NewzIntel.com

Category: Finance

  • MIL-OSI: The Riverside Company Cell-ebrates with Sale of Red Nucleus

    Source: GlobeNewswire (MIL-OSI)

    CLEVELAND, Oct. 17, 2024 (GLOBE NEWSWIRE) — The Riverside Company (Riverside), a global investment firm focused on the smaller end of the middle market, has sold its investment in Red Nucleus, a leading global strategic partner to the life sciences industry, to Thomas H. Lee Partners, a Boston-based private investment firm.

    Riverside Capital Appreciation strategy (RCAF) originally invested in Red Nucleus, headquartered in Yardley, Pennsylvania, in December 2019. Red Nucleus is an industry-leading integrated provider of learning and development, medical communications, market access and R&D and clinical solutions to the life sciences industry globally. The company’s comprehensive commercial, medical and clinical service and software solutions span all stages of the product cycle to help provide lasting value for key stakeholders, including pharmaceutical organizations, HCPs and patients.

    The breadth and depth of the company’s services and products have enabled Red Nucleus to become a valuable one-stop shop and trusted partner to its customers across the entirety of the drug development lifecycle. The company serves more than 200 organizations, including innovative biotech start-ups and the majority of the top 25 global pharmaceutical companies by market capitalization, helping advance life sciences solutions and improve patient health outcomes globally.

    “It was such a pleasure working with the talented Red Nucleus team through this period of transformational growth,” said RCAF’s Co-Chief Investment Officer Peter Tsang. “We delivered a successful organic growth strategy. In addition, we integrated eleven add-on acquisitions which meaningfully enhanced Red Nucleus’ value proposition to its customers with a more diversified set of service offerings and broader geographic reach with 11 offices across four continents.”

    Red Nucleus is another example of Riverside’s expertise in investing in and growing businesses in the Business Services and Education & Training sectors. Since its inception in 1988, Riverside has invested in more than 380 companies in the Business Services sector and more than 120 in the Education & Training sector.

    “Riverside was a great partner that worked alongside us to significantly expand the platform while investing in our team and infrastructure to position us for long-term growth. Together, we developed a bold vision and strategy to build an outstanding pharma services organization that I am extremely proud of,” said Red Nucleus CEO Ian Kelly.

    Working with Tsang on the deal for Riverside were Vice President Mark Fishman, Senior Associate Ben Wilson, Associate Ryan Stead and Senior Operating Partner J.P. Fingado. Senior Partner Anne Hayes led the capital market initiatives throughout the investment period. Peter Tsang also sourced the original deal for Riverside.

    Houlihan Lokey, Piper Sandler and Jones Day advised Riverside on the sale of Red Nucleus.

    About Red Nucleus
    Red Nucleus is a global strategic partner with decades of experience across the entire life sciences product life cycle. The company excels in providing clients with unique insights and efficiencies to support their journey to improve health outcomes and ultimately the quality of people’s lives. Red Nucleus’ “Red Thread” weaves together a full suite of products and services from learning & development, scientific services & advisory, medical and scientific communications, and market access, which leads the company’s life sciences customers to accelerated transformational success. With worldwide offices in seven countries, our commitment to quality and on-time delivery is unrivaled in the industry.

    For more information visit http://www.rednucleus.com.

    About The Riverside Company

    The Riverside Company is a global investment firm focused on being one of the leading private equity and flexible capital options for business owners and portfolio company employees at the smaller end of the middle market by seeking to fuel transformative growth and create lasting value. Since its founding in 1988, Riverside has made more than 1,000 investments. The firm’s international private equity and flexible capital portfolios include more than 140 companies.

    For more information visit http://www.riversidecompany.com.

    Holly Mueller                                                                               
    Marketing Consultant                                                            
    The Riverside Company                                                              
    216 535 2236                                                         
    hmueller@riversidecompany.com   

    The MIL Network –

  • MIL-OSI USA: Chavez-DeRemer, Colleagues Introduce Bipartisan Bill Paving the Way for Affordable Homeownership in Rural Areas

    Source: United States House of Representatives – Lori Chavez-DeRemer (OR-05)

    WASHINGTON, D.C. – Rep. Lori Chavez-DeRemer (OR-05), Jim Costa (CA-21), and Doug LaMalfa (CA-01) have introduced the Rural Homeownership Continuity Act (H.R. 9814), a bipartisan proposal that would help families attain federal loans at lower interest rates. The goal is to make homeownership more affordable in rural America.

    “Oregon is ranked the fifth-most unaffordable state for local homebuyers, and all of our communities – urban, suburban, and rural – have felt the effects of this affordability crisis. Too many Oregonians are forced to work multiple jobs just to afford their mortgages,” Chavez-DeRemer said. “That’s why I’ve been working to find bipartisan solutions that will make a direct, lasting impact. I’m honored to help introduce the Rural Homeownership Continuity Act, which will improve housing affordability and access in our rural communities.”

    “The Rural Homeownership Continuity Act represents a vital step forward towards strengthening communities in the San Joaquin Valley and rural America,” said Costa. “By helping families take advantage of lower interest rates, we’re not just making homeownership more attainable, but fostering stability and economic growth. Every family deserves the chance to build a future in a home they can afford.”

    “As we face a growing rural housing crisis in California and across the country, I’m happy to support this bill that removes bureaucratic barriers to low-income residents’ ability to achieve homeownership. By streamlining the process of loan transfer, this legislation makes it easier for rural families to get the financing they need to own a home,” said LaMalfa. 

    The Section 502 Single Family Housing Loan Guarantee Program is a mortgage assistance program within the U.S. Department of Agriculture (USDA) that helps with lending for low- and moderate-income households buying homes located in eligible rural areas. 

    In rural communities, where access to affordable housing is often limited, the Rural Homeownership Continuity Act would amend the Housing Act of 1949 to permit loan assumption under Section 502 to release departing borrowers from liability when their loans are assumed by new borrowers. 

    Right now, when someone sells a home that has a USDA Section 502 Guaranteed Loan, the buyer can’t transfer the seller’s low interest rate. Instead, they often must settle for higher rates from private lenders. In contrast, existing USDA loans can offer rates as low as 3-4.5 percent, and even down to 1 percent for very low-income buyers. This difference can save families a lot of money over time.

    Full text of the bill is available HERE.

    Last month, Chavez-DeRemer introduced a bipartisan bill to ensure more people experiencing homelessness can access the resources they need to get back on their feet. She recently helped secure a $5 million federal grant to help Bend build more affordable homes. Chavez-DeRemer is also leading the bipartisan Choice in Affordable Housing Act to help more low-income families access affordable housing. Additionally, she has backed bipartisan legislation like the Affordable Housing Credit Improvement Act and the Neighborhood Homes Investment Act that would help build more affordable homes.

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    MIL OSI USA News –

  • MIL-OSI Security: New York Man Pleads Guilty to Felony Assault Charge for Assaulting Officers During Jan. 6 Capitol Breach

    Source: Office of United States Attorneys

    Defendant Pled Guilty to Assaulting Officers with Insecticide and Members of the News Media

                WASHINGTON – A New York man pleaded guilty today to two assault charges – one felony and one misdemeanor – related to his conduct during the Jan. 6, 2021, breach of the U.S. Capitol. His 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.

                Peter G. Moloney, 60, of Bayport, New York, pleaded guilty to a felony charge of assaulting, resisting, and impeding certain officers and a misdemeanor charge of assault by striking before U.S. District Judge Carl J. Nichols. Judge Nichols will sentence Moloney on Feb. 11, 2025.

                According to court documents, Moloney attended the “Stop the Steal” rally on Jan. 6, 2021, in Washington, D.C., on the Ellipse. Moloney traveled from his home in Bayport, New York, and brought with him certain items, including a bicycle helmet, protective eyewear, hard-knuckled gloves, a face mask, and a can of “Black Flag Wasp, Hornet, & Yellow Jacket Killer” aerosol spray.

                After the rally, Moloney walked toward the U.S. Capitol building via the Maryland Walkway, put on his gear, and was part of the first group to enter the restricted permitter. Moloney was one of the first to line up against a line of U.S. Capitol Police (USCP) Officers on the West Plaza. Court documents say that as tensions rose, Moloney pulled the can of wasp spray from his backpack and kept it in close proximity.

                According to the court records, on multiple occasions, Moloney held the can of wasp spray in his hands, aimed it at police, and sprayed the officers—causing the spray to make contact with the officer’s hands, arms, bodies, and heads.

                In addition to the assault on police officers, on two separate occasions, Moloney admitted to assaulting two individuals that he believed were members of the news media. On one occasion, Moloney walked up behind the victim while the victim’s back was turned and holding a camera. Moloney then swung his arm down onto the victim’s hand, grabbed the camera, and yanked it back in an attempt to pull the camera out of the victim’s hands. This act caused the victim to stumble on a flight of stairs.

                The FBI arrested Moloney on June 7, 2023, in New York.

                As a result of the plea, Moloney has agreed to pay restitution both to the victim for the repairs to his camera and to the Architect of the Capitol for the damage to the U.S. Capitol that day. 

                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 Eastern District of New York.

