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  • MIL-OSI USA: Pressley Reintroduces Vital Legislation to Address Growing Childhood Trauma Crisis

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    As White House Slashes Essential Federal Programs, Pressley Reintroduces the STRONG Support for Children Act to Invest in Children’s Mental Health and Trauma Recovery

    Bill Text

    WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07) reintroduced the STRONG Support for Children Act. This bill would support communities in addressing childhood trauma through healing-centered, neighborhood-based, gender-responsive, culturally specific, and trauma-informed approaches that acknowledge the impact of systemic racism and inequities over generations.

    “Every child deserves to thrive,” said Rep. Pressley. “The STRONG Support for Children Act would provide critical resources and approach childhood trauma through a reparative, healing-centered, and trauma-informed lens. Children too often carry the weight of trauma throughout their entire lives because these wounds don’t just heal on their own. With this legislation, we will invest in breaking cycles of intergenerational trauma and ensure children are supported.”

    With over two-thirds of children experiencing at least one traumatic event by age 16, the urgency to address childhood trauma demands a comprehensive approach. Instead, the Trump Administration has slashed $1 billion from the Substance Abuse and Mental Health Services Administration (SAMHSA) through canceled grants and reduced staff by 50%, leaving critical trauma-focused programs—including suicide prevention hotlines, opioid addiction treatment, and crisis stabilization services— to face imminent shutdowns.

    Unaddressed childhood trauma is linked to several leading causes of death in America, including heart disease, lung disease, substance use, and suicide.  Studies show that exposure to poverty, homelessness, food insecurity and malnutrition, discrimination, family separation, and deportation increase the likelihood of negative health outcomes and can lead to complex trauma and toxic stress.

    The Services and Trauma-Informed Research of Outcomes in Neighborhood Grants (STRONG) for Support for Children Act would establish two new grant programs under the Department of Health and Human Services to support local public health departments in addressing trauma and ensure that programming is conveniently located and accessible to all children and families regardless of immigration status, ability to pay, and prior involvement in the criminal legal system. The legislation would prohibit grant recipients from using funds to increase surveillance and policing of vulnerable communities.  

    Joining Rep. Pressley in introducing the STRONG Support for Children Act are Representatives Shri Thanedar, Eleanor Holmes Norton, and Rashida Tlaib.

    This legislation is endorsed by the following organizations: Campaign for Trauma-Informed Policy and Practice (CTIPP); The National Prevention Science Coalition to Improve Lives; Global Alliance for Behavioral Health and Social Justice; American Academy of Pediatrics; Regina Triplett, MD, MS; and Ujima Inc.

    A copy of the bill text can be found here.

    Throughout her career, Congresswoman Pressley has been a tireless advocate for trauma-conscious policymaking.

    Last week, she reintroduced the Ending PUSHOUT Act and Counseling Not Criminalization in Schools Act to collectively end the discriminatory treatment of Black and brown students, LGBTQIA+ students, and students with disabilities in schools, and invest in safe, nurturing learning environments for all students.

    In February 2024, Rep. Pressley sent a letter to the Department of Health and Human Services to address the growing crisis of childhood trauma that was exacerbated by the COVID-19 pandemic.

    In March 2023, Rep. Pressley celebrated $250,000 in Community Project Funding she secured for Big Sister Association of Greater Boston (Big Sister) to support its one-to-one mentoring and enrichment programs for girls.

    In March 2021, Rep. Pressley sent a letter to President Biden calling on him to address the nation’s growing trauma crisis and laying out a series of steps the administration should take to confront the far-reaching hurt plaguing our communities and our nation.  In April 2021, she published an op-ed where she reflected on the collective pain experienced by communities in her district over the past year.

    In July 2019, she worked with Chairman Cummings to convene the first-ever Congressional hearings on childhood trauma.  Watch Congresswoman Pressley’s full question line and follow-up questions here and here.

    As a Boston City Councilor, she convened the Council’s first-ever listening-only session to hear directly from those impacted by the trauma of community gun violence.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Volcano Watch — How to build a beach: Pohoiki growth over the years

    Source: US Geological Survey

    Volcano Watch is a weekly article and activity update written by U.S. Geological Survey Hawaiian Volcano Observatory scientists and affiliates. Today’s article was written by University of Hawaiʻi at Hilo staff Meghann Decker and Lis Gallant, along with students Susan Richfield and Lichen Forster. 

    Satellite image showing changes in the Pohoiki area on the Island of Hawaiʻi. The pre-2018 coastline is shown in white, extent of the first and second phase of growth in blue (about 1 year after the end of the 2018 eruption), and the current active phase as seen in the satellite image from March 2024. Satellite image from GoogleEarth. A cross-section schematic of the beach in Second Bay, as seen in ground penetrating radar data. The orange arrow in each of the images and the cross-section represents a length of approximately 500 ft (152 meters). 

    Pohoiki, which means ‘little depression,’ has been an important ocean access point for people in the District of Puna. Before 2018, this area was a rocky coastline of Kīlauea lava flows emplaced 750–1,500 years ago. The boat ramp was constructed in 1963 and the breakwater in 1979, both by the United States Army Corps of Engineers. 

    The beach at Pohoiki grew rapidly in the year following the 2018 lower East Rift Zone eruption of Kīlauea and it has continued to evolve since then. The boat ramp was cut off from the ocean, and local warm springs formed in several low-lying areas. 

    The material that makes the beach at Pohoiki has a distinct black color and bumpy texture. It originally formed as molten lava poured into the ocean cooled and shattered into sand- to block-sized fragments. These fragments were then ground down even further by wave action and redistributed by the longshore current.

    A longshore current flows parallel to the shore within the zone of breaking waves. They develop when waves approach a beach at an angle and can push sediments along the coastline. The typical longshore current on the east side of the Island of Hawai‘i transports material from the 2018 lava flows north of the beach and deposits it at Pohoiki. The first area of sediment accumulation in 2018 was around the boat ramp and breakwater. 

    The beach profile at Pohoiki has also experienced changes due to seasonal ocean swells. Overall, this has resulted in a bigger beach spanning further south into areas known as Second Bay and Third Bay. However, during the summer months, south swells disrupt the longshore current and move material from Third Bay to Second Bay. This results in steepening of the main beach face at Second Bay. 

    This seasonal reworking of sediment forms internal dune structures at Second Bay. Dune structures are landforms composed of wind- or water-driven particles that typically take the form of mounds, ridges, or hills. They can be found in coastal areas, deserts, and anywhere with large amounts of loose sediment and strong winds. Specifically, coastal dune structures form when wind and waves transport material from the beach inland, causing it to accumulate. Students from the University of Hawai‘i at Hilo recently conducted a Ground Penetrating Radar (GPR) survey of the beach in Second Bay to study these internal features. 

    GPR is a technique that uses small radar pulses to detect objects and changes beneath the ground. When these pulses are transmitted into the ground, they encounter obstacles and reflect back towards the surface, where they are captured by a receiving antenna. GPR uses low-frequency radio waves no more powerful or harmful than those picked up by household radios. 

    The GPR survey showed that much of the beach growth was the result of migrating dunes. The first phase was dominated by primary dune structures built from the finer grained material created when the 2018 lava flows entered the ocean. This process of beach growth—called progradation—rapidly resulted in the filling in of Second bay and the accumulation of a beach face. Progradation is the process of a shoreline, delta, or fan growing towards the ocean over time. 

    The second phase of beach growth is characterized by continued progradation and sediment accumulation. The dune structures from this phase display cross-bedding. Cross-beds are formed as dunes migrate from erosion and redeposition of sediment. The first phase dunes also have cross beds, but at a higher angle; this tells us that the growth of the beach during the first phase was faster and more energetic than growth during the second phase. 

    The currently active phase of growth at the beach is characterized by stabilization of low-angle dune formation above sea-level that is affected by tide changes. 

    This GPR data represents what the beach looks like at one moment in time. With dredging to restore access to Pohoiki boat ramp planned for later this year, the shape and structure of the beach will continue to evolve.

    Volcano Activity Updates

    Kīlauea has been erupting episodically within the summit caldera since December 23, 2024. Its USGS Volcano Alert level is WATCH.

    The summit eruption at Kīlauea volcano that began in Halemaʻumaʻu crater on December 23 continued over the past week. Episode 18 began the evening of April 16, when lava overflowed from the north vent; the continuous lava fountaining phase of episode 18 is most likely to start between today and this weekend. Since the end of episode 17, the summit region has showed inflation suggesting another episode is possible. Sulfur dioxide emission rates are elevated in the summit region during active eruption episodes. No unusual activity has been noted along Kīlauea’s East Rift Zone or Southwest Rift Zone. 

    Mauna Loa is not erupting. Its USGS Volcano Alert Level is at NORMAL.

    One earthquake was reported felt in the Hawaiian Islands during the past week: a M3.3 earthquake 9 km (5 mi) NE of Pāhala at 33 km (20 mi) depth on April 12 at 7:13 a.m. HST.

    HVO continues to closely monitor Kīlauea and Mauna Loa.

    Please visit HVO’s website for past Volcano Watch articles, Kīlauea and Mauna Loa updates, volcano photos, maps, recent earthquake information, and more. Email questions to askHVO@usgs.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Iranian National Indicted for Operating Online Marketplace Offering Fentanyl and Money Laundering Services

    Source: US State of California

    A federal grand jury has charged Behrouz Parsarad, an Iranian national, for his role as the founder and operator of Nemesis Market, a dark web marketplace for illegal drugs and criminal cyber-services, such as stolen financial information, fraudulent identification documents, counterfeit currencies, and computer malware.

    According to the indictment, Parsarad, 36, of Tehran, launched Nemesis Market on the dark web in March 2021. At its peak, Nemesis Market had over 150,000 users and more than 1,100 vendor accounts registered worldwide. Between 2021 and 2024, Nemesis Market processed more than 400,000 orders. Of these, more than 55,000 orders were categorized as orders for stimulants, including methamphetamine, cocaine, cocaine base (crack cocaine), and other controlled substances. An additional 17,000 orders were categorized as orders for opioids, including fentanyl, heroin, and oxycodone. Certain substances covertly purchased by the government from Nemesis were confirmed by laboratory reports to be mixtures and substances containing fentanyl, a Schedule II controlled substance, and/or acetylfentanyl, heroin, and/or protonitazene, each a Schedule I controlled substance.

    “The allegations in this indictment span over four hundred thousand transactions involving fentanyl, other dangerous drugs, and a wide range of contraband made accessible on the darknet for more than three years,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “Through cooperation with German and Lithuanian partners, the alleged administrator of this marketplace has been charged, servers and other infrastructure have been seized, and dangerous drugs and other contraband have been stopped from entering the United States. This case demonstrates the Department’s tireless commitment to protecting U.S. communities from the harms caused by fentanyl and darknet marketplaces and pursuing accountability for those who would endanger our communities no matter where they are located.”

    “Anyone who tries to profit from the sale of illegal drugs – whether it’s on the streets or online – will face consequences. Whether you sell or help others sell these dangerous drugs, you will be held accountable,” said Acting U.S. Attorney Carol M. Skutnik for the Northern District of Ohio. “I want to acknowledge the excellent investigative work of our federal agency partners here in Ohio who helped us to bring the charges in this case. Together, we remain committed to keeping our neighborhoods safe and our streets free from illegal narcotics.”

    “This indictment, made possible by the assistance of our German and Lithuanian allies, underscores the importance of global partnerships and international collaboration,” said FBI Cleveland Acting Special Agent in Charge Charles Johnston. “Nemesis Market, through the darknet, was a borderless powerhouse of criminal activity that not only fueled the drug epidemic, but also a multitude of illegal acts with the capacity to harm our citizens and destroy our communities. The FBI stands firm in its commitment to identify and investigate unlawful individuals and dismantle their networks operating with criminal intent.”

    Parsarad is charged with conspiracy to distribute controlled substances and distribution of controlled substances in the Northern District of Ohio and elsewhere. In addition, Parsarad is also charged with money laundering conspiracy for both using proceeds to promote illegal drug dealing and for offering money laundering services through Nemesis Market by mixing cryptocurrencies used to pay for goods and services to obscure their origins. Nemesis users were not allowed to conduct transactions in official, government-backed currencies.

    On March 20, 2024, U.S. law enforcement, in cooperation with German and Lithuanian authorities, seized Nemesis Market and blocked the flow of these drugs into the United States and elsewhere. In March 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against Parsarad for his role as the administrator of Nemesis Market. According to OFAC, Nemesis Market facilitated the sale of nearly $30 million worth of drugs between 2021 and 2024.

    If convicted, Parsarad faces a mandatory minimum penalty of 10 years in federal prison and a maximum penalty of life.

    The FBI Cleveland Division is investigating the case with assistance from the DEA and IRS-CI. The Justice Department’s Office of International Affairs and Cybercrime Liaison Prosecutor to Eurojust provided significant assistance.

    Trial Attorney Gaelin Bernstein of the Criminal Division’s Computer Crime and Intellectual Property Section and Assistant U.S. Attorney Segev Phillips for the Northern District of Ohio are prosecuting the case, with substantial assistance from the U.S. Attorneys Offices for the Northern District of Illinois and District of Massachusetts.

    This case was investigated as part of an FBI-led interagency Joint Criminal Opioid and Darknet Enforcement (J-CODE) operation. J-CODE brings together experts from the DEA, the Postal Inspection Service, Homeland Security Investigations, as well as the Department of Defense and the Customs and Border Protection, along with the FBI. The Justice Department appreciates the cooperation and significant assistance provided by law enforcement partners in the British Virgin Islands, Germany, Lithuania, and Türkiye.

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

    MIL OSI USA News –

  • MIL-OSI: Oxford Square Capital Corp. Schedules First Quarter 2025 Earnings Release and Conference Call for April 25, 2025

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., April 17, 2025 (GLOBE NEWSWIRE) — Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) announced today that it will hold a conference call to discuss first quarter 2025 earnings on Friday, April 25, 2025 at 9:00 AM Eastern time. The toll free dial-in number is 1-800-549-8228 and the conference identification number is 26294. There will be a recording available for 30 days after the call. If you are interested in hearing the recording, please dial 1-888-660-6264. The replay pass-code number is 26294#.

