crimes

    Source: US Immigration and Customs Enforcement

    HUNTSVILLE, Ala. – The Gulf of America Homeland Security Task Force, in partnership with the U.S. Department of Agriculture Office of Inspector General and the Alabama Law Enforcement Agency, conducted a joint operation targeting an illegal animal fighting exhibition in Blount County, Alabama June 14. The multiagency team executed search warrants related to the prohibition of animal fighting ventures, presence of illegal aliens, and the prohibition of illegal gambling. The Homeland Security Task Force is comprised of U.S. Immigration and Customs Enforcement Homeland Security Investigations, FBI, IRS, Bureau of Alcohol Tobacco Firearms and Explosives, and supported by the United States Marshals Service, Customs and Border Protection, ICE’s Enforcement and Removal Operations and the United States Attorney’s Office.

    Results of the operation include:

    • 60 people arrested
      • 55 illegal aliens
      • Five U.S. citizens
    • More than $100K in bulk currency seized
    • Two firearms recovered
    • Five pending federal indictments for the U.S. citizen criminal organization organizers
    • Four aliens charged for illegal reentry after deportation

    “This illegal cockfighting operation wasn’t just about animal cruelty — it was tied to a broader network of serious crimes, including illegal gambling, drug trafficking, and violent offenses,” said Special Agent in Charge of Homeland Security Investigations in Georgia and Alabama Steven N. Schrank. “These criminal enterprises endanger our communities, and HSI remains steadfast in its mission to disrupt and dismantle them. This operation underscores our commitment to public safety and the strength of our law enforcement partnerships.”

    This case will be prosecuted in the Northern District of Alabama.

    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 Neighborhood.

    The public is reminded that all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

  • MIL-OSI USA: Two Corporate Executives Sentenced in First-Ever Criminal Prosecution for Failure to Report Under Consumer Product Safety Act

    Source: US State of California

    Two California businessmen were sentenced in Los Angeles, California, today for conspiracy and failing to report information related to defective dehumidifiers linked to multiple residential fires.

    U.S. District Court Judge Dale S. Fischer sentenced Simon Chu, 70, of Pomona, California, and Charley Loh, 67, of Arcadia, California, to serve 38 and 40 months in prison respectively, plus three years of supervised release, for their roles in a conspiracy to defraud the U.S. Consumer Product Safety Commission (CPSC) and in failing to furnish information as required by the Consumer Product Safety Act (CPSA). The Court also ordered Chu and Loh to pay fines of $5,000 and $12,000, respectively, as part of their sentences. Chu and Loh were convicted on November 16, 2023, following trial in Los Angeles.

    According to court documents and evidence presented in court, Loh was part owner and chief executive officer of Gree USA Inc. (Gree USA), and another corporation in City of Industry, California, both of which imported and sold residential dehumidifiers that were made in China by Gree Electric Appliances, Inc. of Zhuhai (Gree Zhuhai). Chu was part owner and chief administrative officer of the same two corporations.  

    The CPSA requires manufacturers, importers and distributors of consumer products to report “immediately” to the CPSC information that reasonably supports the conclusion that a product contains a defect that could create a substantial product hazard or creates an unreasonable risk of serious injury or death. This duty also applies to the individual directors, officers and agents of those companies. According to evidence presented in court, by September 2012, Chu, Loh and their companies had received multiple reports that their Chinese dehumidifiers were defective, dangerous and could catch fire. They also knew that they were required to report this product safety information to the CPSC immediately. Despite knowing about dehumidifier fires and tests showing defects in the dehumidifiers, Chu and Loh failed to disclose those defects and hazards for at least six months while they continued to sell their products.

    “Federal law requires companies to report potentially dangerous products to the Consumer Product Safety Commission to help protect consumers from harm,” said Assistant Attorney General Brett Shumate of the Justice Department’s Civil Division. “The Justice Department will continue to investigate and bring to justice companies and individuals who willfully evade these requirements and put the public in danger.”

    The defective dehumidifiers sold by Chu and Loh’s two corporations were included in multiple recalls of a larger number of defective dehumidifiers manufactured by Gree Zhuhai. According to the recall notices, more than 450 reported fires and millions of dollars in property damage were linked to the recalled Gree dehumidifiers.

    The most recent recall announcements for the Gree dehumidifiers can be found here: www.cpsc.gov/Recalls/2017/Gree-Reannounces-Dehumidifier-Recall-Following-450-Fires-and-19-Million-in-Property-Damage-0 and here:

    www.cpsc.gov/Recalls/2023/Gree-Recalls-1-56-Million-Dehumidifiers-Due-to-Fire-and-Burn-Hazards-Reports-of-At-Least-23-Fires.

    The CPSC’s most recent warning about the recalled Gree dehumidifiers is here: www.cpsc.gov/Warnings/2023/CPSC-Warning-Stop-Using-Recalled-Gree-Dehumidifiers-Due-to-Fire-Hazard-4-Deaths-May-be-Tied-to-Recalled-Units.

    “Corporate executives who choose to ignore the law will be held accountable – especially when death and serious injuries result,” said U.S. Attorney Bill Essayli for the Central District of California. “By putting profits over the safety of others, these defendants created serious risks to consumers, and we will continue to prosecute those who endanger the public.”

    “These Chinese-made products were hazardous, and the defendants knew it,” said CPSC Acting Chairman Peter Feldman. “Today’s sentences are a clear message that the CPSC will take a hard line against executives who break American laws and endanger families. I commend the CPSC and Justice Department teams for their work to secure this outcome.”

    Gree USA was sentenced in April 2023 to pay a $500,000 criminal fine after pleading guilty to failing to notify the CPSC about the problems with the dehumidifiers. The fine, along with provisions to pay restitution to victims, was part of a $91 million criminal resolution with Gree USA, Gree Zhuhai and another related Gree company, Hong Kong Gree Electric Appliances Sales Co. Ltd. This resolution is the first corporate criminal enforcement action ever brought under the CPSA.

    Homeland Security Investigations of the Department of Homeland Security investigated the case.

    This case is being prosecuted by Trial Attorneys Natalie Sanders, Speare Hodges, and Stephen Gripkey of the Civil Division’s Consumer Protection Branch, and Assistant U.S. Attorney Dennis Mitchell of the Central District of California, with the assistance of Patricia Vieira of the CPSC’s Office of General Counsel.

    Additional information about the Consumer Protection Branch and its enforcement efforts may be found at www.justice.gov/civil/consumer-protection-branch. For more information about the U.S. Attorney’s Office for the Central District of California, visit its website at www.justice.gov/usao-cdca.

    MIL OSI USA News –

  • MIL-OSI Security: Two Corporate Executives Sentenced in First-Ever Criminal Prosecution for Failure to Report Under Consumer Product Safety Act

    Source: United States Attorneys General

    Two California businessmen were sentenced in Los Angeles, California, today for conspiracy and failing to report information related to defective dehumidifiers linked to multiple residential fires.

    U.S. District Court Judge Dale S. Fischer sentenced Simon Chu, 70, of Pomona, California, and Charley Loh, 67, of Arcadia, California, to serve 38 and 40 months in prison respectively, plus three years of supervised release, for their roles in a conspiracy to defraud the U.S. Consumer Product Safety Commission (CPSC) and in failing to furnish information as required by the Consumer Product Safety Act (CPSA). The Court also ordered Chu and Loh to pay fines of $5,000 and $12,000, respectively, as part of their sentences. Chu and Loh were convicted on November 16, 2023, following trial in Los Angeles.

    According to court documents and evidence presented in court, Loh was part owner and chief executive officer of Gree USA Inc. (Gree USA), and another corporation in City of Industry, California, both of which imported and sold residential dehumidifiers that were made in China by Gree Electric Appliances, Inc. of Zhuhai (Gree Zhuhai). Chu was part owner and chief administrative officer of the same two corporations.  

    The CPSA requires manufacturers, importers and distributors of consumer products to report “immediately” to the CPSC information that reasonably supports the conclusion that a product contains a defect that could create a substantial product hazard or creates an unreasonable risk of serious injury or death. This duty also applies to the individual directors, officers and agents of those companies. According to evidence presented in court, by September 2012, Chu, Loh and their companies had received multiple reports that their Chinese dehumidifiers were defective, dangerous and could catch fire. They also knew that they were required to report this product safety information to the CPSC immediately. Despite knowing about dehumidifier fires and tests showing defects in the dehumidifiers, Chu and Loh failed to disclose those defects and hazards for at least six months while they continued to sell their products.

    “Federal law requires companies to report potentially dangerous products to the Consumer Product Safety Commission to help protect consumers from harm,” said Assistant Attorney General Brett Shumate of the Justice Department’s Civil Division. “The Justice Department will continue to investigate and bring to justice companies and individuals who willfully evade these requirements and put the public in danger.”

    The defective dehumidifiers sold by Chu and Loh’s two corporations were included in multiple recalls of a larger number of defective dehumidifiers manufactured by Gree Zhuhai. According to the recall notices, more than 450 reported fires and millions of dollars in property damage were linked to the recalled Gree dehumidifiers.

    The most recent recall announcements for the Gree dehumidifiers can be found here: www.cpsc.gov/Recalls/2017/Gree-Reannounces-Dehumidifier-Recall-Following-450-Fires-and-19-Million-in-Property-Damage-0 and here:

    www.cpsc.gov/Recalls/2023/Gree-Recalls-1-56-Million-Dehumidifiers-Due-to-Fire-and-Burn-Hazards-Reports-of-At-Least-23-Fires.

    The CPSC’s most recent warning about the recalled Gree dehumidifiers is here: www.cpsc.gov/Warnings/2023/CPSC-Warning-Stop-Using-Recalled-Gree-Dehumidifiers-Due-to-Fire-Hazard-4-Deaths-May-be-Tied-to-Recalled-Units.

    “Corporate executives who choose to ignore the law will be held accountable – especially when death and serious injuries result,” said U.S. Attorney Bill Essayli for the Central District of California. “By putting profits over the safety of others, these defendants created serious risks to consumers, and we will continue to prosecute those who endanger the public.”

    “These Chinese-made products were hazardous, and the defendants knew it,” said CPSC Acting Chairman Peter Feldman. “Today’s sentences are a clear message that the CPSC will take a hard line against executives who break American laws and endanger families. I commend the CPSC and Justice Department teams for their work to secure this outcome.”

    Gree USA was sentenced in April 2023 to pay a $500,000 criminal fine after pleading guilty to failing to notify the CPSC about the problems with the dehumidifiers. The fine, along with provisions to pay restitution to victims, was part of a $91 million criminal resolution with Gree USA, Gree Zhuhai and another related Gree company, Hong Kong Gree Electric Appliances Sales Co. Ltd. This resolution is the first corporate criminal enforcement action ever brought under the CPSA.

    Homeland Security Investigations of the Department of Homeland Security investigated the case.

    This case is being prosecuted by Trial Attorneys Natalie Sanders, Speare Hodges, and Stephen Gripkey of the Civil Division’s Consumer Protection Branch, and Assistant U.S. Attorney Dennis Mitchell of the Central District of California, with the assistance of Patricia Vieira of the CPSC’s Office of General Counsel.

    Additional information about the Consumer Protection Branch and its enforcement efforts may be found at www.justice.gov/civil/consumer-protection-branch. For more information about the U.S. Attorney’s Office for the Central District of California, visit its website at www.justice.gov/usao-cdca.

    MIL Security OSI –

  • MIL-OSI Australia: Reforms needed to help Pacific workers access millions in unclaimed superannuation

    Source:

    17 June 2025

    Pacific Australia Labour Mobility (PALM) scheme workers at Currency Creek. They’re joined by Dr Rob Whait from UniSA and Dr Connie Vitalie from WSU.

    Finance experts are calling on the Federal Government to make it easier for Pacific and Timor-Leste workers that come to Australia to access unclaimed superannuation once their visa expires.

    More than 31,000 workers participated in the Pacific Australia Labour Mobility (PALM) scheme in rural and regional Australia in March 2025, helping to fill labour gaps in agriculture, aged care, hospitality and tourism.

    PALM workers on a nine-month visa can typically accumulate between $3000-4000 in superannuation before tax, while those on four-year visas can accumulate up to $16,000. It can only be claimed after their visa expires and they’ve returned to their home country, and the process of accessing the funds is difficult and time consuming.

    Many PALM workers are unaware that these funds can be repatriated. Plus, complex legislative requirements, administrative red tape, access to computers and the internet, lack of financial capability, and cultural and language barriers, mean that millions of dollars in superannuation go unclaimed.

    UniSA Senior Lecturer and Manager of the UniSA Tax Clinic, Dr Rob Whait, says the Australian Tax Office holds millions of dollars of unclaimed superannuation owned to workers from the PALM scheme.

    “Completing the required paperwork requires workers to be proficient in English, seeing as the forms aren’t available in other languages. It also requires access to a computer and the internet as the forms can’t be downloaded and need to be completed online, then emailed to the relevant authority,” he says.

    “In PALM countries, English is a second language, and the internet is not as readily accessible as it is here. The responsibility for making a claim lies solely with the worker, and there is no obligation for the employer here in Australia to provide information about how workers can claim their superannuation.”

    Dr Whait and Dr Connie Vitale from Western Sydney University are recommending policy reforms to make it easier for PALM workers to have their superannuation directly paid into their own super fund in their home country while working in Australia, or have the funds paid as part of their wages in lieu of superannuation.

    Analysis by Dr Whait and Dr Vitale of the issue revealed several recommended policy reform options to make it easier for PALM workers to claim their superannuation once their visa expires. It was found that allowing workers to automatically have their superannuation paid directly into their own fund in their home country while working in Australia would be the most logical option.

    The two researchers travelled to PALM worker locations across SA and NSW late last year to support workers to prepare their Departing Australia Superannuation Payments (DASP) claims and other documentation before leaving Australia.

    He says the recent visits to the PALM worker locations revealed that paying superannuation into a super fund in their own country was not the most preferred option by the workers themselves and that payment added up front to their wages was most desired.

    “A leader among the PALM workers said that he would prefer Australia to follow the New Zealand approach where superannuation is not paid at all, and instead, they get all their money paid as wages. Another PALM worker said that the superannuation funds in their country are not being managed in their best interests,” Dr Whait says.

    “After visiting PALM worker locations, we were left with the impression that many PALM workers would rather have immediate access to their money to help their families and communities now, rather than wait for retirement. Further research can confirm these preferences and impressions.”

    Dr Whait says the PALM scheme is arguably of great strategic importance to Australia since it helps to build and maintain positive relationships with the Pacific region.

    “Enhanced economic prosperity arises from PALM workers taking the skills they’ve learnt in Australia back to their own communities, he says.

    “PALM workers are collectively leaving many millions of dollars in superannuation unclaimed, but any potential reforms must consider recent political tensions in the Pacific,” Dr Whait says.

    “If done correctly, PALM superannuation policy reform presents Australia with an opportunity to rebuild and strengthen relationships with its Pacific neighbours.

    The University of South Australia and the University of Adelaide are joining forces to become Australia’s new major university – Adelaide University. Building on the strengths, legacies and resources of two leading universities, Adelaide University will deliver globally relevant research at scale, innovative, industry-informed teaching and an outstanding student experience. Adelaide University will open its doors in January 2026. Find out more on the Adelaide University website.