                The case is being investigated by the FBI’s New York Field Office (Long Island Resident Agency) and the FBI’s Washington Field Office, which identified Moloney as #199 on its seeking information photos. Valuable assistance was provided by the U.S. Capitol Police, the Metropolitan Police Department, and the U.S. Environmental Protection Agency’s Criminal Investigation Division.

              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.

    MIL Security OSI –

  • MIL-OSI Security: Wyoming County Man Charged With Drug Trafficking And Firearm Offenses

    Source: Office of United States Attorneys

    SCRANTON – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Anthony C. Donnora, Sr., age 79, of Forkston Township, Pennsylvania, was indicted on October 15, 2024, by a federal grand jury and charged with drug trafficking and firearm offenses.

    According to United States Attorney Gerard M. Karam, the indictment charges Donnora with the distribution of fentanyl, possession with intent to distribute fentanyl, maintaining a drug involved premises, possession of a firearm in furtherance of drug trafficking, and possession of firearm and ammunition by a prohibited person.  The alleged offenses occurred in Wyoming County between August 6, 2021 through February 27, 2024.

    The charges stem from a joint investigation involving Homeland Security Investigations– Scranton Office, ATF, the Wyoming County District Attorney’s Office, the Pennsylvania State Police, and the Tunkhannock Borough Police Department.  Assistant United States Attorney Tatum R. Wilson is prosecuting the case.

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

    The maximum penalty under federal law is life in prison, a term of supervised release following imprisonment, and a fine.  A sentence following a finding of guilt is imposed by the Judge after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines.

    Indictments and Criminal Informations are only allegations. All persons charged are presumed to be innocent unless and until found guilty in court.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Former Monmouth County Resident Admits Fraudulently Obtaining over $3.7 Million in Cares Act Loans

    Source: Office of United States Attorneys

    NEWARK, N.J. – A former resident of Monmouth County admitted his role in a scheme to fraudulently obtain Payroll Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds, U.S. Attorney Philip R. Sellinger announced today.

    Kevin Aguilar, 54, previously of Farmingdale, New Jersey, pleaded guilty before U.S. District Judge Michael A. Shipp in Trenton federal court on Oct. 15, 2024, to a superseding indictment charging him with one count of conspiracy to commit bank fraud; seven counts of bank fraud; one count of conspiracy to commit wire fraud; three counts of wire fraud; one count of conspiracy to commit money laundering; one count of money laundering; and one count of aggravated identity theft.

    According to documents filed in this case and statements made in court:

    From April 2020 to April 2021, Aguilar conspired with others to submit seven fraudulent PPP loan applications and three fraudulent EIDL applications on behalf of four businesses. Based on the fraudulent applications, Aguilar received approximately $3.3 million in PPP loan funds and approximately $450,000 in EIDL funds. After receiving the PPP and EIDL funds, Aguilar caused those funds to be transferred to other businesses that he created to give the false appearance that the PPP and EIDL funds were being used for legitimate purposes. Aguilar then used the PPP and EIDL funds to purchase residential properties in Sherman, Texas, a new truck for approximately $100,000, and to pay for other personal expenses.

    The bank fraud conspiracy count and each count of bank fraud carries a maximum penalty of 30 years in prison and a $1 million fine. The wire fraud conspiracy count and each count of wire fraud carries a maximum penalty of 20 years in prison and $250,000 fine, or twice the gross gain to the defendant or loss to the victim, whichever is greatest. The money laundering conspiracy count and money laundering count each carry a maximum penalty of 10 years in prison and a $250,000 fine, or twice the gross gain to the defendant or loss to the victim, whichever is greatest. The aggravated identity theft counts carry an additional consecutive mandatory minimum term of two years in prison and a maximum fine of up to $250,000, or twice the gross gain or loss from the offense. Aguilar’s sentencing is scheduled for March 25, 2025.

    Charges remain pending against Aguilar’s co-defendant, Jean E. Rabbitt, formerly of Farmingdale, New Jersey. The charges and allegations against Rabbitt are merely accusations and she is presumed innocent unless and until proven guilty.

    U.S. Attorney Sellinger credited special agents of the Federal Deposit Insurance Corporation – Office of Inspector General, under the direction of Special Agent in Charge Patricia Tarasca in New York; IRS – Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan; special agents of the Social Security Administration, Office of the Inspector General, under the direction of Acting Special Agent in Charge Corwin Rattler; postal inspectors of the U.S. Postal Inspection Service, under the direction of Inspector in Charge is Christopher A. Nielsen; special agents of the Federal Housing Finance Agency, Office of Inspector General, under the direction of Special Agent in Charge Robert Manchak; and special agents of the U.S. Attorney’s Office for the District of New Jersey, under the direction of Special Agent in Charge Thomas Mahoney, with the investigation leading to the guilty plea.

    The government is represented by Assistant U.S. Attorney David V. Simunovich of the U.S. Attorney’s Office’s Health Care Fraud Unit, and Assistant U.S. Attorney Jennifer S. Kozar, of the U.S. Attorney’s Office’s Economic Crimes United in Newark.

    The District of New Jersey COVID-19 Fraud Enforcement Strike Force is one of the five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI –

  • MIL-OSI USA: Discreetly Revised Data Shows Violent Crime Has Increased Under This Administration Despite Misleading Claims From Democrats

    Source: US House of Representatives Republicans

    The following text contains opinion that is not, or not necessarily, that of MIL-OSI –

    Discreetly Revised Data Shows Violent Crime Has Increased Under This Administration Despite Misleading Claims From Democrats

    Washington, October 17, 2024

    The Federal Bureau of Investigation (FBI) intentionally misled the American people into believing violent crime decreased under the Biden-Harris Administration. A discreetly revised FBI 2022 annual crime data report proves violent crimes have increased under the Biden-Harris Administration. A previously reported 2.1 percent decrease in violent crimes has now been altered to show a 4.5 percent increase. This Administration has continuously touted these false numbers to argue violent crime has declined, and the latest revision proves otherwise. While violent crime surges across the country due to Democrats’ soft-on-crime policies, failed bail reform, open borders, and defund the police movement, House Republicans are committed to law and order.
     
    MAKE NO MISTAKE: This revision further proves Americans are less safe under the Biden-Harris Administration. It’s time to restore the safety and security of every American. 
     
    THE BIDEN-HARRIS CRIME CRISIS: 

    • New reporting has uncovered that the FBI secretly updated its crime data to show instead of a 2.1 percent drop in violent crime in 2022, it was actually a 4.5 percent increase. 
      • The FBI made no mention of this 6.6 percentage point revision in its press release.
    • The new data includes thousands more murders, rapes, robberies, and aggravated assaults than previously reported.
      • The updated data for 2022 shows that there were 80,029 more violent crimes than in 2021 – including an additional 1,699 murders, 7,780 rapes, 33,459 robberies, and 37,091 aggravated assaults.
    • Carl Moody, a professor at the College of William & Mary who specializes in studying crime: “There were no revisions from 2004 to 2015, and from 2016 to 2020, there were small changes of less than one percentage point. The huge changes in 2021 and 2022, especially without an explanation, make it difficult to trust the FBI data.”
    • There are now questions as to whether the recently released 2023 FBI crime statistics are legitimate due to the massive 2022 revision.
    • Another problem with this FBI crime data is its reliance on reported crimes, as most crimes go unreported. 
      • An alternative measure of crime that also accounts for unreported crimes, the National Crime Victimization Survey, shows that crime is even higher than FBI data suggests – with violent crime up 37 percent since Harris and Biden took office.
    • The FBI is not the only government agency to see massive revisions under this Administration – the Bureau of Labor Statistics recently admitted that 818,000 jobs that Kamala Harris and Joe Biden claim to have “created” don’t actually exist.

    MIL OSI USA News –

  • MIL-OSI USA: Brown Announces New Investments to Address Lead Hazards in Montgomery County

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown

    WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, welcomed a $5.5 million investment to help address lead-based paint hazards in Dayton and Montgomery County. This investment will address lead and other health hazards in homes throughout Montgomery County to protect children and families from the life-long health effects of lead exposure, and support partnerships and coalitions in the Dayton area to assess and address lead-based paint hazards threaten families’ health.

    “Families shouldn’t have to worry that their home is hurting or poisoning their children, but sadly, that’s still a reality for too many in Ohio,” said Brown. “These new resources will help protect children from hazards in their homes like lead paint, make a smart investment in the health and future of our kids and communities, and give parents the peace of mind that their children can grow up in a safe environment.”

    The Department of Housing and Urban Development issued the investments as a part of their lead-based paint and lead hazard reduction demonstration grant programs.

    Investments from HUD include:

    • $3 million to Montgomery County to address lead and other health hazards in local homes to protect children and families from lead poisoning.
    • $2.5 million to the City of Dayton to build local capacity to address lead hazards safely and effectively in homes throughout the city.

    MIL OSI USA News –

  • MIL-OSI USA: Brown Announces New Investment to Address Lead Hazards in Summit County

    US Senate News:

    Source: United States Senator for Ohio Sherrod Brown

    WASHINGTON, D.C. – Today, U.S. Sen. Sherrod Brown (D-OH), Chair of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, welcomed a $13.8 million investment to Summit County to address lead and other health hazards in local homes to protect children and families from the life-long health effects of lead exposure.

