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Category: Finance

  • MIL-OSI: ETC Announces Fiscal 2025 Full Year and Fourth Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    SOUTHAMPTON, Pa., June 09, 2025 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for the fourteen week period ended February 28, 2025 (the “2025 fiscal fourth quarter”) and the fifty-three week period ended February 28, 2025 (“fiscal 2025”).

    Robert L. Laurent, Jr., ETC’s Chief Executive Officer and President stated, “Our strong backlog and pipeline of opportunities once again translated into increases in net sales, gross profit margin, operating income and net income. These results reflect growth in each of our business units with sales increasing to $62.9 million, gross profit increasing to $18.5 million, and net income increasing to $13.1 million or $0.75 diluted earnings per share in fiscal 2025 as compared to net income of $1.8 million or $0.09 diluted earnings per share in fiscal 2024. We believe we remain well positioned for the future with a backlog of $87 million and strong pipeline of opportunities at February 28, 2025.”

    Fiscal 2025 Results of Operations

    Net Income

    Net income was $13.1 million, or $0.75 diluted earnings per share, in fiscal 2025, compared to net income of $1.8 million during fiscal 2024, equating to $0.09 per diluted share. The $11.2 million variance is primarily attributable to a $19.6 million increase in sales, a $6.1 million increase in gross profit, slightly offset by a $0.8 million increase in operating expenses. Fiscal 2025 is also being positively impacted by an income tax benefit of $5.6 million, primarily associated with the partial reversal of valuation allowance previously recorded against the deferred tax asset. The deferred tax asset valuation allowance on federal deferred tax assets and certain state deferred tax assets was reversed in fiscal 2025, as it is now more likely than not that the Company will be able to fully realize these deferred tax assets.

    Net Sales

    Net sales for fiscal 2025 was $62.9 million, an increase of $19.6 million, or 45.3%, compared to fiscal 2024 net sales of $43.3 million. The increase is a result of higher International sales of $13.4 million, of which $9.3 million are within Aircrew Training Solutions (“ATS”) and $3.5 million are within Commercial Industrial Systems (“CIS”) as well as higher Domestic sales of $6.2 million, $6.0 million of which are within CIS. Further, sales in fiscal 2025 increased the greatest within the ATS business unit and Sterilizer Systems business unit, accounting for $9.9 and $7.4 million, respectively, of the overall increase of $19.6 million.

    Gross Profit

    Gross profit for fiscal 2025 was $18.5 million compared to $12.5 million in fiscal 2024, an increase of $6.1 million, or 48.7%. The increase in gross profit was primarily due to higher net sales within the ATS and Sterilizers System business units. Gross profit margin as a percentage of net sales increased to 29.4% in fiscal 2025 compared to 28.8% in fiscal 2024.

    Operating Expenses

    Operating expenses, including sales and marketing, general and administrative, and research and development, for fiscal 2025 was $10.3 million compared to $9.5 million in fiscal 2024, an increase of $0.8 million, or 8.1%. An increase in selling and marketing expenses, primarily driven by higher sales and an increase in general and administrative expenses, due primarily to an increase in salary and related expenses, along with an increase in professional fees was offset slightly by a decrease in research and development expenses.

    Interest Expense, Net

    Interest expense, net, for fiscal 2025 was $1.2 million compared to $0.9 million in fiscal 2024, an increase of $0.3 million, or 31.6%, due primarily to higher borrowing attributable to the leaseback of the Southampton, Pennsylvania demonstration equipment in fiscal 2025.

    Other (Income) Expense, Net

    Other income, net, for fiscal 2025 was ($0.4) million, compared to other expense, net, of $0.3 million in fiscal 2024 a favorable variance of ($0.7) million, or (221.5%) attributable to a gain realized from the sale of the Southampton, Pennsylvania demonstration equipment in fiscal 2025.

    Income (Benefit) Taxes

    As of February 28, 2025, the Company reviewed the components of its deferred tax assets and determined, based upon all available information, that it is more likely than not that deferred tax assets relating to its federal deferred tax assets and certain state deferred tax assets will be realized. Accordingly, we reversed the previously recorded valuation allowance against these deferred tax assets. If in the future there is a change in our ability to realize these deferred tax assets, then our tax valuation allowance may increase in the period in which we determine that realization is no longer more likely than not. An income tax benefit of $5.6 million was recorded in fiscal 2025 compared to income tax benefit of $0.1 million recorded in fiscal 2024.

    Fiscal 2025 Fourth Quarter Results of Operations

    Net Income

    Net income was $7.6 million, or $0.45 diluted earnings per share, in the 2025 fiscal fourth quarter, compared to net income of $2.8 million during the 2024 fiscal fourth quarter, equating to $0.17 diluted earnings per share. The $4.8 million variance is a result of $2.7 million of increased sales, $0.6 million increase in other income attributable to the sale of the Company’s demonstration equipment offset slightly by an 8.9% decrease in gross profit margin percentage, primarily attributable to increased aeromedical center building sales and higher interest expense attributable to the demonstration equipment lease. The 2025 fiscal fourth quarter is also being positively impacted by a $5.5 million increase in income tax benefit attributable to the reversal of the deferred tax asset valuation allowance.

    Net Sales

    Net sales for the 2025 fiscal fourth quarter were $19.1 million, an increase of $2.7 million, or 16.4%, compared to net sales of $16.4 million for the 2024 fiscal fourth quarter. The increase reflects higher overall sales within the ATS and Sterilizer Systems business units.

    Gross Profit

    Gross profit was $4.7 million in the 2025 fiscal fourth quarter, a decrease of $0.8 million, or 14.5% compared to gross profit of $5.5 million for the 2024 fiscal fourth quarter. Gross profit margin as a percentage of net sales decreased to 24.6% in the 2025 fiscal fourth quarter compared to 33.5% in 2024 fiscal fourth quarter. The majority of the decrease was a direct result of the increase in aeromedical center building sales, which is lower margin then ETC’s core business as the work is being performed by a sub-contracted construction firm. Excluding the aeromedical center building sales, gross profit margin would have been approximately 29.7%. As the building construction of the aeromedical center accelerates over the next year, ETC expects gross profit margin to be lower in fiscal 2026 as compared to fiscal 2025.

    Operating Expenses

    Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2025 fiscal fourth quarter were $2.7 million, an increase of $0.2 million, or 6.1%, compared to $2.5 million for the 2024 fiscal fourth quarter. The increase in operating expenses was due primarily to higher general and administrative expenses slightly offset by lower selling and marketing and research and development expenses in the 2025 fiscal fourth quarter compared to the 2024 fiscal fourth quarter.

    Interest Expense, Net

    Interest expense, net, for the 2025 fiscal fourth quarter was $0.6 million compared to $0.2 million in the 2024 fiscal fourth quarter, an increase of $0.4 million, or 146.6%, reflecting increased borrowing attributable to the leaseback of the demonstration equipment in 2025 fiscal fourth quarter.

    Other (Income) Expense, Net

    Other income, net, for 2025 fiscal fourth quarter was ($0.5) million, compared to other expense, net, of $0.1 million in 2024 fiscal fourth quarter, a favorable variance of ($0.6) million, or (721.0%) attributable to a gain realized from the sale of the Southampton, Pennsylvania demonstration equipment in the 2025 fiscal fourth quarter.

    Income (Benefit) Taxes

    An income tax benefit of $5.7 million was recorded in the fiscal 2025 fourth quarter compared to an income tax benefit of $0.2 million in the 2024 fiscal fourth quarter. The increase in the income tax provision in the 2025 fiscal fourth quarter was driven primarily by the reversal of the valuation allowance on federal deferred tax assets and certain state deferred tax assets. This reversal is attributable to the change in the Company’s operating profit and expected ability to realize these deferred tax assets.

    Liquidity and Capital Resources

    As of February 28, 2025, the Company’s availability under the PNC Revolving Line of Credit was $2.2 million. This reflected cash borrowings of $14.3 million and net outstanding standby letters of credit of approximately $3.5 million. As of June 9, 2025, the date of our most current Revolving Line of Credit statement, the Company’s availability under the PNC Revolving Line of Credit was approximately $1.2 million. The Company had working capital of $19.7 million as of February 28, 2025 compared to working capital of $8.7 million as of February 23, 2024. The increase in working capital was primarily the result of a significant increase in contract assets and reduction in contract liabilities partially offset by a decrease in prepaid assets and increase in accounts payable, trade and an increase in the current portion of lease obligations. With unused availability under the Company’s various current lines of credit, the further conversion of contract assets and inventory into cash, the collection of milestone payments associated with several International contracts, and expected deposits on fiscal 2026 bookings, the Company anticipates its sources of liquidity will be sufficient to fund its operating activities, anticipated capital expenditures, and debt repayment obligations throughout fiscal 2025.

    On February 3, 2025, the Company entered into a Financing and Security Agreement with Coeur Capital, Inc. that provided for a line of credit of up to $3.0 million. The company is able to draw on the line transferring and assigning acceptable accounts receivable to Coeur Capital. The Financing and Security Agreement remains in full force until terminated by either party upon advanced written notice. As of February 28, 2025, the Company’s availability under this Financing and Security Agreement was $3.0 million. As of June 9, 2025, the date of our report, the Company’s availability under this Financing and Security Agreement with Coeur Capital was $3.0 million.

    Cash flows from operating activities

    During fiscal 2025, cash flows used by operating activities were $3.9 million, an increase of $0.2 million compared to fiscal 2024 cash flows used by operating activities of $3.7 million. Cash flows in fiscal 2025 increased as a result of the increase in contract assets and decrease in contract liabilities partially offset by net income for the fiscal year.

    Cash flows from investing activities

    Cash flows from investing activities primarily relates to funds for capital expenditures in property, plant, and equipment and software development. The Company’s fiscal 2025 investing activities provided $3.6 million as compared to fiscal 2024 investing activities which used $0.3 million. The change in investing activities is attributable to $4.0 million from the sale leaseback of the demonstration equipment in Southampton, Pennsylvania.

    Cash flows from financing activities

    During fiscal 2025, the Company’s financing activities provided $1.7 million from borrowings under the Company’s credit facility to support the significant increase in manufacturing, compared to fiscal 2024 borrowings of $2.7 million.

    About ETC

    ETC was incorporated in 1969 in Pennsylvania. For over five decades, we have provided our customers with products, services, and support. Innovation, continuous technological improvement and enhancement, and product quality are core values that are critical to our success. We are a significant supplier and innovator in the following areas: (i) software driven products and services used to create and monitor the physiological effects of flight, including high performance jet tactical flight simulation, fixed and rotary wing upset prevention and recovery and spatial disorientation, and both suborbital and orbital commercial human spaceflight: altitude (hypobaric) chambers; hyperbaric chambers for multiple persons (multiplace chambers) collectively, Aircrew Training Systems (“ATS”);; (ii) Advanced Disaster Management Simulators (“ADMS”); (iii) steam and gas (ethylene oxide) sterilizer systems (“Sterilizer Systems” or “Sterilizers”); and (iv) Environmental Testing and Simulation Systems (“ETSS”).

    We operate in two primary business segments, Aerospace Solutions (“Aerospace”) and Commercial/Industrial Systems (“CIS”). Aerospace encompasses the design, manufacture, and sale of: (i) ATS products; and (ii) ADMS, as well as integrated logistics support (“ILS”) for customers who purchase these products or similar products manufactured by other parties. These products and services provide customers with an offering of comprehensive solutions for improved readiness and reduced operational costs. Sales of our Aerospace products are made principally to U.S. and foreign government agencies and to civil aviation organizations. CIS encompasses the design, manufacture, and sale of: (i) sterilizer systems; and (ii) ETSS; as well as parts and service support for customers who purchase these products or similar products manufactured by other parties. Sales of our CIS products are made principally to the healthcare, pharmaceutical, and automotive industries.

    ETC-PZL Aerospace Industries Sp. z o.o. (“ETC-PZL”), our 100%-owned subsidiary in Warsaw, Poland, is currently our only operating subsidiary. ETC-PZL manufactures certain simulators and provides software to support products manufactured domestically within our Aerospace segment.

    The majority of our net sales are generated from long-term contracts with U.S. and foreign government agencies (including foreign military sales (“FMS”) contracted through the U.S. Government) for the research, design, development, manufacture, integration, and sustainment of ATS products, including Chambers and the simulators manufactured and sold through ETC-PZL, collectively, ATS. The Company also enters into long-term contracts with domestic and international customers for the sale of sterilizer systems and ETSS. Net sales of ADMS are generally much shorter term in nature and vary between domestic and international customers. We generally provide our products and services under fixed-price contracts.

    ETC’s unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. ETC’s headquarters is located in Southampton, PA. For more information about ETC, visit http://www.etcusa.com/.

    Forward-looking Statements

    This news release contains forward-looking statements, which are based on management’s current expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, and these statements may include words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “future”, “predict”, “potential”, “intend”, or “continue”, and similar expressions. We base our forward-looking statements on our current expectations and projections about future events or future financial performance. Our forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ETC and its subsidiaries, the economy and other factors that may cause actual results to be materially different from any future results implied by these forward-looking statements. We caution you not to place undue reliance on these forward-looking statements.