    …………………………………………………………………………………………………………………………

    Contact for interview: Dr Rob Whait, Senior Lecturer, UniSA Business and Manager, UniSA Tax Clinic E: Rob.Whait@unisa.edu.au
    Media contact: Melissa Keogh, Communications Officer, UniSA M: +61 403 659 154 E: melissa.keogh@unisa.edu.au

    MIL OSI News –

  • MIL-OSI Security: Prime Capital Ventures Owner Indicted for Wire Fraud Conspiracy

    Source: US FBI

    ALBANY, NEW YORK – Kris Roglieri, age 45, of Queensbury, New York, was indicted yesterday on a wire fraud conspiracy charge in connection with the operation and collapse of his purported commercial lending business, Prime Capital Ventures, LLC. Roglieri had been previously indicted on five counts of wire fraud, and yesterday’s superseding indictment added a wire fraud conspiracy charge and seeks the forfeiture of millions of dollars’ worth of vehicles, watches and real estate that Roglieri purchased as part of his fraudulent scheme.

    United States Attorney John A. Sarcone III and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement.

    According to the superseding indictment, Roglieri operated Prime Capital Ventures, LLC (“Prime Capital”) and, between March 2022 and January 2024, conspired with others to fraudulently obtain tens of millions of dollars from Prime Capital’s clients. The indictment alleges that Roglieri and his co-conspirators fraudulently promoted Prime Capital as a lending business capable of making large commercial loans, and deceived clients into sending Prime Capital “Interest Credit Account” (or “ICA”) payments based on false promises that these payments would allow Prime Capital to make these large loans and that the ICA payments would be refunded if those loans did not materialize.

    United States Attorney John A. Sarcone III said: “As alleged, Kris Roglieri perpetrated a massive fraudulent scheme against clients across the country that came to Prime Capital Ventures for loans to fund their business projects. Instead of giving these clients legitimate loans, Roglieri gave them lies, and spent millions of dollars on his made-for-Instagram extravagant lifestyle. He spent millions on exotic vehicles and watches, and on private international jet travel, including a vacation to Anguilla that he took as Prime Capital was in bankruptcy proceedings and with the company’s creditors beset with confusion, anger and grief. But today’s indictment shows that these crimes ultimately did not pay for Roglieri, as he now faces the prospect of many years in prison.”

    FBI Special Agent in Charge Craig L. Tremaroli stated: “Today’s indictment illustrates the staggering depth of the alleged fraud committed by Mr. Roglieri. The FBI takes very seriously our responsibility to investigate and pursue those who commit fraud for personal gain. We will continue working with our law enforcement partners to hold accountable those who use illegal means and criminal behavior to take advantage of others.”

    The charges in the superseding indictment are merely accusations. The defendant is presumed innocent unless and until proven guilty.

    The superseding indictment alleges that Prime Capital held itself out as a commercial lending business, but never had the ability to legitimately fund loans. As part of contractual arrangements with its borrower clients situated across the country, Prime Capital obtained upfront interest payments from prospective borrowers while it sought to secure loans for those borrowers; these upfront interest payments were characterized by Prime Capital as the “Interest Credit Account” payment, or “ICA” payment for short. ICA payments did not represent fees to Prime Capital. Instead, each borrower’s upfront ICA payment would be debited over time as the loan was funded and accrued more interest. An ICA payment would also be refundable if Prime Capital failed to secure a loan for the borrower client. Depending on the size of the loan that Prime Capital promised, an ICA payment could be in the millions of dollars.  Prime Capital obtained ICA payments as large as $20 million.

    The indictment alleges that because Prime Capital never had a source of loan funding, Roglieri used ICA payments from newer borrower clients to partially fund loans to, and to refund ICA payments to, older borrower clients, contrary to promises that each ICA payment would be kept in a pledged account and would be used only for the benefit of the client that made the ICA payment.  Roglieri also drew on ICA payments to pay his debts and buy the following, all of which the Government has since seized or secured, and is now seeking to forfeit:

    • A Ferrari LaFerrari F150, a Ferrari Enzo, a Ferrari 812 Competizione, and a Ferrari engine table (this is a table with a Ferrari engine as its base);
    • Eight Mercedes Benzes including a Mercedez Benz SLR McLaren;
    • A Porsche Carrera;
    • A Maserati MC 12 Corse;
    • Two Richard Mille watches;
    • Six Rolex watches;
    • A multi-million-dollar residential property in Virginia Beach, Virginia; and
    • $764,000.83 seized from bank accounts.

    Roglieri has been in custody since his arrest on a criminal complaint on May 31, 2024. United States District Judge Mae D’Agostino has set a firm trial date of January 5, 2026.

    If convicted of wire fraud or wire fraud conspiracy, Roglieri faces up to 20 years in prison and a maximum $250,000 fine, as well as up to 3 years of post-imprisonment supervised release. A defendant’s sentence is imposed by a judge based on the particular statutes the defendant is convicted of violating, the U.S. Sentencing Guidelines and other factors. The Government is also seeking an asset forfeiture money judgment in the amount of $183,818,821.82.

    Two co-conspirators have pled guilty in connection with this case. Kimberly Owen, a/k/a Kimberly “Kimmy” Humphrey, age 41, and her brother Christopher Snyder, age 45, both of Virginia Beach, have each pled guilty to a charge of wire fraud conspiracy. Both Owen and Snyder admitted to conspiring with each other and Roglieri to defraud Prime Capital clients.

    The FBI is conducting this ongoing investigation. Assistant U.S. Attorneys Joshua R. Rosenthal and Michael Barnett are prosecuting this case.

    MIL Security OSI –

  • MIL-OSI Security: Prime Capital Ventures Owner Indicted for Wire Fraud Conspiracy

    Source: US FBI

    ALBANY, NEW YORK – Kris Roglieri, age 45, of Queensbury, New York, was indicted yesterday on a wire fraud conspiracy charge in connection with the operation and collapse of his purported commercial lending business, Prime Capital Ventures, LLC. Roglieri had been previously indicted on five counts of wire fraud, and yesterday’s superseding indictment added a wire fraud conspiracy charge and seeks the forfeiture of millions of dollars’ worth of vehicles, watches and real estate that Roglieri purchased as part of his fraudulent scheme.

    United States Attorney John A. Sarcone III and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement.

    According to the superseding indictment, Roglieri operated Prime Capital Ventures, LLC (“Prime Capital”) and, between March 2022 and January 2024, conspired with others to fraudulently obtain tens of millions of dollars from Prime Capital’s clients. The indictment alleges that Roglieri and his co-conspirators fraudulently promoted Prime Capital as a lending business capable of making large commercial loans, and deceived clients into sending Prime Capital “Interest Credit Account” (or “ICA”) payments based on false promises that these payments would allow Prime Capital to make these large loans and that the ICA payments would be refunded if those loans did not materialize.

    United States Attorney John A. Sarcone III said: “As alleged, Kris Roglieri perpetrated a massive fraudulent scheme against clients across the country that came to Prime Capital Ventures for loans to fund their business projects. Instead of giving these clients legitimate loans, Roglieri gave them lies, and spent millions of dollars on his made-for-Instagram extravagant lifestyle. He spent millions on exotic vehicles and watches, and on private international jet travel, including a vacation to Anguilla that he took as Prime Capital was in bankruptcy proceedings and with the company’s creditors beset with confusion, anger and grief. But today’s indictment shows that these crimes ultimately did not pay for Roglieri, as he now faces the prospect of many years in prison.”

    FBI Special Agent in Charge Craig L. Tremaroli stated: “Today’s indictment illustrates the staggering depth of the alleged fraud committed by Mr. Roglieri. The FBI takes very seriously our responsibility to investigate and pursue those who commit fraud for personal gain. We will continue working with our law enforcement partners to hold accountable those who use illegal means and criminal behavior to take advantage of others.”

    The charges in the superseding indictment are merely accusations. The defendant is presumed innocent unless and until proven guilty.

    The superseding indictment alleges that Prime Capital held itself out as a commercial lending business, but never had the ability to legitimately fund loans. As part of contractual arrangements with its borrower clients situated across the country, Prime Capital obtained upfront interest payments from prospective borrowers while it sought to secure loans for those borrowers; these upfront interest payments were characterized by Prime Capital as the “Interest Credit Account” payment, or “ICA” payment for short. ICA payments did not represent fees to Prime Capital. Instead, each borrower’s upfront ICA payment would be debited over time as the loan was funded and accrued more interest. An ICA payment would also be refundable if Prime Capital failed to secure a loan for the borrower client. Depending on the size of the loan that Prime Capital promised, an ICA payment could be in the millions of dollars.  Prime Capital obtained ICA payments as large as $20 million.

    The indictment alleges that because Prime Capital never had a source of loan funding, Roglieri used ICA payments from newer borrower clients to partially fund loans to, and to refund ICA payments to, older borrower clients, contrary to promises that each ICA payment would be kept in a pledged account and would be used only for the benefit of the client that made the ICA payment.  Roglieri also drew on ICA payments to pay his debts and buy the following, all of which the Government has since seized or secured, and is now seeking to forfeit:

    • A Ferrari LaFerrari F150, a Ferrari Enzo, a Ferrari 812 Competizione, and a Ferrari engine table (this is a table with a Ferrari engine as its base);
    • Eight Mercedes Benzes including a Mercedez Benz SLR McLaren;
    • A Porsche Carrera;
    • A Maserati MC 12 Corse;
    • Two Richard Mille watches;
    • Six Rolex watches;
    • A multi-million-dollar residential property in Virginia Beach, Virginia; and
    • $764,000.83 seized from bank accounts.

    Roglieri has been in custody since his arrest on a criminal complaint on May 31, 2024. United States District Judge Mae D’Agostino has set a firm trial date of January 5, 2026.

    If convicted of wire fraud or wire fraud conspiracy, Roglieri faces up to 20 years in prison and a maximum $250,000 fine, as well as up to 3 years of post-imprisonment supervised release. A defendant’s sentence is imposed by a judge based on the particular statutes the defendant is convicted of violating, the U.S. Sentencing Guidelines and other factors. The Government is also seeking an asset forfeiture money judgment in the amount of $183,818,821.82.

    Two co-conspirators have pled guilty in connection with this case. Kimberly Owen, a/k/a Kimberly “Kimmy” Humphrey, age 41, and her brother Christopher Snyder, age 45, both of Virginia Beach, have each pled guilty to a charge of wire fraud conspiracy. Both Owen and Snyder admitted to conspiring with each other and Roglieri to defraud Prime Capital clients.

    The FBI is conducting this ongoing investigation. Assistant U.S. Attorneys Joshua R. Rosenthal and Michael Barnett are prosecuting this case.

    MIL Security OSI –

  • MIL-OSI: Home BancShares, Inc. Announces Second Quarter Earnings Release Date and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    CONWAY, Ark., June 16, 2025 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB), parent company of Centennial Bank, today announced it expects to release Second Quarter 2025 earnings after the market closes on July 16, 2025. Following this release, management will conduct a conference call to review these earnings at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, July 17, 2025.

    We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/133918928. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=862a0326&confId=84106. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

    Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 171523. A replay of the call will be available by calling 1-866-813-9403, Passcode: 539251, which will be available until July 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company’s website at www.homebancshares.com.

    Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, South Alabama, Texas and New York City, with branches in Texas operating as Happy State Bank, a division of Centennial Bank. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.”

    FOR MORE INFORMATION CONTACT:

    Home BancShares, Inc.
    Donna Townsell
    Senior Executive Vice President &
    Director of Investor Relations
    (501) 328-4625
    Ticker symbol: HOMB

    The MIL Network –

  • MIL-OSI: Home BancShares, Inc. Announces Second Quarter Earnings Release Date and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    CONWAY, Ark., June 16, 2025 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB), parent company of Centennial Bank, today announced it expects to release Second Quarter 2025 earnings after the market closes on July 16, 2025. Following this release, management will conduct a conference call to review these earnings at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, July 17, 2025.

    We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/133918928. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=862a0326&confId=84106. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

    Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 171523. A replay of the call will be available by calling 1-866-813-9403, Passcode: 539251, which will be available until July 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company’s website at www.homebancshares.com.

    Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, South Alabama, Texas and New York City, with branches in Texas operating as Happy State Bank, a division of Centennial Bank. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.”

    FOR MORE INFORMATION CONTACT:

    Home BancShares, Inc.
    Donna Townsell
    Senior Executive Vice President &
    Director of Investor Relations
    (501) 328-4625
    Ticker symbol: HOMB

    The MIL Network –

  • MIL-OSI Security: Gilford Man Sentenced to Five Years in Federal Prison for Possession with Intent to Distribute Methamphetamine and Fentanyl

    Source: Office of United States Attorneys

    CONCORD – A Gilford man was sentenced today in federal court for drug offenses, Acting U.S. Attorney Jay McCormack announces.

    Spiros Athanasopoulos, 46, was sentenced by U.S. District Court Paul J. Barbadoro to 60 months in federal prison and 3 years of supervised release.  In February 2025, Athanasopoulos pleaded guilty to possession with the intent to distribute a controlled substance.

    “This sentence reflects the serious danger posed by those who traffic fentanyl and methamphetamine, especially when they also attempt to flee law enforcement and endanger the public,” said Acting U.S. Attorney Jay McCormack. “Our office remains committed to holding drug traffickers accountable and protecting our communities from the devastating impact of these drugs.”

    “It doesn’t matter if it’s a large-scale drug trafficking organization, or an individual like Spiros Athanasopoulos who was distributing fentanyl and methamphetamine out of his home in Gilford, New Hampshire, the FBI and our law enforcement partners will do everything we can to put those who have furthered the scourge of drugs in our neighborhoods out of business,” said Ted E. Docks, Special Agent in Charge of the FBI Boston Division. “Investigations like this prove the essential value of strong law enforcement partnerships as we work together to make our communities safer.”

    “Drugs like fentanyl and methamphetamine are causing tremendous damage to our communities,” said Acting Special Agent in Charge, Stephen Belleau, New England Field Division.  “Those who distribute these drugs are endangering the safety of the citizens of the Granite State. DEA’s top priority is combatting the drug epidemic by working with our local, state and federal partners to bring to justice anyone who distributes these poisons.”

    According to court documents and statements made in court, in June 2021, Athanasopoulos fled from the New Hampton Police Department on a stolen motorcycle. The chase ended in a crash and law enforcement recovered a jar containing fentanyl and methamphetamine that Athanasopoulos threw from his backpack during the chase. Later that evening, law enforcement searched Athanasopoulos’s home and found large quantities of fentanyl and methamphetamine, as well as money, several firearms, and body armor. Laboratory testing confirmed that Athanasopoulos possessed more than 100 grams of fentanyl and more than 200 grams of methamphetamine.

    The Federal Bureau of Investigation and Drug Enforcement Administration led the investigation. Valuable assistance was provided by the Gilford Police Department and the New Hampton Police Department. Assistant United States Attorney Matthew T. Hunter prosecuted the case.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Gilford Man Sentenced to Five Years in Federal Prison for Possession with Intent to Distribute Methamphetamine and Fentanyl

    Source: Office of United States Attorneys

    CONCORD – A Gilford man was sentenced today in federal court for drug offenses, Acting U.S. Attorney Jay McCormack announces.