    “Families shouldn’t have to worry that their home is hurting or poisoning their children, but sadly, that’s still a reality for too many in Ohio,” said Brown. “These new resources will help protect children from hazards in their homes like lead paint, make a smart investment in the health and future of our kids and communities, and give parents the peace of mind that their children can grow up in a safe environment.”

    The Department of Housing and Urban Development issued the investment as a part of their Lead-Based Paint Hazard Reduction grant program to address lead and other health hazards in local homes to protect children and families from lead poisoning.

    Investments from HUD include:

    • $6.1 million to Summit County from HUD’s Lead-Based Paint Hazard Reduction (LHRD) grant program.
    • $7.7 million to the City of Akron from HUD’s Lead-Based Paint Hazard Reduction (LHRD) grant program.

    MIL OSI USA News –

  • MIL-OSI: Canadian General Investments, Limited Declares Dividend on Common Shares

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Canada, Oct. 17, 2024 (GLOBE NEWSWIRE) — Canadian General Investments, Limited (“CGI” or “the Company”) (TSX:CGI) (LSE: CGI) has declared a quarterly dividend of $0.25 per share payable on December 15, 2024 to common shareholders of record at the close of business on November 29, 2024 (“the Dividend”). This dividend is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada).

    CGI is a closed-end equity fund, focused on medium to long-term investments in primarily Canadian corporations. Its objective is to provide better than average returns to investors through prudent security selection, timely recognition of capital gains/losses and appropriate income generating instruments.

    FOR FURTHER INFORMATION PLEASE CONTACT:
    Jonathan A. Morgan
    President & CEO
    Phone: (416) 366-2931
    Fax: (416) 366-2729
    e-mail: cgifund@mmainvestments.com
    website: http://www.canadiangeneralinvestments.ca

    The MIL Network –

  • MIL-OSI Africa: Joint African Development Bank- Government of Japan Visit to Fund for African Private Sector Assistance (FAPA)-Funded Projects in Ghana

    Source: Africa Press Organisation – English (2) – Report:

    ACCRA, Ghana, October 17, 2024/APO Group/ —

    The African Development Bank (www.AfDB.org) and the Government of Japan recently concluded a joint visit to two projects funded by the Fund for African Private Sector Assistance (https://apo-opa.co/4dOF0oP) (FAPA) in Ghana to assess their impact on stimulating the growth of small businesses and boosting private sector development.

    The Japanese delegation led by Japan’s Deputy Vice Minister of Finance for International Affairs, Mr. Daiho Fujii, together with the African Development Bank’s Executive Director for Japan, Mr. Takaaki Nomoto, were received by the African Development Bank Country Manager for Ghana, Ms. Eyerusalem Fasika. The Delegation engaged with implementing agencies and beneficiaries of two FAPA funded projects – the Ghana SME Business Linkage Program, and Fashionomics Africa Online Platform and Mobile App.

    FAPA, a joint initiative between the Bank and the Japanese government, provides untied grants to support the implementation of the Bank’s Private Sector Development Strategy. Through capacity building and technical assistance, the Fund enhances the business environment, strengthens financial systems, promotes the development of micro, small, and medium enterprises (MSMEs), and facilitates trade across African countries.

    Focusing on the projects’ contribution to Ghana’s broader economic and social development goals, Deputy Vice Minister Fujii reaffirmed Japan’s support to FAPA and the Bank. “My thrill turned into confidence that the Japanese taxpayers’ money via FAPA contributes to motivating the beneficiaries by developing their businesses as micro, small, and medium enterprises (MSMEs), and improving their livelihood and well-being. I was also glad that FAPA projects in Ghana played the catalytic role in applying such models to other African countries and in attracting other donors.”

    Referencing the positive impact of the projects, Fasika emphasized FAPA’s pivotal role in driving inclusive private sector development and economic growth, creating job opportunities, and reducing poverty. She also expressed gratitude for Japan’s continued support and highlighted the importance of the partnership between the Bank and the Government of Japan. “The projects funded by FAPA are clear examples of how strategic partnerships can have a tangible impact on the ground. We are pleased with the progress made and the transformative effects these projects have on local communities (in Ghana),” she stated.

    The visit underscores the continued commitment of the African Development Bank and the Government of Japan to fostering economic growth and strengthening private sector development in Africa through sustainable and impactful investments.

    MIL OSI Africa –

  • MIL-OSI USA: Rubio Urges Domestic Terrorism Investigation of Pro-Hamas Group

    US Senate News:

    Source: United States Senator for Florida Marco Rubio

    Rubio Urges Domestic Terrorism Investigation of Pro-Hamas Group
    Oct 17, 2024 | Press Releases

    Unity of Fields, a self-proclaimed pro-Hamas, anti-American “direct action network,” promotes acts of militant violence and propaganda against supporters of Israel. The pro-terrorist beliefs and actions of this group, including encouraging attacks on buildings and individuals, prompt a thorough investigation.    
    U.S. Senator Marco Rubio (R-FL) sent a letter to U.S. Department of Justice Attorney General Merrick Garland urging a full investigation into Unity of Fields for acts of domestic terrorism before additional harm or actions jeopardize the United States or its citizens.
    “Unity of Fields runs counter to any of the beliefs and rights which underpin our country’s constitutional system and endangers citizens. As such, I look forward to your prompt investigation into Unity of Fields as you hold them accountable to the fullest extent under the law.”
    The full text of the letter is below. 
    Dear Attorney General Garland:
    I write with concern about the increasing violence promoted by groups such as Unity of Fields, formerly Palestine Action U.S., which explicitly support Palestinian terrorism and other anti-Israel, anti-American, and antisemitic terrorist organizations. I request that you immediately open a domestic terrorism investigation into Unity of Fields and utilize all resources available to hold this group accountable under the law.
    As you may know, Unity of Fields is an “anti-Zionist ‘direct action network’” focused on promoting acts of violence and protest against individuals or organizations that the group considers supportive of Israel, Zionism, or American imperialism. Prior to August 2024, the organization was called Palestine Action U.S. and served as a chapter for the United Kingdom-based Palestine Action. In an article originally published in May 2024, Unity of Fields highlighted several beliefs that underpin their movement. Specifically, the group calls for increased escalation in its activities, including no longer disavowing any action in pursuit of its Marxist, anti-Zionist, anti-American agenda, building up militancy infrastructure, and adherence to the belief that the “revolution will come within our lifetimes” as they “will make sure of it.”
    Further, the group encourages the study of revolutionary material in preparation for continued action against the United States and Israel. Specifically, Unity of Fields promotes the writings of Palestinian revolutionary and suspected terrorist Bassel Al-Araj, Mao Zedong’s On Guerilla Warfare, the United States Army Counterinsurgency Manuel as well as numerous other works focused around promoting and conducting insurgencies. The ultimate purpose of the group and its readings is “to open a new front against the US Empire [and] to build the international popular cradle of resistance.”
    Unsurprisingly, Unity of Fields’ efforts have contributed to a recent trend in increasing violence and vandalism against private property and individuals. On their X account, Unity of Fields promoted and encouraged violence in the name of Palestine and anti-Zionism, including a recent attack on the CCNY Advanced Science Research Center and individuals adhering to the belief that “Zionists don’t deserve to live,” even while claiming their organization “doesn’t do actions.”
    Under 18 U.S. Code § 2331, “domestic terrorism” is defined as any activity which “involves acts dangerous to human life that are in violation of the criminal laws” and includes the intent “to intimidate or coerce a civilian population” or “to influence the policy of a government by intimidation or coercion.” Further, the Federal Bureau of Investigation (FBI) developed various terms and methodologies for investigating domestic terrorism threats and plots. Specifically, the FBI views a domestic terrorism plot “as a combination of criminal activity and planning that collectively reflect steps toward criminal action in furtherance of a domestic ideological goal.” A historical view of the Palestinian Resistance Movement demonstrates that violence has become a crucial element of the movement, especially between 1970 and 1973. This is seen among various terrorist spokes of the movement: Hamas, the PLFP, and the Islamic Jihad. Unity of Fields have been outspoken in transitioning into a militant propaganda organization and have cited Houthi Ansar Allah saying, “[t]he meaning of the unity of the fields is that we are all one hand, one leadership, one direction, one goal, and one approach, and any attack on any of the components of the Axis [including Hamas, Islamic Jihad, Houthis, and various Shi’ite groups in Iraq and Syria] is considered a direct attack on us.”
    When comparing Unity of Fields’ own statements and actions to existing government standards for investigating these threats, I believe Unity of Fields should be investigated for any violations of the law before additional harm or actions jeopardizes the United States or its citizens. By rejecting nonviolent means and fully embracing revolutionary and insurgent related tactics as a means of pursuing its hateful beliefs, Unity of Fields runs counter to any of the beliefs and rights which underpin our country’s constitutional system, and endangers citizens. As such, I look forward to your prompt investigation into Unity of Fields as you hold them accountable to the fullest extent under the law.
    Thank you for your prompt attention to this important matter. 
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Russia: Mauritania: IMF Staff Concludes 2024 Article IV Consultation Mission and Reaches Staff-Level Agreement on Third Review of Extended Fund and Extended Credit Facilities and the Second Review of Resilience and Sustainability Facility