    About Oxford Square Capital Corp.
    Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and, to a lesser extent, debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

    Contact:
    Bruce Rubin
    203-983-5280

    The MIL Network –

  • MIL-OSI USA: Extension of Hiring Freeze

    US Senate News:

    Source: The White House
    class=”has-text-align-center”>April 17, 2025
    MEMORANDUM FOR THE HEADS OF EXECUTIVE DEPARTMENTS AND AGENCIES
    SUBJECT:       Extension of Hiring Freeze
    By the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby extend through July 15, 2025, the freeze on the hiring of Federal civilian employees within the executive branch, as initially directed in the Presidential Memorandum of January 20, 2025 (Hiring Freeze).  No Federal civilian position that is presently vacant may be filled, and no new position may be created, except as otherwise provided for in this memorandum or required by applicable law.  In addition, once a merit hiring plan has been adopted pursuant to Executive Order 14170 of January 20, 2025 (Reforming the Federal Hiring Process and Restoring Merit to Government Service), any hiring shall be consistent with that plan.
    Except as provided below, this freeze continues to apply to all executive departments and agencies (agencies) regardless of their sources of operational and programmatic funding.  This memorandum does not affect the deadline for the Director of the Office of Management and Budget (OMB) to submit a plan for reducing the size of the Federal Government’s workforce through efficiency improvements and attrition, as provided in Executive Order 14210 of February 11, 2025 (Implementing the President’s “Department of Government Efficiency” Workforce Optimization Initiative).
    This memorandum does not apply to military personnel of the Armed Forces or to positions related to immigration enforcement, national security, or public safety, and does not apply to the Executive Office of the President or the components thereof.  Positions that fall within these categories do not require review by the Office of Personnel Management (OPM).  Moreover, nothing in this memorandum shall adversely impact the provision of Social Security, Medicare, or veterans’ benefits.  In addition, the Director of OPM may continue to grant exemptions from this freeze where those exemptions are otherwise necessary.  Exemptions previously granted by OPM shall remain in effect unless withdrawn by OPM.
    Contracting outside the Federal Government to circumvent the intent of this memorandum is prohibited.
    In carrying out this memorandum, the heads of agencies shall seek efficient use of existing personnel and funds to improve public services and the delivery of those services.  Accordingly, this memorandum does not prohibit making reallocations or reassignments to meet the highest priority needs; maintain essential services; and protect national security, homeland security, and public safety. 
    This memorandum does not restrict the nomination and appointment of officials to positions requiring Presidential appointment or Senate confirmation; the appointment of officials to non-career positions in the Senior Executive Service or to Schedule A or C positions in the Excepted Service; the appointment of officials through temporary organization hiring authority pursuant to section 3161 of title 5, United States Code; or the appointment of any other non-career employees or officials if approved by the head of an agency appointed by the President.  Moreover, it does not limit the hiring of personnel where such a limit would conflict with applicable law. 
    This memorandum shall remain in effect for the Internal Revenue Service until the Secretary of the Treasury, in consultation with the Director of OMB and the Administrator of the United States DOGE Service, determines that it is in the national interest to terminate the freeze and publishes notice of such determination in the Federal Register.
    This memorandum does not abrogate any collective bargaining agreement in effect on the date of this memorandum.
                                   DONALD J. TRUMP

    MIL OSI USA News –

  • MIL-OSI USA: 250th Anniversary of the Battles of Lexington and Concord

    US Senate News:

    Source: The White House
    class=”has-text-align-center”>By the President of the United States of America
    A Proclamation
    Two and a half centuries ago, a small band of minutemen answered the call of freedom in the legendary Battles of Lexington and Concord, an epic tale of American strength and the first major armed conflict of the Revolutionary War.   We honor the memories, remember the sacrifices, and summon the courage of every hero of liberty who gallantly shed his blood for the cause of independence on April 19, 1775.
    After years of intensifying frictions and escalating hostility between the British Crown and the American Colonies, all avenues to peace and diplomacy had been exhausted, and it became clear to the patriots that war was inevitable.  Following the Boston Massacre, the oppressive Intolerable Acts, and the lasting grievance of taxation without representation, the colonists began organizing militias as a final recourse in defense of their right to self-government.
    The British regime’s reign of tyranny reached a breaking point when, in his fearless midnight ride from Boston, Massachusetts, Paul Revere announced the news that the Redcoats were marching to Concord, Massachusetts, to arrest Colonial leaders and seize American arms.  By the time they reached Lexington at dawn, the British encountered 77 intrepid American minutemen, led by Captain John Parker, boldly standing their ground in defense of their independence.  The surprised British fired a volley, mortally wounding eight American patriots — the very first American soldiers to lay down their lives for our emerging Nation. 
    The British ambush at Lexington became known as the “shot heard ’round the world,” prompting thousands of brave young men to leave behind their homes and livelihoods to fight for our freedom on the frontlines of the American Revolution — commencing the greatest fight for liberty in the history of the world.
    Later that morning, the Redcoats arrived at Concord to find and set fire to patriot military supplies.  At the sight of rising smoke from atop a lofty hill, the colonists believed the Redcoats were burning the town, provoking them to advance to the North Bridge.  As Captain Isaac Davis, whose company stood at the front of the column, said of his soldiers gearing up to take on the Redcoats, “I haven’t a man who is afraid to go.”
    As 400 daring militiamen descended down Punkatasset Hill toward the North Bridge, the startled British opened fire, killing 49 Americans, including Captain Davis.  “Fire, fellow soldiers, for God’s sake, fire!” shouted Major John Buttrick of the Concord militia at the sound of the discharging muskets — sending the British running back to Boston in retreat in a resounding victory for Colonial forces.  For the next 12 miles, the patriots relentlessly pursued the Redcoats, ambushing them from behind trees, walls, and other cover.  As one British soldier is said to have recalled, the Americans “fought like bears, and I would as soon storm hell as fight them again.”
    April 19, 1775, stands to this day as a seminal milestone in our Nation’s righteous crusade for liberty and independence.  On this day 250 years ago, with the fire of freedom blazing in their souls, an extraordinary army of American minutemen defeated one of the mightiest armies on the face of the earth and laid the foundation for America’s ultimate triumph over tyranny.
    Two and a half centuries later, their fortitude remains our inheritance, their resolve remains our birthright, and their unwavering loyalty to God and country remains the duty of every American patriot.  As we approach the 250th anniversary of our Nation’s independence next year, we honor the valiant men who fought in defense of their sacred right to self-government, we renew our pledge to restore our republic to all of its greatness and glory, and we commit to rebuilding a country and a culture that inspires pride in our past and faith in our future.
    NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim April 19, 2025, as a day in commemoration of the 250th anniversary of the Battles of Lexington and Concord and the beginning of the American Revolutionary War.
    IN WITNESS WHEREOF, I have hereunto set my hand thisseventeenth day of April, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.
                                   DONALD J. TRUMP

    MIL OSI USA News –

  • MIL-OSI Security: Iranian National Indicted for Operating Online Marketplace Offering Fentanyl and Money Laundering Services

    Source: United States Department of Justice

    A federal grand jury has charged Behrouz Parsarad, an Iranian national, for his role as the founder and operator of Nemesis Market, a dark web marketplace for illegal drugs and criminal cyber-services, such as stolen financial information, fraudulent identification documents, counterfeit currencies, and computer malware.

    According to the indictment, Parsarad, 36, of Tehran, launched Nemesis Market on the dark web in March 2021. At its peak, Nemesis Market had over 150,000 users and more than 1,100 vendor accounts registered worldwide. Between 2021 and 2024, Nemesis Market processed more than 400,000 orders. Of these, more than 55,000 orders were categorized as orders for stimulants, including methamphetamine, cocaine, cocaine base (crack cocaine), and other controlled substances. An additional 17,000 orders were categorized as orders for opioids, including fentanyl, heroin, and oxycodone. Certain substances covertly purchased by the government from Nemesis were confirmed by laboratory reports to be mixtures and substances containing fentanyl, a Schedule II controlled substance, and/or acetylfentanyl, heroin, and/or protonitazene, each a Schedule I controlled substance.

    “The allegations in this indictment span over four hundred thousand transactions involving fentanyl, other dangerous drugs, and a wide range of contraband made accessible on the darknet for more than three years,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “Through cooperation with German and Lithuanian partners, the alleged administrator of this marketplace has been charged, servers and other infrastructure have been seized, and dangerous drugs and other contraband have been stopped from entering the United States. This case demonstrates the Department’s tireless commitment to protecting U.S. communities from the harms caused by fentanyl and darknet marketplaces and pursuing accountability for those who would endanger our communities no matter where they are located.”

    “Anyone who tries to profit from the sale of illegal drugs – whether it’s on the streets or online – will face consequences. Whether you sell or help others sell these dangerous drugs, you will be held accountable,” said Acting U.S. Attorney Carol M. Skutnik for the Northern District of Ohio. “I want to acknowledge the excellent investigative work of our federal agency partners here in Ohio who helped us to bring the charges in this case. Together, we remain committed to keeping our neighborhoods safe and our streets free from illegal narcotics.”

    “This indictment, made possible by the assistance of our German and Lithuanian allies, underscores the importance of global partnerships and international collaboration,” said FBI Cleveland Acting Special Agent in Charge Charles Johnston. “Nemesis Market, through the darknet, was a borderless powerhouse of criminal activity that not only fueled the drug epidemic, but also a multitude of illegal acts with the capacity to harm our citizens and destroy our communities. The FBI stands firm in its commitment to identify and investigate unlawful individuals and dismantle their networks operating with criminal intent.”

    Parsarad is charged with conspiracy to distribute controlled substances and distribution of controlled substances in the Northern District of Ohio and elsewhere. In addition, Parsarad is also charged with money laundering conspiracy for both using proceeds to promote illegal drug dealing and for offering money laundering services through Nemesis Market by mixing cryptocurrencies used to pay for goods and services to obscure their origins. Nemesis users were not allowed to conduct transactions in official, government-backed currencies.

    On March 20, 2024, U.S. law enforcement, in cooperation with German and Lithuanian authorities, seized Nemesis Market and blocked the flow of these drugs into the United States and elsewhere. In March 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against Parsarad for his role as the administrator of Nemesis Market. According to OFAC, Nemesis Market facilitated the sale of nearly $30 million worth of drugs between 2021 and 2024.

    If convicted, Parsarad faces a mandatory minimum penalty of 10 years in federal prison and a maximum penalty of life.

    The FBI Cleveland Division is investigating the case with assistance from the DEA and IRS-CI. The Justice Department’s Office of International Affairs and Cybercrime Liaison Prosecutor to Eurojust provided significant assistance.

    Trial Attorney Gaelin Bernstein of the Criminal Division’s Computer Crime and Intellectual Property Section and Assistant U.S. Attorney Segev Phillips for the Northern District of Ohio are prosecuting the case, with substantial assistance from the U.S. Attorneys Offices for the Northern District of Illinois and District of Massachusetts.

    This case was investigated as part of an FBI-led interagency Joint Criminal Opioid and Darknet Enforcement (J-CODE) operation. J-CODE brings together experts from the DEA, the Postal Inspection Service, Homeland Security Investigations, as well as the Department of Defense and the Customs and Border Protection, along with the FBI. The Justice Department appreciates the cooperation and significant assistance provided by law enforcement partners in the British Virgin Islands, Germany, Lithuania, and Türkiye.

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

    MIL Security OSI –

  • MIL-OSI Russia: The region is developing steadily – Yuri Trutnev on the rate of socio-economic growth of the Magadan Region

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Yuri Trutnev held a meeting on the issue of socio-economic development of the Magadan Region

    April 17, 2025

    Awarding of the public and business prize “Star of the Far East”

    April 17, 2025

    Yuri Trutnev inspected the recreational complex on Zavyalova Island

    April 17, 2025

    Yuri Trutnev inspected the recreational complex on Zavyalova Island

    April 17, 2025

    Yuri Trutnev at the Military Training Center at SVGU

    April 17, 2025

    Previous news Next news

    Yuri Trutnev held a meeting on the issue of socio-economic development of the Magadan Region

    Deputy Prime Minister and Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev held a meeting on the issue of socio-economic development of the Magadan Region.

    “The region is developing steadily. Investments in fixed assets have grown by 3%. This is not the best indicator in the Far East, but there is positive dynamics. The industrial production index has grown by 5.9%, which is already quite a high indicator. Magadan Region confidently ranks second in the Far East in terms of wages. The growth rate of average monthly wages in 2024 was 114.8% compared to 2023. Consolidated budget revenues in 2024 increased by 30%. This is also a good result, which allows us to do a lot of useful things,” Yuri Trutnev opened the meeting.

    The Deputy Prime Minister recalled that the Russian Government continues to work to create conditions for comfortable living for people in the region. “A number of social facilities have been built and reconstructed in the region as part of the presidential unified subsidy. Thanks to the Far Eastern Mortgage program, 2,460 families have improved their housing conditions. More than 2,600 people in the region have received a Far Eastern hectare. On the instructions of the President of Russia, the master plan for the urban district of Magadan is being implemented. The plan provides for infrastructure measures totaling 159 billion rubles. The Government is working to ensure that master plans are financed on time and in full,” he said.

    Magadan Region Governor Sergey Nosov reported on the dynamics of the region’s socio-economic development. The region’s income grew by 143.6%. It was due to the price situation on the precious metals market and the growth of gold production. A record of 54 tons of gold production was achieved. The second stage of the plant at the Pavlik deposit reached its design capacity. As a result of the introduction of the flotation shop by Polyus, the metal recovery rate at the Natalkinskoye deposit was increased. Large investors in the field of mineral extraction are entering the region.

    Energy development issues were discussed. 30 investment projects with a total maximum capacity of energy receiving devices of 490.85 MW are planned for technological connection from 2025.

    Issues of support for the fishing industry were considered. In particular, in order to restore coastal fisheries, as part of the implementation of the instructions of the Prime Minister Mikhail Mishustin, the restoration of the Magadan sea fishing port continues through the implementation of the project “Magadan Sea Logistics Center”.

    The agenda included issues of improving the quality of tourist services. This year, the opening of the first stage of the tourist center on Zavyalova Island is expected. The boutique hotel “Territory” has been built. The balneological resort “Talaya” is getting ready to open. The construction of a four-star hotel has begun. The construction of a sea tourist center continues.

    Yuri Trutnev drew the attention of those present to the introduction of new measures to support investors. The State Duma adopted in the first reading a bill on the creation of a priority development area in the region. “We hope that the result of creating a priority development area will be the development of shipbuilding and ship repair, logistics, tourism, and servicing of mining equipment,” the Deputy Prime Minister noted.

    On the instructions of Russian President Vladimir Putin, the implementation of the Magadan master plan continues. “We still have a lot of work ahead of us to implement the master plans approved by the Russian President. The amounts of funds that are planned to be invested in the construction of new social infrastructure, engineering infrastructure, have never been invested in the Far East. These are really very large amounts of funds. We must ensure thorough implementation of the plans. Ensure that all the money comes to the right place, that all the projects are completed,” emphasized Yuri Trutnev.

    The implementation of the Magadan master plan began in 2019. Within the framework of the master plan, 24 objects were commissioned. The most significant of them was the FOK “Presidential”. Since 2023, the master plan has been implemented within the framework of the long-term comprehensive development plan approved by the order of the Government of Russia. During this time, five objects have been commissioned. The largest of them is the airport terminal complex of Magadan airport, it began operating in December 2024. At the end of the year, a building of the polytechnic college, which had stood unfinished in the city center for more than 30 years, was also opened. An engineering school was commissioned. The Okhotsky Briz boarding house for the elderly and disabled began operating. A cultural development center was opened. A building of the martial arts school was erected with extra-budgetary funds. The improvement of the left bank of the Dukcha River has been completed, a children’s playground is being equipped in the Dukcha Park. This year, the fourth stage of Mayak Park is planned to be commissioned – a cultural and social center and a fountain.

    In 2025, four facilities are planned to be commissioned within the framework of the infrastructure menu, three of which are being built using the Far Eastern concession mechanism, including a multidisciplinary rehabilitation center for 50 people. According to the head of the region, Sergei Nosov, the work will continue in all sectors. “There can be no trifles here. The tasks have been set. The result of this meeting were very specific instructions on the issues that were voiced by people directly working on this land. The solution of the tasks set will allow us to improve the work, indicators, including revenues to the regional budget,” he noted.

    “There is a lot of work. Some of the issues are related to the work of federal ministries. We just need to solve the problems together with the region. I can only say one thing. We have no right to work carelessly. I would like to emphasize that the region is working purposefully, honestly and trying to achieve results,” Yuri Trutnev summed up the meeting.

    On the same day, the Deputy Prime Minister familiarized himself with the implementation of investment projects and visited a number of sites. In particular, he arrived at the military training center at SVGU, where he familiarized himself with the presentation of UAVs manufactured within the framework of the Patriotic priority development area, inspected the construction of a marine tourist center in Nagaev Bay, inspected a recreational complex on Zavyalova Island, visited a shooting sports site under construction in the Staraya Vesyolaya microdistrict, and talked with the management of the Rynda cultural and exhibition center, an independent art venue created to develop the artistic environment of the city and the region.

    Yuri Trutnev also met with Natalia Sivakova, who became the winner of the “Everything for Victory” nomination of the seventh public and business award “Star of the Far East”. The award was given to the project of the school of unmanned aerial vehicles based on the OGUP “Aviation of Kolyma”, within the framework of which not only military personnel are trained, but also drones are assembled.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Security: Chinese National Sentenced for Taking $95,000 from Elder Fraud Victim

    Source: Office of United States Attorneys

    ST. LOUIS – U.S. District Judge John A. Ross on Thursday sentenced a man from China who took $95,000 in cash from a 79-year-old Missouri fraud victim to 21 months in prison.

    Judge Ross also ordered Dongyi Guo, 28, to repay the money.

    Guo was part of a conspiracy that targeted elderly victims. Members of the conspiracy began contacting the victim in March of 2024. In phone calls and electronic messages, they claimed to represent her financial institutions and/or the Social Security Office and falsely claimed that her financial accounts had been compromised. They told her that she needed to pay to prevent her money from being stolen, and that a Federal Deposit Insurance Corporation (FDIC) employee would pick up the money.

    Guo flew from New York City to Chicago and then rented a car to drive to the woman’s home. On March 4, 2024, he picked up $40,000 in cash. He took another $35,000 in cash the next day, and $20,000 on March 6. Guo’s co-conspirators continued to pressure the victim into providing more money. Guo was arrested on March 7 while trying to pick up $15,000 more.

    In a letter to the court, a daughter of the victim said her mother died seven months after Guo took her money, and that the crime “unquestionably contributed” to her death. After clicking on a link that said, “You’ve been hacked. Call (this number) for assistance,” her mother was tricked and shamed into withdrawing cash and placing it in shoeboxes that she them turned over to Guo. The scammers claimed Guo would “keep her money secure while this matter was resolved.” She responded by to the crime by refusing medication, food and exercise and declining to attend church. She was left “mentally and physically broken, alone, and wanting to die.”