    Spiros Athanasopoulos, 46, was sentenced by U.S. District Court Paul J. Barbadoro to 60 months in federal prison and 3 years of supervised release.  In February 2025, Athanasopoulos pleaded guilty to possession with the intent to distribute a controlled substance.

    “This sentence reflects the serious danger posed by those who traffic fentanyl and methamphetamine, especially when they also attempt to flee law enforcement and endanger the public,” said Acting U.S. Attorney Jay McCormack. “Our office remains committed to holding drug traffickers accountable and protecting our communities from the devastating impact of these drugs.”

    “It doesn’t matter if it’s a large-scale drug trafficking organization, or an individual like Spiros Athanasopoulos who was distributing fentanyl and methamphetamine out of his home in Gilford, New Hampshire, the FBI and our law enforcement partners will do everything we can to put those who have furthered the scourge of drugs in our neighborhoods out of business,” said Ted E. Docks, Special Agent in Charge of the FBI Boston Division. “Investigations like this prove the essential value of strong law enforcement partnerships as we work together to make our communities safer.”

    “Drugs like fentanyl and methamphetamine are causing tremendous damage to our communities,” said Acting Special Agent in Charge, Stephen Belleau, New England Field Division.  “Those who distribute these drugs are endangering the safety of the citizens of the Granite State. DEA’s top priority is combatting the drug epidemic by working with our local, state and federal partners to bring to justice anyone who distributes these poisons.”

    According to court documents and statements made in court, in June 2021, Athanasopoulos fled from the New Hampton Police Department on a stolen motorcycle. The chase ended in a crash and law enforcement recovered a jar containing fentanyl and methamphetamine that Athanasopoulos threw from his backpack during the chase. Later that evening, law enforcement searched Athanasopoulos’s home and found large quantities of fentanyl and methamphetamine, as well as money, several firearms, and body armor. Laboratory testing confirmed that Athanasopoulos possessed more than 100 grams of fentanyl and more than 200 grams of methamphetamine.

    The Federal Bureau of Investigation and Drug Enforcement Administration led the investigation. Valuable assistance was provided by the Gilford Police Department and the New Hampton Police Department. Assistant United States Attorney Matthew T. Hunter prosecuted the case.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Arizona Woman Faces Assault Charges for 2023 Incident

    Source: Office of United States Attorneys

    ALBUQUERQUE – An Arizona woman is facing federal charges for allegedly assaulting two individuals.

    According to court documents, on December 30, 2023, Shaina Shorty, 35, an enrolled member of the Navajo Nation, assaulted Jane Doe 1 and Jane Doe 2 and the assaults resulted in serious bodily injury.

    Shorty is charged with two counts of assault resulting in serious bodily injury and will remain on conditions of release pending trial, which has not yet been scheduled. If convicted of the current charges, Shorty faces up to eight years in prison.

    U.S. Attorney Ryan Ellison and Philip Russell, Acting Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

    The Farmington Resident Agency of the Federal Bureau of Investigation’s Albuquerque Field Office investigated this case with assistance from the Navajo Nation Police Department and Navajo Department of Criminal Investigations. Assistant U.S. Attorney Aaron O. Jordan is prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI Security: Arizona Woman Faces Assault Charges for 2023 Incident

    Source: Office of United States Attorneys

    ALBUQUERQUE – An Arizona woman is facing federal charges for allegedly assaulting two individuals.

    According to court documents, on December 30, 2023, Shaina Shorty, 35, an enrolled member of the Navajo Nation, assaulted Jane Doe 1 and Jane Doe 2 and the assaults resulted in serious bodily injury.

    Shorty is charged with two counts of assault resulting in serious bodily injury and will remain on conditions of release pending trial, which has not yet been scheduled. If convicted of the current charges, Shorty faces up to eight years in prison.

    U.S. Attorney Ryan Ellison and Philip Russell, Acting Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

    The Farmington Resident Agency of the Federal Bureau of Investigation’s Albuquerque Field Office investigated this case with assistance from the Navajo Nation Police Department and Navajo Department of Criminal Investigations. Assistant U.S. Attorney Aaron O. Jordan is prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI Security: Former State Employee Sentenced for Taking Bribes to Approve Fraudulent Claims for Unemployment Insurance Benefits

    Source: Office of United States Attorneys

    DETROIT – A Detroit resident was sentenced today for her role in a scheme to steal unemployment assistance funds, announced United States Attorney Jerome F. Gorgon Jr.  Danielle Moore, 41, was sentenced to 41 months in prison after having pleaded guilty to conspiring to engage in wire fraud.

    Gorgon was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Field Division; Megan Howell, Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor-Office of Inspector General; and Megan Howell, Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor, Office of Inspector General.

    Moore was sentenced by United States District Judge Susan K. DeClercq.

    Moore was employed by the State of Michigan (SOM), Michigan Works Agency (MWA) and was assigned to work as a claims examiner for the Michigan Unemployment Insurance Agency (MUIA) during the onset of the COVID-19 pandemic in the spring of 2020. She admitted to taking bribes to process fraudulent claims. As a result of Moore’s crimes, the State of Michigan paid out approximately $1,507,057.08 in fraudulent unemployment claims that should have been disbursed to unemployed Americans during a historic time of need.

    Moore was also ordered to pay $1,507,057.08 in restitution.

    United States Attorney Gorgon stated: “We remain committed to prosecuting those who choose to profit through the theft of government funds earmarked for those members of our community who are truly in need.”

    “Ms. Moore, as a former state employee, betrayed the public’s trust by taking advantage of her position and conspiring to steal funds meant to support unemployed workers during a national crisis,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “Her actions were not only criminal but also a direct insult to the countless families and businesses struggling to survive the economic fallout of the pandemic. The FBI, along with our law enforcement partners, will continue to investigate and hold accountable anyone who chooses to defraud essential relief programs and exploit moments of national vulnerability for personal gain.”

    “Former State of Michigan employee Danielle Moore engaged in an unemployment insurance fraud scheme by facilitating the approval of at least 40 fraudulent claims for incarcerated individuals. Moore abused her position by accessing sensitive employment information and state data systems for her own personal financial gain. We will continue to work with our law enforcement partners to investigate those who seek to exploit this critical benefit program, particularly when an insider threat is involved,” said Megan Howell, Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor, Office of Inspector General.

    “UIA holds its employees to lofty ethical standards. When a staff member breaks that trust for personal gain, it is particularly disappointing,” said Jason Palmer, Director of the Michigan UIA. “Danielle Moore used her insider status to help steal money meant for fellow Michiganders who relied on their jobless benefits to survive. She failed her colleagues and failed the taxpayers of Michigan and is now being held accountable for her selfish acts.”

    The case was prosecuted by Assistant United States Attorney Timothy J. Wyse. The investigation was conducted jointly by the Department of Labor, Office of Inspector General, Federal Bureau of Investigation’s Detroit Area Public Corruption Task Force, and the Unemployment Insurance Agency, Michigan Department of Labor and Economic Opportunity.

    MIL Security OSI –

  • MIL-OSI Security: Former State Employee Sentenced for Taking Bribes to Approve Fraudulent Claims for Unemployment Insurance Benefits

    Source: Office of United States Attorneys

    DETROIT – A Detroit resident was sentenced today for her role in a scheme to steal unemployment assistance funds, announced United States Attorney Jerome F. Gorgon Jr.  Danielle Moore, 41, was sentenced to 41 months in prison after having pleaded guilty to conspiring to engage in wire fraud.

    Gorgon was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Field Division; Megan Howell, Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor-Office of Inspector General; and Megan Howell, Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor, Office of Inspector General.

    Moore was sentenced by United States District Judge Susan K. DeClercq.

    Moore was employed by the State of Michigan (SOM), Michigan Works Agency (MWA) and was assigned to work as a claims examiner for the Michigan Unemployment Insurance Agency (MUIA) during the onset of the COVID-19 pandemic in the spring of 2020. She admitted to taking bribes to process fraudulent claims. As a result of Moore’s crimes, the State of Michigan paid out approximately $1,507,057.08 in fraudulent unemployment claims that should have been disbursed to unemployed Americans during a historic time of need.

    Moore was also ordered to pay $1,507,057.08 in restitution.

    United States Attorney Gorgon stated: “We remain committed to prosecuting those who choose to profit through the theft of government funds earmarked for those members of our community who are truly in need.”

    “Ms. Moore, as a former state employee, betrayed the public’s trust by taking advantage of her position and conspiring to steal funds meant to support unemployed workers during a national crisis,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “Her actions were not only criminal but also a direct insult to the countless families and businesses struggling to survive the economic fallout of the pandemic. The FBI, along with our law enforcement partners, will continue to investigate and hold accountable anyone who chooses to defraud essential relief programs and exploit moments of national vulnerability for personal gain.”

    “Former State of Michigan employee Danielle Moore engaged in an unemployment insurance fraud scheme by facilitating the approval of at least 40 fraudulent claims for incarcerated individuals. Moore abused her position by accessing sensitive employment information and state data systems for her own personal financial gain. We will continue to work with our law enforcement partners to investigate those who seek to exploit this critical benefit program, particularly when an insider threat is involved,” said Megan Howell, Special Agent-in-Charge, Great Lakes Region, U.S. Department of Labor, Office of Inspector General.

    “UIA holds its employees to lofty ethical standards. When a staff member breaks that trust for personal gain, it is particularly disappointing,” said Jason Palmer, Director of the Michigan UIA. “Danielle Moore used her insider status to help steal money meant for fellow Michiganders who relied on their jobless benefits to survive. She failed her colleagues and failed the taxpayers of Michigan and is now being held accountable for her selfish acts.”

    The case was prosecuted by Assistant United States Attorney Timothy J. Wyse. The investigation was conducted jointly by the Department of Labor, Office of Inspector General, Federal Bureau of Investigation’s Detroit Area Public Corruption Task Force, and the Unemployment Insurance Agency, Michigan Department of Labor and Economic Opportunity.

    MIL Security OSI –

  • MIL-OSI Security: Business Owner Sentenced After Receiving More than $1.6 Million in Funds from the CARES Act

    Source: Office of United States Attorneys

    TULSA, Okla. – A former Oklahoma man with business ties in Florida was sentenced today after pleading guilty to four counts of bank fraud, announced U.S. Attorney Clint Johnson.

    U.S. District Judge Sara E. Hill sentenced Shawn Ray Murnan, 57, of Windemere, Florida, to 33 months imprisonment, followed by five years of supervised release. Judge Hill further ordered Murnan to pay $1,641,796.47 in restitution to the U.S. Small Business Administration (SBA).

    “In 2020, the CARES Act funding was established to provide emergency financial assistance to help businesses that were disrupted,” said U.S. Attorney Clint Johnson. “Investigators and prosecutors are committed to finding those like Murnan who steal government funding and prosecuting them to the fullest extent of the law.”

    From April 2020 through October 2021, Murnan admitted to falsifying several CARES Act applications to the SBA. Murnan was the owner of numerous business ventures in Oklahoma, Florida, and other states. He submitted 14 applications on behalf of his businesses, including Blujett, LLC, which was based in Broken Arrow. He submitted applications claiming to have several employees and falsified his payroll expenses. Murnan requested more than two million and successfully received $1,641,796.47 from seven Paycheck Protection Program loans and two Economic Injury Disaster Loans. After receiving the funds, Murnan applied for the loans to be forgiven. 

    Previously released on bond, Murnan was taken into custody following the sentencing today, where he will remain pending transfer to the U.S. Bureau of Prisons.

    The Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau, the Office of Inspector General for the Small Business Administration, and the U.S. Treasury Inspector General for Tax Administration investigated the case. Assistant U.S. Attorney David Whipple prosecuted the case.

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the Paycheck Protection Program (PPP). Since the inception of the CARES Act, the Fraud Section has prosecuted over 150 defendants in more than 95 criminal cases and has seized over $75 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at Justice.gov/OPA/pr/justice-department-takes-action-against-covid-19-fraud.

    MIL Security OSI –

  • MIL-OSI Security: MEXICAN NATIONAL SETNENCED FOR FIREARM POSSESSION

    Source: Office of United States Attorneys

    Jackson, MS – A citizen of Mexico was sentenced today to 12 months in prison for possession of a firearm by a prohibited person and illegal re-entry into the United States after having been removed or deported.

    According to court documents and statements made in open court, Erik Sel Camacho-Lara, 31, was arrested by the Ridgeland Police Department for possession of a stolen firearm after law enforcement responded to a call for service at a Ridgeland residence. The caller was a minor child that resided in the home. The minor child told Ridgeland Police that Camacho-Lara was armed and had possibly discharged a firearm inside the home. Responding officers were forced to make entry into the home to apprehend Camacho-Lara. Officers opened a bedroom door inside the home and heard the slide of a semi-automatic handgun being manipulated. Once inside the room, Officers saw Camacho-Lara holding a handgun. After speaking with officers, Camacho-Lara surrendered the firearm and was taken into custody. The United States Department of Homeland Security Investigations then took over the investigation. A biometric verification confirmed Camacho-Lara’s identity and revealed that he had been previously removed from the United States on April 2, 2013, by United States Border Patrol Agents in Texas. Camacho-Lara pleaded guilty to the charged conduct on March 6, 2025.

    Acting U.S. Attorney Patrick A. Lemon of the Southern District of Mississippi and Eric P. DeLaune, Special Agent-in-Charge for Homeland Security Investigations in New Orleans, Louisiana, made the announcement.

    The United States Department of Homeland Security Investigations investigated the case with assistance from the Ridgeland Police Department.

    Assistant U.S. Attorney Samuel Goff prosecuted the case.

    This case was investigated by the Mississippi Homeland Security Task Force (HSTF) as part of Operation Take Back America. HSTFs, which were established by President Trump in Executive Order 14159, Protecting the American People Against Invasion, are joint operations led by the Department of Justice and the Department of Homeland Security. Operation Take Back America is a nationwide federal initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

  • MIL-OSI Security: MEXICAN NATIONAL SETNENCED FOR FIREARM POSSESSION AND ILLEGAL RE-ENTRY AFTER REMOVAL

    Source: Office of United States Attorneys

    Jackson, MS – A citizen of Mexico was sentenced today to 12 months in prison for possession of a firearm by a prohibited person and illegal re-entry into the United States after having been removed or deported.

    According to court documents and statements made in open court, Erik Sel Camacho-Lara, 31, was arrested by the Ridgeland Police Department for possession of a stolen firearm after law enforcement responded to a call for service at a Ridgeland residence. The caller was a minor child that resided in the home. The minor child told Ridgeland Police that Camacho-Lara was armed and had possibly discharged a firearm inside the home. Responding officers were forced to make entry into the home to apprehend Camacho-Lara. Officers opened a bedroom door inside the home and heard the slide of a semi-automatic handgun being manipulated. Once inside the room, Officers saw Camacho-Lara holding a handgun. After speaking with officers, Camacho-Lara surrendered the firearm and was taken into custody. The United States Department of Homeland Security Investigations then took over the investigation. A biometric verification confirmed Camacho-Lara’s identity and revealed that he had been previously removed from the United States on April 2, 2013, by United States Border Patrol Agents in Texas. Camacho-Lara pleaded guilty to the charged conduct on March 6, 2025.