                     
    Table A                
                     
    Environmental Tectonics Corporation
    Consolidated Comprehensive Statement of Operations and Comprehensive Income
                     
                     
    (in thousands, except per share information)   Fifty-three / Fifty-two weeks ended   Variance
        February 28, 2025 February 23, 2024   ($)   (%)
    Net sales   $ 62,943     $ 43,307     $ 19,636     45.3  
    Cost of goods sold     44,420       30,848       13,572     44.0  
    Gross Profit     18,523       12,459       6,064     48.7  
    Gross profit margin %     29.4 %     28.8 %     0.6 %   2.1 %
                     
    Operating expenses     10,260       9,494       766     8.1  
    Operating income     8,263       2,965       5,298     178.7  
    Operating margin %     13.1 %     6.8 %     6.3 %   92.6 %
                     
    Interest expense, net     1,183       899       284     31.6  
    Other (income) expense, net     (361 )     297       (658 )   -221.5  
    Income before income taxes     7,441       1,769       5,672     320.6  
    Pre tax margin %     11.8 %     4.1 %     7.7 %   187.8 %
                     
    Income tax provision (benefit)     (5,622 )     (51 )     (5,571 )   10923.5  
    Net income     13,063       1,820       11,243     617.7  
    Preferred Stock Dividends     (493 )     (484 )     (9 )   1.9  
    Income attributable to common and participating shareholders   $ 12,570     $ 1,336     $ 11,234     840.9  
                     
    Per share information:                
    Basic earnings per common and participating share:            
    Distributed earnings per share:                
    Common   $ –     $ –          
    Preferred   $ 0.08     $ 0.08     $ –     0.0  
    Undistributed earnings per share:                
    Common   $ 0.81     $ 0.09     $ 0.72     800.0  
    Preferred   $ 0.81     $ 0.09     $ 0.72     800.0  
    Diluted earnings per share   $ 0.75     $ 0.09     $ 0.66     733.3  
                     
    Total basic weighted average common and participating shares     15,572       15,569          
                     
    Total diluted weighted average shares     16,655       15,569          
    Table B                
                     
    Environmental Tectonics Corporation
    Consolidated Comprehensive Statement of Operations and Comprehensive Income
                     
        Fourteen / Thirteen weeks ended   Variance
    (in thousands, except per share information)   February 28, 2025   February 23, 2024   ($)   (%)
    Net sales   $ 19,098     $ 16,414     $ 2,684     16.4  
    Cost of goods sold     14,394       10,915       3,479     31.9  
    Gross Profit     4,704       5,500       (795 )   -14.5  
    Gross profit margin %     24.6 %     33.5 %     -8.9 %   -26.7 %
                     
    Operating expenses     2,665       2,513       153     6.1  
    Operating income     2,039       2,987       (948 )   -31.6  
    Operating margin %     10.7 %     18.2 %     -7.5 %   -40.8 %
                     
    Interest expense, net     613       249       365     146.6  
    Other (income) expense, net     (504 )     81       (584 )   -721.0  
    Income before income taxes     1,930       2,658       (728 )   -27.4  
    Pre-tax margin %     10.1 %     16.2 %     -6.2 %   (38.2 )
                     
    Income tax provision (benefit)     (5,682 )     (171 )     (5,511 )   3222.8  
    Net income     7,612       2,829       4,783     169.1  
    Preferred Stock dividends     (130 )     (121 )     (9 )   7.4  
    Income attributable to common and participating shareholders   $ 7,482     $ 2,708     $ 4,774     176.3  
                     
    Per share information:                
    Basic earnings per common and participating share:                
    Distributed earnings per share:                
    Common   $ –     $ –     $ –      
    Preferred   $ 0.02     $ 0.02     $ –     0.0  
    Undistributed earnings per share:                
    Common   $ 0.48     $ 0.17     $ 0.31     182.4  
    Preferred   $ 0.48     $ 0.17     $ 0.31     182.4  
    Diluted earnings per share   $ 0.45     $ 0.17     $ 0.28     164.7  
                     
                     
    Total basic weighted average common and participating shares     15,582       15,569          
                     
    Total diluted weighted average shares     16,725       15,569          

    The MIL Network –

  • MIL-OSI: IDT Corporation to Present at East Coast IDEAS Investor Conference

    Source: GlobeNewswire (MIL-OSI)

    NEWARK, NJ, June 09, 2025 (GLOBE NEWSWIRE) — IDT Corporation (NYSE: IDT), a provider of fintech and communications solutions, will present at the East Coast IDEAS Investor Conference on Thursday, June 12, 2025 at the Westin Times Square in New York.

    Marcelo Fisher, Chief Financial Officer, will provide an overview of IDT’s operations, strategy, and financial results beginning at 3:30 PM Eastern time. Mr. Fischer will also host one-on-one investor meetings throughout the day.

    The IDT presentation will be webcast through the conference host’s main website: https://www.threepartadvisors.com/east-coast.

    To attend or learn more about the IDEAS conferences, please contact Lacey Wesley at (817) 769 -2373 or lWesley@IDEASconferences.com.

    All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.

    ABOUT IDT CORPORATION

    IDT Corporation (NYSE: IDT) is a global provider of fintech and communications solutions through a portfolio of synergistic businesses: National Retail Solutions (NRS), through its point-of-sale (POS) platform, enables independent retailers to operate more effectively while providing advertisers and marketers with unprecedented reach into underserved consumer markets; BOSS Money facilitates innovative international remittances and fintech payments solutions; net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices; IDT Digital Payments and the BOSS Revolution calling service make sharing prepaid products and services and speaking with friends and family around the world convenient and reliable; and, IDT Global and IDT Express enable communications services to provision and manage international voice and SMS messaging.

    Contact:
    Bill Ulrey
    IDT Investor Relations
    Phone: (973) 438-3838
    E-mail: invest@idt.net

    ###

    The MIL Network –

  • MIL-OSI: Orange County Bancorp, Inc. Announces Closing of Overallotment Option and Issuance of 258,064 Shares of Common Stock

    Source: GlobeNewswire (MIL-OSI)

    MIDDLETOWN, N.Y., June 09, 2025 (GLOBE NEWSWIRE) — Orange County Bancorp, Inc. (the “Company” – Nasdaq: OBT), parent company of Orange Bank & Trust Company, (the “Bank”) and Hudson Valley Investment Advisors, Inc. (“HVIA”), today announced that the underwriters for its recently completed public offering have exercised their overallotment option and completed the sale of an additional 258,064 shares of common stock at the public offering price of $23.25 per share. The expected proceeds to the Company in connection with the exercise of the option and the issuance of the additional shares, after deducting the underwriting discount and commissions but before deducting other expenses payable by the Company, are approximately $5.7 million.

    Piper Sandler & Co. and Stephens Inc. served as joint book-running managers.

    The offering was made only by means of an effective shelf registration statement on Form S-3 (File No. 333-280793), including a preliminary prospectus supplement and final prospectus supplement, copies of which may be obtained for free by visiting EDGAR on the SEC website at www.sec.gov. Additionally, copies may be obtained from Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, or by phone at 1-800-747-3924, or by email at prospectus@psc.com, or Stephens Inc., 111 Center Street, Little Rock, AR 72201, or by phone at 1-800-643-9691.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.  

    About Orange County Bancorp, Inc.

    Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.6 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.

    Forward-Looking Statements

    The information disclosed in this press release includes various forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “anticipates,” “projects,” “intends,” “estimates,” “expects,” “believes,” “plans,” “may,” “will,” “should,” “could,” and other similar expressions are intended to identify such forward-looking statements. The Company cautions that these forward-looking statements are necessarily speculative and speak only as of the date made, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from such forward-looking statements. Accordingly, you should not place undue reliance on forward-looking statements. In addition to the specific risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, the following factors, among others, could cause actual results to differ materially and adversely from such forward-looking statements: those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, tariffs, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, the financial and securities markets and the availability of and costs associated with sources of liquidity. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    For further information:
    Michael Lesler
    EVP & Chief Financial Officer
    mlesler@orangebanktrust.com
    Phone: (845) 341-5111

    The MIL Network –

  • MIL-OSI: Micropolis Holding Company Announces Receipt of Audit Opinion with Going Concern Explanation

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, June 09, 2025 (GLOBE NEWSWIRE) — Micropolis Holding Company (“Micropolis” or the “Company”) (NYSE American: MCRP), a pioneer in unmanned ground vehicles and AI-driven security solutions, today announced that, as previously disclosed in its Annual Report on Form 20-F for the fiscal year ended December 31, 2024, which was filed on May 8, 2025 with the Securities and Exchange Commission (the “2024 Annual Report”), the Company’s audited financial statements contained an audit opinion from its independent registered public accounting firm that included an explanatory paragraph related to the Company’s ability to continue as a going concern. See further discussion in Note 3 to the Company’s financial statements included in the 2024 Annual Report. This announcement is made pursuant to NYSE American LLC Company Guide Sections 401(h) and 610(b), which requires public announcement of the receipt of an audit opinion containing a going concern paragraph. This announcement does not represent any change or amendment to the Company’s financial statements or to its 2024 Annual Report.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Micropolis’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    About Micropolis Holding Company

    Micropolis is a UAE-based company specializing in the design, development, and manufacturing of unmanned ground vehicles (UGVs), AI systems, and smart infrastructure for urban, security, and industrial applications. The Company’s vertically integrated capabilities cover everything from mechatronics and embedded systems to AI software and high-level autonomy.

    For more information please visit www.micropolis.ai.

    Investor Contact:
    KCSA Strategic Communications
    Valter Pinto, Managing Director
    PH: (212) 896-1254
    Valter@KCSA.com

    Media Contact:
    Jessica Starman
    media@elev8newmedia.com

    The MIL Network –

  • MIL-OSI USA: Padilla, Schiff, Schumer Demand Answers from Trump Administration on Arrest and Detention of SEIU Union Labor Leader David Huerta

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Schiff, Schumer Demand Answers from Trump Administration on Arrest and Detention of SEIU Union Labor Leader David Huerta

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.), Ranking Member of the Senate Judiciary Immigration Subcommittee, Adam Schiff (D-Calif.), and Senate Democratic Leader Chuck Schumer (D-N.Y.) are demanding answers from top Trump Administration officials regarding the arrest and detention of David Huerta, President of Service Employees International Union (SEIU) California and SEIU-United Service Workers West. Mr. Huerta was injured, arrested, and detained by federal officials in Downtown Los Angeles while exercising his lawful right to observe the conduct of immigration enforcement personnel on Friday, June 6, 2025. He currently remains detained in federal custody. 

    “It is deeply troubling that a U.S. citizen, union leader, and upstanding member of the Los Angeles community continues to be detained by the federal government for exercising his rights to observe immigration enforcement,” wrote the Senators.  

    “As U.S. Senators, we are privileged and proud to represent Americans like Mr. Huerta, who are pillars of their community and stand up for the fundamental rights of all Californians. We have a constitutional duty to conduct oversight of the Department of Homeland Security and the Department of Justice and its components to ensure that the rights of Californians are upheld. As such, we demand a complete and comprehensive response to the following requests regarding this incident by Friday, June 13, 2025,” concluded the Senators. 

    The Senators are voicing their serious concerns to Secretary of Homeland Security Kristi Noem, Attorney General Pam Bondi, and Immigration and Customs Enforcement (ICE) Acting Director Todd M. Lyons.

    Yesterday, Senator Padilla joined MSNBC’s “The Weekend: Primetime” to condemn the Trump Administration’s ICE raids across Los Angeles and President Trump’s ensuing unprecedented deployment of nearly 2,000 members of California’s National Guard to the region. Padilla also joined Los Angeles outlets KTLA and KNX last night to discuss the fear and chaos the Trump Administration is stoking in Los Angeles and across California. On Friday, Padilla issued a statement condemning the Los Angeles ICE raids.

    Full text of the letter is available here and below:   

    Dear Secretary Noem, Acting Director Lyons, and Attorney General Bondi:

    We write to express our grave concerns regarding the arrest and detention of David Huerta, the President of Service Employees International Union (SEIU) California and SEIU United Service Workers West.

    On Friday, June 6, 2025, Immigration and Customs Enforcement (ICE), Homeland Security Investigations (HSI), the Drug Enforcement Agency (DEA), and several other federal agencies conducted numerous immigration enforcement actions throughout Southern California. During a workplace enforcement action, Mr. Huerta, a well-known and deeply respected community leader, was exercising his lawful right to observe the conduct of immigration enforcement personnel. In the course of doing so, Mr. Huerta suffered an injury and law enforcement personnel apprehended and subsequently arrested him. It is deeply troubling that a U.S. citizen, union leader, and upstanding member of the Los Angeles community continues to be detained by the federal government for exercising his rights to observe immigration enforcement.

    As U.S. Senators, we are privileged and proud to represent Americans like Mr. Huerta, who are pillars of their community and stand up for the fundamental rights of all Californians. We have a constitutional duty to conduct oversight of the Department of Homeland Security and the Department of Justice and its components to ensure that the rights of Californians are upheld. As such, we demand a complete and comprehensive response to the following requests regarding this incident by Friday, June 13, 2025:

    1. We request that the Department of Homeland Security and the Department of Justice undertake a review to determine which federal agencies and personnel were involved in the actions that resulted in the injuries sustained by Mr. Huerta and what disciplinary actions may be necessary for relevant federal personnel.

    2. We request that the Department of Justice state the legal authority under which Mr. Huerta is currently being detained.

    Thank you for your prompt attention to this urgent matter.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Chinese National Pleads Guilty to Acting at the Direction of North Korea to Export Firearms, Ammo, and Technology to North Korea

    Source: US State of California

    An illegal alien from China pleaded guilty today to federal criminal charges for illegally exporting firearms, ammunition and other military items to North Korea by concealing them inside shipping containers that departed from the Port of Long Beach, California, and for committing this crime at the direction of North Korean government officials, who wired him approximately $2 million for his efforts.

    Shenghua Wen, 42, of Ontario, California, pleaded guilty to one count of conspiracy to violate the International Emergency Economic Powers Act (IEEPA) and one count of acting as an illegal agent of a foreign government. Wen has been in federal custody since his arrest in December 2024.

    According to his plea agreement, Wen is a citizen of the People’s Republic of China who entered the United States in 2012 on a student visa and remained in the U.S. illegally after his student visa expired in December 2013.

    Prior to entering the United States, Wen met with officials from North Korea’s government at a North Korean embassy in China. These government officials directed Wen to procure goods on behalf of North Korea.

    In 2022, two North Korean government officials contacted Wen through an online messaging platform and instructed him to buy and smuggle firearms and other goods – including sensitive technology – from the United States to North Korea via China.

    In 2023, at the direction of North Korean government officials, Wen shipped at least three containers of firearms out of the Port of Long Beach to China en route to their ultimate destination in North Korea. Wen took steps to conceal that he was illegally shipping firearms to North Korea by, among other things, filing false export information regarding the contents of the containers.

