CALGARY, Alberta, June 02, 2025 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce the appointment of Alberto Consuegra to the Board of Directors (the “Board”).
Effective June 1, 2025, Alberto Consuegra has been appointed to the Board as an independent director. Alberto has more than 30 years of experience in the energy sector. Most recently, Mr. Consuegra served as the Chief Operating Officer of Ecopetrol, Colombia’s national oil company, and for a period of time acted as the Company’s interim Chief Executive Officer. He has also served as the President of Cenit Transporte y Logística de Hidrocarburos S.A.S., the Vice President of Supply and Services of Ecopetrol, and held several executive positions at Equion Energia Ltd. and BP Exploration.
Mr. Consuegra graduated from Universidad de Cartagena with a civil engineering degree and holds a master’s degree in civil engineering from Texas A&M University.
“We are excited to welcome Alberto to our Board of Directors and believe his Colombia-focused energy expertise will contribute to the ongoing success of Parex,” commented Wayne Foo, Chair of Parex’s Board of Directors.
About Parex Resources Inc.
Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.
For more information, please contact:
Mike Kruchten Senior Vice President, Capital Markets & Corporate Planning Parex Resources Inc. 403-517-1733 investor.relations@parexresources.com
Steven Eirich Senior Investor Relations & Communications Advisor Parex Resources Inc. 587-293-3286 investor.relations@parexresources.com
NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES
The indicative allocation is our early estimate of each tertiary education organisation’s on-Plan funding. It indicates what you could receive for the following year if your Investment Plan is approved for funding. The indicative allocation is our early estimate of each tertiary education organisation’s on-Plan funding. It indicates what you could receive for the following year if your Investment Plan is approved for funding.
We calculate this using a set of allocation methodologies, which are specific to each fund. We review and revise these every year to make sure they’re aligned to funding determinations and the current tertiary environment. Your indicative allocations will be made available from 3 June and can be accessed through the My Allocations and Payments app on Ngā Kete. 2026 indicative allocations 2026 Global indicative allocation methodology (PDF 841 KB) Historical indicative allocation methodologies
HOUSTON – In support of Operation Take Back America, the Southern District of Texas has filed another 281 cases in immigration and border security-related matters from May 23-29, announced U.S. Attorney Nicholas J. Ganjei.
Among those are 105 people who face charges of illegally reentering the country. The majority have prior felony convictions for narcotics, violent crime, sexual offenses, prior immigration crimes and more. A total of 163 people are charged with illegally entering the country, while seven cases allege various instances of human smuggling with the remainder involving other immigration crimes, child sexual abuse material (CSAM) and firearms.
One such person charged this week is Carlos Enrique Gonzalez-Pena, an alien present in the United States with a work visa who was allegedly found in possession of CSAM. The charges allege he had visited the darknet where he viewed child pornography sites. A forensic examination of his computer allegedly resulted in the discovery of two video files involving a female child approximately four to six years of age, one of which showed her being sexually assaulted. If convicted, he faces up to 20 years in prison.
Another one of the cases involves Humberto Vasquez – a Mexican male who allegedly attempted to exit the United States via the Donna Port of Entry. Upon inspection, law enforcement discovered four pistols belonging to him as well as 870 rounds of assorted ammunition, according to the charges. The complaint alleges he did not possess an export license that would authorize him to transport such items into Mexico and faces up to 10 years in prison if convicted of illegal exportation of firearms.
Authorities also found three Mexican nationals near Mission this week with no legal permission to be in the United States, according to the complaints against them. Victor Manuel Ornelas-Ochoa, Alfredo Samuel Gallegos-Esquivel and Exequiel Solano had allegedly been previously removed from the country and have felonies to include possession with intent to deliver marijuana, human smuggling and aggravated sexual assault of a child, respectively. They are all charged with illegal reentry and could receive up to 20 years in prison. Another man who faces the same charges and penalty is Julio Sanchez-Lorenzo. He is a Mexican male who had just been removed from the United States via Brownsville May 21 with no permission to return, according to the charges. However, authorities allegedly found him just six days later near Roma.
In addition to the new cases, a federal jury in Houston convicted a Mexican citizen for illegally reentering the United States under an assumed identity. On June 11, 2024, authorities found Jose Martin Valdez-Galvan in Laredo. At that time, he provided a false name and claimed to be a U.S. citizen. Testimony revealed Valdez-Galvan originally stole the person’s identity to avoid previous charges for unauthorized use of a motor vehicle. Valdez-Galvan was an illegal alien who had been previously removed but returned to the United States without permission. He had assumed the other person’s identity in 2015 after his second removal. He faces up to a 20-year prison sentence.
“Both public safety and basic common sense require us to know who is entering and residing in our country. Those that adopt false or stolen personas to hide their identities pose an increased criminal risk to our community,” said Ganjei. “Theft of an American citizen’s identity by a foreign national will not be tolerated, and those that engage in such criminality will be charged, punished, and, if appropriate, deported.”
In Corpus Christi, an intoxicated driver admitted he was an alien illegally in possession of firearm. Honduran national Josias Eliseo Ulloa-Pavon had been driving under the influence of alcohol before crashing Feb. 18. Upon arrival at the scene, authorities found him pinned inside the fully overturned vehicle. He had red bloodshot eyes, appeared unsteady on his feet and had a strong odor of alcohol. A search revealed a magazine containing six rounds of ammunition in his pocket and a Bersa Model Thunder .380 caliber pistol in his car.
Two men from Brownfield admitted to conspiring to transport illegal aliens in Laredo federal court this week. On March 22, authorities observed a Ford Expedition circumventing a Border Patrol (BP) checkpoint near Laredo. Mac Quese Howard was driving, and De Richardson Miller was in the front passenger seat providing directions. Authorities conducted a traffic stop and found three illegal aliens hidden in the back seat. Miller and Howard admitted they had travelled to Laredo for the sole purpose of picking up the aliens and transporting them to San Antonio for payment.
Also announced was the sentencing of a Mexican national with a felony criminal history and multiple prior removals for illegally reentering the country again. Juan Humberto Lara Molina’s has a lengthy drug, weapons and immigration criminal history including two other illegal reentry convictions. He was also convicted of dealing cocaine in Indiana and unlawful sale of firearms in Illinois and was previously ordered removed from the United States on multiple occasions, most recently in November 2021. However, law enforcement discovered him at the Falfurrias BP checkpoint Dec. 12, 2024. He was one of seven individuals being transported farther north by human smugglers in a tractor-trailer. He was ordered to serve 24 months in federal prison.
These cases were referred or supported by federal law enforcement partners, including Immigration and Customs Enforcement (ICE) – Homeland Security Investigations, ICE – Enforcement and Removal Operations, BP, Drug Enforcement Administration, FBI, U.S. Marshals Service and Bureau of Alcohol, Tobacco, Firearms and Explosives with additional assistance from state and local law enforcement partners.
The cases are part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.
Under current leadership, public safety and a secure border are the top priorities for this district. Enhanced enforcement both at the border and in the interior of the district have yielded aliens engaged in unlawful activity or with serious criminal history, including human trafficking, sexual assault and violence against children.
The U.S. Attorney’s Office for the Southern District of Texas remains one of the busiest in the nation. It represents 43 counties and more than nine million people covering 44,000 square miles. Assistant U.S. Attorneys from all seven divisions including Houston, Galveston, Victoria, Corpus Christi, Brownsville, McAllen and Laredo work directly with our law enforcement partners on the federal, state and local levels to prosecute the suspected offenders of these and other federal crimes.
An indictment or criminal complaint is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.
Andrew Adler, 31, of Greenwich, Connecticut, was sentenced today by U.S. District Judge Jennifer L. Thurston to three years and five months in prison for defrauding investors in loans made to the failed Fresno-based startup Bitwise Industries, Acting U.S. Attorney Michele Beckwith announced today. Adler was ordered to pay $9.3 million in restitution jointly and severally with the Bitwise defendants and to forfeit another $1 million.
“The collapse of Bitwise Industries exposed Andrew Adler’s lies to investors in securing a multi-million-dollar loan, which he used to secretly line his pockets.” said FBI Sacramento Field Office Special Agent in Charge Sid Patel. “This investigation clearly demonstrates the FBI’s tenacity and is a testament of the great work performed by FBI agents and personnel in our Fresno Resident Agency.”
According to court records, from December 2022 through May 2023, Adler and his business partner, David Hardcastle, 61, of Fresno, gave Bitwise approximately $20 million in hard money loans. They did not fund the loans themselves or otherwise put their own money at risk. Instead, they syndicated the loans to other investors. In doing so, they altered the original loan documents to make it appear that Bitwise was paying a significantly lower interest rate for the loans than was true. They also forged the signature of one of Bitwise’s Co-CEOs, Jake Soberal, on the altered documents. This made the loans appear less risky and more appealing to the investors. Several of the investors later told the FBI that they would not have invested in the loans had they known the actual interest rates that Bitwise was paying because that would have been a red flag that something was wrong with Bitwise.
One of the loans included a secure interest reserve of approximately $714,000 that the investors did not know about and that Adler and Hardcastle used to make an unrelated, personal investment in another company that they controlled. Generally speaking, secure interest reserves are disclosed to loan investors ahead of time and are supposed to help protect the investors in the event that the borrower does not make its payments on schedule. Secure interest reserves are not supposed to be used for the personal benefit of the loan originators like Adler and Hardcastle.
Adler and Hardcastle also made tens of thousands of dollars in fees for originating the loans. They stood to make millions more in secret profits from the higher, undisclosed interest rates had the loans been fully repaid. Unfortunately, however, Bitwise turned out to be a Ponzi-like fraud scheme and collapsed before that could happen. As a result, the participants lost nearly all their money. Adler told the court in his filings that he was motived to commit the fraud by pure greed and nothing else.
Hardcastle has been indicted for his role in the fraud and is currently pending trial. He is presumed innocent until and unless proven guilty beyond a reasonable doubt.
Bitwise’s CEOs, Jake Soberal and Irma Olguin Jr., were previously sentenced to 11 years and nine years in prison, respectively, for the carrying out the Bitwise Ponzi scheme that caused a loss of over $115 million in that case.
This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Joseph Barton and Cody Chapple are prosecuting the case.
DENVER – The United States Attorney’s Office for the District of Colorado announces that Mohammed Sabry Soliman, age 45, of Colorado Springs, has been charged with one count of a hate crime involving actual or perceived race, religion, or national origin.
According to the criminal complaint, on June 1, 2025, at approximately 2pm, Soliman threw two lit Molotov cocktails at individuals participating in a gathering near the Boulder Courthouse of members of “Run for Their Lives,” which organizes weekly walks to call attention to the Israeli hostages in Gaza. When he threw the Molotov cocktails, Soliman yelled “Free Palestine!” The Molotov cocktails ignited in the crowd of people, causing burn injuries to eight individuals.
The complaint also alleges that when Soliman was detained by local law enforcement, at least fourteen unlit Molotov cocktails and a backpack weed sprayer, potentially containing a flammable substance, were found nearby. A car registered to Soliman, parked a block away, contained a red gas container, red material consistent with rags used in the Molotov cocktails, and paperwork with the words, “Israel,” “Palestine,” and “USAID.”