    Acting U.S. Attorney Patrick A. Lemon of the Southern District of Mississippi and Eric P. DeLaune, Special Agent-in-Charge for Homeland Security Investigations in New Orleans, Louisiana, made the announcement.

    The United States Department of Homeland Security Investigations investigated the case with assistance from the Ridgeland Police Department.

    Assistant U.S. Attorney Samuel Goff prosecuted the case.

    This case was investigated by the Mississippi Homeland Security Task Force (HSTF) as part of Operation Take Back America. HSTFs, which were established by President Trump in Executive Order 14159, Protecting the American People Against Invasion, are joint operations led by the Department of Justice and the Department of Homeland Security. Operation Take Back America is a nationwide federal initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

  • MIL-OSI USA: Justice Department Highlights Enforcement Efforts Protecting Older Americans from Transnational Fraud Schemes in Recognition of 2025 World Elder Abuse Awareness Day

    Source: US State of California

    Note: The cases underlined hyperlink to press releases

    In recognition of World Elder Abuse Awareness Day, Attorney General Pamela Bondi announced that the Justice Department is reinvigorating efforts to protect older Americans from transnational schemes that cost billions of dollars, often stealing their life savings. In the past few weeks alone, investigators and prosecutors have arrested and filed cases against foreign fraudsters and domestic actors who have knowingly facilitated foreign-based crimes.

    “Prosecutors across the country are stepping up the fight against malicious schemes that target older Americans,” said Attorney General Pamela Bondi. “We are working with domestic law enforcement and foreign counterparts every day to hold criminals accountable and ensure that justice is done for our seniors both here at home and abroad.”

    These include cases involving romance fraud, lottery fraud, tech support fraud, and grandparent scams. Romance fraud is a confidence scheme where a perpetrator feigns romantic interest with a victim only to later extract money or property under false pretenses. Lottery fraud schemes trick victims into believing they have won a non-existent lottery or sweepstakes prize in order to extract fake fees, taxes, or other fabricated charges from the victim. Tech support fraud scams involve perpetrators tricking victims into believing that their computer or phone has a problem, often through fake pop-up messages, and to later seek funds from the victims in order to “fix” the “problem.” Grandparent scams, another type of confidence scheme, involve scammers impersonating a grandchild or close family member who experiences a fictitious emergency and needs money from the victim as soon as possible.

    Transnational Elder Fraud

    Lottery Fraud

    United States v. Troy Murray; United States v. Cutter Murray. On June 11, the Department’s Consumer Protection Branch filed an Information in the U.S. District Court for the Southern District of Florida charging Troy Murray also known as “Steve Dixson” with conspiracy to commit wire fraud. The Branch also filed Troy Murray’s agreement to plead guilty. According to court documents, Troy Murray sold to lottery fraud scammers, including Jamaicans, his lead list database containing the names, and personal information of over seven million elderly American consumers. Scammers then used these lists to defraud those elderly victims. Additionally, Cutter Murray, Troy Murray’s son, will plead guilty to one count of money laundering for receiving and then laundering $1.6 million of the fraudulent funds Troy Murray obtained. Several purchases were in excess of $10,000. This case was investigated by the U.S. Postal Inspection Service.

    United States v. Dennis Anderson; United States v. Frank Angelori. On June 9, the Consumer Protection Branch filed court documents charging Dennis Anderson and Frank Angelori for facilitating additional Jamaica-based elder fraud. According to court documents, Anderson and Angelori were lead list brokers and business partners, who from as early as 2015 until at least March 2020, knowingly sold lists containing consumer names and contact information of mostly older Americans to Jamaican clients who perpetrate lottery fraud on senior citizens. These cases were investigated by the U.S. Postal Inspection Service.

    United States v. Deeno Jackson. On May 30, the U.S. Attorney’s Office for the District of Arizona announced an indictment charging Deeno Jackson, 27, a citizen of Jamaica with wire fraud and conspiracy to commit wire fraud. According to court documents, Jackson and others engaged in a lottery fraud scheme targeting elderly victims in Arizona and throughout the United States. One victim lost over $400,000 from the scheme.

    United States v. Jimmy Smith. On April 1, the U.S. Attorney’s Office for the District of Connecticut announced charges against Jimmy Smith, 30, a citizen of Jamaica, who resided in Hinesville, Georgia. According to court documents, Smith and others defrauded at least four victims residing in Connecticut, New York, Texas, and California, by telling them they had won a Publishers Clearing House Sweepstakes and needed to pay taxes or money to claim the prize.

    Romance Fraud

    United States v. Charles Uchenna Nwadavid. On April 9, the U.S. Attorney’s Office (USAO) for the District of Massachusetts announced charges against Charles Uchenna Nwadavid, a citizen of Nigeria who was arrested after landing at the Dallas-Fort Worth Airport. In January 2024, a grand jury indicted Nawadavid on one count of mail fraud and two counts of money laundering. Between approximately 2016 to September 2019, Nwadavid allegedly participated in romance scams that tricked victims into sending money abroad.

    United States v. Otuo Amponsah et al. On May 13, the U.S. Attorney’s Office for the Northern District of Ohio unsealed charges against Otuo Amponsah, Anna Amponsah, Hannah Adom, Portia Joe, Abdoul Issaka Assimiou, and Dwayne Asafo Adjei for their participation in conspiracies to commit wire fraud and money laundering. According to court documents, from December 2017 through March 2024, the defendants used various wire fraud and romance fraud schemes — often targeting elderly individuals in the United States — to obtain funds from victims by means of false pretenses. The defendants shared funds obtained from victims with co-conspirators in the Republic of Ghana and elsewhere. This case was investigated by the FBI.

    United States v. Clinton Ogedegbe. On April 15, a grand jury in the Western District of North Carolina returned an indictment against Clinton Ogedegbe, charging him with one count of money laundering conspiracy and one count of concealment money laundering. According to court documents, from July 2023 through at least February 2024, Ogedegbe and his co-conspirators carried out a scheme to launder the proceeds of romance fraud schemes typically targeting elderly and other vulnerable victims. This case was investigated by the FBI.

    United States v. Joseph Kwadwo Badu Boateng also known as “Dada Joe Remix.” On May 30, a grand jury indictment was unsealed in the District of Arizona charging Joseph Boateng also known as “Dada Joe Remix,” a citizen of Ghana, with conspiracy to commit wire fraud and conspiracy to commit money laundering. According to court documents, from at least 2013 through March 2023, Boateng and his co-conspirators engaged in a romance/inheritance scheme that targeted elderly American victims and others around the world. The co-conspirators falsely represented that they had gold and jewels and that to release such items, taxes and fees or other costs would be required. Ghanian authorities arrested Boateng on May 28 pursuant to a U.S. request for his extradition. This case was investigated by the FBI.

    United States v. 679,981.22 Tether, et al. On June 3, the U.S. Attorney’s Office for the Northern District of Ohio announced the filing of a civil forfeiture complaint against 679,981.22 in the Tether cryptocurrency suspected of being fraudulently obtained as part of a romance/investment scam. According to court documents, one victim was targeted via LinkedIn and another victim was targeted though the dating App “Coffee Meets Bagel.”  

    United States v. John Muriuku Wamuigah. On May 22, Malaysia extradited Kenyan national John Muriuku Wamuigah to stand trial in the District of Connecticut on a wire fraud charge.  According to court documents, Mamuiga and others executed a scheme to defraud using business email compromise and romance scams. The scheme involved exploitation of elderly victims through romance scams to serve as unwitting money mules.

    United States v. Dwayne Asafo Adjei et al. On June 4, a superseding indictment sought by the U.S. Attorney’s Office for the Northern District of Ohio was unsealed. It charges David Onyinye Abuanekwu, Dwayne Asafo Adjei, Nancy Adom, Eric Aidoo, and Nader Wasif with wire fraud and money laundering conspiracies. According to court documents, from December 2017 through March 2024, the defendants used various wire fraud and romance fraud schemes — often targeting elderly individuals in the United States — to obtain funds from victims by means of false pretenses. The defendants shared in funds obtained from victims with co-conspirators in the Republic of Ghana and elsewhere. This case was investigated by the FBI.

    Tech Support / Imposter Fraud

    United States v. Rakeshkumar Patel. On May 21, the U.S. Attorney’s Office for the District of Delaware announced Indian national Rakeshkumar Patel’s guilty plea to one count of wire fraud conspiracy for his role in an elder fraud scam targeting Americans. According to court documents, the scheme involved at least $2.1 million in loss from victims who were contacted over the phone by fraudsters posing as federal agents who convinced victims their identities had been stolen and that they were under federal investigation.   

    United States v. Nanjun Song et al. On May 21, the U.S. Attorney’s Office for the District of Rhode Island announced the indictment of eight individuals for their roles in orchestrating and executing an elaborate transnational fraud and money laundering scheme targeting elderly citizens in the United States and Canada. According to court documents, pop-up messages on seniors’ computers making various false claims lured victims to call live agents, who informed the victims that their financial assets were at risk or could be garnished, among other false claims. Law enforcement identified approximately 300 individuals in at least 37 states who suffered known losses exceeding $5 million.

    United States v. Atharva Shailesh Sathawane. On May 27, a grand jury in the Northern District of Florida charged Atharva “Andy” Sathawane with one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering. According to court documents, Sathawane and his co-conspirators defrauded elderly victims throughout the United States into providing money and gold in response to fraudulent telephone calls and electronic messages. This case was investigated by the FBI, U.S. Secret Service, Internal Revenue Service Criminal Investigations, and the Gainesville Police Department.

    Grandparent Scams

    United States v. Johnny Cepeda. On May 30, a grand jury in the District of New Jersey indicted Jhonny Cepeda of New York, NY, with wire fraud conspiracy. According to court documents, Cepeda served as a courier in a “grandparent” or “family-in-need-of-bail” scam operated from call centers in the Dominican Republic. The scam targeted elderly Americans, deceiving numerous victims into believing that a loved one had been arrested and urgently needed cash for bail and other legal services. This case was investigated by U.S. Immigration and Customs Enforcement Homeland Security Investigations (HSI), Social Security Administration Office of the Inspector General, and the FBI.

    Mail Fraud

    United States v. Georg Ingenbleek. On May 14, the U.S. Attorney’s Office for the District of New Jersey announced that Georg Ingenbleek, 58, a citizen of Germany, was extradited to the United States to face an indictment charging him with two counts of mail fraud. According to court documents, from at least 2011 through 2016, Ingenbleek orchestrated a massive mail fraud scheme targeting elderly and otherwise vulnerable victims with false and fraudulent psychic solicitations. Ingenbleek had been a fugitive since being indicted in 2020.

    Domestic Elder Fraud

    While prosecuting perpetrators who believe they are hidden abroad is one focus of the Department’s work, the Department also remains focused on domestic actors who prey on American seniors and domestic actors who facilitate foreign-based schemes. Fraud can erode American seniors’ trust in markets and other important public institutions, furthering a feeling of isolation and helplessness for individuals who worked for decades to have a secure retirement.

    Matters Relating to Domestic Perpetrators

    United States v. Kenneth W. Mattson. On May 22, the U.S. Attorney’s Office for the Northen District of California announced the arrest of Kenneth Mattson, who is charged with wire fraud, money laundering, and obstruction of justice. According to court documents, for more than a decade, Mattson allegedly solicited and obtained millions of dollars in investments from hundreds of investors — many of whom were nearing or in retirement — in what he represented were legitimate and safe interests of limited partnerships that owned real estate.  Those representations were false: although many of the partnerships were real entities, Mattson’s victims, referred to in the indictment as “off-books investors,” never had interests in those partnerships.  

    United States v. Jon Kubler. On May 23, the U.S. Attorney’s Office for the Western District of North Carolina announced charges against Jon Kubler of Redondo Beach, California. According to court documents, from December 2017 to April 2023, Kubler orchestrated a $4 million investment scheme that targeted elderly and vulnerable victims. Despite not being licensed as an investment adviser, Kubler allegedly provided investment planning and management services to victims who were unsophisticated investors, elderly, and the beneficiaries of settlements or life insurance proceeds.  

    United States v. Sunil Patel et al. On April 15, a grand jury in the Southern District of New York charged Sunil Patel, Ratansha Vakil, and Lakhmichand Lohani with conspiracy to commit money laundering, conspiracy to commit bank fraud, and bank fraud. According to court documents, from April 2023 through December 2023, the defendants laundered the proceeds of an elder fraud scheme, in which the defendants’ co-conspirators made phone calls to elderly victims, told them their assets or personal information was at risk, and directed them to send their money in the form of cashiers’ checks to limited liability companies controlled by the defendants. This case was investigated by the FBI.

    United States v. Kendall Grey. On June 10, Kendall Grey pled guilty to one count of bank fraud in the U.S. District Court for the Northern District of Georgia. According to court documents, from July 2022 through January 2023, in his role as a bank insider, Grey facilitated a retirement account scam. Scammers involved in the scheme tricked an investment management company into authorizing a distribution to an imposter posing as the true accountholder. They created phony identification documents for the victim accountholder in order to open bank accounts in the victim’s name, which were used to receive and launder the stolen funds.

    Recovering Victim Loss

    In addition to holding fraudsters to account, the Department is committed to recovering money for victims whenever possible. Victims face many challenges in financially recovering from fraud schemes — and that is even more true for older victims. Many retired seniors are no longer earning income and cannot count on market appreciation to grow their retirement savings. Perpetrators may have already spent or forwarded victim funds beyond the reach of U.S. law enforcement. Victims may not have the resources to pursue legal action or hire legal representation. These, and other reasons, make it critically important that the Department do whatever it takes to achieve substantial victim restitution in cases we investigate and prosecute.

    Today, the Attorney General announced the successful conclusion of the Consumer Data Victim Compensation Fund, managed by the Consumer Protection Branch of the Civil Division. In 2021, the Department of Justice reached Deferred Prosecution Agreements (DPAs) with two separate data companies, Epsilon Data Management and KBM Group, under the terms of which the two companies admitted to selling or renting the data of millions of American consumers to the perpetrators of mass mailing fraud schemes. Such schemes typically involved letters sent by mail falsely promising large cash prizes or other rewards in exchange for payment of a fee. In 2022, a third consumer data company, Wiland Inc., signed a Non-Prosecution Agreement with the Department of Justice that included an additional $4.4 million in victim compensation.

    As a part of their DPAs, Epsilon and KBM funded the operation of a Claims Administrator to more effectively reimburse victims. In total, as of June 2025, the fund has returned over $129 million to over 100,000 victims across the country.

    National Elder Fraud Hotline

    In addition to returning money to victims of elder fraud, the Department also supports older victims through its National Elder Fraud Hotline campaign. The National Elder Fraud Hotline is a free, national resource for older adults and their loved ones experiencing financial fraud. Supported by the Office for Victims of Crime, the National Elder Fraud Hotline is staffed by professionals who have experience working with older adults. Staff are continuously updated on the latest scams, are trained to make referrals and warm hand-offs for resources and services in the older adult’s local area and can assist older adults in placing a report with the FBI’s Internet Crime Complaint Center (IC3), a report which has the potential to freeze funds (although freezing funds cannot be guaranteed).