    In May 2023, Wen purchased a firearms business in Houston, paid for with money sent through intermediaries by one of Wen’s North Korean contacts. Wen purchased many of the firearms he sent to North Korea in Texas and drove the firearms from Texas to California, where he arranged for them to be shipped.

    In December 2023, one of Wen’s weapons shipments – which falsely reported to U.S. officials that it contained a refrigerator – left the Port of Long Beach and arrived in Hong Kong in January 2024. This weapons shipment was later transported from Hong Kong to Nampo, North Korea.

    In September 2024, Wen – once again acting at the direction of North Korean officials – bought approximately 60,000 rounds of 9mm ammunition that he intended to ship to North Korea.

    In furtherance of the conspiracy and at the direction of North Korean officials, Wen also obtained sensitive technology that he intended to send to North Korea. This technology included a chemical threat identification device and a handheld broadband receiver that detects known, unknown, illegal, disruptive or interfering transmissions.

    Wen also acquired or offered to acquire a civilian airplane engine and a thermal imaging system that could be mounted on a drone, helicopter, or other aircraft, and could be used for reconnaissance and target identification.

    During the scheme, North Korean officials wired approximately $2 million to Wen to procure firearms and other goods for their government.

    Wen admitted that at all relevant times he knew that it was illegal to ship firearms, ammunition, and sensitive technology to North Korea. He also admitted to never having the required licenses to export ammunition, firearms, and the above-described devices to North Korea. He further admitted to acting at the direction of North Korean government officials and that he had not provided notification to the Attorney General of the United States that he was acting in the United States at the direction and control of North Korea as required by law.

    Wen faces a maximum penalty of 20 years in prison on the count of violating the IEEPA and a maximum penalty of 10 years in prison on the count of acting as an illegal agent of a foreign government. Sentencing is scheduled for Aug. 18. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Assistant Attorney General for National Security John Eisenberg, U.S. Attorney Bilal A. Essayli for the Central District of California, and Assistant Director Roman Rozhavsky of the FBI Counterintelligence Division made the announcement.

    The FBI, Homeland Security Investigations, Defense Criminal Investigative Service (DCIS), the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the Department of Commerce Bureau of Industry and Security (BIS) are investigating the case.

    Assistant U.S. Attorney Sarah E. Gerdes for the Central District of California and Trial Attorney Ahmed Almudallal of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI Security: Founder of Orange County Based Non-Profit Charged in 15-Count Indictment Alleging He Bribed County Supervisor in $12 Million Scheme

    Source: US FBI

    SANTA ANA, California – The founder of a now-shuttered non-profit organization has been indicted on federal charges alleging he bribed then-Orange County Supervisor Andrew Hoang Do to obtain approximately $12 million in COVID-19 pandemic-related funds, pocketed the bulk of that money, then laundered it to avoid detection by law enforcement, the Justice Department announced today.

    Peter Anh Pham, 65, of Garden Grove, is charged with one count of conspiracy to commit wire fraud, one count of conspiracy to commit honest services wire fraud, six counts of wire fraud, six counts of concealment money laundering, and one count of bribery.

    Also charged in the indictment is Thanh Huong Nguyen, 61, of Santa Ana, who is charged with one count of conspiracy to commit wire fraud, one count of wire fraud, and one count of concealment money laundering.

    Pham is considered to be a fugitive from justice. Nguyen’s initial appearance and arraignment are expected to occur on Monday in U.S. District Court in Santa Ana.

    “These two defendants are charged with conspiring with a corrupt politician to pad their pockets while the nation suffered under the weight of COVID-19,” said United States Attorney Bill Essayli. “My office and our law enforcement partners will continue our efforts to prosecute individuals who cashed in on government aid intended to help those impacted by the largest public health emergency in a century.”

    “This conspiracy was a house of cards built on lies, betrayal, and insatiable greed,” said Orange County District Attorney Todd Spitzer. “Today’s indictments are another critical step in ensuring accountability – and consequences – for those who conspired to use the County of Orange’s COVID-19 funds as their personal ATMs – and to return those stolen funds to their rightful owners – the community for which these funds were originally intended.” 

    According to the indictment that was returned on Wednesday and unsealed today, Pham was a friend and associate of Do, 62, of Santa Ana, who served on the Orange County Board of Supervisors from 2015 until his resignation in October 2024. In that role, Do was one of five supervisors on the Board, which is responsible for the county’s $9 billion annual budget.

    Do pleaded guilty in October 2024 to one count of conspiracy to commit bribery concerning programs receiving federal funds and is scheduled to be sentenced on June 9, when he will face a sentence of up to five years in federal prison. 

    From June 2020 to October 2024, Do used his official position as a county supervisor to vote for millions of dollars in county funds to be allocated in his district, subject to disbursement at his sole discretion. Do then steered county contracts and grants to Pham and Nguyen, the indictment alleges. 

    For example, in June 2020, Do voted to approve an agenda item that, in part, allocated $5 million in federal COVID-19 pandemic-relief funding to a county nutrition program. As part of this agenda item, Do authorized himself a budget of $1 million to develop that nutrition program in his district, which he could distribute without further approval from the rest of the Board. Eight days after Do voted to approve the agenda item, Pham founded the Huntington Beach-based non-profit organization Viet America Society (VAS).

    Pham, through VAS, and Nguyen, through a Garden Grove-based group called Hand-to-Hand Relief Organization Inc. (H2H), entered into contracts and beneficiary agreements with the county. In many of these contracts, VAS and H2H falsely represented that they would reimburse the county for any funds not spent for the contract’s intended purpose. In each of the beneficiary agreements, VAS and H2H falsely certified that all funds would be used solely for the grant’s intended purpose.

    In exchange for Pham’s bribes in the form of payments to his two daughters, Do used his official position as a county supervisor to advocate for VAS and H2H so county employees would approve contracts and beneficiary agreements between the county and these organizations. Do and his staff – including his chief of staff – edited the terms of those contracts and agreements to make them more favorable to Pham and Nguyen. Through the influence of Do and his staff, the county wired funds to Pham and Nguyen. 

    After receiving county funds, Pham and Nguyen transferred most of the money to other entities they controlled. They then spent large portions of the funds to pay personal expenses such as rent and bills, to pay off debts owed by their other businesses, and to make personal investments such as purchasing commercial and residential real estate. Pham and Nguyen also used county funds to bribe Do through payments to his daughters.

    Pham also used county money to pay the eventual wife of Do’s chief of staff, under the guise that she was providing consulting services to VAS. Do’s chief of staff then used his position in Orange County’s government to help VAS and H2H obtain county contracts, edited the contracts’ terms to make them more favorable to VAS and H2H, and helped those organizations fulfill reporting requirements and get paid.

    When required to submit invoices to the county to account for how the money was being spent, Pham and Nguyen submitted false documents, claiming to have used all the funds – all solely for legitimate purposes and according to the contracts’ terms.

    To disguise the funds’ source, Pham and an associate caused checks from county funds to be written to a Westminster-based company called D Air Conditioning Co. LLC. This company then issued checks from its corporate bank account to Pham, Pham’s associate, and one of Do’s daughters.

    In total, Pham and Nguyen unlawfully acquired approximately $12 million in county funds through this conspiracy.

    An indictment contains allegations that a defendant has committed a crime.  Every defendant is presumed innocent until and unless proved guilty beyond a reasonable doubt.

    If convicted of the charges, Pham and Nguyen would face a statutory maximum sentence of 20 years in federal prison for the conspiracy count, each wire fraud count, and each money laundering count. Pham also would face up to 10 years in federal prison for the bribery count. 

    The FBI, the Orange County District Attorney’s Office Bureau of Investigation, and IRS Criminal Investigation are investigating this matter.      

    Assistant United States Attorneys Nandor F.R. Kiss and Rosalind Wang of the Orange County Office, Assistant United States Attorney Tara Vavere of the Asset Forfeiture and Recovery Section, and Senior Deputy District Attorney Avery T. Harrison and Deputy District Attorney Anthony J. Schlehner of Orange County District Attorney’s Office are prosecuting this case.

    MIL Security OSI –

  • MIL-OSI: Oportun to Present at Sidoti June Virtual Investor Conference

    Source: GlobeNewswire (MIL-OSI)

    SAN CARLOS, Calif., June 09, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced that it will participate in the upcoming Sidoti June Virtual Investor Conference.

    Oportun’s Chief Executive Officer, Raul Vazquez, and Interim Chief Financial Officer, Paul Appleton, will present and participate in investor meetings at the conference. The presentation will begin at 4:00 pm ET on June 11th and can be accessed live at this link.

    A link to the presentation webcast will also be accessible in the “IR calendar” section of Oportun’s Investor Relations website under “News & Events” at https://investor.oportun.com. A replay will be available for an additional 90 days via the same link following the conference.

    About Oportun 
    Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $20.3 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members set aside an average of more than $1,800 annually. For more information, visit Oportun.com.

    Investor Contact
    Dorian Hare
    (650) 590-4323
    ir@oportun.com

    Media Contact
    Michael Azzano
    Cosmo PR for Oportun
    michael@cosmo-pr.com
    (415) 596-1978

    The MIL Network –

  • MIL-OSI: Codere Online Announces 2025 Annual General Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg, Grand Duchy of Luxembourg, June 9, 2025 (GLOBE NEWSWIRE) – Codere Online Luxembourg, S.A. (Nasdaq: CDRO / CDROW) (the “Company” or “Codere Online”), a leading online gaming operator in Spain and Latin America, today announced that its 2025 Annual General Meeting of Shareholders (“AGM”) will be held on June 30, 2025 at 3:00 PM CET at the registered office of the Company.

    The convening notice of the AGM, including the agenda, proposed resolutions, and voting instructions, is available on the Shareholders Meetings section of the Company’s website at codereonline.com and is being furnished to the U.S. Securities and Exchange Commission on Form 6-K.

    Shareholders of record as of the close of business on June 4, 2025 are entitled to attend and vote at the meeting.

    About Codere Online

    Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

    For more information, please contact:

    Investors and Media
    Guillermo Lancha
    Director, Investor Relations and Communications
    Guillermo.Lancha@codereonline.com
    (+34) 628.928.152

    The MIL Network –

  • MIL-OSI: Kangamoon Launches Telegram-Based Play-to-Earn Game “KANG RUSH” With $5,000 Prize Pool

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, June 09, 2025 (GLOBE NEWSWIRE) — Kangamoon, a Web3 gaming platform, has officially launched its highly anticipated Play-to-Earn (P2E) fighter game, “KANG RUSH,” on Telegram. The launch introduces a $5,000 reward pool in $KANG tokens for top players over the first 30 days, marking a major milestone in the rollout of the Kangaverse ecosystem.

    Ripple’s Resurgence: Why Is XRP Going Up?

    In recent weeks, Ripple’s XRP has been gaining renewed attention. XRP’s price is now hovering around $2.29 USD, reflecting a modest recovery amid overall market fluctuations. Many in the community are asking, “Why is XRP going up?” – and a few factors seem to be converging.

    For one, Ripple’s recent SEC settlement has helped ease some of the legal uncertainties that previously weighed on the token. Positive regulatory news has boosted investor confidence, and with institutional interest stirring thanks in part to institutional momentum, including recent XRP ETF approvals and increased mentions of Ripple in financial policy discussions – XRP’s price live updates have shown steady improvements. Trading volume has also picked up across major exchanges, underscoring the renewed market optimism and higher liquidity.

    Meanwhile, another token making headlines is Kangamoon (KANG) — a Play-to-Earn (P2E) fighter game token that just launched its flagship game. The price of KANG has jumped 80.10% in the past 7 days, now trading at $0.0014 with over $130,000 in 24-hour trading volume.

    XRP Ripple News: Institutional and Political Developments

    Recent XRP ripple news points to several catalyst events:

    • ETF Momentum: ProShares recently received approval to launch XRP-tracking ETFs. Such developments are expanding institutional access to XRP, which many believe could help sustain its recovery.
    • Stablecoin Progress: Ripple’s RLUSD stablecoin has grown in circulation, further integrating XRP into the digital payments ecosystem.
    • Political Headlines: Adding to the buzz, former U.S. political figures have mentioned XRP in discussions about a national crypto strategy, sparking wider speculation about its future role in government financial systems.
    • Elon Musk Rumors: Unverified reports on social media suggest Elon Musk may consider XRP for future integration into X Payments platform, contributing to the “xrp price live” commentary that circulates on social media.

    All of these factors have helped refresh investor sentiment, painting a picture of renewed growth for XRP even as the market continues to evolve.

    Kangamoon (KANG) Announces New Game Launch

    While XRP recovers, Kangamoon (KANG) is making noise of its own in the GameFi space. The team is set to launch a Telegram-based Play-to-Earn (P2E) fighter game on June 9, 2025.

    This game features:

    • Point-based battles that convert into $KANG rewards
    • Character inventories, upgrades, and boosters
    • Real-time leaderboards and a competitive structure

    The launch event, titled “KANG RUSH,” offers $5,000 in $KANG to the Top players over the first 30 days. The game is Web3-native, with token and wallet integration built-in. This marks the beginning of the Kangaverse—a fusion of meme culture, token rewards, and fast-paced gameplay.

    The price of KANG has started to show early signs of activity, with trading volume picking up in anticipation of the game launch. This blend of innovative game mechanics and token-based rewards has put Kangamoon in the spotlight as a potential breakout in the P2E space.

    As of today, CoinGecko lists KANG at $0.0014, with growing interest driven by the game launch hype and increased trading volume.

    Final Analysis

    The latest XRP news and price updates indicate that Ripple could be on a path to recovery, driven by regulatory wins and increased institutional interest. While many still wonder whether XRP could eventually serve as a robust medium of exchange, its current performance suggests a cautious yet positive outlook.

    At the same time, the Kangamoon game launch introduces a fresh, GameFi narrative that’s shaking up the crypto market. The combination of strong gameplay features, low barriers to entry (thanks to its Telegram platform), and innovative Web3 elements is drawing both casual players and seasoned investors. With trading volumes and KANG price activity increasing, the Kangaverse might just be the next area where early movers reap significant rewards.