    Source: IMF – News in Russian

    October 17, 2024

    • Despite its resilience, the Mauritanian economy is expected to slow down in 2024 and in the medium term, in a context marked by the persistence of downside risks linked to an escalation of geopolitical tensions in the region, delays in the start of operation of the Greater Tortue Ahmeyim (GTA) gas project, and weather shocks.
    • A prudent rule-based fiscal policy would help preserve debt sustainability. Developing the banking sector and sustaining the implementation of the national governance action plan and the new investment code would foster the role of the private sector and enhance prospects for inclusive growth.
    • IMF and Mauritania reached staff-level agreement on the Third Review of Mauritania’s economic program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) and the Second Review of the Resilience and Sustainability Facility (RSF)”

    Washington, DC: An International Monetary Fund (IMF) team, led by Felix Fischer, visited Nouakchott during October 3–16, 2024 to conduct the 2024 Article IV consultation and to hold discussions on the Third Review of Mauritania’s ECF/EFF and the Second Review of the RSF arrangement, and at the end of the mission, Mr. Fischer issued the following statement:

    “The Mauritanian economy is expected to slowdown in 2024 with a growth rate estimated at 4.6 percent (compared to 6.5 percent in 2023) reflecting sluggish extractive sector. The economic growth in 2025 is projected at 4.2 percent, reflecting a slowdown in the mining sector, moderated by the expected start of the GTA gas project. The growth outlook is subject to significant risks, including an escalation of geopolitical tensions in the region, additional delays in the start of operation of the GTA gas project, and the occurrence of weather shocks.

    “Anchoring fiscal policy to the non-extractive primary balance would reduce the impact of fluctuations in commodity prices on the economy and maintain debt sustainability. After a tightening since 2022, conditions are favorable to shift towards monetary policy easing. The mission encourages the ongoing reforms aimed at financial sector development and stability, which would enhance financial sector contribution to economic development. The timely adoption and implementation of the new investment code will contribute to level the playing field among all market participants and foster private sector-led inclusive growth.

    “IMF staff and Mauritanian authorities have reached a staff level agreement on policies to complete the Third Review of Mauritania’s blended ECF/EFF and the Second review of the RSF. Subject to approval by the IMF Executive Board, Mauritania will receive a disbursement of SDR 6.4 million (about $ 8.6 million) under the ECF and EFF arrangements and SDR 29.72 million (about $ 39.7 million) under the RSF arrangement, bringing the total disbursement under the EFF/ECF and the RST to SDR 89.7 million (about $ 119.7 million).

    “Performance under the program is robust — all quantitative targets for end-June 2024 have been met. Fiscal consolidation is proceeding in line with the fiscal rule aimed at converging in the medium term towards the fiscal anchor (defined by the non-extractive primary deficit) of 3.5 percent of GDP. Capitalizing on Mauritania’s substantial tax potential, better domestic revenue mobilization will help create fiscal space to meet Mauritania’s significant development needs while preserving the medium-term budgetary framework credibility.

    “The structural reform program, integrating climate considerations, is advancing well. The mission noted the progress made in finalizing the draft laws on SOEs, asset declaration, and conflicts of interest, and encourages the authorities to finalize these important reforms in line with their Governance Action Plan.”

    “The team met with His Excellency the President of the National Assembly Mohamed Ould Megett, His Excellency, the Prime Minister Moctar Ould Diay, the Governor of the Central Bank Mohamed Lemine Dhehby, the Minister of Economy and Finance Sid’Ahmed Bouh, and the Minister Delegate in charge of the Budget Codioro N’Guenor. The team held also meetings with the Minister of Justice, the Minister of Energy and Oil, the Minister of Mining and Industry, the Minister of Hydraulics and Sanitation, the Minister of Environment and Sustainable Development, , other senior government officials, the civil society, the banking association and other representatives of the private sector, and donor community.

    “The IMF team would like to thank the Mauritanian authorities and various stakeholders for the excellent hospitality and cooperation and candid discussions during the mission.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Mayada Ghazala

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/17/pr-24379-mauritania-imf-concl-art-iv-consult-mission-and-3rd-rev-ef-and-ecf-and-2nd-rev-rsf

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Reps. Díaz-Balart and Wasserman Schultz in the Miami Herald: Latino-Jewish Communities Working Toward a Better Future

    Source: United States House of Representatives – Congressman Mario Diaz-Balart (25th District of FLORIDA)

    Miami Herald

    Op-ed: Mario Díaz-Balart, Debbie Wasserman Schultz

    October 17, 2024

    Read the full op-ed here:

    As co-chairs of the Congressional Latino-Jewish Caucus, we write to highlight the vital role that the Jewish and Latino communities both play in our nation and South Florida, which we have the honor of representing, but also to the American identity as a whole. Within the framework of Hispanic Heritage Month, we celebrate the close partnership that exists between both of our communities and urge cooperation to address the common challenges that make this partnership so crucial.

    Immigration has played a pivotal role in America’s social fabric. Our families and many of our constituents escaped repressive regimes, whether in Cuba, Nazi Germany, the Soviet Union, or Venezuela, to pursue life in a land with freedom and opportunity. Latinos and Jews have contributed greatly to American business, culture, science, sports, public service enhancing every aspect of our diverse society.

    And while we’re proud of the success we’ve achieved as Americans, we haven’t forgotten our roots, including those still struggling for freedom and opportunity. We are proud diaspora communities with strong ties to our ancestral lands. Shared values of family, faith, and respect for human rights have united our communities and animated Jewish and Latino leadership from the civil rights movement to the fight for a fair and lawful immigration system. These close bonds to our nations of origin position our communities to play a crucial role in driving the United States’ pursuit of justice at home and abroad.

    We still have work to do.

    Here in the U.S., we are committed to working to ensure that our communities are safe from anti-Jewish and anti-Latino hate. As members of Congress, we’ve worked on bipartisan legislation to combat such hate, including the Khalid Jabara and Heather Heyer NO HATE Act, which became law in 2021. This important legislation provides grants to state and local governments to enforce hate laws, and to keep more accurate records on hate crimes.

    According to surveys, 87% of American Jews have observed increased antisemitism in the U.S. since the Oct. 7 attacks. Both antisemitic and anti-Latino/Hispanic hate crimes reached record highs in 2023. The Federal Bureau of Investigation’s (FBI) 2023 Hate Crimes Statistics Report found that hate crimes against Jews increased a staggering 63% year over year, while those targeting Latinos surged by 10.7% last year as well. We’ve seen the horrific damage that can be inflicted by individuals radicalized by hateful conspiracy theories, from the murderous rampage that killed eleven Jews at the Tree of Life Synagogue in Pittsburgh to the vicious attack against Latinos at an El Paso Walmart that killed 23 people.

    Additionally, we must work together to bring home the hostages held by the foreign terrorist organization Hamas, a proxy of the terrorist state of Iran. It is unconscionable that a year later, nearly 100 hostages remain in brutal Hamas captivity. Some of these hostages are both Israeli and Latino— holding dual citizenship from countries like Argentina and Colombia. We call on Hamas to release them now.

    In Latin America, the democratic opposition movements in Cuba, Venezuela and Nicaragua continue to be persecuted by brutal, authoritarian regimes.

    In Cuba, courageous activists demand human rights and democratic change, but many of the July 11, 2021 protesters remain imprisoned.

    In Venezuela, despite all available evidence pointing to the election victory by the opposition, Maduro refuses to face the truth. We strongly condemn the Maduro regime’s actions to subvert Venezuela’s once-democratic institutions, which has resulted in nearly eight million Venezuelans being forced into exile—many of whom have resettled in our communities.

    In Nicaragua, religious freedom has been quashed, with clergy forced into exile in unprecedented numbers, including the forced exit of the entirety of Mother Theresa’s order in Nicaragua.

    We also roundly denounce these regimes’ shameful persecution, antisemitism, and delegitimization of their small Jewish communities, sentiments that are unfortunately reflected by other leftist governments in the region like Colombia.

    Additionally, Russia and Iran, which support transnational repression and amplify racist and antisemitic extremism to sew divisions, have made our world a more dangerous place.

    That’s why our communities must continue working in partnership and solidarity to combat hate, promote freedom and oppose dictators and violent organizations that defy our values. We’ll keep building bridges between Jewish and Latino Americans because we believe they can help guide our nation toward a just future.

    Within the framework of Hispanic Heritage Month, let’s celebrate our common bonds while continuing to look out for one another.

    Mario Díaz-Balart is a U.S. representative for Florida’s 26th Congressional District, a senior member of the House Committee on Appropriations and chairman of the State, Foreign Operations, and Related Programs Subcommittee. Debbie Wasserman Schultz represents Florida’s 25th Congressional District and is ranking member on the House Appropriations Military Construction and Veterans Affairs Subcommittee.

    ###

    MIL OSI USA News –

  • MIL-OSI Canada: New school funding to provide successful career pathways for Piikani Nation youth

    Source: Government of Canada News (2)

    News release

    October 17, 2024 – Calgary, Treaty 7 Territory, Alberta – Indigenous Services Canada (ISC)

    Schools are often the cornerstone of First Nations communities, providing students with a safe place to learn and grow and acting as a gathering place for community events and cultural activities. Chief Troy Knowlton, Piikani Nation leadership, along with Indigenous Services Canada Minister, the Honourable Patty Hajdu and the Peigan Board of Education Society announced today the new and enhanced education facilities at Piikani Nation so that youth have the tools they need to learn.