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

    For more information about the department’s efforts to help older Americans and to combat elder abuse, neglect, financial exploitation and fraud, please visit the department’s Elder Justice webpage (at elderjustice.gov). For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at reportfraud.ftc.gov/  or at 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    The Justice Department’s Office of International Affairs provided substantial assistance working with foreign authorities to secure the arrest and extradition to the United States of perpetrators abroad.

    The Department notes that for all cases discussed above, facts included in a Complaint, Information, or Indictment are only allegations, and all defendants are innocent until proven guilty by evidence beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

  • MIL-OSI Security: Justice Department Highlights Enforcement Efforts Protecting Older Americans from Transnational Fraud Schemes in Recognition of 2025 World Elder Abuse Awareness Day

    Source: United States Attorneys General

    Note: The cases underlined hyperlink to press releases

    In recognition of World Elder Abuse Awareness Day, Attorney General Pamela Bondi announced that the Justice Department is reinvigorating efforts to protect older Americans from transnational schemes that cost billions of dollars, often stealing their life savings. In the past few weeks alone, investigators and prosecutors have arrested and filed cases against foreign fraudsters and domestic actors who have knowingly facilitated foreign-based crimes.

    “Prosecutors across the country are stepping up the fight against malicious schemes that target older Americans,” said Attorney General Pamela Bondi. “We are working with domestic law enforcement and foreign counterparts every day to hold criminals accountable and ensure that justice is done for our seniors both here at home and abroad.”

    These include cases involving romance fraud, lottery fraud, tech support fraud, and grandparent scams. Romance fraud is a confidence scheme where a perpetrator feigns romantic interest with a victim only to later extract money or property under false pretenses. Lottery fraud schemes trick victims into believing they have won a non-existent lottery or sweepstakes prize in order to extract fake fees, taxes, or other fabricated charges from the victim. Tech support fraud scams involve perpetrators tricking victims into believing that their computer or phone has a problem, often through fake pop-up messages, and to later seek funds from the victims in order to “fix” the “problem.” Grandparent scams, another type of confidence scheme, involve scammers impersonating a grandchild or close family member who experiences a fictitious emergency and needs money from the victim as soon as possible.

    Transnational Elder Fraud

    Lottery Fraud

    United States v. Troy Murray; United States v. Cutter Murray. On June 11, the Department’s Consumer Protection Branch filed an Information in the U.S. District Court for the Southern District of Florida charging Troy Murray also known as “Steve Dixson” with conspiracy to commit wire fraud. The Branch also filed Troy Murray’s agreement to plead guilty. According to court documents, Troy Murray sold to lottery fraud scammers, including Jamaicans, his lead list database containing the names, and personal information of over seven million elderly American consumers. Scammers then used these lists to defraud those elderly victims. Additionally, Cutter Murray, Troy Murray’s son, will plead guilty to one count of money laundering for receiving and then laundering $1.6 million of the fraudulent funds Troy Murray obtained. Several purchases were in excess of $10,000. This case was investigated by the U.S. Postal Inspection Service.

    United States v. Dennis Anderson; United States v. Frank Angelori. On June 9, the Consumer Protection Branch filed court documents charging Dennis Anderson and Frank Angelori for facilitating additional Jamaica-based elder fraud. According to court documents, Anderson and Angelori were lead list brokers and business partners, who from as early as 2015 until at least March 2020, knowingly sold lists containing consumer names and contact information of mostly older Americans to Jamaican clients who perpetrate lottery fraud on senior citizens. These cases were investigated by the U.S. Postal Inspection Service.

    United States v. Deeno Jackson. On May 30, the U.S. Attorney’s Office for the District of Arizona announced an indictment charging Deeno Jackson, 27, a citizen of Jamaica with wire fraud and conspiracy to commit wire fraud. According to court documents, Jackson and others engaged in a lottery fraud scheme targeting elderly victims in Arizona and throughout the United States. One victim lost over $400,000 from the scheme.

    United States v. Jimmy Smith. On April 1, the U.S. Attorney’s Office for the District of Connecticut announced charges against Jimmy Smith, 30, a citizen of Jamaica, who resided in Hinesville, Georgia. According to court documents, Smith and others defrauded at least four victims residing in Connecticut, New York, Texas, and California, by telling them they had won a Publishers Clearing House Sweepstakes and needed to pay taxes or money to claim the prize.

    Romance Fraud

    United States v. Charles Uchenna Nwadavid. On April 9, the U.S. Attorney’s Office (USAO) for the District of Massachusetts announced charges against Charles Uchenna Nwadavid, a citizen of Nigeria who was arrested after landing at the Dallas-Fort Worth Airport. In January 2024, a grand jury indicted Nawadavid on one count of mail fraud and two counts of money laundering. Between approximately 2016 to September 2019, Nwadavid allegedly participated in romance scams that tricked victims into sending money abroad.

    United States v. Otuo Amponsah et al. On May 13, the U.S. Attorney’s Office for the Northern District of Ohio unsealed charges against Otuo Amponsah, Anna Amponsah, Hannah Adom, Portia Joe, Abdoul Issaka Assimiou, and Dwayne Asafo Adjei for their participation in conspiracies to commit wire fraud and money laundering. According to court documents, from December 2017 through March 2024, the defendants used various wire fraud and romance fraud schemes — often targeting elderly individuals in the United States — to obtain funds from victims by means of false pretenses. The defendants shared funds obtained from victims with co-conspirators in the Republic of Ghana and elsewhere. This case was investigated by the FBI.

    United States v. Clinton Ogedegbe. On April 15, a grand jury in the Western District of North Carolina returned an indictment against Clinton Ogedegbe, charging him with one count of money laundering conspiracy and one count of concealment money laundering. According to court documents, from July 2023 through at least February 2024, Ogedegbe and his co-conspirators carried out a scheme to launder the proceeds of romance fraud schemes typically targeting elderly and other vulnerable victims. This case was investigated by the FBI.

    United States v. Joseph Kwadwo Badu Boateng also known as “Dada Joe Remix.” On May 30, a grand jury indictment was unsealed in the District of Arizona charging Joseph Boateng also known as “Dada Joe Remix,” a citizen of Ghana, with conspiracy to commit wire fraud and conspiracy to commit money laundering. According to court documents, from at least 2013 through March 2023, Boateng and his co-conspirators engaged in a romance/inheritance scheme that targeted elderly American victims and others around the world. The co-conspirators falsely represented that they had gold and jewels and that to release such items, taxes and fees or other costs would be required. Ghanian authorities arrested Boateng on May 28 pursuant to a U.S. request for his extradition. This case was investigated by the FBI.

    United States v. 679,981.22 Tether, et al. On June 3, the U.S. Attorney’s Office for the Northern District of Ohio announced the filing of a civil forfeiture complaint against 679,981.22 in the Tether cryptocurrency suspected of being fraudulently obtained as part of a romance/investment scam. According to court documents, one victim was targeted via LinkedIn and another victim was targeted though the dating App “Coffee Meets Bagel.”  

    United States v. John Muriuku Wamuigah. On May 22, Malaysia extradited Kenyan national John Muriuku Wamuigah to stand trial in the District of Connecticut on a wire fraud charge.  According to court documents, Mamuiga and others executed a scheme to defraud using business email compromise and romance scams. The scheme involved exploitation of elderly victims through romance scams to serve as unwitting money mules.

    United States v. Dwayne Asafo Adjei et al. On June 4, a superseding indictment sought by the U.S. Attorney’s Office for the Northern District of Ohio was unsealed. It charges David Onyinye Abuanekwu, Dwayne Asafo Adjei, Nancy Adom, Eric Aidoo, and Nader Wasif with wire fraud and money laundering conspiracies. According to court documents, from December 2017 through March 2024, the defendants used various wire fraud and romance fraud schemes — often targeting elderly individuals in the United States — to obtain funds from victims by means of false pretenses. The defendants shared in funds obtained from victims with co-conspirators in the Republic of Ghana and elsewhere. This case was investigated by the FBI.

    Tech Support / Imposter Fraud

    United States v. Rakeshkumar Patel. On May 21, the U.S. Attorney’s Office for the District of Delaware announced Indian national Rakeshkumar Patel’s guilty plea to one count of wire fraud conspiracy for his role in an elder fraud scam targeting Americans. According to court documents, the scheme involved at least $2.1 million in loss from victims who were contacted over the phone by fraudsters posing as federal agents who convinced victims their identities had been stolen and that they were under federal investigation.   

    United States v. Nanjun Song et al. On May 21, the U.S. Attorney’s Office for the District of Rhode Island announced the indictment of eight individuals for their roles in orchestrating and executing an elaborate transnational fraud and money laundering scheme targeting elderly citizens in the United States and Canada. According to court documents, pop-up messages on seniors’ computers making various false claims lured victims to call live agents, who informed the victims that their financial assets were at risk or could be garnished, among other false claims. Law enforcement identified approximately 300 individuals in at least 37 states who suffered known losses exceeding $5 million.

    United States v. Atharva Shailesh Sathawane. On May 27, a grand jury in the Northern District of Florida charged Atharva “Andy” Sathawane with one count of conspiracy to commit wire fraud and one count of conspiracy to commit money laundering. According to court documents, Sathawane and his co-conspirators defrauded elderly victims throughout the United States into providing money and gold in response to fraudulent telephone calls and electronic messages. This case was investigated by the FBI, U.S. Secret Service, Internal Revenue Service Criminal Investigations, and the Gainesville Police Department.

    Grandparent Scams

    United States v. Johnny Cepeda. On May 30, a grand jury in the District of New Jersey indicted Jhonny Cepeda of New York, NY, with wire fraud conspiracy. According to court documents, Cepeda served as a courier in a “grandparent” or “family-in-need-of-bail” scam operated from call centers in the Dominican Republic. The scam targeted elderly Americans, deceiving numerous victims into believing that a loved one had been arrested and urgently needed cash for bail and other legal services. This case was investigated by U.S. Immigration and Customs Enforcement Homeland Security Investigations (HSI), Social Security Administration Office of the Inspector General, and the FBI.

    Mail Fraud

    United States v. Georg Ingenbleek. On May 14, the U.S. Attorney’s Office for the District of New Jersey announced that Georg Ingenbleek, 58, a citizen of Germany, was extradited to the United States to face an indictment charging him with two counts of mail fraud. According to court documents, from at least 2011 through 2016, Ingenbleek orchestrated a massive mail fraud scheme targeting elderly and otherwise vulnerable victims with false and fraudulent psychic solicitations. Ingenbleek had been a fugitive since being indicted in 2020.

    Domestic Elder Fraud

    While prosecuting perpetrators who believe they are hidden abroad is one focus of the Department’s work, the Department also remains focused on domestic actors who prey on American seniors and domestic actors who facilitate foreign-based schemes. Fraud can erode American seniors’ trust in markets and other important public institutions, furthering a feeling of isolation and helplessness for individuals who worked for decades to have a secure retirement.

    Matters Relating to Domestic Perpetrators

    United States v. Kenneth W. Mattson. On May 22, the U.S. Attorney’s Office for the Northen District of California announced the arrest of Kenneth Mattson, who is charged with wire fraud, money laundering, and obstruction of justice. According to court documents, for more than a decade, Mattson allegedly solicited and obtained millions of dollars in investments from hundreds of investors — many of whom were nearing or in retirement — in what he represented were legitimate and safe interests of limited partnerships that owned real estate.  Those representations were false: although many of the partnerships were real entities, Mattson’s victims, referred to in the indictment as “off-books investors,” never had interests in those partnerships.  

    United States v. Jon Kubler. On May 23, the U.S. Attorney’s Office for the Western District of North Carolina announced charges against Jon Kubler of Redondo Beach, California. According to court documents, from December 2017 to April 2023, Kubler orchestrated a $4 million investment scheme that targeted elderly and vulnerable victims. Despite not being licensed as an investment adviser, Kubler allegedly provided investment planning and management services to victims who were unsophisticated investors, elderly, and the beneficiaries of settlements or life insurance proceeds.  

    United States v. Sunil Patel et al. On April 15, a grand jury in the Southern District of New York charged Sunil Patel, Ratansha Vakil, and Lakhmichand Lohani with conspiracy to commit money laundering, conspiracy to commit bank fraud, and bank fraud. According to court documents, from April 2023 through December 2023, the defendants laundered the proceeds of an elder fraud scheme, in which the defendants’ co-conspirators made phone calls to elderly victims, told them their assets or personal information was at risk, and directed them to send their money in the form of cashiers’ checks to limited liability companies controlled by the defendants. This case was investigated by the FBI.

    United States v. Kendall Grey. On June 10, Kendall Grey pled guilty to one count of bank fraud in the U.S. District Court for the Northern District of Georgia. According to court documents, from July 2022 through January 2023, in his role as a bank insider, Grey facilitated a retirement account scam. Scammers involved in the scheme tricked an investment management company into authorizing a distribution to an imposter posing as the true accountholder. They created phony identification documents for the victim accountholder in order to open bank accounts in the victim’s name, which were used to receive and launder the stolen funds.

    Recovering Victim Loss

    In addition to holding fraudsters to account, the Department is committed to recovering money for victims whenever possible. Victims face many challenges in financially recovering from fraud schemes — and that is even more true for older victims. Many retired seniors are no longer earning income and cannot count on market appreciation to grow their retirement savings. Perpetrators may have already spent or forwarded victim funds beyond the reach of U.S. law enforcement. Victims may not have the resources to pursue legal action or hire legal representation. These, and other reasons, make it critically important that the Department do whatever it takes to achieve substantial victim restitution in cases we investigate and prosecute.

    Today, the Attorney General announced the successful conclusion of the Consumer Data Victim Compensation Fund, managed by the Consumer Protection Branch of the Civil Division. In 2021, the Department of Justice reached Deferred Prosecution Agreements (DPAs) with two separate data companies, Epsilon Data Management and KBM Group, under the terms of which the two companies admitted to selling or renting the data of millions of American consumers to the perpetrators of mass mailing fraud schemes. Such schemes typically involved letters sent by mail falsely promising large cash prizes or other rewards in exchange for payment of a fee. In 2022, a third consumer data company, Wiland Inc., signed a Non-Prosecution Agreement with the Department of Justice that included an additional $4.4 million in victim compensation.

    As a part of their DPAs, Epsilon and KBM funded the operation of a Claims Administrator to more effectively reimburse victims. In total, as of June 2025, the fund has returned over $129 million to over 100,000 victims across the country.

    National Elder Fraud Hotline

    In addition to returning money to victims of elder fraud, the Department also supports older victims through its National Elder Fraud Hotline campaign. The National Elder Fraud Hotline is a free, national resource for older adults and their loved ones experiencing financial fraud. Supported by the Office for Victims of Crime, the National Elder Fraud Hotline is staffed by professionals who have experience working with older adults. Staff are continuously updated on the latest scams, are trained to make referrals and warm hand-offs for resources and services in the older adult’s local area and can assist older adults in placing a report with the FBI’s Internet Crime Complaint Center (IC3), a report which has the potential to freeze funds (although freezing funds cannot be guaranteed).

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

    For more information about the department’s efforts to help older Americans and to combat elder abuse, neglect, financial exploitation and fraud, please visit the department’s Elder Justice webpage (at elderjustice.gov). For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at reportfraud.ftc.gov/  or at 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    The Justice Department’s Office of International Affairs provided substantial assistance working with foreign authorities to secure the arrest and extradition to the United States of perpetrators abroad.