    In a market defined by rapid innovation and shifting investor sentiment, keeping an eye on both XRP’s steady recovery and Kangamoon’s bold new venture is worthwhile. Whether you’re watching XRP’s recovery or tracking the Kangamoon game launch, staying updated with the latest developments remains the key to navigating this evolving landscape.

    For more information

    Contact Details:

    Kangamoon
    Alex Roberts
    contact@kangamoon.game

    Disclaimer: This press release is provided by the “Kangamoon”. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/66779c01-3a1c-492c-a4a0-2982ebb1dae1

    https://www.globenewswire.com/NewsRoom/AttachmentNg/3bd8fe8a-fe2c-4173-ad5e-e609bebcbaa5

    The MIL Network –

  • MIL-OSI: Microchip Technology to Present at The Mizuho 2025 Technology Conference

    Source: GlobeNewswire (MIL-OSI)

    CHANDLER, Ariz., June 09, 2025 (GLOBE NEWSWIRE) — Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that the Company will present at the Mizuho 2025 Technology Conference on Tuesday, June 10, 2025 at 9:45 a.m. (Eastern Time). Presenting for the Company will be Mr. Richard Simoncic, Chief Operating Officer, and Mr. Sajid Daudi, Head of Investor Relations. A live webcast of the presentation will be made available by Mizuho, and can be accessed on the Microchip website at www.microchip.com.

    Any forward looking statements made during the presentation are qualified in their entirety by the discussion of risks set forth in the Company’s Securities and Exchange Commission filings. Copies of SEC filings can be obtained for free at the SEC’s website (www.sec.gov) or from commercial document retrieval services.

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. The company’s solutions serve approximately 112,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    Note: The Microchip name and logo are registered trademarks of Microchip Technology Inc. in the USA and other countries.

     INVESTOR RELATIONS CONTACT:

    Deborah Wussler ……… (480) 792-7373

    The MIL Network –

  • MIL-OSI: Long Ridge Energy LLC Announces Timing of First Quarter 2025 Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    PDF Version

    HANNIBAL, Ohio, June 09, 2025 (GLOBE NEWSWIRE) — Long Ridge Energy LLC (“LRE”) is announcing its first quarter 2025 investor call for Thursday, June 12, 2025 at 10:00 AM EDT. LRE comprises the electric power and natural gas business of Long Ridge Energy & Power LLC (“LREP”). LREP is a wholly owned portfolio company of FTAI Infrastructure, Inc. (Nasdaq:FIP). In February 2026 LRE completed the incurrence of $1 billion of new debt comprised of $600 million of Senior Secured Notes due 2032 and a $400 million Term Loan B due 2032. The conference call may be accessed by registering via the following link: https://register-conf.media-server.com/register/BI81c49385c26347ea8cb913bb0de3966d. Once registered, participants will receive a dial-in and unique pin to access the call.

    A simultaneous webcast of the conference call will be available to the public on a listen-only basis at https://www.longridgeenergy.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.

    Long Ridge will post its first quarter 2025 financial statements and an investor presentation to its website prior to the earnings call.

    A replay of the conference call will be available after 12:00 P.M. on Thursday, June 12, 2025, through 12:00 P.M. on Friday, June 20, 2025.

    The information contained on, or accessible through, any websites included in this press release is not incorporated by reference into, and should not be considered a part of, this press release.

    About Long Ridge Energy and Power LLC:

    Long Ridge Energy and Power LLC owns and operates a site consisting of over 1,600 acres along the Ohio River in Southeastern Ohio. Through its subsidiary LRE, LREP operates a 485 MW combined cycle power plant serving the PJM grid and drills and operates natural gas wells in Southeastern Ohio and West Virginia. A large portion of natural gas produced is used in the operation of the power plant. In addition, LREP is developing additional opportunities on its property to site and serve data centers either through the PJM grid or with co-located behind-the-meter power. LREP also uses its Ohio River access to serve businesses needing commodity transloading and storage.

    About FTAI Infrastructure Inc.

    FTAI Infrastructure primarily invests in critical infrastructure with high barriers to entry across the rail, ports and terminals, and power and gas sectors that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI Infrastructure is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.

    For further information, please contact:

    Vance E. Powers
    Chief Financial Offer
    Long Ridge Energy and Power LLC
    724-416-5534

    Alan Andreini
    Investor Relations
    FTAI Infrastructure Inc.
    646-734-9414
    aandreini@ftaiaviation.com

    The MIL Network –

  • MIL-OSI: Advanced Flower Capital Expands Revolving Credit Facility with $20 Million Additional Commitment from Existing FDIC-Insured Banking Partner

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., June 09, 2025 (GLOBE NEWSWIRE) — Advanced Flower Capital Inc. (Nasdaq: AFCG) (“AFC”) today announced that it has expanded its senior secured revolving credit facility (“Credit Facility”) to $50 million with an additional $20 million commitment from the facility’s Lead Arranger, an FDIC-insured bank with over $75 billion of assets. AFC intends to use availability under the Credit Facility to fund commitments to existing borrowers, originate and participate in commercial loans to cannabis operators in line with its investment strategy, and support working capital and other general corporate purposes. The facility remains expandable to $100 million, subject to lender participation and available borrowing base.

    “This expanded commitment from a long-standing banking partner underscores the strength of our platform and strategy. This facility remains a core component of our financing approach, and we look forward to further strengthening this partnership as we scale our lending capabilities,” said Brandon Hetzel, AFC’s Chief Financial Officer.

    About Advanced Flower Capital Inc.

    Advanced Flower Capital Inc. (Nasdaq: AFCG) is a leading commercial mortgage REIT that provides institutional loans to state law compliant cannabis operators in the U.S. Through the management team’s deep network and significant credit and cannabis expertise, AFC originates, structures and underwrites loans ranging from $10 million to over $100 million, typically secured by quality real estate assets, license value and cash flows. It is based in West Palm Beach, Florida. For additional information regarding the Company, please visit advancedflowercapital.com.

    Forward-Looking Statements

    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current views and projections with respect to, among other things, future events and financial performance. All statements, other than historical facts, are forward-looking statements. Words such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements regarding the anticipated use of the Credit Facility are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results. Certain factors, including the ability of our manager to locate suitable loan opportunities for us, monitor and actively manage our loan portfolio, and implement our investment strategy, the demand for cannabis cultivation and processing facilities and dispensaries, management’s current estimates of expected credit losses and current expected credit loss reserves, and other factors, could cause actual results and performance to differ materially from those projected in these forward-looking statements. More information on these risks and other potential factors that could affect our business and financial results is included in AFC’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of AFC’s most recently filed Annual Report on Form 10-K and subsequent filings. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect AFC. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Investor Relations Contact

    Robyn Tannenbaum
    561-510-2293
    ir@advancedflowercapital.com

    The MIL Network –

  • MIL-OSI Security: Chinese National Pleads Guilty to Acting at the Direction of North Korea to Export Firearms, Ammo, and Technology to North Korea

    Source: United States Department of Justice Criminal Division

    An illegal alien from China pleaded guilty today to federal criminal charges for illegally exporting firearms, ammunition and other military items to North Korea by concealing them inside shipping containers that departed from the Port of Long Beach, California, and for committing this crime at the direction of North Korean government officials, who wired him approximately $2 million for his efforts.

    Shenghua Wen, 42, of Ontario, California, pleaded guilty to one count of conspiracy to violate the International Emergency Economic Powers Act (IEEPA) and one count of acting as an illegal agent of a foreign government. Wen has been in federal custody since his arrest in December 2024.

    According to his plea agreement, Wen is a citizen of the People’s Republic of China who entered the United States in 2012 on a student visa and remained in the U.S. illegally after his student visa expired in December 2013.

    Prior to entering the United States, Wen met with officials from North Korea’s government at a North Korean embassy in China. These government officials directed Wen to procure goods on behalf of North Korea.

    In 2022, two North Korean government officials contacted Wen through an online messaging platform and instructed him to buy and smuggle firearms and other goods – including sensitive technology – from the United States to North Korea via China.

    In 2023, at the direction of North Korean government officials, Wen shipped at least three containers of firearms out of the Port of Long Beach to China en route to their ultimate destination in North Korea. Wen took steps to conceal that he was illegally shipping firearms to North Korea by, among other things, filing false export information regarding the contents of the containers.

    In May 2023, Wen purchased a firearms business in Houston, paid for with money sent through intermediaries by one of Wen’s North Korean contacts. Wen purchased many of the firearms he sent to North Korea in Texas and drove the firearms from Texas to California, where he arranged for them to be shipped.

    In December 2023, one of Wen’s weapons shipments – which falsely reported to U.S. officials that it contained a refrigerator – left the Port of Long Beach and arrived in Hong Kong in January 2024. This weapons shipment was later transported from Hong Kong to Nampo, North Korea.

    In September 2024, Wen – once again acting at the direction of North Korean officials – bought approximately 60,000 rounds of 9mm ammunition that he intended to ship to North Korea.

    In furtherance of the conspiracy and at the direction of North Korean officials, Wen also obtained sensitive technology that he intended to send to North Korea. This technology included a chemical threat identification device and a handheld broadband receiver that detects known, unknown, illegal, disruptive or interfering transmissions.

    Wen also acquired or offered to acquire a civilian airplane engine and a thermal imaging system that could be mounted on a drone, helicopter, or other aircraft, and could be used for reconnaissance and target identification.

    During the scheme, North Korean officials wired approximately $2 million to Wen to procure firearms and other goods for their government.

    Wen admitted that at all relevant times he knew that it was illegal to ship firearms, ammunition, and sensitive technology to North Korea. He also admitted to never having the required licenses to export ammunition, firearms, and the above-described devices to North Korea. He further admitted to acting at the direction of North Korean government officials and that he had not provided notification to the Attorney General of the United States that he was acting in the United States at the direction and control of North Korea as required by law.

    Wen faces a maximum penalty of 20 years in prison on the count of violating the IEEPA and a maximum penalty of 10 years in prison on the count of acting as an illegal agent of a foreign government. Sentencing is scheduled for Aug. 18. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Assistant Attorney General for National Security John Eisenberg, U.S. Attorney Bilal A. Essayli for the Central District of California, and Assistant Director Roman Rozhavsky of the FBI Counterintelligence Division made the announcement.

    The FBI, Homeland Security Investigations, Defense Criminal Investigative Service (DCIS), the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and the Department of Commerce Bureau of Industry and Security (BIS) are investigating the case.

    Assistant U.S. Attorney Sarah E. Gerdes for the Central District of California and Trial Attorney Ahmed Almudallal of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI USA: Tuberville, Ricketts Reintroduce Legislation to Codify Oversight on Foreign Purchases of American Farmland

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    Alabama has fourth-highest amount of foreign owned farmland with 2.2 million acres

    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Pete Ricketts (R-NE) to reintroduce the Agricultural Foreign Investment Disclosure (AFIDA) Improvements Act to bolster reporting requirements for foreign owners of American farmland. The legislation would codify recommendations to the original AFIDA of 1978 that were published in January 2024 by the Government Accountability Office (GAO) after it found that the U.S. Department of Agriculture is not prepared to fully combat foreign ownership of American farmland by foreign adversaries.

    “Over the past several decades, China has been buying up American farmland in an attempt to infiltrate our agriculture supply chains,” said Senator Tuberville. “Food security is national security, and we cannot give the CCP a foothold. Thankfully, President Trump and Ag Secretary Brooke Rollins are working to make American Farmland American Again. I’m proud to join this legislation with Senator Ricketts to update our reporting requirements for foreign purchases of our farmland for the first time in nearly 50 years. As Alabama’s voice on the Senate Ag Committee, I will always support our great farmers and work to protect them from bad actors like China.”

    “Agriculture is the heart and soul of Nebraska and of America,” said Senator Ricketts. ”American farmland should remain in the hands of American farmers and ranchers, not foreign adversaries. Food security is national security.”

    U.S. Representative Don Bacon (R-NE-02) introduced companion legislation in the U.S. House of Representatives.

    BACKGROUND:

    According to USDA data from December 2023, foreign investors own more than 45 million acres of U.S. agricultural land. And in Alabama, we have the FOURTH-HIGHEST amount of foreign-owned land in the U.S. with 2.2 million acres.

    Senator Tuberville has been a staunch leader in protecting America’s farmland and agricultural supply chains from foreign influence. Earlier this year, he reintroduced two pieces of legislation—the Protecting America’s Agricultural Land from Foreign Harm Act and the Foreign Adversary Risk Management (FARM) Act—to further safeguard our domestic agriculture resources.

    The Agricultural Foreign Investment Disclosure (AFIDA) Improvements Act would:

    • Increase information sharing between the Committee on Foreign Investment in the United States (CFIUS) and USDA
    • Require updates to the AFIDA handbook
    • Establish a deadline by which USDA must set up an online AFIDA system
    • Require AFIDA reporting for foreign persons holding more than 1% interest in American agricultural land

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville, Banks Move to Protect Americans’ Financial Data from the CCP

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) and U.S. Senator Jim Banks (R-IN) took action to ensure Americans’ financial data is protected from exposure to the Chinese Communist Party (CCP) through popular financial trading platforms.

    In a letter to the Securities and Exchange Commission (SEC) Chairman Paul Atkins, Senators Tuberville and Banks asked that the SEC ensure two Chinese-linked companies are complying with American laws and regulations. The companies, Webull Financial, LLC (Webull) and Moomoo, Inc. (Moomoo), are widely-used stock trading platforms operating within the United States.

    “The biggest threat facing our country today is communist China,” said Senator Tuberville. “Thankfully, we now have a Commander-in-Chief in President Trump who is taking the threat of China incredibly seriously. China doesn’t need a spy balloon to steal our information — they’ve got spies in the smartphones of millions of Americans, harvesting valuable information every second. The United States must protect the personal data of our citizens from falling into the hands of our greatest adversary.”