    Minister Hajdu and community leaders announced funding today for the new school to be built in the First Nation. This new school will be a place for 600 students from kindergarten to grade 12 to learn, grow and form connections. 

    The existing school was initially constructed over 60 years ago, and parts of the aging facility are no longer suitable for repair. This project reaffirms the ongoing work of the Government of Canada to support essential infrastructure in Indigenous communities and to ensure that all children on reserve have access to high-quality, culturally appropriate education.

    With an investment from Indigenous Services Canada, the new school will allow students who attend school off reserve to access education that is culturally appropriate, with distinctly Blackfoot programs, and provides spaces that better meet the needs of the community and its youth.

    Quotes

    “This project represents the Piikani Nation’s commitment to their youth and future generations. Investing in education is investing in each child’s potential. I look forward to seeing the completion of the school and the student success to follow.”

    The Honourable Patty Hajdu
    Minister of Indigenous Services

    “Today is a monumental day in the history of our Piikani Nation. The announcement of our new school build is a result of the cumulative efforts by dedicated people who had a dream, and determination to make it a reality. I am honoured to have been able to play a part in this process. This project will stimulate the economy of the Peigan Nation, creating jobs and opportunities for all my peoples. This school will also create great learning opportunities for our students in a modern facility with all the amenities for a bright future ahead.”

    Troy Knowlton
    Chief of Piikani Nation

    “We, the Peigan Board of Education Society Board Trustees (PBOES), are elated for the future generations of Piikani Nation children and all students who attend Piikani Nation Schools on campus. Special acknowledgements to the PBOES technical working group for their hard work in making this dream possible. I also wish to extend the utmost gratitude to the community ff supporting this initiative, as well as past and present Peigan Board of Education Society trustees and Piikani Nation Chief and Council.

    Dr. Beatrice Little Mustache
    Chair, Peigan Board of Education Society (PBOES)

    “Education has always been important to the Piikani way of life, in the past and the present, as well as the future. This new school will provide opportunities to educate our children and our community. It will also provide opportunities for the people we serve, with short-term construction jobs and long-term employment positions in the field of education delivery, for those who wish to seek careers as educators and or support staff.

    “We had a vision that started with a feasibility study being carried out many years ago, knowing our community wished for a new modern school. Through hard work, dedication and perseverance in both our educational and political efforts, this is a dream come true. It is an achievement we can celebrate together.

    “The design and concept of the new school will be the focal point for both education and the community for years to come. It will also serve as a significant role in the foundation of the Piikani Nation. This is a win for the Piikani Nation, but most of all, a win for the children and future generations. We always say: Our children are our future.”

    Wesley Crow Shoe
    Piikani Nation councillor and Peigan Board of Education Society trustee

    Quick facts

    • Piikani Nation is located 60 KM west of the City of Lethbridge and a part of Treaty 7.

    • There are approximately 3,800 registered members with about 60% living on reserve.

    • Planning for the new school began in 2017.

    • Since 2016 and as of June 30, 2024, ISC has invested $2.18 billion of targeted funds to support 320 school-related infrastructure projects. These projects will result in the construction or renovation of 232 schools, benefitting approximately 38,000 students, 150 of which are complete.

    Associated links

    Contacts

    For more information, media may contact:

    Jennifer Kozelj
    Press Secretary
    Office of the Honourable Patty Hajdu
    Minister of Indigenous Services and Minister responsible for FedNor
    Jennifer.Kozelj@sac-isc.gc.ca

    Media Relations
    Indigenous Services Canada
    819-953-1160
    media@sac-isc.gc.ca

    Stay connected 

    Join the conversation about Indigenous Peoples in Canada:

    X: @GCIndigenous
    Facebook: @GCIndigenous
    Instagram: @gcindigenous

    Facebook: @GCIndigenousHealth

    You can subscribe to receive our news releases and speeches via RSS feeds. For more information or to subscribe, visit http://www.isc.gc.ca/RSS.

    MIL OSI Canada News –

  • MIL-OSI Africa: Japan boosts African Development Fund with Japanese yen (JPY) 51.67 billion concessional loan

    Source: Africa Press Organisation – English (2) – Report:

    TOKYO, Japan, October 17, 2024/APO Group/ —

    The African Development Bank Group (www.AfDB.org) and the Japan International Cooperation Agency (JICA) have signed a landmark 51.67 billion Japanese yen (US$421 million) concessional donor loan (CDL) agreement towards the African Development Fund.  

    The loan, pledged by the Japanese government at the 16th general replenishment of the resources of the African Development Fund in December 2022, will support much-needed development in Africa’s least developed and fragile countries. The country is a top donor to the African Development Fund, having contributed the largest loans to the 14th, 15th and 16th replenishments of the Fund.  

    Present at the signing ceremony on Tuesday 15 October, Deputy Vice Minister Daiho Fujii of the Finance Ministry expressed optimism that Japan’s concessional donor loan, together with grant contributions, would support African countries to address various challenges relating to climate change, lack of infrastructure, fragility, regional integration, private sector development, and debt management and transparency. 

    “Through fruitful discussions, we reaffirmed that the African Development Fund has been playing a significant role in supporting low-income countries in Africa through its concessional loans and grants. We commit to working together toward a successful ADF-17 replenishment discussion next year,” Fujii said. 

    Japan and other donor countries met in Cotonou last week to review the progress made against operational priorities and policy commitments at the midpoint of the ADF-16 period that ran from 2023 to 2025. Fujii congratulated the African Development Bank Group on the successful mid-term review of the 16th cycle of ADF. 

    African Development Bank Group President Dr Akinwumi Adesina, who is marking his fifth visit to the Asian nation, commended Japan’s government for its unwavering support.  He expressed the Bank Group’s appreciation for Japan’s broader partnership, particularly through JICA’s Enhanced Private Sector Assistance for Africa initiative – an innovative multi-component framework for resource mobilisation and development. 

    Adesina said:  “We wouldn’t have had a successful ADF-16 replenishment without Japan’s continued support for concessional donor lending.  It is important to sign these agreements, but it is the lives we touch that matter.  We deliver what we promise. We keep our word”. 

    He highlighted the significant impact of projects completed under the African Development Fund. “This year alone, 500,000 people have been connected to electricity, one million provided with water and sanitation, 2.5 million to improved transport, and 2.7 million to health services.” 

    In her speech, JICA Executive Senior Vice President Katsura Miyazaki described the signing ceremony as symbolic. 

    She said: “African countries are facing multiple crises. Rising energy and food prices, supply chain disruptions, and worsening debt sustainability are having a serious impact on African countries. The African Development Fund is critical to addressing these challenges. 

    Japan’s journey with the African Development Fund  

    The African Development Fund (ADF), the concessional lending window of the Bank Group was established in 1972 and became operational in 1974.  

    Japan joined the Fund in June 1973 and has contributed to all its replenishments, significantly increasing its contributions over time.  

    Over the past 50 years, the ADF has played a pivotal role in providing concessional resources and knowledge services to low-income African countries, consistently demonstrating clear value for money. The ADF delivers transformative ideas and catalytic financing to these countries, including those in fragile situations. As a major source of financing, the ADF’s operations are efficient and deliver a strong development impact, cementing its reputation as a trusted and strategic partner for its stakeholders. 

    Japan’s critical role in supporting the ADF was underscored by its extension of the largest concessional donor loan contributions to both ADF-15 and ADF-16, as well as the largest bridge loan provided to ADF-14. The Mid-Term Review (MTR) of ADF-16, successfully concluded in Cotonou in October 2024, highlighted several key achievements. 

    MIL OSI Africa –

  • MIL-OSI Economics: Study: Microsoft 365 Copilot drove up to 353% ROI for small and medium businesses

    Source: Microsoft

    Headline: Study: Microsoft 365 Copilot drove up to 353% ROI for small and medium businesses

    As a small or medium-sized business (SMB) leader, you’ve likely heard a lot about generative AI and how it’s transforming businesses of all sizes. To better understand how AI is helping businesses grow and compete, Microsoft commissioned Forrester Consulting to study the potential return on investment (ROI) of Microsoft 365 Copilot for SMBs.

    The results of the study are eye-opening. Forrester’s New Technology: Projected Total Economic Impact Of Microsoft 365 Copilot for SMB1 projects that over a three-year period, businesses can experience a return on investment (ROI) ranging from 132% to 353%.2

    Moreover, the study reports that businesses are already experiencing the transformational impact of AI for their organizations in the following areas:

    • Faster time to market
    • Increased productivity
    • Improved employee satisfaction

    Let’s take a closer look at how early adopters of Copilot have used the power of AI to transform their businesses, while keeping their data secure with enterprise data protection.

    Microsoft 365 Copilot

    Focus on what matters most with Microsoft 365 Copilot and the power of AI.

    Investing in Copilot delivers substantial returns for SMBs

    The Forrester study demonstrates the transformative results that AI can help bring to businesses—making Copilot not just a productivity tool but a strategic investment for long-term growth:

    • 6% increase in net revenue
    • 20% reduction in operating costs
    • 25% acceleration in new-hire onboarding

    “Upskilling on AI now is absolutely critical to being prepared for its capabilities in a few years. In five years, running a business without Copilot would be like trying to run a company today using typewriters instead of computers.”