    Guo pleaded guilty in U.S. District Court in St. Louis in November to one count of conspiracy to commit wire fraud.

    The Knox County Sheriff’s Office and the FBI investigated the case. Assistant U.S. Attorney Derek Wiseman prosecuted the case.

    If you or someone you know is age 60 or older and has experienced financial fraud, contact the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This Justice Department hotline, managed by the Office for Victims of Crime, can identify appropriate reporting agencies, provide information to callers to assist them in reporting and provide resources and referrals. Reporting frauds can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available. The Federal Trade Commission also provides a hotline at 877-FTC-HELP and a website at www.ftccomplaintassistant.gov for consumer complaints.

    MIL Security OSI –

  • MIL-OSI Security: Nine facing federal immigration-related offenses in southern Illinois

    Source: Office of United States Attorneys

    EAST ST. LOUIS, Ill. – A federal grand jury has charged nine illegal aliens with immigration-related offenses in Effingham, Madison, Monroe and St. Clair counties over the last two months.

    “Every time an illegal immigrant unlawfully enters the United States, they commit a federal crime. But eight of these individuals are repeat offenders—often deported after earlier crimes, only to reenter and face new charges,” said U.S. Attorney Steven D. Weinhoeft. “The only person who wasn’t a prior offender was indicted for a firearms offense. These charges show our commitment to prioritizing repeat offenders and those who threaten public safety.”

    Josue Lopez-Serrano, 35, a Mexican national, was charged with one count of illegal reentry after deportation in Monroe County.

    Angel Carmona-Perez, 44, a Mexican national, is facing one count of illegal reentry after deportation in Madison County.

    Gaspar Lux-Lopez, 30, a Guatemalan national, was charged with one count of illegal reentry after deportation in Madison County.

    Luis Morocho-Minga, 42, an Ecuadorian national, is facing one count of illegal alien in possession of a firearm in St. Clair County.

    Pedro Ramos-Garcia, 36, a Guatemalan national, was charged with one count of illegal reentry after deportation in Effingham County.

    Andres Jimenez-Santiago, 26, a Mexican national, is facing one count of illegal reentry after deportation in St. Clair County.

    Jose Ariza-Angula, 37, a Mexican national, is facing one count of illegal reentry after deportation in St. Clair County.

    Erick Roman-Roman, 49, a Mexican national, was charged with one count of illegal reentry after deportation in St. Clair County.

    Mayorie Fernandez-Ormeno, 44, a Chilean national, is facing one count of conspiracy to commit access device fraud, access device fraud, attempted access device fraud and illegal entry after deportation in Madison County and two counts of aggravated identity theft.

    An indictment is merely a formal charge against a defendant. Under the law, a defendant is presumed to be innocent of a charge until proved guilty beyond a reasonable doubt to the satisfaction of a jury.

    In February, a southern Illinois jury convicted an illegal alien from India for participating in an imposter scam and working to exploit more than $400,000 from elderly victims across the Midwest. His sentencing hearing is scheduled for May 29 at the federal courthouse in East St. Louis. 

    U.S. Immigration and Customs Enforcement is leading the investigations. Assistant U.S. Attorneys Dan Kapsak, Madalyn Campbell and Kathleen Howard are prosecuting the cases.

    The cases are part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. 

    MIL Security OSI –

  • MIL-OSI: WISeKey Releases 2024 Audited Financial Results and Outlines its 2025 Vision for Post Quantum Technology Convergence

    Source: GlobeNewswire (MIL-OSI)

    WISeKey Releases 2024 Audited Financial Results and Outlines its 2025 Vision for Post Quantum Technology Convergence

    Schedules Conference Call and Webcast for Tuesday, April 22 at 10:00 am ET (4:00 pm CET)

    Geneva, Switzerland – April 17, 2025 – Ad-Hoc announcement pursuant to Art. 53 of SIX Listing Rules – WISeKey International Holding Ltd (NASDAQ: WKEY / SIX: WIHN) (“WISeKey” or “the Company”), a global leader in cybersecurity, digital identity, and IoT technologies, today announced its audited financial results for the year ended December 31, 2024, and shared its strategic vision for 2025, a year expected to be defined by the convergence of foundational technologies and the emergence of Sovereign AI.

    Carlos Moreira, Founder and CEO of WISeKey, commented: “2024 has been a pivotal year for WISeKey. We ended the year with a very strong balance sheet, strategic technological milestones, and a clear roadmap to take advantage of new opportunities ahead. From launching 17 secure satellites in partnership with SpaceX and further advancing negotiations on our semiconductor personalization center strategy, to scaling our blockchain platforms and developing post-quantum chips, we have created a solid foundation across every layer of digital trust infrastructure.

    We started 2025 on a very strong note and have now entered what I define as the ‘Year of WISeKey Convergence.’ This is more than a strategy, it is a paradigm shift. We are bringing together four foundational pillars: semiconductors, satellites, blockchain, and digital identity, into unified and interoperable ecosystems. This convergence allows us to offer end-to-end solutions where each component reinforces the other, enabling exponential innovation and resilience.

    For instance, our post-quantum secure chips, developed by our semiconductor subsidiary SEALSQ Corp (Nasdaq: LAES), are now being embedded into WISeSat satellites to create a secure foundation for a decentralized IoT infrastructure. Blockchain and identity platforms like SEALCOIN and WISeID are being deployed to power autonomous, tamper-proof transactions between machines, satellites, and users. Combining this with our partnership with the Hedera distributed ledger, brings transparency and immutability to these transactions. Additionally, our work with the Swiss Army is proceeding with the testing of a secure smartphone and secure communications with our WISeSat Satellites.

    This convergence approach positions WISeKey at the intersection of some of the most critical transformations of our time, such as quantum-resilient security, space-based connectivity, and the decentralized economy. We are not just adapting to the digital future, we are building it. For WISeKey, 2025 is expected to be a year of execution and scale, where our integrated business units aim to deliver tangible impact.”

    FY 2024 HIGHLIGHTS

    • $90.6 million cash balance (as of December 31, 2024) alongside a much cleaner balance sheet.
    • $11.9 million FY 2024 revenue, down from $30.1 million in FY 2023, reflects an expected decrease as a result of a transitional year with semiconductors customers gradually shifting to our next-generation quantum-resistant solutions and delayed building inventory until the release alongside the impact of the excess inventory accumulation by customers in 2023.
    • $7.0 million investments in R&D for the development of new projects and technologies, including SEALSQ’s post-quantum chip, SEALCOIN, and our WISeSat next generation satellites.
    • First engineering samples of our new quantum resistant secure microcontroller delivered in Q4 2024, in line with our semiconductors’ R&D plan initiated in 2022. We are on target to make our QVault-TPM, the next generation of secure microcontrollers built by SEALSQ on our new Secure RISC-V CPU, available on the market in Q4 2025.
    • Signed a landmark agreement with the Swiss Army to co-develop advanced cybersecurity and space-based capabilities. The first new generation WISeSat satellite under this initiative was launched in January 2025.
    • $115 million pipeline of secured and pending business opportunities over the period from 2026 to 2028 as of April 15, 2025.

    LOOKING AHEAD TO 2025

    Strong Financial Foundation to Support Strategic Growth

    WISeKey’s 2024 year-end solid cash position in excess of $90 million (predominantly secured via the over $80 million capital raised during 2024 by SEALSQ), alongside the availability of any additional financing should it be required, and its much cleaner balance sheet, place the Company in a very strong position to invest in high-growth areas such as post-quantum cybersecurity, next-generation semiconductors, satellite infrastructure, and blockchain-based ecosystems.

    Despite certain sector-wide headwinds, the Company’s overall outlook remains robust with a pipeline of secured and pending business opportunities exceeding $115 million for the period from 2026 to 2028, supported by growing public sector and defense partnerships.

    WISeKey anticipates strong growth in 2025, propelled by SEALSQ’s quantum-resistant technology developments and expanding IoT security demand. This growth is expected to be driven by the integration of chip revenue from new sources, an expansion in chip personalization services, additional revenue generated by WISeSat, and the consolidated revenue from our planned investments.

    In our semiconductors vertical, SEALSQ has been the main revenue contributor in 2024 and in prior years. We anticipate that our new Quantum-Resistant chips will be available on the market in Q4 2025. WISeKey foresees generating substantial returns from the full-scale commercial deployment of this quantum resistant chip starting in 2026.

    WISeKey has therefore taken several initiatives to develop new revenue streams and strengthen net results.

    These initiatives include:

    • Quantix Edges: Semiconductor Personalization & Design Center in Spain

    WISeKey and SEALSQ jointly, together with OdinS and TProtege, two Spanish companies with extensive experience in R&D&I (Research & Development & Innovation) worldwide and in the design and manufacturing of IoT devices and solutions, plan to establish in the Region of Murcia a “Center of Excellence in Cybersecurity and Microchips” under the financial umbrella of the Microelectronics and Semiconductors Plan (PERTE CHIP) initiated by Spain.   The project called Quantix Edges is in the final stages of the approval process by SETT, the Spanish government’s entity responsible for funding under the PERTE budgets.

    • Consolidated revenue from acquisition opportunities

    The potential IC’ALPS acquisition, if completed, would bolster SEALSQ’s Application-Specific Integrated Circuit (ASIC) development, and further strengthen WISeKey’s portfolio of products.

    • WISeSat’s new generation satellites

    Six more launches are planned during 2025 and 2026, with the next one currently scheduled for June 2025.

    • SEALCOIN’s TIoT commercial launch

    Following on from the successful Proof of Concept carried out in Q1 2025, SEALCOIN is working to identify partners to perform other PoCs and further demonstrate its readiness for industrialization of its TIoT solution.

    • Quantum as a Service

    In 2025, WISeKey advanced its commitment to quantum computing by investing in ColibriTD, a pioneering quantum technology company, aiming to integrate ColibriTD’s Quantum-as-a-Service (QaaS) platform into its Quantum Roadmap.

    • Scaled Up Global Footprint

    WISeKey continues to strategically expand its global presence, secure key partnerships with renowned distributors and sales representatives in crucial markets. These alliances have strengthened WISeKey’s market position while fueling growth by leveraging each partner’s expertise and established networks.

    KEY DEVELOPMENTS BY SUBSIDIARY

    SEALSQ: Leadership in IoT and Post-Quantum Cryptography Era

    SEALSQ advanced the Company’s mission to secure the connected world by focusing on post-quantum cryptography (PQC) and IoT security. Through its QUASAR platform, SEALSQ developed quantum-resistant technologies to protect data against future quantum threats, aligning with global standards like those from NIST. SEALSQ’s future strategy is built around four key priorities:

    1. Commercial Launch of Post-Quantum Chips

    • Commercial launch of two new post-quantum semiconductors, targeting IoT, PC, Tablets, and various industrial applications including medical, military and automotive sectors.
    • Expansion of chip fabrication partnerships to increase output for enterprise and government security solutions.
    • SEALSQ has set an ambitious five-year target to capture 20% of the Trusted Platform Module (TPM) market, a goal supported by strong market engagement. By the end of 2024, SEALSQ had secured over 60 qualified leads and one Design-IN for its TPM products, which are slated for commercial launch in 2025.
    • Developing Quantum resistant ASIC (custom design secure chips) for specific large client needs.

    2. Executing Targeted Acquisitions, Investments and Joint Ventures

    • Advanced and exclusive negotiations to acquire 100% of IC’ALPS; expected to be finalized in 2025.
    • As part of its global expansion strategy, SEALSQ is in final stage negotiations with Spanish authorities to establish an Outsourced Semiconductor Personalization and Test Center (OSPTC) in Spain. SEALSQ is exploring the development of similar OSPTCs in India, the United States, and the Middle East and Africa (MEA).
    • Planned continuing investment in startups engaged in quantum computing and AI initiatives as part of the SEALQUANTUM Initiative.

    3. R&D and Strategic Investments in Post-Quantum Security

    • SEALSQ is investing in the final development, qualification, certification (Common Criteria EAL5+ and FIPS 140-3 Level 3) process and the Industrialization (Wafer Test, Final Test, Packaging, Key Injection) of its Quantum-Resistant TPM 2.0 chip with a commercial launch target date set for Q4 2025. We are in discussions with over 60 interested potential customers, including major electronics manufacturers.
    • Scaling the first TPM PQC chip in broader ASIC offer for addressing the Medical, Defense, and IoT market segments.
    • First deployment of SEALSQ’s Quantum Resistant IoT chips on the WISeSat picosatellite constellation, enhancing secure connectivity in remote regions.

    4. Expanding Trust Services

    • Scaling managed PKI solutions for Matter IoT and enterprise security.
    • Expanding SSL/TLS and GSMA certificate offerings to reinforce global digital trust ecosystems.
    • Pushing adoption of INeS PKI Post quantum Cryptography latest features.

    WISeSat: Expanding Secure Space Capabilities

    WISeKey advanced its WISeSat.Space project, deploying low-earth-orbit picosatellites to provide secure IoT connectivity for remote applications. The Company continued to invest in this innovative satellite network, aiming to enhance global coverage for IoT ecosystems. With further deployments planned for 2025, WISeSat.Space is poised to address growing market demand for secure, satellite-based communication solutions, supporting critical infrastructure and underserved regions.

    Strategic Partnership with Swiss Armed Forces in the Space Sector
    In 2024, the WISeSat.Space division not only reinforced its strategic partnership with the Swiss Armed Forces in the space sector through the initiation of new projects, but it also formalized agreements with RUAG, the strategic integrator for the Swiss Armed Forces, for a national defence project focused on device-to-device communications.

    European Low Earth Orbit Satellite Constellation
    To date, WISeSat.Space has launched 17 mini-satellites with Space X into orbit through a strategic investment and partnership with FOSSA Systems, aimed at expanding its portfolio of space technology assets. Over the next 36 months, WISeSat.Space plans to deploy 88 next-generation satellites, following the January 2025 launch from California, which should significantly enhance global IoT connectivity and environmental monitoring capabilities, supporting applications such as climate change analysis, disaster response, and precision agriculture.

    Pioneering Blockchain and Cryptocurrency Transactions from Space
    In 2024, we took steps to launch a groundbreaking mission that harnesses WISeKey’s advanced security solutions in conjunction with the Hedera network to pioneer the exchange of SEALCOIN from space. Successfully tested in Q1 2025, this initiative marked the first-ever demonstration of secure digital cryptocurrency transactions conducted from orbit and established a proof-of-concept redefining boundaries of blockchain integration, a new era of space-based digital economies. Through this innovative endeavour, we reaffirmed our commitment to leading the development of digital currencies in an expanding technological landscape.

    Blockchain Ecosystem: SEALCOIN and WISe.ART

    SEALCOIN, WISeKey’s transactional IoT platform, made significant progress toward deploying decentralized digital identity solutions, leveraging blockchain to enable secure Web 3.0 transactions using our WISelD platform to incorporate Distributed Identity capabilities. With a development timeline set for key milestones in 2025, SEALCOIN aims to deliver scalable solutions for secure, trust-based interactions across digital networks, enhancing user control over identity and data.

    WISe.ART advanced its blockchain-based ecosystem for digital art and NFTs, integrating Web 3.0 technologies to ensure secure authentication and tokenization, capitalizing on the digital collectibles market. The WISe.ART platform has been developed to serve galleries, museums, and collectors, backed by WISeKey’s root-of-trust and blockchain compatible certificates of authenticity.

    WISeID: Empowering Private Digital Identity

    WISeID, WISeKey’s flagship digital identity platform, introduced biometric authentication, self-sovereign identity (SSI), and post-quantum cryptographic protocols, making it one of the world’s most secure digital identity systems.

    Complementing this, during 2024 WISeKey announced the ongoing development and planned launch of the SEALPhone, an ultra-secure smartphone designed with a privacy-by-design architecture. Currently in testing mode with several strategic clients, SEALPhone integrates WISeID and SEALCOIN, enabling secure communication, identity protection, and digital asset storage on a single hardware platform.

    FILING OF 2024 ANNUAL REPORT ON FORM 20-F

    WISeKey filed its Condensed Consolidated Financial Statements in the Form 20-F for the full year period ended December 31, 2024, with the U.S. Securities and Exchange Commission on April 17, 2025. The Form 20-F can be accessed by visiting the Company’s website at www.wisekey.com.
    In addition, the Company’s stockholders may receive a hard copy of the Form 20-F, which includes complete audited financial statements, free of charge by contacting its Investor Relations Representative at lcati@equityny.com or +1 212 836-9611.

