NewzIntel.com

Category: Finance

  • MIL-OSI: First Commerce Bancorp, Inc. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    LAKEWOOD, N.J., April 25, 2025 (GLOBE NEWSWIRE) — First Commerce Bancorp, Inc. (the “Company”), (OTC: CMRB), the holding company for First Commerce Bank (the “Bank”), today reported net income of $1.7 million and basic earnings per common share of $0.08 for the three months ended March 31, 2025, as compared to net income of $1.2 million and basic earnings per common share of $0.05 for the three months ended March 31, 2024.

    President & CEO Donald Mindiak commented, “Measured balance sheet growth during the first quarter was highlighted by calculated increases in both loans and investment securities, redeploying excess liquidity into higher yielding assets, with a risk profile consistent with our underwriting standards. While our average yield on interest earning assets and average cost on interest bearing liabilities remained relatively stable as compared to the first quarter of 2024, on a linked quarter basis the average yield on interest earning assets increased by nine basis points and the average cost of interest bearing liabilities decreased by nine basis points resulting in a thirteen basis point increase in our net interest margin and a thirteen basis point increase in our return on average assets in the comparative quarters ended March 31, 2025 and December 31, 2024, respectively. The continued success of our stock repurchase plan, coupled with improving profitability, is reflected in the increase in book value by $0.08/share since year end 2024 and $0.34/share since March 31, 2024.”

    Continuing, Mr. Mindiak remarked that, “From an asset quality perspective, one large loan of $21.0 million migrated into non-accrual status during the first quarter, however, a contract is in place to remediate this facility which is anticipated to close during the second quarter of 2025. While a degree of uncertainty has permeated the marketplace as a result of certain prospective economic, regulatory and geopolitical headwinds which remain an on-going challenge to navigate, we will endeavor to continue to execute our strategies with prudence and forethought in an effort to increase franchise and shareholder value.”

    Financial Highlights

    • Total interest income increased by $1.4 million or 7.4% for the first quarter of 2025 compared to the first quarter of 2024 as a result of the growth in average interest-earning assets year over year.
    • Total interest expense increased by $1.0 million or 9.5% for the first quarter of 2025 compared to the first quarter of 2024 as a result of the growth in interest-bearing liabilities.
    • Total deposits increased by $96.9 million or 8.8% to $1.20 billion at March 31, 2025, compared to $1.11 billion at March 31, 2024.
    • The annualized return on average total assets increased by twelve basis points to 0.44% at March 31, 2025, compared to 0.32% at March 31, 2024.
    • The annualized return on average shareholders’ equity was 3.93% at March 31, 2025, compared to 2.54% at March 31, 2024.
    • The book value per common share was $8.47 at March 31, 2025, compared to $8.13 at March 31, 2024.
    • Net interest margin increased thirteen basis points on a linked quarter basis to 2.33% as of March 31, 2025, from 2.20% as of December 31, 2024.

    Balance Sheet Review

    Total assets increased by $30.9 million or 2.0% to $1.58 billion at March 31, 2025, from $1.55 billion at December 31, 2024. The increase in total assets was primarily related to increases in total investment securities and total loans receivable, partially offset by a decrease in cash and cash equivalents during the three months ended March 31, 2025.

    Total cash and cash equivalents decreased by $48.1 million or 36.3% to $84.3 million at March 31, 2025, from $132.5 million at December 31, 2024. This decrease was primarily due to funding of loan closings and the purchases of investment securities during the first quarter of 2025.

    Total investment securities increased by $65.6 million or 58.5% to $177.8 million at March 31, 2025, from $112.2 million at December 31, 2024. The increase in investment securities resulted primarily from $69.3 million in purchases of investment securities, partially offset by $1.3 million in redemptions and $2.4 million in mortgage-backed security amortization.

    Total loans receivable, net of allowance for credit losses increased by $17.1 million or 1.4% to $1.24 billion at March 31, 2025, from $1.22 billion at December 31, 2024. Commercial mortgage loans, and construction loans increased $8.2 million and $13.5 million, respectively, partially offset by decreases in commercial loans, residential loans and home equity loans of $1.8 million, $1.6 million and $1.4 million, respectively. The allowance for credit losses increased by $78,000 to $14.8 million or 1.18% of gross loans at March 31, 2025, as compared to $14.7 million or 1.19% of gross loans at December 31, 2024.

    Total deposits increased $27.1 million or 2.3% to $1.20 billion at March 31, 2025, from $1.17 billion at December 31, 2024. Within the components of total deposits, time deposits increased $33.6 million, savings deposits increased $9.9 million, and non-interest-bearing demand deposits increased $7.0 million, partially offset by decreases of $10.8 million in NOW deposits, $7.9 million in money market account deposits and $4.6 million in brokered deposits.

    Stockholders’ equity decreased by $1.8 million or 1.1% to $170.4 million at March 31, 2025, from $172.3 million at December 31, 2024. The decrease in stockholders’ equity was primarily due to $4.1 million in repurchases of common stock, offset by increases of $1.7 million in retained earnings and $713,000 in additional paid-in-capital. During the three months ended March 31, 2025, the Company repurchased 653,000 shares for approximately $4.1 million, or a weighted average price of approximately $6.23 per share.

    Three Months of Operations

    Net interest income increased by $382,000 or 4.6% to $8.6 million for the three months ended March 31, 2025, from $8.2 million for the three months ended March 31, 2024. The increase in net interest income was primarily due to an increase in total interest income of $1.4 million as a result of an increase in average interest earning assets, partially offset by an increase in total interest expense of $1.0 million as a result of an increase in average interest-bearing liabilities.

    Total interest income increased by $1.4 million or 7.4% to $20.5 million for the three months ended March 31, 2025, from $19.1 million for the three months ended March 31, 2024. Interest income on loans, including fees, decreased $289,000 or 1.6% to $17.4 million for the three months ended March 31, 2025, as compared to $17.7 million for the three months ended March 31, 2024. The decrease in interest income on loans, including fees, resulted primarily from a decline in the average balance of loans receivable of $9.9 million or 0.8% to $1.24 billion for the three months ended March 31, 2025, as compared to $1.25 billion for the three months ended March 31, 2024. Average yield on loans receivable was 5.67% for the three months ended March 31, 2025, unchanged year over year. Interest income on interest-bearing deposits with other banks increased by $338,000 or 51.6% to $993,000 for the three months ended March 31, 2025, as compared to $655,000 for the same period in the prior year. This increase resulted from a higher average balance of interest-bearing deposits with banks of $43.7 million or 80.7% to $97.8 million for the three months ended March 31, 2025, as compared to $54.1 million for the same period in the prior year. Interest income on investment securities increased by $1.3 million or 231.0% to $1.9 million for the three months ended March 31, 2025, as compared to $561,000 for the same period in the prior year, as a result of purchasing and replacing paydowns of investment securities with higher yielding investment securities. The average balance of investment securities portfolio increased by $81.8 million or 117.2% to $151.6 million for the three months ended March 31, 2025, as compared to $69.8 million for the same period in the prior year. The average yield on investment securities increased by 168 basis points to 4.90% for the three months ended March 31, 2025, as compared to 3.22% for the same period in the prior year. Dividend income on FHLB stock increased by $63,000 or 40.1% to $220,000 for the three months ended March 31, 2025, as compared to $157,000 for the same period in the prior year, primarily as a result of an increase in average yield of 128 basis points to 9.34% for the three months ended March 31, 2025, as compared to 8.06% for the same period in the prior year.

    Total interest expense increased by $1.0 million or 9.5% to $11.8 million for the three months ended March 31, 2025, from $10.8 million for the three months ended March 31, 2024. The increase in interest expense occurred primarily as a result of an increase in average balance of interest-bearing liabilities of $118.6 million or 11.0%, to $1.20 billion for the three months ended March 31, 2025, from $1.08 billion for the three months ended March 31, 2024. Despite the increase in the average balance of interest-bearing liabilities, the average cost of interest-bearing liabilities decreased to 3.99% for the three months ended March 31, 2025, as compared to 4.01% for the three months ended March 31, 2024. The increase in average balance of interest-bearing liabilities included a $85.3 million increase in average interest-bearing deposit liabilities and a $33.3 million increase in average wholesale borrowings for the three months ended March 31, 2025. The increase in interest-bearing liabilities was primarily used to maintain an increased level of liquidity consistent with regulatory guidance.

    During the first quarter of 2025, the Company recorded an $83,000 provision for credit losses as compared to a $7,000 provision for credit losses for the same period in the prior year. Based on the results of the CECL model and management’s evaluation of both quantitative and qualitative factors for the first quarter of 2025, the Company recorded a provision for credit losses of $51,000 on corporate securities held-to-maturity, a $19,000 provision for credit losses for unfunded commitments and a $13,000 provision for credit losses on loans. Based upon the aforementioned analyses, management believes that the allowance for credit losses on loans and investment securities at March 31, 2025, and 2024 were appropriate.

    Net interest margin decreased by six basis points to 2.33% for the three months ended March 31, 2025, compared to 2.39% for the three months ended March 31, 2024. The decrease in the net interest margin is primarily due to an increase in the average balance of interest bearing liabilities of $118.6 million to $1.20 billion for the three months ended March 31, 2025 from $1.08 billion three months ended March 31, 2024, despite a decrease in the cost of interest-bearing liabilities to 3.99% for the three months ended March 31, 2025 from 4.01% for the three months ended March 31, 2024. This increase was partially offset by an increase in average balance of interest earning assets of $117.3 million to $1.50 billion for the three months ended March 31, 2025, compared to $1.39 billion for the three months ended March 31, 2024.

    Non-interest income increased by $872,000 or 167.0% to $1.4 million for the three months ended March 31, 2025, from $522,000 for the three months ended March 31, 2024. The increase in total non-interest income resulted primarily from an increase in other income of $764,000 as a result of a non-recurring gain of $778,000 on the sale of a Company owned property recorded in the first quarter of 2025. Excluding this non-recurring gain, other income would have decreased $14,000 when compared to the same period in the prior year. Service charges and fees increased by $102,000 or 53.4% to $293,000 for the three months ended March 31, 2025, from $191,000 for the same period in the prior year, primarily due to an increase in loan fees of $47,000 and an increase in deposit accounts fees of $51,000.

    Non-interest expense increased by $638,000 or 8.8% to $7.8 million for the three months ended March 31, 2025, compared to $7.2 million for the three months ended March 31, 2024. Salaries and employee benefits increased by $238,000 or 5.3% to $4.7 million for the three months ended March 31, 2025, as compared to $4.5 million for the three months ended March 31, 2024. The increase in salaries and employee benefits resulted primarily due to new positions appointed to assist in the growth of the Bank and annual merit increases partially offset by a decrease in health insurance costs year over year. Occupancy and equipment expense increased by $245,000 or 26.9% to $1.2 million for the three months ended March 31, 2025, as compared to $912,000 for the three months ended March 31, 2024, primarily due to additional lease expense related to the Company leasing additional office space to relocate its corporate offices. Advertising and marketing expense decreased by $23,000 or 29.5% to $55,000 for the three months ended March 31, 2025, as compared to $78,000 for the three months ended March 31, 2024, as a result of reduction in marketing consultant services. Data processing expense increased by $57,000 or 20.0% to $342,000 for the three months ended March 31, 2025, compared to $285,000 for the three months ended March 31, 2024, primarily as a result of adding new services and annual cost increases. FDIC insurance assessment increased $26,000 or 13.3% to $221,000 for the three months ended March 31, 2025, from $195,000 for the three months ended March 31, 2024, as a result of an increase in the assessment rate. Other operating expenses increased by $79,000 or 10.5% to $828,000 for the three months ended March 31, 2025, from $749,000 for the three months ended March 31, 2024, primarily due to minor increases in various components of other operating expenses. Other operating expenses are primarily comprised of loan related expenses, dues and subscriptions, digital banking expenses, sponsorships, training and education, software maintenance and depreciation, and miscellaneous expenses. Management’s focus continues to remain on prudently managing its operating expenses.

    The income tax provision increased by $22,000 or 5.8% to $403,000 for the three months ended March 31, 2025, from $381,000 for the three months ended March 31, 2024. This increase in the income tax provision resulted primarily from an increase in the pre-tax income year over year. In addition, the effective tax yield declined year over year as a result of a reduction in New York state tax apportionment. The effective tax rate for the quarter ended March 31, 2025, was 19.4% compared to 24.8% for the quarter ended March 31, 2024.

    Asset Quality

    The allowance for credit losses increased by $78,000 to $14.8 million or 1.18% of gross loans at March 31, 2025, as compared to $14.7 million or 1.19% of gross loans at December 31, 2024, and $14.6 million or 1.18% at March 31, 2024. During the first quarter of 2025, the Company added a $13,000 provision to the allowance for credit losses and had net recoveries of $65,000. Based on the results of the CECL model and management’s evaluation of both quantitative and qualitative factors during the quarter, changes in the allowance for credit losses are adjusted accordingly.

    The Bank had non-accrual loans totaling $37.9 million or 3.02% of gross loans at March 31, 2025, as compared to $16.6 million or 1.34% of gross loans at December 31, 2024. Non-accrual loans increased by $21.3 million or 128.0% from December 31, 2024, as a result of one commercial real estate loan in the amount of approximately $21.0 million which was placed on non-accrual status during the first quarter of 2025. A contract is in place to remediate this facility which is anticipated to close during the second quarter of 2025. The allowance for credit losses was 39.1% of non-accrual loans at March 31, 2025, compared to 88.7%, at December 31, 2024.

    About First Commerce Bancorp, Inc.

    First Commerce Bancorp, Inc, is a financial services organization headquartered in Lakewood, New Jersey. The Bank, the Company’s wholly owned subsidiary, provides businesses and individuals a wide range of loans, deposit products and retail and commercial banking services through its branch network located in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Jackson, Lakewood, Robbinsville and Teaneck, New Jersey. For more information, please visit our website https://www.firstcommercebk.com/ or contact our offices at 732-364-0032.

    Forward-Looking Statements

    This release, like many written and oral communications presented by First Commerce Bancorp Inc., and our authorized officers, may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by use of the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain. Accordingly, actual results may differ materially from anticipated results.

    In addition to the factors previously disclosed in prior Bank communications and those identified elsewhere, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the impact of changes in interest rates and in the credit quality and strength of underlying collateral and the effect of such changes on the market value of First Commerce Bank’s investment securities portfolio; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; difficult market conditions and unfavorable economic trends in the United States generally, and particularly in the market areas in which First Commerce Bank operates and in which its loans are concentrated, including the effects of declines in housing market values; inflation; customer acceptance of the Bank’s products and services; customer borrowing, repayment, investment and deposit practices; customer disintermediation; the introduction, withdrawal, success and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with certain corporate initiatives; economic conditions; and the impact, extent and timing of technological changes, capital management activities, and actions of governmental agencies and legislative and regulatory actions and reforms.

     
    First Commerce Bancorp, Inc.
    Consolidated Statements of Financial Condition
    (Unaudited)
                             
                          March 31, 2025 vs.  
                          December 31, 2024  
    (dollars in thousands, except percentages and share data)   March 31, 2025     December 31, 2024       Amount     %  
    Assets                                  
    Cash and cash equivalents:                                  
    Cash on hand   $ 2,052     $ 1,790       $ 262       14.6 %
    Interest-bearing deposits in other banks     82,285       130,690         (48,405 )     -37.0 %
    Total cash and cash equivalents     84,337       132,480         (48,143 )     -36.3 %
    Investment securities:                                  
    Available-for-sale, at fair value     26,789       300         26,489       8829.7 %
    Held-to-maturity (“HTM”), at amortized cost     151,258       112,107         39,151       34.9 %
    Less: Allowance for credit losses – HTM securities     (249 )     (198 )       (51 )     25.8 %
    Held-to-maturity, net of allowance for credit losses     151,009       111,909         39,100       34.9 %
    Total investment securities     177,798       112,209         65,589       58.5 %
    Restricted stock     9,483       9,348         135       1.4 %
    Loans receivable     1,256,247       1,239,031         17,216       1.4 %
    Less: Allowance for credit losses     (14,834 )     (14,756 )       (78 )     0.5 %
    Net loans receivable     1,241,413       1,224,275         17,138       1.4 %
    Premises and equipment, net     10,338       17,059         (6,721 )     -39.4 %
    Right-of-use asset     18,201       16,085         2,116       13.2 %
    Accrued interest receivable     6,541       5,829         712       12.2 %
    Bank owned life insurance     26,951       26,711         240       0.9 %
    Deferred tax asset, net     3,031       3,076         (45 )     -1.5 %
    Other assets     3,890       4,053         (163 )     -4.0 %
    Total assets   $ 1,581,983     $ 1,551,125       $ 30,858       2.0 %
    Liabilities and Stockholders’ Equity                                  
    Liabilities                                  
    Deposits:                                  
    Non-interest bearing   $ 164,686     $ 157,684       $ 7,002       4.4 %
    Interest-bearing     1,037,393       1,017,254         20,139       2.0 %
    Total Deposits     1,202,079       1,174,938         27,141       2.3 %
    Borrowings     178,000       175,000         3,000       1.7 %
    Accrued interest payable     1,970       1,913         57       3.0 %
    Lease liability     18,968       16,773         2,195       13.1 %
    Other liabilities     10,544       10,232         312       3.1 %
    Total liabilities     1,411,561       1,378,856         32,705       2.4 %
    Commitments and contingencies     –       –         –       –  
    Stockholders’ equity                                  
    Preferred stock; authorized 5,000,000 shares; none issued     –       –         –       N/A  
    Common stock, par value of $0; 30,000,000 authorized     –       –         –       N/A  
    Additional paid-in capital     90,270       89,557         713       0.8 %
    Retained earnings     106,641       104,965         1,676       1.6 %
    Treasury stock     (26,360 )     (22,253 )       (4,107 )     18.5 %
    Accumulated other comprehensive loss     (129 )     –         (129 )     -100.0 %
    Total stockholders’ equity     170,422       172,269         (1,847 )     -1.1 %
    Total liabilities and stockholders’ equity   $ 1,581,983     $ 1,551,125       $ 30,858       2.0 %
                                       
    Shares issued     24,243,030       23,995,390                    
    Shares outstanding     20,130,474       20,536,214                    
    Treasury shares     4,112,556       3,459,176                    
                                       
     
    First Commerce Bancorp, Inc.
    Consolidated Statements of Income
    (Unaudited)
                       
          Three Months Ended         Variance  
    (dollars in thousands, except percentages and share data)   March 31, 2025     March 31, 2024       Amount     %  
    Interest and Dividend Income                                  
    Loans, including fees   $ 17,388     $ 17,677       $ (289 )     -1.6 %
    Investment securities:                                  
    Available-for-sale     182       68         114       167.6 %
    Held-to-maturity     1,675       493         1,182       239.8 %
    Interest-bearing deposits with other banks     993       655         338       51.6 %
    Restricted stock dividends     220       157         63       40.1 %
    Total interest and dividend income     20,458       19,050         1,408       7.4 %
    Interest expense:                                  
    Deposits     9,731       9,052         679       7.5 %
    Borrowings     2,106       1,759         347       19.7 %
    Total interest expense     11,837       10,811         1,026       9.5 %
    Net interest income     8,621       8,239         382       4.6 %
    Provision for credit losses     13       124         (111 )     -89.5 %
    Provision for (reversal of) unfunded commitments for credit losses     19       (119 )       138       -116.0 %
    Provision for credit losses – HTM securities     51       2         49       2450.0 % 
    Total provision for credit losses     83       7         76       1085.7 %
    Net interest income after provision for (reversal of) credit losses     8,538       8,232         306       3.7 %
    Non-interest Income:                                  
    Service charges and fees     293       191         102       53.4 %
    Bank owned life insurance income     240       234         6       2.6 %
    Other income     861       97         764       787.6 %
    Total non-interest income     1,394       522         872       167.0 %
    Non-Interest Expenses:                                  
    Salaries and employee benefits     4,740       4,502         238       5.3 %
    Occupancy and equipment expense     1,157       912         245       26.9 %
    Advertising and marketing     55       78         (23 )     -29.5 %
    Professional fees     512       496         16       3.2 %
    Data processing expense     342       285         57       20.0 %
    FDIC insurance assessment     221       195         26       13.3 %
    Other operating expenses     828       749         79       10.5 %
    Total non-interest expenses     7,855       7,217         638       8.8 %
    Income before income taxes     2,077       1,537         540       35.1 %
    Income tax provision     403       381         22       5.8 %
    Net income   $ 1,674     $ 1,156       $ 518       44.8 %
                                       