The complaint further alleges that, during an interview with local and federal law enforcement, Soliman stated that he had researched on YouTube how to make Molotov cocktails, purchased the ingredients to do so, and constructed them. He traveled to Boulder in his vehicle with the Molotov cocktails and threw two of them at individuals participating in the gathering. He stated that he wanted to kill all Zionist people and wished they were all dead. He stated that he would do it (conduct an attack) again. Throughout the interview, Soliman stated that he hated the “Zionist group” and did this because he needed to stop them from taking over “our land,” i.e., Palestine. He stated that he had been planning the attack for a year.
The charges in the complaint are allegations and the defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.
The case is being investigated by the Federal Bureau of Investigations Denver Field Office and the Boulder Police Department. The prosecution is being handled by the United States Attorney’s Office for the District of Colorado, the Civil Rights Division and the National Security Division, both of the Department of Justice, and in coordination with the Boulder County District Attorney’s Office (Twentieth Judicial District).
Source: United States Senator Alex Padilla (D-Calif.)
Padilla, ENR Colleagues Urge Interior Inspector General to Investigate Threats Posed by Workforce Reductions at Bureau of Reclamation
Senators to DOI Acting Inspector General: “We are concerned that the Administration’s actions to gut the agency of qualified public servants could leave critical water infrastructure and communities vulnerable to operational disruptions”
WASHINGTON, D.C. — U.S. Senator Alex Padilla (D-Calif.), a member of the Senate Energy and Natural Resources (ENR) Committee, joined his ENR colleagues in urging U.S. Department of the Interior Acting Inspector General (IG) Caryl Brzymialkiewicz to evaluate the consequences of the Trump Administration’s workforce reductions at the Bureau of Reclamation (BOR). The Senators warned that these cuts are preventing the agency from fulfilling its statutory mission and implementing relevant programs and activities authorized by Congress, including supporting essential water infrastructure projects in California and across the West.
According to reports, BOR has lost 1,400 public servants — approximately 25 percent of the agency’s entire workforce — since the Trump Administration began its assault on the federal workforce in January. Additionally, President Trump’s Fiscal Year 2026 budget request proposes a $600 million (34 percent) cut to BOR funding, jeopardizing important water infrastructure projects.
“Recent reductions in workforce significantly threaten BOR’s ability to safely and reliably deliver water to communities and farmers, keep waterways flowing for fish and wildlife across the western United States, and produce reliable electricity,” wrote the Senators.
BOR is the largest wholesale water supplier in the United States — operating many critical California water management projects and delivering trillions of gallons of water to more than 31 million people and 10 million acres of farmland. The farmland managed by BOR produces over 60 percent of the nation’s vegetables and more than 25 percent of its fruits and nuts.
BOR is also the second-largest producer of hydroelectric power in the country. The facilities BOR operates generate 40 million megawatt-hours of electricity each year.
The Senators expressed concern over the lack of strategy and harm to public safety that these workforce reductions pose.
“Rapid reductions to BOR’s workforce raise significant concerns about the Bureau’s ability to meet its core responsibilities, particularly inspecting dams and identifying threats to public safety,” continued the Senators.
“BOR needs experienced personnel with the necessary expertise to manage critical infrastructure. We are concerned that the Administration’s actions to gut the agency of qualified public servants could leave critical water infrastructure and communities vulnerable to operational disruptions,” added the Senators.
The Senators concluded by pushing the IG to investigate whether recent workforce reductions at BOR prevent the Bureau from carrying out its obligations. The letter was led by ENR Ranking Member Martin Heinrich (D-N.M.) and signed by fellow ENR Democratic members U.S. Senators Maria Cantwell (D-Wash.), Catherine Cortez Masto (D-Nev.), Ruben Gallego (D-Ariz.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), and Ron Wyden (D-Ore.).
Earlier this year, Senators Padilla and Adam Schiff (D-Calif.) pushed the Department of the Interior to prevent further federal workforce cuts to BOR, warning of the devastating effects of these reductions on water supply systems in California and across the nation. In that letter, Padilla and Schiff highlighted three vital water projects that depend on the expertise of Reclamation staff for managing water in the West: the Klamath Project, the Central Valley Project (CVP), and the Lower Colorado Regional Office. In the face of public pressure from the Senators and 14 California water officials, BOR paused a planned additional round of workforce cuts. Padilla and Schiff previously urged the Department of the Interior to immediately stop its freeze of Inflation Reduction Act funding for the Lower Colorado River System Conservation and Efficiency Program, which is managed by BOR.
Full text of the letter is available here and below:
Dear Acting Inspector General Brzymialkiewicz:
We write to request that your office evaluate the extent to which workforce reductions at the Bureau of Reclamation (“Bureau” or “BOR”) prevent the agency from fulfilling its statutory mission and implementing relevant programs and activities authorized by Congress. The Bureau is the largest wholesaler of water in the United States—delivering trillions of gallons of water to more than 31 million people. The Bureau is also the second largest producer of hydroelectric power in the country. The facilities BOR operate generate 40 million megawatt-hours of electricity each year. However, recent reductions in workforce significantly threaten BOR’s ability to safely and reliably deliver water to communities and farmers, keep waterways flowing for fish and wildlife across the western United States, and produce reliable electricity.
According to reports, BOR has lost 1,400 public servants since the administration began its assault on the federal workforce. The positions reportedly eliminated include mechanics, engineers, and fish biology specialists—personnel with considerable expertise. Through firings of probational workers, buyouts, early retirements, and other related actions, BOR has shrunk by 25 percent. This workforce reduction has lacked a coherent, mission- and safety- driven strategy and instead led to the departure of experienced personnel—some with over 20 years of experience—leaving the Bureau susceptible to operational disruptions.
Rapid reductions to BOR’s workforce raise significant concerns about the Bureau’s ability to meet its core responsibilities, particularly inspecting dams and identifying threats to public safety. BOR manages over 450 dams throughout 17 western states. Previously, BOR’s dam safety program identified over 300 high and significant hazard dams at more than 200 facilities. The age and complex nature of dam systems necessitates having experienced staff trained in the operation of such systems. In fact, as your office identified in a September 2023 report, approximately 90 percent of BOR’s dams are more than 50 years old and “[a]ging dams increase the risk of dam failures.” BOR needs experienced personnel with the necessary expertise to manage critical infrastructure. We are concerned that the administration’s actions to gut the agency of qualified public servants could leave critical water infrastructure and communities vulnerable to operational disruptions.
Your office is responsible for promoting “accountability, integrity, economy, efficiency, and effectiveness within” the DOI and identifying “ways to improve the DOI’s programs and operations by offering specific, actionable recommendations that lead to positive change.” We therefore urge you to evaluate whether recent workforce reductions at BOR inhibit the Bureau from carrying out its obligations.
Thank you for your attention to this important matter.
Sincerely,
LEEDS, United Kingdom, June 02, 2025 (GLOBE NEWSWIRE) — Excitement is building across the XRP community as Nimanode ($NMA), the first AI agent platform on the XRP Ledger, positions itself as the premier destination for intelligent automation within the Ripple ecosystem.
Amid growing bullish sentiment around XRP — driven by XRP Futures trading going live seasoned investors from major ecosystems like Cardano ($ADA) and Solana ($SOL), are turning their attention to the Nimanode Presale, eager to secure early exposure to what many see as a foundational layer for on-chain AI infrastructure.
Pioneering AI Agents on XRP
Nimanode is strategically emerging as the leading marketplace and launch platform for autonomous AI agents on the XRP Ledger. Just as OpenSea redefined digital ownership through NFTs, Nimanode is redefining utility through AI agents that work, evolve, and earn on-chain.
Designed specifically to offer a no-code gateway to intelligent, on-chain automation at scale. Nimanode offers services from solo builders to enterprises — to deploy intelligent agents that automate smart contracts, optimize DeFi strategies, assess protocol risk, and manage tokenized real-world assets (RWAs).
This transformative model brings a new dimension to DeFi and AI adoption in the XRP ecosystem, by combining modular AI technology with XRPL’s unmatched speed and low transaction costs, opening up a new era of AI x Blockchain, with real monetization potential built into every deployment.
Why Investors are Flocking to The Nimanode Presale
The presale surge has captured the attention of prominent crypto investors including notable whales from the BNB, ADA and SOL communities. All looking to position themselves early in what many believe could be the next DeFi breakout project.
From the desk of the development team at Nimanode, they are set to deliver an Agentic workforce handling various tasks autonomously. Features of these ecosystem include but not limited to
Zero-Code Agent Builder – Easily create and configure AI agents through a drag-and-drop interface
Autonomous Execution – Agents perform on-chain tasks, react to data feeds, and interact across dApps
Agent Marketplace – Build, deploy and monetize AI agents within a Nimanode ecosystem
XRPL Integration – High-speed, low-cost, and eco-friendly infrastructure to power scalable agent activity
$NMA Token – Powering the Nimanode Ecosystem
The native $NMA token is the backbone of the Nimanode platform, unlocking utility and benefits across their ecosystem through:
Agent Deployment: Lower fees for launching and customizing AI agents.
Staking Rewards: Earn passive income by staking $NMA tokens.
Marketplace Access: Use $NMA to buy, license, or upgrade agents.
Governance: Participate in DAO proposals and help shape platform evolution.
At the end of the presale, $NMA will list on DEXs at a 25% higher price, offering early participants immediate upside on their investments.
How to Join The Nimanode Presale
Joining in the NimaNode Presale is quite straightforward for anyone seasoned investors and newbies alike.
Setup an XRP-Compatible Wallet: Ensure you have a non-custodial wallet capable of receiving XRP native tokens like Xaman Wallet.
Purchase XRP: Acquire XRP from reputable exchanges like Binance, Coinbase, or Bybit.
Participate in the Presale: Visit the NimaNode presale page (https://nimanode.com/presale), send your XRP to the provided presale address, and secure your $NMA tokens.
The last cycle gave us DeFi protocols and NFTs. This cycle is shaping up to be about autonomous infrastructure and Nimanode is at the heart of it.
Disclaimer: This is a paid post and is provided by Nimanode. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented.We do not guarantee any claims, statements, or promises made in this article.This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital.It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.
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.
This special session is about showing up for our communities—from the families across our state picking up the pieces after devastating storms, to the employees and small businesses whose livelihoods depend on the jobs and economic activity provided by the sports franchise businesses on the western side of our state. It’s about proving that we can act swiftly to help those in crisis, while also making smart decisions that secure opportunity for the future.
The General Assembly achieved so much for our state this spring, so I am both thankful for their efforts and optimistic that we can work together to use this rare opportunity to benefit the future of our state. Because helping Missourians today—and building the kind of future they deserve tomorrow—isn’t just possible; it’s the kind of leadership Missourians expect from us.
Disaster Relief
Every storm reveals what matters most and who we are here for. We’ve seen firsthand how Missourians weather hardships and show up for their neighbors with courage and compassion. Now, it’s our turn to meet that same standard. We have the chance to pull together – not as rivals, but as public servants united by purpose.
In this special session, we are asking legislators to take direct action to provide financial relief and housing assistance to those affected by natural disasters across our state. One key provision is a new income tax deduction—capped at $5,000 per household per disaster—for insurance deductibles paid by homeowners and renters in disaster-affected areas.