    —Forrester Study: Head Vice President of Technology Services, IT Services and Business Consulting

    Turning innovation into action with faster time to market

    Bringing new products to market faster and promptly meeting customer demands are critical for business success. Forrester’s study highlights how Copilot can help accelerate revenue growth and open doors to additional business opportunities.

    The study found that 24% of businesses experienced a 16% to 20% reduction in time to market for new products, and 27% of businesses saw improvements in time to market ranging from 11% to 15%. These improvements can help you enhance your agility and increase competitiveness in the market.

    “With Copilot, we have faster turnarounds…with the ability to turn things around more quickly, clients can come to us with more work. It can be 15% more business.”

    —Forrester Study: Head Vice President of Technology Services, Managed Technology Solutions

    You can optimize your business processes by working with Copilot to map out your workflow and ask Copilot for recommendations to eliminate inefficiencies. Then you can share the list of recommendations with your team for feedback before deciding how to move forward. Copilot can help ensure projects move forward without delays—ask Copilot to provide updates on your team’s progress to quickly identify where support is needed.

    Increasing productivity across your business

    Employees at small and medium-sized businesses often wear multiple hats, doing jobs across different departments, and sometimes having less time to spend on their own projects. Copilot can help address this challenge by taking on routine, repetitive tasks, helping teams to focus on more strategic work.

    Forrester’s study shows that 51% of businesses using Copilot reported a 1% to 10% reduction in supply chain costs, while 59% saw operating costs decrease by 1% to 20%. This can help you to shift resources toward growth-focused initiatives without overwhelming your team.

    “In terms of getting the information to the various departments and having my legal assistants then redo it, so they can enter that data and answer questions from other departments more easily. My guess is on contract review we’ll save at least 50% of time in the coming years.” 

    —Forrester study: General Counsel, Chief Diversity Officer at the Staffing, IT, and Business Solutions Firm

    With Copilot, your team can quickly find critical details from client contracts or vendor agreements and have emails from key clients prioritized, helping to ensure that the most urgent emails are addressed first. Copilot can also gather data from spreadsheets and text documents, analyze it, and create easy-to-understand charts and tables for faster decision-making.

    Enhancing employee satisfaction and retention

    The study also highlights Copilot’s impact on employee satisfaction. By freeing up time for employees to collaborate more effectively and take on more fulfilling tasks, SMBs have experienced or anticipated, on average, an 18% increase in employee satisfaction, with a corresponding 11% to 20% reduction in employee churn.

    “People have a lot of anxiety [about going] on vacation because of what they’re going to miss. Well, the ability to ramp up fast with summarization on a lot of those key meetings doesn’t just save the person the time, but it also is going to save the other leaders in the organization the time to have to ramp them up.”
    —Forrester study: President, Staffing, IT, and Business Solutions

    Use Copilot to help pull together training materials and build presentations so you quickly bring new team members up to speed. Copilot’s meeting and email summaries also allow your employees to stay on top of work, even when they miss a meeting. This can help reduce stress and help create smoother transitions between projects, fostering a more inclusive and productive work environment.

    Now is the right time to invest in AI. We are here to help.

    With potential benefits like increased revenue, faster time to market, and significant ROI, Microsoft 365 Copilot can be a valuable investment for SMBs looking to thrive in a competitive market.

    To find out more about the Forrester findings and learn how you can best implement Copilot for your business, please join our webinar on October 31, 2024, 9 AM PST to 10 AM PST.

    To use Copilot across all your Microsoft 365 apps and work data, you can purchase Microsoft 365 Copilot as an add-on to your Microsoft 365 Business Basic, Microsoft 365 Standard, or Microsoft 365 Business Premium subscriptions. If you do not already have these core productivity offerings, you can purchase them now.

    Find out more about Microsoft 365 Copilot or reach out to a Microsoft Cloud Solution Partner to learn more.

    You can also learn how to make Copilot part of your everyday business activities by exploring the new Copilot Success Kit for Small and Medium-Sized Business, which provides resources on licensing, technical requirements, and AI capabilities.

    Sources:

    1. “New Technology: The Projected Total Economic Impact : Of Microsoft 365 Copilot for SMB,” a commissioned study conducted by Forrester Consulting on behalf of Microsoft. Results are based on Microsoft 365 Copilot customer interviews and surveys of over 200 companies with up to 300 employees across various industries, from retail to financial services.
    2. Forrester modeled a range of projected low-, medium-, and high-impact outcomes based on evaluated risk. This financial analysis projects that the composite organization accrues the following three-year net present value (NPV) for each scenario by enabling Microsoft 365 Copilot: 
      • Projected high impact of a $955,000 NPV and projected ROI of 353%. 
      • Projected medium impact of a $658,000 NPV and projected ROI of 243%. 
      • Projected low impact of a $358,000 NPV and projected ROI of 132%.

    MIL OSI Economics –

  • MIL-OSI: Ninepoint Partners Announces Final Close After Reaching Maximum Deal Size on 2024 Short Duration Flow-Through Limited Partnership II Capital Raise

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 17, 2024 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint”) is pleased to announce that the Ninepoint 2024 Short Duration Flow-Through Limited Partnership II (the “Partnership”) has completed the second and final closing in connection with its offering of Class A and Class F limited partnership units (the “Units”) pursuant to a prospectus dated September 18, 2024. The Partnership raised $12,290,500 on the sale of an additional 491,620 Units for aggregate gross proceeds of $24,997,900. The Units are being offered at a price per Unit of $25.00 with a minimum subscription of 100 Units ($2,500).

    Ninepoint is a leading manager of Flow-Through Funds in Canada. Since its inception in 2017, Ninepoint has successfully raised more Flow-Through Fund capital than any other asset manager in Canada.

    The Partnership intends to provide liquidity to limited partners through a roll-over to the Ninepoint Resource Fund Class in the period between January 15, 2026 to February 28, 2026.

    Investment Objective of the Partnership
    The Partnership’s investment objective is to achieve capital appreciation and significant tax benefits for limited partners by investing in a diversified portfolio of Flow-Through Shares (as defined in the Prospectus) and other securities, if any, of Resource Issuers (as defined in the Prospectus).

    Attractive Tax-Reduction Benefits
    Flow-through partnerships are one of the most effective tax reduction strategies available to Canadians. Ninepoint anticipates that investors participating in the Partnership will be eligible to receive a tax deduction of approximately 100% of the amount invested.

    Resource Expertise
    The Partnership will be sub-advised by Sprott Asset Management LP (“Sprott”), one of Canada’s leading investment advisors in small and mid-cap resource companies. Over its long history of investing in the resource sector, Sprott has developed relationships with hundreds of companies. Its experienced team of portfolio managers is supported by a team of technical experts with extensive backgrounds in mining and geology.

    Portfolio manager Jason Mayer will manage the portfolio of the Partnership and will be supported by Sprott’s broader team of experienced resource investment professionals.

    Agents
    The offering is being made through a syndicate of agents led by RBC Dominion Securities Inc. which includes
    CIBC World Markets Inc., TD Securities Inc., National Bank Financial Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., Manulife Wealth Inc., iA Private Wealth Inc., Raymond James Ltd., Richardson Wealth Limited, Canaccord Genuity Corp., Desjardins Securities Inc., Ventum Financial Corp. and Wellington-Altus Private Wealth Inc.

    About Ninepoint Partners LP
    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit http://www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expects”, “intends”, “anticipates”, “will” and similar expressions to the extent that they relate to the Partnership. The forward-looking statements are not historical facts but reflect the Partnership’s, Ninepoint’s and Sprott’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Partnership, Ninepoint and Sprott believe the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the Partnership, nor Ninepoint or Sprott undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

    This offering is only made by prospectus. The Partnership’s prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from one of the dealers noted above. Investors should read the prospectus before making an investment decision.

    The MIL Network –

  • MIL-OSI Video: Greentech Entrepreneur Promotes Clean Energy Solutions in Iraq | United Nations

    Source: United Nations (Video News)

    Ms. Basima Abdulrahman is the founder and CEO of KESK, the first Iraqi greentech company which synergizes green power and cloud computing technologies to build alternative energy projects in the country.

    Ms. Abdulrahman was a participant of the panel “Women, Peace, and Security: How to Promote Stability in Conflict-affected Countries by Funding Female Entrepreneurs” at the 5th World Entrepreneurs Investment Forum in Bahrain on 16 May 2024.

    https://www.youtube.com/watch?v=001i-5xXL18

    MIL OSI Video –

  • MIL-OSI Video: Governor Talks – Pakistan: From Stabilization to Sustainable Growth via Structural Reforms

    Source: International Monetary Fund – IMF (video statements)

    In mid-2023, Pakistan faced significant economic challenges, including due the devastating floods of the previous year. Since then, economic stability has been restored through careful policy-making. However, challenges remain, such as a narrow tax base, elevated spending pressures for social and development needs and building climate resilience, as well as low productivity and weak growth. MCD Director Jihad Azour will be joined by Pakistan’s Finance Minister Muhammad Aurangzeb to discuss the government’s ambitious policy and reform agenda and the path to sustainable growth.

    https://www.youtube.com/watch?v=2Wb8i0FLqEo

    MIL OSI Video –

  • MIL-OSI Security: Lowell Man Arrested for Fentanyl and Methamphetamine Conspiracy

    Source: Office of United States Attorneys

    BOSTON – A Lowell man has been arrested for his involvement in a conspiracy to distribute and possess with intent to distribute fentanyl and methamphetamine.