    The Department notes that for all cases discussed above, facts included in a Complaint, Information, or Indictment are only allegations, and all defendants are innocent until proven guilty by evidence beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI USA: Yale Budget Lab Finds Bottom 80% Of U.S. Households Lose Under Trump/Republican Agenda

    Source: United States House of Representatives – Representative Don Beyer (D-VA)

    Last week during a hearing by the House Committee on Ways and Means, Secretary of Treasury Scott Bessent responded to questioning about deficit effects of H.R. 1 by Rep. Don Beyer (D-VA) by suggesting that the bill would be fully offset through revenue raised by tariffs imposed on other countries by President Trump [as Beyer pointed out, this claim did not account for interest on debt accrued by the bill].

    Numerous studies have found that the cost of tariffs, which are taxes on imports, are ultimately paid by consumers in the form of higher prices. Yale Budget Lab subsequently released updated economic analysis studying the combined distributional effects of Trump’s tariffs and H.R. 1 on household incomes, which found that these combined policies “would reduce after-tax-and-transfer incomes on average among the bottom 80 percent of U.S. households,” with the bottom ten percent of households seeing “an average reduction of more than 6.5 percent in incomes, while those at the top would see an increase of nearly 1.5 percent.”

    Beyer, who serves as Senior House Democrat on Congress’ Joint Economic Committee, issued the following statement on Yale Budget Lab’s findings:

    “The Trump-Republican agenda is a massive transfer of wealth to the richest people in the country from everyone else, with the middle class losing while billionaires rake in enormous gains. As Trump’s tariffs crush working families with higher prices, Republicans are poised to raise the costs of health care, energy, and housing, while kicking 16 million people off their health care. These stunningly immoral and irresponsible policies inflict the most damage on those with the least ability to absorb it, and severely worsen the danger of both a recession and a fiscal crisis. This is a disaster for our economy and our country.”

    CHART: Combined effects of H.R. 1 as passed in the House and Trump’s tariffs (Chart by Yale Budget Lab, original may be found here):

    The regressive distributional effects are the effect of regressive policy. Center on Budget and Policy Priorities analysis found the House-passed H.R. 1 “would cut health coverage by over $1 trillion and SNAP by nearly $300 billion, while giving the wealthy $1.6 trillion in tax cuts.”

    The net effect of these policies is a drag on the economy. Goldman Sachs finds “the hit to growth from tariffs will more than offset the boost to growth from” the House-passed Republican tax bill.

    Chart via Goldman Sachs Global Investment Research

    MIL OSI USA News –

  • MIL-OSI Security: Baltimore Man Pleads Guilty in Connection With Murder-For-Hire Plot

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    Baltimore woman killed in a case of mistaken identity.

    Baltimore, Maryland – Today, Matthew Hightower, 43, of Baltimore, Maryland, pled guilty to using a firearm during and in relation to a violent crime resulting in the death Latrina Ashburne on May 27, 2016.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the guilty plea with Special Agent in Charge Maureen Dixon, Department of Health and Human Services Office of Inspector General (HHS-OIG); Acting Special Agent in Charge Amanda M. Koldjeski, Federal Bureau of Investigation (FBI) – Baltimore Field Office; Special Agent in Charge Toni M. Crosby, Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); Commissioner Richard Worley, Baltimore Police Department (BPD); and Chief Robert McCullough, Baltimore County Police Department (BCPD).

    According to the plea agreement, Hightower solicited others and conspired to kill Ashburne’s neighbor — a female federal witness — in retaliation for providing information to a law enforcement officer and to prevent her from testifying against him at an official proceeding. Hightower learned that the federal witness provided law enforcement with information about his involvement in a health care fraud scheme and the murder of David Wutoh. At the time, Hightower was under federal indictment for both matters.  While incarcerated pre-trial, Hightower used jail calls and letters to communicate with others to conspire to kill the federal witness.

    Ashburne, who was the next-door neighbor of the federal witness and was similar in age and appearance, was shot and killed as she entered her car outside of her home.  Davon Carter, the shooter, and Clifton Mosley, the accomplice, were previously tried and convicted for their roles in the murder plot.

    Hightower faces a maximum sentence of life in federal prison.  Pursuant to his plea agreement, the parties agree that if the court accepts the plea agreement, the government will recommend that the court impose a sentence of 60 years in prison to run consecutive to the sentence Hightower is currently serving for Wutoh’s murder.

    U.S. Attorney Hayes commended the HHS-OIG, FBI, ATF, BPD, and BCPD for their work in the investigation.  Ms. Hayes also thanked Assistant U.S. Attorneys Kim Y. Hagan and Paul E. Budlow who are prosecuting this case.

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

    # # #

    MIL Security OSI –

  • MIL-OSI: Nasdaq Announces Results from 2025 Annual Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    All 12 Nominated Directors Elected

    Nasdaq Board Re-elects Adena T. Friedman as Chair of the Board

    NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) shareholders elected all nominated directors at the company’s Annual Meeting of Shareholders on Wednesday, June 11, 2025. All directors will serve one-year terms. The elected board members are:

    • Melissa M. Arnoldi, EVP and General Manager for Business Solutions, AT&T Inc.
    • Charlene T. Begley, Retired SVP and CIO, General Electric Company
    • Adena T. Friedman, Chair and CEO, Nasdaq
    • Essa Kazim, Governor, Dubai International Financial Centre
    • Thomas A. Kloet, Retired CEO and Executive Director, TMX Group Limited
    • Kathryn A. Koch, President and CEO, The TCW Group, Inc.
    • Holden Spaht, Managing Partner, Thoma Bravo
    • Michael R. Splinter, Retired Chairman and CEO, Applied Materials, Inc.
    • Johan Torgeby, President and CEO, Skandinaviska Enskilda Banken (SEB)
    • Toni Townes-Whitley, CEO, Science Applications International Corp. (SAIC)
    • Jeffery W. Yabuki, Chairman and CEO, InvestCloud; Chairman and Founding Partner, Motive Partners
    • Alfred W. Zollar, Former Executive Partner, Siris Capital Group, LLC

    The Nasdaq Board of Directors also re-elected Adena T. Friedman as Chair of the Board for a one-year term.

    In addition, Nasdaq shareholders approved the following proposals:

    • The company’s executive compensation on an advisory basis;
    • Ratification of the appointment of Ernst & Young LLP as Nasdaq’s independent registered public accounting firm for the fiscal year ending December 31, 2025; and
    • An amendment to Nasdaq’s Amended and Restated Certificate of Incorporation to allow for the limited exculpation of officers of Nasdaq.

    For additional information on Nasdaq’s corporate governance, please visit: https://ir.nasdaq.com/corporate-governance/nasdaq-inc/board-of-directors.

    About Nasdaq:

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Nasdaq Media Contact:

    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI: Nasdaq Announces Results from 2025 Annual Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    All 12 Nominated Directors Elected

    Nasdaq Board Re-elects Adena T. Friedman as Chair of the Board

    NEW YORK, June 16, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) shareholders elected all nominated directors at the company’s Annual Meeting of Shareholders on Wednesday, June 11, 2025. All directors will serve one-year terms. The elected board members are:

    • Melissa M. Arnoldi, EVP and General Manager for Business Solutions, AT&T Inc.
    • Charlene T. Begley, Retired SVP and CIO, General Electric Company
    • Adena T. Friedman, Chair and CEO, Nasdaq
    • Essa Kazim, Governor, Dubai International Financial Centre
    • Thomas A. Kloet, Retired CEO and Executive Director, TMX Group Limited
    • Kathryn A. Koch, President and CEO, The TCW Group, Inc.
    • Holden Spaht, Managing Partner, Thoma Bravo
    • Michael R. Splinter, Retired Chairman and CEO, Applied Materials, Inc.
    • Johan Torgeby, President and CEO, Skandinaviska Enskilda Banken (SEB)
    • Toni Townes-Whitley, CEO, Science Applications International Corp. (SAIC)
    • Jeffery W. Yabuki, Chairman and CEO, InvestCloud; Chairman and Founding Partner, Motive Partners
    • Alfred W. Zollar, Former Executive Partner, Siris Capital Group, LLC

    The Nasdaq Board of Directors also re-elected Adena T. Friedman as Chair of the Board for a one-year term.

    In addition, Nasdaq shareholders approved the following proposals:

    • The company’s executive compensation on an advisory basis;
    • Ratification of the appointment of Ernst & Young LLP as Nasdaq’s independent registered public accounting firm for the fiscal year ending December 31, 2025; and
    • An amendment to Nasdaq’s Amended and Restated Certificate of Incorporation to allow for the limited exculpation of officers of Nasdaq.

    For additional information on Nasdaq’s corporate governance, please visit: https://ir.nasdaq.com/corporate-governance/nasdaq-inc/board-of-directors.

    About Nasdaq:

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Nasdaq Media Contact:

    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi@Nasdaq.com

    Investor Relations Contact:

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI: Dime Continues to Execute on Growth Plan with the Hire of Shawn Gines

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., June 16, 2025 (GLOBE NEWSWIRE) — As part of the continued execution of its growth plan, Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), announced today that Shawn Gines will join Dime as Executive Vice President, Corporate and Specialty Finance.

    Mr. Gines will play an integral role in the continued buildout and diversification of Dime’s commercial lending businesses, including growing Dime’s presence with corporate clients and private equity firms, overseeing the recently launched Fund Finance vertical, and building out other specialty verticals which over time will further diversify Dime’s balance sheet.

    Stuart H. Lubow, President and Chief Executive Officer of Dime, said, “We are excited to announce the hiring of Shawn, who will be one of the cornerstones of our growth plans in the years ahead. Shawn is a very well-known and well-regarded banker with a strong track record. Dime continues to be the bank of choice for talented bankers.”

    “Shawn’s diverse experience in the geographies and asset classes we’re building out will significantly accelerate our execution,” said Tom Geisel, Dime’s Senior Executive Vice President of Commercial Lending.

    Gines, who will be based in Manhattan, was most recently Regional President for the NYC and New Jersey Metro Markets for Webster Bank. Previously, he was Senior Managing Director and led a Middle Market Commercial group at Sterling National Bank. Early in his career, Mr. Gines was employed at GE Capital and Bank of America where he held various roles with increasing responsibility.

    ABOUT DIME COMMUNITY BANCSHARES, INC.

    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island (1).

    Dime Community Bancshares, Inc.
    Investor Relations Contact:
    Avinash Reddy
    Senior Executive Vice President – Chief Financial Officer
    Phone: 718-782-6200; Ext. 5909
    Email: avinash.reddy@dime.com

     ¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    The MIL Network –

  • MIL-OSI: Zeo Energy Corp. Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NEW PORT RICHEY, Fla., June 16, 2025 (GLOBE NEWSWIRE) — Zeo Energy Corp. (Nasdaq: ZEO) (“Zeo”, “Zeo Energy”, or the “Company”), a Florida-based provider of residential solar and energy efficiency solutions, today reported financial results for the first quarter ended March 31, 2025.

    Recent Operational Highlights

    • Entered into a definitive agreement to acquire Heliogen, a provider of on-demand clean energy technology solutions, allowing the company to establish a division focused on long-duration energy generation and storage for commercial and industrial-scale facilities, including artificial intelligence (AI) and cloud computing data centers.
    • Recruited and retained adequate staff ahead of the peak summer sales season.

    Management Commentary
    “In the first quarter of 2025, we continued to navigate the challenging solar market and successfully generated $8.8 million of revenue,” said Zeo Energy Corp. CEO Tim Bridgewater. “As announced last month, we were able to take advantage of the softer sector conditions by entering into a definitive agreement to acquire Heliogen. We believe that this proposed acquisition positions us to expand beyond traditional residential solar and into adjacent clean energy verticals with long-term upside. This move will also enhance our balance sheet and diversify our revenue base going forward.”

    “As anticipated, in Q1 we experienced a slowdown due to the seasonality of our intensive summer sales model. This slowdown was exacerbated by the current high-interest rate environment. We’ve maintained our strategic focus during this period, streamlining operations and strengthening our sales team ahead of the critical summer season that is now underway. Looking ahead, we remain confident in our full-year outlook. We expect meaningful improvement in the latter half of the year as market activity increases.”

    First Quarter 2025 Financial Results

    Results compare the 2025 first quarter ended March 31, 2025 to the 2024 first quarter ended March 31, 2024.

    • Total revenue was $8.8 million in Q1 2025, a 56.4% decrease from $20.1 million in the comparable 2024 period. The decrease was primarily due to higher interest rates creating a challenging environment for residential solar direct sales.
    • Gross profit decreased to $3.8 million (43.0% of total revenue) in Q1 2025 from $6.0 million (29.9% of total revenue) in the comparable 2024 period. The decrease was driven in part by the decrease in sales compared to the prior period. The improvement in gross profit as a percentage of revenue was the result of improved operational efficiencies in labor and a reduction in materials costs.
    • Net loss for Q1 2025 was $13.3 million compared to $4.1 million in the comparable 2024 period. The decrease is primarily due to a decrease in overall sales for the period.
    • Adjusted EBITDA, a non-GAAP measurement of operating performance reconciled below, decreased to $(6.4) million (72.3% of total revenue) in Q1 2024 from approximately $(0.5) million (2.3% of total revenue) in the comparable 2024 period. The change was primarily related to the change in net loss.

    For more information, please visit the Zeo Energy Corp. investor relations website at investors.zeoenergy.com.

    About Zeo Energy Corp.

    Zeo Energy Corp. is a Florida-based provider of residential solar, distributed energy, and energy efficiency solutions. Zeo focuses on high-growth markets with limited competitive saturation. With its differentiated sales approach and vertically integrated offerings, Zeo, through its Sunergy Solar business unit, serves customers who desire to reduce high energy bills and contribute to a more sustainable future. For more information on Zeo Energy Corp., please visit www.zeoenergy.com.

    Non-GAAP Financial Measures

    Adjusted EBITDA
    Zeo Energy defines Adjusted EBITDA, a non-GAAP financial measure, as net income (loss) before interest and other expenses, net, income tax expense, and depreciation and amortization, as adjusted to exclude stock-based compensation. Zeo utilizes Adjusted EBITDA as an internal performance measure in the management of the Company’s operations because the Company believes the exclusion of these non-cash and non-recurring charges allows for a more relevant comparison of Zeo’s results of operations to other companies in the industry. Adjusted EBITDA should not be viewed as a substitute for net loss calculated in accordance with GAAP, and other companies may define Adjusted EBITDA differently.