    Earnings per common share – Basic   $ 0.08     $ 0.05       $ 0.03       60.0 %
    Earnings per common share – Diluted     0.08       0.05         0.03       60.0 %
    Weighted average shares outstanding – Basic     20,392       22,600         (2,208 )     -9.8 %
    Weighted average shares outstanding – Diluted     20,435       22,930         (2,495 )     -10.9 %
                                       
     
    First Commerce Bancorp, Inc.
    Net Interest Margin Analysis
    (Unaudited)
                 
        Three months ended March 31, 2025     Three months ended March 31, 2024  
        Average             Average     Average             Average  
    (dollars in thousands)   Balance     Interest     Yield/Cost     Balance     Interest     Yield/Cost  
    Assets:                                                
    Interest-earning assets:                                                
    Interest-bearing deposits in other banks   $ 97,808     $ 993       4.12 %   $ 54,138     $ 655       4.86 %
    Investment securities:                                                
    Available-for-sale     11,672       182       6.25 %     9,054       68       2.99 %
    Held-to-maturity     139,935       1,675       4.79 %     60,731       493       3.25 %
    Total investment securities     151,607       1,857       4.90 %     69,785       561       3.22 %
    Restricted stock     9,433       220       9.34 %     7,779       157       8.06 %
    Loans receivable:                                                
    Consumer loans     881       7       3.16 %     372       2       2.42 %
    Home equity loans     2,384       50       8.52 %     2,948       59       8.11 %
    Construction loans     104,991       2,057       7.84 %     115,401       2,529       8.67 %
    Commercial loans     42,935       845       7.87 %     36,192       736       8.04 %
    Commercial mortgage loans     1,060,105       13,936       5.26 %     1,056,058       13,664       5.12 %
    Residential mortgage loans     11,598       136       4.76 %     14,873       174       4.71 %
    SBA loans     21,131       357       6.75 %     28,037       513       7.24 %
    Total loans receivable     1,244,025       17,388       5.67 %     1,253,881       17,677       5.67 %
    Total interest-earning assets     1,502,873       20,458       5.52 %     1,385,583       19,050       5.53 %
    Non-interest-earning assets:                                                
    Allowance for credit losses     (14,800 )                     (14,485 )                
    Cash on hand     1,927                       1,906                  
    Other assets     67,951                       59,935                  
    Total non-interest-earning assets     55,078                       47,356                  
    Total assets   $ 1,557,951                     $ 1,432,939                  
    Liabilities and stockholders’ equity:                                                
    Interest-bearing liabilities:                                                
    Interest-bearing checking accounts   $ 77,377     $ 404       2.12 %   $ 53,428     $ 225       1.69 %
    NOW accounts     8,629       62       2.91 %     38,092       322       3.40 %
    Money market accounts     258,121       2,107       3.31 %     210,400       1,748       3.34 %
    Savings accounts     39,467       195       2.00 %     29,145       29       0.40 %
    Certificates of deposit     486,298       5,125       4.27 %     506,261       5,465       4.34 %
    Brokered CDs     154,957       1,838       4.81 %     102,213       1,263       4.97 %
    Borrowings     176,878       2,106       4.83 %     143,553       1,759       4.93 %
    Total interest-bearing liabilities     1,201,727     $ 11,837       3.99 %     1,083,092     $ 10,811       4.01 %
    Non-interest-bearing liabilities:                                                
    Demand deposits     154,448                       143,325                  
    Other liabilities     29,196                       23,291                  
    Total non-interest-bearing liabilities     183,644                       166,616                  
    Stockholders’ equity     172,580                       183,231                  
    Total liabilities and stockholders’ equity   $ 1,557,951                     $ 1,432,939                  
    Net interest spread                     1.53 %                     1.52 %
    Net interest margin           $ 8,621       2.33 %           $ 8,239       2.39 %
                                                     
     
    First Commerce Bancorp, Inc.
    Selected Financial Data
    (Unaudited)
           
        As of and for the quarters ended  
    (In thousands, except per share data)   3/31/2025     12/31/2024     9/30/2024     6/30/2024     3/31/2024  
    Summary earnings:                                        
    Interest income   $ 20,458     $ 19,672     $ 20,149     $ 19,793     $ 19,050  
    Interest expense     11,837       11,706       11,785       11,451       10,811  
    Net interest income     8,621       7,966       8,364       8,342       8,239  
    Provision for (reversal of) credit losses     83       (55 )     54       300       7  
    Net interest income after provision for (reversal of) credit losses     8,538       8,021       8,310       8,042       8,232  
    Non-interest income     1,394       412       582       562       522  
    Non-interest expense     7,855       7,117       7,524       7,230       7,217  
    Income before income tax expense     2,077       1,316       1,368       1,374       1,537  
    Income tax expense     403       167       240       287       381  
    Net income   $ 1,674     $ 1,149     $ 1,128     $ 1,087     $ 1,156  
    Per share data:                                        
    Earnings per share – basic   $ 0.08     $ 0.06     $ 0.05     $ 0.05     $ 0.05  
    Earnings per share – diluted     0.08       0.06       0.05       0.05       0.05  
    Cash dividends declared     –       –       –       –       0.04  
    Book value at period end     8.47       8.39       8.31       8.19       8.13  
    Shares outstanding at period end     20,130       20,536       20,780       21,489       22,146  
    Basic weighted average shares outstanding     20,392       20,552       21,164       21,641       22,600  
    Fully diluted weighted average shares outstanding     20,435       20,612       21,387       21,898       22,930  
    Balance sheet data (at period end):                                        
    Total assets   $ 1,581,983     $ 1,551,125     $ 1,476,252     $ 1,467,517     $ 1,452,419  
    Investment securities, available-for-sale     26,789       300       7,748       8,337       8,758  
    Investment securities, held-to-maturity     151,009       111,909       73,977       74,109       61,483  
    Total loans     1,256,247       1,239,031       1,262,481       1,260,236       1,244,357  
    Allowance for credit losses     (14,834 )     (14,756 )     (14,869 )     (14,922 )     (14,628 )
    Total deposits     1,202,079       1,174,938       1,097,165       1,107,159       1,105,161  
    Stockholders’ equity     170,422       172,269       172,642       175,933       179,963  
    Common cash dividends     –       –       –       –       904  
    Selected performance ratios:                                        
    Return on average total assets     0.44 %     0.31 %     0.31 %     0.30 %     0.32 %
    Return on average stockholders’ equity     3.93 %     2.65 %     2.56 %     2.47 %     2.54 %
    Dividend payout ratio     N/A       N/A       N/A       N/A       78.21 %
    Average yield on earning assets     5.52 %     5.43 %     5.66 %     5.64 %     5.53 %
    Average cost of funding liabilities     3.99 %     4.08 %     4.18 %     4.12 %     4.01 %
    Net interest margin     2.33 %     2.20 %     2.35 %     2.38 %     2.39 %
    Efficiency ratio     78.43 %     84.95 %     84.10 %     81.19 %     82.37 %
    Non-interest income to average assets     0.36 %     0.11 %     0.16 %     0.16 %     0.15 %
    Non-interest expenses to average assets     2.04 %     1.90 %     2.04 %     1.99 %     2.03 %
    Asset quality ratios:                                        
    Non-performing loans to total loans     3.02 %     1.34 %     1.15 %     1.21 %     1.53 %
    Non-performing assets to total assets     2.40 %     1.07 %     0.98 %     1.04 %     1.31 %
    Allowance for credit losses to non-performing loans     39.12 %     88.71 %     102.67 %     97.76 %     76.77 %
    Allowance for credit losses to total loans     1.18 %     1.19 %     1.18 %     1.18 %     1.18 %
    Net recoveries (charge-offs) to average loans     0.02 %     -0.01 %     -0.03 %     0.01 %     0.01 %
    Liquidity and capital ratios:                                        
    Net loans to deposits     103.27 %     104.20 %     113.71 %     112.48 %     111.27 %
    Average loans to average deposits     105.49 %     111.83 %     114.54 %     113.30 %     115.79 %
    Total stockholders’ equity to total assets     10.77 %     11.11 %     11.69 %     11.99 %     12.39 %
    Total capital to risk-weighted assets     13.29 %     14.45 %     14.30 %     14.67 %     15.33 %
    Tier 1 capital to risk-weighted assets     12.16 %     13.26 %     13.13 %     13.48 %     15.15 %
    Common equity tier 1 capital ratio to risk-weighted assets     12.16 %     13.26 %     13.13 %     13.48 %     15.15 %
    Tier 1 leverage ratio     10.74 %     11.56 %     11.80 %     12.08 %     12.58 %
                                             

    The MIL Network –

  • MIL-OSI Security: Four Indicted for Conspiracy to Commit Visa and Marriage Fraud

    Source: Office of United States Attorneys

    Defendants allegedly facilitated numerous sham marriages.

    Baltimore, Maryland – A federal grand jury has charged four individuals, Ella Zuran, 65, Tatiana Sigal, 74, and Alexandra Tkach, 41, all from New York City, New York — along with Shawnta Hopper, 33, of Sicklerville, New Jersey — with conspiracy to commit visa and marriage fraud.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the indictment with Special Agent in Charge Michael McCarthy, Homeland Security Investigations (HSI) – Baltimore, and Field Office Director Elizabeth Grant, United States Citizenship and Immigration Services (USCIS) – Baltimore Field Office.

    “The defendants’ greed led them to concoct an illegal-marriage scheme that compromises the integrity of our immigration system,” Hayes said.  “This indictment sends a clear message: the U.S. Attorney’s Office, along with our law enforcement partners, will relentlessly pursue and hold accountable those who try to exploit our immigration system through fraud and deception.”

    “Marriage fraud is not a victimless crime — it compromises the integrity of our immigration system, diverts critical resources, and erodes public trust in a process that countless individuals follow legally and in good faith,” McCarthy said. “These arrests mark a critical milestone in our broader effort to dismantle a criminal network that has sought to undermine our nation’s immigration laws. HSI remains committed to safeguarding the lawful immigration process and holding accountable those who seek to exploit it.”

    “Some marriages are made in heaven. Some are just made up,” said USCIS Spokesperson Matthew Tragesser. “Our work with ICE crushed a marriage fraud ring where U.S. citizens were paid to marry aliens. Under Secretary Noem, fraudsters are walking out in handcuffs. Buying a spouse doesn’t make you a citizen.” 

    According to the indictment, the defendants induced United States citizens, residing in Maryland and elsewhere, to enter sham marriages with aliens living in the U.S. in exchange for payment. The defendants paired U.S. citizens with aliens seeking immigration benefits that the non-citizens were not entitled to, including permanent residency in the United States. The defendants then allegedly arranged for the preparation of false documentation to submit to USCIS and received money in exchange for arranging the fraudulent marriages.  

    If convicted, the defendants face up to five years in federal prison. Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge determines sentencing after considering the U.S. Sentencing Guidelines and other statutory factors. An indictment is not a finding of guilt. Individuals charged by indictment are presumed innocent until proven guilty at a later criminal proceeding.

    U.S. Attorney Hayes commended HSI’s Document and Benefit Fraud Task Force and USCIS’s Fraud Detection and National Security Unit – Baltimore for their work in the investigation. Ms. Hayes also thanked Assistant U.S. Attorneys Spencer Todd and Michael Aubin who are prosecuting the case.

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

    # # #

    MIL Security OSI –

  • MIL-OSI USA: WEEK 14 WINS: President Trump Drives Economic Growth and Strengthens National Security

    US Senate News:

    Source: The White House
    This week, President Donald J. Trump and his administration delivered another series of bold victories for the American people, advancing economic prosperity, enhancing national security, and restoring common sense to government. From unleashing American energy dominance to cracking down on illicit foreign activities, the Trump Administration continues its relentless pursuit of policies that prioritize American workers, families, and communities.
    Here is a non-comprehensive list of wins in week 14:
    President Trump’s unrelenting commitment to revitalizing American manufacturing delivered more results, driving job creation and economic growth nationwide.
    Roche, a Swiss drug and diagnostics company, announced a $50 billion investment in its U.S.-based manufacturing and R&D, which is expected to create more than 1,000 new full-time jobs.
    Regeneron Pharmaceuticals, Inc. announced a $3 billion agreement with Fujifilm Diosynth Biotechnologies to produce drugs at its North Carolina manufacturing facility.
    NorthMark Strategies, a multi-strategy investment firm, announced a $2.8 billion investment to build a supercomputing facility in South Carolina.
    Thermo Fisher Scientific, Inc., announced a $2 billion investment in U.S. manufacturing and innovation.
    Chobani announced a $1.2 billion investment to build its third U.S. dairy processing plant in New York, which is expected to create more than 1,000 new full-time jobs.
    Fiserv, Inc. announced a $175 million investment to open a new strategic fintech hub in Kansas, which is expected to create 2,000 new high-paying jobs.
    Toyota Motor Corporation announced an $88 million investment to boost hybrid vehicle production at its West Virginia factory, securing employment for the factory’s 2,000 workers.
    Hyundai Motor Group secured an equity investment and agreement from Posco Holdings, South Korea’s top steel maker, for the automaker’s planned steel plant in Louisiana.
    Hitachi Energy announced a $22.5 million investment to expand its facilities in Virginia, which is expected to add 120 new jobs.
    Cyclic Materials, a Canadian advanced recycling company for rare earth elements, announced a $20 million investment in its first U.S.-based commercial facility, located in Mesa, Arizona.
    GM announced it will increase production at its Ohio transmission facility.
    Coinbase announced plans to add more than 130 new jobs and open a new office in Charlotte, North Carolina.

    President Trump continued to secure our border and rid our communities of illegal immigrant criminals.
    The Swanton sector of the U.S.-Canada border — previously overrun by illegal immigrants — saw illegal border crossings decline from 1,109 in March 2024 to just 54 in March 2025.
    New York Post: Northern border sector previously overrun by illegal migrants sees dramatic drop in crossings: ‘We haven’t seen anyone since November’

    The Washington Times: Under Trump, border catch-and-release has dropped 99.99% from worst Biden month
    CBS: ICE partnerships with local law enforcement triple as Trump continues deportation crackdown
    The Federal Bureau of Investigation apprehended Harpreet Singh, an alleged member of a foreign terrorist gang who was planning multiple attacks on law enforcement in the U.S. and India.
    Five suspected Tren de Aragua gang members were arrested in Fresno County, California.

    President Trump continued to pursue peace through strength around the world.
    The Trump Administration has directed attacks that have killed at least 74 terrorists seeking to attack the U.S. so far.

    The Trump Administration forged ahead on its unprecedented effort to secure American energy dominance.
    The Department of the Interior announced it will accelerate the onerous permitting process for energy and critical minerals, slashing approval times from years to just 28 days, at most.
    Chevron announced a massive oil and natural gas project in the Gulf of America, with 75,000 gross barrels of oil expected to be produced daily.

    The Department of Health and Human Services and the Food and Drug Administration announced a series of new measures to phase out all petroleum-based synthetic dyes from medications and the nation’s food supply by the end of 2026.
    President Trump took a series of executive actions to enhance educational and workforce opportunities for the American people.
    President Trump signed an executive order modernizing American workforce programs to prepare citizens for the high-paying skilled trade jobs of the future.
    Association of Equipment Manufacturers: “Our industry faces a persistent and growing shortage of skilled workers, and this action reflects the leadership needed to build a strong pipeline of talent for the jobs of the future. By aligning workforce programs with the realities of today’s labor market, the administration is taking a smart, strategic step to bolster U.S. manufacturing. We support the President’s continued focus on reshoring American manufacturing and ensuring our workforce is filled with the brightest and best talent in the world.”

    President Trump signed an executive order creating new educational and workforce development opportunities in artificial intelligence technology for America’s youth.
    President Trump signed an executive order revoking flawed Obama-Biden guidance that pressured schools to impose discipline based on “racial equity” and gives teachers the ability to ensure order in their classrooms.

    President Trump took action to further reform and enhance higher education in America.
    President Trump signed an executive order overhauling the nation’s higher education accreditation system to ensure colleges and universities deliver high-quality, high-value education free from unlawful discrimination and ideological bias.
    President Trump signed an executive order enhancing the capacity of the nation’s Historically Black Colleges and Universities to deliver high-quality education and innovation.
    President Trump signed an executive order requiring higher education institutions to promptly disclose foreign gifts and funding.

    President Trump signed a landmark executive order eliminating the use of so-called “disparate-impact liability,” which undermines civil rights by mandating discrimination to achieve predetermined, race-oriented outcomes.
    President Trump ordered an investigation into illegal “straw donor” and foreign contributions in American elections.
    President Trump signed an executive order strengthening probationary periods in the federal service — ensuring a merit-based federal workforce that serves the American people.
    President Trump signed an executive order to develop domestic capabilities for exploration, characterization, collection, and processing of critical deep seabed minerals.
    President Trump announced he will personally fund the installation of two beautiful 100-foot flagpoles flying the American flag on the North Lawn of the White House.
    Small business sentiment remained near its historic high in March, according to a new survey from the Job Creators Network Foundation.
    The Department of State launched an unprecedented reorganization to reverse decades of bloat and bureaucracy that rendered it unable to perform its essential diplomatic mission.
    The Department of Justice launched the Task Force to Eradicate Anti-Christian Bias as part of President Trump’s directive to end unlawful anti-Christian discrimination by the federal government.
    The Department of Education announced it will resume collections on defaulted federal student loans after a five-year pause, ending the Biden-era practice of zero-interest, zero-accountability student borrowing.
    The Department of the Interior officially unveiled the Jocelyn Nungaray National Wildlife Refuge, honoring the memory of 12-year-old Jocelyn Nungaray, who was savagely murdered by illegal immigrants in Texas.
    Secretary of the Navy John Phelan rescinded the Biden-era Navy Climate Action 2030 program, which prioritized ideologically motivated regulations over the Navy’s core mission of warfighting.
    The Department of Education returned oversight of higher education foreign funding disclosures to the Office of General Counsel, making clear that the Trump Administration will prioritize enforcement of federal law.
    The Department of Education initiated an investigation and records request into University of California, Berkeley, after a review of the university’s foreign funding disclosures found they may be incomplete or inaccurate.
    The Department of the Treasury sanctioned an Iranian liquefied petroleum gas magnate and his network as part of President Trump’s maximum pressure campaign.
    The Department of Agriculture announced $340.6 million in disaster assistance for farmers, ranchers, and rural communities impacted by natural disasters across the country.
    The Department of the Interior disbursed $13 million to revitalize coal communities.

    MIL OSI USA News –

  • MIL-OSI Security: Postal carrier sentenced to two years in prison for stealing mail

    Source: Office of United States Attorneys

    NORFOLK, Va. – A Hampton woman was sentenced yesterday to two years in prison for mail theft.

    According to court documents, Kiesha L. Brown, 32, worked for the U.S. Postal Service as a city carrier assistant at the LC Page Post Office in Norfolk. Beginning in June 2023, the U.S. Postal Service, Office of Inspector General (OIG) began receiving complaints regarding mail theft and check fraud from customers utilizing the LC Page Postal Station.

    In June 2023, a victim whose business was on Brown’s delivery route reported that 16 checks had been stolen from the mail. The victim reported that one check in the amount of $146.64 did not reach the intended recipient, but was altered and deposited in a bank account in the amount of $4,890.02. Numerous customers on Brown’s postal route complained of similar frauds occurring with checks they had mailed through the LC Page Post Office.

    Brown was observed in her postal vehicle using drugs and rummaging through and stealing mail. Brown provided mail to an accomplice in exchange for cash to support her daughter and her drug habit. Investigators identified 37 people victimized by Brown. Brown’s theft caused an intended loss of approximately $245,000 and an actual loss of $155,297.91.

    In addition to her term of imprisonment, the Court ordered that Brown is to pay restitution in the total amount of $155,297.91.

    Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, and Kathleen Woodson, Special Agent in Charge of the Mid Atlantic Area Field Office for the U.S. Postal Service Office of Inspector General, made the announcement after sentencing by Senior U.S. District Judge Raymond A. Jackson.

    Assistant U.S. Attorney Joseph L. Kosky prosecuted the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 2:24-cr-117.

    MIL Security OSI –

  • MIL-OSI: XRP News: XenDex Surpasses 10% Presale Allocation Within Hours of Launch

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, April 25, 2025 (GLOBE NEWSWIRE) — XenDex the first cross-chain decentralized exchange on the XRP Ledger, offering AI-assisted copy trading, non-custodial lending and borrowing, and seamless interoperability across blockchain networks is currently registering a huge token sale on the XRP ledger.

    Within just six hours of presale launch, the XenDex presale has filled over 10% of its soft cap, signaling early momentum and notable participation from high-net-worth crypto investors. Whale activity continues to push the presale toward its next milestone as XRP holders position themselves for what many now see as the DeFi breakout project of the Ripple ecosystem.

    Buy XDX Now at It’s Lowest Price

    The native utility token, $XDX, is rapidly gaining traction as one of the most in-demand assets on XRPL. With the presale soft cap nearly reached and capital flowing in from both whales and retail investors, $XDX is establishing itself as a top-tier DeFi token poised for aggressive growth.

    This wave of investor confidence is fueled by XenDex’s unique value proposition, combining cutting-edge AI tools with traditional DeFi functionality, all built natively on one of the fastest, most scalable blockchain networks in the world.

    What is the buzz around XenDex?

    Unlike other DEXs on XRPL, XenDex delivers a full suite of next-gen features:

    • AI-powered copy trading and project vetting tools
    • Non-custodial lending and borrowing protocols
    • Cross-chain trading capabilities
    • DAO governance, staking, and access to exclusive token listing

    XenDex is building a trusted DEX, giving $XDX holders priority access to the next waves of XRPL innovation.

    Purchase Buy $XDX On Presale

    Still Time to Join, But Not for Long

    With strong early traction, the XenDex presale is progressing quickly. Early adopters stand to benefit from staking rewards, voting rights, and priority access to future project launches. As the XRP ETF launch approaches and $XDX demand accelerates, entry points will only get tighter.

    How to Join the $XDX Presale

    1. Purchase XRP via trusted exchanges (Binance, Coinbase, etc.)
    2. Send XRP to a non-custodial wallet (e.g., Xaman)
    3. Visit: https://xendex.net/presale and contribute

    Tokens will be airdropped automatically to participants after the presale ends.

    Participate in XDX Presale

    Know more about XenDex below:

    Website: https://xendex.net
    Presale: https://xendex.net/presale
    Telegram: https://t.me/xendexcommunity
    Twitter/X: https://x.com/xendex_xrp
    Docs: https://xdxdocs.gitbook.io

    Contact:
    Frank Richards
    Frank@xendex.net

    Disclaimer: This is a paid post provided by XenDex. 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.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0f4624a0-16f4-4a12-9644-1aaa2937fa42

    The MIL Network –

  • MIL-OSI: XRP News: Only 3 Days Left to Join XploraDEX Presale as $XPL Token Distribution Enters Final Stage

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, April 25, 2025 (GLOBE NEWSWIRE) — The $XPL token distribution is now in its final stage, and the presale that has powered one of XRPL’s most anticipated launches is down to its last 4 days. With the window for early access rapidly closing, traders and investors are rushing to secure their allocation before the price increases and the platform goes fully live.

    Buy $XPL Token

    XploraDEX is not just launching a token—it’s launching a new standard for DeFi on the XRP Ledger. As the first AI-powered decentralized exchange on XRPL, XploraDEX offers real-time trade automation, predictive analytics, smart risk assessment, and lightning-fast execution. And with token distribution actively taking place, the early access phase is nearing its end.

    Participate in $XPL Presale

    Key Development Updates:

    • $XPL tokens are currently being distributed to early participants
    • Presale window closes in just 4 days
    • Over 78% of allocation has been claimed
    • Staking, governance, and AI dashboard rollouts begin shortly after distribution ends

    As distribution hits its final stage, new investors are still able to participate in the presale. But this is it—the last chance to get $XPL at its lowest price before public listings begin on XRPL-based decentralized exchanges.

    Join $XPL Presale Now

    The XRP community has taken notice. Influencers are buzzing. Telegram is packed. Twitter mentions are trending. Wallet activity continues to rise hour by hour as traders race to get into the presale before it closes.

    What sets XploraDEX apart is simple: execution. While others overpromise, XploraDEX is delivering. Token distribution is already in progress. Platform activation begins right after. And presale participants will lead the next wave of XRPL DeFi.

    Purchase $XPL Token and Secure Your Spot Before It’s Too Late: https://sale.xploradex.io

    Live Updates on $XPL Token Launch: Website | $XPL Token Presale | X | Telegram

    Contact:
    Oliver Muller
    oliver@xploradex.io
    contact@xploradex.io

    Disclaimer: This press release is provided by the XploraDEX. 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.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a8f1950d-80b3-4530-b738-681fc9492d61

    The MIL Network –

  • MIL-OSI USA: Remarks at the Crypto Task Force Roundtable

    Source: Securities and Exchange Commission

    Welcome to the third roundtable of the SEC’s Crypto Task Force.

    I am in my fourth day back at the Commission and thank my fellow Commissioners and the SEC staff for their warm welcome. I am eager to tackle long festering issues, such as regulatory treatment of digital assets and distributed leger technologies

    In addition, my warmest personal thanks go to Commissioner Peirce for her principled and tireless advocacy for common-sense crypto policy within the United States. It is no wonder that she has earned the title of “CryptoMom.” Commissioner Peirce is the right person to lead the effort to come up with a rational regulatory framework for crypto asset markets. Thank you to the panelists for volunteering their time and expertise.

    This is important work as entrepreneurs across the United States are harnessing blockchain technology to modernize aspects of our financial system. I expect huge benefits from this market innovation for efficiency, cost reduction, transparency, and risk mitigation. Market participants engaging with this technology deserve clear regulatory rules of the road. Innovation has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered.

    I look forward to engaging with market participants and working with colleagues in President Trump’s Administration and Congress to establish a rational, fit-for-purpose regulatory framework for crypto assets.

    Today’s roundtable is focused on the challenges SEC registrants face when attempting to safely custody crypto assets for their customers in compliance with the federal securities laws. For example, are changes needed to the custody rules under the Exchange Act, Advisers Act, or Investment Company Act to accommodate crypto assets and blockchain technology? Is the “special purpose broker-dealer” regime workable for market participants, or is a new crypto asset broker-dealer framework needed? The market itself seems to indicate that the current framework badly needs attention. You all can help give us direction.

    Thank you all for dedicating your Friday afternoon to helping us address these important issues. I look forward to a productive discussion.

    MIL OSI USA News –

  • MIL-OSI Security: Cameroonian Man Indicted for Conspiring to Provide Material Support to Armed Separatist Fighters to Murder, Kidnap, and Maim Individuals in Cameroon and For Making Threats

    Source: United States Attorneys General

    A federal grand jury in Baltimore returned an indictment yesterday charging a Cameroonian national residing in Maryland, Eric Tataw, also known as “the Garri Master,” 38, of Gaithersburg, Maryland, with conspiring to provide material support to armed separatist militias in Cameroon and threatening violence against Cameroonian civilians. He surrendered and will make his initial court appearance before U.S. Magistrate Judge J. Mark Coulson today.

    According to court documents, multiple armed and violent secessionist groups in the Northwest and Southwest regions of Cameroon are fighting to form a new country called “Ambazonia.” The armed separatist militias sought to achieve secession by not only attacking the Cameroonian military, but also intentionally attacking the civilian population in Cameroon in an attempt to force the Cameroonian government into allowing these regions to secede. These separatist fighters are frequently referred to as “Amba Boys.”

    “The defendant is alleged to have ordered horrific acts of violence, including severing limbs, against Cameroonian civilians in support of a violent secessionist movement,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This indictment represents the Justice Department’s commitment to hold accountable human rights violators who direct brutal political violence and fundraise for armed militias from the comfort of the United States.”

    “The Justice Department will not tolerate those who help murder, maim, and kidnap,” said Sue J. Bai, Head of the Justice Department’s National Security Division. “We will continue to hold accountable those who aim to turn American soil into a staging ground for political violence abroad.”

    “Tataw and his co-conspirators masterminded and financially supported a vicious scheme to overthrow a foreign government. They resorted to an unthinkable level of violence while instilling fear in innocent victims to advance their political agenda,” said U.S. Attorney Kelly O. Hayes for the District of Maryland. “We, along with our law enforcement partners, are committed to relentlessly pursuing anyone who attempts to inflict mayhem on others. Tataw and his co-conspirators demonstrated a total disregard for human life so now they must pay the price.”

    As alleged in the indictment, Tataw was a citizen of Cameroon living in Maryland and was a member of the Cameroonian diaspora with a large social media following. Beginning in April 2018, Tataw and others sought to raise funds for the Amba Boys to finance violent attacks in Cameroon. Tataw also allegedly called for the murder, kidnapping, and maiming of civilians and the destruction of public, educational, and cultural property in Cameroon. Tataw and his co-conspirators allegedly directed the maiming of Cameroonian civilians by severing their limbs, a practice Tataw called “Garriing.” Tataw allegedly used the phrase “small Garri” to refer to removing fingers or other small appendages and the phrase “large Garri” to refer to removing large limbs or killing people. Additionally, Tataw allegedly referred to himself as the “Garri Master,” or master of mutilation.

    Tataw and his co-conspirators allegedly targeted those believed to be working for or collaborating with the government, including municipal officials, traditional chiefs, and employees of the Cameroon Development Corporation (CDC), a public company that grew, processed, and sold bananas, palm oil, and rubber. As alleged, Tataw personally wrote hundreds of social media posts on Facebook, YouTube, and Twitter calling for attacks against Cameroonian civilians, seeking to raise funds to arm Amba Boys, and threatening those he viewed as cooperating with the government of Cameroon. These social media posts were regularly viewed by tens of thousands of people, including Amba Boys and their leaders, and were often further disseminated by third parties allegedly acting at Tataw’s direction or encouragement.

    Tataw is charged with one count of conspiracy to provide material support and four counts of interstate communication of a threat to harm. If convicted, he faces a maximum penalty of 15 years in prison on the material support count and five years in prison on each count of communication of a threat to harm. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Sue J. Bai, Head of the Justice Department’s National Security Division; U.S. Attorney Kelly O. Hayes for the District of Maryland; and Special Agent in Charge Michael McCarthy of U.S. Immigration and Customs Enforcement Homeland Security Investigations (ICE HSI) Maryland made the announcement.

    HSI and the U.S. Department of State’s Diplomatic Security Service, with assistance from the FBI, are investigating the case.

    Trial Attorney Chelsea Schinnour of the Criminal Division’s Human Rights and Special Prosecutions Section, Assistant U.S. Attorney Christina Hoffman and Joseph Wenner for the District of Maryland, and Trial Attorneys Michael Dittoe and Andrew Briggs of the National Security Division’s Counterterrorism Section are prosecuting the case, with assistance from the Justice Department’s Office of International Affairs.

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

    MIL Security OSI –

  • MIL-OSI Security: Gaffney Woman Pleads Guilty to Distribution of Methamphetamine and Fentanyl Conspiracy

    Source: Office of United States Attorneys

    SPARTANBURG, S.C. —Ashley Nicole Cromer, 39, of Gaffney, has pleaded guilty to conspiring to distribute 500 grams or more of methamphetamine and a quantity of fentanyl.

    Evidence before the court established that in the fall of 2023, Cromer conspired with Jonathan Willingham, another man charged in this conspiracy, to distribute methamphetamine and fentanyl. Specifically, on Oct. 27, 2023, law enforcement conducted surveillance on Cromer during a trip to Atlanta, Georgia. Law enforcement stopped Cromer and searched her car, recovering approximately 5 kilograms of methamphetamine. Cromer’s phone was searched, connecting the drug trafficking conspiracy with Willingham. Cromer additionally collected fentanyl for the conspiracy.

    Cromer faces a maximum of life in federal prison, a $10 million fine, and a maximum of lifetime supervision.

    United States District Judge Donald C. Coggins, Jr., accepted the guilty plea and will sentence the defendant after receiving and reviewing a sentencing report prepared by the U.S. Probation Office.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    This case was investigated by Homeland Security Investigations, United States Postal Inspection Service, Spartanburg County Sheriff’s Office, Cherokee County Sheriff’s Office, South Carolina State Law Enforcement Division, South Carolina Department of Corrections Office of the Inspector General, Greenville County Drug Enforcement Unit, and Greenville County Sheriff’s Office. Assistant U.S. Attorney Jamie Schoen is prosecuting the case.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Massachusetts Doctor Agrees to Plead Guilty to $35.5 Million Medicare Fraud Scheme

    Source: Office of United States Attorneys

    Defendant allegedly billed Medicare for genetic testing of patients she never communicated with for over three years

    BOSTON – A doctor from Boston has been charged and has agreed to plead guilty in connection with a multi-million-dollar health care fraud scheme in which she allegedly defrauded Medicare for genetic testing services she never provided.

    Le Thu, 69, is charged and has agreed to plead guilty to two counts of making false statements relating to health care matters. A plea hearing has not yet been scheduled by the Court.

    According to the charging documents, from in or about March 2017 through in November 2020, Thu knowingly and willfully engaged in a scheme to deceive the Medicare Program in connection with payments for genetic testing for beneficiaries. Specifically, Thu allegedly signed and/or caused other individuals who had no medical training to sign and submit false medical documentation and orders for beneficiaries’ genetic testing – which was generally not covered by Medicare – therefore making it appear that Thu was providing legitimate services. Thu allegedly signed or caused these orders to be signed that falsely claimed she had consulted with beneficiaries, conducted examinations prior to ordering genetic testing, obtained consent, and/or would use the testing results to treat the beneficiaries.

    However, it is alleged that Thu did not see, speak to, or otherwise communicate, examine or provide any medical services to Medicare beneficiaries in connection with any of the false orders submitted, without regard to whether the beneficiaries needed the genetic testing. It is alleged that in one of the orders, Thu stated, among other things that the test results would “assist [Thu] in making patient-specific clinical decisions” and would “directly impact [Thu’s] patient’s medical management.” In connection with that alleged false order, a third-party laboratory billed Medicare approximately $5,368, for which Medicare paid approximately $2,886. Thu allegedly falsely stated in another order for genetic testing that the results of the testing would “determine [a] patient’s medical management and treatment decision.” In connection with that alleged false order, a third-party laboratory billed Medicare for over $24,052.

    It is alleged that, as a result of the orders submitted on false medical documentation, Thu caused laboratories to submit approximately $35.3 million in claims to Medicare based on doctors’ orders containing materially false representations, for which Medicare paid approximately $25.3 million.

    The charges of making false statements relating to health care matters each provide for a sentence of up to five years in prison, three of supervised release and a fine of up to $250,000 or twice the gross pecuniary gain or loss, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley; James Crowley, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Roberto Coviello, Special Agent in Charge, Health and Human Services-Office of Inspector General made the announcement today.  Assistant U.S. Attorney Howard Locker of the Health Care Fraud Unit is prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Hong Kong Investment Promotion Conference – Zhejiang (Ningbo) Forum cum Ningbo-Hong Kong Economic Co-operation Forum held in Ningbo (with photos/video)

    Source: Hong Kong Government special administrative region

    Hong Kong Investment Promotion Conference – Zhejiang (Ningbo) Forum cum Ningbo-Hong Kong Economic Co-operation Forum held in Ningbo (with photos/video) 
         Following the successful Hong Kong Investment Promotion Conferences in Beijing and Shanghai respectively in September and November last year, the Zhejiang (Ningbo) Forum, with the theme of “Hong Kong, joining hands with Zhejiang and meeting in Ningbo, the channel for more opportunities”, brought together a number of business leaders from various sectors including finance, supply chain, innovation and technology (I&T) and professional services to share their insights on Hong Kong’s advantages and opportunities in different areas and attracted more than 600 participants. The concurrent Ningbo-Hong Kong Economic Co-operation Forum has been held alternately in Hong Kong and Ningbo every year since 2002 to facilitate bilateral exchanges and co-operation on economic, trade and investment and has been well received by the business communities of the two places.
     
         Addressing the opening ceremony, Mr Lee said he is pleased to attend the High-Level Meeting cum the First Plenary Session of the Hong Kong/Zhejiang Co-operation Conference together with the Secretary of the CPC Zhejiang Provincial Committee, Mr Wang Hao, yesterday to witness the establishment of the Hong Kong/Zhejiang Co-operation Conference Mechanism, symbolising a new stage of comprehensive exchanges and co-operation between Hong Kong and Zhejiang. Mr Lee noted that Ningbo in Zhejiang Province is a manufacturing and port hub in the Yangtze River Delta, while Hong Kong is an international financial, trade and shipping centre. Both Ningbo and Hong Kong are important gateways in the opening up of the country, with complementary advantages and limitless opportunities for collaboration. Hong Kong is the largest source of external investment in Ningbo and more than 1 000 enterprises and institutions from Ningbo have been established in Hong Kong, reflecting the close economic and trade ties between the two places.
     
         Mr Lee said that under the “one country, two systems” principle, Hong Kong possesses unique advantages of having the strong support of the country while maintaining unparalleled connectivity with the world, serving as a “super connector” and “super value-adder”. Hong Kong acts as a two-way springboard for Mainland enterprises to go global and for attracting overseas enterprises. Despite the United States’ bullying and unjustified imposition of tariffs, and the emergence of unilateralism that disrupted the global landscape and geopolitics and posed risks of economic destruction and recession, the country’s immense economic strength and vast market provide certainty for global investors, and a new economic and trade order is taking shape. Hong Kong will continue to proactively serve Mainland enterprises in going global to explore international markets, and attract overseas enterprises to tap into the Mainland market.
     
         Members of the HKSAR Government delegation attending the Conference included the Deputy Financial Secretary, Mr Michael Wong; the Secretary for Commerce and Economic Development, Mr Algernon Yau; the Director of the Chief Executive’s Office, Ms Carol Yip; the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan; the Director-General of Investment Promotion, Ms Alpha Lau; and the Commissioner for Industry (Innovation and Technology), Dr Ge Ming.
     
         The Executive Deputy Director of the Hong Kong and Macao Work Office of the CPC Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Zhou Ji; Member of the Standing Committee of the CPC Zhejiang Provincial Committee and the Secretary of the CPC Ningbo Municipal Committee, Mr Peng Jiaxue; Vice Governor of the Zhejiang Provincial People’s Government Mr Lu Shan; the Chief Engineer of the Ministry of Industry and Information Technology, Mr Xie Shaofeng; the Chief Risk Officer and the Director General of the Department of Public Offering Supervision of the China Securities Regulatory Commission, Mr Yan Bojin; and the Chairman of the HKTDC, Dr Peter Lam, also spoke at the opening ceremony.
     
         In his remarks on promoting Hong Kong’s advantages at a themed promotion activity, Mr Wong said that on finance, Hong Kong is the most trusted international financial safe haven for Mainland enterprises, offering diversified financing channels and financial services for companies to expand their businesses internationally. Regarding I&T, Hong Kong is in a golden age of development. The Northern Metropolis will serve as an important base for collaboration between the Mainland and Hong Kong on promoting I&T development. He invited Ningbo enterprises to visit the Northern Metropolis to explore opportunities for co-operation with Hong Kong.
     
         Furthermore, Invest Hong Kong held a signing ceremony of a number of key Zhejiang-Hong Kong and Ningbo-Hong Kong co-operation projects, covering various sectors including finance, technology, transportation, aviation, I&T and consumer goods.
     