    CONFERENCE CALL

    The Company will host a conference call to review its results on Tuesday, April 22, 2025, at 10:00 am ET (4:00 pm CET). To join, please use the following dial-in numbers:

    • Toll-Free Dial-In Number: 877-445-9755
    • International Dial-In Number: 201-493-6744

    The webcast of the call can be accessed through the Investor Relations section of WISeKey’s website at www.wisekey.com. An archived version of the call will also be made available.

    ADDITIONAL FINANCIAL & OPERATIONAL DATA

    Consolidated Statements of Comprehensive Income/(Loss) [as reported]

      12 months ended December 31,
    USD’000, except earnings per share 2024   2023   2022
               
    Net sales 11,875   30,918   23,814
    Cost of sales (7,104)   (15,754)   (13,588)
    Depreciation of production assets (478)   (420)   (132)
    Gross profit 4,293   14,744   10,094
               
    Other operating income 184   167   2,073
    Research & development expenses (7,026)   (4,398)   (3,862)
    Selling & marketing expenses (8,550)   (6,523)   (7,275)
    General & administrative expenses (16,324)   (17,290)   (11,466)
    Total operating expenses (31,716)   (28,044)   (20,530)
    Operating loss (27,423)   (13,300)   (10,436)
               
    Non-operating income 1,629   2,374   3,937
    Debt conversion expense (32)   (562)   (827)
    Interest and amortization of debt discount (1,013)   (624)   (168)
    Non-operating expenses (2,018)   (3,107)   (5,551)
    Loss before income tax expense (28,857)   (15,219)   (13,045)
               
    Income tax income / (expense) (3,086)   (230)   3,238
    Loss from continuing operations, net (31,943)   (15,449)   (9,807)
               
    Discontinued operations:          
    Net sales from discontinued operations –   –   1,805
    Cost of sales from discontinued operations –   –   (978)
    Total operating and non-operating expenses from discontinued operations –   –   (5,274)
    Income tax recovery from discontinued operations –   –   25
    Loss on disposal of a business, net of tax on disposal –   –   (15,026)
    Income / (loss) on discontinued operations –   –   (19,448)
               
    Net loss (31,943)   (15,449)   (29,255)
               
    Net loss attributable to noncontrolling interests (18,497)   (89)   (1,780)
    Net loss attributable to WISeKey International
    Holding Ltd    		 (13,446)   (15,360)   (27,475)
               
    Earnings per Class A Share (USD)          
    Earnings per Class A Share from continuing operations          
    Basic (0.92)   (0.50)   (0.44)
    Diluted (0.92)   (0.50)   (0.44)
    Earnings per Class A Share from discontinued operations          
    Basic –   –   (0.87)
    Diluted –   –   (0.87)
               
    Earning per Class A Share attributable to WISeKey International Holding Ltd          
    Basic (0.39)   (0.51)   (1.22)
    Diluted (0.39)   (0.51)   (1.22)
               
    Earnings per Class B Share (USD)          
    Earnings per Class B Share from continuing operations          
    Basic (9.17)   (5.01)   (4.36)
    Diluted (9.17)   (5.01)   (4.36)
    Earnings per Class B Share from discontinued operations          
    Basic –   –   (8.65)
    Diluted –   –   (8.65)
               
    Earning per Class B Share attributable to WISeKey International Holding Ltd          
    Basic (3.86)   (5.06)   (12.22)
    Diluted (3.86)   (5.06)   (12.22)
               
    Other comprehensive income / (loss), net of tax:          
    Foreign currency translation adjustments 287   (842)   (1,434)
    Reclassifications out of the OCI arising during period –   –   1,156
    Defined benefit pension plans:          
    Net gain (loss) arising during period (1,206)   (1,151)   2,934
    Other comprehensive income / (loss) (919)   (1,993)   2,656
    Comprehensive income / (loss) (32,862)   (17,442)   (26,599)
               
    Other comprehensive income / (loss) attributable to noncontrolling interests (28)   (99)   (964)
    Other comprehensive income / (loss) attributable to WISeKey International Holding Ltd (891)   (1,894)   3,620
               
    Comprehensive income / (loss) attributable to noncontrolling interests (18,525)   (188)   (2,744)
    Comprehensive income / (loss) attributable
    to WISeKey International Holding Ltd    		 (14,337)   (17,254)   (23,855)

    The notes are an integral part of our consolidated financial statements.

    Consolidated Balance Sheets [as reported]

      As at December 31,   As at December 31,
    USD’000 2024   2023
           
    ASSETS      
    Current assets      
    Cash and cash equivalents 90,600   15,311
    Accounts receivable, net of allowance for credit losses 4,285   5,471
    Notes receivable, current 13   63
    Inventories 1,418   5,230
    Prepaid expenses 1,364   1,290
    Government assistance 2,247   1,718
    Other current assets 573   1,008
    Total current assets 100,500   30,091
           
    Noncurrent assets      
    Notes receivable, noncurrent 32   –
    Deferred income tax assets –   3,077
    Deferred tax credits 250   15
    Property, plant and equipment net of accumulated depreciation 3,275   3,392
    Intangible assets, net of accumulated amortization 96   96
    Operating lease right-of-use assets 1,502   2,052
    Goodwill 8,317   8,317
    Equity securities, at cost 455   486
    Other noncurrent assets 261   275
    Total noncurrent assets 14,188   17,710
    TOTAL ASSETS 114,688   47,801
           
    LIABILITIES      
    Current Liabilities      
    Accounts payable 13,496   12,863
    Notes payable 5,900   4,085
    Indebtedness to related parties, current 78   79
    Convertible note payable, current 9   190
    Deferred revenue, current 93   217
    Current portion of obligations under operating lease liabilities 607   638
    Income tax payable 2   4
    Other current liabilities 1,135   832
    Total current liabilities 21,320   18,908
           
    Noncurrent liabilities      
    Bonds, mortgages and other long-term debt 102   1,820
    Convertible note payable, noncurrent –   1,519
    Deferred revenue, noncurrent 21   24
    Indebtedness to related parties, noncurrent 1,387   –
    Operating lease liabilities, noncurrent 853   1,443
    Employee benefit plan obligation 3,877   3,001
    Other noncurrent liabilities 4   2
    Total noncurrent liabilities 6,244   7,809
    TOTAL LIABILITIES 27,564   26,717
    Commitments and contingent liabilities      
           
    SHAREHOLDERS’ EQUITY      
    Common stock – Class A 16   400
               Par value – CHF 0.01 and CHF 0.25      
    Authorized – 2,000,880 and 2,000,880 shares      
    Issued and outstanding – 1,600,880 and 1,600,880 shares      
    Common stock – Class B 359   8,170
    Par value – CHF 0.10 and CHF 2.50      
    Authorized – 6,194,267 and 6,194,267      
    Issued – 3,365,560 and 3,076,150      
    Outstanding – 3,309,052 and 2,954,097      
    Share subscription in progress 1   –
    Treasury stock, at cost (56,508 and 122,053 shares held) (502)   (691)
    Additional paid-in capital 316,431   289,448
    Accumulated other comprehensive income / (loss) 3,150   4,041
    Accumulated deficit (294,407)   (280,961)
    Total shareholders’ equity attributable to WISeKey shareholders 25,048   20,407
    Noncontrolling interests in consolidated subsidiaries 62,076   677
    Total shareholders’ equity 87,124   21,084
    TOTAL LIABILITIES AND EQUITY 114,688   47,801

    The notes are an integral part of our consolidated financial statements.

    Our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures as of the end of the period covered by the 2024 annual report, identified a material weakness in our internal control over financial reporting relating to an ineffective review control that was identified by the auditor.  As a result, an adjustment was made to the additional paid-in capital and noncontrolling interest in the equity accounts by the Company prior to the issuance of the financial statements ended December 31, 2024, which did not impact upon the total equity. See Note 3 to the consolidated financial statements.

    About WISeKey
    WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

    Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

    Disclaimer

    Forward-Looking Statements

    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, as well as any other statements which are not historical facts and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or similar words. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include WISeKey’s ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; the growth of the post-quantum cryptography market; the adoption by developers and customers of quantum computing; the successful launch our post-quantum chips; our ability to sell post-quantum cryptography products to consumers; our ability to develop NIST-approved algorithms for our post-quantum semiconductor technologies; our ability to expand our chip personalization services; our ability to derive consolidated revenue from our planned investments; growth in our cybersecurity certificate and managed PKI services and acquisitions; our ability to expand our Semiconductor personalization and design facilities and semiconductor production; our ability to grow our U.S., Middle East and Asia-Pacific market presence; our ability to expand our Trust services; our development and tokenization of WISe.ART; our expansion of the WISeSat.Space project and the deployment of our next generation satellites; our proposed expansion into EMEA, North America and Asia; the deployment and commercialization of SEALCOIN and TIoT; the ongoing development and adopted of WISeID; and the risks discussed in WISeKey’s filings with the SEC. Risks and uncertainties are further described in reports filed by WISeKey with the SEC.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact:  Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com     		 WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611
    lcati@equityny.com

    The MIL Network –

  • MIL-OSI: Waterstone Financial Announces Director Retirement

    Source: GlobeNewswire (MIL-OSI)

    WAUWATOSA, Wis., April 17, 2025 (GLOBE NEWSWIRE) — Waterstone Financial, Inc. (the “Company”), announced today that Michael Hansen has decided to retire as a Director of the Company and its wholly-owned subsidiary WaterStone Bank SSB.

    Mr. Hansen has been a director of the Company since 2003.  Mr. Hansen serves as a member and the chair of the Company’s Audit Committee and as a member of the Company’s Board Executive Committee and Nominating and Corporate Governance Committee.  Mr. Hansen will remain a Director of the Company and WaterStone Bank, and continue to serve as chair of the Audit Committee and as a member of the Board Executive Committee and Nominating and Corporate Governance Committee until a successor has been elected to the Company’s Board of Directors.

    During this period of transition, Mr. Hansen will be selling shares of Company stock as part of his broader retirement and estate planning objectives.

    “I thank Mike for his 22 years of service and valued leadership for our company,” said Patrick Lawton, Chairman of the Company. “Mike has been vital member of our board and a strong leader of the Audit Committee and we are grateful for Mike’s commitment to continue to serve the Company as we work to identify a successor.”

    About Waterstone Financial, Inc:

    Waterstone Financial, Inc. is the savings and loan holding company for WaterStone Bank, a community-focused financial institution established in 1921. WaterStone Bank offers a comprehensive suite of personal and business banking products and operates 14 branch locations across southeastern Wisconsin. WaterStone Bank is also the parent company of WaterStone Mortgage Corporation, a national lender licensed in 48 states.

    With a long-standing commitment to innovation, integrity, and community service, Waterstone Financial, Inc. supports the financial and homeownership goals of customers nationwide.

    For more information about WaterStone Bank, visit wsbonline.com.

    Contact:
    Mark R. Gerke
    Chief Financial Officer
    414.459.4012
    markgerke@wsbonline.com

    The MIL Network –

  • MIL-OSI USA: Congressman Dan Goldman, Borough President Antonio Reynoso, Organized Labor, Energy Advocates Slam Trump Administration’s Stop Work Order on New York’s Second Largest Offshore Wind Project

    Source: US Congressman Dan Goldman (NY-10)

    Trump Administration Illegally Ordered Construction to Cease at Empire Wind 1, Threatens Offshore Wind Projects Nationwide 

     

    Empire Wind 1 Development Employs 1,500 Union Workers, Will Power 500,000 NYC Homes Upon Completion 

     

    See Pictures and Video from Event Here

    New York, NY – Congressman Dan Goldman (NY-10) was today joined by Brooklyn Borough President Antonio Reynoso, organized labor, and industrial workforce and energy advocates for a press conference slamming the Trump administration’s unlawful stop work order for the fully-permitted Empire Wind 1 wind farm — the second-largest wind farm project in New York State — and urging the administration to reverse course. 

    The project employs 1,500 union workers and was set to deliver clean, renewable energy to over half a million New York City homes, provide over $100 million in supply chain economic investments across New York, and make significant progress toward the city’s climate and energy goals. 

    “Trump’s decision to halt the Empire Wind 1 project, and all offshore wind development, is a betrayal of his own ‘America first’ agenda,” Congressman Dan Goldman said. “If executed, this directive would kill thousands of union jobs, reduce American manufacturing, increase energy prices, weaken our national security, and hand the clean energy future to China. In the name of his assault on climate initiatives, the President is actually undermining his own agenda and reducing American energy independence and dominance. I urge my Republican colleagues to work together to reverse this ill-advised decision.”

    Brooklyn Borough President Antonio Reynoso said, “Donald Trump has made it clear that he is hellbent on keeping our air polluted and putting Americans out of work. The President claims to be all about creating blue collar jobs, but here he is erasing over 1,000 union jobs in what remains of Brooklyn’s working waterfront. With Empire Wind, Brooklyn is leading the nation’s transition toward renewable, reliable, and affordable energy. We won’t back down just because Trump says so. I’m proud to stand with Rep. Goldman and so many other partners today to reject this reckless decision.”

    State Senator Andrew Gounardes said, “The Trump Administration’s decision to revoke approval for Empire Wind 1 is a slap in the face to all New Yorkers. Empire Wind 1 isn’t just about power generation—it’s about powering our economy with good-paying union jobs, apprenticeships for our young workers, and billions in economic investment in neighborhoods like Sunset Park and Red Hook. This project was fully permitted. Shovels were already in the ground, creating jobs. We cannot sit by quietly while this administration blocks the path toward affordable energy, resilient infrastructure, and jobs that support families.”

    Councilmember Alexa Avilés said, “I am profoundly concerned by the decision to stop the ongoing offshore wind project in New York. Our community has fought for years to ensure that Sunset Park would be part of solutions to reduce carbon emissions, build healthier and green energy, and provide new local union jobs. It is undeniable that we must build offshore wind to address our energy needs while recognizing the climate crisis. Thank you to all the community partners, city agencies, unions and Equinor for their commitment to our community and offshore wind. We stand in deep support.”

    Glen Siegel and Michael Stamatis, Managing Partners of SSBMT L.P., Operators of the South Brooklyn Marine Terminal, said, “We are deeply disappointed by the Trump Administration’s abrupt and shortsighted decision to halt all construction of Equinor’s Empire Wind project in federal waters. This decision undermines years of planning, investment, and collaboration between public and private partners working together to realize New York’s clean energy goals and create good-paying union jobs right here in Brooklyn. Equinor’s Empire Wind project is not only essential to our state’s energy future—it is the catalyst for revitalizing SBMT as a national hub for offshore wind staging, assembly, and operations. This project represents a once-in-a-generation opportunity to transform New York’s working waterfront, drive economic development, and deliver sustainable, renewable energy to millions of residents.”

    Vincent Alvarez, President of the New York City Central Labor Council, AFL-CIO, and Climate Jobs New York Director, said, “Hundreds of workers were prepared to start jobs on the offshore construction of Empire Wind 1 in just a few weeks, but now, their financial futures have been pulled out from under them. Thousands more jobs supporting the offshore wind industry – on the port at South Brooklyn Marine Terminal, assembly and staging at Arthur Kill Terminal on Staten Island, and component manufacturing in Albany and across the country, to name a few – are also all now at risk. Our union members and our communities are counting on clean energy jobs. We need to protect them.”

    Gary LaBarbera, President of the Building and Construction Trades Council of Greater New York, and Climate Jobs New York Director, said, “This announcement is a blow to New York’s hardworking tradesmen and tradeswomen who are counting on this project to create high-quality, long-lasting jobs, and to everyone in New York who is struggling to afford their electric bills right now. Empire Wind was going to bolster the middle class, make our air cleaner, and bring much-needed local power to our energy grid to lower costs. This stop work order on a shovel-ready energy project is a massive step backward for union workers and our quest to build more domestic energy, and it sends a chilling effect to any developers looking to build energy projects here in America.”

    Christopher Erikson, Business Representative for Local Union No. 3 IBEW, said, “The nearly 29,000 members of Local Union No. 3, IBEW are disappointed with the federal government’s decision to pause construction on the Empire Wind 1 project. This action is detrimental to my members, other Building Trades workers, Sunset Park, and the surrounding communities who were counting on clean energy to be added to the grid to help power our neighborhoods. Local 3, IBEW members have been preparing for this project for years in anticipation of the union wages and benefits that would support them and their families. We stand in solidarity with Congressman Goldman, Equinor, and the team behind Empire Wind to express our dismay, disappointment, and anger at this shortsighted decision by the Trump administration. We hope this is only a pause, so that we can get to work on securing a clean energy future in our city and a healthier planet for ourselves and our families.”

