NewzIntel.com

Category: Finance

  • MIL-OSI Economics: Mission Index Focuses Help Where It’s Needed

    Source: Fannie Mae

    Fannie Mae’s and Freddie Mac’s (the Enterprises) Mission Index disclosures provide insights into mission-oriented lending activities underlying our Single-Family mortgage-backed securities (MBS) — helping meet specific portfolio needs and informing investment strategy. The disclosure was designed in response to investors’ increased interest in allocating capital to support affordable housing and provide access to credit for underserved borrowers and markets. Since the first version of the Mission Index was introduced two years ago, it has evolved based on investor feedback and is now the foundation of the Enterprises’ Single-Family Social Bond programs. We’ve also introduced a new disclosure supplement, the Mission Index Criteria Attribution (MICA), to further support investors in their impact analysis.

    Our Mission Through Disclosures

    The Enterprises support liquidity, stability, and affordability in the U.S. housing finance market. We work especially hard to ensure that includes support for mortgage credit to moderate- and low-income families and underserved areas. The Mission Index helps to highlight these activities. In summary, it’s a disclosure designed as two aggregate measures per MBS pool. The first measure helps investors understand how many loans in a pool finance a property to borrowers meeting certain income, borrower, and property dimensions. The second measure illustrates how many of those loans meet multiple mission criteria. These measures are aggregated by design to minimize disruption to Uniform Mortgage-Backed Securities (UMBS) in the “to be announced” (TBA) market and to deliver transparency to investors while protecting borrower privacy.

    Market Reception

    The Mission Index has been well received by both impact-focused investors and by value-focused investors. That is because, in addition to providing more information on the social characteristics of the borrowers underlying a pool, many of the criteria that comprise the Mission Index are historically correlated with slower prepayments, or call protection. As a result, both impact and non-impact investors alike have expressed interest in these new disclosures. Some of this interest has been expressed through pay-ups, meaning investors find value in MBS pools with high Mission Index scores and are willing to pay more for them than the typical TBA security. This demand, and the pay-ups received by lenders who originate these loans, are designed to help incentivize more mission-oriented mortgage financing.

    Single-Family Social Bonds

    Our Single-Family Social Bonds, or MBS, launched in the first half of this year, are designed to satisfy international standards and are bolstered by independent second party opinions. And the Mission Index is the foundation of the program. MBS pools with 100% of their loans having at least one mission-focused attribute and an average of at least two of the three high-level attributes (i.e., income, borrower, or property) per loan now receive a Social Bond label.  When the Enterprises pool whole loans purchased from lenders that meet the criteria for our Single-Family Social Bond labels into an MBS and sell that MBS with a pay-up, the programs are designed to support more mission lending. Specifically, the Enterprises plan to allocate incremental funds they receive from pay-ups for Single-Family Social MBS to incent lenders to prioritize these types of loans, while any surplus revenue are expected to support mission lending programs, such as our Duty to Serve plans.

    Bolstering Impact Analysis

    Recently, Fannie Mae published a MICA disclosure supplement and Freddie Mac expects to release its MICA soon. These supplements are designed with the impact-focused investor in mind and seek to help respond to more detailed questions about how an investor’s portfolio supports mission lending.

    The MICA provides cohort-level information about all MBS pools issued between January 2010 and February 2024 for Fannie Mae and between January 2010 and May 2024 for Freddie Mac under the original Mission Index Version 1. The MICA tells investors how common each attribute is among borrowers in securities issued by the Enterprises, with cohorts divided by issuance quarter, pool type, and the average number of mission-focused attributes for loans in the pool. This can provide valuable information about the types of borrowers receiving loans ultimately pooled into Enterprise MBS.

    What’s Next?

    Market feedback is key to the success of our programs. We’re excited to hear from investors on v1.0 of the MICA as we prepare to launch v1.1 in 2025, which will cover bonds issued under v1.1 of the Mission Index.

    We’re also focused on creating our first impact reports for our Single-Family Social Bond programs, helping investors to see the effectiveness of the money they are putting to work to support mission-oriented lending.

    To further aid in analysis, later this quarter we plan to update the Social Indicator disclosure for Fannie Megas, Freddie Giants, and Fannie and Freddie Supers to be disclosed as Yes if all the underlying security collateral have a Social Indicator of Yes.

    We look forward to continuing to use this disclosure to work with lenders and investors to serve the needs of households across the country.

    Learn More

    Dive into the Mission Index and new MICA Resources – including Fannie Mae’s excel-based tool where investors can load their portfolios to receive an estimate of impact.

    Review our Single-Family Social Bonds, including eligibility, disclosures, and expected impact reporting.

    The information contained in this blog post and in the documents that may be accessed through this blog post is provided for your general information only and speaks only as of the date of those documents. Numerous assumptions were used in preparing the information, which may or may not be reflected herein. As such, no assurance can be given as to the information’s accuracy, appropriateness or completeness in any particular context. The information could be out of date and no longer accurate. Freddie Mac and Fannie Mae undertake no obligation, and disclaim any duty, to update any of the information in those documents.  Opinions contained in this blog post are those of Freddie Mac and Fannie Mae as of the date of this blog post and are subject to change without notice.

    This is not an offer to buy or sell any Freddie Mac or Fannie Mae securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate the issuer’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC); all other reports the issuer files with the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act), excluding any information “furnished” to the SEC on Form 8-K; and all documents that the issuer files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any information “furnished” to the SEC on Form 8-K.

    The financial and other information contained in this blog post is not incorporated by reference into, or a part of, any offering documents of any security. The information does not constitute a sufficient basis for making a decision with respect to the purchase and sale of any security and is directed only at, and is intended for distribution to and use by, qualified persons or entities in jurisdictions where such distribution and use is permitted and would not be contrary to law or regulation. All information regarding or relating to Freddie Mac or Fannie Mae securities is qualified in its entirety by the relevant offering circular and any related supplements. You should review the relevant offering circular and any related supplements before making a decision with respect to the purchase or sale of any security. In addition, before purchasing any security, please consult your legal and financial advisors for information about and analysis of the security, its risks and its suitability as an investment in your particular circumstances.

    These materials may contain forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond Freddie Mac’s control. Freddie Mac’s management’s expectations for the company’s future necessarily involve a number of assumptions, judgments and estimates and various factors could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements. These assumptions, judgments, estimates and factors are discussed in Freddie Mac’s most recent Annual Report on Form 10-K and its reports on Form 10-Q and Form 8-K, which are available on the Investor Relations page of the company’s website at http://www.freddiemac.com/investors and the SEC’s website at www.sec.gov. Freddie Mac undertakes no obligation to update forward-looking statements it makes to reflect events or circumstances occurring after the date of this blog post.

    This discussion contains a number of expectations, beliefs and forward-looking statements, including statements regarding Fannie Mae’s business plans, strategies and activities and the impact of those plans, strategies and activities. These expectations, beliefs and other forward-looking statements are based on Fannie Mae’s current assumptions regarding numerous factors and are subject to change. Actual outcomes may differ materially from those reflected in these forward-looking statements due to a variety of factors, including, but not limited to, those described in “Forward-Looking Statements” and “Risk Factors” in Fannie Mae’s most recently filed Form 10-K and Form 10-Q. Any forward-looking statements made by Fannie Mae speak only as of the date on which they were made. Fannie Mae is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, subsequent events, or otherwise.

    MIL OSI Economics –

  • MIL-OSI Europe: The ESAs finalise rules to facilitate access to financial and sustainability information on the ESAP

    Source: European Banking Authority

    The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published the Final Report on the draft implementing technical standards (ITS) regarding certain tasks of the collection bodies and functionalities of the European Single Access Point (ESAP).

    The ESAP is foreseen in Level 1 legislation to be a two-tier system, where information is first submitted by entities to the “collection bodies” – Officially Appointed Mechanisms (OAMs), offices and agencies of the EU, national authorities, among others – and then made available by the collection bodies to the ESAP. These ITS are the first milestone for the successful establishment of a fully operational ESAP.

    The requirements are designed to enable future users to be able to access and use financial and sustainability information effectively and effortlessly in a centralised ESAP platform.

    Collection bodies

    The ITS on the tasks of collection bodies specify detailed requirements for collection bodies, such as by when and in what format information should be made available to the ESAP, what type of validation checks should be performed on the information submitted by entities and what metadata should be included.

    Functionalities of the ESAP

    The ITS on the functionalities of the ESAP specify the requirements for making information easily accessible to users. These requirements define, among other things, how reporting entities should be categorised by industry and size, which identifier should be used, what types of information should be made available on the ESAP, and the characteristics of the public Application Programming Interface (API) available to data users.

    Background and next steps

    The set up of the ESAP will be a key contribution to establishing the Savings and Investments Union. The ESAP will facilitate access to publicly available information relevant to financial services, capital markets and sustainability.

    The ESAP is expected to start collecting information in July 2026, while the publication of the information will start no later than July 2027.

    The Final Report has been sent to the European Commission for adoption.

    MIL OSI Europe News –

  • MIL-OSI Security: Three Defendants Convicted in Murder-for-Hire Conspiracy Trial

    Source: Federal Bureau of Investigation FBI Crime News (b)

    MOBILE, AL – Following a three-week trial, a federal jury convicted three defendants of a murder-for-hire conspiracy, murder for hire, a carjacking conspiracy, interstate transportation of a stolen vehicle, evidence tampering, and witness tampering.

    According to court documents and evidence presented at trial, John Fitzgerald McCarroll, Jr., 30, Darrius Dwayne Rowser, 20, and Lyteria Isheeia Hollis, 30, each of Mobile, were part of a plot to murder an individual as retribution for a prior killing. Jurors reviewed evidence that McCarroll, aided by Hollis and others, directed payments to hired shooters, including Rowser and others, to carry out the intended murder. The evidence included text messages, social media evidence, financial records, surveillance videos, firearm and toolmark evidence, DNA evidence, and cell tower data, among other things.

    As part of the murder plot, evidence showed that McCarroll’s hired shooters attempted but failed to kill the intended target during multiple nightclub shootings. In September 2022, Reginald Dennis Alan Fluker, who pleaded guilty to the conspiracy, opened fire in the Bank Nightlife club using a gun provided to him by McCarroll. Fluker shot the wrong person, who later died of his injuries. In November 2022, Rowser used a machinegun provided to him by McCarroll to shoot at the intended target inside the Paparazzi Lounge. Rowser likewise missed the target and instead hit four victims, one of whom was rendered paralyzed.

    The evidence also showed that as part of the conspiracy, Rowser and others, at McCarroll’s direction, traveled to Mississippi to steal cars for use in surveilling the target of the plot. In September 2022, during an attempted carjacking in D’Iberville, Mississippi, Rowser shot and killed a victim. As part of that murder, Rowser and a coconspirator traveled back to Mobile and burned the stolen car they were using during the attempted carjacking.

    The evidence further showed that in December 2022, at McCarroll’s direction, Rowser and other coconspirators traveled to the Walmart on I-65 Service Road South in Mobile to purchase a GPS tracker for the target’s vehicle. During that trip, Rowser and a coconspirator opened fire into the self-checkout area of the store, striking two victims.

    Finally, evidence showed that following the arrests of McCarroll, Fluker, and other members of the conspiracy, the defendants attempted to tamper with evidence and a witness. Specifically, McCarroll directed Hollis to hide a weapon that he had previously purchased for Fluker because of Fluker’s participation in the murder plot. Federal agents seized that gun from Hollis’s house. Additionally, the jury convicted McCarroll of attempting to tamper with Fluker’s testimony by having him sign a sham affidavit, which was filed in state court to earn McCarroll a bond from jail.

    U.S. District Judge Terry F. Moorer scheduled sentencing for March 6, 2025. Under federal law, each defendant faces a mandatory life sentence.

    U.S. Attorney Sean P. Costello of the Southern District of Alabama made the announcement.

    The Federal Bureau of Investigation, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Mobile Police Department, and the D’Iberville, Mississippi Police Department are investigating the case.

    Assistant U.S. Attorneys Justin Roller, Gaillard Ladd, and Kasee Heisterhagen are prosecuting the case on behalf of the United States.

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office Announces Second Conviction in 2019 Kidnapping

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Zuni woman pleaded guilty in federal court to a count of kidnapping. This crime eventually resulted in the victim’s death at the hands of a co-defendant and the burning of the victim’s body in an attempt by the co-defendant to conceal evidence. Her co-defendant was previously convicted and sentenced to prison for the subsequent killing.

    According to court documents, between July 1 and July 16, 2019, Kendra Panteah, 37, participated in and continued the confinement of John Doe in the trunk of his own vehicle and contacted the co-defendant for assistance in order to avoid getting in trouble.

    Along with the co-defendant, Panteah then drove around for over a day through the Navajo Nation with John Doe locked in the trunk before stopping near Bass Lake, NM. There, John Doe attempted to escape by forcing the trunk open. Before he could get out, however, the co-defendant repeatedly stabbed Doe with a machete. The co-defendant then closed the trunk on the victim, and Panteah and the co-defendant then sat on the trunk until John Doe stopped moving. Doe died as a result of the stab wounds. Panteah and co-defendant then drove the vehicle, with Doe’s body in the trunk to a residence where it was abandoned for several days.

    The co-defendant eventually towed the vehicle to a remote location, doused it with gasoline, and set it on fire with John Doe’s body inside to destroy evidence of the crime. Doe was only identified through hip replacement devices found in the burned vehicle.

    Her co-defendant, Gilbert John Jr., pleaded guilty to second-degree murder and was sentenced to 21 years in prison.

    At sentencing, Panteah faces between a binding range of no less than 10 years up to no more than 18 years imprisonment. Upon her release from prison, Panteah will be subject to up to five years of supervised release.

    U.S. Attorney Alexander M.M. Uballez and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, made the announcement today.

    The Gallup Resident Agency of the FBI’s Albuquerque Field Office investigated this case with assistance from the Navajo Police Department and Department of Criminal Investigations. Assistant United States Attorneys Mark A. Probasco and Alexander F. Flores are prosecuting the case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Man Pleads Guilty and is Sentenced for Exposing Himself on an Aircraft

    Source: Office of United States Attorneys

    BOSTON – An Indian man, arrested last week for masturbating and exposing himself on a flight within the view of two other passengers, has pleaded guilty and was sentenced.