         Co-founder of Casa Bauhinia in Ningbo Professor Anna Pao Sohmen was also invited to deliver a keynote speech to share the outlook of Zhejiang-Hong Kong and Ningbo-Hong Kong co-operation, encouraging Mainland enterprises to make good use of Hong Kong’s business and investment platform. A number of Hong Kong business leaders also participated in the panel discussion as guests, including the Chairman of the Board of Directors of the Hong Kong Science and Technology Parks Corporation, Dr Sunny Chai; the Chief Executive Officer of the Hong Kong Exchanges and Clearing Limited, Ms Bonnie Chan; and the Chief Executive Officer of the Airport Authority Hong Kong, Mrs Vivian Cheung. They discussed the unique status and advantages of Ningbo and Hong Kong in I&T, finance and professional services, and explored ways to promote complementary strengths and shared prosperity. A key enterprise from Hangzhou also shared its successful experience in co-operating with and investing in Hong Kong.
     
         In the afternoon, the HKSAR Government, the HKTDC and relevant authorities of the Ningbo Municipal People’s Government jointly organised three special promotion activities on finance, multinational supply chain management centre and I&T to promote investment in Hong Kong, during which Mr Chan, Ms Lau and Dr Ge delivered speeches. A number of government officials, relevant experts and representatives of enterprises of the two places also spoke and shared their successful experiences at the events, which helped deepen local enterprises’ understanding of Hong Kong’s advantages and opportunities in the respective sectors, with a view to attracting more Mainland enterprises to partner with Hong Kong to achieve mutual benefits.
     
         Mr Lee and the delegation departed for Hong Kong this afternoon.
    Issued at HKT 19:38

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: WAVES Bazaar unveils Its First-Ever ‘Top Selects’ Lineup Showcasing 15 Projects in 9 Languages

    Source: Government of India

    Posted On: 25 APR 2025 4:10PM by PIB Mumbai

    India occupies a dominant position in Media & Entertainment sector with talents spread across different geographies of the country, creating compelling contents through its rich cultural heritage. The World Audio Visual & Entertainment Summit (WAVES), to be held from 1st to 4th May in Mumbai, is poised to become one of the landmarks in the Media and Entertainment sector. The summit will promote India as one stop destination for content creation, Investment destination and leverage ‘Create in India’ opportunities as well as for global outreach.

    WAVES Bazaar is the premier global marketplace for the media and entertainment industry, a dynamic platform designed to foster connection, collaboration, and growth. It offers filmmakers and industry professionals the opportunity to engage with buyers, sellers, and a wide range of projects and profiles, while also showcasing their skills and expanding their professional network.

    The Viewing Room is a dedicated physical platform set up at Waves Bazaar, taking place from May 1st to 4th, 2025. It serves as a space for showcasing recently completed films and projects in Post Production from around the world. These films are actively seeking opportunities for film festivals, global sales, distribution partnerships, and finishing funds.

    Designed for film programmers, distributors, world sales agents, investors and other industry professionals, the Viewing Room offers a secure environment where delegates attending Waves Bazaar can watch these films, access detailed project information, and connect directly with filmmakers through our specialized Viewing Room Software.

    For the first ever WAVES Bazaar, a total 100 films from 8 countries namely India, Sri Lanka, USA, Switzerland, Bulgaria, Germany, Mauritius and UAE will be available to watch in the Viewing Room Library. The overall lineup includes 18 titles of NFDC produced and co-produced films and adds 8 restored classics from the National Film Archive of India (NFAI). It also includes 19 student projects from Film & Television Institute of India (FTII, Pune) and Satyajit Ray Film & Television Institute (SRFTI, Kolkata)

    These 15 Projects selected for the WAVES Bazaar Top Selects Section from the Viewing Room includes 9 Feature projects, 2 documentaries, 2 Short films and 2 Web-Series which will pitch their films to producers, sales agents, distributors, festival programmers and potential investors in an open pitching session during WAVES Bazaar at the Jio World Centre, Mumbai on 2nd May, 2025.

    WAVES Bazaar Top Selects 2025

    1. The Wage Collector | Tamil | India | Fiction Feature

    Director – Infant Soosai | Producer – Bagavathi Perumal

    1. Putul | Hindi | India | Fiction Feature

    Director – Radheshyam Pipalwa | Producer – Sharad Mittal

    1. Doosra Byaah ( Levir) | Haryanvi,Hindi | India | Fiction Feature

    Director – Bhagat Singh Saini | Producer – Parveen Saini

    1. Pankhudiyaan (Petals in the Wind) | Hindi | India | Fiction Feature

    Director – Abdul Aziz | Producer – Abdul Aziz, Jyotsana Rajpurohit

    1. Khidki Gaav (If on a Winter’s Night) | Malayalam | India | Fiction Feature

    Director – Sanju Surendran | Producer – Dr. Surendran M N

    1. Suchana – The Beginning | Bangla | India | Fiction Feature

    Director – Pausali Sengupta | Producer – Avinanda Sengupta

    1. Swaha In the Name of Fire | Magahi | India | Fiction Feature

    Director – Abhilash Sharma | Producer – Vikash Sharma

    1. Gotipua – Beyond Borders | English ,Hindi,Odia  | India | Documentary Feature

    Director & Producer – Chintan Parekh

    1. From India | English | USA | Documentary Short

    Director & Producer – Mandar Apte

    1. Third Floor | Hindi | India | Short Film

    Director – Amandeep Singh | Producer – Amandeep Singh

    1. Jahaan | Hindi | India | Fiction Short

    Director & Producer – Rahul Shetty

    1. Planet India | English,Hindi | India | TV Show

    Director – Colin Butfield | Producer – Tamseel Hussain

    1. Bharti Aur Bibo | Hindi | India | Animation Web-Series/TV

    Director – Sneha Ravishankar | Producer – National Film Development Corporation &

    Puppetica Media Pvt. Ltd

    1. Achappa’s Album (Grampa’s Album) | Malayalam | India | Fiction Feature

    Director – Deepti Pillay Sivan | Producer – National Film Development Corporation

    1. Duniya Na Mane (The Unexpected) | Hindi | India | Fiction Feature

    Director & Producer – V. Shantaram

     

    About WAVES

    The first World Audio Visual & Entertainment Summit (WAVES), a milestone event for the Media & Entertainment (M&E) sector, will be hosted by the Government of India in Mumbai, Maharashtra, from May 1 to 4, 2025.

    Whether you’re an industry professional, investor, creator, or innovator, the Summit offers the ultimate global platform to connect, collaborate, innovate and contribute to the M&E landscape.

    WAVES is set to magnify India’s creative strength, amplifying its position as a hub for content creation, intellectual property, and technological innovation. Industries and sectors in focus include Broadcasting, Print Media, Television, Radio, Films, Animation, Visual Effects, Gaming, Comics, Sound and Music, Advertising, Digital Media, Social Media Platforms, Generative AI, Augmented Reality (AR), Virtual Reality (VR), and Extended Reality (XR).

    Have questions? Find answers here  

    Stay updated with the latest announcements from PIB Team WAVES

    Come, Sail with us! Register for WAVES now

    ***

    PIB TEAM WAVES 2025 | Nikita / Parshuram | 102

     

    Follow us on social media:  @PIBMumbai    /PIBMumbai     /pibmumbai   pibmumbai[at]gmail[dot]com

    (Release ID: 2124294) Visitor Counter : 95

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: CBIC introduces several trade facilitative measures relating to transhipment and air cargo

    Source: Government of India

    Posted On: 25 APR 2025 5:02PM by PIB Delhi

    In line with the announcement in the Budget Speech 2025-26 by the Union Minister for Finance and Corporate Affairs, on facilitating upgradation of infrastructure and warehousing for air cargo including high value perishable horticulture produce and streamlining the cargo screening and customs protocols and making it user-friendly, the Central Board of Indirect Taxes and Customs (CBIC) has introduced several trade facilitative measures in Air cargo in particular and transhipment movement in general.

    For logistical convenience or other business decisions, Logistics operators sometimes undertake movement of imported cargo during the customs clearance between Customs areas (Ports/Container Freight Stations/Inland Container Depots etc.) without payment of duty by following transhipment procedure under The Customs Act, 1962. Since old times, transhipment permit fee is required to be paid for every transhipment permit. Over a period of time, due to increase in volume of trade, including transhipped cargo, some experienced delay in the process. As a measure for ease of business, CBIC has examined this matter and with effect from 24th April 2025, CBIC has decided to waive transhipment permit fee henceforth for all the transhipment movements. Changes to the Regulations has been issued vide Notification No. 30/2025-Cus (N.T) dated 24th April 2025 (https://www.cbic.gov.in/f2d0927b-945d-411c-8c34-65d272a6d047) in this regard.

    Further, with increase in the volume of air cargo, need was felt by the trade for temporary removal of Unit Load Devices (ULD) outside Customs Area in certain cases of high-value or perishable cargo. Currently, the cargo is being off-loaded in the Air cargo Complexes from ULD before the clearance. As a first step towards streamlining Customs Protocols, and aligning with the international best practices for movement of Unit Load Devices (ULD) outside Customs Area, CBIC has stipulated simplified and harmonised procedure for temporary import of ULDs on the lines of procedure already stipulated for marine containers being handled through the seaports since 2005.

    With this simplified procedure, ULDs/air containers could also be imported temporarily outside the Customs area on execution of a Continuity Bond by the air carriers/air console agents, who take responsibility to export back within the specified time period. Earlier, it required the importer of the goods to under the responsibility of exporting the ULDs/air containers back, in case of such temporary import. It is clarified that, the option of importer taking up the responsibility for re-export still exists, if he opts so.

    It is further to inform that, the facility of ‘All-India National Transhipment Bond’ at air cargo complexes is operational since 2022.  This facility has been intended to avoid multiplicity of the bonds that are submitted by airlines at multiple Customs stations for transshipment of import cargo. In addition, Online filing of Transhipment application has also been enabled in ICEGATE, obviating the need for visiting Service Centre at the Air cargo.

    Board Circular No. 15/2025-Customs dated 25th April 2025 may be referred to, for more information.

    Above measures are aimed easing of compliances and facilitating trade at Air cargo complexes. The Airlines, Console Agents or other stakeholders are encouraged to use the above facilities. 

    ****

    NB/KMN

    (Release ID: 2124318) Visitor Counter : 49

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Attorney General Bonta Dismantles Active Identity Theft Mill and Organized Retail Scheme Spanning Seven California Counties

    Source: US State of California Department of Justice

    LOS ANGELES – California Attorney General Rob Bonta today announced filing of felony charges against three people involved in a suspected identity theft mill, where stolen identities were utilized in an organized retail crime scheme. The scheme involved suspects applying for store credit cards using stolen identities, then using those credit lines to purchase merchandise with no intention to pay them back. The scheme was carried out in Los Angeles, Orange, San Bernardino, Riverside, Alameda, San Mateo, and Santa Clara Counties.

    “I am committed to using the full force of the California Department of Justice to fight organized retail crime both in the field and in the courtroom,” said Attorney General Rob Bonta. “This was not a one-off shoplifting offense, it was a malicious, coordinated scheme. These crimes hurt our businesses and pose a serious threat to our communities. I am thankful to Signet Jewelers as well as our local and state law enforcement partners for their collaboration in the battle against organized retail crime. We will not give up until we put a stop to this criminal activity all together.”

    “The Los Angeles County Sheriff’s Department is deeply committed to tackling organized retail crime through strategic multiagency collaboration, intelligence sharing, and targeted enforcement,” said Los Angeles County Sheriff’s Department Detective Division Chief Joe Mendoza. “By working closely with our local, state, and federal partners, we continue to strengthen our efforts, disrupt criminal networks, protect both businesses and our communities, while holding individuals accountable.”

    “These arrests are the result of excellent collaboration between HSI, private industry, state and local law enforcement partners,” said HSI Orange County Assistant Special Agent in Charge Christopher Bracken. “HSI will work tirelessly with our partners in California to ensure that those who commit fraud will be held accountable.”

    From March 2023 to July 2023, the defendants fraudulently obtained over $100,000 worth of merchandise from high end retail stores and Harbor Freight retailers. This investigation began with a referral from a Signet Jeweler’s Corporate Fraud Investigator, and was led by the California Department of Justice (DOJ) with collaboration form Homeland Security Investigations, Santa Maria Police Department, Los Angeles County Sheriff’s Department, California Highway Patrol and Westminster Police department.  
     
    As a result of the investigation, a 34-count felony complaint was filed against three defendants by DOJ. The charges include organized retail theft, grand theft, and identity theft of 13 victims. The Attorney General has made fighting organized retail crime a top priority and asks the public to submit complaints and tips at https://oag.ca.gov/bi/retail-crime.
     
    A copy of the criminal complaint in today’s case is available here.

    Photos related to this investigation can be found here, here and here. 

    MIL OSI USA News –

  • MIL-OSI Global: Why the energy transition won’t be green until mine waste disasters are prevented

    Source: The Conversation – UK – By Eva Marquis, Research Fellow in Critical Minerals and Circular Economy, University of Exeter

    On February 18, contamination in the Kafue river, Zambia, led to a mass death of fish. Its water turned a deathly grey and adjacent farmland was poisoned. The drinking water it supplied to half a million residents of the town of Kitwe was suddenly cut off.

    Reports suggest that this catastrophe was caused by the failure of the Chambishi tailings storage facility. Tailings are mixed liquid-solid mine wastes that remain after the valuable materials are removed from the crushed ores.

    They are often stored in impoundments, held in place by dams made of rock (and other mine waste), that ideally are managed and kept safe. This storage is necessary because tailings often contain high concentrations of potentially toxic, radioactive and corrosive elements.

    But tailings storage facilities can and do fail. The Chambishi failure was caused by a break in a wall between two tailings ponds containing acidic water. Fifty million litres of this water, equivalent to 20,000 Olympic swimming pools, spilled into a tributary of the Kafue river, and then into the river itself.

    The Kafue is a lifeline, flowing through 990 miles (1,600km) of Zambia, providing water for around 5 million people and supporting fishing and agriculture. That lifeline is still threatened by the ongoing damage of this failure.

    Chambishi is not alone. It is one of six major tailings incidents documented in the first three months of 2025, with others documented in Bolivia, Ghana, Philippines and Indonesia.

    Tailings and transitions

    Tailings are a produce of society’s voracious appetite for metals and materials. With growing demand for technologies for the energy transition, digitalisation and development, production of metals and materials and the volumes of tailings are set to vastly increase.

    Identifying suitable sites for safe storage is likely to become more challenging. Space will become more of a premium as more tailings are produced, and risks will evolve with changing climate and growing global population. For instance, storage facility plans developed before mining begins may no longer be suitable for their intended use over the life of the operation.

    The ability to safely store and manage tailings is a key factor in the development of metals projects. By extension, that’s fundamental to enabling an equitable and responsible energy transition.

    Initiatives to improve the management and monitoring of tailings, developed by independent organisations and industry bodies, such as the Global Industry Standard for Tailings Management and the International Council on Mining and Mineral’s Tailings Management Good Practice Guide. Although these initiatives are comprehensive, they do not minimise risks from past tailings storage practices or address the full costs involved.

    Tailing ponds.
    iofoto/Shutterstock

    A broad range of technical, social and environmental uncertainties have been linked to the management of tailings storage facilities. These uncertainties, combined with financial practices such as discounting future costs, can result in future costs (such as long-term tailings management and rehabilitation) being underestimated in mining project cash flows, and sizeable costs for future generations.

    Without a fully understanding of the true long-term costs, making the economic case for improved tailings management becomes that much harder.

    Reducing risks and improving outcomes

    Improved mechanisms for quantifying the cost of tailings in the short, medium and long term, whether tailings storage facilities fail or not, are essential for adequately financing these long-term legacies of mining. Mechanisms to reduce volumes of waste produced not only have the potential to improve project economics over the lifetime of a mine but can also enhance social and environmental outcomes both during and beyond the life of a mine.

    Tailings can be used as sources of aggregate materials for construction and critical metals for the green transition, and for carbon capture and storage. These opportunities will be context specific, however, and there will not be a one-size-fits-all approach to tailings reduction and responsible management.

    New mining paradigms, such as selective mining through precision drilling or in-situ electrokinetic “keyhole” techniques and extraction of metals from geothermal waters, may give us the ability to extract some metals without producing tailings.

    Innovations in tailings storage, like using tailings to fill worked-out underground mining tunnels, can remove tailings from the surface environment, eliminating risk from landslides, dust, seepages and other hazards. Even with these efforts, tailings storage facilities will continue to be used and will need to be managed.

    Reducing, reclaiming and regenerating the environments that have been negatively affected by tailings will require collaborative approaches. Financing is a clear barrier to responsible tailings management. Without knowing the true social, environmental and economic costs of tailings legacies, the ability to overcome this barrier to responsible management is hampered.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

    Eva Marquis receives funding from EPSRC, NERC, and Innovate UK.

    Karen Hudson-Edwards receives funding from NERC, BBSRC, EPSRC, the Technology Strategy Board (Innovate UK), the Royal Society and the EU Horizon 2020 programme.

    – ref. Why the energy transition won’t be green until mine waste disasters are prevented – https://theconversation.com/why-the-energy-transition-wont-be-green-until-mine-waste-disasters-are-prevented-252436

    MIL OSI – Global Reports –

  • MIL-OSI Security: Newtonville — Update: Kings District RCMP charge Newtonville man with additional firearms offences

    Source: Royal Canadian Mounted Police

    Kings District RCMP has charged a man with additional firearms offences following the execution of a search warrant in Newtonville.

    On April 19, RCMP officers responded to a report of unsecured firearms at a property on Jehill Davidson Rd. Upon arrival, officers also observed chemicals and materials consistent with the manufacturing of explosives at the scene. To ensure their safety and that of the public, the officers exited the residence, and the large rural property was secured.

    A methodical search of the area began later that day. Investigators from the Kings District General Investigation Section were assisted by the RCMP Explosives Disposal Unit (EDU), the Valley Integrated Street Crime Enforcement Unit (SCEU), Shelburne RCMP SCEU, Yarmouth RCMP SCEU, West Hants District RCMP, Annapolis County District RCMP, RCMP Federal Policing investigators, and RCMP Forensic Identification Services. Out of precaution, due to potentially volatile substances being stored at the scene, fire services were on standby.

    During the search, RCMP officers seized three rifles, four shotguns, ammunition, and components that could be used to make explosives. Samples of the chemicals were seized for analysis before a third party contractor safely disposed of the substances.

    The search of the property was concluded on April 23.

    “At the scene, officers were faced with a complex situation involving unidentified chemicals that could be dangerous,” says Supt. Jason Popik, District Policing Officer, Southwest Nova RCMP District. “However, with the assistance of specialized policing services and our interoperability with our partners, a safe and thorough search of the property was completed.”

    Shawn Bradley, 53, has been charged with:

    • Possession of Explosive
    • Careless Use of Firearm (7 counts)
    • Possession of Weapon for Dangerous Purpose (7 counts)
    • Unauthorized Possession of Firearm (7 counts)
    • Unauthorized Possession of Prohibited Weapon or Restricted Weapon (3 counts)
    • Possession of Firearm Knowing its Possession is Unauthorized (7 counts)
    • Possession of Prohibited Device Knowing its Possession is Unauthorized (3 counts)
    • Possession of Prohibited or Restricted Firearm with Ammunition

    Bradley was remanded into custody on April 22. He appeared in Windsor Provincial Court today and remains in custody.

    The investigation led by the Kings District General Investigation Section is ongoing.

    Anyone with information that may assist in this investigation is asked to call Kings District RCMP at 902-542-3817. To remain anonymous, contact Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    File #: 2025-514892

    Note: The Valley Integrated Street Crime Enforcement Unit is comprised of members of the Kings District RCMP and the Kentville Police Service.