    The following table provides a reconciliation of net income (loss) to Adjusted EBITDA for the periods presented:

           
      Three months Ended March 31,  
        2025       2024    
    Net income (loss)   $ (13,319,363 )     $ (4,107,102 )  
    Adjustment:                
    Other income, net     (82,363 )       0    
    Change in fair value of warrant liabilities     (663,449 )       138,000.00    
    Interest expense     30,277         35,222    
    Income tax benefit     523,500         (114,668.00 )  
    Stock compensation     2,257,139         3,118,584.00    
    Depreciation and amortization     4,900,729         459,529    
                     
    Adjusted EBITDA     (6,353,530 )       (470,435 )  
                     
    Net income (loss) margin     (151.6 ) %     (20.4 ) %
                     
    Adjusted EBITDA margin     (72.3 ) %     (2.3 ) %
                     

    Adjusted EBITDA Margin

    Zeo Energy defines Adjusted EBITDA margin, a non-GAAP financial measure, expressed as a percentage, as the ratio of Adjusted EBITDA to revenue, net. Adjusted EBITDA margin measures net income (loss) before interest and other expenses, net, income tax expense, depreciation and amortization, as adjusted to exclude stock-based compensation and is expressed as a percentage of revenue. In the table above, Adjusted EBITDA is reconciled to the most comparable GAAP measure, net income (loss). Zeo utilizes Adjusted EBITDA margin as an internal performance measure in the management of the Company’s operations because the Company believes the exclusion of these non-cash and non-recurring charges allows for a more relevant comparison of the Company’s results of operations to other companies in Zeo’s industry.

    The following table sets forth Zeo’s calculations of Adjusted EBITDA margin for the periods presented:

           
      Three months Ended March 31,  
        2025       2024    
    Total Revenue   $ 8,783,695       $ 20,142,156    
                     
    Adjusted EBITDA     (6,353,530 )       (470,435 )  
                     
    Adjusted EBITDA margin     (72.3 ) %     (2.3 ) %
                     

    Forward-Looking Statements

    This news release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to the Company. Such statements may include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the future financial performance of the Company; the ability to effectively consolidate the assets of Lumio and produce the expected results; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, the ability to raise additional funds, and plans and objectives of management. These forward-looking statements are based on information available as of the date of this news release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update such forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the outcome of any legal proceedings that may be instituted against the Company or others; (ii) the Company’s success in retaining or recruiting, or changes required in, its officers, key employees, or directors; (iii) the Company’s ability to maintain the listing of its common stock and warrants on Nasdaq; (iv) limited liquidity and trading of the Company’s securities; (v) geopolitical risk and changes in applicable laws or regulations, including tariffs or trade restrictions; (vi) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (vii) operational risk; (viii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on the Company’s resources; (ix) the Company’s ability to effectively consolidate the assets of Lumio and produce the expected results; and (x) other risks and uncertainties, including those included under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2024 and in its subsequent periodic reports and other filings with the SEC.

    In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company, its respective directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this news release represent the views of the Company as of the date of this news release. Subsequent events and developments may cause that view to change. However, while the Company may elect to update these forward-looking statements at some point in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this news release.

    Zeo Energy Corp. Contacts

    For Investors:
    Tom Colton and Greg Bradbury
    Gateway Group
    ZEO@gateway-grp.com

    For Media:
    Zach Kadletz
    Gateway Group
    ZEO@gateway-grp.com

    -Financial Tables to Follow-

    ZEO ENERGY CORP.
    CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)    		  
        As of March 31,   As of December 31,  
          2025       2024    
    Assets              
    Current assets              
    Cash and cash equivalents   $ 2,894,103     $ 5,634,115    
    Accounts receivable, including $286,103 and $191,662 from related parties, net of allowance for credit losses of $4,703,905 and $1,165,336, as of March 31, 2025 and December 31, 2024, respectively     4,999,508       10,186,543    
    Inventories     847,395       872,470    
    Contract assets     577,398       64,202    
    Prepaid expenses and other current assets     936,673       2,131,345    
    Total current assets     10,255,077       18,888,675    
    Other assets     113,591       314,426    
    Property, equipment and other fixed assets, net     2,629,283       2,475,963    
    Right of use operating lease assets     1,087,496       1,268,139    
    Right of use financing lease assets     412,893       447,012    
    Intangibles, net     2,938,804       7,571,156    
    Note receivable – related party     3,000,000       3,000,000    
    Goodwill     27,010,745       27,010,745    
    Total assets   $ 47,447,889     $ 60,976,116    
                   
    Liabilities, redeemable noncontrolling interest and stockholders’ (deficit) equity        
    Current liabilities              
    Accounts payable   $ 3,569,632     $ 2,780,885    
    Accrued expenses and other current liabilities, including $2,320,129 and $3,359,101 with related parties at March 31, 2025 and December 31, 2024, respectively     6,581,799       8,540,188    
    Current portion of long-term debt     301,091       291,036    
    Current portion of obligations under operating leases     555,672       583,429    
    Current portion of obligations under financing leases     133,408       130,464    
    Convertible promissory note     2,455,000       2,440,000    
    Contract liabilities, including $0 and $2,000 with related parties as of March 31, 2025 and December 31, 2024, respectively     119,417       203,607    
    Total current liabilities     13,716,019       14,969,609    
    Obligations under operating leases, non-current     662,291       799,385    
    Obligations under financing leases, non-current     314,167       348,807    
    Warrant liabilities     785,551       1,449,000    
    Long-term debt     414,268       496,623    
    Total liabilities     15,892,296       18,063,424    
                   
    Commitments and contingencies (Note 14)              
                   
    Redeemable noncontrolling interests              
    Convertible preferred units, 1,500,000 units issued and outstanding as of March 31, 2025 and December 31, 2024, respectively     16,536,108       16,130,871    
    Class B Units     38,097,300       115,693,900    
                   
    Stockholders’ equity              
    Class V common stock, $0.0001 par value, 100,000,000 authorized shares; 26,730,000 and 35,230,000 shares issued and outstanding as of March 31, 2025, and December 31, 2024, respectively     2,673       3,523    
    Class A common stock, $0.0001 par value, 300,000,000 authorized shares; 21,796,464 and 13,252,964 shares issued and outstanding as of March 31, 2025, and December 31, 2023, respectively     2,180       1,326    
    Additional paid in capital     16,486,224       14,523,963    
    Accumulated deficit     (39,568,892 )     (103,440,891 )  
    Total stockholders’ deficit     (23,077,815 )     (88,912,079 )  
    Total liabilities, redeemable noncontrolling interests and stockholders’ (deficit) equity   $ 47,447,889     $ 60,976,116    
                   
    ZEO ENERGY CORP.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
        Three months ended March 31,
        2025     2024  
    Revenue, net   $ 6,216,391     $ 11,329,387  
    Related party revenue, net     2,567,304       8,812,769  
    Total revenue     8,783,695       20,142,156  
    Operating costs and expenses:            
    Cost of goods sold (exclusive of items shown below)     4,789,679       13,957,966  
    Depreciation and amortization     4,900,729       459,529  
    Sales and marketing     2,137,092       6,553,787  
    General and administrative     10,467,593       3,219,422  
    Total operating expenses     22,295,093       24,190,704  
    (Loss) income from operations     (13,511,398 )     (4,048,548 )
    Other (expenses) income, net:            
    Other income, net     82,363       –  
    Change in fair value of warrant liabilities     663,449       (138,000 )
    Interest expense     (30,277 )     (35,222 )
    Total other expense, net     715,535       (173,222 )
    Net (loss) income before taxes     (12,795,863 )     (4,221,770 )
    Income tax (expense) benefit     (523,500 )     114,668  
    Net (loss) income     (13,319,363 )     (4,107,102 )
    Net (loss) attributable to Sunergy Renewables LLC prior to the Business Combination     –       (523,681 )
    Net (loss) income subsequent to the Business Combination     (13,319,363 )     (3,583,421 )
    Net (loss) income attributable to redeemable non-controlling interests     (6,958,098 )     (2,051,930 )
    Net (loss) income attributable to Class A common stock   $ (6,361,265 )   $ (1,531,491 )
                 
    Basic and diluted net (loss) income per common unit   $ (0.48 )   $ (1.54 )
    Weighted average units outstanding, basic and diluted     13,252,964       994,345  
                 
    ZEO ENERGY CORP.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
      Three Months Ended March 31,
      2025     2024  
    Cash Flows from Operating Activities          
    Net (loss) income $ (13,319,363 )   $ (4,107,102 )
    Adjustment to reconcile net (loss) income to cash (used in) provided by operating activities          
    Depreciation and amortization   4,900,729       459,529  
    Interest income   –       –  
    Change in fair value of warrant liabilities   (663,449 )     138,000  
    Provision for credit losses   3,538,569       150,000  
    Noncash operating lease expense   180,643       152,717  
    Stock based compensation expense   2,257,139       3,118,584  
    Changes in operating assets and liabilities:          
    Accounts receivable   1,742,907       (2,297,517 )
    Accounts receivable due from related parties   (94,441 )     (2,692,841 )
    Inventories   25,075       (28,968 )
    Prepaid installation costs   (513,196 )     4,448,953  
    Prepaids and other current assets   1,138,288       (1,420,528 )
    Other assets   (37,656 )     (109,443 )
    Accounts payable   788,747       (400,861 )
    Accrued expenses and other current liabilities   (919,417 )     (691,316 )
    Accrued expenses and other current liabilities due to related parties   (1,038,972 )     (2,148,960 )
    Contract liabilities   (82,190 )     (3,508,323 )
    Contract liabilities due to related parties   (2,000 )     (1,054,263 )
    Operating lease payments   (164,851 )     (159,650 )
    Net cash (used in) provided by operating activities   (2,263,438 )     (10,151,989 )
               
    Cash flows from Investing Activities          
    Purchases of property, equipment and other assets   (372,578 )     (226,076 )
    Net cash used in investing activities   (372,578 )     (226,076 )
               
    Cash flows from Financing Activities          
    Principal payment of finance lease liabilities   (31,696 )     (28,537 )
    Proceeds from the issuance of convertible preferred stock, net of transaction costs   –       10,277,275  
    Repayments of debt   (72,300 )     (71,855 )
    Distributions to members   –       (90,000 )
    Net cash provided by (used in) financing activities   (103,996 )     10,086,883  
               
    Net (decrease) increase in cash and cash equivalents   (2,740,012 )     (291,182 )
    Cash and cash equivalents, beginning of period   5,634,115       8,022,306  
    Cash and cash equivalents, end of the period $ 2,894,103     $ 7,731,124  
               
    Supplemental Cash Flow Information          
    Cash paid for interest $ 25,785     $ 34,060  
    Cash paid for income taxes $ –     $ –  
    Noncash finance lease expense $ 34,119     $ 34,118  
               
    Non-cash transactions          
    Deferred equity issuance costs $ –     $ 3,269,039  
    Issuance of Class A common stock to vendors $ –     $ 891,035  
    Issuance of Class A common stock to backstop investors $ –     $ 1,569,463  
    Preferred dividends $ 405,237     $ 8,224,091  

    The MIL Network –

  • MIL-OSI: Zeo Energy Corp. Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NEW PORT RICHEY, Fla., June 16, 2025 (GLOBE NEWSWIRE) — Zeo Energy Corp. (Nasdaq: ZEO) (“Zeo”, “Zeo Energy”, or the “Company”), a Florida-based provider of residential solar and energy efficiency solutions, today reported financial results for the first quarter ended March 31, 2025.

    Recent Operational Highlights

    • Entered into a definitive agreement to acquire Heliogen, a provider of on-demand clean energy technology solutions, allowing the company to establish a division focused on long-duration energy generation and storage for commercial and industrial-scale facilities, including artificial intelligence (AI) and cloud computing data centers.
    • Recruited and retained adequate staff ahead of the peak summer sales season.

    Management Commentary
    “In the first quarter of 2025, we continued to navigate the challenging solar market and successfully generated $8.8 million of revenue,” said Zeo Energy Corp. CEO Tim Bridgewater. “As announced last month, we were able to take advantage of the softer sector conditions by entering into a definitive agreement to acquire Heliogen. We believe that this proposed acquisition positions us to expand beyond traditional residential solar and into adjacent clean energy verticals with long-term upside. This move will also enhance our balance sheet and diversify our revenue base going forward.”

    “As anticipated, in Q1 we experienced a slowdown due to the seasonality of our intensive summer sales model. This slowdown was exacerbated by the current high-interest rate environment. We’ve maintained our strategic focus during this period, streamlining operations and strengthening our sales team ahead of the critical summer season that is now underway. Looking ahead, we remain confident in our full-year outlook. We expect meaningful improvement in the latter half of the year as market activity increases.”

    First Quarter 2025 Financial Results

    Results compare the 2025 first quarter ended March 31, 2025 to the 2024 first quarter ended March 31, 2024.

    • Total revenue was $8.8 million in Q1 2025, a 56.4% decrease from $20.1 million in the comparable 2024 period. The decrease was primarily due to higher interest rates creating a challenging environment for residential solar direct sales.
    • Gross profit decreased to $3.8 million (43.0% of total revenue) in Q1 2025 from $6.0 million (29.9% of total revenue) in the comparable 2024 period. The decrease was driven in part by the decrease in sales compared to the prior period. The improvement in gross profit as a percentage of revenue was the result of improved operational efficiencies in labor and a reduction in materials costs.
    • Net loss for Q1 2025 was $13.3 million compared to $4.1 million in the comparable 2024 period. The decrease is primarily due to a decrease in overall sales for the period.
    • Adjusted EBITDA, a non-GAAP measurement of operating performance reconciled below, decreased to $(6.4) million (72.3% of total revenue) in Q1 2024 from approximately $(0.5) million (2.3% of total revenue) in the comparable 2024 period. The change was primarily related to the change in net loss.

    For more information, please visit the Zeo Energy Corp. investor relations website at investors.zeoenergy.com.

    About Zeo Energy Corp.

    Zeo Energy Corp. is a Florida-based provider of residential solar, distributed energy, and energy efficiency solutions. Zeo focuses on high-growth markets with limited competitive saturation. With its differentiated sales approach and vertically integrated offerings, Zeo, through its Sunergy Solar business unit, serves customers who desire to reduce high energy bills and contribute to a more sustainable future. For more information on Zeo Energy Corp., please visit www.zeoenergy.com.

    Non-GAAP Financial Measures

    Adjusted EBITDA
    Zeo Energy defines Adjusted EBITDA, a non-GAAP financial measure, as net income (loss) before interest and other expenses, net, income tax expense, and depreciation and amortization, as adjusted to exclude stock-based compensation. Zeo utilizes Adjusted EBITDA as an internal performance measure in the management of the Company’s operations because the Company believes the exclusion of these non-cash and non-recurring charges allows for a more relevant comparison of Zeo’s results of operations to other companies in the industry. Adjusted EBITDA should not be viewed as a substitute for net loss calculated in accordance with GAAP, and other companies may define Adjusted EBITDA differently.

    The following table provides a reconciliation of net income (loss) to Adjusted EBITDA for the periods presented:

           
      Three months Ended March 31,  
        2025       2024    
    Net income (loss)   $ (13,319,363 )     $ (4,107,102 )  
    Adjustment:                
    Other income, net     (82,363 )       0    
    Change in fair value of warrant liabilities     (663,449 )       138,000.00    
    Interest expense     30,277         35,222    
    Income tax benefit     523,500         (114,668.00 )  
    Stock compensation     2,257,139         3,118,584.00    
    Depreciation and amortization     4,900,729         459,529    
                     
    Adjusted EBITDA     (6,353,530 )       (470,435 )  
                     
    Net income (loss) margin     (151.6 ) %     (20.4 ) %
                     
    Adjusted EBITDA margin     (72.3 ) %     (2.3 ) %
                     

    Adjusted EBITDA Margin

    Zeo Energy defines Adjusted EBITDA margin, a non-GAAP financial measure, expressed as a percentage, as the ratio of Adjusted EBITDA to revenue, net. Adjusted EBITDA margin measures net income (loss) before interest and other expenses, net, income tax expense, depreciation and amortization, as adjusted to exclude stock-based compensation and is expressed as a percentage of revenue. In the table above, Adjusted EBITDA is reconciled to the most comparable GAAP measure, net income (loss). Zeo utilizes Adjusted EBITDA margin as an internal performance measure in the management of the Company’s operations because the Company believes the exclusion of these non-cash and non-recurring charges allows for a more relevant comparison of the Company’s results of operations to other companies in Zeo’s industry.