    Jesse Solomon, Executive Director of the Southwest Brooklyn Industrial Corporation, said, “For the past year, SBIDC has been working directly with small businesses in Brooklyn to help them access offshore wind contracts and prepare for a generational economic opportunity. Empire Wind 1 is central to that progress. This is one of the most important climate and economic development projects New York has ever seen – we stand with Rep. Goldman in urging the federal government to reinstate this project.” – Jesse Solomon, Executive Director, Southwest Brooklyn Industrial Development Corporation.” 

    Chris Ward, Interim President and CEO at Waterfront Alliance said, “Clean, affordable, and reliable power for 500,000 homes. 1,000 jobs. A billion-dollar port. Yesterday, the Trump administration decided that New Yorkers do not need these. With the scratch of a pen, an incredible $2 billion investment to make the world better was halted. Waterfront Alliance is confident that wiser minds will prevail. We will offer every support to Equinor, the State and City of New York, and our partners in offshore wind and port development to see that this decision is reversed,”

    Esther Rosario, Executive Director of Climate Jobs New York, said, “If we stall these projects, we don’t just jeopardize our energy grid’s stability—we put workers’ livelihoods at risk. These aren’t abstract ideas — they’re real paychecks that were promised to working people in our unions and our communities. Local businesses, from bodegas to gas stations, also benefit when these projects are underway. We urge our federal government to reverse their decision to halt this project and our leaders in New York to stay the course and invest in and protect the union jobs that are rebuilding our middle class and building our future.”

    Julie Tighe, President of the New York League of Conservation Voters, said, “The federal government is placing American energy independence and abundance, thousands of union jobs, and clean air at risk with the reckless stop work order for Empire Wind. This project is fully permitted and will provide energy for half a million homes – there are no other ways to get that amount of energy into New York’s grid in the near term when electric demand is growing. We are proud to stand with Governor Hochul, Congressman Goldman, our friends in labor, and the environmental movement to fight this attempt to derail our clean energy future and hurt New York’s nation-leading progress to develop offshore wind power.”

    Allyson Samuell, Sierra Club’s Senior Campaign Organizer in New York said, “Offshore wind creates good jobs with good salaries and doesn’t pollute our air and water. This is the future for our energy system. The downstate New York region is incredibly dense, we don’t have a lot of space for large scale energy infrastructure on land. Offshore wind projects, like Empire Wind 1, are the ideal solution for providing electricity to the entire New York City metro-area. This project is essential to helping downstate New York meet the rising demand for electricity and ensure reliable energy for families. For New Yorkers, this is local power that is generated near where it’s needed, bringing us closer to energy independence.”

    Spurred by clean energy subsidies in President Biden and House Democrats’ Inflation Reduction Act, the Empire Wind 1 offshore wind project would be the first of its kind to plug directly into the New York City power grid, ultimately powering over 500,000 homes. The South Brooklyn Marine Terminal would also be the largest offshore wind Operations and Maintenance hub as well as staging area in the United States.  

    Congressman Goldman has championed the Empire Wind 1 project and offshore wind energy as a national security and economic imperative since taking office. 

    Last June, Congressman Goldman joined elected officials to break ground on the South Brooklyn Marine Terminal, which would serve as the largest offshore wind staging and maintenance port in the nation and connect offshore wind power to over 500,000 homes across New York City. 
    Last Spring, Congressman Goldman led a walking tour of the South Brooklyn Marine Terminal to tout the role that Inflation Reduction Act (IRA) tax credits played in making Brooklyn the future offshore wind capital of America.  
    Congressman Dan Goldman is a member of the Congressional Offshore Wind Caucus, which pushes for policies to improve offshore wind technology, increase investment in the offshore wind workforce, and position the United States as a global leader in the industry. 

     ###

    MIL OSI USA News –

  • MIL-OSI Europe: EUROPE/ITALY – Farewell to Father Angelo Lazzarotto, a great friend of Chinese Catholics

    Source: Agenzia Fides – MIL OSI

    photo Lino Giudice

    by Gianni ValenteRancio di Lecco (Agenzia Fides) – The old group photo chosen to accompany this memory portrays him in civilian clothes, just behind Deng Xiaoping. It was May 22, 1978. At 53 years old, the priest and PIME missionary – his friend Lino Giudice tells us today – had managed to be included in the delegation, accredited in his visa application as a “spiritual advisor” to the Milanese politician Vittorino Colombo, visible in the photo to the left of the “Little Helmsman.”Colombo, a Christian Democrat senator, was at the time one of the “bridge builders” with post-Maoist China led by Deng on the path of open-minded reforms. Father Angelo took advantage of even the smallest opportunity to reach out and see how he could support the Chinese Catholic communities, severely affected by the turbulent years of the Red Guards and Cultural Revolution.Father Lazzarotto died this Tuesday, April 15, at the nursing home for missionaries of the Pontifical Institute for Foreign Missions (PIME) in Rancio di Lecco, where he had been receiving care since 2017. He would have turned 100 on May 14. The photo published in the “Quotidiano del Popolo” in 1978 sums up a long and passionate life dedicated to bearing witness to Christ, with a special love for his Chinese brothers and sisters.Born in Falzè di Piave, in the province of Treviso, Father Angelo discovered his missionary vocation during high school in Conegliano Veneto. He entered the PIME high school seminary in Genoa at the age of 15 and was soon impressed by the stories of faith shared by missionaries in China. He was ordained a priest on December 20, 1947, and the following year began studies in Missiology at the Pontifical Urbaniana University in Rome, where he earned a degree three years later. In 1955, he also earned a degree in Missionary Law from the same university. During his time in Rome, he became acquainted with the Focolare Movement and immersed himself in the spirituality of unity and communion of Chiara Lubich.Throughout his life, Father Lazzarotto served the universal Church and especially the Church in China in many ways. Sent for the first time to Hong Kong in 1956, then a British colony, he experienced first-hand the difficulties faced by Chinese Catholic communities. After several years of service at his missionary Institute, he returned to Hong Kong in 1979. From 1985 to 1990, he was appointed Rector of the Pontifical Urban College of Propaganda Fide, by Cardinal Prefect Jozef Tomko. Later, in the 1990s, as the PIME website notes, “he actively collaborated with the CUM (United Center for the Missionary Cooperation among Churches ) in Verona, especially in the sections dedicated to Africa and Asia, for which he was responsible.”His passion for the Church in China can also be seen in his countless publications, books, articles, conferences, speeches and numerous trips to maintain contact with Chinese Catholic communities, listening first-hand to their desires, sufferings and prayers.Father Angelo was part of that group of missionary-Sinologists who, with different sensibilities but a common passion, helped in the decades following the Cultural Revolution to understand and accompany the reality of the Catholic Church in China and its journey in following the faith of the Apostles. Among them were Frenchman Jean Charbonnier, Polish Roman Malek, and his PIME confrere Giancarlo Politi, who preceded him in eternal rest.His intentions and speeches, always aimed at recognizing living faith in the midst of difficulties, promoted paths of communion and reconciliation, encouraging Chinese Catholic communities to overcome, or at least not exacerbate, contrasts and divisions.Father Lazzarotto’s funeral will be held on Thursday, April 17, 2025, at the PIME house in Rancio, Lecco. His remains will rest in the PIME Missionaries Cemetery in Villa Grugana, in the province of Lecco, Lombardy (Italy). (Agenzia Fides, 16/4/2025)
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    MIL OSI Europe News –

  • MIL-OSI Europe: VATICAN/GENERAL AUDIENCE – Pope Francis and the parable of the Prodigal Son: “Wherever we are lost, and however we are lost, God always comes looking for us”

    Source: Agenzia Fides – MIL OSI

    Wednesday, 16 April 2025

    Vatican City (Agenzia Fides) – After meditating on Jesus’ encounters with some figures from the Gospels, Pope Francis, continuing the cycle of catechesis dedicated to the life of Christ read in the light of the themes of the Holy Year, begins a new chapter, dedicated to the parables of Jesus. They are “stories that draw on images and situations from everyday reality”, explains the Pontiff in the text released only in written form for the General Audience that he was supposed to hold today, and “that is why they also touch our lives. They provoke us. And they ask us to take a position: where am I in this story?”.The Pope then analyzes what he himself defines as “the most famous parable, the one that perhaps we all remember”, that of the prodigal son: “In this we find the heart of the Gospel of Jesus, namely God’s mercy”.The evangelist Luke, explains the Pope, “says that Jesus tells this parable for the pharisees and the scribes, who lamented that He ate with sinners. This is why it could be said that it is a parable addressed to those who are lost, but do not know it, and judge others. The Gospel is intended to give us a message of hope, because it tells us that wherever we are lost, and however we are lost, God always comes looking for us!”.The Pope invites us to reflect on the behavior of the two sons. Indeed, both have lost their way: “the youngest because he got tired of being in a relationship that he felt was too demanding; but the eldest is also lost, because it is not enough to stay at home if there is pride and resentment in his heart”.”Love,” the Bishop of Rome points out, “is always a commitment, there is always something that we must lose in order to go towards the other. But the younger son in the parable thinks only of himself. Like all of us, hungers for affection, he wants to be loved. But love is a precious gift; it must be treated with care. Instead, he squanders it, he disregards it, he does not respect himself. He realizes this in times of famine, when no-one cares for him. The risk is that in those moments we beg for affection and attach ourselves to the first master we chance upon.”.It is these experiences, adds the Pope, ” that give rise within us to the distorted belief that we can only be in a relationship as servants, as if we had to atone for a guilt or as if true love could not exist”. And indeed “the younger son, when he hits rock bottom, thinks he will go back to his father’s house to pick up a few crumbs of affection from the ground”.In reality, the Pontiff emphasizes, “only those who truly love us can free us from this false view of love.” He then cites a work by Rembrandt, who in depicting the young man’s return home, depicts “the young man’s head is shaven, like that of a penitent, but it also looks like the head of a child, because this son is being born again. And then the father’s hands: one male and the other female, to describe the strength and tenderness in the embrace of forgiveness.”But it is the eldest son, the Bishop of Rome points out, “who represents those for whom the parable is told: he is the son who always stayed at home with his father, yet was distant from him, distant in heart. This son may have wanted to leave too, but out of fear or duty he stayed there, in that relationship. When you adapt unwillingly, however, you begin to harbour anger within you, and sooner or later this anger explodes. Paradoxically, it is precisely the eldest son who in the end risks being left out, because he does not share his father’s joy.” And the father “goes towards him too. He does not reproach him or call him to duty. He wants only that he feels his love. He invites him to enter and to leave the door open”.”That door remains open for us too. Indeed, this is the reason for hope: we are able to hope because we know that the Father is waiting for us, He sees us from afar, and He always leaves the door open”, concludes the Pope. (F.B.) (Agenzia Fides, 16/4/2025)
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  • MIL-OSI USA: Gov. Kemp Announces Five Rural Workforce Housing Awards from the OneGeorgia Authority

    Source: US State of Georgia

    ATLANTA – Governor Brian P. Kemp announced today the next round of grant recipients for the Rural Workforce Housing Initiative, totaling more than $11 million in infrastructure development and supporting 542 housing units in five communities. All award recipients demonstrated strong collaboration and partnership with local real estate developers.

    “Georgia is experiencing rapid growth in communities across the state, and with that growth comes a need to provide infrastructure for those filling the record-breaking number of jobs to live and work,” said Governor Brian Kemp. “This latest round of grants will ensure the people of Cairo, Hagan, Douglas, Augusta, and Swainsboro can live where they work and promote prosperity for these communities.”

    First announced in the governor’s 2023 State of the State Address, the Rural Workforce Housing Initiative continues to be a catalyst for the development of critically needed workforce housing in communities across the state. The Georgia General Assembly approved $35.7 million to start the initiative in the Amended Fiscal Year 2023 budget, a further $50 million in the Amended Fiscal Year 2024 budget, an additional $6 million for Fiscal Year 2025, and an additional $28 million in the Amended Fiscal Year 2024. 

    “Housing Georgia’s talented workforce is crucial for the state’s continued economic growth and prosperity,” said Department of Community Affairs Commissioner Christopher Nunn. “The OneGeorgia Authority remains committed to helping communities with a vision implement their intentional workforce housing solutions.”

    In addition to meeting OneGeorgia Authority requirements, applicants leveraged other funding sources to demonstrate community commitment to increasing access to affordable housing for workers. The use of funds is subject to all applicable state laws and regulations, as well as to the policies and requirements of the OneGeorgia Authority and the Department of Community Affairs. OneGeorgia funds must be utilized within the timeframe specified in the grant/loan award documentation, which is generally two years from the date of the award.

    Awards

    City of Cairo

    The City of Cairo was awarded $2,500.000 in OneGeorgia grant funds to construct road, water, and sewer infrastructure improvements to construct a total of 180 new, single-family housing units on 45 acres of land. The phased construction will begin with 60 single-family homes. The City of Cairo is contributing $227,078 to the total construction cost. The city has already approved the zoning requirements, and clearing has already started at the site. 

    City of Hagan

    The City of Hagan received a grant of $1,074,711 to improve street, drainage, water, and sewer infrastructure to develop 29 single-family homes on six acres of land. The city is contributing $62,241 towards the project.

    Douglas Coffee County Industrial Authority

    The Douglas Coffee County Industrial Authority was awarded $2,500,000 in OneGeorgia funds to construct street, drainage, water, and sewer infrastructure that will allow for the phased construction of 67 new housing units. The development is on a 36-acre tract.  The first phase will allow for the construction of 40 single-family homes. 

    The Industrial Authority will contribute $83,750 towards the project, and the City of Douglas will contribute $288,813. The developer and Satilla EMC have also committed to funds to the total program cost.

    Augusta Economic Development Authority

    The Augusta Economic Development Authority sought $2,500,000 in OneGeorgia funds to construct road, water, and sewer infrastructure improvements. The grant will support the development of 55 new, single-family housing units within the Southern Oaks Phase I development on 11.5 acres.  Subsequent phases will allow for 104 units and some future commercial development.

    Augusta Utilities is contributing $110,000, and the local development partner is also contributing to the total project cost. All required zoning for the housing development has already been approved.

    City of Swainsboro

    The City of Swainsboro received $2,500,000 in OneGeorgia funds for water, sewer, drainage, and road infrastructure improvements for development in the 23-acre Rolling Oaks Subdivision.  The initial phase will see 24 units developed, and additional phases will allow for a total of 47 homes in the subdivision.

    The city is contributing $102,000 towards the project, along with financial commitments from the developer.

    MIL OSI USA News –

  • MIL-OSI Security: USAO Committed to Prosecuting Those Who Sexually Exploit and Abuse Children

    Source: Office of United States Attorneys

    CLEVELAND – The U.S. Attorney’s Office (USAO) for the Northern District of Ohio is raising awareness of Child Abuse Prevention Month in April by bringing attention to the some of the youngest victims of crime.

    While child abuse can take many forms, the USAO specifically handles online cases where children have been sexually exploited by adults. Federal law prohibits the production, advertisement, transportation, distribution, receipt, sale, access or possession of child sexual abuse material (CSAM) utilizing a means of interstate commerce. The law further prohibits the online coercion or enticement of a minor to engage in unlawful sexual activity. The USAO also prosecutes cases where offenders travel to engage in sexual activity with a minor under 16 or who transport a minor across state lines to engage in unlawful sexual activity.

    Although the term “child pornography” is currently used in federal statues, the term “pornography” can conjure up a false connection to adult pornography that is created by consenting adults 18 years and older. Instead, child pornography consists of videos and images of victims ranging in age from newborn to 17 years old, and who are physically tortured, sexually abused, extorted, manipulated, or simply incapable of comprehending the ramifications of their material posted online. Therefore, organizations who work to combat child exploitation prefer that these actions be referred to as “CSAM” as it reflects the abuse and exploitation depicted in the images and videos that result in prolonged trauma to children.

    “Offenders use the easy access of the internet to perpetuate this type of criminal behavior against our most vulnerable. Unbeknownst to parents, they connect with children online through social media, video games and other apps. In other cases, victims know their abuser. It could be a trusted friend, neighbor, coach, religious leader, babysitter −or even a parent−committing these crimes,” said Acting U.S. Attorney Carol M. Skutnik for the Northern District of Ohio. “Our office is determined to go after these perpetrators and will continue to dedicate time and resources to investigate and prosecute CSAM offenders so that we can protect and rescue the children of our District as well as those in the worldwide internet community.”