    MIL Security OSI –

  • MIL-OSI: Meridian Corporation Reports First Quarter 2025 Results and Announces a Quarterly Dividend of $0.125 per Common Share

    Source: GlobeNewswire (MIL-OSI)

    MALVERN, Pa., April 25, 2025 (GLOBE NEWSWIRE) — Meridian Corporation (Nasdaq: MRBK) today reported:

      Three Months Ended
    (Dollars in thousands, except per share data)((Unaudited) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Income:          
    Net income $ 2,399   $ 5,600   $ 2,676
    Diluted earnings per common share $ 0.21   $ 0.49   $ 0.24
    Pre-provision net revenue (PPNR) (1) $ 8,357   $ 11,167   $ 6,419
    (1) See Non-GAAP reconciliation in the Appendix          
               
    • Net income for the quarter ended March 31, 2025 was $2.4 million, or $0.21 per diluted share.
    • Pre-provision net revenue1 for the quarter was $8.4 million, up $1.9 million or 30.2% from 1Q 2024.
    • Net interest margin was 3.46% for the first quarter of 2025, with a loan yield of 7.19%.
    • Return on average assets and return on average equity for the first quarter of 2025 were 0.40% and 5.57%, respectively.
    • Total assets at March 31, 2025 were $2.5 billion, compared to $2.4 billion at December 31, 2024 and $2.3 billion at March 31, 2024.
    • Commercial loans, excluding leases, increased $49.5 million, or 3% for the quarter.
    • First quarter deposit growth was $123.4 million, or 6%.
    • Non-interest-bearing deposits were up $82.6 million or 34%, quarter over quarter.
    • On April 24, 2025, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable May 19, 2025 to shareholders of record as of May 12, 2025.

    Christopher J. Annas, Chairman and CEO commented:

    Meridian’s first quarter 2025 earnings of $2.4 million were slightly below the first quarter 2024 net income of $2.7 million however PPNR was up 30%, reflecting overall healthy growth in our business units and good expense control. Our earnings were negatively affected by higher provisioning resulting mainly from distressed SBA loans, which have been impacted by the dramatic rate rise. The remediation process for SBA loans is lengthy due to procedural requirements, which we follow diligently to assure the government guaranty, but we are making progress. On a positive note, our net interest margin was 3.46% and has shown consistent improvement over the last four quarters.

    Loan growth in the first quarter was 12% annualized (minus expected lease paydowns) and all commercial groups contributed. The Delaware Valley region is plagued by a lack of homes for sale, so construction and other residential building is in demand. Our commercial/industrial lending has benefited from disruption in a recent local bank combination, from where we hired a senior lender with a deep list of contacts throughout the region. We expect many opportunities from this individual and his future hires.

    Meridian Wealth Partners continued its strong performance with pre-tax income of $726 thousand for the quarter. A slight increase in assets under management combined with overall better fee percentages contributed to the gain. We are poised for better growth in this segment as our expanded loan customer base provides referral business, and with the recent hiring of a senior wealth professional to help focus on other opportunities.

    The mortgage group had a larger pre-tax loss in 1Q25 vs 1Q24, mainly due to lower volume and a lesser loan officer count. The first quarter is seasonally weaker, but we are encouraged by the forecast for greater home inventory in both our Delaware Valley and Maryland markets. That has been a much bigger factor for loan originations than mortgage rates.

    Our solid growth in PPNR has enabled us to manage the spike in non-performing loans, as we work intensely to remediate these credits. The growth in first quarter loan volume and expansion in net interest margin should continue to help drive further improvement in profitability.

    Select Condensed Financial Information

      As of or for the three months ended (Unaudited)
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
      (Dollars in thousands, except per share data)
    Income:                  
    Net income $ 2,399     $ 5,600     $ 4,743     $ 3,326     $ 2,676  
    Basic earnings per common share   0.21       0.50       0.43       0.30       0.24  
    Diluted earnings per common share   0.21       0.49       0.42       0.30       0.24  
    Net interest income   19,776       19,299       18,242       16,846       16,609  
                       
    Balance Sheet:                  
    Total assets $ 2,528,586     $ 2,385,867     $ 2,387,721     $ 2,351,584     $ 2,292,923  
    Loans, net of fees and costs   2,071,675       2,030,437       2,008,396       1,988,535       1,956,315  
    Total deposits   2,128,742       2,005,368       1,978,927       1,915,436       1,900,696  
    Non-interest bearing deposits   323,485       240,858       237,207       224,040       220,581  
    Stockholders’ equity   173,266       171,522       167,450       162,382       159,936  
                       
    Balance Sheet Average Balances:                  
    Total assets $ 2,420,571     $ 2,434,270     $ 2,373,261     $ 2,319,295     $ 2,269,047  
    Total interest earning assets   2,330,224       2,342,651       2,277,523       2,222,177       2,173,212  
    Loans, net of fees and costs   2,039,676       2,029,739       1,997,574       1,972,740       1,944,187  
    Total deposits   2,036,208       2,043,505       1,960,145       1,919,954       1,823,523  
    Non-interest bearing deposits   244,161       259,118       246,310       229,040       233,255  
    Stockholders’ equity   174,734       171,214       165,309       162,119       159,822  
                       
    Performance Ratios (Annualized):                  
    Return on average assets   0.40 %     0.92 %     0.80 %     0.58 %     0.47 %
    Return on average equity   5.57 %     13.01 %     11.41 %     8.25 %     6.73 %
                                           

    Income Statement – First Quarter 2025 Compared to Fourth Quarter 2024

    First quarter net income decreased $3.2 million, or 57.2%, to $2.4 million due to decreased non-interest income as the prior quarter included a $4.0 million gain on sale of MSR’s and a $317 thousand gain on sale of OREO, partially offset by a $1.0 million charge for early lease termination. The first quarter provision for credit losses increased over the prior quarter by $1.6 million. Net interest income increased $477 thousand and non-interest expenses decreased $2.7 million. Detailed explanations of the major categories of income and expense follow below.

    Net Interest income

    Interest income decreased $869 thousand quarter-over-quarter on a tax equivalent basis, driven by both two less days in the period as well as a lower level of average earning assets, which decreased by $12.4 million. On a rate basis, the yield on earnings assets increased 2 basis points.

    Average total loans, excluding residential loans for sale, increased $10.0 million. The largest drivers of this increase were commercial, commercial real estate, and small business loans which on a combined basis increased $21.2 million on average, partially offset by a decrease in average leases of $10.6 million. Home equity, residential real estate, consumer and other loans held in portfolio decreased on a combined basis $602 thousand on average.

    Total interest expense decreased $1.3 million, quarter-over-quarter, also driven by two fewer days in the period and a lower volume of time deposits and borrowings. On a rate basis, all deposit types experienced a decrease in the cost, with the overall cost of deposits dropping 21 basis points. Interest expense on total deposits decreased $1.5 million and interest expense on borrowings decreased $139 thousand. During the period, interest-bearing checking accounts and money market accounts increased $9.9 million and $37.9 million on average, respectively, while time deposits decreased $40.2 million on average. Borrowings decreased $6.7 million on average.

    Overall the net interest margin increased 17 basis points to 3.46% as the cost of funds declined and the yield on earning assets increased slightly.

    Provision for Credit Losses

    The overall provision for credit losses for the first quarter increased $1.6 million to $5.2 million, from $3.6 million in the fourth quarter. The first quarter provision increased due to an increase of $7.1 million in non-performing loans which led to an increase of $2.3 million in specific reserves on such loans. SBA loans make up $6.9 million of these additional non-performing loans, of which $3.8 million are guaranteed by the SBA.   The increase in provision was also partially impacted by unfavorable changes in certain macro-economic factors used in the model due to current economic and market uncertainty.

    Non-interest income

    The following table presents the components of non-interest income for the periods indicated:

      Three Months Ended        
    (Dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   $ Change   % Change
    Mortgage banking income $ 3,393     $ 5,516     $ (2,123 )   (38.5)%
    Wealth management income   1,535       1,527       8     0.5 %
    SBA loan income   748       1,143       (395 )   (34.6)%
    Earnings on investment in life insurance   222       224       (2 )   (0.9)%
    Net (loss) gain on sale of MSRs   (52 )     3,992       (4,044 )   (101.3)%
    Gain on sale of OREO   —       317       (317 )   (100.0)%
    Net change in the fair value of derivative instruments   149       (146 )     295     (202.1)%
    Net change in the fair value of loans held-for-sale   102       (163 )     265     (162.6)%
    Net change in the fair value of loans held-for-investment   170       (552 )     722     (130.8)%
    Net (loss) gain on hedging activity   21       192       (171 )   (89.1)%
    Other   1,036       1,229       (193 )   (15.7)%
    Total non-interest income $ 7,324     $ 13,279     $ (5,955 )   (44.8)%
                               

    Total non-interest income decreased $6.0 million, or 44.8%, quarter-over-quarter largely due to recognizing a gain on sale of MSRs of $4.0 million in the prior quarter, combined with a $2.1 million decline in mortgage banking income, and a change in gains of $171 thousand in hedging activity. These declines in income were partially offset by favorable derivative and loan related fair value changes. Mortgage loan sales decreased $68.1 million or 31.5% quarter over quarter driving lower gain on sale income in addition to a lower overall margin, leading to the lower level of mortgage banking income.

    SBA loan income decreased $395 thousand due to a lower level of SBA loan sales. SBA loans sold for the quarter-ended March 31, 2025 totaled $12.1 million, down $7.8 million, or 39.1%, compared to the quarter-ended December 31, 2024. The gross margin on SBA sales was 8.7% for the quarter, up from 7.5% for the previous quarter.

    Non-interest expense

    The following table presents the components of non-interest expense for the periods indicated:

      Three Months Ended        
    (Dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   $ Change   % Change
    Salaries and employee benefits $ 11,385   $ 12,429   $         (1,044 )           (8.4)%
    Occupancy and equipment   1,338     2,270             (932 )           (41.1)%
    Professional fees   763     1,134             (371 )           (32.7)%
    Data processing and software   1,479     1,553             (74 )           (4.8)%
    Advertising and promotion   779     839             (60 )           (7.2)%
    Pennsylvania bank shares tax   269     243             26             10.7 %
    Other   2,730     2,943             (213 )           (7.2)%
    Total non-interest expense $ 18,743   $ 21,411   $         (2,668 )           (12.5)%
                           

    Overall salaries and benefits decreased $1.0 million. Bank and wealth segments combined decreased $245 thousand, while the mortgage segment decreased $799 thousand. Mortgage segment salaries, commissions, and employee benefits expense are impacted by volume and decreased commensurate with the lower levels of originations, which were down $63.5 million from the prior quarter. Occupancy and equipment expense decreased $932 thousand, net, due to fees, credits and other disposal costs for the early termination of the Blue Bell lease that occurred in the prior quarter. Professional fees decreased $371 thousand over the prior period mainly due to the results of cost control efforts on certain internal audit fees, legal fees and consulting fees, while other non-interest expense decreased $213 thousand due to a decline in certain business development costs, other loan related fees, and OREO related expenses.

    Balance Sheet – March 31, 2025 Compared to December 31, 2024

    Total assets increased $142.7 million, or 6.0%, to $2.5 billion as of March 31, 2025 from $2.4 billion at December 31, 2024. Interest-earning cash increased $91.8 million, or 419.7%, to $113.6 million as of March 31, 2025 from December 31, 2024, as a temporary deposit of $103 million from a long standing customer was on hand for several weeks. In addition, loan growth contributed to the overall increase in total assets over this period.

    Portfolio loan growth was $42.0 million, or 2.1% quarter-over-quarter. The portfolio growth was generated from commercial mortgage loans which increased $21.2 million, or 2.6%, construction loans which increased $18.3 million, or 7.1%, small business loans which increased $5.3 million, or 3.4%, and commercial & industrial loans which increased $4.6 million, or 1.3%. Lease financings decreased $9.2 million, or 12.1% from December 31, 2024, partially offsetting the above noted loan growth, but this decline was expected as we continue to refocus away from lease originations.

    Total deposits increased $123.4 million, or 6.2% quarter-over-quarter, led by non-interest bearing deposit growth of $82.6 million. Non-interest bearing deposits benefited from a late quarter deposit of $103 million from a long standing customer that sold a business. This deposit was on hand for several weeks. Money market accounts and savings accounts also increased a combined $34.3 million, while interest bearing demand deposits increased $19.6 million, and time deposits decreased $13.1 million from largely wholesale efforts. Overall borrowings increased $15.1 million, or 12.1% quarter-over-quarter.

    Total stockholders’ equity increased by $1.7 million from December 31, 2024, to $173.3 million as of March 31, 2025. Changes to equity for the current quarter included net income of $2.4 million, less dividends paid of $1.4 million, offset by a decrease of $529 thousand in other comprehensive income. The Community Bank Leverage Ratio for the Bank was 9.30% at March 31, 2025.

    Asset Quality Summary

    Non-performing loans increased $7.1 million to $52.2 million at March 31, 2025 compared to $45.1 million at December 31, 2024. Included in non-performing loans are $19.1 million of SBA loans of which $9.9 million, or 53%, are guaranteed by the SBA. The SBA portfolio was subject to the Fed’s rapid rate increase and $15.0 million, or 80% of these non-performing loans originated in 2020-2021 where their rates rose over 500 basis points.  

    The ratio of non-performing loans to total loans increased 30 bps to 2.49% as of March 31, 2025, from 2.19% as of December 31, 2024. The increase in non-performing loans was led by a $6.9 million increase in non-performing SBA loans, and $881 thousand in leases.

    Net charge-offs as a % of total average loans of 0.14% for the quarter ended March 31, 2025, decreased from 0.34% for the quarter ended December 31, 2024. Net charge-offs decreased to $2.8 million for the quarter ended March 31, 2025, compared to net charge-offs of $7.1 million for the quarter ended December 31, 2024. First quarter charge-offs consisted of $851 thousand on a protracted commercial advertising loan relationship, $738 thousand related to construction loans, $553 thousand of small ticket equipment leases which are charged-off after becoming more than 120 days past due, and $277 thousand in SBA loans. Overall there were recoveries of $175 thousand, largely related to leases and SBA loans.

    The ratio of allowance for credit losses to total loans held for investment was 1.01% as of March 31, 2025, an increase from the coverage ratio of 0.91% as of December 31, 2024 due largely to the increase in specific reserves on non-performing loans in the quarter discussed above.   As of March 31, 2025 there were specific reserves of $5.0 million against individually evaluated loans, an increase of $2.3 million from $2.7 million in specific reserves as of December 31, 2024. The specific reserve increase over the prior quarter was led by a $1.6 million increase in specific reserves on SBA loans, as well as increases of $535 thousand in commercial real estate loan specifics reserves and a $174 thousand increase in commercial loan specific reserves.

    About Meridian Corporation

    Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is an innovative community bank serving Pennsylvania, New Jersey, Delaware and Maryland. Through its 17 offices, including banking branches and mortgage locations, Meridian offers a full suite of financial products and services. Meridian specializes in business and industrial lending, retail and commercial real estate lending, electronic payments, and wealth management solutions through Meridian Wealth Partners. Meridian also offers a broad menu of high-yield depository products supported by robust online and mobile access. For additional information, visit our website at www.meridianbanker.com. Member FDIC.

    “Safe Harbor” Statement

    In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation’s control). Numerous competitive, economic, regulatory, legal and technological factors, risks and uncertainties that could cause actual results to differ materially include, without limitation, credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cyber-security concerns; rapid technological developments and changes; increased competitive pressures; changes in spreads on interest-earning assets and interest-bearing liabilities; changes in general economic conditions and conditions within the securities markets; escalating tariff and other trade policies and the resulting impacts on market volatility and global trade; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; legislation affecting the financial services industry as a whole, and Meridian Corporation, in particular; changes in accounting policies, practices or guidance; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; among others, could cause Meridian Corporation’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Meridian Corporation’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Meridian Corporation does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Meridian Corporation or by or on behalf of Meridian Bank.

    MERIDIAN CORPORATION AND SUBSIDIARIES
    FINANCIAL RATIOS (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
       
      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Earnings and Per Share Data:                  
    Net income $ 2,399     $ 5,600     $ 4,743     $ 3,326     $ 2,676  
    Basic earnings per common share $ 0.21     $ 0.50     $ 0.43     $ 0.30     $ 0.24  
    Diluted earnings per common share $ 0.21     $ 0.49     $ 0.42     $ 0.30     $ 0.24  
    Common shares outstanding   11,285       11,240       11,229       11,191       11,186  
                       
    Performance Ratios:                  
    Return on average assets (2)   0.40 %     0.92 %     0.80 %     0.58 %     0.47 %
    Return on average equity (2)   5.57       13.01       11.41       8.25       6.73  
    Net interest margin (tax-equivalent) (2)   3.46       3.29       3.20       3.06       3.09  
    Yield on earning assets (tax-equivalent) (2)   6.83       6.81       7.06       6.98       6.90  
    Cost of funds (2)   3.56       3.71       4.05       4.10       4.00  
    Efficiency ratio   69.16 %     65.72 %     70.67 %     72.89 %     73.90 %
                       
    Asset Quality Ratios:                  
    Net charge-offs (recoveries) to average loans   0.14 %     0.34 %     0.11 %     0.20 %     0.12 %
    Non-performing loans to total loans   2.49       2.19       2.20       1.84       1.93  
    Non-performing assets to total assets   2.07       1.90       1.97       1.68       1.74  
    Allowance for credit losses to:                  
    Total loans and other finance receivables   1.01       0.91       1.09       1.09       1.18  
    Total loans and other finance receivables (excluding loans at fair value) (1)   1.01       0.91       1.10       1.10       1.19  
    Non-performing loans   39.90 %     40.86 %     48.66 %     57.66 %     60.59 %
                       
    Capital Ratios:                  
    Book value per common share $ 15.35     $ 15.26     $ 14.91     $ 14.51     $ 14.30  
    Tangible book value per common share $ 15.03     $ 14.93     $ 14.58     $ 14.17     $ 13.96  
    Total equity/Total assets   6.85 %     7.19 %     7.01 %     6.91 %     6.98 %
    Tangible common equity/Tangible assets – Corporation (1)   6.72       7.05       6.87       6.76       6.82  
    Tangible common equity/Tangible assets – Bank (1)   8.61       9.06       8.95       8.85       8.93  
    Tier 1 leverage ratio – Bank   9.30       9.21       9.32       9.33       9.42  
    Common tier 1 risk-based capital ratio – Bank   10.15       10.33       10.17       9.84       9.87  
    Tier 1 risk-based capital ratio – Bank   10.15       10.33       10.17       9.84       9.87  
    Total risk-based capital ratio – Bank   11.14 %     11.20 %     11.22 %     10.84 %     10.95 %
    (1) See Non-GAAP reconciliation in the Appendix                
    (2) Annualized                  
                       
    MERIDIAN CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
       
      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Interest income:          
    Loans and other finance receivables, including fees $ 36,549     $ 37,229     $ 35,339  
    Securities – taxable   1,693       1,684       1,251  
    Securities – tax-exempt   313       314       325  
    Cash and cash equivalents   613       801       300  
    Total interest income   39,168       40,028       37,215  
    Interest expense:          
    Deposits   16,868       18,341       17,392  
    Borrowings and subordinated debentures   2,524       2,388       3,214  
    Total interest expense   19,392       20,729       20,606  
    Net interest income   19,776       19,299       16,609  
    Provision for credit losses   5,212       3,572       2,866  
    Net interest income after provision for credit losses   14,564       15,727       13,743  
    Non-interest income:          
    Mortgage banking income   3,393       5,516       3,634  
    Wealth management income   1,535       1,527       1,317  
    SBA loan income   748       1,143       986  
    Earnings on investment in life insurance   222       224       207  
    Net (loss) gain on sale of MSRs   (52 )     3,992       —  
    Gain on sale of OREO   —       317       —  
    Net change in the fair value of derivative instruments   149       (146 )     75  
    Net change in the fair value of loans held-for-sale   102       (163 )     (2 )
    Net change in the fair value of loans held-for-investment   170       (552 )     (175 )
    Net (loss) gain on hedging activity   21       192       (19 )
    Other   1,036       1,229       1,961  
    Total non-interest income   7,324       13,279       7,984  
    Non-interest expense:          
    Salaries and employee benefits   11,385       12,429       10,573  
    Occupancy and equipment   1,338       2,270       1,233  
    Professional fees   763       1,134       1,498  
    Data processing and software   1,479       1,553       1,532  
    Advertising and promotion   779       839       748  
    Pennsylvania bank shares tax   269       243       274  
    Other   2,730       2,943       2,316  
    Total non-interest expense   18,743       21,411       18,174  
    Income before income taxes   3,145       7,595       3,553  
    Income tax expense   746       1,995       877  
    Net income $ 2,399     $ 5,600     $ 2,676  
               
    Basic earnings per common share $ 0.21     $ 0.50     $ 0.24  
    Diluted earnings per common share $ 0.21     $ 0.49     $ 0.24  
               