    “Webull has a track record of collecting highly sensitive personal data from American consumers, including Social Security numbers,” said Senator Banks. “We cannot allow any platform like this tied to the Chinese Communist Party to sidestep our rules and jeopardize Americans’ personal data. That is why I am demanding the SEC ensures that any foreign platform is complying with American regulations, so long as they have access to our financial markets.” 

    The full text of the letter can be found here and pasted below.

    “Chairman Paul Atkins

    Securities and Exchange Commission

    100 F Street NE

    Washington, D.C. 20549

    Chairman Atkins:

    Congratulations on your confirmation as the 34th Chairman of the U.S. Securities and Exchange Commission (SEC). Over the last four years, your predecessor, Gary Gensler, mismanaged the SEC and pushed a radical anti-business, anti-investor, and anti-innovation agenda that stifled our financial markets, harmed retail investors, and made America less competitive. Fortunately, President Trump is acting quickly and decisively to reverse the Biden administration’s many failures and restore the American economy to greatness. Your pro-growth, pro-investor leadership is needed now more than ever to reestablish the SEC’s credibility, unleash the full power of America’s financial markets, and provide more opportunity for millions of Main Street Americans who want to invest for the future.

    While former Chairman Gensler prioritized multiple regulatory solutions in search of problems, such as his illegal “climate change” disclosure rule and his enforcement program designed to systematically destroy the cryptocurrency industry in the U.S., he ignored the very real threats against retail investors that we and our colleagues repeatedly brought to his attention related to the infiltration of our capital markets by Chinese-owned broker-dealers with possible ties to the Chinese Communist Party (CCP), including Webull, MooMoo, and Prometheum.[i]  For example, in May 2023, then-Congressman, now Senator, Banks and I wrote to Chairman Gensler and Financial Industry Regulatory Authority (FINRA) CEO Robert Cook:

    As you are aware, Webull and Moomoo collect highly sensitive personal information from millions of their U.S. customers, including personally identifiable information (PII) such as Social Security numbers, mailing addresses, and financial account data. . . . In light of Beijing’s increasingly strict privacy laws barring many Chinese companies from sharing data with Western regulators, the presence of Webull registered representatives in the PRC raises serious concerns regarding (1) Webull’s ability to meet its supervisory obligations under SEC and FINRA rules; (2) the SEC’s and FINRA’s ability to oversee and examine Webull and its registered representatives and associated persons located in the PRC; (3) the adequacy of Webull’s compliance with all SEC and FINRA recordkeeping requirements; (4) the ability of the SEC and FINRA to adequately enforce federal securities laws, including the ability to obtain documents and information from Webull employees located in the PRC; and (5) the potential for U.S. customer PII to be shared or exfiltrated to Webull employees or affiliated entities located in the PRC.[ii]

    Since then, the House Select Committee on the Chinese Communist Party (Select Committee) and several State Attorneys General, led by Indiana Attorney General Todd Rokita, have opened separate inquiries into Webull’s ties to the CCP and have exposed troubling facts which call into question the safety of these platforms for U.S. retail investors.[iii]  For example, the Select Committee discovered that an affiliate or subsidiary of Webull (Hunan Weibu Information Technology Co., Ltd., ) “received multiple grants from the Changsha Municipal Government’s special fund to optimize foreign investment through cost offsets supporting offshore service outsourcing,” pursuant to which “recipients of this special fund are required to ‘support the leadership of the Chinese Communist Party.’”[iv]  Similarly, the State Attorneys General inquiry found that “Webull appears to have an affiliated research and development facility (R&D Facility) with hundreds of employees in Changsha, China. SEC filings indicate that the R&D Facility may provide services or support to Webull’s US brokerage operations.”[v]  In fact, Webull’s May 9, 2025, Prospectus states:

    “[O]ur mainland China subsidiary, Hunan Weibu Information Technology Co., Ltd., employs 731 employees, representing 61% of our employees as of December 31, 2024, and is subject to the jurisdiction of the People’s Republic of China. We cannot be certain that future laws, rules, or regulations will not be drafted in a way that brings us within their scope and that such laws will not materially and adversely affect our business, financial condition, and results of operations.”

    We were disappointed to see that earlier this year, the SEC approved Webull to proceed with its Special Purpose Acquisition Company (SPAC) transaction, which now allows Webull to fully exploit U.S. markets – and, by extension, American investors who put their hard-earned money to work in these markets – as a public company listed on Nasdaq. Webull’s March 2025 Investor Presentation filed with the SEC on March 31, 2025, and its May 2025 Prospectus, appear to contain many of the same troubling connections between Webull and the CCP that legislators and law enforcement authorities have repeatedly raised to your predecessor, including continued ownership and control by individuals and entities that appear to be domiciled in China.[vi]The SEC should not allow Chinese companies to list on U.S. exchanges and enjoy the benefits of our capital markets, while failing to adhere to U.S. law. As Senator Rick Scott noted in a letter to you earlier this month, “These companies consistently fail to meet the requirements of our markets – misleading American investors and putting their investments and U.S. national security and economic security at risk[.]” The risks posed by Chinese companies listed in the U.S. were the recent subject of an April 9, 2025 joint House-Senate hearing titled, “Financial Aggression: How the Chinese Communist Party Exploits American Retirees and Undermines National Security.”[vii]   

    Relatedly, the notion of registering broker-dealers with ties to the CCP – especially firms with affiliates, operations, and owners based in China – is entirely inconsistent with the federal securities laws, FINRA rules, and the Holding Foreign Companies Accountable Act of 2020.[viii]  As you know, neither the SEC nor FINRA have the authority to conduct examinations or enforcement investigations of Webull’s substantial operations and employees in mainland China which, as noted above, may support the U.S. brokerage.   

    We urge you to take immediate action to delist all Chinese companies from the U.S. markets and rescind Chinese-owned broker-dealers’ licenses to operate in the U.S.

    Sincerely,”

    BACKGROUND:

    Webull and Moomoo are two widely-used stock trading platforms operating in the United States that are registered with the SEC and Financial Industry Regulatory Authority (FINRA). The parent companies of Webull and Moomoo are owned by Chinese entities with close ties to Chinese telecom giants Xiaomi and Tencent, which have reportedly aided the Chinese Communist Party in its efforts to surveil and suppress its citizens.

    Despite their ties to China, the SEC and FINRA allow Webull and Moomoo to operate as registered broker-dealers in the United States and to freely collect and store personally identifiable information — including Social Security numbers, mailing addresses, and sensitive financial account data — for millions of U.S. citizens.

    Senator Tuberville first called for an investigation into Webull and Moomoo in July 2022. In a letter to SEC Chairman Gary Gensler, Senator Tuberville and his colleagues Senators Ted Cruz (R-TX), Mike Braun (R-IN), Rick Scott (R-FL), and Roger Marshall (R-KS) expressed concerns over these firms’ data sharing practices and ties to the CCP – both of which could put U.S. investors at risk.

    Senator Tuberville and Senator Banks sent a similar letter to the SEC and FINRA in 2023.

    Senator Tuberville believes the Communist Chinese Party seeks to overtake the United States as the top global superpower and that America must face China’s growing military and non-military threats with clear-eyed resolve.

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI Security: Repeat Offender Sentenced to 112 Months for Conspiring to Distribute Methamphetamine and Fentanyl

    Source: Office of United States Attorneys

    ST. PAUL, Minn. – A Redby man with an extensive criminal record, including two prior federal convictions, was sentenced to 112 months’ imprisonment and 5 years of supervised release for conspiring to distribute methamphetamine and fentanyl, announced Acting U.S. Attorney Joseph H. Thompson.

    “The pipeline of deadly drugs to Red Lake and Indian Country must end,” said Acting U.S. Attorney Joseph H. Thompson. “Redby trafficked in poison, profiting from the addiction and misery of some of our most vulnerable. He will rightly spend nearly a decade in federal prison.”

    “Fentanyl kills silently, claiming the lives of unsuspecting victims struggling with substance abuse,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “By introducing fentanyl and methamphetamine into the Red Lake community, Donnell preyed on the vulnerable to enrich himself. This sentence demonstrates that the FBI and our law enforcement partners will relentlessly pursue and bring to justice those who use drugs to exploit and attack communities.”

    According to court documents, in September 2024, Bobby Lee Donnell bought approximately 454 grams of methamphetamine and approximately 100 grams of fentanyl from the Minneapolis area. Donnell then drove back toward the Red Lake Nation, where he intended to distribute the methamphetamine and fentanyl.  Fortunately, a Minnesota State Trooper stopped Donnell’s vehicle in Morrison County for a traffic infraction, developed probable cause to search the vehicle, and discovered the methamphetamine, fentanyl, and a digital scale.

    According to court documents, Donnell is a repeat offender with a long history of convictions in tribal, state, and federal court. At the time of this offense, Donnell was on supervised release for 2022 federal convictions of possessing obscene material with the intent to sell.

    Donnell was sentenced in U.S. District Court before Judge Eric C. Tostrud to 112 months imprisonment and 5 years of supervised release for conspiring to distribute. This sentence includes a 12-month concurrent sentence for violating his federal supervised release.

    This case is the result of an investigation conducted by the Federal Bureau of Investigation, the Minnesota Bureau of Criminal Apprehension, the Minnesota State Patrol, and the Paul Bunyan Drug Task Force.

    Assistant U.S. Attorney Campbell Warner prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Brooklyn Man Convicted of Committing Murder in the Course of Sex Trafficking at “Penn Track” in East New York, Brooklyn

    Source: Office of United States Attorneys

    Defendant Believed to be First in the Nation to be Convicted After Trial on Sex Trafficking Murder Charge for the Fatal Shooting of a Rival Pimp in White Castle Parking Lot

    Omari Scott, also known as “Prince” and “Sir Prince,” was convicted by a federal jury today of murder in the course of sex trafficking and the sex trafficking of Jane Doe 2.  Prior to trial, on May 16, 2025, the defendant pleaded guilty to two counts of the indictment, charging him with promoting prostitution and sex trafficking of Jane Doe 1. The charges relate to Scott’s trafficking of women at an open-air sex market along a stretch of Pennsylvania Avenue in Brooklyn known as the “Penn Track.”  As proven at trial, Scott orchestrated and participated in the May 1, 2023 murder of rival pimp, Cleveland Clay, after a dispute over the control of a trafficking victim.  The verdict followed a two-week trial before United States District Judge Kiyo A. Matsumoto. Scott is the first defendant convicted of murder in the course of sex trafficking after a trial.  When sentenced, Scott faces a mandatory minimum term of 15 years in prison and up to life in prison.

    Joseph Nocella, Jr., United States Attorney for the Eastern District of New York, Christopher G. Raia, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI), and Jessica S. Tisch, Commissioner, New York City Police Department (NYPD), announced the verdict.

    “As proven at trial, the defendant is a murderer, sex trafficker, and abuser of women with no regard whatsoever for human life, who now faces punishment for his vicious crimes,” stated United States Attorney Nocella.  “The Penn Track has been a blight for too long and my Office and our law enforcement partners are working diligently to prosecute violent sex traffickers who promote prostitution by exploiting vulnerable victims and endangering the entire community.”

    “Not only did Omari Scott force women to perform sexual acts, but he murdered those who threatened to steal his twisted source of revenue,” stated FBI Assistant Director in Charge Raia.  “Scott’s callous actions reflect an apathetic sentiment of human life, treating his victims as property and using them to profit.  May today’s conviction reflect the FBI’s unwavering commitment to dismantling sex trafficking networks which target vulnerable victims and incite violence in our city streets.”

    “Omari Scott didn’t just profit from trafficking women along the Penn Track — he enforced that control through violence, including orchestrating the murder of a rival trafficker,” stated NYPD Commissioner Tisch.  “Today’s conviction holds him accountable for his brutal crimes and makes clear that this kind of violent behavior has no place on our streets. I am grateful to the NYPD investigators, the FBI, and the prosecutors in this case for bringing him to justice and for their commitment to protecting the survivors of these horrific crimes.”

    As proven at trial, in April 2023, Scott learned that Jane Doe 2 was planning to leave his employ to work for Clay, who was also trafficking women on the Penn Track.  Scott was captured on a recorded call bemoaning his loss, telling an associate, “I don’t got no hoes right now.”  Scott further explained that Jane Doe 2 “chose on me,” a reference to leaving one pimp for another.  On April 30, 2023, Scott found Jane Doe 2 on the Penn Track, grabbed her by the hair, dragged her in the street and threw her into his car.  The next morning, Scott was captured on surveillance video engaged in a heated argument with Clay along the Penn Track.  Scott recruited another sex trafficker, Michael Simmons, to murder Clay, which Simmons carried out by shooting Clay multiple times at point blank range in a White Castle parking lot on the Penn Track.  Simmons then returned to Scott, who had been waiting for him in a nearby laundromat parking lot, to report that the job was done. Clay succumbed to his wounds several hours later.  Simmons pleaded guilty in January 2025 to murder in the course of sex trafficking and sex trafficking of Jane Doe 2 and is awaiting sentencing.

    The government’s case is being handled by the Office’s Human Trafficking and Civil Rights Section.  Assistant United States Attorneys Erin Reid, Anna Karamigios, and Miranda Gonzalez are in charge of the prosecution, with the assistance of Paralegal Specialist Eleanor Jaffe‑Pachuilo, and additional assistance from Victim Witness Coordinator Huda Abouchaer, Victim Witness Specialist Kristina Marius, and Paralegal Specialist Paul Padilla.

    The Defendant:

    OMARI SCOTT (also known as “Prince” and “Sir Prince”)
    Age:  44
    Brooklyn, New York

    Defendant Who Previously Pleaded Guilty:

    MICHAEL SIMMONS (also known as “Victory”)
    Age:  41
    Pittsburgh, Pennsylvania

    E.D.N.Y. Docket No. 24-CR-158 (KAM)

    MIL Security OSI –

  • MIL-OSI Security: South Florida Man Charged with Laundering $200,000 in Proceeds from Business Email Compromise Scheme

    Source: Office of United States Attorneys

    MIAMI – On June 6, Robert Arturo De Los Angeles Mejia, 24, appeared in federal court today to face charges for his part in a wire fraud and money laundering scheme operating out of South Florida.