    Krishna Kunapuli, 39, pleaded guilty on Oct. 24, 2024 to one count of committing lewd, indecent, or obscene acts on an aircraft. Kunapuli was also sentenced by U.S. Magistrate Judge David H. Hennessy to two years of probation and a $5,000 fine. He was also ordered to delete, in the presence of law enforcement, photographs that he took of a female passenger during the flight and to have no contact with her.  

    According to the charging documents, Kunapuli made unwanted sexual advances towards a female passenger on board a flight from Abu Dhabi to Boston, including touching her hair and taking pictures of her without her permission.  After a crew member intervened, Kunapuli returned to his seat.

    Later in the flight, two male passengers seated near Kunapuli noticed Kunapuli masturbating under a blanket and, at times, with his penis fully exposed. One of the passengers reported this conduct to a flight attendant, who intervened, and alerted law enforcement.

    Acting United States Attorney Joshua S. Levy; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; and Colonel Geoffrey D. Noble of the Massachusetts State Police made the announcement today. Assistant U.S. Attorney Elianna J. Nuzum of the Major Crimes Unit prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Eight Defendants Charged in Federal Drug Trafficking Probe Targeting Fentanyl and Cocaine Sales in Chicago

    Source: Office of United States Attorneys

    CHICAGO — A federal investigation has resulted in federal drug and firearm charges against eight individuals for allegedly trafficking fentanyl and cocaine on the South Side of Chicago.

    An indictment unsealed Friday in federal court in Chicago accuses the eight defendants of conspiring to traffic fentanyl and cocaine from March 2023 to July 2024.  During the conspiracy, the defendants used a residence in the 2000 block of West 69th Place in the Englewood neighborhood of Chicago to carry out their illicit activities, the indictment states.  The defendants possessed loaded handguns while engaged in their drug trafficking crimes, the indictment states.

    During the investigation, law enforcement seized distribution quantities of suspected fentanyl-laced heroin and crack cocaine, as well as more than a dozen firearms and associated ammunition.

    Charged with federal drug and firearm offenses are PATRICK TUCKER, 33, THOMAS CUNNINGHAM, 29, DARIUS JOHNSON, 23, KYWANTE SHUMAKE, 26, KEONTIS SHUMAKE, 23, KAMARI ROSS, 26, DREQUAN BASS, 26, and LACOLA WILLIAMS, 26, all of Chicago. The charges in the indictment carry a maximum sentence of life in federal prison.  Tucker and Cunningham also face a mandatory minimum sentence of 15 years, while the others face a mandatory minimum of ten years.  The defendants were arraigned in U.S. District Court in Chicago and pleaded not guilty to the charges.

    The indictment was announced by Morris Pasqual, Acting United States Attorney for the Northern District of Illinois, Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI, and Sean Fitzgerald, Special Agent-in-Charge of the Chicago office of Homeland Security Investigations.  Valuable assistance was provided by the Chicago Police Department.  The government is represented by Assistant U.S. Attorneys Maureen B. McCurry and Michael Maione.

    The case is part of an Organized Crime Drug Enforcement Task Forces investigation.  OCDETF identifies, disrupts, and dismantles drug traffickers and other criminal offenders 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 against criminal networks.

    The public is reminded that an indictment contains only charges and is not evidence of guilt.  The defendants are presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.

    MIL Security OSI –

  • MIL-OSI USA: Attorney General James Announces Convictions of Capital Region Drug Traffickers Who Sold Heroin, Fentanyl, and Cocaine

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James today announced the convictions of members of a major drug trafficking ring that distributed heroin and fentanyl, as well as powder and crack cocaine in Albany, Dutchess, Rensselaer, Saratoga, and Schenectady counties. An investigation led by the Office of the Attorney General (OAG) resulted in the indictment of 25 individuals in November 2023, and recovered more than three kilograms of cocaine and approximately 40 grams of heroin laced with fentanyl, which have a combined potential street value of approximately $350,000. The investigation also recovered four handguns, two large capacity ammunition feeding devices, and over $50,000 in cash. All 25 individuals charged in the investigation have pleaded guilty, and the first defendant was sentenced yesterday to 12 ½ to 15 years in prison for his role in the trafficking operation. 

    “We are committed to ending the opioid crisis in our state, and that means addressing this problem from every angle, including stopping dangerous drug traffickers who bring fentanyl into our communities,” said Attorney General James. “This drug trafficking ring ran a widespread network to sell hundreds of thousands of dollars’ worth of narcotics, and now they are being brought to justice. I thank all of our partners in this investigation for their hard work to protect our communities and keep New Yorkers safe.”

    The OAG’s investigation centered on the activities of several key individuals in the Capital Region who bought and sold large quantities of drugs. Alexander Torres and Yamillet Galarza were central figures in the narcotics distribution network, and they often partnered together to obtain and sell heroin, fentanyl, and cocaine in Rensselaer County. Torres had four different sources of supply for the cocaine and narcotics, and he sold the drugs to a network of customers around the Capital Region. Torres purchased heroin laced with fentanyl from a Bronx-based narcotics dealer in custom-designed bags stamped with the phrase “American Gangster” as a brand to distinguish his narcotics from other local sellers.

    Efrain Acevado was also a major cocaine distributor in this operation. During the course of the investigation, Acevado opened a restaurant called “El Coqui,” in Troy, and he sold narcotics to customers from the restaurant and used it as a location to stash his narcotics and related proceeds.

    The investigation, led by the Attorney General’s Organized Crime Task Force (OCTF), included the New York State Police, City of Troy Police Department, the Rensselaer County Sheriff’s Office, Schenectady Police Department and the Schenectady Sheriff’s Office. The year-long investigation, which concluded in November 2023 with the indictment of 25 individuals, included covert surveillance and hundreds of hours of wiretaps over more than two dozen target phones.

    Defendant Elvis Colon, a/k/a “Minino”, a heroin and fentanyl trafficker in Rensselaer County who was part of the drug trafficking operation, was sentenced yesterday to 12 ½ to 15 years in prison. Colon was convicted by a jury on charges of Conspiracy in the Second Degree and Criminal Sale of a Controlled Substance in the Third Degree on October 4, 2024. 

    The remaining defendants in the case have all pleaded guilty: 

    • Efrain Acevedo pleaded guilty to Criminal Sale of a Controlled Substance in the Second Degree, a class A-II felony. He faces a maximum sentence of 14 years in state prison.
    • Erick Baez pleaded guilty to Criminal Possession of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of 12 years in state prison.
    • Raul Baez pleaded guilty to Criminal Sale of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of 12 years in state prison.
    • Jose Cintron pleaded guilty to Criminal possession of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of 12 years in state prison. 
    • Javier Colon pleaded guilty to Conspiracy in the Second Degree, a class B felony and Criminal Sale of a Controlled Substance in the First Degree, a class A-I felony. He faces a maximum sentence of 20 years in state prison.
    • Mercedes Danahy pleaded guilty to Criminal possession of a Controlled Substance in the Third Degree, a class B felony. She faces a maximum sentence of nine years in state prison.
    • James Foley pleaded guilty to Criminal Sale of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of 12 years in state prison.
    • Jack Frazier pleaded guilty to Attempted Criminal possession of a Controlled Substance in the Fourth Degree, a class D felony. He faces a maximum sentence of two and a half years in state prison.
    • Jose Galarza pleaded guilty to Criminal Sale of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of nine years in state prison.
    • Yamillet Galarza pleaded guilty to Criminal possession of a Controlled Substance in the Third Degree, a class B felony. She faces a maximum sentence of nine years in state prison.
    • Vladimir Guzman Grullon pleaded guilty to Criminal Sale of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of nine years in state prison.
    • David Harden pleaded guilty to Criminal possession of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of nine years in state prison.
    • Mark House pleaded guilty to Criminal Sale of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of 12 years in state prison.
    • Karim Little pleaded guilty to Criminal Sale of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of 12 years in state prison.
    • Jordan McCullen pleaded guilty to Criminal possession of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of 12 years in state prison.
    • Jahtiek Milisci pleaded guilty to Criminal Sale of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of nine years in state prison.
    • Beau Moreau pleaded guilty to Criminal possession of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of nine years in state prison.
    • Michael Nelson pleaded guilty to Criminal possession of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of nine years in state prison.
    • Tracy Taylor pleaded guilty to Criminal Sale of a Controlled Substance in the Third Degree, a class B felony. She faces a maximum sentence of nine years in state prison.
    • Denzel Timot pleaded guilty to Criminal Possession of a Firearm, a class E felony. He faces a maximum sentence of nine years in state prison.
    • Alexander Torres pleaded guilty to Criminal possession of a Controlled Substance in the Second Degree, a class A-II felony. He faces a maximum sentence of 10 years in state prison.
    • Israel Vasquez pleaded guilty to Criminal possession of a Controlled Substance in the Third Degree, a class B felony. He faces a maximum sentence of 15 years in state prison.
    • Abner Velasquez pleaded guilty to Criminal Sale of a Controlled Substance in the Second Degree, a class A-II felony. He faces a maximum sentence of 10 years in state prison.
    • David Venson pleaded guilty to Criminal possession of a Controlled Substance in the Fourth Degree, a class C felony. He faces a maximum sentence of eight years in state prison.

    Attorney General James would like to thank Rensselaer District Attorney Mary Pat Donnelly and the Schenectady County Drug Task Force for their assistance in the investigation. 

    The investigation was directed by New York State Police Investigator Matthew Guiry under the supervision of Senior Investigators Robert Martin and Vonnie Vardine and OCTF Detective Michael Connelly, with the assistance of the U.S. Army National Guard Counterdrug Task Force, under the supervision of OCTF Supervising Detective Brian Fleming, OCTF Assistant Chief Investigator John Monte, and OCTF Deputy Chief Investigator Andrew Boss. The Attorney General’s Investigations Division is led by Chief Oliver Pu-Folkes.

    The case and jury trial was conducted by OCTF Assistant Deputy Attorney General Andrew McElwee, with the assistance of legal support analysts Stephanie Donovan and AnnaLisa MacPhee, under the supervision of OCTF Upstate Deputy Bureau Chief Maria Moran. Nicole Keary is the Deputy Attorney General in Charge of OCTF. The Criminal Justice Division is led by Chief Deputy Attorney General Jose Maldonado. Both the Investigations Division and the Criminal Justice Division are overseen by First Deputy Attorney General Jennifer Levy.

    MIL OSI USA News –

  • MIL-OSI: Walter Graham Announces Enhanced Asset Allocation Management

    Source: GlobeNewswire (MIL-OSI)

    QINGDAO, China, Jan. 25, 2025 (GLOBE NEWSWIRE) — In response to the growing challenges of global economic and geopolitical instability, Walter Graham is proud to announce that it has revisited the best ways to manage asset allocation in today’s uncertain market environment. As volatility continues to shape financial markets, Walter Graham provides clients with precise wealth and investment strategies designed to plot a course through unpredictable conditions and safeguard long-term financial goals.

    Walter Graham has introduced several key initiatives to enhance asset allocation management in investment portfolios. These include:

    1. Dynamic Portfolio Adjustments: Implementing real-time monitoring and adjustments to portfolios to respond swiftly to market changes and minimize risks.
    2. Geographic Diversification: Expanding investment opportunities across various regions to reduce exposure to any single market’s volatility.
    3. Sustainable Investing: Incorporating environmental, social, and governance (ESG) criteria into investment decisions to promote long-term sustainability and ethical practices.
    4. Advanced Risk Management: Utilizing cutting-edge risk assessment tools and techniques to identify and mitigate potential threats to client portfolios.

    “With rising inflation, shifting geopolitical landscapes, and fluctuating market trends, investors face heightened uncertainty in their decision-making. Walter Graham’s approach emphasizes the importance of diversified portfolios that are flexible enough to adapt to these changing circumstances and always ensure clients are well-positioned to handle market turbulence,” said Thomas Allen, VP of Private Clients at Walter Graham.

    “Our focus is on providing a comprehensive, adaptable approach to asset allocation that can respond to market fluctuations while supporting long-term financial success. By staying true to our core values of Personal, Partnership, and Performance, we help our clients navigate even the most volatile times confidently.”

    Walter Graham’s latest insights highlight the importance of balancing asset classes, reassessing geographic exposure, and incorporating sustainable investing practices, through which the firm aims to provide clients with the certainty needed to make well-informed decisions in an uncertain world.

    This press release is for informational purposes only and does not constitute financial advice or a recommendation for any specific investment strategy.

    About Walter Graham:

    Walter Graham is committed to offering personalized, thoughtful advice to every client. By staying true to its Personal, Partnership, and Performance core values, the firm provides the clarity and confidence needed to make informed financial decisions. Whether working with individuals seeking to strengthen their financial future or families planning for the next generation, Walter Graham is dedicated to supporting clients with tailored strategies designed to meet their unique goals.

    For more information, please contact:
    Natalie Chen, Chief Brand Officer
    n.chen@waltergraham.com
    +86 532 8898 5024
    https://www.waltergraham.com/

    For more information about Walter Graham’s Global Wealth Management strategies, please visit https://www.waltergraham.com/global-wealth-management or contact info@waltergraham.com.

    Disclaimer: This content is provided by the Walter Graham. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aa03142e-d244-4e2b-a46f-6ec7235d0989

    The MIL Network –

  • MIL-OSI Canada: Alberta’s business sector is booming

    Source: Government of Canada regional news

    Thanks to Alberta’s highly productive economy, cutting red tape, and business-minded policies, Alberta has become the small business hub of Canada.

    With strong, common-sense policies, Alberta is attracting more new business than ever before. Alberta saw an average of 1,945 more active businesses between January and July when compared with the same period last year. This 1.6 per cent increase far surpassed the Canadian average of 0.6 per cent. Alberta is the top destination for business innovation and creation, nationwide.

    “Alberta is the economic engine of Canada and thanks to the strength of our business community, we are further diversifying our economy with strong, business-friendly policies that attract job-creating investment and sustain the Alberta Advantage that we are known for.”