    With the proliferation of the internet, the Department of Justice launched the Project Safe Childhood initiative in 2006 to combat technology-facilitated crimes that involve the sexual exploitation of children. Sexual predators use online avenues such as social media, to solicit children for physical sexual contact. Increasingly offenders entice, coerce or groom minors into producing CSAM. They accomplish this by gaining their trust in a number of ways quickly. Some minors report chatting with offenders for less than an hour before being asked to provide sexually explicit photos of themselves. Minors who comply with the request oftentimes become the victims of sextortion, where the perpetrator threatens to blackmail them in some way.

    Recent USAO cases involving child exploitation and sexual abuse include:

    U.S v. Rudra – A Pennsylvania man was sentenced to 30 years in prison after he pleaded guilty to traveling across state lines to engage in illicit sexual conduct with a minor. He admitted to picking her up in his vehicle to drive her to a hotel for the purpose of engaging in criminal sexual acts with her. He was also found to possess CSAM on his electronic devices.

    U.S. v. Chesser – A former firefighter from Maumee, Ohio, was sentenced to 30 years in prison after he pleaded guilty to sexually exploiting a two-year-old and produced child pornography of the toddler. He sexually exploited a second minor who was a teenager.

    U.S. v. Walker – A Rocky River, Ohio, man was sentenced to 35 years in prison after admitted to harming his victims and recording the sexual abuse on his cellphone. He connected with an 11-year-old victim through a children’s app and coerced her to send him sexually explicit photos. Two additional victims were identified as toddlers at a home daycare where he visited a friend who resided there.

    U.S. v. Patterson – A Canton, Ohio, man was sentenced to 26 years in prison after pleading guilty to multiple charges including possessing hundreds of CSAM images that included children under the age of 12. Some of the images were of a minor who was unaware that she was being surreptitiously recorded by a hidden camera.

    U.S. v. Hughes – A Piqua, Ohio, man was sentenced to 14 years in prison for admitting his intention to engage in sexual activity with a purported seven-year-old daughter of an undercover agent.

    U.S. v. Reebel – A federal jury convicted a Toledo, Ohio, man of receiving and distributing CSAM, for nearly eight years. Investigators also discovered that he used social media for years to chat with minors and send them sexually explicit messages and photos of himself. Sentencing is scheduled for Sept. 23, 2025.

    U.S. v. Greulich – A Cleveland man pleaded guilty to gaining the trust of a 14-year-old girl through a social media app and then driving to her home in New York on two separate occasions to take her to a hotel where he violently and sexually abused her which he recorded on a digital device. Sentencing is scheduled for June 23, 2025.

    To report child sexual abuse, please visit www.cybertipline.org, or call 1-800-843-5678, 24 hours a day, 7 days a week.

    MIL Security OSI –

  • MIL-OSI Security: New Jersey Woman Sentenced to 5 years in Prison for Residential Marijuana Grows in Sacramento and Placer Counties

    Source: Office of United States Attorneys

    SACRAMENTO, Calif. — Xiu Ping Li, 48, residing in Skillman, New Jersey, was sentenced today by U.S. District Judge Daniel J. Calabretta to five years in prison and four years of supervised release for three counts of manufacturing marijuana, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, Li operated multiple residential marijuana grows in Sacramento and Placer Counties that yielded more than 8,000 marijuana plants and 21.4 pounds of processed marijuana found during the execution of search warrants in 2016 and 2017. Li also acknowledged using proceeds from a marijuana grow to buy another property to continue growing marijuana.

    This case was the product of an investigation by the Drug Enforcement Administration, the Federal Bureau of Investigation, IRS Criminal Investigation, the Elk Grove Police Department, the Placer County Sheriff’s Office, and the Sacramento Police Department. Assistant United States Attorney Roger Yang prosecuted the case.

    MIL Security OSI –

  • MIL-OSI USA: Fact Sheet: President Donald J. Trump Unleashes American Commercial Fishing in the Pacific

    US Senate News:

    Source: The White House
    UNLEASHING OPPORTUNITY IN THE PACIFIC: Today, President Donald J. Trump signed a proclamation to unleash American commercial fishing in the Pacific Ocean—a key component of the America First Fishing Policy.
    The proclamation opens the Pacific Remote Islands Marine National Monument (PRIMNM) to commercial fishing, boosting the economy of American Samoa.
    It allows U.S.-flagged vessels to fish commercially within 50 to 200 nautical miles of the PRIMNM’s boundaries.
    EMPOWERING AMERICAN COMMERCIAL FISHERMEN: President Trump believes that removing unnecessary restrictions on American fishermen will strengthen the U.S. economy, support local communities, and restore fairness to an industry disadvantaged by overregulation and foreign competition.
    The PRIMNM was first established by President Bush in 2009 and then expanded by President Obama, closing off over 400,000 square miles of the U.S. Exclusive Economic Zone in the Pacific.
    The ban on commercial fishing within the PRIMNM did little to guard fish populations against overfishing, as tuna and other pelagic species are migratory in nature and do not permanently reside within the PRIMNM.
    As a result of the prohibitions on commercial fishing, American fishing fleets have lost access to nearly half of the United States’ Exclusive Economic Zone in the Pacific Islands.
    This has driven American fishermen to fish further offshore in international waters to compete against poorly regulated and highly subsidized foreign fleets, most notably from China.
    By supporting honest American fishermen, we combat the rampant illegal, unreported, and unregulated fishing by foreign fleets.

    This disadvantages United States commercial fishermen and is detrimental for United States territories like American Samoa, whose private sector economy is dependent on the fishing industry.
    American Samoa is home to the only Buy American-compliant tuna processing facility for U.S. military rations and school lunch programs.
    This cannery is the largest employer on the island, providing about 5,000 jobs.  In fact, the cannery accounts for 99.5% of American Samoa’s exports and 84% of the private employment in the territory.

    ADVANCING U.S. ECONOMIC INTERESTS: President Trump’s actions to revitalize commercial fishing are part of his broader strategy to unleash the full potential of the American economy by prioritizing deregulation and cutting red tape.
    President Trump launched a 10-to-1 deregulation initiative, ensuring every new Federal rule is justified by clear benefits and accompanied by much larger deregulatory measures.
    President Trump established the National Energy Dominance Council to cut red tape, enhance private sector investments, advance innovation, and streamline the permitting process across all forms of American energy.
    President Trump established the “Department of Government Efficiency” to examine how to streamline the operations of the Federal Government, eliminate unnecessary programs and wasteful spending, and reduce bureaucratic inefficiency.
    President Trump has already reduced unnecessarily large governmental entities and terminated numerous harmful Biden expansions of governmental authority.

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Extends the Hiring Freeze

    Source: The White House

    EXTENDING THE HIRING FREEZE: Today, President Donald J. Trump signed a Presidential Memorandum extending the hiring freeze for an additional three months.

    • The freeze, originally implemented on January 20, 2025, prohibits filling vacant federal civilian positions or creating new ones, with minor exceptions.
      • Exemptions from the freeze for necessary positions—including for immigration enforcement, national security, and public safety—shall remain.
    • This Memorandum extends the hiring freeze through July 15, 2025.
    • It also clarifies that once a merit hiring plan has been adopted, any hiring of employees exempt from the freeze shall be consistent with that plan.
    • Upon expiration of the hiring freeze and implementation of the hiring plan, agencies will be able to hire no more than one employee for every four employees that depart from federal service (with appropriate immigration, law enforcement, and public safety exceptions).

    PROMOTING FISCAL RESPONSIBILITY AND GOVERNMENT EFFICIENCY: The extension of the hiring freeze is a critical step in shrinking the federal government and ensuring taxpayer dollars are used efficiently.

    • In the last two years of the Biden Administration, government was directly responsible for the creation of more than 1 in every 4 jobs.
    • President Trump is committed to reversing this trend by prioritizing private-sector job growth and reducing the federal workforce to focus on essential functions.

    REFORMING THE FEDERAL BUREAUCRACY: The American people elected President Trump to drain the swamp and end ineffective government programs that empower government without achieving measurable results.

    • The government wastes billions of dollars each year on duplicative programs and frivolous expenditures that fail to align with American values or address the needs of the American people.
    • President Trump established the “Department of Government Efficiency” to examine how to streamline the Federal Government, eliminate unnecessary programs, and reduce bureaucratic inefficiency.
    • President Trump launched a 10-to-1 deregulation initiative, ensuring every new rule is justified by clear benefits.
    • President Trump authorized buyout programs to encourage federal employees to leave voluntarily.
    • Through these actions, President Trump is keeping his promise to restore efficiency and accountability in the Federal Government.

    MIL OSI USA News –

  • MIL-OSI: Enterprise Bancorp, Inc. Announces First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LOWELL, Mass., April 17, 2025 (GLOBE NEWSWIRE) — Enterprise Bancorp, Inc. (“Enterprise”) (NASDAQ: EBTC), parent of Enterprise Bank, announced its financial results for the three months ended March 31, 2025. Net income amounted to $10.4 million, or $0.84 per diluted common share, for the three months ended March 31, 2025, compared to $10.7 million, or $0.86 per diluted common share, for the three months ended December 31, 2024 and $8.5 million, or $0.69 per diluted common share, for the three months ended March 31, 2024.

    On December 9, 2024, Enterprise announced its intention to merge with Rockland Trust Company, a wholly owned subsidiary of Independent Bank Corp. (NASDAQ: INDB). The proposed merger is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory approvals. As previously announced, Enterprise shareholders approved of the proposed merger on April 3, 2025. No vote of Independent Bank Corp. shareholders is required.

    Selected financial results at or for the quarter ended March 31, 2025, compared to December 31, 2024, were as follows:

    • The returns on average assets and average equity were 0.87% and 11.45%, respectively.
    • Tax-equivalent net interest margin (non-GAAP) (“net interest margin”) was 3.32%.
    • Total loans amounted to $4.05 billion, an increase of 1.7%.
    • Total customer deposits (non-GAAP) amounted to $4.15 billion, a decrease of 0.9%.
    • Wealth assets under management and administration amounted to $1.51 billion, a decrease of 1.6%.

    Chief Executive Officer Steven Larochelle commented, “As we continue to work toward the upcoming merger with Rockland Trust, I am pleased to announce our team delivered strong results in the first quarter. Loan growth was solid at 1.7% for the quarter and 11% for the last twelve months. Operating results compared to the prior year quarter were positively impacted by net interest income growth of 10% resulting from strong loan growth and an increase in net interest margin.”

    Executive Chairman & Founder George Duncan stated, “Our anticipated merger with Rockland Trust has been well received by our shareholders, customers and communities with shareholders approving the merger on April 3rd. The planning for our integration into Rockland Trust is going well and the anticipated synergies and cultural alignment of our two banks remains attractive.”

    Net Interest Income
    Net interest income for the three months ended March 31, 2025, amounted to $38.7 million, an increase of $3.5 million, or 10%, compared to the three months ended March 31, 2024. The increase was due primarily to an increase in loan interest income of $6.6 million, partially offset by increases in deposit interest expense of $1.0 million and borrowings interest expense of $1.0 million as well as a decrease in income on other interest-earning assets of $637 thousand.

    Net Interest Margin
    Net interest margin for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, amounted to 3.32%, 3.29% and 3.20%, respectively.

    During the first quarter of 2025, the Company sold non-performing loans with a net book value of $956 thousand, resulting in net recoveries of $461 thousand and loan interest income of $486 thousand. The sale of non-performing loans impacted both loan yields and net interest margin favorably by 5 basis points for the quarter ended March 31, 2025.

    Three months ended – March 31, 2025, compared to March 31, 2024

    The increase in net interest margin was due to loan growth and, to a lesser extent, an increase in loan yields, partially offset by increases in the average balance of funding liabilities and funding costs.

    The increase in interest-earning asset yields of 21 basis points was due primarily to loan repricing and originations at higher interest rates, partially offset by an increase in funding costs of 9 basis points driven by higher market rates and increases in certificate of deposits and borrowed funds.

    Provision for Credit Losses
    The provision for credit losses for the three-month periods ended March 31, 2025 and March 31, 2024, are presented below:

        Three months ended   Increase / (Decrease)
    (Dollars in thousands)   March 31,
    2025    		   March 31,
    2024
    Provision for credit losses on loans – collectively evaluated   $                         685     $                         417     $                         268  
    Provision for credit losses on loans – individually evaluated                             (565 )                            1,451                            (2,016 )
    Provision for credit losses on loans                               120                              1,868                            (1,748 )
                 
    Provision for unfunded commitments                               211                            (1,246 )                            1,457  
                 
    Provision for credit losses   $                         331     $                         622     $                       (291 )

    The provision for credit losses on collectively evaluated loans of $685 thousand for the quarter ended March 31, 2025, resulted mainly from loan growth, partially offset by net recoveries, which were primarily from the sale of non-performing loans noted above.

    The decrease in the provision for credit losses of $291 thousand, compared to the prior year quarter, was due primarily to a net decrease in reserves on individually evaluated loans of $2.0 million, partially offset by an increase in reserves for unfunded commitments of $1.5 million.

    The decrease in reserves on individually evaluated loans was due primarily to two commercial relationships that experienced improvement in their collateral valuation compared to the prior year period, while the increase in reserves for unfunded commitments resulted primarily from an increase in off-balance sheet commitments that required a reserve.

    Non-Interest Income
    Non-interest income for the three months ended March 31, 2025, amounted to $5.2 million, a decrease of $307 thousand, or 6%, compared to the three months ended March 31, 2024. The decrease was due primarily to a decrease in gains on equity securities of $766 thousand, partially offset by an increase in wealth management fees of $247 thousand.

    Non-Interest Expense
    Non-interest expense for the three months ended March 31, 2025, amounted to $29.9 million, an increase of $1.0 million, or 4%, compared to the three months ended March 31, 2024. The increase was due primarily to increases in salaries and employee benefits expense of $760 thousand and merger-related expenses of $290 thousand.

    Income Taxes
    The effective tax rate for the three months ended March 31, 2025, amounted to 23.3%, compared to 23.7% for the three months ended March 31, 2024.

    Balance Sheet
    Total assets amounted to $4.90 billion at March 31, 2025, compared to $4.83 billion at December 31, 2024, an increase of 2%.

    Total investment securities at fair value amounted to $603.9 million at March 31, 2025, compared to $593.6 million at December 31, 2024, an increase of 2%. The increase during the three months ended March 31, 2025, was largely attributable to a decrease in unrealized losses on debt securities resulting from decreases in market interest rates during the period, partially offset by principal pay-downs, calls and maturities. Unrealized losses on debt securities amounted to $79.9 million at March 31, 2025, compared to $101.8 million at December 31, 2024, a decrease of 22%.

    Total loans amounted to $4.05 billion at March 31, 2025, compared to $3.98 billion at December 31, 2024, an increase of 2%. The increase during the three months ended March 31, 2025, was due primarily to an increase in commercial real estate loans of $70.2 million.

    Total deposits amounted to $4.30 billion at March 31, 2025, compared to $4.19 billion at December 31, 2024, an increase of 3%. The increase during the three months ended March 31, 2025, was due primarily to an increase in brokered deposits of $150.0 million. Excluding brokered deposits, total deposits decreased $37.0 million during the first quarter of 2025.

    Total borrowed funds amounted to $94.5 million at March 31, 2025, compared to $153.1 million at December 31, 2024, a decrease of 38%. The decrease during the three months ended March 31, 2025, resulted primarily from the increase in brokered deposits during the period.

    Total shareholders’ equity amounted to $385.4 million at March 31, 2025, compared to $360.7 million at December 31, 2024, an increase of 7%. The increase during the three months ended March 31, 2025, was due primarily to a decrease in the accumulated other comprehensive loss of $17.0 million and an increase in retained earnings of $7.3 million.

    Credit Quality

    Selected credit quality metrics at March 31, 2025, compared to December 31, 2024, were as follows:

    • The allowance for credit losses (“ACL”) for loans amounted to $64.0 million, or 1.58% of total loans, compared to $63.5 million, or 1.59% of total loans. The decrease in the ACL for loans to total loan ratio was due primarily to a decrease in reserves on individually evaluated loans.
    • The reserve for unfunded commitments (included in other liabilities) amounted to $4.6 million, compared to $4.4 million. The increase was driven primarily by an increase in off-balance sheet commitments that required a reserve.
    • Non-performing loans amounted to $28.5 million, or 0.70% of total loans, compared to $26.7 million, or 0.67% of total loans.