    Basic weighted average shares outstanding   11,205       11,158       11,088  
    Diluted weighted average shares outstanding   11,446       11,375       11,201  
                           
    MERIDIAN CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
                       
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Assets:                  
    Cash and due from banks $ 16,976     $ 5,598     $ 12,542     $ 8,457     $ 8,935  
    Interest-bearing deposits at other banks   113,620       21,864       19,805       15,601       14,092  
    Federal funds sold   629       —       —       —       —  
    Cash and cash equivalents   131,225       27,462       32,347       24,058       23,027  
    Securities available-for-sale, at fair value   185,221       174,304       171,568       159,141       150,996  
    Securities held-to-maturity, at amortized cost   32,720       33,771       33,833       35,089       35,157  
    Equity investments   2,126       2,086       2,166       2,088       2,092  
    Mortgage loans held for sale, at fair value   28,047       32,413       46,602       54,278       29,124  
    Loans and other finance receivables, net of fees and costs   2,071,675       2,030,437       2,008,396       1,988,535       1,956,315  
    Allowance for credit losses   (20,827 )     (18,438 )     (21,965 )     (21,703 )     (23,171 )
    Loans and other finance receivables, net of the allowance for credit losses   2,050,848       2,011,999       1,986,431       1,966,832       1,933,144  
    Restricted investment in bank stock   8,369       7,753       8,542       10,044       8,560  
    Bank premises and equipment, net   12,028       12,151       12,807       13,114       13,451  
    Bank owned life insurance   29,935       29,712       29,489       29,267       29,051  
    Accrued interest receivable   10,345       9,958       10,012       9,973       9,864  
    Other real estate owned   159       159       1,862       1,862       1,703  
    Deferred income taxes   5,136       4,669       3,537       3,950       4,339  
    Servicing assets   4,284       4,382       4,364       11,341       11,573  
    Servicing assets held for sale   —       —       6,609       —       —  
    Goodwill   899       899       899       899       899  
    Intangible assets   2,716       2,767       2,818       2,869       2,920  
    Other assets   24,528       31,382       33,835       26,779       37,023  
    Total assets $ 2,528,586     $ 2,385,867     $ 2,387,721     $ 2,351,584     $ 2,292,923  
                       
    Liabilities:                  
    Deposits:                  
    Non-interest bearing $ 323,485     $ 240,858     $ 237,207     $ 224,040     $ 220,581  
    Interest bearing                  
    Interest checking   161,055       141,439       133,429       130,062       121,204  
    Money market and savings deposits   947,795       913,536       822,837       787,479       797,525  
    Time deposits   696,407       709,535       785,454       773,855       761,386  
    Total interest-bearing deposits   1,805,257       1,764,510       1,741,720       1,691,396       1,680,115  
    Total deposits   2,128,742       2,005,368       1,978,927       1,915,436       1,900,696  
    Borrowings   139,590       124,471       144,880       187,260       145,803  
    Subordinated debentures   49,761       49,743       49,928       49,897       49,867  
    Accrued interest payable   7,404       6,860       7,017       7,709       8,350  
    Other liabilities   29,823       27,903       39,519       28,900       28,271  
    Total liabilities   2,355,320       2,214,345       2,220,271       2,189,202       2,132,987  
                       
    Stockholders’ equity:                  
    Common stock   13,288       13,243       13,232       13,194       13,189  
    Surplus   81,724       81,545       81,002       80,639       80,487  
    Treasury stock   (26,079 )     (26,079 )     (26,079 )     (26,079 )     (26,079 )
    Unearned common stock held by employee stock ownership plan   (1,006 )     (1,006 )     (1,204 )     (1,204 )     (1,204 )
    Retained earnings   112,952       111,961       107,765       104,420       102,492  
    Accumulated other comprehensive loss   (7,613 )     (8,142 )     (7,266 )     (8,588 )     (8,949 )
    Total stockholders’ equity   173,266       171,522       167,450       162,382       159,936  
    Total liabilities and stockholders’ equity $ 2,528,586     $ 2,385,867     $ 2,387,721     $ 2,351,584     $ 2,292,923  
                                           
    MERIDIAN CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SEGMENT INFORMATION (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
       
      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Interest income $ 39,168   $ 40,028   $ 40,319   $ 38,465   $ 37,215
    Interest expense   19,392     20,729     22,077     21,619     20,606
    Net interest income   19,776     19,299     18,242     16,846     16,609
    Provision for credit losses   5,212     3,572     2,282     2,680     2,866
    Non-interest income   7,324     13,279     10,831     9,244     7,984
    Non-interest expense   18,743     21,411     20,546     19,018     18,174
    Income before income tax expense   3,145     7,595     6,245     4,392     3,553
    Income tax expense   746     1,995     1,502     1,066     877
    Net Income $ 2,399   $ 5,600   $ 4,743   $ 3,326   $ 2,676
                       
    Basic weighted average shares outstanding   11,205     11,158     11,110     11,096     11,088
    Basic earnings per common share $ 0.21   $ 0.50   $ 0.43   $ 0.30   $ 0.24
                       
    Diluted weighted average shares outstanding   11,446     11,375     11,234     11,150     11,201
    Diluted earnings per common share $ 0.21   $ 0.49   $ 0.42   $ 0.30   $ 0.24
                                 
      Segment Information
      Three Months Ended March 31, 2025   Three Months Ended March 31, 2024
    (dollars in thousands) Bank   Wealth   Mortgage   Total   Bank   Wealth   Mortgage   Total
    Net interest income $ 19,706     $ 9     $ 61     $ 19,776     $ 16,592     $ (6 )   $ 23     $ 16,609  
    Provision for credit losses   5,212       —       —       5,212       2,866       —       —       2,866  
    Net interest income after provision   14,494       9       61       14,564       13,726       (6 )     23       13,743  
    Non-interest income   1,912       1,535       3,877       7,324       1,874       1,317       4,793       7,984  
    Non-interest expense   12,758       818       5,167       18,743       12,060       833       5,281       18,174  
    Income (loss) before income taxes $ 3,648     $ 726     $ (1,229 )   $ 3,145     $ 3,540     $ 478     $ (465 )   $ 3,553  
    Efficiency ratio   59 %     53 %     131 %     69 %     65 %     64 %     110 %     74 %
                                                                   

    MERIDIAN CORPORATION AND SUBSIDIARIES
    APPENDIX: NON-GAAP MEASURES (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)

    Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts. The non-GAAP disclosure have limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

      Pre-provision Net Revenue Reconciliation
      Three Months Ended
    (Dollars in thousands, except per share data, Unaudited) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Income before income tax expense $         3,145           $         7,595           $         3,553        
    Provision for credit losses           5,212                     3,572                     2,866        
    Pre-provision net revenue $         8,357           $         11,167           $         6,419        
                     
      Pre-Provision Net Revenue Reconciliation
      Three Months Ended
    (Dollars in thousands, except per share data, Unaudited) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Bank $ 8,860     $ 8,205   $ 6,406  
    Wealth   726       571     478  
    Mortgage   (1,229 )     2,391     (465 )
    Pre-provision net revenue $ 8,357     $ 11,167   $ 6,419  
                         
      Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding and Loans at Fair Value
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Allowance for credit losses (GAAP) $ 20,827     $ 18,438     $ 21,965     $ 21,703     $ 23,171  
                       
    Loans and other finance receivables (GAAP)   2,071,675       2,030,437       2,008,396       1,988,535       1,956,315  
    Less: Loans at fair value   (14,182 )     (14,501 )     (13,965 )     (12,900 )     (13,139 )
    Loans and other finance receivables, excluding loans at fair value (non-GAAP) $ 2,057,493     $ 2,015,936     $ 1,994,431     $ 1,975,635     $ 1,943,176  
                       
    ACL to loans and other finance receivables (GAAP)   1.01 %     0.91 %     1.09 %     1.09 %     1.18 %
    ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP)   1.01 %     0.91 %     1.10 %     1.10 %     1.19 %
                                           
      Tangible Common Equity Ratio Reconciliation – Corporation
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Total stockholders’ equity (GAAP) $ 173,266     $ 171,522     $ 167,450     $ 162,382     $ 159,936  
    Less: Goodwill and intangible assets   (3,615 )     (3,666 )     (3,717 )     (3,768 )     (3,819 )
    Tangible common equity (non-GAAP)   169,651       167,856       163,733       158,614       156,117  
                       
    Total assets (GAAP)   2,528,586       2,385,867       2,387,721       2,351,584       2,292,923  
    Less: Goodwill and intangible assets   (3,615 )     (3,666 )     (3,717 )     (3,768 )     (3,819 )
    Tangible assets (non-GAAP) $ 2,524,971     $ 2,382,201     $ 2,384,004     $ 2,347,816     $ 2,289,104  
    Tangible common equity to tangible assets ratio – Corporation (non-GAAP)   6.72 %     7.05 %     6.87 %     6.76 %     6.82 %
                                           
      Tangible Common Equity Ratio Reconciliation – Bank
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Total stockholders’ equity (GAAP) $ 220,768     $ 219,119     $ 217,028     $ 211,308     $ 208,319  
    Less: Goodwill and intangible assets   (3,615 )     (3,666 )     (3,717 )     (3,768 )     (3,819 )
    Tangible common equity (non-GAAP)   217,153       215,453       213,311       207,540       204,500  
                       
    Total assets (GAAP)   2,525,029       2,382,014       2,385,994       2,349,600       2,292,894  
    Less: Goodwill and intangible assets   (3,615 )     (3,666 )     (3,717 )     (3,768 )     (3,819 )
    Tangible assets (non-GAAP) $ 2,521,414     $ 2,378,348     $ 2,382,277     $ 2,345,832     $ 2,289,075  
    Tangible common equity to tangible assets ratio – Bank (non-GAAP)   8.61 %     9.06 %     8.95 %     8.85 %     8.93 %
                       
      Tangible Book Value Reconciliation
      March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Book value per common share $ 15.35     $ 15.26     $ 14.91     $ 14.51     $ 14.30  
    Less: Impact of goodwill /intangible assets   0.32       0.33       0.33       0.34       0.34  
    Tangible book value per common share $ 15.03     $ 14.93     $ 14.58     $ 14.17     $ 13.96  

    The MIL Network –

  • MIL-OSI Security: Eight Guatemalan Nationals Indicted for Smuggling Illegal Aliens into the United States for Cash

    Source: Office of United States Attorneys

    TULSA, Okla. – Eight Guatemalan nationals were indicted in court for allegedly being paid to smuggle illegal aliens into the United States from Guatemala, Mexico, and other countries in Central or South America, including Asia. The activity is alleged to have occurred over the past four years. Once across the Mexico border, the defendants would further help conceal and harbor aliens illegally across more than 24 states.

    “For the past four years, this illegal alien smuggling group has operated and laundered proceeds in the Northern District of Oklahoma,” said U.S. Attorney Clint Johnson. “These defendants would not be in custody today without federal and state law enforcement working collaboratively, with prosecutors across the United States. The arrest and ongoing investigation surrounding these Guatemalan Nationals, and their conspirators not only protects the citizens in the Northern District of Oklahoma but also further protects lawful citizens across the United States.” 

    “ICE is committed to pursuing human smugglers regardless of their location or attempts to evade arrest,” said Travis Pickard, Special Agent in Charge of ICE Homeland Security Investigations Dallas. “This indictment indicates the extensive nature of our human smuggling investigations and role in immigration enforcement. HSI’s special agents across several field offices have worked relentlessly to trace those transporting and harboring aliens from their countries of origin to their final destinations, effectively dismantling their illegal smuggling operations and money laundering schemes.”

    Cidia Marleny Lima Lopez, 39, and Ottoniel Castro Argueta, 33, were arrested today in Charlotte, North Carolina; Veronica Maribel Lima Lopez, 33, and Esvin Alexander Rodriguez Luis, 26, were arrested in Oklahoma City, Oklahoma; Ariz Obdulio Argueta, 28, and Cesar Rodolfo Garcia Argueta, 20, were arrested in Clarksville, Arkansas; Pedro Cucul Gualna, 25, was arrested in Sallisaw, Oklahoma; Carlos Enrique Ramos Caal, 30, was arrested in Flagstaff, Arizona. All are charged with conspiring to bring, transport, and conceal aliens in the United States.

    Ottoniel Castro Argueta and Cidia Marleny Lima Lopez are further charged with engaging in monetary transactions with the proceeds from the conspiracy.

    During the investigation, law enforcement discovered that the aliens being helped across the border did not have prior authorization to enter and reside in the United States. Once inside the United States, the defendants would help harbor the aliens in Oklahoma, Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Indiana, Illinois, Kansas, Kentucky, Maryland, Michigan, Missouri, Nebraska, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, and Washington.

    The indictment alleges that several associates in Central and South America accepted various forms of payment from the aliens to be brought into the United States illegally. While the investigation is still ongoing, the indictment shows that aliens paid roughly $5,000 per alien to enter the United States. Proceeds from the illegal aliens were laundered through mobile applications and banks across the United States, including the Northern District of Oklahoma.

    The Tulsa, Oklahoma City, Dallas, Flagstaff, and Charlotte Homeland Security Investigations field offices; the Tulsa, McAlester and Greensboro, North Carolina Drug Enforcement Administration field offices; the Tulsa and Oklahoma City IRS field offices; the Tulsa and Oklahoma City U.S. Immigration and Customs Enforcement and Removal Operations field offices; and the U.S. Marshals offices in the Northern District of Oklahoma, Western District of Oklahoma, Eastern District of Oklahoma, the Middle District of North Carolina, and the Western District of Arkansas are investigating the case with the assistance of several state law enforcement agencies.

    Assistant U.S. Attorneys Adam McConney and David Nasar are prosecuting the case with assistance from the Eastern District of Oklahoma and the Western District of Oklahoma.

    An indictment is merely an allegation. A defendant is presumed innocent unless convicted through due process of law.

    This case was investigated and prosecuted as part of Operation Take Back America. The Homeland Security Task Force, which were established by President Trump in Executive Order 14159, Protecting the American People Against Invasion, are joint operations led by the Department of Justice and the Department of Homeland Security. Operation Take Back America is a nationwide federal initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations, 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.

    MIL Security OSI –

  • MIL-OSI Security: Kansas Woman Indicted for Defrauding Elderly Victims

    Source: Office of United States Attorneys

    KANSAS CITY, Mo. – A Kansas woman was indicted by a federal grand jury for interstate transportation of solen goods.
    Amanda Rutherford, 45, was indicted on one count of interstate transportation of stolen goods for traveling across the state line to sell stolen coins. Rutherford traveled to Missouri to sell over $100,000 in gold and silver coins that belonged to an elderly couple who resided in Kansas. 
    The Dickinson County, Kansas Sheriff’s Office received a report in 2022 that several items, including firearms and collector coins, were stolen from the farm of an elderly couple. Rutherford lived on their property and claimed to be a caregiver for the couple. In early 2024, the Sheriff’s Office received a tip that Rutherford had sold gold coins to a jewelry store in Clay County, Missouri and had received several checks totaling $100,000. The Sheriff’s Office was able to confirm this information and served a search warrant on her vehicle soon after she cashed those checks at the bank. In conjunction with Homeland Security Investigations (HSI), the Sheriff’s Office found newly purchased merchandise, the remainder of the bundled currency, and other coins belonging to the victims in the vehicle. The victims identified the remainder of the coins as part of those that were stolen from their farm in 2022.  
    Under federal law, it is illegal to transport stolen goods across state lines. If convicted, Rutherford faces a prison sentence of up to 10 years and a fine of up to $250,000.

    The charges contained in this indictment 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 Special Assistant United States Attorney Amanda Hanson. It was investigated by the Dickinson County, Kansas Sheriff’s Department and Homeland Security Investigations (HSI).
     

    MIL Security OSI –

  • MIL-OSI Security: Ex-Congressman George Santos Sentenced to 87 Months in Prison for Wire Fraud and Aggravated Identity Theft

    Source: Office of United States Attorneys

    Santos Filed Fraudulent FEC Reports, Embezzled Funds from Campaign Donors, Stole Identities, Charged Credit Cards Without Authorization, Obtained Unemployment Benefits Through Fraud, and Lied in Reports to the U.S. House of Representatives

    Former Congressman George Anthony Devolder Santos was sentenced today by United States District Judge Joanna Seybert at the federal courthouse in Central Islip to 87 months in prison for committing wire fraud and aggravated identity theft.  As part of the sentence, Santos was ordered to pay restitution to his victims in the amount of $373,749.97 and $205,002.97 in forfeiture.  Santos pleaded guilty in August 2024.  

    John J. Durham, United States Attorney for the Eastern District of New York; Matthew R. Galeotti, Head of the Department of Justice’s Criminal Division; Christopher G. Raia, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI); Harry T. Chavis, Jr., Special Agent in Charge, Internal Revenue Service Criminal Investigation, New York (IRS-CI New York); and Anne T. Donnelly, Nassau County District Attorney announced the sentence.

    “Today, George Santos was finally held accountable for the mountain of lies, theft, and fraud he perpetrated.  For the defendant, it was judgment day, and for his many victims including campaign donors, political parties, government agencies, elected bodies, his own family members, and his constituents, it is justice,” stated U.S. Attorney Durham.  “To Mr. Santos and other dishonest individuals of that ilk, who lie, steal identities and commit frauds to get elected to public office, this prosecution speaks to the truth that my Office is committed to aggressively rooting out public corruption and that public officials who criminally abuse our electoral process will end up in a federal prison.”

    Mr. Durham expressed his appreciation to the U.S. Department of Labor, Office of Inspector General and the New York State Department of Labor, for their assistance.

    FBI Assistant Director in Charge Raia stated, “Today, former United States Congressman George Santos is held accountable for his repeated criminal dishonesty – financing his election campaign with ill-obtained funds, stealing COVID unemployment benefits, and providing materially false information in his financial disclosure. Santos abused his authority to garner illicit donations and campaign support; ultimately betraying the public’s trust and violating our democratic systems.  May today’s sentencing emphasize the FBI’s continued commitment to dismantling any fraudulent scheme designed to unlawfully benefit those in positions of power.”

    “George Santos blatantly disregarded campaign finance laws and abused the trust of his constituents and contributors.  While he may have made a mockery of his position in public office, today’s sentencing is justice for those he has wronged.  CI New York proudly worked with the Eastern District of New York, the FBI and Nassau County DA’s office to ensure that Santos faces the consequences of his years of deception,” stated IRS-CI New York Special Agent in Charge Chavis.

    “George Santos spent his brief career in public service conning his donors and constituents until the deceit caught up to him and he was exposed as an opportunist and a fraud.  Today’s lengthy prison sentence is a just ending for a weaver of lies who believed he was above the law,” stated Nassau County District Attorney Donnelly. “Being elected to represent any community is accepting a solemn responsibility and a position of great trust. George Santos failed the people he was elected to represent in Nassau County and Queens.  He broke that trust and traded in his integrity for designer clothes and a luxury lifestyle. I will continue to work with my partners to root out public corruption and ensure that the crucial standards to which we hold our elected officials and public institutions are upheld.” 

    The counts to which Santos pled guilty relate to the following criminal scheme, as set forth in the superseding indictment:

    The Party Program Scheme

    During the 2022 election cycle, Santos was a candidate for the United States House of Representatives in New York’s Third Congressional District.  Nancy Marks, who pleaded guilty on October 5, 2023 to related conduct, was the treasurer for his principal congressional campaign committee, Devolder-Santos for Congress.  During this election cycle, Santos and Marks devised and executed a fraudulent scheme to obtain money for the campaign by submitting materially false reports to the Federal Election Commission (FEC), in which they inflated the campaign’s fundraising numbers for the purpose of misleading the FEC, a national party committee, and the public.

    The purpose of the scheme was to ensure that Santos and his campaign qualified for a program administered by the national party committee to provide financial and logistical support to Santos’s campaign.  To qualify for the program, Santos had to demonstrate, among other things, that his congressional campaign had raised at least $250,000 from third-party contributors in a single quarter.