    Matt Jones, Minister of Jobs, Economy and Trade

    Alberta’s active businesses numbers can be attributed to Alberta’s highly skilled and productive workforce, competitive business policies and low tax rates.

    Making up 95 per cent of businesses in the province, Alberta’s small businesses employ almost 35 per cent of our private sector workforce and contribute 27 per cent of the province’s GDP.

    “Small businesses are the heartbeat of Alberta, driving innovation and community spirit. They create jobs, support local economies and foster a sense of belonging. Investing in these enterprises is investing in a strong economic future for our province. We are proud to see such positive growth in our small business community in Q3.”

    Tany Yao, parliamentary secretary for Small Business and Northern Development

    Many sectors are leading the charge, with Alberta’s world-class tourism industry continuing its strong performance in 2024. Alberta saw a notable increase in the number of active businesses in tourism transportation, travel services, recreation and entertainment, and food and beverage services. In fact, Alberta’s overall tourism businesses increased by 3.2 per cent in the first seven months of 2024 – the second-highest increase in Canada.

    “Alberta has the fastest-growing economy in the country right now, with more new businesses starting, and productivity levels significantly higher than the national average. Higher productivity means higher paycheques and better living standards for Albertans. Maintaining and increasing the focus on economic growth and productivity, as well as energizing our key industries, will be critical to ensuring a bright economic future for our province.”

    Adam Legge, president, Business Council of Alberta

    Alberta’s government is taking action to make sure the province remains a place where small businesses can start up, grow and thrive.

    Alberta remains the best place to live, work, do business, invest and raise a family. Alberta’s government has a plan for ensuring sustainable provincial growth, supported by productive industries, and an ever-expanding resource extraction sector.

    Related news

    • Small Business Week: Parliamentary Secretary Yao (Oct. 20,2024)

    MIL OSI Canada News –

  • MIL-OSI USA: Casey, Cartwright Secure Funding to Begin Construction on Scranton to New York Rail Line

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey

    Casey, Cartwright have long pushed to restore passenger rail service to region

    Direct rail service between Scranton and New York could generate as much as $84 million in economic activity every year, according to Amtrak study

    Funding to begin railway construction made possible by Casey and Cartwright-backed infrastructure law

    Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA) and U.S. Representative Matt Cartwright (D-PA-8) announced $8,958,919 in federal funding to begin construction to bring back Amtrak passenger rail service between Scranton, PA and New York, NY. The award will kick off long needed railway rehabilitation and track improvements to begin the process to restore service between the communities via the Lackawanna Cut-Off. The funding comes from the Consolidated Rail Infrastructure and Safety Improvements (CRISI) grant program, made possible by the Infrastructure Investment and Jobs Act (IIJA), which Casey and Cartwright fought to pass.

    “I have fought to restore rail service between Scranton and New York for my entire career in the Senate, and this investment from the infrastructure law means we are now closer than ever to making it a reality,” said Senator Casey. “Passenger rail service to and from New York will be a game-changer for our region, meaning more family time, more economic investment, and more job opportunities. I won’t stop fighting for this train until it pulls into Scranton.”

    “Restoring passenger rail has been a major goal of mine since my first day on the job. That’s why I’m thrilled to help announce that we’re getting closer than ever to seeing the realization of our passenger rail project. This nearly $9 million CRISI Grant Award will go towards restoring the rail line between the Delaware Water Gap and Scranton,” said Congressman Cartwright. “Connecting our region to major metropolitan areas in a seamless, passenger friendly system will be transformative. It will create jobs, improve quality of life, and offer convenient travel options for commuters, college students and tourists, alike. We now have a once-in-a-lifetime opportunity to do something transformational for our region.”

    Rail service previously ran directly between Scranton and New York but was discontinued in 1970. Without consistent use and upkeep, the track fell into disrepair.

    Senator Casey and Representative Cartwright have spent their careers in Congress advocating relentlessly to restore rail service between Scranton and New York. In 2008, Casey began leading the charge in the Senate to implement a passenger service between Scranton, PA and New York City. Representative Cartwright has also been fighting to restore the Lackawanna Cut-Off since being elected to the House of Representatives in 2012.

    Senator Casey pushed the Obama administration, emphasizing the need for continued support to see the project to completion. Additionally, Casey sent letters to the Lackawanna County Regional Planning Commission and the Luzerne County Planning Commission, as well as the Northeastern Pennsylvania Alliance and the Pennsylvania Department of Transportation in support of funding for the Lackawanna Cut-Off Restoration Project. Representative Cartwright also organized and led symposiums to highlight the project and helped the Pennsylvania Northeast Regional Railroad Authority (PRRNA) secure funding to investigate costs, feasibility, and impact of the project.

    In 2021, Casey and Cartwright fought to pass the landmark bipartisan Investment in Infrastructure and Jobs Act (IIJA), creating unprecedented funding for infrastructure across the Nation and paving the way for the restoration of service via the Lackawanna Cut-Off. Senator Casey visited East Stroudsburg to tout the potential for train service after Amtrak released a proposal to expand rail across the country, including restoring Scranton-New York rail service. In October 2021, President Biden delivered his infrastructure speech at the Electric City Trolley Museum in Scranton and was joined by Senator Casey and Representative Cartwright.

    In 2022, Casey and Cartwright led a coalition of regional partners from Pennsylvania and New Jersey in urging the Federal Railroad Administration (FRA) to reestablish rail service through a once-in-a-generation investment in Northeastern Pennsylvania’s rail infrastructure. The Members have also pushed Pennsylvania Governors Tim Wolf and Josh Shapiro to support the rail project. In 2023, at the Members’ urging, Governor Shapiro pledged millions in matching funds from the Pennsylvania Department of Transportation (PennDOT) to further the rail service restoration project.

    In December 2023, the Members announced that the FRA had included Northeastern Pennsylvania in its Corridor Identification and Development (Corridor ID) Program with the goal of reestablishing direct passenger rail service between Scranton, PA and New York, NY. In addition, Senator Casey and Congressman Cartwright both delivered funding for the line in the FY24 spending bills.

    Since being elected to Congress in 2012, Cartwright has made restoring passenger rail service to Northeast Pennsylvania the top priority of his work in public life. Beginning shortly after being sworn in, Rep. Cartwright teamed up with Pennsylvania Northeast Regional Rail Authority (PNRRA) officials Larry Malski, Dominic Keating and Bob Hay for dozens of meetings and hundreds of calls, all with a view toward reviving the moribund project.

    In January 2017, Cartwright and then State Senator John Blake (and currently District Director for Rep. Cartwright) organized and led a symposium at Pocono Manor at which the bipartisan coalition of scores of local elected officials, New Jersey rail officials and community business leaders began to come together. At that event, PennDOT Secretary Leslie Richards and Federal Transit Administrator Therese McMillan provided key advice on how to position the project for success, including evaluating the repair work needed on the massive bridges over the Delaware River and the Paulinskill Creek.

    Beginning in 2017, Cartwright helped PNRRA secure funding from Lackawanna and Monroe counties, the Pennsylvania Department of Transportation and the Appalachian Regional Commission to fund a rail study on costs, feasibility, ridership and environmental impact. These studies were performed by recognized engineering firm Greenman Peterson and, later, Amtrak itself.

    In February 2021, Cartwright and Blake held a Zoom meeting with Senate Majority Leader Chuck Schumer, and secured his agreement to increase the New Rail part of the Bipartisan Infrastructure Law by $2 billion, to increase this project’s chances of success.

    In May that year, Cartwright founded the Lackawanna Cutoff Rail Restoration Caucus in Congress, which included inaugural Members Susan Wild (PA-7), Mikie Sherrill (NJ-11) and Josh Gottheimer (NJ-5).

    As a member of House Leadership, in the summer of 2021, Cartwright heavily lobbied top leadership to treat the Infrastructure Law as a stand-alone bill and pass it. Rep. Gottheimer also aided in that effort. It succeeded, and the Infrastructure Investment and Jobs Act passed the House on July 1, 2021.

    In October 2021, Cartwright selected the Scranton Trolley Museum as the site of President Biden’s infrastructure speech, and invited Amtrak President Stephen Gardner and CEO Bill Flynn, who attended. The next month, November 15, 2021, Cartwright was joined by both men, plus Amtrak Board Chair Anthony Coscio, at the signing of the Infrastructure bill into law.

    In July 2022, Cartwright secured an agreement from Governor Tom Wolf to provide $3.7 million matching funds for the purchase of 43,000 railroad ties to upgrade tracks on the Pennsylvania side of the line. PNRRA will be applying for a matching grant from FRA in February.

    Later in 2022, Cartwright introduced Pennsylvania gubernatorial candidate Josh Shapiro to the rail project and met with him several times during the campaign. After his inauguration, Governor Shapiro agreed to a January 14, 2023, discussion of the project. On that day, after a full discussion of the project, including an explanation of its widespread bipartisan support and economic benefits, Governor Shapiro enthusiastically agreed to support it. He agreed to provide $125 million in local-match funds, to have PennDOT author the application to the Federal Railroad Administration, and to seek New Jersey Transit’s co-sponsorship of the application. Under the leadership of Governor Shapiro, and Pennsylvania Secretary of Transportation Mike Carroll, that application was submitted, and NJT did cosponsor it.

    This past August, Cartwright and New Jersey Congressman Josh Gottheimer led a delegation that included Amtrak’s vice president of network development along with N.J. Transit and PennDOT officials on a tour of proposed station locations and other key landmarks along the Scranton-to-New York City passenger rail route.

    The Consolidated Rail Infrastructure and Safey Improvements (CRISI) grant program is a federal grant program that provides funding for projects that improve the safety, efficiency, ant reliability of intercity passenger and freight rail.

    MIL OSI USA News –

  • MIL-OSI USA: Casey Secures $48.4 Million to Develop Hydrogen-Powered Trains in Erie

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey

    Funding will support Wabtec Corporation, which will remanufacture trains to run on hydrogen fuel

    Grant made possible thanks to Casey-backed infrastructure law

    Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA) announced $48,412,512 to help Wabtec Corporation develop hydrogen-powered trains in Erie. Hydrogen fuel is a low-emission fuel that increases train efficiency and ultimately reduces fuel costs. The funding comes from the Consolidated Rail Infrastructure and Safety Improvements (CRISI) grant program, made possible by the Infrastructure Investment and Jobs Act (IIJA), which Casey fought to pass.

    “Pennsylvanians have a long history of being on the cutting edge of building our Nation’s railroads, and it is critical that as America’s transportation sector begins using the technology of the future, our Commonwealth continues to lead the way,” said Senator Casey. “Thanks to the infrastructure law, we are investing in the development of trains that run on hydrogen, which will protect our environment and boost our economy. I will always fight to modernize our Commonwealth’s transportation infrastructure and ensure that Pennsylvania remains a leader the technology that powers the Nation.”

    The Consolidated Rail Infrastructure and Safety Improvements (CRISI) grant program is a federal grant program that provides funding for projects that improve the safety, efficiency, and reliability of intercity passenger and freight rail.

    The $48,412,512 will help Pittsburgh-based Wabtec Corporation remanufacture trains at its facility in Erie to use hydrogen as a fuel source. This research and development project will entrail control system and engine upgrades to accommodate the hydrogen fuel.

    MIL OSI USA News –

  • MIL-OSI USA: Casey, Fetterman, Scanlon, Boyle, Evans Secure $79.6 Million to Make PhilaPort More Energy Efficient

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey

    New investment will support the Philadelphia Regional Port Authority’s efforts to transition to more energy efficient equipment and operations

    Washington, D.C. – Today, U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA) and U.S. Representatives Mary Gay Scanlon (D-PA-5), Brendan Boyle (D-PA-2), and Dwight Evans (D-PA-3) announced that Philadelphia Regional Port Authority (PhilaPort) is receiving a total of $79,650,965 in federal funding to plan and implement projects that will transition the port’s operations to zero-emissions equipment. The funding comes from the U.S. Environmental Protection Agency’s Clean Ports Program, made possible by the Inflation Reduction Act.

    “This investment from the Inflation Reduction Act will allow PhilaPort to bring down its energy costs and improve air quality in surrounding communities while incorporating the technology of the future into its operations,” said Senator Casey. “I will always fight to improve our shipping hubs to ensure that the Commonwealth’s waterways boost economic growth and create and sustain good jobs.”

    “The nearly $80 million investment in PhilaPort is a transformative step toward a more efficient future for Philadelphia. Moving to zero-emission technology will help make our port cleaner and healthier for the community while boosting the local economy and creating good paying jobs. This is what the Inflation Reduction Act is all about—making big investments that keep Pennsylvania competitive and sustainable,” said Senator Fetterman.

    “The Port of Philadelphia is a critical driver of good-paying jobs for our region and a vital gateway for goods and passengers across the country,” said Representative Scanlon. “I’m so pleased to see funding from the Biden-Harris administration’s Investing in America agenda continue to flow into our region, helping clean up pollution at our ports and improving air quality and public health in neighboring communities.”

    “This funding, which I proudly supported as part of the Inflation Reduction Act, will enable PhilaPort to adopt cutting-edge technology that reduces carbon emissions and could help expand the port’s operations,” said Congressman Brendan F. Boyle. “Philadelphia’s ports are vital to our communities, providing jobs and positioning our city as a key hub of commerce. This investment not only supports the hardworking port workers who drive our economy but also ensures that PhilaPort can continue serving the nation sustainably for years to come.”

    “I was proud to vote for the Biden-Harris administration’s Inflation Reduction Act, a landmark clean-energy and health-care law, and this more than $79 million in federal funding for our area is just the latest way it’s benefiting Philadelphia and the region,” said Representative Evans.

    The Clean Ports Program funding will support two PhilaPort projects. $77.6 million will help Philaport deploy electric cargo handling equipment, install new charging infrastructure, and upgrade existing electrical infrastructure. An additional $2 million will support planning operations to better understand the port’s current emissions levels, identify areas where energy efficiency can be improved, and engage the surrounding community about the process of transitioning to zero-emission operations.

    The announcement comes just a month after the members secured $217 million for PhilaPort to expand the operational capacity of the SouthPort terminal.