We’re also strengthening support for those in need by expanding eligibility for emergency grants and rental assistance through the Missouri Housing Development Commission (MHDC). If passed by the General Assembly, the income eligibility threshold for these grants would be expanded from 50% to 75% of the regional Area Median Income. MHDC would also receive an additional $25 million appropriation to support the expanded disaster relief grands.
Business Retention
Sports teams have tremendous value beyond any financial measure. Our efforts are about retaining jobs, protecting local businesses, and preserving major economic drivers that benefit not just Kansas City, but the entire state.
The Show Me Sports Investment Act is a step in the right direction for economic stability and job retention through tax credits and bonds that are performance-based and capped to keep the Kansas City Chiefs and Royals right here in Missouri where they belong.
Let me be clear: We are not handing out blank checks to billionaires.
The legislation allows teams to independently bond money from the state based on the taxes they already contribute. Only money generated by the sports teams can be used to repay the bond and any new or existing revenue above the bond payment will go to the state as it currently stands. Finally, this legislation gives each team a one-time $50 million tax credit if they first spend $500 million of their own dollars on renovating their stadium.
If we fail to act, Missouri stands to lose thousands of jobs and millions in annual revenue. This isn’t a giveaway—it’s a strategy to ensure Missouri remains competitive with other states that would gladly take this opportunity for themselves.
Budgetary Responsibility
This special session call also contains critical appropriations that didn’t make it across the finish line in the regular session, including $25 million in General Revenue funds for the Radioisotope Science Center at the University of Missouri Research Reactor (MURR). The MURR has developed life-saving medicines for patients around the world, and Missouri is proud to be home to this incredible nuclear resource.
We are also asking the General Assembly to appropriate funding from funds other than the General Revenue for various projects such as a new 200-bed mental health hospital in Kansas City, a new crime lab in Highway Patrol Troop E, new livestock and stalling barns at the Missouri State Fairgrounds, and various projects at parks and Missouri National Guard facilities across the state.
We are not asking the General Assembly to forgive and forget the actions taken by members of an opposing party or chamber. Instead, we are asking them to set those feelings aside to get to work on issues that matter to the people we serve.
We understand that tension doesn’t vanish with the gavels that close one session and open another. It lingers – in priorities left unresolved and personal strains that follow difficult debates. As a former legislator, I know it can be tough to move on from these moments. The echoes of disagreements still ripple beneath the surface. But we must turn the page.
A special session is not just a procedural tool – it’s an invitation to rise above all the noise. It’s a chance to demonstrate that principled public servants can come together with resolve to do what’s right. Leadership isn’t proven by how loudly we defend our corners, but by how we willingly find solutions that work. Missourians are watching, and they’re ready for us to meet the moment.
This special session isn’t just another item on the legislative calendar to check off – it’s a moment Missouri simply cannot afford to coast through. There are families still waiting for relief, jobs hanging in the balance, and communities counting on us to make wise, forward-thinking investments that won’t just fix short-term, hot-button problems – but shape a stronger future.
It’s time to rise above the noise and govern with the people in mind. Because Missourians didn’t send us here to work for ourselves. We’re here to serve them.
An Illinois man and a foreign national were arrested yesterday on criminal charges related to their alleged submission of more than $227 million in fraudulent claims to Medicare.
According to court documents, Syed Murtuza Kablazada, 34, of Arlington Heights, and Syed Mehdi Hussain, 32, of Carol Stream, owned and operated purported medical laboratories that submitted fraudulent claims to Medicare for the reimbursement of over-the-counter COVID-19 test kits allegedly provided to Medicare beneficiaries. The defendants allegedly installed foreign nationals to act as nominee owners at the laboratories to submit fraudulent claims to Medicare for the provision of over-the-counter COVID-19 test kits, with the understanding the nominee owners would flee the United States when they learned that their laboratory was under investigation.
“As alleged, the defendants used straw owners at multiple laboratories to cause the submission of more than $200 million in fraudulent claims to Medicare for COVID-19 test kits,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “Health care fraud harms Americans by squandering taxpayer money and diverting limited resources from those who need them most. The Criminal Division will continue to aggressively prosecute these crimes to hold fraudsters accountable, protect victims, and recover financial losses.”
“The overwhelming fraud uncovered in this investigation details a blatant disregard for America’s critical health care program, Medicare, and puts all patients at risk,” said Special Agent in Charge Douglas S. DePodesta of the FBI Chicago Field Office. “The FBI and our partners will not tolerate anyone who abuses the health care system for personal gain and will aggressively pursue justice on behalf of both patients and taxpayers.”
“The submission of fraudulent claims to Medicare for products or services not dispensed or not medically necessary undermines the integrity of this valuable program, intended to protect the most vulnerable in our community,” said Deputy Inspector General for Investigations Christian J. Schrank of the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “Today’s arrests demonstrate our unwavering commitment, working in conjunction with our law enforcement partners, to identify, investigate and bring to justice those who seek to defraud our nation’s federal healthcare programs.”
As alleged in the indictment, the defendants rarely provided Covid-19 test kits to Medicare beneficiaries but instead submitted reimbursement claims on behalf of beneficiaries who had not requested COVID-19 test kits, including individuals who were deceased. Further, the defendants allegedly paid a marketing company to provide the names of hundreds of thousands of Medicare beneficiaries that the defendants used to submit fraudulent claims. In total, between September 2022 and June 2023, the defendants’ labs billed Medicare approximately $227 million in fraudulent claims, of which Medicare paid approximately $136 million in reimbursements.
Kablazada and Hussain are both charged by indictment with four counts of health care fraud. If convicted, they face a maximum penalty of 10 years in prison on each of the four counts.
The FBI Chicago Field Office and HHS-OIG are investigating the case.
Trial Attorney Andres Q. Almendarez of the Criminal Division’s Fraud Section is prosecuting the case, with assistance from Assistant U.S. Attorney Jasmina Vajzovic for the Northern District of Illinois.
The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of 9 strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with the Office of the Inspector General for the Department of Health and Human Services, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.
An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
KANSAS CITY, Mo. – Christopher L. Curtner, 41, was charged with bank robbery in a federal criminal complaint filed in the U.S. District Court in Kansas City, Mo. on Wednesday, May 28, 2025.
The complaint affidavit alleges Curtner robbed a financial institution on the morning of May 27, 2025. After speaking briefly with the bank teller, Curtner wrote a note saying: “give me the money this is a robbery.” The teller activated the bank’s duress code and provided Curtner with approximately $1,400 in cash, after which he fled the scene.
A Federal Bureau of Investigation (FBI) task force positively identified Curtner as the bank robber. Kansas City, Missouri Police Department (KCPD) officers located Curtner, who was on foot in the Kansas City metro area. The KCPD fugitive unit began physical surveillance on Curtner and took him into custody as he entered a second financial institution.
Under federal statutes, bank robbery carries a maximum sentence of 20 years imprisonment in federal prison without parole. The maximum statutory sentence is prescribed by Congress and is provided here for informational purposes, as the sentencing of the defendant will be determined by the court based on the advisory sentencing guidelines and other statutory factors. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.
The charges contained in this complaint are simply accusations and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.
This case is being prosecuted by Assistant U.S. Attorney Heather Siegele. It was investigated by the FBI Violent Crimes Task Force, Kansas City Division and the Kansas City Missouri Police Department.
Source: United States Senator for Rhode Island Jack Reed
PROVIDENCE, RI – In an effort to help strengthen local neighborhoods and support economic development and affordable housing programs throughout the state, U.S. Senator Jack Reed today announced that Rhode Island will receive $29,614,503 in new federal aid from several federal housing and community development programs.
Reed, a member of the Appropriations Committee, who helped secure the funds in the fiscal year 2025 continuing resolution (CR) appropriations bill, noted this year’s funding levels are based on the Biden Administration’s final budget, which was untouched by cuts from the Trump Administration when Congress passed the full-year CR in March.
As a result, Rhode Island’s allocations include:
$16,616,289 in Community Development Block Grant (CDBG) funds
$5,825,296 from the Home Investment Partnerships (HOME) program
$3,001,259 from the Housing Trust Fund
$1,469,265 from the Emergency Solutions Grant (ESG) program
$1,484,128 from the Housing Opportunities for Persons With AIDS (HOPWA)
$1,218,265 through the Recovery Housing Program (RHP)
The federal investments are administered by the U.S. Department of Housing and Urban Development (HUD), which Senator Reed oversees as both an authorizer on the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and as an appropriator on the Appropriations Subcommittee on Transportation, Housing and Urban Development (THUD).
“This federal funding will help strengthen neighborhoods, advance opportunities for local economic development, and ensure more Rhode Islanders have a healthy and safe place to live. These programs help cities and towns expand housing options and move forward with capital improvement projects that can spur economic growth and development. Unlike President Trump, whose Fiscal Year 2026 budget proposal calls for the elimination of many of these essential government programs. I’m committed to improving public infrastructure, boosting housing supply, and upgrading community assets. From increasing affordable housing opportunities, to repairing roads and extending sidewalks, to enhancing parks and clean water infrastructure, these funds help revitalize neighborhoods and enhance economic development. With Rhode Island experiencing an alarming affordable housing supply shortage, this critical funding will also bring millions to our state to help preserve and build more affordable housing,” said Senator Reed.
President Trump’s fiscal year 2026 preliminary budget request to Congress would eliminate the CDBG and HOME programs and devastate HUD with a 43 percent cut in funding. Furthermore, it would place a massive burden on state and local budgets by cutting HUD rental assistance programs by nearly half and shrinking federal homeless assistance programs.
CDBG provides local communities with a flexible source of federal funding to address a wide range of neighborhood development needs. The funds may be used for capital-improvement projects or distributed to non-profit organizations to increase housing, supportive service, and job opportunities. Eligible communities may also apply to the state, which annually allocates federal CDBG funds through a competitive process. CDBG funds may also be used to address a variety of needs from revitalizing distressed areas by removing blight and assisting with infrastructure projects.
Several Rhode Island cities will split over $16.6 million from this round of CDBG funding, including allocations for:
Cranston: $1,085,975
East Providence: $772,761
Pawtucket: $1,776,064
Providence: $5,227,138
Warwick: $948,131
Woonsocket: $1,050,583
Rhode Island statewide: $5,755,637
TOTAL: $16,616,289
HOME is a major federal block grant program providing funding to state and local governments to expand and preserve the supply of quality, affordable housing for working families. Providence will receive $1,414,533 in HOME funds, while Pawtucket will receive $520,010, Woonsocket will receive $333,115, and a pot of funds for communities across the state will total $3,557,637.
Senator Reed created the national Housing Trust Fund (HTF) in the Housing and Economic Recovery Act of 2008. The HTF is an affordable housing production and preservation program. Under the law, government-sponsored entities Fannie Mae and Freddie Mac are required to contribute annually to the HTF.
ESG provides annual grants to state and local governments to upgrade and expand emergency homeless shelters. In this round of funding, Providence will receive $476,119 in ESG funds, Pawtucket will receive $155,836, Woonsocket will receive $93,908, and communities across the state will share an additional $743,402.
Providence will also receive $1,484,128 in HOPWA funds, which help communities and nonprofit organizations offer housing assistance and related supportive services to low-income individuals who have been diagnosed with HIV/AIDS.