    Jorge Manuel “Manny” Huertas, 46, was charged with one count of conspiracy to distribute and possess with the intent to distribute more than 40 grams of fentanyl and more than 50 grams of methamphetamine. Huertas will make his initial appearance in federal court in Boston later today.

    According to the charging document, Huertas distributed counterfeit oxycodone pills containing fentanyl and counterfeit Adderall pills containing methamphetamine to a confidential source. Search warrants were conducted this morning at Huertas’s residence and the residences of his associates.

    The charge of conspiracy to distribute and possess with intent to distribute more than 40 grams of fentanyl and more than 50 grams of methamphetamine carries a minimum sentence of five years and a maximum sentence of 40 years, at least four years of supervised release, and a maximum fine of $5,000,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    Acting United States Attorney Joshua S. Levy; Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration; and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement. Valuable assistance was provided by the Lowell Police Department and the Middlesex County Sheriff’s Office. Assistant U.S. Attorney Evan Panich of the Narcotics & Money Laundering Unit is prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI: Backblaze to Announce Third Quarter 2024 Results on November 7, 2024

    Source: GlobeNewswire (MIL-OSI)

    SAN MATEO, Calif., Oct. 17, 2024 (GLOBE NEWSWIRE) — Backblaze, Inc. (Nasdaq: BLZE), the cloud storage innovator providing a modern alternative to traditional cloud providers, will report financial results for its third quarter ending September 30, 2024 on Thursday, November 7, 2024 after market close.

    Following the release of results, Backblaze will host a conference call and webcast at 1:30 p.m. PT (4:30 p.m. ET) on November 7, 2024 to discuss the results.

    Attend the webcast: https://edge.media-server.com/mmc/p/ywn46sgi
    Register to listen by phone: https://dpregister.com/sreg/10192395/fd6964326b

    Phone registrants will receive dial-in information via email.

    An archive of the webcast will be available shortly after its completion on the Investor Relations page of the Backblaze website at https://ir.backblaze.com.

    About Backblaze

    Backblaze is the cloud storage innovator providing a modern alternative to traditional cloud providers. We deliver high-performance, secure cloud object storage that customers use to develop applications, manage media, secure backups, build AI workflows, protect from ransomware, and more. Backblaze helps businesses break free from the walled gardens that traditional providers lock customers into, enabling them to use their data in open cloud workflows with the providers they prefer at a fraction of the cost. Headquartered in San Mateo, CA, Backblaze (NASDAQ: BLZE) was founded in 2007 and serves over 500,000 customers in 175 countries around the world. For more information, please go to http://www.backblaze.com.

    Investors

    Mimi Kong
    Investor Relations
    ir@backblaze.com

    Press Contact

    Jeanette Foster
    Communications Manager
    press@backblaze.com

    The MIL Network –

  • MIL-OSI: Goosehead Insurance, Inc. to Report Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    WESTLAKE, Texas, Oct. 17, 2024 (GLOBE NEWSWIRE) — Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), announced today that it will report its third quarter 2024 results after the market close on Wednesday, October 23, 2024.

    The company will hold a conference call to discuss results at 4:30 PM ET on October 23rd. To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details. A live webcast of the conference call will also be available on Goosehead’s investor relations website at ir.gooseheadinsurance.com.

    A webcast replay of the call will be available at ir.gooseheadinsurance.com for one year following the call.

    About Goosehead

    Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 150 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.

    Contacts

    Investor Contact:

    Dan Farrell
    Goosehead Insurance – VP Capital Markets
    Phone: (214) 838-5290
    E-mail: dan.farrell@goosehead.com; IR@goosehead.com

    PR Contact

    Mission North for Goosehead Insurance
    Email: goosehead@missionnorth.com; PR@goosehead.com

    The MIL Network –

  • MIL-OSI Security: Orlando Man Charged With Receiving And Possessing Child Sexual Abuse Material

    Source: Office of United States Attorneys

    Orlando, Florida – United States Attorney Roger B. Handberg announces the return of an indictment charging Joseph Anthony Santopietro (46, Orlando) with receipt and possession of child sexual abuse material. If convicted, Santopietro faces a minimum mandatory penalty of 5 years, up to 20 years, in federal prison on the receipt count, and a maximum penalty of 10 years’ imprisonment on the possession count.  

    According to the indictment, Santopietro received child sexual abuse material in November 2023. He was then found in possession of child sexual abuse material on September 18, 2024. 

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

    This case was investigated by the Federal Bureau of Investigation. It will be prosecuted by Assistant United States Attorney Kaley Austin-Aronson.

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

    MIL Security OSI –

  • MIL-OSI Security: Tucson Man Sentenced to 25 Years for Murder of a Child

    Source: Office of United States Attorneys

    TUCSON, Ariz. –Pablo Martinez, Jr., 36, of Tucson, was sentenced last week by United States District Judge Scott H. Rash to 25 years in prison, followed by five years of supervised release. Martinez, Jr. pleaded guilty to Second Degree Murder on April 15, 2024.

    On September 26, 2019, Martinez murdered the six-year-old victim by holding the victim’s face under the running bathtub faucet for between five to ten minutes, while giving the victim a bath. The victim inhaled water that caused liquid thermal burns, resulting in his death. The victim was an enrolled member of the Pascua Yaqui Indian Tribe.

    The Federal Bureau of Investigation and the Pascua Yaqui Police Department conducted the investigation in this case. Assistant U.S. Attorneys Frances M. Kreamer Hope and Matthew C. Cassell, District of Arizona, Tucson, handled the prosecution.
     

    CASE NUMBER:           CR-19-2617-TUC-SHR
    RELEASE NUMBER:    2024-140_Martinez, Jr.

    # # #

    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.

    2024-140_Martinez, Jr.

    MIL Security OSI –

  • MIL-OSI Security: Former Juvenile Justice Employee Sentenced for Violating the Civil Rights of Youth in His Care

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

    ASHLAND, Ky. – A former Kentucky Department of Juvenile Justice employee, Nathaniel K. Lumpkins, 33, of Elkfork, Ky., was sentenced to 36 months in prison by U.S. District Judge David Bunning, on Tuesday, for one count of deprivation of rights under color of law.

    Lumpkins was employed at Woodsbend Youth Development Center, a Kentucky Department of Juvenile Justice facility located in West Liberty, Ky., and worked as a Youth Worker, responsible for the custody, care, and control of the juveniles housed there.  As he admitted in his plea agreement, on January 23, 2019, Lumpkins violated the civil rights of a fifteen-year-old at Woodsbend, when he used unreasonable force on the victim.  When the victim was already compliant, on the ground, and being held by three other adult Youth Workers, Lumpkins began twisting the victim’s hand back onto his wrist and pushing his body weight repeatedly down onto the youth’s wrist and arm.  While doing this, Lumpkins broke the victim’s arm, and admitted in his plea agreement that he did so out of anger and not for any legitimate purpose.  Lumpkins later slammed the victim’s already-broken arm into a concrete wall, again out of anger with no legitimate purpose.  Then, Lumpkins wrote and signed an incident report that included false information, in an attempt to cover up his unlawful use of force.       

    Under federal law, Lumpkins must serve 85 percent of his prison sentence.  Upon his release from prison, he will be under the supervision of the U.S. Probation Office for three years.

    Carlton S. Shier, IV, United States Attorney for the Eastern District of Kentucky; and Michael Stansbury, Special Agent in Charge, FBI, Louisville Field Office, jointly announce the sentencing.

    The investigation was conducted by the FBI, with assistance from the Internal Investigations Branch of the Kentucky Justice and Public Safety Cabinet.  Assistant U.S. Attorney Zach Dembo is prosecuting the case on behalf of the United States. 

    — END — 

    MIL Security OSI –

  • MIL-OSI Security: Greenup County Man Sentenced for Production and Possession of Child Pornography

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

    ASHLAND, Ky. – A Flatwoods, Ky., man, Skyler Allen Mullins, 23, was sentenced on Tuesday, by U.S. District Judge David Bunning, to 35 years in prison, for attempted production of child pornography and possession of child pornography.

    According to his plea agreement, on May 4, 2022, law enforcement discovered that Mullins was using a social media application to exchange sexually explicit images of children. Law enforcement interviewed Mullins and he admitted to attempting to create videos of himself sexually assaulting a minor known to him.  Mullins also admitted using social media platforms to exchange materials and links to images and video of minors engaged in sexually explicit conduct.

    In total, Mullins possessed over 600 images or videos of minors engaged in sexually explicit conduct.

    Under federal law, Mullins must serve 85 percent of his prison sentence.  Upon his release from prison, he will be under the supervision of the U.S. Probation Office for 30 years. 

    Carlton S. Shier, IV, United States Attorney for the Eastern District of Kentucky; Michael E. Stansbury, Special Agent in Charge, FBI, Louisville Field Office; and Col. Phillip J. Burnett, Jr., Commissioner of the Kentucky State Police, jointly announced the sentence.