    The following table sets forth Zeo’s calculations of Adjusted EBITDA margin for the periods presented:

           
      Three months Ended March 31,  
        2025       2024    
    Total Revenue   $ 8,783,695       $ 20,142,156    
                     
    Adjusted EBITDA     (6,353,530 )       (470,435 )  
                     
    Adjusted EBITDA margin     (72.3 ) %     (2.3 ) %
                     

    Forward-Looking Statements

    This news release contains certain forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act of 1934, as amended, that are based on beliefs and assumptions and on information currently available to the Company. Such statements may include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will,” and similar references to future periods may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the future financial performance of the Company; the ability to effectively consolidate the assets of Lumio and produce the expected results; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, the ability to raise additional funds, and plans and objectives of management. These forward-looking statements are based on information available as of the date of this news release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update such forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, the Company’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the outcome of any legal proceedings that may be instituted against the Company or others; (ii) the Company’s success in retaining or recruiting, or changes required in, its officers, key employees, or directors; (iii) the Company’s ability to maintain the listing of its common stock and warrants on Nasdaq; (iv) limited liquidity and trading of the Company’s securities; (v) geopolitical risk and changes in applicable laws or regulations, including tariffs or trade restrictions; (vi) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (vii) operational risk; (viii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on the Company’s resources; (ix) the Company’s ability to effectively consolidate the assets of Lumio and produce the expected results; and (x) other risks and uncertainties, including those included under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2024 and in its subsequent periodic reports and other filings with the SEC.

    In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company, its respective directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this news release represent the views of the Company as of the date of this news release. Subsequent events and developments may cause that view to change. However, while the Company may elect to update these forward-looking statements at some point in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this news release.

    Zeo Energy Corp. Contacts

    For Investors:
    Tom Colton and Greg Bradbury
    Gateway Group
    ZEO@gateway-grp.com

    For Media:
    Zach Kadletz
    Gateway Group
    ZEO@gateway-grp.com

    -Financial Tables to Follow-

    ZEO ENERGY CORP.
    CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)    		  
        As of March 31,   As of December 31,  
          2025       2024    
    Assets              
    Current assets              
    Cash and cash equivalents   $ 2,894,103     $ 5,634,115    
    Accounts receivable, including $286,103 and $191,662 from related parties, net of allowance for credit losses of $4,703,905 and $1,165,336, as of March 31, 2025 and December 31, 2024, respectively     4,999,508       10,186,543    
    Inventories     847,395       872,470    
    Contract assets     577,398       64,202    
    Prepaid expenses and other current assets     936,673       2,131,345    
    Total current assets     10,255,077       18,888,675    
    Other assets     113,591       314,426    
    Property, equipment and other fixed assets, net     2,629,283       2,475,963    
    Right of use operating lease assets     1,087,496       1,268,139    
    Right of use financing lease assets     412,893       447,012    
    Intangibles, net     2,938,804       7,571,156    
    Note receivable – related party     3,000,000       3,000,000    
    Goodwill     27,010,745       27,010,745    
    Total assets   $ 47,447,889     $ 60,976,116    
                   
    Liabilities, redeemable noncontrolling interest and stockholders’ (deficit) equity        
    Current liabilities              
    Accounts payable   $ 3,569,632     $ 2,780,885    
    Accrued expenses and other current liabilities, including $2,320,129 and $3,359,101 with related parties at March 31, 2025 and December 31, 2024, respectively     6,581,799       8,540,188    
    Current portion of long-term debt     301,091       291,036    
    Current portion of obligations under operating leases     555,672       583,429    
    Current portion of obligations under financing leases     133,408       130,464    
    Convertible promissory note     2,455,000       2,440,000    
    Contract liabilities, including $0 and $2,000 with related parties as of March 31, 2025 and December 31, 2024, respectively     119,417       203,607    
    Total current liabilities     13,716,019       14,969,609    
    Obligations under operating leases, non-current     662,291       799,385    
    Obligations under financing leases, non-current     314,167       348,807    
    Warrant liabilities     785,551       1,449,000    
    Long-term debt     414,268       496,623    
    Total liabilities     15,892,296       18,063,424    
                   
    Commitments and contingencies (Note 14)              
                   
    Redeemable noncontrolling interests              
    Convertible preferred units, 1,500,000 units issued and outstanding as of March 31, 2025 and December 31, 2024, respectively     16,536,108       16,130,871    
    Class B Units     38,097,300       115,693,900    
                   
    Stockholders’ equity              
    Class V common stock, $0.0001 par value, 100,000,000 authorized shares; 26,730,000 and 35,230,000 shares issued and outstanding as of March 31, 2025, and December 31, 2024, respectively     2,673       3,523    
    Class A common stock, $0.0001 par value, 300,000,000 authorized shares; 21,796,464 and 13,252,964 shares issued and outstanding as of March 31, 2025, and December 31, 2023, respectively     2,180       1,326    
    Additional paid in capital     16,486,224       14,523,963    
    Accumulated deficit     (39,568,892 )     (103,440,891 )  
    Total stockholders’ deficit     (23,077,815 )     (88,912,079 )  
    Total liabilities, redeemable noncontrolling interests and stockholders’ (deficit) equity   $ 47,447,889     $ 60,976,116    
                   
    ZEO ENERGY CORP.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
        Three months ended March 31,
        2025     2024  
    Revenue, net   $ 6,216,391     $ 11,329,387  
    Related party revenue, net     2,567,304       8,812,769  
    Total revenue     8,783,695       20,142,156  
    Operating costs and expenses:            
    Cost of goods sold (exclusive of items shown below)     4,789,679       13,957,966  
    Depreciation and amortization     4,900,729       459,529  
    Sales and marketing     2,137,092       6,553,787  
    General and administrative     10,467,593       3,219,422  
    Total operating expenses     22,295,093       24,190,704  
    (Loss) income from operations     (13,511,398 )     (4,048,548 )
    Other (expenses) income, net:            
    Other income, net     82,363       –  
    Change in fair value of warrant liabilities     663,449       (138,000 )
    Interest expense     (30,277 )     (35,222 )
    Total other expense, net     715,535       (173,222 )
    Net (loss) income before taxes     (12,795,863 )     (4,221,770 )
    Income tax (expense) benefit     (523,500 )     114,668  
    Net (loss) income     (13,319,363 )     (4,107,102 )
    Net (loss) attributable to Sunergy Renewables LLC prior to the Business Combination     –       (523,681 )
    Net (loss) income subsequent to the Business Combination     (13,319,363 )     (3,583,421 )
    Net (loss) income attributable to redeemable non-controlling interests     (6,958,098 )     (2,051,930 )
    Net (loss) income attributable to Class A common stock   $ (6,361,265 )   $ (1,531,491 )
                 
    Basic and diluted net (loss) income per common unit   $ (0.48 )   $ (1.54 )
    Weighted average units outstanding, basic and diluted     13,252,964       994,345  
                 
    ZEO ENERGY CORP.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
      Three Months Ended March 31,
      2025     2024  
    Cash Flows from Operating Activities          
    Net (loss) income $ (13,319,363 )   $ (4,107,102 )
    Adjustment to reconcile net (loss) income to cash (used in) provided by operating activities          
    Depreciation and amortization   4,900,729       459,529  
    Interest income   –       –  
    Change in fair value of warrant liabilities   (663,449 )     138,000  
    Provision for credit losses   3,538,569       150,000  
    Noncash operating lease expense   180,643       152,717  
    Stock based compensation expense   2,257,139       3,118,584  
    Changes in operating assets and liabilities:          
    Accounts receivable   1,742,907       (2,297,517 )
    Accounts receivable due from related parties   (94,441 )     (2,692,841 )
    Inventories   25,075       (28,968 )
    Prepaid installation costs   (513,196 )     4,448,953  
    Prepaids and other current assets   1,138,288       (1,420,528 )
    Other assets   (37,656 )     (109,443 )
    Accounts payable   788,747       (400,861 )
    Accrued expenses and other current liabilities   (919,417 )     (691,316 )
    Accrued expenses and other current liabilities due to related parties   (1,038,972 )     (2,148,960 )
    Contract liabilities   (82,190 )     (3,508,323 )
    Contract liabilities due to related parties   (2,000 )     (1,054,263 )
    Operating lease payments   (164,851 )     (159,650 )
    Net cash (used in) provided by operating activities   (2,263,438 )     (10,151,989 )
               
    Cash flows from Investing Activities          
    Purchases of property, equipment and other assets   (372,578 )     (226,076 )
    Net cash used in investing activities   (372,578 )     (226,076 )
               
    Cash flows from Financing Activities          
    Principal payment of finance lease liabilities   (31,696 )     (28,537 )
    Proceeds from the issuance of convertible preferred stock, net of transaction costs   –       10,277,275  
    Repayments of debt   (72,300 )     (71,855 )
    Distributions to members   –       (90,000 )
    Net cash provided by (used in) financing activities   (103,996 )     10,086,883  
               
    Net (decrease) increase in cash and cash equivalents   (2,740,012 )     (291,182 )
    Cash and cash equivalents, beginning of period   5,634,115       8,022,306  
    Cash and cash equivalents, end of the period $ 2,894,103     $ 7,731,124  
               
    Supplemental Cash Flow Information          
    Cash paid for interest $ 25,785     $ 34,060  
    Cash paid for income taxes $ –     $ –  
    Noncash finance lease expense $ 34,119     $ 34,118  
               
    Non-cash transactions          
    Deferred equity issuance costs $ –     $ 3,269,039  
    Issuance of Class A common stock to vendors $ –     $ 891,035  
    Issuance of Class A common stock to backstop investors $ –     $ 1,569,463  
    Preferred dividends $ 405,237     $ 8,224,091  

    The MIL Network –

  • MIL-OSI Security: Former Bank Teller Sentenced to Over Two Years in Prison for Stealing More Than $180,000

    Source: Office of United States Attorneys

    BOSTON – A Saugus man was sentenced today in federal court in Boston for embezzling bank funds while working as a teller at a Boston branch of a national bank.

    Derek Aut, 29, was sentenced by U.S. Senior District Court Judge William G. Young to 25 months in prison, to be followed by two years of supervised release. Aut was also ordered to pay $183,677.73 in restitution. In March 2025, Aut pleaded guilty to embezzlement by a bank employee and aggravated identity theft.  

    While working as a bank teller in Boston, Aut stole from the bank accounts of two customers by forging the victims’ names on withdrawal slips, among other things. When one of the victims noticed money missing from her account, Aut attempted to cover his theft by taking money from the other victim’s account and depositing it into the first victim’s account. In total, Aut caused the bank losses of more than $180,000.  

    United States Attorney Leah B. Foley and Michael J. Krol, Special Agent in Charge of Homeland Security Investigations in New England made the announcement. Assistant U.S. Attorney Kristen A. Kearney of the Securities, Financial & Cyber Fraud Unit prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Former Bank Teller Sentenced to Over Two Years in Prison for Stealing More Than $180,000

    Source: Office of United States Attorneys

    BOSTON – A Saugus man was sentenced today in federal court in Boston for embezzling bank funds while working as a teller at a Boston branch of a national bank.

    Derek Aut, 29, was sentenced by U.S. Senior District Court Judge William G. Young to 25 months in prison, to be followed by two years of supervised release. Aut was also ordered to pay $183,677.73 in restitution. In March 2025, Aut pleaded guilty to embezzlement by a bank employee and aggravated identity theft.  

    While working as a bank teller in Boston, Aut stole from the bank accounts of two customers by forging the victims’ names on withdrawal slips, among other things. When one of the victims noticed money missing from her account, Aut attempted to cover his theft by taking money from the other victim’s account and depositing it into the first victim’s account. In total, Aut caused the bank losses of more than $180,000.  

    United States Attorney Leah B. Foley and Michael J. Krol, Special Agent in Charge of Homeland Security Investigations in New England made the announcement. Assistant U.S. Attorney Kristen A. Kearney of the Securities, Financial & Cyber Fraud Unit prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Mexican national admits to transporting child sexual abuse material across state lines to Mexico

    Source: Office of United States Attorneys

    LAREDO, Texas – A 39-year-old Mexican national has pleaded guilty to transportation of child pornography, announced U.S. Attorney Nicholas J. Ganjei.

    On March 12, Raul Velasco-Leon was traveling from Tennessee and approached the Juarez-Lincoln International Bridge attempting to enter Mexico. While on the primary lane, authorities selected Velasco-Leon for further inspection and referred him to secondary.

    They conducted a search of his belongings and found what appeared to be a piece of youth-sized clothing with the words “Girl Power” tucked inside a jean pocket. Law enforcement also discovered multiple electronic devices, including 10 USB flash drives, two cell phones and a laptop. On one of the devices, they discovered six files containing child sexual abuse material (CSAM) of minor victims approximately 10 years of age.

    The files contained approximately five photographs and one video that contained CSAM. The five images, displayed via video chat, depicted female minor victims showing their genital areas. The video had a split screen with the adult male, later determined to be Velasco-Leon, masturbating while the top of the screen displayed a montage of CSAM including a female minor victim being forced to perform oral sex on an adult male.

    Velasco-Leon admitted he had been engaged in a video chat and when he saw the CSAM, he would watch and screen record it.

    U.S. District Judge John A. Kazen will impose sentencing at a later date. At that time, Velasco-Leon faces up to 20 years in federal prison and a possible $250,000 maximum fine.

    He has been and will remain in custody pending sentencing.

    “This case is about protecting kids both north and south of the border from the defendant’s predatory behavior,” said Ganjei. “Although Velasco-Leon was about to depart the United States for Mexico, given his conduct, his stay in the U.S. is about to become much, much longer.”

    “This guilty plea is a critical step in holding Velasco-Leon accountable for the disturbing crimes he committed,” said Acting Deputy Special Agent in Charge Mauro Lopez of Immigration and Customs Enforcement – Homeland Security Investigations (ICE-HSI) Laredo. “HSI remains committed to identifying, investigating and bringing to justice those who exploit children. We will continue working tirelessly with our law enforcement partners to ensure predators face the full consequences of their actions and that victims are not forgotten.”

    ICE-HSI conducted the investigation with the assistance of Customs and Border Protection.

    Assistant U.S. Attorney Christine A. Cortez is prosecuting the case, which was brought as part of Project Safe Childhood (PSC), a nationwide initiative the Department of Justice (DOJ) launched in May 2006 to combat the growing epidemic of child sexual exploitation and abuse. U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section leads PSC, which marshals federal, state and local resources to locate, apprehend and prosecute individuals who sexually exploit children and identifies and rescues victims. For more information about PSC, please visit DOJ’s PSC page. For more information about internet safety education, please visit the resources tab on that page. 

    MIL Security OSI –