    Net recoveries for the three months ended March 31, 2025, amounted to $424 thousand, or 0.04% of average total loans, which included $461 thousand in recoveries from the sale of non-performing loans noted above. Net charge-offs for the three months ended March 31, 2024, amounted to $122 thousand, or 0.01% of average total loans.

    Wealth Management
    Wealth assets under management and administration, which are not carried as assets on the Company’s consolidated balance sheets, amounted to $1.51 billion at March 31, 2025, a decrease of $24.7 million, or 2%, compared to December 31, 2024, resulting primarily from a decrease in market values.

    ABOUT ENTERPRISE BANCORP, INC.
    Enterprise Bancorp, Inc. is a Massachusetts corporation that conducts substantially all its operations through Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank, and has reported 142 consecutive profitable quarters. Enterprise Bank is principally engaged in the business of attracting deposits from the general public and investing in commercial loans and investment securities. Through Enterprise Bank and its subsidiaries, the Company offers a range of commercial, residential and consumer loan products, deposit products and cash management services, electronic and digital banking options, as well as wealth management, and trust services. The Company’s headquarters and Enterprise Bank’s main office are located at 222 Merrimack Street in Lowell, Massachusetts. The Company’s primary market area is the Northern Middlesex, Northern Essex, and Northern Worcester counties of Massachusetts and the Southern Hillsborough and Southern Rockingham counties in New Hampshire. Enterprise Bank has 27 full-service branches located in the Massachusetts communities of Acton, Andover, Billerica (2), Chelmsford (2), Dracut, Fitchburg, Lawrence, Leominster, Lexington, Lowell (2), Methuen, North Andover, Tewksbury (2), Tyngsborough and Westford and in the New Hampshire communities of Derry, Hudson, Londonderry, Nashua (2), Pelham, Salem and Windham.

    FORWARD-LOOKING STATEMENTS
    This earnings release contains statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “upcoming,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms or expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Company. These risks, uncertainties, and other factors may cause the actual results, performance, and achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed in, or implied by, the forward-looking statements. Factors that could cause such differences include, but are not limited to, (i) disruption from the proposed merger with Independent; (ii) the risk that the proposed merger with Independent may not be completed in a timely manner or at all; (iii) the occurrence of any event, change, or other circumstances that could give rise to the termination of the proposed merger with Independent; (iv) the failure to obtain necessary regulatory approvals for the proposed merger with Independent; (v) the ability to successfully integrate the combined business; (vi) the possibility that the amount of the costs, fees, expenses, and charges related to the proposed merger with Independent may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities; (vii) the failure of the conditions to the proposed merger with Independent to be satisfied; (viii) reputational risk and the reaction of the parties’ customers to the proposed merger with Independent; (xi) the risk of potential litigation or regulatory action related to the proposed merger with Independent; (x) the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; (xi) potential recession in the United States and our market areas; (xii) the impacts related to or resulting from uncertainty in the banking industry as a whole; (xiii) increased competition for deposits and related changes in deposit customer behavior; (xiv) the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; (xv) the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; (xvi) the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; (xvii) increases in unemployment rates in the United States and our market areas; (xviii) adverse changes in customer spending and savings habits; (xix) declines in commercial real estate values and prices; (xx) a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding United States fiscal debt, deficit and budget matters; (xxi) cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; (xxii) severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress, including potential changes in U.S. and international trade and tariff policies and the resulting impact on the Company and its customers; (xxiii) the effect of volatility in the capital markets on our fee income from our wealth management business; (xxiv) competition and market expansion opportunities; (xxv) changes in non-interest expenditures or in the anticipated benefits of such expenditures; (xxvi) changes in tax laws; (xxvii) the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; (xxviii) potential increased costs related to the impacts of climate change; and (xxix) current or future litigation, regulatory examinations or other legal and/or regulatory actions. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. For more information about these factors, please see our reports filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Any forward-looking statements contained in this earnings release are made as of the date hereof, and we undertake no duty, and specifically disclaim any duty, to update or revise any such statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

    ADDITIONAL INFORMATION AND WHERE TO FIND IT
    This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    In connection with the proposed transaction between Independent and Enterprise, Independent has filed with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) that includes a proxy statement for a special meeting of Enterprise’s shareholders to approve the proposed transaction and that also constitutes a prospectus for the Independent common stock that will be issued in the proposed transaction, as well as other relevant documents concerning the proposed transaction. INVESTORS AND SHAREHOLDERS OF INDEPENDENT AND ENTERPRISE ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT INDEPENDENT, ENTERPRISE AND THE PROPOSED TRANSACTION. Copies of the Registration Statement and of the proxy statement/prospectus and other filings incorporated by reference therein, as well as other filings containing information about Independent and Enterprise, can be obtained, free of charge, as they become available at the SEC’s website (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to Independent Investor Relations, 288 Union Street, Rockland, Massachusetts 02370, telephone (774) 363-9872 or to Enterprise Bancorp, Inc., 222 Merrimack Street, Lowell, MA 01852, Attention: Corporate Secretary, telephone (978) 656-5578.

    ENTERPRISE BANCORP, INC.
    Consolidated Balance Sheets
    (unaudited)
     
    (Dollars in thousands, except per share data)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Assets            
    Cash and cash equivalents:            
    Cash and due from banks   $       52,194     $       42,689     $       41,443  
    Interest-earning deposits with banks             34,543               41,152             106,391  
    Total cash and cash equivalents             86,737               83,841             147,834  
    Investments:            
    Debt securities at fair value (amortized cost of $674,601, $685,766 and $749,561 respectively)           594,691             583,930             643,924  
    Equity securities at fair value               9,242                 9,665                 8,102  
    Total investment securities at fair value           603,933             593,595             652,026  
    Federal Home Loan Bank stock               4,932                 7,093                 2,482  
    Loans held for sale               1,069                    520                    400  
    Loans:            
    Total loans        4,049,642          3,982,898          3,654,322  
    Allowance for credit losses           (64,042 )           (63,498 )           (60,741 )
    Net loans        3,985,600          3,919,400          3,593,581  
    Premises and equipment, net             41,464               42,444               44,671  
    Lease right-of-use asset             23,946               24,126               24,645  
    Accrued interest receivable             21,782               20,553               20,501  
    Deferred income taxes, net             42,338               49,096               47,903  
    Bank-owned life insurance             67,927               67,421               65,878  
    Prepaid income taxes               4,099                 2,583                 5,771  
    Prepaid expenses and other assets             11,006               11,398               12,667  
    Goodwill               5,656                 5,656                 5,656  
    Total assets   $ 4,900,489     $ 4,827,726     $ 4,624,015  
    Liabilities and Shareholders‘ Equity            
    Liabilities            
    Deposits:            
    Customer deposits   $ 4,150,668     $ 4,187,698     $ 4,106,119  
    Brokered deposits           149,975                      —                      —  
    Total deposits        4,300,643          4,187,698          4,106,119  
    Borrowed funds             94,493             153,136               63,246  
    Subordinated debt             59,894               59,815               59,577  
    Lease liability             23,699               23,849               24,303  
    Accrued expenses and other liabilities             29,422               33,425               30,945  
    Accrued interest payable               6,983                 9,055                 6,386  
    Total liabilities        4,515,134          4,466,978          4,290,576  
    Commitments and Contingencies            
    Shareholders‘ Equity            
    Preferred stock, $0.01 par value per share; 1,000,000 shares authorized; no shares issued                    —                      —                      —  
    Common stock, $0.01 par value per share; 40,000,000 shares authorized; 12,510,019, 12,447,308 and 12,376,562 shares issued and outstanding, respectively.                  125                    124                    124  
    Additional paid-in capital           111,621             111,295             108,246  
    Retained earnings           335,568             328,243             306,943  
    Accumulated other comprehensive loss           (61,959 )           (78,914 )           (81,874 )
    Total shareholders’ equity           385,355             360,748             333,439  
    Total liabilities and shareholders’ equity   $ 4,900,489     $ 4,827,726     $ 4,624,015  
    ENTERPRISE BANCORP, INC.
    Consolidated Statements of Income
    (unaudited)
     
        Three months ended
    (Dollars in thousands, except per share data)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Interest and dividend income:            
    Other interest-earning assets   $               535     $               833     $            1,172
    Investment securities                  3,608                    3,881                    4,034
    Loans and loans held for sale                55,408                  54,528                  48,817
    Total interest and dividend income                59,551                  59,242                  54,023
    Interest expense:            
    Deposits                18,288                  19,488                  17,272
    Borrowed funds                  1,706                       394                       694
    Subordinated debt                     867                       867                       867
    Total interest expense                20,861                  20,749                  18,833
    Net interest income                38,690                  38,493                  35,190
    Provision for credit losses                     331                     (106 )                     622
    Net interest income after provision for credit losses                38,359                  38,599                  34,568
    Non-interest income:            
    Wealth management fees                  2,097                    2,043                    1,850
    Deposit and interchange fees                  2,157                    2,240                    2,069
    Income on bank-owned life insurance, net                     506                       522                       458
    Net gains on sales of loans                       47                         33                         22
    Net (losses) gains on equity securities                   (301 )                     (30 )                     465
    Other income                     682                       808                       631
    Total non-interest income                  5,188                    5,616                    5,495
    Non-interest expense:            
    Salaries and employee benefits                19,936                  19,276                  19,176
    Occupancy and equipment expenses                  2,582                    2,364                    2,459
    Technology and telecommunications expenses                  2,709                    2,687                    2,745
    Advertising and public relations expenses                     752                       609                       743
    Audit, legal and other professional fees                     541                       460                       734
    Deposit insurance premiums                     878                       950                       859
    Supplies and postage expenses                     229                       242                       237
    Merger-related expenses                     290                    1,137                         —
    Other operating expenses                  2,032                    2,117                    1,955
    Total non-interest expense                29,949                  29,842                  28,908
    Income before income taxes                13,598                  14,373                  11,155
    Provision for income taxes                  3,163                    3,646                    2,648
    Net income   $          10,435     $          10,727     $            8,507
                 
    Basic earnings per common share   $              0.84     $              0.86     $              0.69
    Diluted earnings per common share   $              0.84     $              0.86     $              0.69
                 
    Basic weighted average common shares outstanding         12,464,721           12,433,895           12,292,417
    Diluted weighted average common shares outstanding         12,495,458           12,460,063           12,304,203
    ENTERPRISE BANCORP, INC.
    Selected Consolidated Financial Data and Ratios
    (unaudited)
         
        At or for the three months ended
    (Dollars in thousands, except per share data)   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Balance Sheet Data                    
    Total cash and cash equivalents   $        86,737     $        83,841     $        88,632     $      199,719     $      147,834  
    Total investment securities at fair value            603,933              593,595              631,975              636,838              652,026  
    Total loans         4,049,642           3,982,898           3,858,940           3,768,649           3,654,322  
    Allowance for credit losses           (64,042 )           (63,498 )           (63,654 )           (61,999 )           (60,741 )
    Total assets         4,900,489           4,827,726           4,742,809           4,773,681           4,624,015  
    Customer deposits         4,150,668           4,187,698           4,189,461           4,248,801           4,106,119  
    Brokered deposits            149,975                       —                       —                       —                       —  
    Borrowed funds              94,493              153,136                59,949                61,785                63,246  
    Subordinated debt              59,894                59,815                59,736                59,657                59,577  
    Total shareholders’ equity            385,355              360,748              368,109              340,441              333,439  
    Total liabilities and shareholders’ equity         4,900,489           4,827,726           4,742,809           4,773,681           4,624,015  
                         
    Wealth Management                    
    Wealth assets under management   $   1,214,050     $   1,230,014     $   1,212,076     $   1,129,147     $   1,105,036  
    Wealth assets under administration   $      297,233     $      305,930     $      302,891     $      267,529     $      268,074  
                         
    Shareholders’ Equity Ratios                    
    Book value per common share   $          30.80     $          28.98     $          29.62     $          27.40     $          26.94  
    Dividends paid per common share   $            0.25     $            0.24     $            0.24     $            0.24     $            0.24  
                         
    Regulatory Capital Ratios                    
    Total capital to risk weighted assets     13.06 %     13.06 %     13.07 %     13.07 %     13.20 %
    Tier 1 capital to risk weighted assets(1)     10.39 %     10.38 %     10.36 %     10.34 %     10.43 %
    Tier 1 capital to average assets     8.98 %     8.94 %     8.68 %     8.76 %     8.85 %
                         
    Credit Quality Data                    
    Non-performing loans   $        28,479     $        26,687     $        25,946     $        17,731     $        18,527  
    Non-performing loans to total loans     0.70 %     0.67 %     0.67 %     0.47 %     0.51 %
    Non-performing assets to total assets     0.58 %     0.55 %     0.55 %     0.37 %     0.40 %
    ACL for loans to total loans     1.58 %     1.59 %     1.65 %     1.65 %     1.66 %
    Net (recoveries) charge-offs   $          (424 )   $             221     $              (7 )   $          (130 )   $             122  
                         
    Income Statement Data                    
    Net interest income   $        38,690     $        38,493     $        38,020     $        36,161     $        35,190  
    Provision for credit losses                   331                  (106 )                1,332                     137                     622  
    Total non-interest income                5,188                  5,616                  6,140                  5,628                  5,495  
    Total non-interest expense              29,949                29,842                29,353                29,029                28,908  
    Income before income taxes              13,598                14,373                13,475                12,623                11,155  
    Provision for income taxes                3,163                  3,646                  3,488                  3,111                  2,648  
    Net income   $        10,435     $        10,727     $          9,987     $          9,512     $          8,507  
                         
    Income Statement Ratios                    
    Diluted earnings per common share   $            0.84     $            0.86     $            0.80     $            0.77     $            0.69  
    Return on average total assets     0.87 %     0.89 %     0.82 %     0.82 %     0.75 %
    Return on average shareholders’ equity     11.45 %     11.82 %     11.20 %     11.55 %     10.47 %
    Net interest margin (tax-equivalent)(2)     3.32 %     3.29 %     3.22 %     3.19 %     3.20 %
    (1) Ratio also represents common equity tier 1 capital to risk weighted assets as of the periods presented.
    (2) Tax-equivalent net interest margin is net interest income adjusted for the tax-equivalent effect associated with tax-exempt loan and investment income, expressed as a percentage of average interest-earning assets.
    ENTERPRISE BANCORP, INC.
    Consolidated Loan and Deposit Data
    (unaudited)
     
    Major classifications of loans at the dates indicated were as follows:
     
    (Dollars in thousands)   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Commercial real estate owner-occupied   $      708,645     $      704,634     $      660,063     $      660,478     $      635,420  
    Commercial real estate non owner-occupied         1,629,394           1,563,201           1,579,827           1,544,386           1,524,174  
    Commercial and industrial            483,165              479,821              415,642              426,976              417,604  
    Commercial construction            664,936              679,969              674,434              622,094              583,711  
    Total commercial loans         3,486,140           3,427,625           3,329,966           3,253,934           3,160,909  
                         
    Residential mortgages            450,456              443,096              424,030              413,323              400,093  
    Home equity loans and lines            105,779              103,858                95,982                93,220                85,144  
    Consumer                7,267                  8,319                  8,962                  8,172                  8,176  
    Total retail loans            563,502              555,273              528,974              514,715              493,413  
    Total loans         4,049,642           3,982,898           3,858,940           3,768,649           3,654,322  
                         
    ACL for loans           (64,042 )           (63,498 )           (63,654 )           (61,999 )           (60,741 )
    Net loans   $   3,985,600     $   3,919,400     $   3,795,286     $   3,706,650     $   3,593,581  
    Deposits are summarized at the periods indicated were as follows:
     
    (Dollars in thousands)   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    Non-interest checking   $     1,028,326   $     1,077,998   $     1,064,424   $     1,041,771   $     1,038,887
    Interest-bearing checking              715,517              699,671              682,050              788,822              730,819
    Savings              284,960              270,367              279,824              294,566              285,090
    Money market           1,437,907           1,454,443           1,488,437           1,504,551           1,469,181
    CDs $250,000 or less              393,890              377,958              375,055              358,149              337,367
    CDs greater than $250,000              290,068              307,261              299,671              260,942              244,775
    Total customer deposits           4,150,668           4,187,698           4,189,461           4,248,801           4,106,119
    Brokered deposits              149,975                       —                       —                       —                       —
     Deposits   $     4,300,643   $     4,187,698   $     4,189,461   $     4,248,801   $     4,106,119
    ENTERPRISE BANCORP, INC.
    Consolidated Average Balance Sheets and Yields (tax-equivalent basis)
    (unaudited)
     