To help more effectively combat the opioid crisis and ensure people with substance abuse disorders can access safe housing, Rhode Island will also receive $1,218,265 in Recovery Housing Program (RHP) funds. Senator Reed backed this program as part of the Substance Use-Disorder Prevention that Promotes Opioid Recovery and Treatment (SUPPORT) for Patients and Communities Act. This federal funding will help Rhode Island provide stable, temporary housing to individuals in recovery from a substance use disorder.
Source: United States Senator for North Carolina Thom Tillis
WASHINGTON, D.C. – Senators Thom Tillis (R-NC), John Hickenlooper (D-CO), Mike Rounds (R-SD), Jeanne Shaheen (D-NH), Ted Budd (R-NC), Gary Peters (D-MI) and Katie Britt (R-AL) recently introduced the Improving Disclosure for Investors Actof 2025, bipartisan legislation requiring the Securities and Exchange Commission (SEC) to propose rules allowing for the default electronic delivery of regulatory documents to investors.
“U.S capital markets have embraced the digital age and rely on far less paper now than they did 25 years ago, and it is past time that we bring disclosure requirements into the 21st century,” said Senator Tillis. “Nearly 80% of surveyed Americans already utilize electronic delivery and this commonsense legislation will heighten efficiency and cut down on unwanted paper while still preserving investors’ ability to receive printed hard copies if they wish.”
“Today’s economy runs in the digital age, and we need to catch up,” said Senator Hickenlooper. “Cutting red tape is as simple as going paperless.”
“As business and industry modernize, the SEC must allow financial firms to do the same,” said Senator Budd. “Making E-Delivery the default for firms and their clients will enhance security and cut unnecessary red tape. I am proud to work alongside Senator Tillis and my colleagues to ensure investors can efficiently access to their information without experiencing delays caused by outdated paper systems.”
“As our capital markets have evolved and digitized, investor communications must adapt,” said Senator Britt. “This commonsense legislation would allow for more efficient and convenient access to financial information for investors who already overwhelmingly choose electronic delivery to receive these disclosure documents. This legislation saves time and resources and reduces unnecessary costs for both financial firms and consumers.”
“The time is overdue to make electronic delivery the default means for delivering investor communications, while giving investors the power to choose paper delivery if preferred. Survey results show that a large majority of retail investors, regardless of income or age, want e-delivery for its environmental benefits, speed, and convenience. SIFMA commends Senators John Hickenlooper (D-CO), Thom Tillis (R-NC), Mike Rounds (R-SD), Jeanne Shaheen (D-NH), Ted Budd (R-NC), Gary Peters (D-MI), and Katie Britt (R-AL) for introducing The Improving Disclosure for Investors Act. This important bipartisan legislation is the natural next step in modernizing the SEC’s framework in light of changing investor preferences and technology.”- Securities Industry and Financial Markets Association (SIFMA)
“The bipartisan Improving Disclosure for Investors Act will allow millions of investors to receive information electronically, the overwhelming preference for most Americans,” said ICI CEO and President Eric J. Pan. “This is a big step forward in modernizing information delivery, while allowing those that prefer to receive paper statements to continue to do so. ICI applauds Senators Hickenlooper, Tillis, Shaheen, Rounds, Peters, Budd, and Britt for furthering this important legislation in the interest of investors. Their leadership in enhancing the retail investment experience will make US capital markets even stronger. We urge the swift passage of this legislation.”
“Fidelity Investments applauds Senators Thom Tillis and John Hickenlooper for the bipartisan re-introduction of the Improving Disclosure for Investors Act, which directs the SEC to make electronic delivery (eDelivery) the primary way to receive disclosures, with significant investor protections in the transition. eDelivery has been shown to be a more secure, effective, and timely way to receive critical investment information. We look forward to continuing to work with Congress and the SEC to advance this commonsense reform.” – Fidelity Investments
“Charles Schwab commends Senators Tillis and Hickenlooper for their efforts in crafting this legislation, which would require the SEC to promulgate rules to default to the e-delivery of regulatory documents required under the securities laws, while still allowing those who prefer to receive documents in paper form. Default e-delivery is long-overdue, as a large majority of investors prefer the speed and convenience of receiving documents electronically. E-delivery allows Schwab to deliver our products at lower cost, avoids waste, and is environmentally friendly. Schwab looks forward to working with these Senators and their colleagues to move this important legislation forward.” – Charles Schwab
“LPL Financial supports the Improving Disclosure for Investors Act of 2025, introduced by Senators Tillis, Hickenlooper, Rounds, Shaheen, Budd, Peters, Britt. The benefits of e-delivery have been well documented. Disclosures can be available on demand, interactive, and easier to navigate. Reducing paper helps the environment. The visually impaired and savers whose first language is not English can benefit from features of digital communications, including translation options. And for those who want paper delivery, the ability to receive one at any point assures continued access. We applaud the Senators for introducing this bill and look forward to working with lawmakers to enact this bipartisan legislation.” – LPL Financial
“Environmental Paper Network commends this bipartisan effort to reduce waste and improve efficiency while preserving consumer choice. Mandated paper delivery of investor documents results in over 830 million printed pages each year, consuming 101,000 trees and producing emissions equal to nearly 7,000 cars. The Improving Disclosure for Investors Act updates outdated rules by making electronic delivery the default. Most investors prefer faster, more convenient digital access. This common-sense shift will cut costs and environmental harm while still allowing anyone to opt for paper.” – Environmental Paper Network
Background:
The SEC currently permits electronic delivery of certain documents, subject to requirements that a registrant provides notice that the information is available electronically, the investor has adequate access to such information, and the registrant either obtains evidence to show actual delivery or obtains informed consent from the investor (“opt-in” requirement). The SEC has not comprehensively updated this framework in over 20 years. This legislation requires the SEC establish a means for investment disclosure documents to be delivered electronically by default, while still providing a clear pathway for investors to opt out of electronic delivery and revert to paper documents at any time.
BOSTON – A Braintree man was sentenced today in federal court in Boston for leading a large-scale drug trafficking organization (DTO) that distributed fentanyl sourced from Latin America.
Jonathan Melendez Decatro, a/k/a “Jacha,” 32, of Braintree, was sentenced by U.S. District Court Chief Judge F. Dennis Saylor IV to 10 years in prison and five years of supervised release. In January 2025, Melendez Decatro pleaded guilty to one count of conspiracy to distribute and to possess with intent to distribute fentanyl. Melendez Decatro was indicted in June 2023.
In 2019, Melendez Decatro was identified as the leader of a large-scale DTO operating in the Brockton area, who sourced narcotics directly from Colombia, Mexico and the Dominican Republic. On two dates in 2021, packages intended for Melendez Decatro were intercepted by law enforcement and each found to contain a kilogram of cocaine. Additionally, on several dates in the spring of 2023, Melendez Decatro conspired with an individual who resided in the Dominican Republic to distribute 1.5 kilograms of fentanyl to another individual in Braintree. It was later determined that the purity of the fentanyl ranged from 54% to 79% and also contained xylazine. During of search of Melendez Decatro’s residence, over $11,000 in drug proceeds and clothing worn during the fentanyl transactions were recovered.
United States Attorney Leah B. Foley; Michael J. Krol, Special Agent in Charge of Homeland Security Investigations in New England; Kimberly Milka, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division made the announcement today. Valuable assistance was provided by the Drug Enforcement Administration in Bogota; United States Postal Inspection Service; Massachusetts State Police; and the Brockton Police Department. Assistant U.S. Attorney Lindsey E. Weinstein of the Criminal Division prosecuted the case.
This operation is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations. 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.
ALBUQUERQUE – A Mescalero man was sentenced to 71 months in prison for assault by strangulation.
There is no parole in the federal system.
According to court documents, between May 5 and May 11, 2022, Kevin El Cavazone, 42, an enrolled member of the Jicarilla Apache Tribe, assaulted Jane Doe by strangling her.
Upon his release from prison, El Cavazone will be subject to 3 years of supervised release.
U.S. Attorney Ryan Ellison and Philip Russell, Acting Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.
The Las Cruces Resident Agency of the FBI Albuquerque Field Office investigated this case with assistance from the Bureau of Indian Affairs. Assistant United States Attorney Alyson Hehr is prosecuting the case.
Burlington, Vermont – The Office of the United States Attorney for the District of Vermont announced that a federal grand jury returned a two-count indictment charging Todd Hoyte, 54, of Saint Thomas, U.S. Virgin Islands, with making interstate threats and stalking. Hoyte was arrested by the Federal Bureau of Investigation on April 1, 2025, in Saint Thomas. Hoyte initially appeared in federal court in the U.S. Virgin Islands where he was ordered detained.
Hoyte entered a plea of not guilty to the charges during an arraignment in the District of Vermont on May 29, 2025 before United States Magistrate Judge Kevin J. Doyle. Judge Doyle ordered that Hoyte continue pretrial detention during the pendency of this matter.
According to court records, between July 29, 2024 and September 25, 2024, Hoyte left numerous voicemails for Victim-1, who worked in Vermont. The voicemails which were harassing, threatening, and intimidating, were made from outside of Vermont. Hoyte left the voicemails on Victim-1’s work phone, Victim-1’s voicemail box, and the voicemail box of the Vermont Department of Public Service. The voicemails included threats to injure Victim-1.
The United States Attorney’s Office emphasizes that an indictment contains allegations only and that Hoyte is presumed innocent until and unless proven guilty. Hoyte faces up to 5 years’ imprisonment on each count if convicted. The actual sentence, however, would be determined by the District Court with guidance from the advisory United States Sentencing Guidelines and the statutory sentencing factors.
Acting United States Attorney Michael P. Drescher commended the investigatory efforts of the Federal Bureau of Investigation and thanked the U.S. Marshals Service.
The prosecutors are Assistant United States Attorneys Jonathan A. Ophardt and Zachary Stendig. Hoyte is represented by Assistant Federal Defender Emily Kenyon.
SAN ANTONIO – Acting United States Attorney Margaret Leachman for the Western District of Texas announced today, that federal prosecutors in the district filed 413 new immigration and immigration-related criminal cases from May 23 through May 29.
Among the new cases, Salvadoran national Jaqueline Del Carmen Aleman-Aguilar was charged with one count of illegal re-entry in San Antonio. According to a criminal complaint, Aleman-Aguilar was convicted for transportation of aliens in June 2015 and sentenced to six months in federal prison. She was then removed from the United States to Mexico in July 2015.
Christian Ruben Corea-Benavides, a Nicaraguan national, was charged in El Paso with attempting to transport illegal aliens. U.S. Border Patrol agents allegedly observed Corea-Benavides pick up five illegal aliens just over four miles west of the Fort Hancock Port of Entry. A criminal complaint alleges that during a traffic stop, the investigating USBP agent observed a female passenger in the front seat of the vehicle, and four additional passengers lying on top of one another in the backseat—all appearing to be wet and muddy.
Mexican national Sabino Renteria-Alvarado was arrested May 28 at the Paso Del Norte Port of Entry after he attempted to enter through the pedestrian entrance and allegedly presented the Customs and Border Protection officer (CBPO) with a false claim that he had been a Legal Permanent Resident, but that police in Nevada possessed his LPR card. The CBPO referred Renteria-Alvarado to Passport Control Secondary, where records revealed he had been previously removed in January 2024 through Nogales, Arizona. His criminal record includes a 15-year prison sentence for a sexual assault of a minor conviction in 2017. Renteria-Alvarado is currently charged with one count of illegal re-entry.