    The investigation was conducted by the FBI and Kentucky State Police.  Assistant U.S. Attorney Erin Roth is prosecuting the case on behalf of the United States. 

    The U.S. Attorney’s Office prosecuted this case as part of Project Safe Childhood, a nationwide initiative launched in 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse.  Led by U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the Internet as well as to identify and rescue victims.  For more information about Project Safe Childhood, please visit http://www.projectsafechildhood.gov.

    — END — 

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office Secures Sentencing of Shiprock Man for 2020 Assault

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

    ALBUQUERQUE – A Shiprock man was sentenced to 46 months in prison for a 2020 assault with the intent to steal a motor vehicle within the Navajo Nation.

    There is no parole in the federal system.

    According to court documents, on May 17, 2020, Daryl Levi, 41, an enrolled member of the Navajo Nation, and others assaulted John Doe in Shiprock, NM, with the intent of taking his motor vehicle. As a result of the assault, John Doe was wounded.

    Upon his release from prison, Levi will be subject to three years of supervised release.

    U.S. Attorney Alexander M.M. Uballez and Raul Bujanda, Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

    The Farmington Resident Agency of the FBI Albuquerque Field Office investigated this case with assistance from the Navajo Police Department and Navajo Department of Criminal Investigations. Assistant United States Attorneys Mark A. Probasco and Samuel A. Hurtado are prosecuting the case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Verified Influencer Accounts Are Being Hijacked to Spread Scams and Malicious Software

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

    The FBI Atlanta Division is warning the public that verified social media accounts are being hijacked by cybercriminals for the purposes of spreading scams and malicious software. Cybercriminals are targeting established social media accounts with large followings. By successfully taking over these accounts through targeted phishing or social engineering techniques, the cybercriminals broaden the reach of their fraudulent campaigns to vast amounts of followers. The campaigns become more effective because the followers trust the verified accounts.

    Cybercriminals are taking advantage of these hijacked accounts to spread cryptocurrency scams. Cryptocurrency “giveaway” scams often include links to malicious websites that steal the victim’s wallet information. Cybercriminals are also using hijacked accounts to post links to free software downloads, which ultimately link to malware. This info-stealing malware takes the victim’s usernames, passwords, and cookies, enabling the cybercriminals to compromise other accounts.

    For followers of social media, here are tips to protect yourself from scams and malware shared online:

    • Do not assume verified influencers or creators are always in full control of their posts. Pay attention to red flags such as a post seeming out of the ordinary or too good to be true.
    • Take extra caution when the post uses a sense of urgency to click a link or visit a website for things like cryptocurrency giveaways or free software downloads.
    • If you are concerned about a website link, look up the website’s registration information by searching for its “WHOIS” data. Proceed with caution if the site was registered recently and from an overseas country such as Russia.

    For social media influencers or creators, here are tips to keep your accounts from being hijacked:

    • Use strong, unique passwords and enable multi-factor authentication (MFA)
    • Be skeptical of emails claiming to be from social media companies asking you to relogin with your account credentials. Apply this same skepticism when receiving e-mails about collaboration opportunities that ask you to click suspicious links.
    • Monitor the login activity and connected devices to your account.

    Anyone who is a victim of an account takeover or Internet scam should report it to the FBI Internet Crime Complaint Center (IC3) at http://www.ic3.gov.

    MIL Security OSI –

  • MIL-OSI Security: Art Advisor Lisa Schiff Pleads Guilty To Defrauding Clients

    Source: Office of United States Attorneys

    Damian Williams, the United States Attorney for the Southern District of New York, announced today that LISA SCHIFF, a Manhattan-based art advisor focused on contemporary art, pled guilty before United States District Judge J. Paul Oetken to one count of wire fraud for perpetrating a multi-year scheme in which she defrauded the clients of her art advisory business of approximately $6.5 million in connection with the purchase and sale of approximately 55 artworks.  SCHIFF will be sentenced by Judge Oetken on January 17, 2025, at 10:30 a.m.  

    U.S. Attorney Damian Williams said: “For years, Lisa Schiff breached the trust of her art advisory clients by lying to them and diverting millions of dollars her clients had entrusted to her.  Instead of using client funds as promised, Schiff used the stolen money to fund a lavish lifestyle. Today’s guilty plea serves as a reminder that the Southern District of New York will vigorously investigate and prosecute those who engage in fraud wherever we may find them, including the art market.”

    According to the Information, plea agreement, and statements made in court:

    From 2018 through May 2023, SCHIFF engaged in a scheme to defraud clients of her art advisory business, Schiff Fine Art (“SFA”) by diverting her clients’ funds—profits from the sale of her clients’ artworks or payments they made to purchase artwork—to pay her own personal and business expenses.  SCHIFF advised clients regarding the purchase and sale of artworks and bought and sold artworks on behalf of clients in exchange for a commission.  In her role as an art advisor, SCHIFF acted as an intermediary between art galleries and auction houses, and her clients, who were art collectors.  Typically, when SCHIFF’s clients bought or sold artworks, payments were routed through SCHIFF’s business, SFA.  In addition, when SCHIFF sold artworks on behalf of a client, she often had custody or control of the artworks to coordinate the sale.  At times, SCHIFF, through SFA, also sold artwork on consignment on behalf of artists and other galleries.   

    Starting in about 2018, SCHIFF began defrauding her clients in two ways: (1) not remitting payments to her clients when she sold their artwork while not disclosing to her clients that their artworks had, in fact, been sold; and (2) not purchasing artworks on behalf of clients despite representing to her clients that she would purchase certain artworks on their behalf using their funds.  Instead of using client funds as promised, SCHIFF diverted her clients’ money to pay her business and personal expenses.  SCHIFF lied to her clients and galleries in furtherance of her fraud scheme.  For example, when defrauding clients in connection with selling their artwork, SCHIFF at times lied to clients, claiming she had not sold the artwork, or the buyer was delayed in making the payment and SCHIFF still had custody of the artwork when, in fact, SCHIFF had sold the artwork, received payment from the buyer, and delivered the artwork to the buyer.  When defrauding clients in connection with purchasing artwork on their behalf, SCHIFF lied to galleries from which she was supposed to purchase artwork on behalf clients, blaming delays in payment on clients when, in fact, clients had already paid SCHIFF for the purchase of the artwork but she had diverted the funds for her own use.  Over several years, SCHIFF defrauded at least twelve clients, one artist, the estate of another artist, and one gallery, collectively, of at least approximately $6.5 million.  During her fraud, SCHIFF lived lavishly and incurred substantial debts, which she paid in part using her victims’ diverted funds.

    In about May 2023, SCHIFF could no longer conceal her scheme due to mounting debts. SCHIFF confessed to several clients that she had stolen their money.

    *                *                *

    SCHIFF, 54, a Manhattan resident, pled guilty to one count of wire fraud, which carries a maximum prison term of 20 years.  Under the terms of her plea agreement, SCHIFF agreed to forfeit approximately $6.4 million.

    The statutory maximum sentence is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant will be determined by the judge. 

    Mr. Williams praised the outstanding work of the Federal Bureau of Investigation’s Art Crime Team and the FBI/New York Police Department’s Joint Major Theft Task Force.

    This case is being handled by the Office’s Illicit Finance and Money Laundering Unit.  Assistant United States Attorneys Jennifer Ong and Cecilia Vogel are in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI USA: US Department of Labor recovers $317K in unpaid wages, damages from Southern California home care provider that denied overtime

    Source: US Department of Labor

    WHITTIER, CA – The U.S. Department of Labor has recovered $158,868 in back wages and an equal amount in liquidated damages from a Southern California residential care provider that refused to pay overtime to 45 workers, some of whom worked up to 70 hours per week.

    An investigation by the department’s Wage and Hour Division found PALS LLC – a residential care provider for individuals with special needs and developmental disabilities – purposely failed to pay caregivers overtime rates when they worked more than 40 hours in a workweek. Investigators discovered some employees worked between 50 and 70 hours per week. Investigators also found the employer, which has locations in Indio and Whittier, failed to keep records of hours worked and rates of pay for each employee.

    In addition to the recovery of the unpaid wages and liquidated damages, the division assessed the employer $10,829 in civil money penalties because of the willful nature of the violations.

    “We urge all employers in this industry to review their pay practices and respect workers’ right to be paid all of their hard-earned wages,” said Wage and Hour Division Assistant District Director Gayane Aleksanian in West Covina, California. “The U.S. Department of Labor is committed to protecting care workers and will use all available enforcement tools to hold employers accountable for compliance.” 

    Established in 1998, PALS provides adults with developmental disabilities with assistance to live at home independently. Its locations in Indio and Whittier, PALS serves clients of the Regional Center who reside in Los Angeles County and Riverside County. 

    Learn more about the Wage and Hour Division, including a search tool to use if you think you may be owed back wages collected by the division and how to file an online complaint. For confidential compliance assistance, employees and employers can call the agency’s toll-free helpline at 866-4US-WAGE (487-9243), regardless of where they are from. The division can speak with callers in more than 200 languages.

    Download the agency’s new Timesheet App for iOS and Android devices – available in English and Spanish – to ensure hours and pay are accurate.

    MIL OSI USA News –