    According to the information, Mejia and his co-conspirators defrauded a foreign buyer by deploying a business email compromise (BEC) scheme. Mejia and his co-conspirators intercepted email communications between the foreign buyer and a manufacturer engaged in a business transaction.  The intercepted email impersonated the manufacturer’s legitimate email account and deceived the foreign buyer into transferring funds to fraudulent accounts.

    Mejia laundered roughly $200,000 in fraud proceeds from the BEC scheme. To conceal the source and ownership of the funds, Mejia used a shell company and opened corporate bank accounts in the name of that company. Once the funds were deposited, Mejia quickly withdrew large sums of cash from multiple accounts and branches, often on the same day, to avoid detection and hinder recovery efforts.

    The business transaction was backed by the U.S. Export-Import Bank (EXIM Bank), which is the official export credit agency of the United States. Its mission is to support American jobs by facilitating the export of goods and services from the United States.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida; Inspector General Parisa Salehi of the EXIM Bank, Office of Inspector General (OIG) Miami; and José R. Figueroa, acting Special Agent in Charge of Homeland Security Investigations (HSI) Miami, made the announcement.

    The case was investigated by EXIM Bank-OIG Miami and HSI Miami.

    Assistant U.S. Attorney Altanese Phenelus is prosecuting the case and Marx Calderon is handling asset forfeiture.

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

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov under case number 25-cr-20198.

    ###

    MIL Security OSI –

  • MIL-OSI: PFM CRYPTO Launches 2-Day XRP Mining Contract, Short-Term XRP Investment Users Surge 300%

    Source: GlobeNewswire (MIL-OSI)

    Farington, England, June 09, 2025 (GLOBE NEWSWIRE) — Global cloud mining leader PFM CRYPTO today announced the launch of a 2-day XRP cloud mining contract, offering investors a flexible and efficient opportunity to grow their XRP holdings. The product received an overwhelmingly positive response from the market. In just one week, the number of short-term XRP investors on the platform surged by 300%, reflecting strong demand for low-barrier, high-liquidity crypto investment products.

    The 2-day XRP mining contract is the latest short-term crypto mining product from PFM CRYPTO, following the success of its Bitcoin, Ethereum, and Dogecoin cloud mining contracts. With ultra-low entry thresholds, flexible durations, and stable returns, this XRP-focused solution has quickly become a favorite among XRP holders and short-term investors alike.

    In the rapidly evolving world of crypto, simplicity and sustainable profitability are essential. For beginners seeking a reliable source of passive income, PFMCrypto’s cloud mining service stands out as an attractive option.

    What Is PFMCrypto Cloud Mining?

    PFMCrypto cloud mining is a remote cryptocurrency mining solution that supports a wide range of digital assets, including XRP. Users tap into PFMCrypto’s robust computing power to earn profits—without needing to buy mining hardware or manage technical maintenance. By leveraging powerful mining farms, PFMCrypto allows users to benefit from real-time mining rewards as complex blockchain problems are solved continuously.

    Key Benefits of PFMCrypto Cloud Mining

    No Hardware Required: No need to purchase costly equipment—users mine using the platform’s powerful resources.

    Zero Maintenance Costs: Electricity, repairs, and operations are handled entirely by PFMCrypto.

    Green Energy Efficiency: All mining operations are powered by solar and wind energy—sustainable and cost-effective.

    Beginner-Friendly: No technical skills needed. New users receive a $10 sign-up bonus instantly.

    Stable Daily Returns: Daily payouts with full principal refunds upon contract maturity to ensure capital safety.

    Flexible Contract Options: Investment plans range from $100 to $100,000, with contract durations spanning from 1 to 50 days.

    Cloud Mining Contract Strategy: Powered by Real Results

    With the launch of the 2-day XRP contract, PFMCrypto is opening its high-performance cloud mining infrastructure to the public—free to access. Since its founding in 2018, the platform has expanded to over 9.2 million active users across 192 countries and regions, delivering exceptional results:

    2-Day Strategy: +6.6% return

    5-Day Strategy: +6.15% return

    15-Day Strategy: +20.7% return

    30-Day Strategy: +55.6% return

    These performance figures are not forecasts—they reflect real-world results from millions of users. This is made possible by PFMCrypto’s AI-powered profit optimization and results-focused mining model.

    How to Get Started with PFMCrypto Cloud Mining

    1.Register: Sign up today and receive a $10 welcome bonus, plus $0.60 daily check-in rewards.

    2.Choose a Contract: Select a mining plan that aligns with your budget and financial goals. PFMCrypto offers solutions for both beginners and advanced investors.

    3.Start Earning: Once your contract is activated, PFMCrypto’s intelligent platform does the rest—ensuring a seamless, high-efficiency mining operation that maximizes your earnings.

    About PFMCrypto

    Founded in 2018, PFMCrypto represents a new generation of AI-driven cloud mining, built on data, performance, and trust. With a rapidly growing global user base, PFMCrypto stands out as one of the most promising crypto investment opportunities of the year—especially for investors seeking sustainable, long-term returns over speculation.

    Full details and participation: https://pfmcrypto.net 

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of losing funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network –

  • MIL-OSI USA: Founder of Cryptocurrency Payment Company Charged with Evading Sanctions and Export Controls, Defrauding Financial Institutions, and Violating the Bank Secrecy Act

    Source: US State of North Dakota

    Defendant Allegedly Laundered More Than $500M Through the U.S. Financial System, Including by Facilitating Transactions with Sanctioned Russian Banks

    A 22-count indictment was unsealed today charging Iurii Gugnin, also known as Iurii Mashukov and George Goognin, 38, a resident of New York and citizen of Russia, with various offenses related to using his cryptocurrency company Evita to funnel more than $500 million of overseas payments through U.S. banks and cryptocurrency exchanges while hiding the source and purpose of the transactions.

    According to court documents, Gugnin is charged with wire and bank fraud, conspiracy to defraud the United States, violation of the International Emergency Economic Powers Act (IEEPA), operating an unlicensed money transmitting business, failing to implement an effective anti-money laundering compliance program, failing to file suspicious activity reports, money laundering, and related conspiracy charges. Gugnin was arrested and arraigned today in New York.

    “The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money, moving over half a billion dollars through the U.S. financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive U.S. technology,” said John A. Eisenberg, Assistant Attorney General for National Security. “The Department of Justice will not hesitate to bring to justice those who imperil our national security by enabling our foreign adversaries to sidestep sanctions and export controls.”

    “As alleged, Gugnin came to the United States and set up a money laundering operation under the guise of a cryptocurrency start-up, which he then used to evade sanctions and export controls and defraud U.S. financial institutions,” said U.S. Attorney Joseph Nocella Jr. for the Eastern District of New York. “Today’s arrest demonstrates that this Office will vigorously prosecute those who abuse the U.S. financial system in furtherance of criminal activity, particularly when it undermines national security.”

    “Gugnin’s cryptocurrency company allegedly served as a front to launder hundreds of millions of dollars for sanctioned Russian entities and to obtain export-controlled technology for the Russian government,” said Assistant Director Roman Rozhavsky of the FBI’s Counterintelligence Division. “Let this serve notice that using cryptocurrency to hide illegal conduct will not prevent the FBI and our partners from holding you accountable.”

    As alleged in the indictment, Gugnin is the founder, President, Treasurer, and Compliance Officer of U.S-based Evita Investments Inc. (Evita Investments) and Evita Pay Inc. (Evita Pay) (collectively, Evita). Gugnin used both companies to enable foreign customers — many of whom held funds at sanctioned Russian banks — to provide him with cryptocurrency, which he then laundered through cryptocurrency wallets and U.S. bank accounts. Gugnin ultimately converted the funds into U.S. dollars or other fiat currencies and then made payments through bank accounts in Manhattan on behalf of his foreign customers. In the process, the sources of the funds were obscured, disguising the audit trail and hiding the true counterparties to the transactions. Between June 2023 and January 2025, Gugnin used Evita to facilitate the movement of approximately $530 million through the U.S. financial system, most of which he received in the form of a cryptocurrency stablecoin known as Tether, or “USDT.”

    To effectuate the scheme, Gugnin defrauded various banks and cryptocurrency exchanges through which he converted funds and made wire transfers. Gugnin repeatedly lied to these banks and exchanges, telling them that Evita did not conduct business with entities in Russia and did not deal with sanctioned entities. In fact, many of Gugnin’s customers were located in Russia, and he facilitated payments in funds held at sanctioned Russian banks, including PJSC Sberbank, PJSC Sovcombank, PJSC VTB Bank, and JSC Tinkoff Bank. Gugnin maintained personal accounts at two sanctioned Russian banks, JSC Alfa-Bank and PJSC Sberbank, with which he transacted while residing in the United States. Gugnin also facilitated payments by foreign customers to procure sensitive electronics, including an export-controlled server designed by a U.S. technology company, and laundered funds from a Moscow-based supplier to purchase parts for Rosatom, Russia’s state-owned nuclear technology company. To conceal his activities, Gugnin regularly obfuscated invoices by digitally “whiting out” the names and addresses of his Russian customers.

    Gugnin also failed to implement Evita’s own purported anti-money laundering program and failed to file suspicious activity reports, as required under the Bank Secrecy Act. Although Gugnin represented to banks and cryptocurrency exchanges that Evita followed rigorous anti-money laundering and know-your-customer requirements, in practice he flouted those requirements, as well as the requirement to file reports of suspicious activities with the Financial Crimes Enforcement Network (FinCEN). Gugnin ultimately registered Evita Pay as a money transmitter with FinCEN and the state of Florida but did so by making materially false statements to the state of Florida about Evita Pay’s business. Gugnin used that fraudulently obtained state license to induce a cryptocurrency exchange to process transactions on his behalf.

    In the course of his scheme, Gugnin conducted web searches that confirmed his awareness that he was breaking the law, including searches for “how to know if there is an investigation against you”; “evita investments inc. criminal records search”; “Iurii Gugnin criminal records”; “money laundering penalties US”; and “penalties for sanctions violations EU luxury goods.” He also visited website pages titled, respectively “am I being investigated?”; “signs you may be under criminal investigation”; and “what are the best ways to find out if you’re being investigated and what can someone do when they think they might be under investigation.”

    If convicted, Gugnin faces a maximum penalty of 30 years in prison for each count of bank fraud; a maximum penalty of 20 years in prison for each of the wire fraud, IEEPA, money laundering, and related conspiracy counts; a maximum penalty of 10 years in prison for failure to implement an effective anti-money laundering program and failure to file suspicious activity reports; and a maximum penalty of five years in prison for conspiracy to defraud the United States and operating an unlicensed money transmitting business.

    Assistant U.S. Attorney Matthew Skurnik for the Eastern District of New York and Trial Attorney Dallas Kaplan of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case. Assistant U.S. Attorney Laura Mantell for the Eastern District of New York’s Asset Recovery Section is handling forfeiture matters.

    Today’s actions were coordinated through the Justice and Commerce Departments’ Disruptive Technology Strike Force. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains, and prevent critical technology from being acquired by authoritarian regimes and hostile nation-states.

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

    MIL OSI USA News –

  • MIL-OSI Security: Drug Supplier From Lowell Sentenced to Nine Years in Prison for Role in Drug Trafficking Conspiracy

    Source: US FBI

    Defendant supplied thousands of counterfeit “Adderall” pills containing methamphetamine to Asian Boyz gang

    BOSTON – A Lowell man was sentenced on June 4, 2025 in federal court in Boston for conspiring with gang members to traffic methamphetamine pills made to look like the legitimate pharmaceutical product, Adderall.

    Brian Gingras, a/k/a “Cheech,” 39, was sentenced by U.S. District Court Judge Nathaniel M. Gorton to nine years in prison, to be followed by four years of supervised release. In January 2025, Gingras pleaded guilty to one count of conspiracy to distribute and to possess with intent to distribute 50 grams and more of methamphetamine, and one count of possession with intent to distribute 50 grams and more of methamphetamine.

    Gingras was a drug supplier in an extensive distribution network involving Asian Boyz gang member, Bill Phim, a/k/a “Bonez.” Between May 2022 and September 2022, Gingras delivered over 5,000 counterfeit Adderall pills – which were referred to as “Ads,” “Addies,” or simply, “A’s” – to Phim on numerous occasions. Phim then sold the pills to an undercover federal agent for more than $18,000. Chemical testing confirmed that the pills contained a dangerous compound of methamphetamine and caffeine.

    During a search of Gingras’ residence, hundreds of additional counterfeit “Adderall” pills as well as counterfeit “Xanax” pills and a pill press were discovered. The search also revealed that Gingras maintained a storage unit where he kept a loaded firearm and over 30 kilograms of counterfeit “Adderall” pills made with caffeine only, bags of suspected marijuana as well as boxes of THC extract and edible products.  

    Phim was sentenced by Judge Gorton in May 2025 to 10 years in prison.
     
    United States Attorney Leah B. Foley; Kimberly Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Superintendent Gregory C. Hudon of the Lowell Police Department made the announcement today. Valuable assistance was provided by the Massachusetts State Police; and the Billerica, Haverhill, North Andover and Salem Police Departments. Assistant U.S. Attorney Fred M. Wyshak, III of the Organized Crime & Gang Unit prosecuted the case.

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

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

    MIL Security OSI –

  • MIL-OSI: Amdark Limited Offers Investment Fraud Recovery Program to Combat Surge in Online Scams in 2025

    Source: GlobeNewswire (MIL-OSI)

    Amdark Limited, a top-tier financial recovery services provider, has unveiled a fraud recovery program, emphasizing the importance of tracking and recovering funds in online scams in 2025.

    CHELMSFORD, United Kingdom, June 09, 2025 (GLOBE NEWSWIRE) — In the latest news, Amdark Limited offers an investment fraud recovery program that helps to track and recover online scams. Investment fraud happens when someone lies or misleads others into investing money, often with false promises of guaranteed profits, low risk, or quick returns. The scammer might pose as a financial advisor, broker, or company representative and may use fake websites, social media ads, or phone calls to gain your trust.