Two U.S. citizens were arrested in the Del Rio area as the result of separate human smuggling attempts, as alleged in criminal complaints. Nancy Anna Gwyn, of Houston, was encountered during a May 22 traffic stop near Carrizo Springs. USBP agents allegedly uncovered three passengers in her vehicle who were identified to be citizens of foreign countries and illegally present in the U.S. On May 24,an immigration checkpoint inspection near Eagle Pass allegedly revealed that Anastasia Lee Daneill Godfrey, of Oklahoma City, Oklahoma, was attempting to transport two illegal aliens to San Antonio in the trunk of a sedan.
Honduran national Walter Alonso Martinez-Chandias is charged with illegal re-entry. He has one prior removal—in June 2013 through Alexandria, Louisiana—and a lengthy criminal record that includes convictions in Birmingham, Alabama for drug trafficking and homicide, for which he was sentenced in 2018 to five years and 20 years in prison, respectively. In 2017, he was convicted in Birmingham for unlawful transport of firearms and sentenced to 81 months in prison. A criminal complaint alleges that when he was arrested on May 25, Martinez-Chandias refused to comply with Border Patrol agents’ commands and resisted attempts to be placed in custody and handcuffs by running and kicking.
Luis Alberto Olivarez-Hernandez, of Mexico, was arrested May 27 near Eagle Pass for illegal re-entry. He has two prior removals, the last one being Feb. 25 through Laredo, five days after a felony conviction for unlawfully carrying a weapon in prohibited places. Additionally, Olivarez-Hernandez was convicted in 2010 for aggravated assault with a deadly weapon.
Armando Vazquez-Ruiz, also a Mexican national, is charged with illegal re-entry after being found near Eagle Pass less than two weeks after his most recent removal. Vazquez-Ruiz had been convicted in Georgetown May 7 for assault causing bodily injury and was deported May 8 through Laredo.
In Austin, Mexican national Basilio Luna-Luna was encountered by Immigration and Customs Enforcement at the Travis County Jail May 24, where he was detained for what would be his seventh DWI, if convicted. Luna-Luna was previously removed from the U.S. in November 2014 and voluntarily returned to Mexico twice—once in 1998 and once in 2009.
Juan Alberto Zarate-Salgado, also of Mexico, was encountered at the Travis County Jail as well and is charged with illegal re-entry. Zarate-Salgado has two prior removals and multiple convictions for assault of a family/household member and assault causing bodily injury to a family member.
These cases were referred or supported by federal law enforcement partners, including Homeland Security Investigations (HSI), Immigration and Customs Enforcement’s Enforcement and Removal Operations (ICE ERO), U.S. Border Patrol, the Drug Enforcement Administration (DEA), the Federal Bureau of Investigation (FBI), the U.S. Marshals Service (USMS), and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), with additional assistance from state and local law enforcement partners.
The U.S. Attorney’s Office for the Western District of Texas comprises 68 counties located in the central and western areas of Texas, encompasses nearly 93,000 square miles and an estimated population of 7.6 million people. The district includes three of the five largest cities in Texas—San Antonio, Austin and El Paso—and shares 660 miles of common border with the Republic of Mexico.
These cases are part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).
Indictments and criminal complaints are merely allegations and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Defendants are alleged to have illegally imported tens of millions of dollars in crude oil
BROWNSVILLE, Texas – Two family members with ties to South Texas have been charged with allegedly conspiring to materially support a Mexican cartel previously designated as a foreign terrorist organization, conspiracy to commit money laundering and related smuggling charges, announced U.S. Attorney Nicholas J. Ganjei.
The superseding indictment, returned May 22, alleges Maxwell Sterling Jensen, 25, Draper, Utah, and James Lael Jensen, 68, Sandy, Utah, conspired to provide material support to the Cartel de Jalisco Nueva Generación (CJNG) in the form of U.S. currency. The Secretary of State designated CJNG as a foreign terrorist organization Feb. 20.
“This case underscores the more aggressive and innovative approach the Southern District of Texas is taking towards combatting the scourge of drug cartels,” said Ganjei. “This strategy focuses not just on the traffickers and trigger-pullers directly employed by the cartels, but also targeting their confederates and enablers. Whether you are handing the cartel a gun, providing a car or safehouse for smugglers, or putting money in the cartel’s pocket, you will be held to account.”
The Jensens allegedly operated Arroyo Terminals, an enterprise based in Rio Hondo.
Both are also charged with allegedly conspiring to conduct financial transactions to conceal and disguise the nature and source of the proceeds of illegally smuggled goods, crude oil. They also aided and abetted the fraudulent entry of approximately 2,881 shipments of the oil in violation of the Tariff Act, according to the charges.
“Cases like this highlight the often-dangerous relationships between alleged unscrupulous U.S. businesses and terrorist organizations,” said Special Agent in Charge Craig Larrabee of Immigration and Customs Enforcement’s Homeland Security Investigations (ICE-HSI) San Antonio. “Through strong collaborations and relentless investigative work, we and our partners exposed a possible large-scale operation that allegedly attempted to move millions in illicit crude oil and launder the proceeds. HSI remains committed to protecting our economy and holding offenders accountable.”
“What began as a Drug Enforcement Administration (DEA) drug trafficking investigation evolved into a multifaceted case involving an alleged complex criminal operation generating millions of dollars from crude oil – the largest funding source for Mexican drug cartels,” said Acting Special Agent in Charge William Kimbell of DEA – Houston. “Given the charges have profound implications for both the United States and Mexico, we will continue to explore all leads and identify any believed to be involved. The collaboration with federal law enforcement, prosecutors, and state agencies proved critical to unraveling these alleged crimes and will continue until such operations are destroyed.”
“It is a top priority of the FBI to eliminate foreign terrorist organizations by depriving them of the funding they need to operate and by seizing their most valued assets,” said FBI Special Agent in Charge Aaron Tapp of the San Antonio Field Office. “Together with our law enforcement partners, we will use every resource and capability at our disposal to ensure violent cartels and anyone who corruptly facilitates their operations are held accountable to the American people and unable to establish a foothold in our communities.”
“Our commitment to taking down drug cartels and organized crime leverages IRS Criminal Investigation’s (CI) specialty in forensic accounting that identifies the alleged money trail and shuts down the flow of cash, just like we did in this case,” said acting Special Agent in Charge Lucy Tan, of IRS Criminal Investigation’s Houston Field Office. “Some of our best special agents are using their law enforcement expertise to build unshakeable cases to ensure criminals are taken off the streets and their ill-gotten gains are returned to the American people.”
At the time of the initial arrests, authorities seized four tank barges containing crude oil, three commercial tanker trucks, an Arroyo Terminal pickup truck and one personal vehicle. The Arroyo Terminal property in Rio Hondo, crude oil contained Arroyo Terminal storage tanks and additional real properties are also sought for forfeiture. The superseding indictment also contains notice that the United States will seek a $300 million money judgment upon conviction.
The conspiracies to provide material support and to commit money laundering both carry a possible prison term of up to 20 years. If convicted of aiding and abetting the smuggling of goods into the United States and doing so by means of false statements, both men could also face up to 10 and five years, respectively. James Jensen also faces one count of money laundering spending which carries an additional 10 years in prison, upon conviction.
With the exception of the money laundering charge which has the possibility of up to a $500,000 fine or twice the value of the property involved, the remaining counts carry a maximum $250,000 potential fine.
The investigation was a joint effort among many law enforcement partners to include FBI, ICE-HSI and DEA with substantial assistance of IRS CI along with Customs and Border Protection, U.S. Marshals Service and Texas Department of Public Safety.
Operation Liquid Death involved the combined efforts of DEA, FBI, ICE-HSI and IRS CI and others and is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood.
Assistant U.S. Attorneys (AUSA) James Sturgis and Laura Garcia are prosecuting the case. AUSAs Mary Ellen Smyth and Tyler Foster are handling seizure and forfeiture matters.
An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.
CALGARY, Alberta, June 02, 2025 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC Energy) today announced that it does not intend to exercise its right to redeem its Cumulative Redeemable First Preferred Shares, Series 3 (Series 3 Shares) and Cumulative Redeemable First Preferred Shares, Series 4 (Series 4 Shares) on June 30, 2025. As a result, subject to certain conditions:
(a) the holders of Series 3 Shares have the right to choose one of the following options with regard to their shares:
to retain any or all of their Series 3 Shares and continue to receive a fixed rate quarterly dividend; or
to convert, on a one-for-one basis, any or all of their Series 3 Shares into Series 4 Shares and receive a floating rate quarterly dividend, and
(b) the holders of Series 4 Shares have the right to choose one of the following options with regard to their shares:
to retain any or all of their Series 4 Shares and continue to receive a floating rate quarterly dividend; or
to convert, on a one-for-one basis, any or all of their Series 4 Shares into Series 3 Shares and receive a fixed rate quarterly dividend.
Should a holder of Series 3 Shares choose to retain their shares, such shareholders will receive the new annual fixed dividend rate applicable to Series 3 Shares of 4.102 per cent for the five-year period commencing June 30, 2025 to, but excluding, July 2, 2030. Should a holder of Series 3 Shares choose to convert their shares to Series 4 Shares, holders of Series 4 Shares will receive the floating quarterly dividend rate applicable to the Series 4 Shares of 3.924 per cent for the three-month period commencing June 30, 2025 to, but excluding, Sept. 29, 2025. The floating dividend rate will be reset every quarter.
Should a holder of Series 4 Shares choose to retain their shares, such shareholders will receive the floating quarterly dividend rate applicable to Series 4 Shares of 3.924 per cent for the three-month period commencing June 30, 2025 to, but excluding, Sept. 29, 2025. The floating dividend rate will be reset every quarter. Should a holder of Series 4 Shares choose to convert their shares to Series 3 Shares, holders of Series 3 Shares will receive the new fixed quarterly dividend rate applicable to the Series 3 Shares of 4.102 per cent for the five-year period commencing June 30, 2025 to, but excluding, July 2, 2030.
Beneficial owners of Series 3 Shares and Series 4 Shares who want to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to meet the deadline to exercise such right, which is 5 p.m. (EST) on June 16, 2025. Any notices received after this deadline will not be valid. As such, it is recommended that this be done well in advance of the deadline in order to provide the broker or other nominee with time to complete the necessary steps.
Beneficial owners of Series 3 or Series 4 Shares who do not provide notice or communicate with their broker or other nominee by the deadline will retain their respective Series 3 Shares or Series 4 Shares, as applicable, and receive the new dividend rate applicable to such shares, subject to the conditions stated below.
The foregoing conversions are subject to the conditions that: (i) if TC Energy determines that there would be less than one million Series 3 Shares outstanding after June 30, 2025, then all remaining Series 3 Shares will automatically be converted into Series 4 Shares on a one-for-one basis on June 30, 2025, and (ii) if TC Energy determines that there would be less than one million Series 4 Shares outstanding after June 30, 2025, then all of the remaining outstanding Series 4 Shares will automatically be converted into Series 3 Shares on a one-for-one basis on June 30, 2025. In either case, TC Energy will issue a news release to that effect no later than June 23, 2025.