    MIL OSI USA News –

  • MIL-OSI USA: Casey, Scanlon, Houlahan Secure $11.3 Million to Improve Railways in Southeastern Pennsylvania

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey

    Funding includes more than $3.6 million to improve 26 miles of rail tracks on the East Penn Railroad and more than $7.7 million to secure rail track in Chester

    Funding comes from Casey, Scanlon, and Houlahan-backed infrastructure law

    Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA) and U.S. Representative Chrissy Houlahan (D-PA-5) announced $11,393,644 in federal funding to make Southeastern Pennsylvania’s railways safer for passengers and surrounding communities. East Penn Railroad will receive $3,624,223 to improve 26 miles of train tracks. Amtrak will receive $7,769,421 to build a fence along a segment of rail track in Chester. These two awards will enhance safety by decreasing the chance of derailments and reducing the incidence of accidents. The funding comes from the Consolidated Rail Infrastructure and Safety Improvements (CRISI) grant program, made possible by the Infrastructure Investment and Jobs Act (IIJA), which Casey, Scanlon, and Houlahan fought to pass.

    “It is critical that rail transportation is safe and efficient for all Pennsylvanians. Thanks to the infrastructure law, we are investing in rail projects in Southeastern Pennsylvania that will improve rail safety,” said Senator Casey. “Ensuring Pennsylvania’s railroads are safe, efficient, and reliable is critical to keeping our Commonwealth fully connected and running full steam ahead.”

    “We know the great impact railroads have had on our Commonwealth and the country for the last two centuries. I’m thrilled that over $11 million in federal funds is coming to southeastern PA to improve both passenger and commercial rail to improve both safety and efficiency,” said Representative Houlahan. “As Amtrak’s most traveled line, it’s essential that we put parameters in place on the Northeast Corridor, such as this steel fencing, to reduce accidents, injuries, fatalities, and operational disruptions. Our commercial rail also needs to be upgraded. I’m excited that 26 miles will be improved on the Wilmington & Northern Subdivision of the East Penn Railroad, greatly increasing capacity. This is great rail progress, and I’m thankful to the DOT for their efforts in improving our PA rail infrastructure.”

    The Consolidated Rail Infrastructure and Safety Improvements (CRISI) grant program is a federal grant program that provides funding for projects that improve the safety, efficiency, and reliability of intercity passenger and freight rail.

    MIL OSI USA News –

  • MIL-OSI United Nations: Secretary-General’s video message for Global Investors for Sustainable Development Alliance Annual Meeting

    Source: United Nations secretary general

    Download the video:
    https://s3.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+18+OCT+24/3284442_MSG+SG+UN+SGM+GLOBAL+INVESTOR+18+OCT+24.mp4

    Colleagues, dear friends,

    I thank the Global Investors for Sustainable Development Alliance for all your work to build a better world.

    The clock is ticking to the 2030 deadline for the Sustainable Development Goals. And the biggest barrier to delivery is finance.

    The international financial architecture is stuck in the past, unable to mobilize the resources required.

    The commitment in the 2015 Addis Ababa Action Agenda, to unleash trillions of dollars in private finance, has not materialized.

    One of my priorities as Secretary-General has been to urge reform – including to enable far more private finance to be leveraged at reasonable cost.

    And this year we made a major step forward.

    Countries overcame their differences to agree on the Pact for the Future.

    This contains clear, ambitious commitments to multilateral action – to reform the international financial architecture, turbocharge SDG implementation, and mobilise additional finance from all sources. 

    Now, we need the fourth International Conference on Financing for Development next year to deliver the detail.

    This Alliance will play a vital role.

    The Conference needs your insights and advocacy – particularly on three investment challenges:

    First, structuring blended finance to attract private capital.

    Second, managing currency risk – a massive deterrent to international investors today.

    And third, encouraging investments that consider long-term sustainability, and have longer timeframes for returns.

    Together, let’s build on the momentum of this moment and unleash the finance we need to build a better future for all humanity.

    Thank you.

    ***
     

    MIL OSI United Nations News –

  • MIL-OSI: Cielo Announces Cancellation and Rescheduling of Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 29, 2024 (GLOBE NEWSWIRE) — Cielo Waste Solutions Corp. (TSXV:CMC; OTC PINK:CWSFF) (“Cielo” or the “Company”), announces today that its annual general meeting of shareholders (the “AGM”), which was originally scheduled to be held today, Tuesday, October 29th, 2024, has been cancelled and is being rescheduled to be held during the week of December 16, 2024, the final date to be set in the coming days. The Company’s Board of Directors determined that it would be in the best interest of the Company to reschedule the AGM, primarily as a result of technical difficulties. The rescheduled AGM, which was originally to be held using Microsoft Teams, will instead be held as an in-person meeting, which is anticipated to allow for greater efficiency and transparency and improved communication.

    Further details on the rescheduled AGM will be contained in a new Notice of Meeting and Management Information Circular that will be mailed to the shareholders of the Company as of the new record date and filed on SEDAR+.

    ABOUT CIELO

    Cielo is fueling renewable change with a mission to be a leader in the wood by-product-to-fuels industry by using environmentally friendly, economically sustainable and market-ready technologies. We are proud to advance our non-food derived model based on our exclusive licence in Canada for patented Enhanced Biomass to Liquids (EBTL™) and Biomass Gas to Liquids (BGTL™) technologies and related intellectual property, along with an exclusive licence in the US for creosote and treated wood waste, including abundant railway tie feedstock. We have assembled a diverse portfolio of projects across geographic regions and secured the ability to leverage the expertise of proven industry leaders. Cielo is committed to helping society ‘change the fuel, not the vehicle’, which we believe will contribute to generating positive returns for shareholders. Cielo shares are listed on the TSX Venture Exchange under the symbol “CMC,” as well as on the OTC Pink Market under the symbol “CWSFF.”

    For further information please contact:

    Cielo Investor Relations

    Ryan Jackson, CEO
    Phone: (403) 348-2972
    Email: investors@cielows.com 

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes.

    Forward-looking statements are subject to both known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions. Cielo is making forward looking statements, with respect to the AGM, including but not limited to the timing and forum.

    Investors should continue to review and consider information disseminated through news releases and filed by the Company on SEDAR+. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

    Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

    The MIL Network –

  • MIL-OSI Africa: Secretary-General’s video message for Global Investors for Sustainable Development Alliance Annual Meeting

    Source: United Nations – English

    strong>Download the video:
    https://s3.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+18+OCT+24/3284442_MSG+SG+UN+SGM+GLOBAL+INVESTOR+18+OCT+24.mp4

    Colleagues, dear friends,

    I thank the Global Investors for Sustainable Development Alliance for all your work to build a better world.

    The clock is ticking to the 2030 deadline for the Sustainable Development Goals. And the biggest barrier to delivery is finance.

    The international financial architecture is stuck in the past, unable to mobilize the resources required.

    The commitment in the 2015 Addis Ababa Action Agenda, to unleash trillions of dollars in private finance, has not materialized.

    One of my priorities as Secretary-General has been to urge reform – including to enable far more private finance to be leveraged at reasonable cost.

    And this year we made a major step forward.

    Countries overcame their differences to agree on the Pact for the Future.

    This contains clear, ambitious commitments to multilateral action – to reform the international financial architecture, turbocharge SDG implementation, and mobilise additional finance from all sources. 

    Now, we need the fourth International Conference on Financing for Development next year to deliver the detail.

    This Alliance will play a vital role.

    The Conference needs your insights and advocacy – particularly on three investment challenges:

    First, structuring blended finance to attract private capital.

    Second, managing currency risk – a massive deterrent to international investors today.

    And third, encouraging investments that consider long-term sustainability, and have longer timeframes for returns.

    Together, let’s build on the momentum of this moment and unleash the finance we need to build a better future for all humanity.

    Thank you.

    ***
     

    MIL OSI Africa –

  • MIL-OSI Canada: New federal funding for an improved performing arts facility in Saint John

    Source: Government of Canada News (2)

    News release

    Saint John, New Brunswick, October 29, 2024 — There will be growth in the theatre sector and better venues in southern New Brunswick after an additional $12 million investment from the federal government under the Green and Inclusive Community Buildings Program in the Sydney Street former courthouse. This funding was announced by MP Wayne Long, Mayor Donna Reardon and Dr. Sandra Bell, Saint John Theatre Company Board Chair.

    The project has evolved over the last 5 years and will result in an expanded performing arts facility, rehabilitating the old heritage courthouse on Sydney Street into a modern inclusive and accessible arts space. The centrepiece of the new facility will be a 250-seat venue. There will also be a secondary performance space as well as creative, rehearsal, training and administrative spaces.

    The Saint John Theatre Company has designed the space to be a home theatre for the Atlantic Repertory Company (ARC). The transformed courthouse will house a range of cultural events, while bringing much needed opportunities for professional theatre artists to advance their careers, and training opportunities for theatre artists at all levels. The new facility is critical to close the gap in the cultural infrastructure that currently exists in Saint John and will maximize programming opportunities for the benefit and enjoyment of residents and visitors.

    Financing for a more modest project was announced in 2019 by Canadian Heritage and the Atlantic Canada Opportunities Agency (ACOA) for the former Sydney Street Courthouse. This new funding allows for the expanded redesign of the project that will triple the size of the existing structure.

    Quotes

    “This new green and inclusive cultural space will really put Saint John on the map in terms of performing arts. As a result, the public will have access to more high-quality performances and theatre, and artists in southern New Brunswick will have more opportunities to develop their careers and showcase their talents.”

    Wayne Long, Member of Parliament for Saint John–Rothesay, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities

    “The City of Saint John is proud to support the important work the Saint John Theatre Company is undertaking to revitalize the former Sydney Street Courthouse with a contribution of $818,000 towards the new multi-purpose performance and event venue. This investment recognizes the key role that cultural infrastructure plays in the economic and social development of our city and will create a vibrant space where creativity and community can thrive. We are grateful to the SJTC for taking on the important responsibility of striving to protect and restore the architecture and craftmanship of this significant building, preserving an important part of our city’s historic uptown core and bringing a sense of pride to the local population.”

    Her Worship Donna Noade Reardon, Mayor of the City of Saint John

    “The Saint John Theatre Company is developing the Courthouse Stage to be the future permanent home of The Atlantic Repertory Company, creating a cultural epicentre for Atlantic Canadian artists. This state-of-the-art facility will retain local talent and attract national and international artists to New Brunswick. By expanding the community’s creative output, and creating a home for innovative artists, the Courthouse Stage will enhance the cultural vibrancy of our region.”

    Stephen Tobias, Executive Director, Saint John Theatre Company

    Quick facts

    • The federal government is investing $12 million in this project through the Green and Inclusive Community Buildings (GICB) program. The Saint John Theatre Company is investing over $13 million and the City of Saint John is contributing $818,000.

    • A total of $2 million from Canadian Heritage and $500,000 from ACOA were previously announced for this project in April 2019.

    • The GICB program was created in support of Canada’s Strengthened Climate Plan: A Healthy Environment and a Healthy Economy. It is supporting the Plan’s first pillar by reducing greenhouse gas emissions, increasing energy efficiency, and helping develop higher resilience to climate change.

    • The program launched in 2021 with an initial investment of $1.5 billion over five years towards green and accessible retrofits, repairs or upgrades. 

    • Budget 2024 announced an additional $500 million to support more projects through GICB until 2029.

    • At least 10% of funding is allocated to projects serving First Nations, Inuit, and Métis communities, including Indigenous populations in urban centres.

    • The funding announced today builds on the federal government’s work through the Atlantic Growth Strategy to create well-paying jobs and strengthen local economies.

    • For more information, please visit the Housing, Infrastructure and Communities Canada website at: Housing, Infrastructure and Communities Canada – Green and Inclusive Community Buildings Program.

    Associated links

    Contacts

    For more information (media only), please contact:

    Sofia Ouslis
    Press Secretary
    Office of the Minister of Housing, Infrastructure and Communities
    Sofia.Ouslis@infc.gc.ca

    Media Relations
    Housing, Infrastructure and Communities Canada
    613-960-9251
    Toll free: 1-877-250-7154
    Email: media-medias@infc.gc.ca
    Follow us on X, Facebook, Instagram and LinkedIn
    Web: Housing, Infrastructure and Communities Canada

    Stephen Tobias
    Executive Director
    Saint John Theatre Company
    506-654-0532
    stephen@saintjohntheatrecompany.com

    MIL OSI Canada News –

  • MIL-OSI Security: Jefferson County Man Sentenced to 10 Years in Prison for Attempting to Meet a Minor for Sex

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

    BIRMINGHAM, Ala. – A Jefferson County man was sentenced today on a charge of attempted coercion and enticement of a minor, announced U.S. Attorney Prim F. Escalona and Federal Bureau of Investigation Special Agent in Charge Carlton L. Peeples.

    U.S. District Court Judge Anna Manasco sentenced Robert Elton Trimble, 38, of Kimberly, to 120 months in prison, followed by a life term of supervised release.  In June, Trimble pleaded guilty to one count of attempting to coerce or entice a minor to engage in sexual activity. 

    According to court documents, on October 16, 2023, Trimble made contact with an individual he believed was a 15-year-old girl on a social networking app. After learning her age on day one, Trimble continued to communicate with the “child,” asking her questions about school, telling her about his work, and requesting photos.  Within two weeks, Trimble turned their conversation sexual by asking the “child” about her sexual experiences and discussing plans to meet her. On November 21, 2023, Trimble arrived for the meeting and was arrested.  Only then did he discover that he actually had been communicating with an undercover officer.  

    FBI Birmingham’s Child Exploitation and Human Trafficking Task Force investigated the case along with the Homewood Police Department. Assistant U.S. Attorney R. Leann White prosecuted the case.

    The U.S. Attorney’s Office and the National Children’s Advocacy Center have partnered and released a digital series to educate parents and caretakers about sextortion and how they can help prevent kids and teens from being victims. This series offers three-to-five-minute videos about current online safety topics and provides essential information about the true dangers of online activities.