    Significance of Investment Fraud Recovery Services

    Online scams have become a significant concern in the digital finance space, affecting both novice and experienced investors. Fraudulent schemes, such as Ponzi schemes, phishing attacks, fake Initial Coin Offerings (ICOs), and rug pulls, are just a few of the ways scammers target their victims. The decentralized and anonymous nature of crypto transactions makes it incredibly difficult to trace and reverse these fraudulent activities.

    Many traditional banking systems offer ways to dispute transactions, the irreversible nature of crypto transactions means that stolen funds are typically lost forever. This leaves victims in a position where they may feel helpless, as recovering lost assets requires specialized knowledge and resources. In such cases, Amdark Limited steps in to help victims navigate the complex and often opaque world of crypto scam recovery.

    Reasons Behind Investment Fraud Growing in 2025

    Technology makes it easier than ever to connect with people but it also gives scammers new tools to exploit victims. However, individuals are investing and building a secure future but simultaneously face cybercrime issues. Amdark Limited helps track every scam and offers crypto forensic services for regulators, law enforcement, companies, and individuals to ensure that the individual’s transactions are safe and secure. When individuals need a high level of accuracy for witness or rediscovery, the company assists the clients in evaluating their legal situations and provides accurate and up-to-date forensic data. It also offers the latest technology and data recovery services, which help identify and extract data from computers and other advanced devices.

    Amdark Limited Investment Recovery Program Protects Investment Fraud

    The company shed light on how to avoid falling victim:

    • Do Your Research – Always investigate the company, the people involved, and the investment itself. Google reviews, search for scam warnings and check financial regulatory websites.
    • Verify Licensing – Legitimate brokers or advisors must be registered. Use government or financial watchdog websites to confirm credentials.
    • Avoid “Risk-Free” Offers – No investment is risk-free. Be wary of anyone claiming otherwise.
    • Don’t Trust Social Media Alone – Just because an ad appears on Facebook or Instagram doesn’t mean it’s trustworthy. Always double-check before handing over your money.
    • Consult an Expert – Before investing large amounts, speak to a licensed financial advisor or a legal expert in finance.

    Fund Recovery Services Matter

    Scammers are clever, and once they’ve taken their money, they rarely leave a trail. That’s where professionals come in. Fund recovery agencies combine legal, forensic, and digital tools to track their stolen funds and attempt to retrieve them. While not all cases lead to full recovery, many victims have successfully reclaimed a portion or even all of their lost investments through expert help.

    Furthermore, investment fraud is one of the fastest-growing financial crimes in 2025, and its consequences are both emotional and financial. To combat this online scam chain, Amdark Limited brings real solutions and become a trusted partner in investment fraud recovery that can guide them through the process of reclaiming what’s there.

    About Amdark Limited:

    For over 20 years, Amdark Limited has been an emerging provider of financial recovery services, specializing in helping victims of online scams recover their losses. The company has a team of experienced financial experts who have a proven track record of success. Amdark Limited offers a free consultation to assess each case and determine the possibility of recovery.

    Media Contact:
    Company Name: Amdark Limited
    Contact person:Alan Kalbfell
    Contact email: help@amdarklimited.com
    Website link: www.amdarklimited.com

    Disclaimer: This press release is provided by the Amdark Limited. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/ef5fba0b-0a0f-4eb6-b2e7-b77c99f7a18c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7a1a1235-e29e-4eb9-9cbc-422ef2d3cc43

    The MIL Network –

  • MIL-OSI Security: Security News: Founder of Cryptocurrency Payment Company Charged with Evading Sanctions and Export Controls, Defrauding Financial Institutions, and Violating the Bank Secrecy Act

    Source: United States Department of Justice

    Defendant Allegedly Laundered More Than $500M Through the U.S. Financial System, Including by Facilitating Transactions with Sanctioned Russian Banks

    A 22-count indictment was unsealed today charging Iurii Gugnin, also known as Iurii Mashukov and George Goognin, 38, a resident of New York and citizen of Russia, with various offenses related to using his cryptocurrency company Evita to funnel more than $500 million of overseas payments through U.S. banks and cryptocurrency exchanges while hiding the source and purpose of the transactions.

    According to court documents, Gugnin is charged with wire and bank fraud, conspiracy to defraud the United States, violation of the International Emergency Economic Powers Act (IEEPA), operating an unlicensed money transmitting business, failing to implement an effective anti-money laundering compliance program, failing to file suspicious activity reports, money laundering, and related conspiracy charges. Gugnin was arrested and arraigned today in New York.

    “The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money, moving over half a billion dollars through the U.S. financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive U.S. technology,” said John A. Eisenberg, Assistant Attorney General for National Security. “The Department of Justice will not hesitate to bring to justice those who imperil our national security by enabling our foreign adversaries to sidestep sanctions and export controls.”

    “As alleged, Gugnin came to the United States and set up a money laundering operation under the guise of a cryptocurrency start-up, which he then used to evade sanctions and export controls and defraud U.S. financial institutions,” said U.S. Attorney Joseph Nocella Jr. for the Eastern District of New York. “Today’s arrest demonstrates that this Office will vigorously prosecute those who abuse the U.S. financial system in furtherance of criminal activity, particularly when it undermines national security.”

    “Gugnin’s cryptocurrency company allegedly served as a front to launder hundreds of millions of dollars for sanctioned Russian entities and to obtain export-controlled technology for the Russian government,” said Assistant Director Roman Rozhavsky of the FBI’s Counterintelligence Division. “Let this serve notice that using cryptocurrency to hide illegal conduct will not prevent the FBI and our partners from holding you accountable.”

    As alleged in the indictment, Gugnin is the founder, President, Treasurer, and Compliance Officer of U.S-based Evita Investments Inc. (Evita Investments) and Evita Pay Inc. (Evita Pay) (collectively, Evita). Gugnin used both companies to enable foreign customers — many of whom held funds at sanctioned Russian banks — to provide him with cryptocurrency, which he then laundered through cryptocurrency wallets and U.S. bank accounts. Gugnin ultimately converted the funds into U.S. dollars or other fiat currencies and then made payments through bank accounts in Manhattan on behalf of his foreign customers. In the process, the sources of the funds were obscured, disguising the audit trail and hiding the true counterparties to the transactions. Between June 2023 and January 2025, Gugnin used Evita to facilitate the movement of approximately $530 million through the U.S. financial system, most of which he received in the form of a cryptocurrency stablecoin known as Tether, or “USDT.”

    To effectuate the scheme, Gugnin defrauded various banks and cryptocurrency exchanges through which he converted funds and made wire transfers. Gugnin repeatedly lied to these banks and exchanges, telling them that Evita did not conduct business with entities in Russia and did not deal with sanctioned entities. In fact, many of Gugnin’s customers were located in Russia, and he facilitated payments in funds held at sanctioned Russian banks, including PJSC Sberbank, PJSC Sovcombank, PJSC VTB Bank, and JSC Tinkoff Bank. Gugnin maintained personal accounts at two sanctioned Russian banks, JSC Alfa-Bank and PJSC Sberbank, with which he transacted while residing in the United States. Gugnin also facilitated payments by foreign customers to procure sensitive electronics, including an export-controlled server designed by a U.S. technology company, and laundered funds from a Moscow-based supplier to purchase parts for Rosatom, Russia’s state-owned nuclear technology company. To conceal his activities, Gugnin regularly obfuscated invoices by digitally “whiting out” the names and addresses of his Russian customers.

    Gugnin also failed to implement Evita’s own purported anti-money laundering program and failed to file suspicious activity reports, as required under the Bank Secrecy Act. Although Gugnin represented to banks and cryptocurrency exchanges that Evita followed rigorous anti-money laundering and know-your-customer requirements, in practice he flouted those requirements, as well as the requirement to file reports of suspicious activities with the Financial Crimes Enforcement Network (FinCEN). Gugnin ultimately registered Evita Pay as a money transmitter with FinCEN and the state of Florida but did so by making materially false statements to the state of Florida about Evita Pay’s business. Gugnin used that fraudulently obtained state license to induce a cryptocurrency exchange to process transactions on his behalf.

    In the course of his scheme, Gugnin conducted web searches that confirmed his awareness that he was breaking the law, including searches for “how to know if there is an investigation against you”; “evita investments inc. criminal records search”; “Iurii Gugnin criminal records”; “money laundering penalties US”; and “penalties for sanctions violations EU luxury goods.” He also visited website pages titled, respectively “am I being investigated?”; “signs you may be under criminal investigation”; and “what are the best ways to find out if you’re being investigated and what can someone do when they think they might be under investigation.”

    If convicted, Gugnin faces a maximum penalty of 30 years in prison for each count of bank fraud; a maximum penalty of 20 years in prison for each of the wire fraud, IEEPA, money laundering, and related conspiracy counts; a maximum penalty of 10 years in prison for failure to implement an effective anti-money laundering program and failure to file suspicious activity reports; and a maximum penalty of five years in prison for conspiracy to defraud the United States and operating an unlicensed money transmitting business.

    Assistant U.S. Attorney Matthew Skurnik for the Eastern District of New York and Trial Attorney Dallas Kaplan of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case. Assistant U.S. Attorney Laura Mantell for the Eastern District of New York’s Asset Recovery Section is handling forfeiture matters.

    Today’s actions were coordinated through the Justice and Commerce Departments’ Disruptive Technology Strike Force. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains, and prevent critical technology from being acquired by authoritarian regimes and hostile nation-states.

    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 Orange County Supervisor Sentenced to 5 Years in Prison for Bribery Scheme Involving More Than $10 Million in COVID Funds

    Source: Office of United States Attorneys

    SANTA ANA, California – A former politician who served on the Orange County Board of Supervisors was sentenced today to 60 months in federal prison for accepting more than $550,000 in bribes for directing and voting in favor of more than $10 million in COVID-19 pandemic relief funds to a charity affiliated with one of his daughters.

    Andrew Hoang Do, 62, of Santa Ana, was sentenced by United States District Judge James V. Selna, who scheduled a restitution hearing for August 11.

    Do pleaded guilty in October 2024 to one count of conspiracy to commit bribery concerning programs receiving federal funds.

    “Elected officials have a sworn duty to put their constituents’ interests ahead of their own,” said United States Attorney Bill Essayli. “Public money intended to assist aging and ailing pandemic victims instead filled the coffers of Do, his family, and insiders. I commend our prosecutors and law enforcement partners for their work on this important case and for helping to remove a corrupt politician from his seat of power.”

    “As a county supervisor, Andrew Do transformed the County of Orange into an ATM available to his insiders, his loved ones, and himself, withdrawing millions of dollars to buy houses, lavish dinners, and expensive wine while the elderly, the sick, and the vulnerable who depended on Andrew Do were left to fend for themselves,” said Orange County District Attorney Todd Spitzer. “We, along with our federal partners, are continuing to peel back the layers of conspiracy to hold every thief accountable and return those stolen monies to the communities to which they belonged.”    

    “Mr. Do abused his powerful position as a county supervisor to profit personally at the expense of individuals in need, as well as the residents of Orange County, who deserve honest leadership,” said Akil Davis, the Assistant Director in Charge of the FBI’s Los Angeles Field Office. “The FBI will continue to pursue corrupt public officials whose actions erode trust in government.”

    From February 2015 until his resignation in October 2024, Do was one of five supervisors on the Orange County Board of Supervisors, which is responsible for the county’s $9 billion annual budget. As supervisor for the First District, Do represented the cities of Cypress, Fountain Valley, Garden Grove, Huntington Beach, La Palma, Los Alamitos, Midway City, Rossmoor, Seal Beach, and Westminster.

    Beginning in 2020, in exchange for more than $550,000 in bribes, Do voted in favor of and directed millions of dollars in COVID-related funds to the Viet America Society (VAS), a charity affiliated with his daughter. Do directed and worked together with other county employees to approve contracts with – and payments to – VAS. Do further admitted he acted corruptly and abused his position of trust as a county supervisor.

    Shortly after receiving the COVID-related public funds from the county government – funds that were intended to provide meals to the elderly and disabled – VAS from April 2021 to February 2024 paid a business identified in court documents as “Company #1” $100,000 or more per month, which totaled approximately $3,804,000. In September 2021, VAS increased its payments to Company #1 from $100,000 to $108,000 per month. Company #1 then began paying Rhiannon Do – Do’s daughter – $8,000 per month, totaling by February 2024 approximately $224,000.

    In addition to the $8,000 monthly payments that Company #1 had made to Do’s daughter, in July 2023, Company #1 also transferred a total of $381,500 from the funds it had received from VAS to an escrow company. In July 2023, Do’s daughter used the escrow account funds to purchase a home, in her name, in Tustin for $1,035,000. As part of that transaction, a mortgage for more than $600,000 was obtained by a loan application that contained false information and with fabricated documents. Do’s daughter has admitted in court documents that her conduct was criminal and violated federal and state law.

    The $381,500 from Company #1 that his daughter used to purchase the Tustin house in 2023 was a disguised bribe to Do. An additional $100,000 in payments sent to his other daughter, including three $25,000 checks from Company #2 – an air conditioning company that had been paid by VAS – also were bribes to Do.

    Some of the bribe funds that had been funneled to his daughters were spent for his direct benefit. For example, during 2022, a total of $14,849 of funds that had been funneled to Do’s daughters was used to make property tax payments for properties in Orange County owned by Do and his wife. Approximately $15,000 was used to pay for one of Do’s credit card bills.

    Do knew that VAS was not providing all the meals for which the county had paid VAS. Instead, much of the funds were used for the benefit of insiders, including to buy real estate in the name of both Do’s daughter and Company #1, bribe payments to both of Do’s daughters, payments to other conspirators, payments to other companies affiliated with VAS’s listed officers, and through hundreds of thousands of dollars in cash withdrawals.

    Do forfeited assets connected to the bribery scheme, including the Tustin property his daughter purchased in 2023. As part of his daughter’s related diversion agreement, she forfeited the Tustin property. The plea agreement requires Do to pay full restitution by paying back the bribe money he and his daughters received. In August 2024, the government seized more than $2.4 million from VAS’s and Company #1’s bank accounts.