    To create the public appearance that his campaign had met that financial benchmark and was otherwise financially viable, Santos and Marks agreed to falsely report to the FEC that at least 11 of their family members had made significant financial contributions to the campaign.  In fact, Santos and Marks both knew that these individuals had neither made the reported contributions nor given authorization for their personal information to be included in such false public reports.  In addition, Santos and Marks knew that the national party committee relied on FEC fundraising data to evaluate candidates’ qualification for the program, and agreed to falsely report to the FEC that Santos had loaned the campaign significant sums of money, when, in fact, Santos had not made the reported loans and, at the time the loans were reported, did not have the funds necessary to make such loans.  These falsely reported loans included one for $500,000 when in fact Santos had less than $8,000 in his personal and business bank accounts.

    Through the execution of this scheme, Santos and Marks ensured that Santos met the necessary financial benchmarks to qualify for the program administered by the national party committee.  As a result of qualifying for the program, the congressional campaign received significant financial support.

    As part of his plea agreement, Santos stipulated that he had engaged in the following additional criminal conduct, as set forth in the superseding indictment and other court filings, and agreed that this criminal conduct would be considered by the Court at the time of sentencing:

    The Credit Card Fraud Scheme

    Between approximately July 2020 and October 2022, Santos devised and executed a fraudulent scheme to steal the personal identity and financial information of contributors to his campaign.  He then repeatedly charged contributors’ credit cards without their authorization.  Because of these unauthorized transactions, funds were transferred to Santos’s campaign, to the campaigns of other candidates for elected office, and to his own bank account.  To conceal the true source of these funds and to circumvent campaign contribution limits, Santos falsely represented in FEC filings that some of the campaign contributions were made by other persons, such as his relatives or associates, rather than the true cardholders.  Santos did not have authorization to use their names in this way.  In furtherance of the scheme, Santos sought out victims he knew were elderly persons suffering from cognitive impairment or decline.

    Fraudulent Political Contribution Solicitation Scheme

    Beginning in September 2022, during his successful campaign for Congress, Santos operated a limited liability company (Company #1) through which he defrauded prospective political supporters.  Santos enlisted a Queens-based political consultant (Person #1) to communicate with prospective donors on Santos’s behalf.  Santos directed Person #1 to falsely tell donors that, among other things, their money would be used to help elect Santos to the House, including by purchasing television advertisements.  In reliance on these false statements, two donors (Contributor #1 and Contributor #2) each transferred $25,000 to Company #1’s bank account, which Santos controlled.

    Shortly after the funds were received into Company #1’s bank account, the money was transferred into Santos’s personal bank accounts—in one instance laundered through two of Santos’s personal accounts.  Santos then used much of that money for personal expenses.  Among other things, Santos used the funds to make personal purchases, including of designer clothing, to withdraw cash, to discharge personal debts, and to transfer money to his associates.

    Unemployment Insurance Fraud Scheme

    Beginning in approximately February 2020, Santos was employed as a Regional Director of a Florida-based investment firm (Investment Firm #1).  By late March 2020, in response to the outbreak of COVID-19 in the United States, new legislation was signed into law that provided additional federal funding to assist out-of-work Americans during the pandemic.

    In mid-June 2020, although he was employed and not eligible for unemployment benefits, Santos applied for government assistance through the New York State Department of Labor (NYS DOL), claiming falsely to have been unemployed since March 2020.  From that point until April 2021—during which time Santos was working and receiving a salary on a near-continuous basis, and throughout his first unsuccessful run for Congress—he falsely affirmed each week that he was eligible for unemployment benefits when he was not.  As a result, Santos fraudulently received more than $24,000 in unemployment insurance benefits.

    False Statements to the House of Representatives

    Santos, like all candidates for the House, had a legal duty to file with the Clerk of the United States House of Representatives a Financial Disclosure Statement (House Disclosures) before each election.  In his House Disclosures, Santos was personally required to give a full and complete accounting of his assets, income, and liabilities, among other things.  He certified that his House Disclosures were true, complete, and correct.

    In September 2022, in connection with his second campaign for election to the House, Santos filed a House Disclosure in which he vastly overstated his income and assets.  In this House Disclosure, he falsely certified that during the reporting period:

    • He had earned $750,000 in salary from the Devolder Organization LLC, a Florida‑based entity of which Santos was the sole beneficial owner;
    • He had received between $1,000,001 and $5 million in dividends from the Devolder Organization LLC;
    • He had a checking account with deposits of between $100,001 and $250,000; and
    • He had a savings account with deposits of between $1 million and $5 million.

    These assertions were false: Santos had not received from the Devolder Organization LLC the reported amounts of salary or dividends and did not maintain checking or savings accounts with deposits in the reported amounts.  Further, Santos failed to disclose that, in 2021, he received approximately $28,000 in income from Investment Firm #1 and more than $20,000 in unemployment insurance benefits from the NYS DOL.

    The government’s case is being handled by the Office’s Public Integrity Section and the Criminal Section of the Office’s Long Island Division, along with the Public Integrity Section of the Department of Justice’s Criminal Division.  Assistant United States Attorneys Ryan Harris, Anthony Bagnuola, and Laura Zuckerwise, along with Trial Attorney John Taddei, are in charge of the prosecution, with assistance from Paralegal Specialists Rachel Friedman and Dinora Orozco.

    The Defendant:

    GEORGE ANTHONY DEVOLDER SANTOS
    Age: 36
    Queens, New York

    E.D.N.Y. Docket No. 23-CR-197 (S-2) (JS)

    MIL Security OSI –

  • MIL-OSI Security: Oregon Man Pleads Guilty to Child Exploitation Offense Related to Illegal Sexual Activity with Connecticut Minor

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that CANYON BEASLEY, 21, of Gresham, Oregon, waived his right to be indicted and pleaded guilty today before U.S. District Judge Sarah F. Russell in Bridgeport to a child exploitation offense involving his engaging in an online relationship and unlawful sexual activity with a minor in Connecticut.

    According to court documents and statements made in court, beginning in approximately January 2023, Beasley began communicating with a minor victim in Connecticut primarily through text messaging and Snapchat.  In July 2023, he began requesting sexually explicit images and videos from the minor victim.  In August 2023, he learned that the minor victim was 13 years old.  For more than a year, Beasley and the minor victim exchanged sexually explicit images through these online platforms.  In June 2024, Beasley traveled to Connecticut to engage in sexual activity with the minor victim, and recorded the sexual activity using his phone.

    Beasley was arrested on September 30, 2024.

    Beasley pleaded guilty to receipt of child pornography, which carries a mandatory minimum term of imprisonment of five years and a maximum term of imprisonment of 20 years.

    Beasley is released on a $250,000 bond pending sentencing, which is not scheduled.

    This matter is being investigated by the Federal Bureau of Investigation with the assistance of the Cheshire Police Department and the Connecticut State Police.  The case is being prosecuted by Assistant U.S. Attorney Christopher Lembo.

    This prosecution is part of the U.S. Department of Justice’s Project Safe Childhood Initiative, which is aimed at protecting children from sexual abuse and exploitation.  For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    To report cases of child exploitation, please visit www.cybertipline.com.

    MIL Security OSI –

  • MIL-OSI Security: Two former laboratory sales executives sentenced to federal prison for roles in health care kickback conspiracy

    Source: Office of United States Attorneys

    TYLER, Texas – Two former laboratory sales executives were sentenced to federal prison for conspiring to violate the Anti-Kickback Statute, announced Acting U.S. Attorney Abe McGlothin, Jr.

    Stephen Kash, 51, of Winnie, was sentenced to 18 months in federal prison and ordered to forfeit $779,773.70 in criminal proceeds.  Courtney Love, 46, of Dallas, was sentenced to 12 months and one day in federal prison and ordered to forfeit $217,268.75 in criminal proceeds. The sentences were imposed by U.S. District Judge Jeremy D. Kernodle on April 24, 2025.

    On September 22, 2022, Christopher Grottenthaler, 46, of Dorado, Puerto Rico; Blake Whitaker, 54, of Frisco; Stephen Kash; Chrissy Alfaro, 39, of Frisco; Courtney Love; Charles Dickens, 45, of Beaumont; Marty Flores, 67, of Montgomery; and Frederick Brown, 52, of Missouri City, were indicted for conspiring to commit illegal remunerations in violation of the Anti-Kickback Statute.  The statute prohibits offering, paying, soliciting, or receiving remuneration to induce referrals of items or services covered by Medicare, Medicaid, and other federal health care programs.  The defendants were charged for their roles in a conspiracy through which physicians were incentivized to make referrals to rural hospitals and an affiliated lab in exchange for kickbacks which were disguised as investment returns; and in which marketers were incentivized to arrange for or recommend the ordering of services from rural hospitals and an affiliated lab.

    Two rural Texas hospitals, Little River Healthcare (LRH) based in Rockdale, and Stamford Memorial Hospital based in Stamford, partnered with True Health Diagnostics (THD), a clinical laboratory based in Frisco, Texas, that specialized in advanced cardiovascular lipid testing.  For a fee, THD processed the blood tests while the hospitals billed the tests to insurers as hospital outpatient services, with the hospitals charging insurers a much higher rate than THD could receive as a clinical laboratory.  The hospitals utilized a network of marketers who in turn operated management services organizations (MSOs) that offered investment opportunities to physicians throughout the State of Texas.  In reality, the MSOs were simply a means to facilitate payments to physicians in return for the physicians’ laboratory referrals.  Pursuant to the kickback scheme, the hospitals paid a portion of their laboratory revenues to marketers, who in turn kicked back a portion of those funds to the referring physicians who ordered THD tests.  THD executives and sales force personnel leveraged the MSO kickbacks to gain and increase referrals and, in turn, to increase their revenues, bonuses, and commissions.

    On July 14, 2022, Kash was also indicted for conspiring to commit money laundering for his involvement in a conspiracy to launder the proceeds of the kickback conspiracy.

    This case was investigated by the U.S. Department of Health and Human Services, Office of Inspector General, and the U.S. Department of Defense – Defense Criminal Investigative Service (DCIS) with assistance from the U.S. Secret Service and the U.S. Department of Commerce – Export Enforcement.  It was prosecuted by Assistant U.S. Attorneys Adrian Garcia, Nathaniel C. Kummerfeld, Lucas Machicek, and Robert Austin Wells.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Michigan Man Sentenced in Maryland to Five Years in Federal Prison for Tax-Refund Money Laundering Scheme

    Source: Office of United States Attorneys

    The conspirators used stolen personally identifiable information from identity theft victims located in Maryland

    Greenbelt, Maryland – Today, U.S. District Judge Deborah K. Chasanow sentenced Jerome Brown, 42, of Detroit, Michigan, to five years in federal prison for his role in laundering money stolen from federal and North Carolina state-tax refunds. Additionally, Brown was ordered to pay restitution in the amount of $604,889.64.  On January 28, 2022, Brown pled guilty to conspiracy to commit money laundering.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the sentence with Special Agent in Charge Kareem A. Carter, Internal Revenue Service – Criminal Investigation (IRS-CI), Washington, D.C. Field Office; Special Agent in Charge Matt McCool, U.S. Secret Service (USSS) – Washington Field Office; Joseph V. Cuffari, Inspector General for the Department of Homeland Security (DHS-OIG); and Acting Special Agent in Charge Colleen Lawlor, Social Security Administration (SSA-OIG) Office of Inspector General – Philadelphia Field Division.

    In his guilty plea, Brown acknowledged that from February through August 2020, he conspired with individuals in Nigeria and Michigan to launder wire-fraud proceeds. The co-conspirators placed the wire-fraud proceeds on Green Dot pre-paid debit cards.  Brown laundered the fraudulent funds by depositing them into bank accounts and cashing them out through ATM withdrawals and purchasing money orders and cryptocurrency.

    These fraudulent proceeds were comprised of stolen funds from the Internal Revenue Service (IRS) and the North Carolina Department of Revenue (NCDOR). The IRS and NCDOR administer federal and North Carolina state-revenue laws, respectively, and pay “tax refunds” to individuals who are entitled to them under the law.  At the time, these funds could be paid onto pre-paid debit cards.  Brown and his co-conspirators regularly cashed out these funds soon after the government agencies added funds to a card.

    Through the fraudulent scheme, one of Brown’s co-conspirators, who was working from Nigeria, and others, caused funds to be placed on the pre-paid debit cards. The co-conspirators registered the cards with Green Dot using stolen personally identifiable information (PII) from identity theft victims around the country, including in Maryland.

    Co-conspirators purchased the pre-paid debit cards in the United States and then sent the associated card information to the co-conspirator in Nigeria to receive the stolen government funds. The co-conspirators aided the fraudulent scheme by using stolen PII to file for false IRS tax refunds.  Additionally, the co-conspirators applied for NCDOR tax refunds and state unemployment insurance payments.

    The federal and state agencies then deposited the proceeds through ACH transfers directly onto the pre-paid debit cards.  After the funds were placed onto the pre-paid debit cards, the co-conspirator in Nigeria informed others, including Brown, that the funds were available on the cards.  In exchange for a commission, Brown and the other co-conspirators facilitated the cashing out of the cards and returned the remaining funds to the co-conspirator in Nigeria.

    Brown and the other co-conspirators took steps to conceal their identities, the money laundering conspiracy, and scheme to defraud. The co-conspirators attempted to hide the fraudulent scheme by enlisting others to make withdrawals from the cards, withdrawing from multiple locations, converting funds into cash rather than depositing them into bank accounts, and making money orders payable to other individuals.

    The defendant cashed out at least approximately $540,975.80 from pre-paid debit cards as part of the scheme. Brown kept approximately 40 percent of the proceeds, for a total of $216,390.36, and sent approximately $324,585.44 in Bitcoin to his co-conspirator in Nigeria.  The co-conspirators used the pre-paid debit cards to apply for at least approximately $1,255,761 in benefits from the IRS and $588,716 in benefits from the NCDOR.

    U.S. Attorney Hayes commended the IRS-CI, USSS, DHS-OIG, SSA-OIG, and U.S. Postal Inspection Service (USPIS) – Detroit Division for their work in the investigation.  Ms. Hayes also thanked Assistant U.S. Attorneys Elizabeth Wright and Darren Gardner who prosecuted the federal case.

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

    # # #

    MIL Security OSI –

  • MIL-OSI Russia: Chair’s Statement: Fifty-First Meeting of the IMFC – Mr. Mohammed Aljadaan, Minister for Finance of Saudi Arabia

    Source: IMF – News in Russian

    April 25, 2025

    In the context of the Fifty-First Meeting of the IMFC that took place in Washington, D.C. on 24th and 25th April, IMFC members welcomed the ongoing efforts to end wars and conflicts, recognizing that peace is essential to restoring stability and fostering sustainable growth. IMFC members underscored that all states must act in a manner consistent with the Purposes and Principles of the UN Charter in its entirety. They acknowledged, however, that the IMFC is not a forum to resolve geopolitical and security issues which are discussed in other fora.

    The world economy is at a pivotal juncture. Following several years of rising concerns over trade, trade tensions have abruptly soared, fueling elevated uncertainty, market volatility, and risks to growth and financial stability. Near-term growth is projected to slow and intensifying downside risks dominate the outlook. We will step up our efforts to strengthen economic resilience and build a more prosperous future. We underline the critical role of the IMF in helping us navigate this challenging environment, as a trusted advisor and champion of strong policy frameworks. We thank our Deputies for discussing the medium-term direction of the IMF during their meeting in Diriyah, Kingdom of Saudi Arabia on April 6-7, 2025, and we agree on the annexed Diriyah Declaration.

     

    1. The world economy is at a pivotal juncture. Following several years of rising concerns over trade, trade tensions have abruptly soared, fueling elevated uncertainty, market volatility, and risks to growth and financial stability. Near-term growth is projected to slow, while disinflation is expected to continue but at a slower pace. Intensifying downside risks dominate the outlook, in an already challenging context of weak growth and high public debt. Wars and conflicts impose a heavy humanitarian and economic toll. Transformative forces, such as digitalization/artificial intelligence, demographic shifts, and climate transitions are creating opportunities, but also challenges.
    1. We will step up our efforts to strengthen economic resilience and break from the low-growth, high-debt path, while harnessing transformative forces, to build a more prosperous future. Comprehensive and well calibrated, well sequenced, and well communicated reforms and policy actions are needed to boost private sector-led growth, productivity, and job creation. We will pursue sound macroeconomic policies and advance structural reforms to improve the business environment, streamline excessive regulation, fight corruption, and mobilize innovation and technology adoption. We will deepen our pivot toward growth-friendly fiscal adjustments to ensure debt sustainability and rebuild buffers where needed. Fiscal adjustments should be mindful of distributional impacts and underpinned by a credible medium-term consolidation plan, while strengthening the efficiency of public spending, protecting the vulnerable, and supporting growth-enhancing public and private investments, taking into account country circumstances. Central banks remain strongly committed to maintaining price stability, in line with their respective mandates, and will continue to adjust their policies in a data dependent and well-communicated manner. We will continue to closely monitor and, as necessary, tackle financial vulnerabilities and risks to financial stability, while harnessing the benefits of innovation. We will work together to improve the resilience of the world economy and build prosperity and ensure the stability and effective functioning of the international monetary system. We will also work together to address excessive global imbalances, support an open, fair and rules-based international economic order, and reinforce supply chain resilience. We reaffirm our April 2021 exchange rate commitments.
    1. We will continue to support countries as they undertake reforms and address debt vulnerabilities and debt service challenges. We acknowledge the specific challenges faced by low-income and vulnerable countries, including fragile and conflict-affected states (FCS) and small developing states (SDS), which are further compounded by recent decrease in official development assistance. We underline the importance of the Poverty Reduction and Growth Trust. We welcome the progress made on debt treatments under the G20 Common Framework (CF) and beyond. We remain committed to addressing global debt vulnerabilities in an effective, comprehensive, and systematic manner, including further stepping up the CF’s implementation in a predictable, timely, orderly, and coordinated manner, and enhancing debt transparency. We look forward to further work at the Global Sovereign Debt Roundtable on ways to address debt vulnerabilities and restructuring challenges. We encourage the IMF and the World Bank to help advance the implementation of the 3-pillar approach to address debt service pressures in countries with sustainable debt, including through supporting them to implement growth-enhancing reforms, mobilize domestic resources, and attract private capital. We look forward to the review of the Low-Income Country Debt Sustainability Framework (LIC-DSF).
    1. We welcome the Managing Director’s Global Policy Agenda.
    1. We support further sharpening the focus of surveillance based on analytical rigor, evenhandedness, and tailored policy advice. We welcome a strong focus on helping countries strengthen their economic resilience and achieve macroeconomic and financial stability and sustainable growth by increasing productivity, addressing macro-critical risks, reducing excessive imbalances, achieving debt sustainability, and mitigating disruptive capital flows and exchange rate volatility. We look forward to the Comprehensive Surveillance Review that will set future surveillance priorities and modalities; and the Review of Financial Sector Assessment Programs to keep financial surveillance in step with evolving financial stability risks.
    1. We look forward to the Review of Program Design and Conditionality to strengthen further the effectiveness of IMF-supported programs and to the Review of the Short-Term Liquidity Line. We also look forward to the assessment of the Global Financial Safety Net, including the role of Regional Financing Arrangements (RFAs), and its ability to safeguard global financial stability.
    1. We support efforts to further strengthen capacity development and to ensure the sustainability of financing. We welcome the IMF’s ongoing work with the World Bank on the Joint Domestic Resource Mobilization Initiative. We welcome a more flexible and tailored delivery, better integrated with policy advice and program design, as set out in the 2024 Capacity Development Strategy Review.
    1. We reaffirm our commitment to a strong, quota-based, and adequately resourced IMF at the center of the GFSN. We have advanced the domestic approvals for our consent to the quota increase under the 16th General Review of Quotas and we look forward to the finalization of this process as soon as possible. We recognize that realignment in quota shares should aim at better reflecting members’ relative positions in the world economy, while protecting the voice of the poorest members. We acknowledge, however, that building consensus among members on quota and governance reforms will require progress in stages. In this regard, we agree on the annexed Diriyah Declaration on the way forward.
    1. We underline the critical role of the IMF in helping us navigate the current challenging environment, as a trusted advisor and champion of strong policy frameworks. We reaffirm our commitment to the institution and look forward to discussing further ways to ensure the Fund remains agile and focused, working in collaboration with partners and other IFIs. We reiterate our appreciation for staff’s high-quality work and dedication to support the membership and continue to encourage further efforts to improve regional and women’s representation within staff positions, and women’s representation at the Executive Board and in Board leadership positions.
    1. Our next meeting is expected to be held in October 2025.