    The videos can be accessed from the following locations:

    https://www.nationalcac.org/sextortion-prevention/

    https://www.youtube.com/@nationalcac

    If you suspect or become aware of possible sexual exploitation of a child, please contact law enforcement. To alert the FBI Birmingham Office, call 205-326-6166. Reports can also be filed with the National Center for Missing & Exploited Children or online at www.cybertipline.org.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched by the Department of Justice in May 2006 to combat the epidemic of child sexual exploitation and abuse.  Led by U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, and to identify and rescue victims.  For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

    MIL Security OSI –

  • MIL-OSI Security: US Attorney Announces District Election Officer for Alaska Ahead of Election Day

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

    ANCHORAGE, Alaska – United States Attorney S. Lane Tucker announced today that Assistant United States Attorney (AUSA) Morgan J. Walker will lead the efforts of her Office in connection with the Justice Department’s nationwide Election Day Program for the upcoming November 5, 2024, general election. AUSA Walker has been appointed to serve as the District Election Officer (DEO) for the District of Alaska, and in that capacity is responsible for overseeing the District’s handling of election day complaints of voting rights concerns, threats of violence to election officials or staff, and election fraud, in consultation with Justice Department Headquarters in Washington.

    United States Attorney Tucker said, “Every citizen must be able to vote without interference or discrimination and to have that vote counted in a fair and free election. Similarly, election officials and staff must be able to serve without being subject to unlawful threats of violence. The Department of Justice will always work tirelessly to protect the integrity of the election process.”

    The Department of Justice has an important role in deterring and combatting discrimination and intimidation at the polls, threats of violence directed at election officials and poll workers, and election fraud. The Department will address these violations wherever they occur. The Department’s longstanding Election Day Program furthers these goals and also seeks to ensure public confidence in the electoral process by providing local points of contact within the Department for the public to report possible federal election law violations.

    Federal law protects against such crimes as threatening violence against election officials or staff, intimidating or bribing voters, buying and selling votes, impersonating voters, altering vote tallies, stuffing ballot boxes, and marking ballots for voters against their wishes or without their input. It also contains special protections for the rights of voters, and provides that they can vote free from interference, including intimidation, and other acts designed to prevent or discourage people from voting or voting for the candidate of their choice. The Voting Rights Act protects the right of voters to mark their own ballot or to be assisted by a person of their choice (where voters need assistance because of disability or inability to read or write in English).

    United States Attorney Tucker stated that: “The right to vote is the cornerstone of American democracy.  We all must ensure that those who are entitled to vote can exercise that right if they choose, and that those who seek to corrupt it are brought to justice. In order to respond to complaints of voting rights concerns and election fraud during the upcoming election, and to ensure that such complaints are directed to the appropriate authorities, AUSA/DEO Walker will be on duty in this District while the polls are open.”

    In addition, the FBI will have special agents available in each field office and resident agency throughout the country to receive allegations of election fraud and other election abuses on election day. The public can contact the FBI at 1-800-CALL-FBI or tips.fbi.gov, or contact the local FBI Anchorage Field Office at (907) 276-4441.

    Complaints about possible violations of the federal voting rights laws can be made directly to the Civil Rights Division in Washington, DC by complaint form at https://civilrights.justice.gov/ or by phone at 800-253-3931.

    United States Attorney Tucker said, “Ensuring free and fair elections depends in large part on the assistance of the American electorate. It is important that those who have specific information about voting rights concerns or election fraud make that information available to the Department of Justice.”

    Please note, however, in the case of a crime of violence or intimidation, please call 911 immediately and before contacting federal authorities. State and local police have primary jurisdiction over polling places, and almost always have faster reaction capacity in an emergency.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Arizona Doctor Sentenced to Prison for Health Care Fraud

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

    TUCSON, Ariz. – Linh Cao Nguyen, M.D., 51, of Peoria, was sentenced last week by United States District Judge John C. Hinderaker to 24 months in prison. Nguyen pleaded guilty to Health Care Fraud on March 19, 2024.

    Over the course of several years, Nguyen engaged in a scheme to defraud various health care benefit programs, including Medicare, TRICARE, AHCCCS, Blue Cross Blue Shield, and UnitedHealthcare. As part of his scheme, Nguyen knowingly caused the submission of thousands of false billing claims. Nguyen also falsely created patient records to conceal and avoid detection of his fraudulent scheme. The fraudulent claims identified a medical doctor as the treating provider when, in fact, another provider such as a nurse practitioner, social worker, unlicensed psychology intern, or wound care nurse provided the service independently. By billing the medical service as if it were provided by a physician, Nguyen falsely inflated the amount his company was to be paid for the service.

    The total loss to the insurance companies from Nguyen’s scheme was approximately $3.7 million. As part of his sentence, Nguyen was ordered to pay over $1.1 million in restitution to the private insurance companies. Nguyen also was required to pay over $2.5 million to the government in a separate civil agreement.

    The United States Department of Health and Human Services, Office of Inspector General, the Federal Bureau of Investigation, and the Department of Defense Office of Inspector General, Defense Criminal Investigative Service conducted the investigation in this case. The United States Attorney’s Office, District of Arizona, Tucson, handled the prosecution.
     

    CASE NUMBER:           CR-21-02716-TUC-JCH
    RELEASE NUMBER:    2024-144_Nguyen

     

    # # #

    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

    MIL Security OSI –

  • MIL-OSI Security: Los Angeles County Man Sentenced to 12 Years and Nine Months in Prison for Child Exploitation Conspiracy with Yuba County Man

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

    SACRAMENTO, Calif. — Pedro Luis Millan, aka Peter Millan, 38, of Montebello, was sentenced today by U.S. District Judge Daniel J. Calabretta to 12 years and nine months in prison for conspiracy to sexually exploit a child, U.S. Attorney Phillip A. Talbert announced.

    According to court documents, in May 2021, Millan conspired with Brent Hooton, 51, of Marysville, to produce an image of a severely autistic child who was under the age of 12 engaged in sexually explicit conduct. Hooton produced the image and then sent it to Millan and other users over the Kik messaging app. Millan received that image, as well as additional sexual abuse images of the same child victim, from Hooton over the Kik app.

    This case was the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorney Denise N. Yasinow prosecuted the case.

    On Aug. 27, 2024, Hooton was sentenced to 27 years in prison for sexual exploitation of a child and distribution of child pornography.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by the United States Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute those who sexually exploit children, and to identify and rescue victims. For more information about Project Safe Childhood, please visit www.usdoj.gov/psc. Click on the “resources” tab for information about internet-safety education.

    MIL Security OSI –

  • MIL-OSI Security: Alleged Bay Area Fentanyl Distributor Extradited From Honduras

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

    OAKLAND – The government of Honduras extradited Javier Marin-Gonzales, a Honduran national, to the United States this week to appear on charges stemming from his alleged involvement in the distribution of fentanyl in the San Francisco Bay Area. The extradition marks the fifth extradition of an alleged drug distributor from Honduras to the Northern District of California this year.

    On Aug. 2, 2023, a federal grand jury indicted Marin-Gonzales, 25, at the time a resident of Oakland, in connection with the alleged distribution of fentanyl on three separate occasions.   The investigation in this case led to charges against multiple East Bay-based defendants who allegedly traveled into the Tenderloin neighborhood of San Francisco to engage in drug dealing.

    According to court documents, at the time of the indictment, the Federal Bureau of Investigation (FBI) learned that Marin-Gonzales had traveled back to Honduras.  The Justice Department’s Office of International Affairs worked with Honduran authorities, the FBI, and the Drug Enforcement Administration (DEA) to secure the arrest and extradition of Marin-Gonzales. Marin-Gonzales arrived back in the United States on Oct. 23, 2024.  He appeared before U.S. Magistrate Judge Kandis A. Westmore today for arraignment on the indictment and further proceedings.  A detention hearing for Marin-Gonzales is scheduled for Oct. 30, 2024.

    “We appreciate our law enforcement partners’ efforts, here and abroad, to bring to justice those who are charged with peddling deadly drugs in our communities,” said United States Attorney Ismail J. Ramsey.

    “This arrest and extradition marks a significant step in our ongoing fight against the distribution of dangerous drugs like fentanyl,” said FBI Special Agent in Charge Robert Tripp. “By bringing Marin-Gonzales to face justice in the United States, we are sending a clear message: those who profit from the trafficking of deadly substances will be held accountable, no matter where they operate. The FBI remains committed to working with our domestic and international partners to disrupt drug networks that threaten the safety and well-being of our communities.”

    “We remain steadfast in our commitment to hold accountable drug traffickers operating in the Tenderloin,” said DEA Special Agent in Charge Bob P. Beris. “The extradition of Marin-Gonzales is another example of how strong global partnerships keep our communities safe.”

    The indictment charges Marin-Gonzales with the distribution of 40 grams or more of fentanyl, in violation of 21 U.S.C. §§ 841(a)(1), (b)(1)(B)(vi).

    An indictment merely alleges that crimes have been committed, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt.  If convicted, Defendant faces a maximum sentence of 40 years’ imprisonment, a fine of $5,000,000, a lifetime of supervised release, and a $100 special assessment.  However, any sentence following a conviction would be imposed by a court only after considerations of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

    The announcement was made by U.S. Attorney Ismail J. Ramsey, FBI Special Agent in Charge Robert Tripp, and DEA Special Agent in Charge Bob P. Beris.

    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.  Assistant U.S. Attorney Charles Bisesto is prosecuting the case with the assistance of Sara Slattery and Andy Ding.  The prosecution is the result of an investigation by the FBI SAFE Streets Task Force, DEA, and the Concord Police Department.
     

    MIL Security OSI –

  • MIL-OSI Security: Return to Nature Funeral Home Owners Plead Guilty in Federal Court

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

    DENVER – The United States Attorney’s Office for the District of Colorado announces that Jon Hallford, 44, and Carie Hallford, 47, pleaded guilty today to one count each of conspiracy to commit wire fraud.

    According to the plea agreements for each, the Hallfords were the co-owners of Return to Nature Funeral Home, which operated both in the Colorado Springs area and in Penrose, Colorado. In October 2023, residents in the Penrose area reported a foul odor emanating from the Return to Nature facility. After obtaining a search warrant, FBI, CBI, and local law enforcement investigators found the remains of approximately 190 deceased persons inside the building in various states of decomposition.  Some of the remains discovered had dates of death as far back as 2019.  As part of their fraud scheme, the Hallfords misled customers of the funeral home into believing that the remains of their loved ones would be buried or cremated per their wishes and the terms of the parties’ contracts.

    As part of their plea agreements, the Hallfords also admitted that they conspired together to defraud the U.S. Small Business Administration of over $800,000 in COVID-19 pandemic relief funds, which they obtained under the government’s Economic Injury Disaster Loan program.

    Sentencing will be held at a later date. Each defendant faces up to twenty years in federal prison.

    United States District Court Judge Nina Y. Wang presided over the hearing. The FBI Denver Field Office and The United States Small Business Administration Office of Inspector General investigated the case.  Several other state and local law enforcement agencies including the Colorado Bureau of Investigation, the Colorado Springs Police Department, the El Paso County Coroner’s Office, the Fremont County Sheriff’s Office, and the Fremont County Coroner’s Office have made significant contributions to this case. The prosecution was handled by Assistant United States Attorneys Tim Neff and Craig Fansler.

    MIL Security OSI –

  • MIL-OSI: Suzy Names Grady Leno as New Chief Product & Technology Officer

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — Suzy, a leading market research and consumer insights platform today announced the appointment of Grady Leno as the company’s new Chief Product & Technology Officer. Grady joins Suzy with an impressive track record in product leadership, innovation, and digital transformation, having spearheaded product strategies for high-growth tech companies across various sectors.

    Grady brings over 25+ years of experience, most recently serving as Chief Product & Technology Officer at Sendoso, where he led initiatives in product management, engineering, and scaling platforms to meet the evolving needs of businesses and consumers. His expertise in creating innovative solutions and his deep understanding of customer needs will be pivotal as Suzy continues to enhance its real-time insights tools and expand its market presence.

    As Chief Product & Technology Officer at Suzy, Grady will oversee Suzy’s product strategy, software engineering, and innovation efforts, ensuring the company continues to deliver cutting-edge solutions that empower brands to make data-driven decisions with confidence. He will play a key role in executing Suzy’s long-term vision of revolutionizing how brands engage with their customers.

    “We are thrilled to welcome Grady to the Suzy leadership team. His passion for creating impactful product strategies and his vast experience in scaling product organizations make him the ideal leader to take Suzy’s product innovation to the next level,” said Matt Britton, Founder & CEO of Suzy. “I have no doubt that under Grady’s leadership, Suzy will continue to build products that reshape how businesses connect with their consumers in meaningful ways.”

    Commenting on his new role, Grady Leno said, “I am excited to join Suzy at such a pivotal time in the company’s journey. Suzy’s commitment to innovation and its customer-first approach are truly inspiring. I look forward to working closely with the talented team at Suzy to drive product excellence and deliver solutions that empower our clients to make smarter, faster decisions.”

    Grady holds a Bachelor of Science in Computer Engineering from the University of Michigan and has previously held key technical positions at goPuff, WorkMarket, and Microsoft, where he was responsible for consumer experience, product management, engineering, and mergers & acquisitions. His leadership and strategic vision will be instrumental in advancing Suzy’s mission of providing real-time insights that drive business growth.

    About Suzy
    Founded in 2018, Suzy is changing the way research gets done by integrating quantitative analysis, qualitative analysis, and high quality audiences into a single connected research cloud. Suzy enables teams to conduct iterative, efficient research with agency-quality rigor at a fraction of the cost of traditional market research. Suzy has been recognized on Forbes’ list of America’s Best Startup Employers in 2022, Inc. Magazine’s list of Best Workplaces of 2022 & 2023, Inc. Magazine’s Top 5000 list in 2024, GRIT’s Top 50 Most Innovative Supplier in Market Research and a Top 25 Innovator in 2024 by the Insights Association. Suzy has raised over $100 million in venture capital funding from investors that include Bertelsmann Digital Media Investments, Foundry Group, H.I.G. Capital, Rho Ventures, North Atlantic Capital, Tribeca Venture Partners, Triangle Peak Partners, and Kevin Durant’s 35 Ventures. Learn more at www.suzy.com.