Holders of Series 3 Shares and Series 4 Shares will have the opportunity to convert their shares again on July 2, 2030 (adjusted from June 30, 2030 to account for applicable business days) and on June 30 in every fifth year thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with an investment in the Series 3 Shares and the Series 4 Shares, please see the prospectus supplement dated March 4, 2010 which is available on sedarplus.ca or on our website.
About TC Energy We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to homes and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.
TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.
FORWARD-LOOKING INFORMATION This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.
-30-
Media Inquiries: Media Relations media@tcenergy.com 403-920-7859 or 800-608-7859
TORONTO, June 02, 2025 (GLOBE NEWSWIRE) — Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) reminds shareholders of its upcoming special meeting (the “Special Meeting”) to vote on the proposed arrangement transaction (the “Arrangement”) with Wesdome Gold Mines Ltd. (“Wesdome”), announced on April 7, 2025 and to be held on June 19, 2025. Shareholders must submit proxies by 5:00 p.m. (Toronto time) on June 17, 2025. Angus encourages all shareholders to vote as soon as possible.
Following a review of the Company’s information circular dated May 7, 2025 (the “Circular”) by the Ontario Securities Commission (“OSC”), Angus is also providing additional disclosure regarding the shareholder approval requirements under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). At the date of the Arrangement agreement and as of the record date of May 7, 2025 (the “Record Date”), Wesdome owned 6,300,000 common shares of Angus, representing 10.4% of the outstanding shares. As a result, Wesdome is a “related party” under MI 61-101, and, as noted in the Circular, the Arrangement constitutes a “business combination.” Accordingly, in addition to the 66 2/3% shareholder approval required under corporate law, the Arrangement requires “minority approval”—meaning approval by a majority of votes cast at the Special Meeting, excluding shares held by interested parties and related parties (each as defined under MI 61-101.
All 6,300,000 Angus common shares held by Wesdome will be excluded from minority approval given it is a related party to the Company. In addition, as disclosed in the Circular, Patrick Langlois and Dennis Peterson, who collectively hold 5,375,000 Angus common shares, are considered interested parties under MI 61-101, and their Angus shares will therefore be excluded from the minority approval vote. Each of the members of the Angus special committee and board of directors were aware of, and received advice with respect to, the application of MI 61-101 to the Arrangement in light of Wesdome’s related party status.
As of the Record Date, 60,331,050 Angus common shares were outstanding. Shareholders holding approximately 36.5% of these common shares have entered into voting support agreements in favour of the Arrangement, representing approximately 34.3% of the common shares eligible to vote for purposes of minority approval under MI 61-101.
The OSC also requested clarification of a reference to the mix of cash and share consideration in the “Background to the Arrangement” section of the Circular. During negotiations, Wesdome proposed that Angus shareholders receive a mix of cash and Wesdome shares instead of all Wesdome shares. After a thorough review by the special committee and its independent legal and financial advisors, the special committee recommended—and the Angus board agreed—that this mixed‐consideration approach would provide greater certainty of value while still allowing shareholders to benefit from any upside in Wesdome’s share price. As the definitive agreements progressed, the parties agreed to finalize the exact cash and share mix, with the price and exchange ratio fixed on April 5, 2025.
About Angus Gold:
Angus Gold Inc. is a Canadian mineral exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company’s flagship project is the Golden Sky Project in Wawa, Ontario. The Project is immediately adjacent to the Eagle River Mine of Wesdome Gold Mines Ltd. (“Wesdome”).
On behalf of Angus Gold Inc.,
Breanne Beh President and Chief Executive Officer
INQUIRIES: Lindsay Dunlop, Vice President Investor Relations Email: info@angusgold.com Phone: 647-259-1790 Company Website: www.angusgold.com
TSXV: GUS | USOTC: ANGVF
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Forward-looking statements or information contained in this press release include, but are not limited to, statements or information with respect to: (i) expectations regarding whether the proposed Arrangement will be consummated, including whether conditions to the consummation of the Arrangement will be satisfied, or the timing for completing the Transaction, (ii) expectations for the effects of the Arrangement or the ability of the combined company to successfully achieve business objectives, including integrating the companies or the effects of unexpected costs, liabilities or delays, (iii) the potential benefits and synergies of the Arrangement, and (iv) expectations for other economic, business, and/or competitive factors.
Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors including those risk factors discussed in the sections titled “Cautionary Note Regarding Forward Looking Information” and “Risks and Uncertainties” in the Company’s most recent Annual Information Form. Readers are urged to carefully review the detailed risk discussion in our most recent Annual Information Form which is available on SEDAR+ and on the Company’s website.
Toowong Private Hospital in Brisbane is the latest hospital to succumb to financial pressures and will close its doors next week. The industry association attributes the psychiatric hospital’s closure to insufficient payments from and delayed funding negotiations with private insurers.
Meanwhile, the future of Australia’s second-largest provide hospital provider, Healthscope, remains uncertain, after its parent company went into receivership last week.
Healthscope’s 37 private hospitals are being kept afloat with a A$100 million loan and will continue to operate for now. But the hospitals will be sold to repay lenders, so their future depends on who buys and what the new owners decide to do.
Across the board, private hospitals are struggling with soaring costs for staff and supplies, while private health insurance isn’t paying enough to cover these expenses.
These underlying issues will not disappear magically. More private hospitals will face similar financial troubles and some will be forced to close. But we’re unlikely to see the collapse of the entire private sector.
A mix of public and private
Australia operates a unique public-private health-care mix, with around 700 public and 647 private hospitals.
Public hospitals are largely government-owned and provide free care, funded by taxes. Private hospitals are owned and managed by private organisations, some of which are non-profit.
The private health-care sector plays a large role in Australia, providing 41% of all hospitalisations, however 74% are same-day stays.
Private hospitals are often smaller than public hospitals, without emergency departments, focusing on simpler, same-day care, and are more likely in cities. Some 83% of private hospitals are in metropolitan, 9% in regional centres and 8% in rural towns.
In contrast, 27% of public hospitals are in the major cities, 57% in regional areas and 16% in remote areas.
The role of private health insurance
Access to private hospitals requires private health insurance.
In 2022-23, the total A$21.5 billion was spent on private hospitals. Private health insurance covered about 45% ($9.7 billion), which comes from members’ premiums. Patients contributed 11% ($2.4 billion) in out-of-pocket costs.
The government contributed a substantial 37% ($8 billion) mainly through Medicare. This is separate from the additional $8 billion the government provides annually as rebates to individuals for buying private health insurance.
A key issue is this rebate money doesn’t directly flow to private hospitals, leaving them vulnerable in negotiations with insurers, as we saw with Toowong Private Hospital.
Evidence suggests these rebates might not be the most effective government investment. Experts, including me, have argued for direct funding into hospitals instead.
So, as more private hospitals face troubles, what does this mean?
Less choice and access for patients
Patients will experience less choice and potentially harder access for specific types of care.
In larger metropolitan areas with numerous private and public hospitals (including private wings in public hospitals), patients might switch to other private facilities or seek care as private patients in public hospitals.
However, in smaller or rural areas with limited or no other private hospitals, choice diminishes significantly. In this case, you will need to reconsider whether you need to buy private health insurance.
Currently, people earning over $97,000 (or families over $194,000 face an additional Medicare Levy Surcharge if they don’t hold private health insurance.
This policy is not fair to those who have no access to private hospitals and should be changed.
While there might be slightly longer waits in the short-term for elective surgeries due to shifting patient loads, our analysis suggests this won’t be a major long-term problem. The primary constraint for wait times is often personnel, not facilities.
If private hospitals close, doctors and nurses could potentially shift to public hospitals, helping to alleviate staffing shortages and reduce overall wait times.
Impacts for the public system
The impact on public emergency departments will be minimal, as most private hospitals lack them.
Many private hospital admissions are same-day and for simpler procedures. So public hospitals and remaining private hospitals (that are not operating at full bed capacity) should be able to absorb this extra demand in the long run, if they can attract more staff previously employed (or even facilities) in the closing private hospitals.
These hospitals will also receive additional revenue for these additional procedures.
Public hospitals should be able to absorb the extra demand. Shutterstock
Consequently, the effect on public hospital wait times for most conditions should not be substantial.
However, some complex, long-stay, or specific mental health cases (such as those from Toowong) may be hard to absorb without additional supply of specialists and funding.
What about health budgets?
In areas where patients are absorbed into existing public hospital capacity or other private facilities, the direct impact on the health budget would be minimal.
With more patients, the remaining private hospitals may gain more power to negotiate better funding contracts with insurance companies and achieve better supplier costs through economies of scale.
In areas where private hospitals (or public hospitals offering private care) cease to be viable, and people drop their private health insurance cover to use public hospitals, the government would pay more directly into public hospitals. However, this increased cost would be partially offset by reduced expenditure on private health insurance rebates.
Patients would also save money on premiums and out-of-pocket costs in private hospitals, though they would lose the choice of private care.
Ultimately, where a private model isn’t financially sustainable, the government or taxpayers often end up bearing the cost anyway.
Investing more directly in public hospitals in these areas, rather than relying on inefficient rebates, could be a more effective solution.
Yuting Zhang has received funding from the Australian Research Council (future fellowship project ID FT200100630), Department of Veterans’ Affairs, the Victorian Department of Health, National Health and Medical Research Council and Eastern Melbourne Primary Health Network. In the past, Professor Zhang has received funding from several US institutes including the US National Institutes of Health, Commonwealth fund, Agency for Healthcare Research and Quality, and Robert Wood Johnson Foundation. She has not received funding from for-profit industry including the private health insurance industry.
Source: United States House of Representatives – Congresswoman Susie Lee (NV-03)
WASHINGTON – Today, Congresswoman Susie Lee (NV-03) sent a letterto Federal Housing Finance Agency Director Bill Pulte calling for transparency on out-of-state big corporations and landlords buying up foreclosed Nevada homes, outbidding working families, and jacking up prices for homebuyers.
It’s estimated that 15%of the single-family homes in Las Vegas are owned by corporate investors and these massive corporations are trading homes like stocks. Recent local reporting has uncoveredthat New York-based hedge fund Pretium Partners is most likely the single largest homeowner in Clark County. Pretium-owned Progress Residential, a homes-for-rent management company, owns at least 3,190 homes in the county as of the end of February.
Lee is a cosponsor of the HOME Actto make it illegal to rent or sell a unit at an unreasonable price during a crisis. It also directs the Department of Housing and Urban Development to investigate price manipulation and price gouging by these cash-rich investors. The funds collected from fining these bad actors will go toward the National Housing Trust Fund to increase affordable housing nationwide.
Nevada is estimated to be over 78,000 units short of affordable units, with the Las Vegas area accounting for over 60,000 units. Las Vegas only has about 14 units for every 100 homes needed.
“I request further details regarding the processing of these foreclosures, including participation of out-of-state corporate entities in post foreclosure dispositions of properties sold to third parties or real estate owned (REO) properties executed by Fannie Mae and Freddie Mac and steps taken by the Federal Housing Finance Agency to protect local homeowners,” wrote Congresswoman Lee.