    Annexed Diriyah Declaration

    Recalling the October 2024 IMFC Chair’s Statement, which stated: “We reiterate our strong commitment to the Fund on its 80th anniversary and look forward to further discussing at our next meeting ways to ensure the Fund remains well-equipped to meet future challenges, in line with its mandate, and in collaboration with partners and other IFIs. We ask our Deputies to prepare for this discussion.”; and

    Drawing on the work advanced by our Deputies, who met in the historic town of Diriyah in the Kingdom of Saudi Arabia on April 6-7, 2025, to prepare for this discussion;

    We thank our Deputies and agree on the following Diriyah Declaration on the way forward with regard to IMFC processes and IMF quota and governance reforms.

    *****

    Enhancing IMFC Processes

    We agree that the IMFC plays a key role in the IMF’s governance structure, offering the IMF Board of Governors trusted advice and providing strategic direction to the work and policies of the Fund through structured, high-level, and consensus-driven policy guidance on all relevant issues.

    To enhance its effectiveness as a forum for effective engagement and consensus-building on complex challenges, we agree to further strengthen IMFC processes. To this end, we welcome recent improvements to the format of the Introductory IMFC session and the use of concise, accessible communiqués to effectively convey key IMFC messages to a broader audience. Moreover, we agree that deputy-level meetings focused on strategic rather than routine issues could support the work of IMFC principals.

    We appreciate the value of engagement across the international financial architecture, including with Regional Financing Arrangements (RFAs), to enhance cooperation and strengthen the resilience of the international monetary system.

     

    Strengthening IMF Governance

    We note that the world economy currently faces significant challenges and agree that the IMF makes a vital contribution to international cooperation, providing a long-established and trusted institution for policy discussions informed by rigorous analysis. We stress that the IMF’s mandate to promote macroeconomic and financial stability remains as relevant as ever, and its role to support members in addressing macroeconomic challenges through analysis and policy advice, capacity development, and financing where relevant, is key. We agree on the need to ensure that the institution remains strong, quota-based, adequately resourced, and efficiently managed to fulfil its mandate at the center of the global financial safety net.

    We agree that a strong, inclusive, and representative governance framework is fundamental to maintaining the Fund’s credibility and legitimacy among its diverse membership. Strengthening IMF governance will support its continued ability to effectively promote consensus among the membership in addressing global challenges. These efforts are also essential to fostering multilateralism and international cooperation.

    Given the strategic importance of governance reforms, we recognize that progress toward consensus should be made in stages. In this context, we agree to develop as a first step a set of general principles to guide future discussions and help foster convergence of views. Work on these principles should be completed in a timely manner to help ensure the efficient progression of future General Reviews of Quotas (GRQs), including under the 17th GRQ. Establishing these guiding principles would help ensure that governance changes are gradual, widely acceptable, and reflective of the interests of the entire membership, as well as maintain the Fund’s financial soundness.

    The Way Forward

    We agree that implementation of the 16th GRQ remains a priority. We recognize that realignment in quota shares should aim at better reflecting members’ relative positions in the world economy, while protecting the voice of the poorest members. To build consensus on future governance reforms, including under the 17th GRQ, we call on the Executive Board to develop, by the 2026 Spring Meetings, a set of principles to guide future discussions on IMF quotas and governance, drawing from the deliberations by IMFC Deputies during their meeting in Diriyah, Kingdom of Saudi Arabia on April 6-7, 2025. We look forward to a discussion of the status of advancement of this work at our next meeting. We ask our Deputies to prepare for this discussion.

    INTERNATIONAL MONETARY AND FINANCIAL COMMITTEE

     ATTENDANCE 

    Chair

    Mohammed Aljadaan, Minister of Finance, Saudi Arabia

    Managing Director

    Kristalina Georgieva

    Members or Alternates

    Ayman Alsayari, Governor of the Saudi Central Bank, Saudi Arabia (Alternate for Mohammed Aljadaan, Minister of Finance, Saudi Arabia)

    Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, United Arab Emirates

    Edgar Amador Zamora, Minister of Finance and Public Credit, Mexico

    Scott Bessent, Secretary of the Treasury, United States

    Edouard Normand Bigendako, Governor, Bank of the Republic of Burundi

    Luis Caputo, Minister of Economy, Argentina

    Tiff Macklem, Governor of the Bank of Canada (Alternate for Francois-Philippe Champagne, Minister of Finance, Canada)

    Sang Mok Choi, Deputy Prime Minister and Minister of Economy and Finance, Republic of Korea

    Giancarlo Giorgetti, Minister of Economy and Finance, Italy

    Gabriel Galipolo, Governor, Central Bank of Brazil (Alternate for Fernando Haddad, Minister of Finance, Brazil)

    Jan Jambon, Deputy Prime Minister and Minister of Finance, Pensions, National Lottery and Federal Culture Institutions, Belgium

    Katsunobu Kato, Minister of Finance, Japan

    Daniela Stoffel, State Secretary for International Finance, Federal Department of Finance, Switzerland (Alternate for Karin Keller-Sutter, Minister of Finance, Switzerland)

    Lesetja Kganyago, Governor, South African Reserve Bank, South Africa

    Jörg Kukies, Federal Minister of the Ministry of Finance, Germany

    François Villeroy de Galhau, Governor of the Bank of France (Alternate for Eric Lombard, Minister for the Economy, Finance and Industrial and Digital Sovereignty, France)

    Adebayo Olawale Edun, Minister of Finance and the Coordinating Minister of the Economy, Nigeria

    Gongsheng Pan, Governor of the People’s Bank of China

    Rachel Reeves, Chancellor of the Exchequer, H.M. Treasury, United Kingdom

    Pavel Snisorenko, Director, Department of International Financial Relations (Alternate for Anton Siluanov, Minister of Finance, Russian Federation)

    Sanjay Malhotra, Governor, Reserve Bank of India (Alternate for Nirmala Sitharaman, Minister of Finance, India)

    Mehmet Simsek, Minister of Treasury and Finance, Republic of Türkiye

    Salah-Eddine Taleb, Governor, Bank of Algeria

    Perry Warjiyo, Governor, Bank of Indonesia

    Ida Wolden Bache, Governor, Bank of Norway

    Observers

    Agustín Carstens, General Manager, Bank for International Settlements (BIS)

    Elisabeth Svantesson, Chair, Development Committee (DC) and Minister for Finance, Sweden

    Christine Lagarde, President, European Central Bank (ECB)

    Valdis Dombrovskis, Commissioner for Economy and Productivity, European Commission (EC)

    Klaas Knot, Chair, Financial Stability Board (FSB) and President of De Nederlandsche Bank

    Celeste Drake, Deputy Director-General, International Labour Organization (ILO)

    Mathias Cormann, Secretary-General, Organisation for Economic Co-operation and Development (OECD)

    Mohannad Alsuwaidan, Economic Analyst, Petroleum Studies Department, Organization of the Petroleum Exporting Countries (OPEC)

    Achim Steiner, UNDP Administrator, United Nations (UN)

    Rebeca Grynspan, Secretary-General, United Nations Conference on Trade and Development (UNCTAD)

    Ajay Banga, President of the World Bank Group, The World Bank (WB)

    Ngozi Okonjo-Iweala, Director-General, World Trade Organization (WTO)

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Wafa Amr

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/04/25/pr-123-imfc-chairs-statement-fifty-first-meeting-of-the-imfc

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Senator Baldwin Statement on FBI’s Arrest of Milwaukee Judge

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    Published: 04.25.2025

    WASHINGTON, D.C. — U.S. Senator Tammy Baldwin (D-WI) released the following statement on the news of the Federal Bureau of Investigation (FBI) arresting Milwaukee County Circuit Judge Hannah Dugan:
    “In the United States, we have a system of checks and balances and separations of power for damn good reasons. The President’s administration arresting a sitting judge is a gravely serious and drastic move, and it threatens to breach those very separations of power. Make no mistake, we do not have kings in this country and we are a Democracy governed by laws that everyone must abide by. By relentlessly attacking the judicial system, flouting court orders, and arresting a sitting judge, this President is putting those basic Democratic values that Wisconsinites hold dear on the line. While details of this exact case remain minimal, this action fits into the deeply concerning pattern of this President’s lawless behavior and undermining courts and Congress’s checks on his power.”

    MIL OSI USA News –

  • MIL-OSI Canada: New Pictou County Child-Care Spaces

    Source: Government of Canada regional news

    Families in Plymouth, Pictou County, will have more access to early learning and child-care spaces opening in their community.

    The Province is providing the Plymouth Community and Recreation Association with $3.1 million in infrastructure funding for a renovation and addition to the Plymouth Community Centre that will allow the creation of 58 early learning spaces, including 16 infant spaces.

    “Investments in child care are investments in families and in our future,” said Premier Tim Houston. “I’m pleased that our government is supporting the community centre to continue its legacy of helping young people and families by adding new child-care spaces.”

    The building has a long history educating and caring for young people in the community. It was first built as a school in 1865 and was converted to a community centre in the 1970s.

    The community centre will continue to offer community gathering and recreational space once the child-care centre opens in February 2026.

    The investment is from the Early Learning and Child Care Major Infrastructure Program.

    Quotes:

    “The board of the Plymouth Community and Recreation Association embraced this idea from its inception. This is a game-changer for our rural communities. Our building was purposely built as a school and is centrally located for young families to access. This is a community-based response to the pressing need for affordable and accessible child care.”
    — Janet MacDonald, board Chair, Plymouth Community and Recreation Association

    “This initiative expands access to sustainable child care, addressing a key barrier to workforce development in Pictou County. Through strong community collaboration and the partnership’s community impact programming made possible by the Sobey Foundation, it will empower families, support local employment and serve as a unique co-operative model for the future.”
    — Mary Ellen Makhlouf, community impact programming lead, Pictou County Partnership

    Quick Facts:

    • funding is through the Canada-Nova Scotia Canada-Wide Early Learning and Child Care Agreement
    • to date, the government has announced 11 projects under the major infrastructure pro-gram
    • since 2021, almost 7,000 new child-care spaces have been created across the province
    • Nova Scotia has signed a five-year extension to the Canada-Nova Scotia Canada-Wide Early Learning and Child Care Agreement and the Canada-Nova Scotia Early Learning and Child Care Agreement, worth more than $1 billion total

    Additional Resources:

    More information on early learning and child care in Nova Scotia: https://childcarenovascotia.ca/

    Canada-Nova Scotia Canada-Wide Early Learning and Child Care Agreement: https://www.canada.ca/en/early-learning-child-care-agreement/agreements-provinces-territories/nova-scotia-canada-wide-2021.html

    To receive regular updates about child care in Nova Scotia via newsletter: https://childcarenovascotia.ca/latest-news

    For information on child-care centres and family home agencies by community: https://nsbr-online-services.novascotia.ca/DCSOnline/ECDS/loadSearchPage.action

    Other than cropping, Province of Nova Scotia photos are not to be altered in any way.

    MIL OSI Canada News –

  • MIL-OSI Security: FBI Sees Increase of Government Impersonation Scams Targeting South Florida Residents

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

    MIAMI—The FBI Miami Field Office is aware of a recent increase of scam attempts targeting South Florida residents. Callers identify themselves as a federal officer and typically instruct people to wire or mail “settlement” money or to assist law enforcement with an investigation against a bank. These calls are fraudulent, and call recipients should hang up immediately. Federal agencies do not call or email individuals threatening them to send money or to use their personal money as “bait” for a federal investigation.

    There are many versions of this government impersonation scam, but they are all variations of the same tactic. This type of scam has been around for years and targets people across the nation.

    “Criminals use law enforcement impersonation scams as a means of confusing and unnerving their intended victims in order to get them to act rashly,” said Supervisory Special Agent Michael Brown. “If you receive one of these calls, hang up, and report the incident to the FBI’s Internet Crime Complaint Center (IC3.GOV). In the 2024 IC3 report released this week, Florida residents reported 1,579 impersonation scams with an estimated loss of over $12 million.”

    In addition, a scam phone call may seem legitimate because scammers can spoof caller ID information. It may appear the call is coming from a federal agency’s legitimate phone number or from Washington, D.C., or may show the name of a federal agency.

    To protect yourself from falling victim to this scam, be wary of answering phone calls from numbers you do not recognize. Do not send money to anybody that you do not personally know and trust. Never give out your personal information, including banking information.

    Anyone who feels they were the victim of this, or any other online scam should report the incident immediately at ic3.gov. More information about government impersonation schemes and other online fraud schemes can be found at https://www.fbi.gov/scams-and-safety/common-fraud-schemes.

    For the latest annual report from the Internet Crime Complaint Center go here: https://www.ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf

    MIL Security OSI –

  • MIL-OSI Security: Norfolk man sentenced to over eight years in prison for federal drug and firearms conviction

    Source: Office of United States Attorneys

    NORFOLK, Va. – A Norfolk man was sentenced today to eight years and one month in prison for possession with intent to distribute a controlled substance; being a felon in possession of a firearm; and using and carrying a firearm during, in relation to, and in furtherance of a drug-trafficking crime.

    According to court documents, from July 25, 2023, to Aug, 7, 2023, the Chesapeake Police Department (CPD) conducted four controlled purchases of narcotics and firearms from Donte Rodrick Mondy, aka Tae, 37. In total, Mondy sold a combined total of 2.9 grams of fentanyl and xylazine; 6.1 grams of fentanyl; 4.49 grams of fentanyl and xylazine; and 8.07 grams of parafluorofentanyl, cocaine, and xylazine.

    On Aug. 29,2023, investigators with CPD, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and the Norfolk Police Department, searched locations associated with Mondy, including his residence in Norfolk. Law enforcement detained Mondy as he left his residence. Investigators searched Mondy and a satchel he was carrying and recovered a loaded handgun; a cellphone; 81 capsules containing parafiuorofentanyl, cocaine, fentanyl, and xylazine; 104 counterfeit oxycodone tablets containing fentanyl; .96 grams of cocaine; and 3.33 grams of para-fluorofentanyl, cocaine, and xylazine.

    From Mondy’s Norfolk residence, investigators recovered indicia consistent with drug distribution; 1.3 grams of methamphetamine, a sifter, a digital scale, a handgun, a loaded magazine, and six bags of marijuana.

    Among other crimes, Mondy was previously convicted of felony possession of cocaine and assault and battery of a family member – third offense. As a previously convicted felon, Mondy cannot legally possess firearms or ammunition.

    Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia; Ibrar A. Mian, Special Agent in Charge for the Drug Enforcement Administration’s (DEA) Washington Division; Anthony A. Spotswood, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives Washington Field Division; Jason S. Miyares, Attorney General of Virginia; and Mark G. Solesky, Chief of Chesapeake Police, made the announcement after sentencing by U.S. District Judge Arenda Wright Allen.

    Special Assistant U.S. Attorney Marc W. West, an Assistant Attorney General with the Virginia Attorney General’s Office, prosecuted the case.

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

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 2:24-cr-83.

    MIL Security OSI –

  • MIL-OSI Security: High-seas mariners sentenced to a decade in prison for violating Maritime Drug Law Enforcement Act

    Source: Office of United States Attorneys

    NORFOLK, Va. – Two Nicaraguan nationals were sentenced yesterday to 10 years in prison for possession with intent to distribute over two tons of marijuana on the high seas, in international waters in the Eastern Pacific Ocean, on board a stateless vessel subject to the jurisdiction of the United States.

    According to court records and evidence presented at trial, on Sept. 27, 2023, while on routine patrol in the Eastern Pacific, a maritime patrol aircraft located a go-fast vessel (GFV) in international waters 97 nautical miles southwest of Malpelo Island, Colombia. The U.S. Coast Guard Cutter (USCGC) James (WSML 754), a National Security Cutter, was patrolling nearby and maneuvered to intercept the GFV.

    After requesting and receiving authority, Cutter James launched a helicopter, which first attempted to contact the GFV on a maritime channel, then activated its blue warning lights, fired three warning shots across the bow, and, as the vessel failed to yield, engaged a precision gunner to disable the GFV’s engines.

    A boarding team launched from the Cutter James and found three individuals onboard, including Maximo Zacarias, 43, Ismael Alexis Martinez, 30, and Bernacio Solares Ramon, 31. The boarding team determined the GFV, El Tanque, was without nationality. The team was authorized to recover 74 bales of marijuana, weighing a total of 4,610 pounds, and a five-gallon bucket containing electronics devices such as a GPS, SAT phone, ship-to-ship walkie-talkie, and other communication devices. Solares Ramon was in possession of paperwork with GPS coordinates for the routes of travel to near a Pacific island off the coast of Costa Rica.

    Zacarias and Solares Ramon were convicted by a federal jury on Aug. 23, 2025.

    Martinez pled guilty on Aug. 8 to possession with intent to distribute more than 1000 kilograms of marijuana on board a vessel. He was sentenced on Jan. 23 to two years and six months in prison.

    Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia; Rear Admiral Joseph R. Buzzella, U.S. Coast Guard, Commander, Eleventh Coast Guard District; Ibrar A. Mian, Special Agent in Charge for the Drug Enforcement Administration’s (DEA) Washington Division; and Christopher Heck, Acting Special Agent in Charge of Immigration and Customs Enforcement Homeland Security Investigations (ICE HSI) Washington, D.C., made the announcement after sentencing by U.S. District Judge Elizabeth W. Hanes. The Maritime and Counternarcotics Unit within the Narcotics and Dangerous Drugs Section of the Justice Department’s Criminal Division provided substantial assistance.

    Assistant U.S. Attorneys Kevin M. Comstock, Eric M. Hurt, and Joseph E. DePadilla prosecuted the case.

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

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 2:23-cr-129.

    MIL Security OSI –

  • MIL-OSI Security: Indian Citizen Convicted of Submitting Fraudulent Immigration Application

    Source: Office of United States Attorneys

    Burlington, Vermont – The United States Attorney for the District of Vermont announced that yesterday, after a two-day trial before United States District Judge Joseph Laplante, a federal jury convicted Nasir Hussain, 31, a citizen of India who had been living in Orlando, Florida, of submitting a false statement of material fact on an immigration application, specifically an I-360 Violence Against Women Act (“VAWA”) self-petition.  Immediately following his conviction at trial, Hussain was sentenced to time-served.

    Hussain has been in continual federal custody since his arrest in May of 2023 on a wire fraud conspiracy charge.  The wire fraud case proceeded to trial in October 2024, resulted in a jury verdict of guilty, which was subsequently set aside by the Court via a judgment of acquittal.  The United States has entered a notice of appeal of the judgment of acquittal and that appeal remains pending.

    According to court records and evidence presented at trial in the immigration fraud case, Hussain traveled to Connecticut in October of 2021 for the purpose of entering a sham marriage to a United States Citizen.  Hussain never saw the woman prior to nor after the date of the wedding.  After the wedding, Hussain paid for insurance policies in the name of his “wife,” subscribed to magazines in her name, and ordered merchandise in her name, all to manufacture evidence that Hussain and his “wife” were living together at his Orlando residence.  After manufacturing this evidence, Hussain went to an urgent care facility, and falsely claimed he was abused by his “wife.”  Hussain thereafter caused the submission of the evidence he had manufactured, along with medical records, to the United States Immigration and Citizenship Office in support of an I-360 VAWA self-petition, claiming he was the spouse of an abusive U.S. citizen with whom he had been cohabitating at his Orlando apartment.   The evidence at trial, including testimony of his “wife” and former roommates, established beyond a reasonable doubt that Hussain’s “wife” never lived in Florida as he had claimed, and therefore could never have abused him as he alleged.  Had Hussain’s immigration package been successful, he would have been awarded a VAWA visa and potentially Lawful Permanent Residence status in the United States.

    Acting United States Attorney Michael P. Drescher praised the investigatory work of the Federal Bureau of Investigation.  At trial, Assistant U.S. Attorneys Michelle M. Arra and Jonathan A. Ophardt represented the government.  Hussain was represented by Kevin Henry, Esq.

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

    MIL Security OSI –