    Contact Info:
    Melissa Dunn
    EVP, Marketing & Communications
    Suzy, Inc.
    917-969-8200
    melissa.dunn@suzy.com

    The MIL Network –

  • MIL-OSI: C&F Financial Corporation Announces Net Income for Third Quarter and First Nine Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $5.4 million for the third quarter of 2024, compared to $5.8 million for the third quarter of 2023. The Corporation reported consolidated net income of $13.9 million for the first nine months of 2024, compared to $18.7 million for the first nine months of 2023. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Nine Months Ended  
    Consolidated Financial Highlights (unaudited)   9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Consolidated net income (000’s)   $ 5,420     $ 5,777     $ 13,889     $ 18,658  
                                     
    Earnings per share – basic and diluted   $ 1.65     $ 1.71     $ 4.15     $ 5.41  
                                     
    Annualized return on average equity     9.74 %     11.28 %     8.47 %     12.22 %
    Annualized return on average tangible common equity1     11.16 %     13.19 %     9.74 %     14.18 %
    Annualized return on average assets     0.86 %     0.96 %     0.75 %     1.04 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are pleased with our results from the third quarter,” commented Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Both loans and deposits demonstrated solid growth, and the community banking segment showed increased earnings when compared to the previous quarter. Despite market and industry challenges, the consumer finance and mortgage banking segments remained profitable. Our net interest margin was relatively flat when compared to the second quarter, which was expected, and asset quality, liquidity and capital all remain strong.”

    Key highlights for the third quarter and first nine months of 2024 are as follows.

    • Community banking segment loans grew $158.5 million, or 16.6 percent annualized, and $185.6 million, or 14.9 percent, compared to December 31, 2023 and September 30, 2023, respectively;
    • Consumer finance segment loans grew $8.8 million, or 2.5 percent annualized, and $6.1 million, or 1.3 percent, compared to December 31, 2023 and September 30, 2023, respectively;
    • Deposits increased $69.8 million, or 4.5 percent annualized, and $107.5 million, or 5.3 percent, compared to December 31, 2023 and September 30, 2023, respectively;
    • Consolidated annualized net interest margin was 4.13 percent for the third quarter of 2024 compared to 4.29 percent for the third quarter of 2023 and 4.12 percent in the second quarter of 2024;
    • The community banking segment recorded provision for credit losses of $700,000 and $1.7 million for the third quarter and first nine months of 2024, respectively, compared to $500,000 and $1.6 million for the same periods in 2023;
    • The consumer finance segment recorded provision for credit losses of $3.0 million and $8.1 million for the third quarter and first nine months of 2024, respectively, compared to $1.6 million and $4.3 million for the same periods in 2023;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.36 percent of average total loans for the first nine months of 2024, compared to 1.75 percent for the first nine months of 2023;
    • Mortgage banking segment loan originations were $157.0 million for the third quarter of 2024, an increase of $27.3 million, or 21.1 percent, and an increase of $11.0 million, or 7.5 percent, compared to the third quarter of 2023 and the second quarter of 2024, respectively;
    • During the third quarter of 2024, the community banking segment opened a new retail banking branch in Colonial Heights, Virginia and announced the closure of its Hampton, Virginia branch in the fourth quarter of 2024.

    Community Banking Segment. The community banking segment reported net income of $5.3 million and $13.9 million for the third quarter and first nine months of 2024, respectively, compared to $5.7 million and $17.7 million for the same periods in 2023. The decreases in community banking segment net income were due primarily to:

    • higher interest expense due primarily to higher rates on deposits and higher balances of interest-bearing deposits, partially offset by lower balances of borrowings;
    • higher salaries and employee benefits expense for the first nine months of 2024, as compared to the same period in 2023, which have generally increased in line with market conditions. Salaries and employee benefits expense decreased to $8.9 million for the three months ended September 30, 2024, compared to $9.1 million and $9.4 million for the three months ended June 30, 2024 and March 31, 2024, respectively, due primarily to a reduction in headcount through attrition;
    • higher occupancy expense related to branch network improvements, including the relocation of a branch and the opening of a new branch; and
    • higher data processing and consulting costs related to investments in operational technology to improve resilience, efficiency and customer experience;

    partially offset by:

    • higher interest income resulting from the effects of higher interest rates on asset yields and higher average balances of loans, offset in part by lower average balances of securities; and
    • higher wealth management services income as assets under management increased 19.0 percent for the first nine months of 2024, as compared to the same period in 2023.

    Average loans increased $186.5 million, or 15.2 percent, for the third quarter of 2024 and increased $158.4 million, or 13.2 percent, for the first nine months of 2024, compared to the same periods in 2023, due primarily to growth in the construction, commercial real estate, and residential mortgage segments of the loan portfolio. Average deposits increased $135.8 million, or 6.8 percent, for the third quarter of 2024 and increased $101.2 million, or 5.1 percent, for the first nine months of 2024, compared to the same periods in 2023, due primarily to higher balance of time deposits, partially offset by decreases in savings and interest-bearing demand deposits and noninterest-bearing demand deposits.

    Average loan yields and average costs of interest-bearing deposits were higher for the third quarter and first nine months of 2024, compared to the same periods of 2023, due primarily to the effects of the higher interest rate environment.

    The community banking segment’s nonaccrual loans were $628,000 at September 30, 2024 compared to $406,000 at December 31, 2023. The community banking segment recorded provision for credit losses of $700,000 and $1.7 million for the third quarter and first nine months of 2024, respectively, compared to $500,000 and $1.6 million for the same periods of 2023. At September 30, 2024, the allowance for credit losses increased to $17.5 million, compared to $16.1 million at December 31, 2023. The allowance for credit losses as a percentage of total loans decreased to 1.22 percent at September 30, 2024 from 1.26 percent at December 31, 2023. The increases in provision and allowance for credit losses are due primarily to growth in the loan portfolio. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $351,000 for the third quarter of 2024, compared to a net loss of $5,000 for the same period of 2023, due primarily to:

    • higher gains on sales of loans due to higher volume of mortgage loan originations; and
    • higher mortgage banking fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits, and data processing expenses.

    The mortgage banking segment reported net income of $1.0 million for the first nine months of 2024, compared to $568,000 for the same period of 2023, due primarily to:

    • lower variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits, as well as mortgage banking loan processing expenses and data processing expenses;
    • lower occupancy expense due to an effort to reduce overhead costs;
    • higher mortgage banking fee income; and
    • relatively unchanged gains on sales of loans and mortgage loan production volume;

    partially offset by:

    • lower mortgage lender services income due lower mortgage loan production volume across the industry.

    The sustained elevated level of mortgage interest rates, combined with higher home prices and lower levels of inventory, has led to a level of mortgage loan originations in 2024 and 2023 for the industry that is lower than recent historical averages. Mortgage loan originations for the mortgage banking segment were $157.0 million for the third quarter of 2024, comprised of $15.0 million refinancings and $142.0 million home purchases, compared to $129.7 million, comprised of $11.9 million refinancings and $117.8 million home purchases, for the same period in 2023. Mortgage loan originations for the mortgage banking segment were $397.3 million for the first nine months of 2024, comprised of $34.3 million refinancings and $363.0 million home purchases, compared to $400.6 million, comprised of $40.2 million refinancings and $360.4 million home purchases, for the same period in 2023. Mortgage loan originations in the third quarter of 2024 increased $11.0 million compared to the second quarter of 2024 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the third quarter and first nine months of 2024, the mortgage banking segment recorded a reversal of provision for indemnification losses of $100,000 and $375,000, respectively, compared to a reversal of provision for indemnification losses of $200,000 and $435,000 in the same periods of 2023. The mortgage banking segment increased reserves for indemnification losses during 2020 based on widespread forbearance on mortgage loans and economic uncertainty related to the COVID-19 pandemic. The release of indemnification reserves in 2024 and 2023 was due primarily to improvement in the mortgage banking segment’s assessment of borrower payment performance, lower volume of mortgage loan originations in recent years and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $311,000 and $1.1 million for the third quarter and first nine months of 2024, respectively, compared to net income of $682,000 and $2.3 million for the same periods in 2023. The decreases in consumer finance segment net income were due primarily to:

    • higher provision for credit losses due primarily to increased net charge-offs and loan growth; and
    • higher interest expense on variable rate borrowings from the community banking segment as a result of higher interest rates and higher balances of borrowings;

    partially offset by:

    • higher interest income resulting from the effects of higher interest rates on loan yields and higher average balances of loans;
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs; and
    • lower loan recovery expense related to growth in loans with stronger credit quality and efficiency initiatives within the collections department.

    Average loans increased $8.3 million, or 1.8 percent, for the third quarter of 2024 and increased $3.0 million, or less than one percent, for the first nine months of 2024, compared to the same periods in 2023. The consumer finance segment experienced net charge-offs at an annualized rate of 2.36 percent of average total loans for the first nine months of 2024, compared to 1.75 percent for the first nine months of 2023, due primarily to an increase in the number of delinquent loans and repossessions and a higher average charge-off per unit as a result of larger loan amounts due to higher automobile values during 2020 and 2021 and a decline in wholesale values of used automobiles since then. At September 30, 2024, total delinquent loans as a percentage of total loans was 3.49 percent, compared to 4.09 percent at December 31, 2023, 3.30 percent at September 30, 2023, and 3.51 percent at June 30, 2024. Delinquency and loss rates have generally returned to pre-pandemic levels due to the passage of time since the expiration of stimulus and enhanced unemployment benefits that benefitted borrowers.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. The average amounts deferred on a monthly basis during the third quarter and first nine months of 2024 were 1.91 percent and 1.70 percent of average automobile loans outstanding compared to 2.20 percent and 1.83 percent during the same periods during 2023. The allowance for credit losses was $23.2 million at September 30, 2024 and $23.6 million at December 31, 2023. The allowance for credit losses as a percentage of total loans decreased to 4.87 percent at September 30, 2024 from 5.03 percent at December 31, 2023, primarily as a result of growth in loans with stronger credit quality while balances of loans with lower credit quality declined. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of September 30, 2024, the Corporation’s uninsured deposits were approximately $607.6 million, or 28.5 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $455.6 million, or 21.3 percent of total deposits as of September 30, 2024. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $287.4 million and borrowing availability was $583.8 million as of September 30, 2024, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $415.6 million as of September 30, 2024.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $142.3 million at September 30, 2024 from $109.5 million at December 31, 2023 due primarily to higher borrowings from the FHLB. Borrowings decreased $4.7 million from $147.0 million at September 30, 2023.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities and the issuance of brokered certificates of deposit.

    Capital and Dividends.   The Corporation declared a quarterly cash dividend for the third quarter of 2024 of $0.44 per share, which was paid on October 1, 2024. This dividend represents a payout ratio of 26.7 percent of earnings per share for the third quarter of 2024. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital requirements, and expected future earnings.

    Total consolidated equity increased $10.4 million at September 30, 2024, compared to December 31, 2023, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by share repurchases and dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of rising market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest and unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale decreased to $17.2 million at September 30, 2024 compared to $25.0 million at December 31, 2023 due primarily to fluctuations in market interest rates of debt securities.

    As of September 30, 2024, the most recent notification from the FDIC categorized the C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at September 30, 2024, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at September 30, 2024. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses became realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    In December 2023, the Board of Directors authorized a program, effective January 1, 2024, to repurchase up to $10.0 million of the Corporation’s common stock through December 31, 2024. During the third quarter and first nine months of 2024, the Corporation repurchased 60,520 shares, or $3.2 million, and 149,594 shares, or $7.3 million, of its common stock under this share repurchase program, respectively.

    About C&F Financial Corporation.  The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $61.78 per share on October 28, 2024. At September 30, 2024, the book value per share of the Corporation was $70.29 and the tangible book value per share was $62.13. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 32 banking offices and four commercial loan offices located throughout eastern and central Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia, North Carolina, and West Virginia. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered in Alabama, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “forward-looking statements” 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. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, increases in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts between Russia and Ukraine and in the Middle East) or other major events, or the prospect of these events
    • average loan yields and average costs of interest-bearing deposits
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative/regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market area
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the non-prime automobile finance markets and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansions and consolidations plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections by the Corporation thereunder

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)    		  
       
    Financial Condition   9/30/2024    12/31/2023    9/30/2023  
    Interest-bearing deposits in other banks   $ 32,507   $ 58,777   $ 53,407  
    Investment securities – available for sale, at fair value     409,045     462,444     460,653  
    Loans held for sale, at fair value     44,677     14,176     25,469  
    Loans, net:                    
    Community Banking segment     1,414,576     1,257,557     1,230,694  
    Consumer Finance segment     454,062     444,931     446,787  
    Total assets     2,550,904     2,438,498     2,421,705  
    Deposits     2,135,891     2,066,130     2,028,429  
    Repurchase agreements     28,643     30,705     28,660  
    Other borrowings     113,683     78,834     118,388  
    Total equity     227,958     217,516     200,380  
                                     