Lee continued, “In addressing this issue, it is critical that processes relating to the foreclosure and sale of homes in Nevada remain transparent and subject to necessary oversight.”
Full text of the letter can be found hereand below:
June 2, 2025
The Honorable William J. Pulte
Director
Federal Housing Finance Agency
400 7th Street SW
Washington, D.C. 20219
Dear Director Pulte,
I am writing to seek information about recent foreclosure activities and post-foreclosure dispositions in Nevada. Specifically, I am interested in understanding how many properties have been foreclosed upon in Nevada in the past 24 months. I request further details regarding the processing of these foreclosures, including participation of out-of-state corporate entities in post foreclosure dispositions of properties sold to third parties or real estate owned (REO) properties executed by Fannie Mae and Freddie Mac and steps taken by the Federal Housing Finance Agency to protect local homeowners.
As you know, Nevada faces a housing crisis which has made homeownership increasingly unattainable for many in our communities. As the supply of available homes and units continues to lag behind demand, corporate landlords and cash rich investors, many of which are based outside of Nevada, outbid working families for available homes and further jack up prices. Currently, as many as 15% of single-family homes in Las Vegas are owned by these investors and studies suggest that corporate entities could own up to 40% of homes nationwide by 2030.
In addressing this issue, it is critical that processes relating to the foreclosure and sale of homes in Nevada remain transparent and subject to necessary oversight. As such, I request further detail regarding the disposition process following foreclosure, and ask you to provide answers to the following questions:
For properties that have been foreclosed in the last 24 months, does FHFA have information regarding properties that are being auctioned or sold “at the courthouse steps” to third party buyers in their respective jurisdictions, as well as how many REO properties have been processed?
Does FHFA have a means of tracking in-state and out-of-state third parties that participate in this process?
As it pertains to the established First Look period, can you share additional details regarding properties that are excluded from this period, including how often properties are not subject to the First Look period and who buys those properties?
What additional protections does FHFA enforce, either for REO properties or otherwise, to protect local homebuyers in this process?
This information is crucial to helping better understand current housing trends in Nevada and to address any potential impacts on local housing availability and affordability. Ensuring as many homes as possible are available for Nevada homeowners is a top priority and I appreciate your partnership in promoting transparency in this process.
Thank you for your time and attention to this matter. I look forward to receiving any data or insights you can share, as well as any relevant procedures or policies that might guide the disposition of foreclosed properties. If you have any questions, please reach out to my office.
NEW YORK, June 02, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).
† A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.
You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.
Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.
About Guggenheim Investments
Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $246 billion* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 220+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.
Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.
*Assets under management are as of 3.31.2025 and include leverage of $15.2bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.
This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.
Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visitwww.guggenheiminvestments.comor contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.
Analyst Inquiries William T. Korver cefs@guggenheiminvestments.com
Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value Member FINRA/SIPC (06/25) 65080
Source: United States Senator Peter Welch (D-Vermont)
WINOOSKI, VT – U.S. Senator Peter Welch (D-Vt.), Ranking Member of the Senate Agriculture Subcommittee on Rural Development, Energy, and Credit, joined a forum hosted by the Energy Action Network (EAN) and the EAN Climate Workforce Coalition on how Congressional policy and budget decisions may impact Vermont’s energy transformation and climate action initiatives, including Vermont’s climate workforce.
“President Trump has put Big Oil first, and his attacks on green jobs prove it. He and his administration are walking back our global climate goals, gutting tax credits that help folks make energy efficiency home upgrades, and slashing green jobs and climate research. Vermonters have made their opposition to Trump’s actions clear—I’ve heard from hundreds of folks across our state who are deeply concerned about how Republicans’ budget will raise costs for families, businesses, and farmers,” said Senator Welch. “I’ll continue to join Senate Democrats in standing up to these attacks and fighting for a clean energy future.”
Republicans’ reconciliation bill will repeal clean energy programs established through the historic Inflation Reduction Act and raise energy costs for American households and businesses. It will eliminate jobs in manufacturing, clean technologies, and budding industries, and has already sown economic uncertainty throughout the energy sector.
The legislation advanced by the U.S. House of Representatives would effectively repeal many of the clean energy investments in the Inflation Reduction Act while expanding fossil fuel production and subsidies. Specifically, the bill:
Rescinds unspent funding for clean energy grant programs in the Inflation Reduction Act;
Eliminates or effectively eliminates most clean energy tax credits including:
Electric Vehicles Tax Credit for new and used vehicles;
Energy Efficiency Home Improvement Tax Credit;
Clean Electricity Investment and Production Tax Credits;
Advanced Manufacturing Production Credit; and
Mandates oil and gas leases on public lands and allows Big Oil companies to pay the government to fast-track environmental reviews.
All told, Republicans’ plans will have drastic consequences for the economy. Studies predict that repealing the Inflation Reduction Act will eliminate 790,000 jobs, increase energy costs for American consumers by $32 billion between 2025-35, and shrink the U.S. economy by $190 billion in 2035. President Trump’s policies have already killed $14 billion in clean energy investments and 10,000 new energy jobs since he took office.
TORONTO, June 02, 2025 (GLOBE NEWSWIRE) — Altai Resources Inc. (TSXV: ATI) (“Altai” or the “Company”) announced today that the Company has completed the repositioning of its Canadian investment portfolio (the “Investment Portfolio”) through the sale of all marketable securities and the subsequent reinvestment of those net cash proceeds into cash and cash equivalents (the “Repositioning”), to maximize the liquidity of the Investment Portfolio and to eliminate any associated equity market risk.
As a result of the Repositioning, the Company’s Investment Portfolio is now comprised of cash and cash equivalents, with a total market value of approximately $3.9 million. Based on the Company’s total issued and outstanding common shares of 56,033,552 as of May 30, 2025 (the “Common Shares”), the market value of the Investment Portfolio per Common Share is approximately $0.07.
ABOUTTHE COMPANY
Altai Resources Inc. is a Toronto, Ontario based resource company with a producing oil property in Alberta, an exploration gold property in Quebec, and a Canadian investment portfolio comprised of cash and cash equivalents. Additional information about the Company is available on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.altairesources.com.
For further information, please contact: Kursat Kacira,Chairman & CEO/President T: (647) 282-8324, E: kursatkacira@altairesources.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in thepoliciesof the TSXVenture Exchange) accepts responsibilityfortheadequacyor accuracy of this news release.
NEW YORK, June 02, 2025 (GLOBE NEWSWIRE) — IBEX Limited (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and AI-powered customer engagement technology solutions, today announced that CEO Bob Dechant and CFO Taylor Greenwald will participate in Baird’s 2025 Global Consumer, Technology & Services Conference in New York City.
Dechant and Greenwald will host a “Fireside Chat” on Tuesday, June 3, 2025, at 2 p.m. ET to speak about the company and answer questions. They will also participate in one-on-one investor meetings.
About ibex ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of approximately 30 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.
ibex leverages its diverse global team of more than 31,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.
Ottawa, Ontario, June 2, 2025—The Canadian International Trade Tribunal today continued its order made on September 5, 2019, in expiry review RR‑2018‑004, concerning the dumping and subsidizing of certain thermoelectric containers originating in or exported from China.
The Tribunal found that the expiry of the order was likely to result in injury. As such, the Tribunal continued its order. The Canada Border Services Agency will therefore continue to impose anti‑dumping and countervailing duties on these products.
The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.
Jay Clayton, the United States Attorney for the Southern District of New York, announced today that JOSE GARCIA was sentenced to 27 months in prison for committing two lengthy fraud crimes—a $4.5 million embezzlement crime and a $2.1 million tax evasion crime. In the embezzlement scheme, GARCIA had a lucrative no-show job with a technology company from 2012 to 2019. GARCIA did no work for the technology company, but GARCIA’s co-conspirator, a technology executive, approved millions in payments to GARCIA and GARCIA’s shell entities. In the tax evasion scheme, GARCIA neither filed tax returns nor paid income taxes from 2011 through 2019. GARCIA previously pled guilty to wire fraud conspiracy and tax evasion before U.S. District Judge Dale E. Ho, who imposed today’s sentence. Three other members of the embezzlement conspiracy have also pled guilty to date.
“Jose Garcia engaged in a lengthy embezzlement scheme that involved a no-show job, fraudulent billings, and largescale cash kickbacks,” said U.S. Attorney Jay Clayton. “Garcia then doubled-down and sought to conceal his embezzlement activities by committing another crime – tax evasion. In all, Garcia stole millions at the expense of hard-working, tax-paying Americans. He then used the proceeds of his frauds to fund a lavish lifestyle. For these brazen crimes, Garcia has been sentenced to prison.”
According to the allegations contained in the Indictment, the Superseding Information to which GARCIA pled guilty, and statements made in public filings and in public court proceedings:
The Embezzlement Scheme
From approximately May 2010 through February 2019, GARCIA’s co-defendant, Mark Angarola, spearheaded a large fraud scheme to unlawfully enrich himself and his co-conspirators (the “Conspirators”) by submitting and causing to be submitted fraudulent invoices and expenses to an information technology (“IT”) services company (the “Contractor”), at which Angarola was employed in a senior position. In total, the embezzlement scheme caused a loss of more than $7 million. GARCIA received the majority of the scheme’s fraud proceeds: $4,554,950.
Angarola was a New York-based Global Account General Manager at the Contractor. He was responsible for managing the Contractor’s relationship with a particular client, which was a subsidiary of a global financial institution (the “Client”). The Contractor had a service contract with the Client, pursuant to which the Contractor provided IT support services to the Client at locations across the U.S. The Contractor subcontracted certain of this work to a technology solutions company (the “Subcontractor”). Pursuant to the agreement between the Contractor and the Subcontractor (the “Subcontract”), the Subcontractor provided certain IT support services directly to the Client in the place of the Contractor. Angarola was responsible for oversight of the Subcontractor’s performance on the Subcontract, which included approving payment to the Subcontractor on invoices submitted for work purportedly performed and expenses purportedly incurred in the Subcontractor’s performance on the Subcontract.
Angarola abused his position to fraudulently enrich himself, his family, and his friends. For instance, he arranged for the Subcontractor to hire certain of his family members, friends, and subordinates, despite the fact that these individuals lacked apparent qualifications to perform deskside IT work. He arranged for the Subcontractor to hire, among others, his wife (a homemaker); his former college roommate (a police sergeant); and his close friends, including GARCIA (a construction manager) and GARCIA’s wife (a schoolteacher). Thereafter, various Conspirators falsely reported to the Subcontractor that they had performed work under the Subcontract and incurred business expenses. The Subcontractor submitted invoices to the Contractor for the hours purportedly worked and business expenses purportedly incurred by several of the Conspirators, and Angarola, in turn, caused the Contractor to pay the Subcontractor on these fraudulent invoices. The purported business expenses incurred by several Conspirators, and ultimately paid for by the Contractor at the direction of Angarola, included restaurant meals, hotel stays, transportation fees, a cruise, and gentlemen’s clubs. In fact, the expenses were personal expenses and were not reimbursable under the Contractor’s policy.