    Do resigned from the Orange County Board of Supervisors as part of a related agreement with the Orange County District Attorney’s Office (OCDA). He also agreed to forfeit any pension credit for the time where he participated in the bribery conspiracy.

    The FBI; the Orange County District Attorney’s Office Bureau of Investigation; the Federal Deposit Insurance Corp. Office of the Inspector General; IRS Criminal Investigation; and the United States Department of Education Office of the Inspector General investigated this matter.

    This matter is being jointly prosecuted by the United States Attorney’s Office and OCDA. The prosecution is being led by Assistant United States Attorneys Nandor F.R. Kiss, Rosalind Wang, and Tara Vavere of the United States Attorney’s Office and Senior Deputy District Attorney Avery T. Harrison and Deputy District Attorney Anthony J. Schlehner of the OCDA. 

    Any member of the public who has information related to this or any other public corruption matter in Orange County is encouraged to send information to the FBI’s email tip line at https://tips.fbi.gov and/or to contact the FBI’s Los Angeles Field Office at (310) 477-6565.

    MIL Security OSI –

  • MIL-OSI Security: FORMER BATON ROUGE CITY PARISH CONTRACTOR SENTENCED TO 86 MONTHS FOR DISTRIBUTION OF CHILD PORNOGRAPHY

    Source: Office of United States Attorneys

    Acting United States Attorney Ellison C. Travis announced that U.S. District Judge Brian A. Jackson sentenced Blake Joseph Steiner, age 37, of Baton Rouge, Louisiana, to 86 months in federal prison following his conviction for distribution of child pornography. The Court further sentenced Steiner to serve five years of supervised release following his term of imprisonment and ordered him to complete sex offender treatment and register as a sex offender upon his release.

    According to admissions made during his plea, Steiner initiated a conversation on a mobile application group chat with an undercover agent (“UCA”). Steiner hoped to gain access to a group that was dedicated to sharing and trading child pornography. To gain access, Steiner first sent the UCA a video of himself and the date to verify his identity. In another effort to gain access to what he thought was an online child pornography group, Steiner sent a video of a girl under 12 years old being raped by an adult male.  Steiner further admitted to the UCA that he managed another child pornography group online and that he engaged in hands-on conduct involving a minor. 

    This matter was investigated by the U.S. Department of Homeland Security – Homeland Security Investigations, and the Louisiana State Police and was prosecuted by Assistant United States Attorney Edward H. Warner, who also serves as Deputy Criminal Chief.   

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

    MIL Security OSI –

  • MIL-OSI Security: Third Grade Teacher Charged With Additional Child Exploitation Offenses

    Source: Office of United States Attorneys

    Tampa, Florida – United States Attorney Gregory W. Kehoe announces the return of a superseding indictment charging Lee Hughes (45, Pinellas Park) with attempted transmission of harmful material to a minor, attempted enticement or coercion of a minor, and receipt and possession of child sexual abuse material. If convicted on all counts, Hughes faces a minimum sentence of 10 years, up to life, in federal prison. 

    According to the indictment and court documents, Hughes communicated with an undercover officer in an attempt to engage in sexual intercourse with the undercover officer’s purported nine-year-old daughter. Throughout their communications, Hughes sent the undercover officer approximately 10 explicit photos and/or videos of himself, with the request they be shown to the purported child. On May 1, 2025, Hughes traveled to an agreed-upon location to engage in sexual intercourse with the purported nine-year-old girl and was arrested. Law enforcement searched Hughes’s cellphone and discovered he had received and possessed child sexual abuse material. 

    An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.

    This case was investigated by the Federal Bureau of Investigation. It will be prosecuted by Assistant United States Attorney Abigail K. King.

    It is another case brought as part of Project Safe Childhood, a nationwide initiative launched in 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children, and to identify and rescue child victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    MIL Security OSI –

  • MIL-OSI Security: Wilson Gang Member Sentenced to Seven Years in Prison

    Source: Office of United States Attorneys

    RALEIGH, N.C. – A Wilson man was sentenced Friday to seven years in prison followed by three years of supervised release for illegally possessing a firearm after being convicted of a felony.  Joshua Elijah Strickland, 22, pled guilty to the charge on March 11, 2025.

    According to court documents and other information presented in court, Strickland was arrested last July when the Wilson Police Department searched a house where Strickland and other gang members stored guns and drugs. That search came on the heels of a June 26, 2024, incident in which multiple men were spotted retreating to the gang house after firing 11 rounds into another occupied house just a few blocks away. The June 26 shooting was part of a spike in gang violence last summer, when Wilson saw at least 12 gang-related shootings occur in less than one month. Strickland has several prior felony convictions, including possession of a stolen firearm and maintaining a place for the use, storage, or sale of a controlled substance.

    Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina made the announcement after sentencing by U.S. District Judge James C. Dever III. The Federal Bureau of Investigation’s Raleigh-Durham Safe Streets Task Force and the Wilson Police Department investigated the case. Assistant U.S. Attorneys Phil Aubart and Chris Cogburn prosecuted the case.

    Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 4:24-CR-305.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Five Plead Guilty In Kissimmee Cocaine Conspiracy

    Source: Office of United States Attorneys

    Orlando, Florida – United States Attorney Gregory W. Kehoe announces that Luis Ruben Martinez Calderon (26, Kissimmee) has pleaded guilty to conspiracy to distribute cocaine. Martinez Calderon is the final defendant to plead guilty in this case.

    Name

    Date of Plea

    Charges

    Maximum Penalties

    Luis Ruben Martinez Calderon

    (26, Kissimmee)

    		 June 5, 2025 Drug conspiracy Minimum 5 years, up to 40 years in federal prison

    Quamain Alique Barber

    (34, Kissimmee)

    		 April 30, 2025

    Drug conspiracy

    Possession of a firearm in furtherance of drug trafficking

    Minimum 5 years, up to 40 years in federal prison  

    Minimum 5 years, up to life in federal prison to run consecutive

    Bernardo Antonio Brea

    (31, Kissimmee)

    		 April 22, 2025

    Drug conspiracy

    Possession of firearm by convicted felon

    20 years in federal prison

    15 years in federal prison
    Aisha Nicolle Sanchez (25, Kissimmee) May 20, 2025 Drug conspiracy Minimum 5 years, up to 40 years in federal prison
    Evelyn Calderon (57, Kissimmee) May 13, 2025 Drug conspiracy Minimum 5 years, up to 40 years in federal prison

    According to the plea agreements filed in the case, Martinez Calderon regularly supplied retail dealers such as Barber from his apartment in Kissimmee, where he lived with his girlfriend, Sanchez. In January 2025, Barber sold cocaine to an undercover officer, and immediately drove to Martinez Calderon to be resupplied.

     

    The investigation also revealed that Martinez Calderon supplied Barber with cocaine that Martinez Calderon stored with his mother, Evelyn Calderon, who resupplied him when needed. Sanchez helped to recover a suitcase with at least two kilograms of cocaine from the mother’s home for Martinez Calderon to distribute. In late January 2025, Martinez Calderon worked with Brea to obtain cocaine for Barber to distribute.

    On February 6, 2025, when a series of arrest warrants were executed, Brea and Barber were found to be in possession of firearms. Brea was prohibited from possessing firearms because he was previously convicted of felonies, including possessing a firearm as a convicted felon to which he pleaded guilty one week before he was found in possession of a firearm by federal agents. Barber’s firearm was recovered along with bags of cocaine prepared for distribution.

     

    This case was investigated by the Federal Bureau of Investigation’s Safe Streets Task Force and the Bureau of Alcohol, Tobacco, Firearms and Explosives, with assistance from the Kissimmee Police Department, the Osceola County Sheriff’s Office, and the Florida Highway Patrol. It is being prosecuted by Assistant United States Attorney Dana E. Hill.

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

    MIL Security OSI –

  • MIL-OSI Security: Founder of Cryptocurrency Payment Company Charged with Evading Sanctions and Export Controls, Defrauding Financial Institutions, and Violating the Bank Secrecy Act

    Source: United States Attorneys General 8

    Defendant Allegedly Laundered More Than $500M Through the U.S. Financial System, Including by Facilitating Transactions with Sanctioned Russian Banks

    A 22-count indictment was unsealed today charging Iurii Gugnin, also known as Iurii Mashukov and George Goognin, 38, a resident of New York and citizen of Russia, with various offenses related to using his cryptocurrency company Evita to funnel more than $500 million of overseas payments through U.S. banks and cryptocurrency exchanges while hiding the source and purpose of the transactions.

    According to court documents, Gugnin is charged with wire and bank fraud, conspiracy to defraud the United States, violation of the International Emergency Economic Powers Act (IEEPA), operating an unlicensed money transmitting business, failing to implement an effective anti-money laundering compliance program, failing to file suspicious activity reports, money laundering, and related conspiracy charges. Gugnin was arrested and arraigned today in New York.

    “The defendant is charged with turning a cryptocurrency company into a covert pipeline for dirty money, moving over half a billion dollars through the U.S. financial system to aid sanctioned Russian banks and help Russian end-users acquire sensitive U.S. technology,” said John A. Eisenberg, Assistant Attorney General for National Security. “The Department of Justice will not hesitate to bring to justice those who imperil our national security by enabling our foreign adversaries to sidestep sanctions and export controls.”

    “As alleged, Gugnin came to the United States and set up a money laundering operation under the guise of a cryptocurrency start-up, which he then used to evade sanctions and export controls and defraud U.S. financial institutions,” said U.S. Attorney Joseph Nocella Jr. for the Eastern District of New York. “Today’s arrest demonstrates that this Office will vigorously prosecute those who abuse the U.S. financial system in furtherance of criminal activity, particularly when it undermines national security.”

    “Gugnin’s cryptocurrency company allegedly served as a front to launder hundreds of millions of dollars for sanctioned Russian entities and to obtain export-controlled technology for the Russian government,” said Assistant Director Roman Rozhavsky of the FBI’s Counterintelligence Division. “Let this serve notice that using cryptocurrency to hide illegal conduct will not prevent the FBI and our partners from holding you accountable.”

    As alleged in the indictment, Gugnin is the founder, President, Treasurer, and Compliance Officer of U.S-based Evita Investments Inc. (Evita Investments) and Evita Pay Inc. (Evita Pay) (collectively, Evita). Gugnin used both companies to enable foreign customers — many of whom held funds at sanctioned Russian banks — to provide him with cryptocurrency, which he then laundered through cryptocurrency wallets and U.S. bank accounts. Gugnin ultimately converted the funds into U.S. dollars or other fiat currencies and then made payments through bank accounts in Manhattan on behalf of his foreign customers. In the process, the sources of the funds were obscured, disguising the audit trail and hiding the true counterparties to the transactions. Between June 2023 and January 2025, Gugnin used Evita to facilitate the movement of approximately $530 million through the U.S. financial system, most of which he received in the form of a cryptocurrency stablecoin known as Tether, or “USDT.”

    To effectuate the scheme, Gugnin defrauded various banks and cryptocurrency exchanges through which he converted funds and made wire transfers. Gugnin repeatedly lied to these banks and exchanges, telling them that Evita did not conduct business with entities in Russia and did not deal with sanctioned entities. In fact, many of Gugnin’s customers were located in Russia, and he facilitated payments in funds held at sanctioned Russian banks, including PJSC Sberbank, PJSC Sovcombank, PJSC VTB Bank, and JSC Tinkoff Bank. Gugnin maintained personal accounts at two sanctioned Russian banks, JSC Alfa-Bank and PJSC Sberbank, with which he transacted while residing in the United States. Gugnin also facilitated payments by foreign customers to procure sensitive electronics, including an export-controlled server designed by a U.S. technology company, and laundered funds from a Moscow-based supplier to purchase parts for Rosatom, Russia’s state-owned nuclear technology company. To conceal his activities, Gugnin regularly obfuscated invoices by digitally “whiting out” the names and addresses of his Russian customers.

    Gugnin also failed to implement Evita’s own purported anti-money laundering program and failed to file suspicious activity reports, as required under the Bank Secrecy Act. Although Gugnin represented to banks and cryptocurrency exchanges that Evita followed rigorous anti-money laundering and know-your-customer requirements, in practice he flouted those requirements, as well as the requirement to file reports of suspicious activities with the Financial Crimes Enforcement Network (FinCEN). Gugnin ultimately registered Evita Pay as a money transmitter with FinCEN and the state of Florida but did so by making materially false statements to the state of Florida about Evita Pay’s business. Gugnin used that fraudulently obtained state license to induce a cryptocurrency exchange to process transactions on his behalf.

    In the course of his scheme, Gugnin conducted web searches that confirmed his awareness that he was breaking the law, including searches for “how to know if there is an investigation against you”; “evita investments inc. criminal records search”; “Iurii Gugnin criminal records”; “money laundering penalties US”; and “penalties for sanctions violations EU luxury goods.” He also visited website pages titled, respectively “am I being investigated?”; “signs you may be under criminal investigation”; and “what are the best ways to find out if you’re being investigated and what can someone do when they think they might be under investigation.”

    If convicted, Gugnin faces a maximum penalty of 30 years in prison for each count of bank fraud; a maximum penalty of 20 years in prison for each of the wire fraud, IEEPA, money laundering, and related conspiracy counts; a maximum penalty of 10 years in prison for failure to implement an effective anti-money laundering program and failure to file suspicious activity reports; and a maximum penalty of five years in prison for conspiracy to defraud the United States and operating an unlicensed money transmitting business.

    Assistant U.S. Attorney Matthew Skurnik for the Eastern District of New York and Trial Attorney Dallas Kaplan of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case. Assistant U.S. Attorney Laura Mantell for the Eastern District of New York’s Asset Recovery Section is handling forfeiture matters.

    Today’s actions were coordinated through the Justice and Commerce Departments’ Disruptive Technology Strike Force. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains, and prevent critical technology from being acquired by authoritarian regimes and hostile nation-states.

    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 –