        For The     For The  
        Quarter Ended     Nine Months Ended  
    Results of Operations   9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Interest income   $ 36,131     $ 31,686     $ 103,151     $ 91,729  
    Interest expense     11,442       7,224       31,476       17,964  
    Provision for credit losses:                                
    Community Banking segment     700       500       1,650       1,550  
    Consumer Finance segment     3,000       1,550       8,100       4,250  
    Noninterest income:                                
    Gains on sales of loans     1,825       1,220       4,814       4,930  
    Other     6,947       4,994       18,774       16,882  
    Noninterest expenses:                                
    Salaries and employee benefits     13,921       12,921       41,625       40,841  
    Other     9,170       8,605       26,989       25,969  
    Income tax expense     1,250       1,323       3,010       4,309  
    Net income     5,420       5,777       13,889       18,658  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,070       28,423       94,166       81,999  
    Interest income on securities-FTE     2,958       3,134       9,033       9,589  
    Total interest income-FTE     36,417       31,936       104,010       92,424  
    Net interest income-FTE     24,975       24,712       72,534       74,460  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          9/30/2024      9/30/2023     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Securities:                                  
    Taxable   $ 318,834     $ 1,828   2.29 % $ 414,036     $ 2,207   2.13 %
    Tax-exempt     119,253       1,130   3.79     110,182       927   3.37  
    Total securities     438,087       2,958   2.70     524,218       3,134   2.39  
    Loans:                                  
    Community banking segment     1,411,337       19,797   5.58     1,224,791       15,887   5.15  
    Mortgage banking segment     40,232       597   5.90     30,210       517   6.79  
    Consumer finance segment     481,124       12,676   10.48     472,811       12,019   10.09  
    Total loans     1,932,693       33,070   6.81     1,727,812       28,423   6.53  
    Interest-bearing deposits in other banks     38,756       389   3.99     38,507       379   3.90  
    Total earning assets     2,409,536       36,417   6.02     2,290,537       31,936   5.54  
    Allowance for credit losses     (40,879 )               (41,014 )            
    Total non-earning assets     158,063                 151,070              
    Total assets   $ 2,526,720               $ 2,400,593              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 323,019       540   0.67   $ 341,707       505   0.59  
    Money market deposit accounts     293,789       1,104   1.49     304,309       782   1.02  
    Savings accounts     178,417       23   0.05     204,042       29   0.06  
    Certificates of deposit     801,669       8,524   4.23     571,499       4,316   3.00  
    Total interest-bearing deposits     1,596,894       10,191   2.54     1,421,557       5,632   1.57  
    Borrowings:                                  
    Repurchase agreements     27,207       117   1.72     29,440       95   1.29  
    Other borrowings     93,961       1,134   4.83     122,250       1,497   4.90  
    Total borrowings     121,168       1,251   4.13     151,690       1,592   4.20  
    Total interest-bearing liabilities     1,718,062       11,442   2.65     1,573,247       7,224   1.83  
    Noninterest-bearing demand deposits     537,796                 577,382              
    Other liabilities     48,330                 45,124              
    Total liabilities     2,304,188                 2,195,753              
    Equity     222,532                 204,840              
    Total liabilities and equity   $ 2,526,720               $ 2,400,593              
    Net interest income         $ 24,975             $ 24,712      
    Interest rate spread               3.37 %             3.71 %
    Interest expense to average earning assets               1.89 %             1.25 %
    Net interest margin               4.13 %             4.29 %
                                       
        For the Nine Months Ended  
          9/30/2024      9/30/2023     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Securities:                                  
    Taxable   $ 340,297     $ 5,665   2.22 % $ 441,204     $ 7,017   2.12 %
    Tax-exempt     119,931       3,368   3.74     104,549       2,572   3.28  
    Total securities     460,228       9,033   2.62     545,753       9,589   2.34  
    Loans:                                  
    Community banking segment     1,357,962       55,671   5.48     1,199,560       45,375   5.06  
    Mortgage banking segment     30,759       1,411   6.13     26,713       1,312   6.57  
    Consumer finance segment     477,768       37,084   10.37     474,738       35,312   9.94  
    Total loans     1,866,489       94,166   6.74     1,701,011       81,999   6.45  
    Interest-bearing deposits in other banks     30,197       811   3.59     33,072       836   3.38  
    Total earning assets     2,356,914       104,010   5.89     2,279,836       92,424   5.42  
    Allowance for loan losses     (40,670 )               (41,192 )            
    Total non-earning assets     155,935                 150,826              
    Total assets   $ 2,472,179               $ 2,389,470              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 326,540       1,569   0.64   $ 359,157       1,578   0.59  
    Money market deposit accounts     295,257       3,177   1.44     323,630       2,121   0.88  
    Savings accounts     181,880       85   0.06     213,940       91   0.06  
    Certificates of deposit     753,114       23,140   4.10     509,424       9,447   2.48  
    Total interest-bearing deposits     1,556,791       27,971   2.40     1,406,151       13,237   1.26  
    Borrowings:                                  
    Repurchase agreements     26,774       325   1.62     32,048       273   1.14  
    Other borrowings     91,024       3,180   4.66     122,984       4,454   4.83  
    Total borrowings     117,798       3,505   3.97     155,032       4,727   4.07  
    Total interest-bearing liabilities     1,674,589       31,476   2.51     1,561,183       17,964   1.54  
    Noninterest-bearing demand deposits     533,113                 582,573              
    Other liabilities     45,835                 42,108              
    Total liabilities     2,253,537                 2,185,864              
    Equity     218,642                 203,606              
    Total liabilities and equity   $ 2,472,179               $ 2,389,470              
    Net interest income         $ 72,534             $ 74,460      
    Interest rate spread               3.38 %             3.88 %
    Interest expense to average earning assets               1.78 %             1.05 %
    Net interest margin               4.11 %             4.37 %
                       
        9/30/2024
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $ —   $ 75,000
    Borrowings from FHLB     254,445     60,000     194,445
    Borrowings from Federal Reserve Bank     314,385     —     314,385
    Total   $ 643,830   $ 60,000   $ 583,830
                   
    Asset Quality   9/30/2024   12/31/2023  
    Community Banking              
    Total loans   $ 1,432,109   $ 1,273,629  
    Nonaccrual loans   $ 628   $ 406  
                   
    Allowance for credit losses (ACL)   $ 17,533   $ 16,072  
    Nonaccrual loans to total loans     0.04 %   0.03 %
    ACL to total loans     1.22 %   1.26 %
    ACL to nonaccrual loans     2,791.88 %   3,958.62 %
    Annualized year-to-date net charge-offs to average loans     0.01 %   0.01 %
                   
    Consumer Finance              
    Total loans   $ 477,300   $ 468,510  
    Nonaccrual loans   $ 1,101   $ 892  
    Repossessed assets   $ 522   $ 646  
    ACL   $ 23,238   $ 23,579  
    Nonaccrual loans to total loans     0.23 %   0.19 %
    ACL to total loans     4.87 %   5.03 %
    ACL to nonaccrual loans     2,110.63 %   2,643.39 %
    Annualized year-to-date net charge-offs to average loans     2.36 %   1.99 %
                                     
        For The     For The  
        Quarter Ended     Nine Months Ended  
    Other Performance Data   9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Net Income (Loss):                                
    Community Banking   $ 5,337       $ 5,685       $ 13,920       $ 17,742    
    Mortgage Banking     351         (5 )       1,021         568    
    Consumer Finance     311         682         1,142         2,261    
    Other1     (579 )       (585 )       (2,194 )       (1,913 )  
    Total   $ 5,420       $ 5,777       $ 13,889       $ 18,658    
                                     
    Net income attributable to C&F Financial Corporation   $ 5,389       $ 5,789       $ 13,797       $ 18,536    
                                     
    Earnings per share – basic and diluted   $ 1.65       $ 1.71       $ 4.15       $ 5.41    
    Weighted average shares outstanding – basic and diluted     3,258,420         3,391,624         3,323,942         3,426,845    
                                     
    Annualized return on average assets     0.86   %     0.96   %     0.75   %     1.04   %
    Annualized return on average equity     9.74   %     11.28   %     8.47   %     12.22   %
    Annualized return on average tangible common equity2     11.16   %     13.19   %     9.74   %     14.18   %
    Dividends declared per share   $ 0.44       $ 0.44       $ 1.32       $ 1.32    
                                     
    Mortgage loan originations – Mortgage Banking   $ 156,968       $ 129,658       $ 397,324       $ 400,559    
    Mortgage loans sold – Mortgage Banking     146,143         140,214         367,449         389,465    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   9/30/2024     12/31/2023
    Market value per share   $ 58.35     $ 68.19
    Book value per share   $ 70.29     $ 64.28
    Price to book value ratio     0.83       1.06
    Tangible book value per share1   $ 62.13     $ 56.40
    Price to tangible book value ratio1     0.94       1.21
    Price to earnings ratio (ttm)     10.30       9.87

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   9/30/2024   12/31/2023   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     13.8 %   14.8 %   8.0 %
    Tier 1 risk-based capital ratio     11.6 %   12.6 %   6.0 %
    Common equity tier 1 capital ratio     10.5 %   11.3 %   4.5 %
    Tier 1 leverage ratio     9.8 %   10.1 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     13.4 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.1 %   12.9 %   6.0 %
    Common equity tier 1 capital ratio     12.1 %   12.9 %   4.5 %
    Tier 1 leverage ratio     10.1 %   10.3 %   4.0 %

    ________________________
    1 The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2 All ratios at September 30, 2024 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2023 are presented as filed.
    3 The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Nine Months Ended  
        9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 222,532       $ 204,840       $ 218,642       $ 203,606    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,242 )       (1,507 )       (1,303 )       (1,572 )  
    Average noncontrolling interest     (573 )       (484 )       (670 )       (668 )  
    Average tangible common equity   $ 195,526       $ 177,658       $ 191,478       $ 176,175    
                                     
    Net income   $ 5,420       $ 5,777       $ 13,889       $ 18,658    
    Amortization of intangibles     65         69         195         205    
    Net (income) loss attributable to noncontrolling interest     (31 )       12         (92 )       (122 )  
    Net tangible income attributable to C&F Financial Corporation   $ 5,454       $ 5,858       $ 13,992       $ 18,741    
                                     
    Annualized return on average equity, as reported     9.74   %     11.28   %     8.47   %     12.22   %
    Annualized return on average tangible common equity     11.16   %     13.19   %     9.74   %     14.18   %
                                 
        For The Quarter Ended     For The Nine Months Ended
        9/30/2024     9/30/2023     9/30/2024   9/30/2023
    Fully Taxable Equivalent Net Interest Income1                            
    Interest income on loans   $ 33,021     $ 28,369     $ 94,014   $ 81,845
    FTE adjustment     49       54       152     154
    FTE interest income on loans   $ 33,070     $ 28,423     $ 94,166   $ 81,999
                                 
    Interest income on securities   $ 2,721     $ 2,938     $ 8,326   $ 9,048
    FTE adjustment     237       196       707     541
    FTE interest income on securities   $ 2,958     $ 3,134     $ 9,033   $ 9,589
                                 
    Total interest income   $ 36,131     $ 31,686     $ 103,151   $ 91,729
    FTE adjustment     286       250       859     695
    FTE interest income   $ 36,417     $ 31,936     $ 104,010   $ 92,424
                                 
    Net interest income   $ 24,689     $ 24,462     $ 71,675   $ 73,765
    FTE adjustment     286       250       859     695
    FTE net interest income   $ 24,975     $ 24,712     $ 72,534   $ 74,460

    ____________________
    1 Assuming a tax rate of 21%.

                   
        9/30/2024     12/31/2023
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 227,340       $ 216,878  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,211 )       (1,407 )
    Tangible equity attributable to C&F Financial Corporation   $ 200,938       $ 190,280  
                   
    Shares outstanding     3,234,363         3,374,098  
                   
    Book value per share   $ 70.29       $ 64.28  
    Tangible book value per share   $ 62.13       $ 56.40  
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    The MIL Network –

  • MIL-OSI USA: Readout of President Joe  Biden’s Call with President Bola Tinubu of  Nigeria

    US Senate News:

    Source: The White House
    President Joseph R. Biden, Jr. spoke today with President Bola Tinubu of Nigeria.  President Biden offered his condolences on the recent flooding that has impacted northeastern Nigeria and underscored his appreciation for President Tinubu’s leadership in securing the release on humanitarian grounds of American citizen and former U.S. law enforcement official Tigran Gambaryan last week.  The two leaders also spoke about the value of the U.S.-Nigeria partnership in addressing global challenges and advancing security and prosperity across multiple sectors. In particular, President Biden expressed appreciation for cooperation on law enforcement, including through the recently announced Bilateral Liaison Group on Illicit Finance and Cryptocurrencies, for collaboration on new and innovative technologies, and on shared interests in reforming international organizations to reflect African voices.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Polis, Federal Delegation Celebrates $66.4 Million from U.S. Department of Transportation to Improve Safety and Expand Colorado Rail

    Source: US State of Colorado

    Total Funding of $94.3 million will help improve safety of freight operations today in Colorado by adding Positive Train Control and crossing improvements to the Front Range Rail Corridor preparing Colorado for fast, convenient, and safe passenger rail service

    WESTMINSTER – Today, Governor Polis, Senator Michael Bennet, Congressman Joe Neguse, Congresswoman Brittany Pettersen, Colorado Department of Transportation Executive Director Lew, Longmont Mayor Joan Peck, Erik Davidson, RTD Board Chair and local officials celebrated funding from the U.S. Department of Transportation, to improve rail transportation and safety infrastructure in Colorado. Colorado received $66.4M in grant funding from the Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program under the Infrastructure Investment and Jobs Act (IIJA), with the state matching almost $28 million from the State’s IIJA match fund to improve safety on the BNSF line north of Denver and helping to proactively prepare the state for fast, convenient, and safe passenger rail service.

    “Today’s grant will make freight rail traffic in some of our busiest growing communities safer quickly while providing critical building blocks for Passenger Rail.  This major funding will help achieve important priorities like complying with longstanding federal standards and improving the safety of rail crossings, which can be the sites of dangerous incidents. With more than $66 million in federal support from the Biden-Harris administration, the future of Colorado’s rail network is a clear priority for the federal government, as it should be. We thank Senators Hickenlooper and Bennet, Congressman Neguse and Congresswoman Pettersen, the BNSF Railway, and our communities for their support of this important project,” said Governor Jared Polis.

    “A unified statewide effort with the Polis Administration has made this important milestone possible.  We appreciate the unwavering support of our Congressional delegation, along with that of local partners in communities across the state. The Biden-Harris Administration has consistently recognized the state’s seriousness about freight safety and passenger rail, recognizing the Front Range Passenger Rail corridor for the National Corridor ID program, and now by providing this grant to improve the safety of freight operations while also opening doors for future passenger rail. We appreciate their efforts and the time that their leadership has consistently dedicated to our efforts,” said CDOT Executive Director Shoshana Lew.

    “This is a major step forward for Colorado and the future of safe freight and passenger rail in our state. We are thankful to our federal partners, BNSF Railway, members of Congress and local leaders for their relentless efforts to secure this major funding from the Biden-Harris Administration,” said John Putnam, Senior Advisor, Colorado Department of Transportation.