GARCIA was a central beneficiary of the embezzlement scheme and received the majority of the fraud proceeds. These fraud proceeds were paid in part to GARCIA personally, and in part to his shell entities. GARCIA did no work whatsoever for the Contractor or Subcontractor, but invoiced the Subcontractor, month after month, requesting payment for purported “Management Fees.” For instance, at different points in the scheme, GARCIA requested monthly payment of $36,000, $45,000, $51,000, or $60,000. Angarola approved these payments to GARCIA on behalf of his employer, the Contractor. In return, GARCIA paid Angarola cash kickbacks exceeding $1 million. GARCIA participated in the embezzlement scheme despite having fulltime, gainful employment elsewhere as a consultant and project manager in the construction industry.
Financial records reveal that GARCIA spent fraud proceeds on, among other things, private school tuition, rent, luxury travel, luxury items, gym memberships, and sports memorabilia. For instance, GARCIA paid for stays at luxury hotels such as the Ritz Carlton (in four different cities), the Waldorf Astoria, and the Plaza. And GARCIA spent more than $50,000 on luxury items, including expensive purchases at Cartier, Hermes, Gucci, Louis Vuitton, Bulgari, Burberry, Bianca Jewelers, a glass blower in Venice, and a violin shop specializing in Stradivarius models.
Tax Evasion
From 2011 through 2019, GARCIA also committed tax evasion, resulting in a tax loss to the Internal Revenue Service (“IRS”) of approximately $2,116,605. For this nine-year period, GARCIA neither filed tax returns nor paid income taxes. As such, GARCIA failed to report to the IRS the income he derived from the embezzlement scheme as well as the income he derived from other business interests and sources. GARCIA used shell entities to conceal his receipt of income, including by creating such entities, diverting income to such entities, and using entity bank accounts to pay for his personal expenses.
* * *
In addition to his prison term, GARCIA, 53, of New York, New York, was sentenced to three years of supervised release. GARCIA was also ordered to forfeit $4,554,950 and pay restitution in the amount of $7,007,055.
Mr. Clayton praised the outstanding investigative efforts of the Federal Bureau of Investigation, New York Field Office; the IRS-Criminal Investigation, New York Field Office; and the U.S. Department of Labor – Office of Inspector General, Northeast Regional Office.
This matter is being handled by the Office’s Complex Frauds and Cybercrime Unit, along with the Justice Department’s Tax Division. Assistant U.S. Attorneys Michael D. Neff, Timothy V. Capozzi, and Special Assistant U.S. Attorney Jorge Almonte of the Tax Division are in charge of the prosecution.
Jay Clayton, the United States Attorney for the Southern District of New York, announced today that RANDY MILLER and CHAD MILLER pled guilty to securities fraud and aggravated identity theft in connection with their scheme to defraud municipal bond investors. The defendants pled guilty before U.S. Magistrate Judge Robyn F. Tarnofsky and will be sentenced before U.S. District Judge Lewis A. Kaplan at a later date.
“Randy and Chad Miller’s fraudulent actions resulted in nearly total losses for investors,” said U.S. Attorney Jay Clayton. “As today’s guilty pleas make clear, this Office remains committed to protecting the integrity of the public finance system and holding accountable those who exploit investors’ trust. This case demonstrates the strength of our partnership with the FBI, whose diligent investigation uncovered the defendants’ fraud.”
According to the allegations contained in the Indictment, the Superseding Information, public filings, and statements made in court:
RANDY MILLER and CHAD MILLER defrauded investors in municipal bonds used to fund the development of a major sports complex in Mesa, Arizona called Legacy Park. In connection with the initial $250 million bond offering in August 2020 and supplemental bond offering in June 2021, the defendants lied to potential investors about the interest sports organizations and other potential customers had in using or relocating to Legacy Park. The defendants and their associates forged and altered purported “binding” letters of intent and other documents from those potential customers to make it appear that the customers were committing to holding many events at Legacy Park, with a significant number of spectators, and agreeing to pay large fees – all far beyond what the organizations were considering, if they were considering Legacy Park at all. In some instances, RANDY MILLER and CHAD MILLER signed and directed others to sign customers’ names without the customers’ knowledge or permission. At other times, the defendants copied and directed others to copy the signatures of other customers onto the fabricated letters, again without the customers’ knowledge or permission. As part of their scheme, the defendants forged documents on behalf of numerous persons and organizations, including an organization that promotes sports for disabled athletes.
RANDY MILLER and CHAD MILLER presented the fraudulent documents to prospective bond investors and incorporated them into their solicitation materials by claiming that Legacy Park would be 100% occupied at opening and would generate nearly $100 million in revenue in its first year of operations, more than enough to cover the bond payments.
After the Legacy Park bonds were sold to investors, RANDY MILLER and CHAD MILLER profited personally from the bond proceeds raised. Legacy Park opened in 2022 and failed shortly thereafter, defaulting on its bonds in October 2022 and filing for bankruptcy in May 2023. The project was later sold in bankruptcy for less than $26 million. Of those proceeds, less than $2.5 million went to repay the approximately $284 million owed to Legacy Park bondholders.
* * *
RANDY MILLER, 70, and CHAD MILLER, 41, both of Phoenix, Arizona, pled guilty to one count of securities offering fraud, which carries a maximum sentence of five years in prison, and one count of aggravated identity theft, which carries a mandatory consecutive sentence of two years in prison. As part of their guilty pleas, money judgments in the amounts of $7,289,134.89 and $4,798,980.19 were entered against RANDY MILLER and CHAD MILLER, respectively.
The maximum potential sentence in this case is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendants will be determined by a judge.
Mr. Clayton praised the outstanding work of the Federal Bureau of Investigation. Mr. Clayton also thanked the U.S. Securities and Exchange Commission, which has filed a parallel civil action.
The case is being handled by the Office’s Securities and Commodities Fraud Task Force. Assistant U.S. Attorneys Matthew R. Shahabian and Courtney L. Heavey are in charge of the prosecution.
MINNEAPOLIS – The 71st defendant in the Feeding Our Future fraud scheme has been indicted with two counts of wire fraud following her failed attempt to leave the country for Dubai, announced Acting U.S. Attorney Lisa D. Kirkpatrick.
According to court documents, Hibo Daar, 50,owned and operated an entity called Northside Wellness Center. In 2020, Daar applied to use Northside Wellness Center as a food distribution site in the federal child nutrition program under the sponsorship of Feeding Our Future. Using Northside Wellness, Daar purportedly served thousands and thousands of meals to children from a small business park on Hennepin Avenue in Minneapolis. At times, Daar completed and signed meal count forms on which she claimed to be serving 40,000 meals to children from the Northside Wellness site each week. Court documents explain that those meal counts were inflated, and that Daar used false invoices and false attendance rosters to bolster those inflated claims. Daar’s Northside Wellness site submitted over $2.4 million in reimbursement claims. A bank account Daar controlled received more than $1.7 million in taxpayer dollars from those claims. Financial records indicate that Daar used only a tiny portion of those dollars to purchase food and instead transferred most of that money to family, associates, and to herself. Court documents further describe that Daar paid $72,000 in bribes to a Feeding Our Future employee to ensure processing of Daar’s fraudulent reimbursement claims.
Federal agents apprehended Daar at the Minneapolis-St. Paul International Airport this week before she could board a flight booked to Dubai. Daar is currently in custody pending a detention hearing scheduled for May 30.
“As we have said, the U.S. Attorney’s Office is not stopping. We will continue to investigate and charge defendants who defrauded the government in the Feeding Our Future case—the largest COVID fraud scheme in the country and the single largest case charged in the history of this office,” said Acting U.S. Attorney Lisa D. Kirkpatrick. “Our work is not done.”
“Fraud against the government takes money out of taxpayers’ pockets,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “Criminals who exploit government programs for personal gain will face the full weight of justice. The FBI and our law enforcement partners condemn these actions and will continue to work to protect the public from these damaging schemes.”
This case is the result of an investigation by the FBI, IRS – Criminal Investigations, and the U.S. Postal Inspection Service.
Assistant U.S. Attorneys Joseph H. Thompson, Matthew S. Ebert, Harry M. Jacobs and Daniel W. Bobier are prosecuting the case.
An indictment is merely an allegation, and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
TAMPA, Fla., June 02, 2025 (GLOBE NEWSWIRE) — HCI Group, Inc.(NYSE: HCI) has successfully completed its catastrophe reinsurance programs for the 2025-2026 treaty year, which runs from June 1, 2025 through May 31, 2026.
“We are grateful for the strong support from our global reinsurance partners, whose continued confidence in HCI underscores the quality of our underwriting and our disciplined approach to risk,” said Paresh Patel, HCI’s chairman and chief executive officer. “We believe our reinsurance programs are prudently structured to protect the long-term financial stability of our insurance companies. With the reinsurance placement now finalized, we are well-positioned to pursue strategic initiatives aimed at delivering sustained value to our shareholders.”
HCI secured three reinsurance towers for the 2025-2026 treaty year. Reinsurance Tower 1 is shared between HCI subsidiary, Homeowners Choice Property & Casualty Insurance Company, and HCI sponsored reciprocal insurance company, Tailrow Insurance Exchange, and covers all Homeowners Choice policies issued in Florida and all Tailrow policies issued in Florida. Reinsurance Tower 2 is shared between HCI subsidiary, TypTap Insurance Company, and Homeowners Choice and covers all TypTap policies (whether issued in Florida or outside of Florida) and all Homeowners Choice policies issued outside of Florida. Reinsurance Tower 3 covers all Condo Owners Reciprocal Exchange policies issued in Florida. Condo Owners Reciprocal Exchange, known as CORE, is a reciprocal insurance company sponsored by HCI.
Across the three reinsurance towers, HCI secured over $3.5 billion in excess of loss aggregate limit and full reinstatement premium protection for the 2025-2026 treaty year. Claddaugh Casualty Insurance Company Ltd, HCI’s Bermuda-based reinsurance subsidiary, selectively participates across all three reinsurance towers. All participating reinsurers are AM Best rated ‘A-’ (Excellent) or better or have fully collateralized their obligations to HCI.
The statutory retentions for the first and second event are $18 million for both Reinsurance Tower 1 and Reinsurance Tower 2, and $3 million for Reinsurance Tower 3. Claddaugh’s estimated maximum retained loss is approximately $117 million for a first event and $35 million for a second event.
For the three reinsurance towers, HCI expects to incur net consolidated reinsurance premiums ceded to third parties, excluding Claddaugh, of approximately $422 million from June 1, 2025 through May 31, 2026. The reinsurance premiums are an estimate based on exposure projections and subject to true up at September 30, 2025.
More information is available in the Company’s Form 8-K, filed today with the U.S. Securities and Exchange Commission.
About HCI Group, Inc. HCI Group is a holding company with two distinct operating units. The first unit includes four top-performing insurance companies, a captive reinsurance company, and operations in claims management and real estate. The second unit, called Exzeo Group, is a leading innovator of insurance technology that utilizes advanced underwriting algorithms and data analytics. Exzeo empowers property and casualty insurers to transform underwriting outcomes and achieve industry-leading results.
The company’s common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.
Company Contact: Bill Broomall, CFA Investor Relations HCI Group, Inc. Tel (813) 776-1012 wbroomall@exzeo.com
Investor Relations Contact: Matt Glover Gateway Group, Inc. Tel 949-574-3860 HCI@gateway-grp.com