    This grant to improve the BNSF Front Range Subdivision is one of four Colorado projects to receive CRISI awards announced today. Colorado State University – Pueblo was awarded almost $12 million to enhance the ability to test hydrogen and compressed natural gas advanced technology trains at the FRA Transportation Technology Center in Pueblo.  San Luis Central Railway and Omnitrax were awarded funds to replace ties to increase safety and reduce maintenance costs for short lines in rural Colorado.  

    “The Colorado Department of Transportation’s Modernizing Rail on the Front Range project will improve existing rail operations along the Front Range by delivering improvements to several highway grade crossings, constructing a new passing siding, and deploying the safety overlay of positive train control across a portion of the corridor,” said Jim Tylick, Assistant Vice President Passenger Operations at BNSF. “We appreciate the early collaboration with the Front Range Passenger Rail District, CDOT, and the FRA as intercity passenger rail is considered along the Front Range in Colorado. We know the projects identified in this grant will benefit the rail corridor today while also providing benefit in the future as passenger rail is explored.”  

    In April, Governor Polis joined U.S. Department of Transportation Secretary Pete Buttigieg to visit the Floyd Hill Project, a seven-mile stretch of I-70 from exit 248 northwest of Evergreen to exit 241 in eastern Idaho Springs that works to eliminate a bottleneck on one of the most congested stretches of the I-70 Mountain Corridor. This project was announced in October of 2022, and made possible by state and federal investments including a $100 million grant from the Biden administration.

    In December 2023, Front Range Passenger Rail was included in the Federal Rail Administration’s Corridor Identification and Development program, which brought additional federal support for Colorado ahead of today’s grant award. Since the passage of the Bipartisan Infrastructure Law, Colorado has won more than $400 million in competitive grant awards to support key infrastructure projects across the state.

    ###
     

    MIL OSI USA News –

  • MIL-OSI Security: Brothers From New York Arrested for Assaulting Law Enforcement with a Weapon and Other Charges During January 6 Capitol Breach

    Source: Federal Bureau of Investigation (FBI) State Crime News

                WASHINGTON — Two brothers from New York were arrested today for allegedly assaulting law enforcement with a weapon and other charges related to their alleged conduct during the Jan. 6, 2021, breach of the U.S. Capitol. Their alleged actions and the actions of others disrupted a joint session of the U.S. Congress convened to ascertain and count the electoral votes related to the 2020 presidential election.

                Reynold Robert Voisine, 47, of Nicholville, New York, and Roger Alyre Voisine, Jr., 48, of Canton, New York, are each charged in a criminal complaint filed in the District of Columbia with felony offenses of civil disorder; assaulting, resisting, or impeding certain officers with a deadly or dangerous weapon; entering and remaining in a restricted building or grounds with a deadly or dangerous weapon; disorderly and disruptive conduct in a restricted building or grounds with a deadly or dangerous weapon; and engaging in physical violence in a restricted building or grounds with a deadly or dangerous weapon.

                In addition to the felonies, the two brothers are also charged with misdemeanor offenses of disorderly conduct in a Capitol building, impeding passage through the Capitol grounds or buildings, and act of physical violence in the Capitol grounds or buildings.

                The FBI arrested the two men today in Plattsburgh, New York, and they will make their initial appearance in the Northern District of New York.

                According to court documents, on Jan. 6, 2021, the Voisine brothers, Roger and Reynold, attended former President Trump’s rally in Washington, D.C., before marching toward the Capitol building and eventually arriving on the West Front of the Capitol grounds. Roger Voisine, distinguishable by a GoPro mounted on a stick, a tripod tucked in his jacket, and a camouflage-patterned backpack, donned a paintball mask as he approached the Lower West Plaza. Reynold Voisine, also present in the area, was seen wearing a paintball mask on his head during the riot.

                By the afternoon, the situation on Capitol grounds had escalated, and it is alleged that both brothers played active roles in the day’s violence. At approximately 3:20 p.m., Reynold Voisine was seen among the crowd as rioters viciously assaulted an officer, dragging the officer from the Lower West Terrace Tunnel and into a mob of rioters. As the attacks continued throughout the day, Reynold remained in the vicinity, using a handheld radio to communicate while the mob assaulted officers inside the Tunnel. The Tunnel was the site of some of the most violent attacks against law enforcement that day.

                By 4:25 p.m., Reynold Voisine made his way to the mouth of the Tunnel, where rioters were launching a variety of weapons at the police, including a crutch, a hockey stick, a baton, and multiple poles. It is alleged that Reynold participated in these attacks against officers, first by throwing a crutch at the officers and then by hurling a blue pole that struck police officers. After throwing the pole, he threw the crutch again, which ricocheted off another rioter and hit the officers. Later, Reynold used a stolen riot shield to ram into the police line.

                Around the same time, it is alleged that Roger Voisine was also engaged in direct assaults on police. Court documents say that Roger threw a length of pipe at the officers, pushed into their shields alongside other rioters, and attempted to drag one officer into the crowd. It is further alleged that Roger continued his violent actions by throwing a black rod at the police, hitting one officer’s shield, and later throwing three shoes at various officers. At one point, Roger picked up a wooden table leg with protruding nails, swung it twice at officers, and then aggressively threw it at another officer.

                In addition to these physical assaults, Roger allegedly used a spotlight to shine directly into the eyes of police officers, further hindering their ability to defend themselves against the mob. Throughout the chaos, Roger remained at the front lines of the mob, holding his GoPro in a manner that suggested he was documenting the event.

                This case is being prosecuted by the U.S. Attorney’s Office for the District of Columbia and the Department of Justice National Security Division’s Counterterrorism Section. Valuable assistance was provided by the U.S. Attorney’s Office for the Northern District of New York.

                This case is being investigated by the FBI’s Albany and Washington Field Offices. Valuable assistance was provided by the Tampa FBI, U.S. Capitol Police, and the Metropolitan Police Department.                                                     

                In the 45 months since Jan. 6, 2021, more than 1,532 individuals have been charged in nearly all 50 states for crimes related to the breach of the U.S. Capitol, including more than 571 individuals charged with assaulting or impeding law enforcement, a felony. The investigation remains ongoing.

                Anyone with tips can call 1-800-CALL-FBI (800-225-5324) or visit tips.fbi.gov.

                A complaint is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Security: Peoria Man Sentenced to More Than 11 Years in Prison for Multi-Year Fraud Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime News

    PEORIA, Ill. – A Peoria, Illinois, man, Chad Duane Campen, 35, was sentenced on October 24, 2024, to 135 months (11.3 years) following his convictions for bank fraud (one count), wire fraud (three counts), illegal monetary transaction (one count), bankruptcy fraud (one count), and false statements under oath (one count).

    At the sentencing hearing before U.S. District Judge James E. Shadid, the government presented evidence that Campen successfully swindled dozens of individuals and financial institutions between 2013 and 2021. During the course of the sentencing, the court heard from several of Campen’s victims who described themselves as “survivors” of Campen’s crimes. Campen pretended to be engaged in various business ventures ranging from farming to the construction of a solar farm. Via this elaborate scheme, Campen obtained loans from multiple banks using each fraudulent loan to not only enrich himself but also to pay off his previous victim. By the time his scheme collapsed, the government showed that Campen had obtained more than $17 million from these banks, of which almost $5 million was still outstanding.

    Campen, however, did not limit himself to stealing from banks, he also defrauded individuals. Witnesses, victim letters, and other evidence demonstrated how Campen would pretend to befriend people over the course of years and be welcomed into their families and homes only to steal from them. Campen caused a family farm to have its equipment repossessed after he claimed their equipment as his to secure one of his fraudulent loans. In another instance, Campen offered to assist an elderly man, gained access to his home, and stole more than $50,000 from him. And Campen convinced a family to invest in a purported farming opportunity. The family took out a loan using their own farm as collateral. When Campen’s fraud scheme collapsed, the family not only lost the money they had given Campen, but their farm—which had been in their family for more than 100 years—had to be sold.

    Another victim of Campen’s fraud was the Village of Bartonville, Illinois. Campen with co-conspirator Richard Weiss, convinced the Village to extend loans and additional funds to tear down the old Bowen Building in Bartonville. Campen lied to the Village and made promises that he could recoup the Village’s loan and investments through the sale of materials from the building. Campen secured these funds by falsely claiming that he already had buyers lined up for the stone for the building. As a result of Campen’s fraud, the Village lost the equivalent of half of all its property tax revenue for an entire year.

    Campen’s co-conspirator in certain acts connected with that fraud, the owner of the Bowen building, Richard Weiss, 62, of Pekin, Illinois, was charged in a separate case in February 2024 with bank fraud and conspiracy to commit money laundering, related to his and Campen’s receipt of funds from the Village. He pleaded guilty to both counts in February and was sentenced the same day as Campen to 15 months of imprisonment. Weiss’s sentence took into account his unique personal characteristics and significantly smaller role in the offense. In imposing the sentence, Judge Shadid noted that Weiss himself was a victim of Campen’s fraud.

    As Campen’s scheme began to unravel, he tried to use the mechanisms of bankruptcy court to delay his creditors and prevent discovery of his fraud. Campen committed additional fraud in the bankruptcy court by filing counterfeit documents and making false statements in his pleadings and under oath. Campen’s fraud was quickly detected by the professionals with the Office of the United States Trustee for Region 10, who added to the growing investigation of Campen by providing a criminal referral to the United States Attorney’s Office.

    A seventeen-count indictment was filed January 19, 2022, and Campen was arrested and detained five days later. Although he has filed several motions and appeals requesting bond, he has remained in the custody of the U.S. Marshals Service since his arrest. Campen entered into a written plea agreement in March 2024, pleading guilty to seven of the seventeen counts.

    The statutory penalties for the charges are:

    Charge

    Imprisonment Time

    Supervised Release
    Bank Fraud (Ct. 5) Not more than 30 years 5 years
    Wire Fraud (Cts. 6, 12, 13) Not more than 20 years 3 years
    Illegal Monetary Transaction (Ct. 14) Not more than 10 years 3 years
    Bankruptcy Fraud (Ct. 16) Not more than 5 years 3 years
    False Statements Under Oath (Ct. 17) Not more than 5 years 3 years

    During his term of supervised release, Campen is to refrain from engaging in any occupation, business or profession related to the banking industry, including, but not limited to, employment by a bank or any other financial institution.

    “The defendant’s repeated acts of fraud caused great damage not only to financial institutions, but also to members of our community, including but not limited to the Village of Bartonville and its taxpayers,” said U.S. Attorney Gregory K. Harris. “Our office is committed to protecting individuals and banks from predatory acts like those of the defendant and will vigorously pursue such cases. We are grateful to our federal law enforcement partners, the Internal Revenue Service and the Federal Bureau of Investigation, as well as the Office of the United States Trustee for Region 10.”

    “Today’s sentence will go a long way in protecting the integrity of the bankruptcy system,” said Nancy J. Gargula, United States Trustee for Indiana and the Central and Southern Districts of Illinois (Region 10).  “We are grateful to U.S. Attorney Harris and our law enforcement partners for their commitment to protect the interests of creditors and the public.”

    “Driven by an unquenchable thirst for ill-gotten gains, Chad Campen embarked on an eight-year fraud spree which led to devastating results for those who put their trust in him,” said FBI Springfield Special Agent in Charge Christopher Johnson. “This sentence sends a clear message about the consequences of greed and demonstrates the resolve of the FBI and our law enforcement partners to follow the money trail and ensure justice.”

    “Over several years, Chad Campen defrauded dozens of victims, creating severe economic distress for families and straining resources for institutions that fell victim to his fraud scheme,” said Marta C. Grijalva, Assistant Special Agent in Charge, IRS Criminal Investigation, Chicago Field Office. “This sentencing reflects the consequences of actions that caused significant financial pain to not only institutions and communities, but also individual families. That is why IRS Criminal Investigation and its fellow law enforcement partners remain committed to safeguarding the financial security of our communities and holding accountable those who exploit the system for personal gain.”

    The case investigation was conducted by the IRS Criminal Investigation and the Federal Bureau of Investigation, Springfield Field Office. The bankruptcy fraud charge was referred for criminal prosecution by the Office of the United States Trustee for Region 10, Nancy J. Gargula. The U.S. Trustee Program is the component of the Justice Department that protects the integrity of the bankruptcy system by overseeing case administration and litigating to enforce the bankruptcy laws. Region 10 is headquartered in Indianapolis, with additional offices in South Bend, Indiana, and Peoria, Illinois. Assistant U.S. Attorney Douglas F. McMeyer represented the government in the prosecution.

    MIL Security OSI –

  • MIL-OSI Security: Jamestown Man Pleads Guilty to Methamphetamine Charge

    Source: Federal Bureau of Investigation (FBI) State Crime News

    BUFFALO, N.Y. – U.S. Attorney Trini E. Ross announced today that Willie C. Graham, 43, of Jamestown, NY, pleaded guilty before U.S. District Judge John L. Sinatra, Jr to possession with intent to distribute methamphetamine, which carries a mandatory minimum penalty of five years in prison, a maximum of imprisonment of 40 years, and a fine of $5,000,000.

    Assistant U.S. Attorney Donna M. Duncan, who is handling the case, stated that on September 6, 2023, Jamestown Police officers initiated a traffic stop on a car that Graham was a passenger in. Officers located numerous items of drug paraphernalia in the car, as well as a quantity of fentanyl on Graham’s person.

    On March 2, 2024, Graham was a passenger in a car that fled from law enforcement officers trying to conduct a traffic stop. A subsequent search of the vehicle resulted in the recovery of 11.6 grams of methamphetamine drug paraphernalia, and $1,134.00 cash.

    On April 30, 2024, Jamestown Police officers located and arrested Graham. At the time of his arrest, he was in possession of 10 assorted bank and benefit cards, some of which were issued to individuals other than Graham, a quantity of methamphetamine, drug paraphernalia, and $185.

    The plea is a result of an investigation by the Jamestown Police Department, under the direction of Chief Timothy Jackson, and the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.

    Sentencing is scheduled for February 20, 2025, at 11:00 a.m. before Judge Sinatra.

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    MIL Security OSI –