    The following table presents the Company’s average balance sheets, net interest income and average rates for the periods indicated:
     
        Three months ended March 31, 2025   Three months ended December 31, 2024   Three months ended March 31, 2024
    (Dollars in thousands)   Average
    Balance    		   Interest(1)   Average
    Yield(1)    		   Average
    Balance    		   Interest(1)   Average
    Yield(1)    		   Average
    Balance    		   Interest(1)   Average
    Yield(1)
    Assets:                                    
    Other interest-earning assets(2)   $            44,673   $           535   4.86 %   $            68,224   $           833   4.85 %   $            86,078   $         1,172   5.48 %
    Investment securities(3) (tax-equivalent)                689,138               3,705   2.15 %                704,629               3,985   2.26 %                763,692               4,157   2.18 %
    Loans and loans held for sale(4) (tax-equivalent)              4,015,667             55,555   5.60 %              3,911,386             54,673   5.56 %              3,608,157             48,960   5.46 %
    Total interest-earnings assets (tax-equivalent)              4,749,478             59,795   5.10 %              4,684,239             59,491   5.06 %              4,457,927             54,289   4.89 %
    Other assets                  98,003                        101,952                          91,794        
    Total assets   $        4,847,481           $        4,786,191           $        4,549,721        
                                         
    Liabilities and stockholders’ equity:                                    
    Non-interest checking   $        1,034,122                   —       $        1,106,823                   —       $        1,069,145                   —    
    Interest checking, savings and money market              2,405,722             10,332   1.74 %              2,471,854             11,728   1.89 %              2,418,947             11,356   1.89 %
    CDs                686,689               7,121   4.21 %                683,248               7,760   4.52 %                549,097               5,916   4.33 %
    Brokered deposits                  76,647                 835   4.42 %                        —                   —   — %                        —                   —   — %
    Total deposits              4,203,180             18,288   1.68 %              4,261,925             19,488   1.82 %              4,037,189             17,272   1.72 %
    Borrowed funds                154,911               1,706   4.47 %                  37,812                 394   4.15 %                  63,627                 694   4.38 %
    Subordinated debt(5)                  59,847                 867   5.79 %                  59,768                 867   5.80 %                  59,530                 867   5.82 %
    Total funding liabilities              4,417,938             20,861   1.91 %              4,359,505             20,749   1.89 %              4,160,346             18,833   1.82 %
    Other liabilities                  59,976                          65,720                          62,500        
    Total liabilities              4,477,914                      4,425,225                      4,222,846        
    Stockholders’ equity                369,567                        360,966                        326,875        
    Total liabilities and stockholders’ equity   $        4,847,481           $        4,786,191           $        4,549,721        
                                         
    Net interest-rate spread (tax-equivalent)           3.19 %           3.17 %           3.07 %
    Net interest income (tax-equivalent)                 38,934                     38,742                     35,456    
    Net interest margin (tax-equivalent)           3.32 %           3.29 %           3.20 %
    Less tax-equivalent adjustment                     244                         249                         266    
    Net interest income       $       38,690           $       38,493           $       35,190    
    Net interest margin           3.29 %           3.27 %           3.17 %
    (1) Average yields and interest income are presented on a tax-equivalent basis, calculated using a U.S. federal income tax rate of 21% for each period presented, based on tax-equivalent adjustments associated with tax-exempt loans and investments interest income.
    (2) Average other interest-earning assets include interest-earning deposits with banks, federal funds sold and Federal Home Loan Bank stock.
    (3) Average investment securities are presented at average amortized cost.
    (4) Average loans and loans held for sale are presented at average amortized cost and include non-accrual loans.
    (5) Subordinated debt is net of average deferred debt issuance costs.

    Contact Info: Joseph R. Lussier, Executive Vice President, Chief Financial Officer and Treasurer (978) 656-5578

    The MIL Network –

  • MIL-OSI USA: Rep. Frankel Introduces Bill to Protect Seniors from New Trump Social Security Repayment Policy

    Source: United States House of Representatives – Congresswoman Lois Frankel (FL-21)

    Washington, DC – Today, Representative Lois Frankel (FL-22) joined several of her House Democratic colleagues to introduce the Claws Off Social Security Act—a bill that protects seniors from having their entire Social Security checks withheld in cases of accidental overpayment.

    Under a recently implemented policy by the Trump Administration, the Social Security Administration (SSA) may withhold 100 percent of a senior’s benefit if an accidental overpayment occurs—even when the mistake was through no fault of the beneficiary. This change could leave millions of Americans without the income they rely on for food, housing, and medicine.

    The Claws Off Social Security Act would reinstate a commonsense safeguard previously in place during the Biden Administration, which limited repayments to 10 percent of a recipient’s monthly benefit. This allows seniors to repay overpayments gradually without being pushed into financial crisis.

    “For so many older Americans, a Social Security check isn’t a luxury—it’s a lifeline,” said Rep. Frankel. “It helps keep food on the table, the lights on, and critical medications within reach. It’s simply wrong to take away someone’s entire income because of a government mistake. This bill restores fairness and compassion to the system—ensuring seniors can repay what’s owed without losing everything they depend on to get by.”

    In 2023 alone, the SSA sought to recover overpayments from more than two million people. Many were blindsided by sudden demands for repayment and feared losing their only source of income.

    The Claws Off Social Security Act would:

    1. Cap the SSA’s monthly withholding for overpayments at 10 percent of a recipient’s benefit;
    2. Allow beneficiaries the option to repay more if they choose; and
    3. Provide an exception in cases involving fraud.

    The bill is co-led by Reps. Dwight Evans (PA-03), John Larson (CT-01), and Rosa DeLauro (CT-03), and is endorsed by leading advocacy organizations including Justice in Aging, the National Committee to Preserve Social Security and Medicare, and Social Security Works.

    Click here to read the full text.

    ###

    MIL OSI USA News –

  • MIL-OSI: Navicore Solutions Sees a Rising Need for Debt Management Services as Credit Card Usage Increases Despite Associated High Interest Rates

    Source: GlobeNewswire (MIL-OSI)

    MANALAPAN, N.J., April 17, 2025 (GLOBE NEWSWIRE) — Navicore Solutions, a leading nonprofit credit counseling organization, has found a significant increase in Americans seeking debt management assistance in the first quarter of 2025. As credit card balances continue to increase despite soaring interest rates, Navicore offers more consumer education and support to consumers nationwide.

    Americans now collectively owe a record $1.21 trillion on their credit cards, according to recent data from the Federal Reserve Bank of New York, with credit card balances jumping by $45 billion in the fourth quarter of 2024—a 7.3% increase from the previous year. This surge comes at a time when credit card interest rates average an astounding 23%, far exceeding rates on any other major type of loan or bond.

    “Credit card interest rates are at historic highs, yet consumers continue to rely heavily on this expensive form of credit. The result can be a dangerous cycle of debt that’s increasingly difficult for households to escape without assistance,” said Diane Gray, Chief Operating Officer at Navicore.

    The percentage of credit cardholders carrying debt from month to month has increased to 48%, up from 44% at the start of 2024, with 53% of those individuals having been in debt for at least a year. Even more concerning is that the average credit card balance per consumer has climbed to approximately $6,580, reflecting a 3.5% increase year over year.

    “With annual percentage rates exceeding 20%, consumers making only minimum payments on the average credit card balance face an 18-year journey to debt freedom, accumulating a large amount of interest over that period,” explained Gray. “This mathematical reality may be shocking to many consumers when they review their financial situations.”

    Adding to these concerns, the share of credit card holders making only minimum payments reached 10.75% in the third quarter of 2024, the highest level recorded in the last 12 years. Simultaneously, delinquency rates have climbed, with 7.18% of balances transitioning to delinquency over the last year and the share of balances more than 30 days past due rising to 3.52%, up from 3.21% as reported by the Federal Reserve Bank of Philadelphia.

    In response to these trends, Navicore Solutions has continued to provide quality counseling services, debt management programs and financial education initiatives. “Our debt management plans help consumers pay down their credit card debt, often at lower interest rates, typically reducing monthly their payments to a manageable level” said Gray, “but beyond immediate relief, we’re focused on providing financial education and budgeting skills that empower consumers to break the cycle of debt dependence altogether.”

    About Navicore Solutions

    Founded in 1991, Navicore Solutions is a national leader in the field of nonprofit financial counseling with a mission to strengthen the well-being of individuals and families through education, guidance, advocacy, and support.

    Navicore counselors provide a wide range of services including credit counseling to consumers in need; education programs through workshops, courses and written material; debt management plan to provide relief for applicable consumers; student loan counseling for those struggling with student loan debt; and housing counseling services in the areas of rental, pre-purchase, default and reverse mortgage. The agency is an advocate of financial education helping communities achieve and maintain financial stability.

    Contact:
    Lori Stratford
    Digital Marketing Manager
    Navicore Solutions
    lstratford@navicoresolutions.org
    navicoresolutions.org

    The MIL Network –

  • MIL-OSI Security: Physician Convicted at Trial for Illegal Distribution of Opioids and Health Care Fraud Conspiracies

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

    A federal jury convicted a medical doctor yesterday for his participation in conspiracies to commit health care fraud and wire fraud and to unlawfully distribute controlled substances.

    According to court documents and evidence presented at trial, Neil K. Anand M.D., 48, of Bensalem, Pennsylvania, conspired to submit false and fraudulent claims to Medicare, health plans provided by the U.S. Office of Personnel Management (OPM), Independence Blue Cross (IBC), and Anthem, for “Goody Bags” of medically unnecessary prescription medications, which were dispensed to patients by in-house pharmacies owned by Anand. As the evidence at trial showed, the conspirators required patients to take the Goody Bags, which they did not need or want, to receive prescriptions for controlled substances. In total, Medicare, OPM, IBC, and Anthem paid over $2.3 million for the Goody Bags. Anand also conspired to distribute oxycodone outside the usual course of professional practice and without a legitimate medical purpose. In furtherance of the conspiracy, unlicensed medical interns wrote prescriptions for controlled substances using blank prescriptions that were pre-signed by Anand. Anand prescribed 20,850 oxycodone tablets for nine different patients, as part of the scheme. After learning that he was under investigation, Anand concealed the proceeds of the fraud by transferring approximately $1.2 million into an account in the name of his father and for the benefit of his minor daughter.

    Anand was convicted of conspiracy to commit health care fraud and wire fraud; three counts of health care fraud; one count of money laundering; four counts of unlawful monetary transactions; and conspiracy to distribute controlled substances. He is scheduled to be sentenced on Aug. 19 and faces a statutory maximum penalty of 130 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Special Agent in Charge Maureen Dixon of the Department of Health and Human Services Office of the Inspector General (HHS-OIG); Special Agent in Charge Kathleen Woodson of the U.S. Postal Service Office of Inspector General (U.S. Postal Service OIG); and Special Agent in Charge of Investigative Operations Derek Holt of the OPM-Office of the Inspector General (OPM-OIG) made the announcement.

    The HHS-OIG, U.S. Postal Service OIG, and OPM OIG investigated the case.  FBI’s Philadelphia Field Office provided valuable assistance.

    Trial Attorneys Paul J. Koob, Patrick J. Campbell, and Arun Bodapati of the Criminal Division’s Fraud Section are prosecuting the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

  • MIL-OSI: AppFolio and Second Nature Announce Partnership to Enhance the Resident Experience

    Source: GlobeNewswire (MIL-OSI)

    SANTA BARBARA, CA and RALEIGH, N.C., April 17, 2025 (GLOBE NEWSWIRE) — AppFolio (NASDAQ:APPF), a technology leader powering the future of the real estate industry, and Second Nature, a proptech company and leader in the resident experience, today announced a strategic partnership to enhance the resident experience for the millions of residents their customers serve.

    Through this partnership, AppFolio customers will have the ability to offer Second Nature’s suite of services within the AppFolio Stack™ partner ecosystem. By integrating Second Nature’s offered benefits, property managers can offer valuable programs including credit building, air filter delivery, pest control, rewards, and more. A standout example is Second Nature’s latest offering: Group Rate Internet, which provides residents with reliable, high-speed internet at a great rate.

    Upcoming findings from the AppFolio 2025 Renter Preferences Report reveal that 71% of renters say resident benefits are important when evaluating a new rental, but only 42% report they are currently available to them — providing a key opportunity for property managers to differentiate. With retention and occupancy top of mind for property managers, meeting — and exceeding — resident expectations is essential to winning in a crowded market.

    “In today’s competitive real estate environment, resident expectations have never been higher,” said Kyle Triplett, SVP, Product at AppFolio. “By partnering with Second Nature, we’re investing in the tools property managers need to exceed those expectations—streamlining operations while delivering unmatched resident satisfaction. This strategic move underscores our commitment to the resident journey as we continue to build the platform that powers the real estate industry.”

    “Our mission is to design, onboard, and power ‘Triple Win Experiences’ where residents win, investors win, and property managers win together. AppFolio and Second Nature coming together to integrate our offerings is a big step in replacing friction with effortless, exceptional experiences for all,” said Thad Tarkington, Founder and CEO at Second Nature.

    This partnership is the latest example of AppFolio’s commitment to delivering exceptional value to property managers and their residents. It complements FolioSpace™—a next-generation resident experience that redefines how property managers and renters connect throughout the entire resident journey—by introducing an additional suite of integrated services that simplify move-in and day-to-day living. AppFolio also recently teamed up with Zillow to streamline leasing, helping renters discover homes faster and property managers fill vacancies more efficiently. Alongside new capabilities in AppFolio Realm-X, which automate routine resident communications and other administrative tasks, these initiatives collectively empower property managers to focus on higher-impact work while offering a truly modern rental experience.

    About AppFolio
    AppFolio is a technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business.

    For more information about AppFolio, visit appfolio.com.

    About Second Nature
    Second Nature is a leading resident experience platform powering resident onboarding, lease-enrolled services, and ancillary income for professional property managers. Dedicated to creating “Triple Win” outcomes for residents, investors, and property managers, Second Nature streamlines processes, enhances living experiences, and fosters stronger relationships in the long-term rental market.

    For more information about Second Nature, visit secondnature.com.

    For more information, please contact:
    AppFolio
    appfolio@missionnorth.com

    Second Nature
    triplewin@secondnature.com

    Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “future’” “predicts, “projects,” “target,” “seeks,” “contemplates,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release include statements relating to the potential benefits and effect of AppFolio’s partnership with Second Nature, the FolioSpace resident application, and the Realm-X services and their impact on AppFolio’s plans, objectives, expectations and capabilities.

    Forward-looking statements represent AppFolio’s current beliefs and expectations based on information currently available and speak only as of the date the statement is made. Forward-looking statements are subject to numerous known and unknown risks, uncertainties and other factors that may cause AppFolio’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The risks, uncertainties and other factors that may cause actual results, performance or achievements to materially differ from those expressed or implied by these forward-looking statements include AppFolio’s ability to successfully offer the Second Nature products within the AppFolio ecosystem and launch the FolioSpace resident application, AppFolio’s ability to implement its plans, objectives and expectations with respect to the Second Nature partnership, the FolioSpace resident application, and Realm-X, negative effects of the announcement of the Second Nature partnership on AppFolio’s business operations, operating results or share price as well as those risks, uncertainties and other factors described in the section entitled “Risk Factors” in AppFolio’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 6, 2025, and the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in AppFolio’s most recently filed Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as well as in its other filings with the SEC. You should read this press release with the understanding that AppFolio’s actual future results may be materially different from the results expressed or implied by these forward-looking statements.

    AppFolio undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8904ce1b-1246-42d6-ab30-9eecfd90bfa1

    The MIL Network –

  • MIL-OSI USA: PRESS RELEASE: Congresswoman Barragán Hosts a Full House Community Conversation

    Source: United States House of Representatives – Representative Nanette Diaz Barragán (CA-44)

    FOR IMMEDIATE RELEASE
    April 16, 2025

    Contact: Jin.Choi@mail.house.gov

    South Gate, CA — On Monday, Congresswoman Nanette Barragán (CA-44) held a second Community Conversation on the proposed Republican cuts to Medicaid, Social Security, and other essential government services; the tariff “tax” on everyday essential items; the illegal deportation of legally protected immigrants; and the impacts of these actions on communities in the district. After hosting nearly 400 constituents at her first Community Conversation in San Pedro, last night’s event saw close to 300 people gather in South Gate to hear from the Congresswoman, ask questions, and tell their personal stories of how they would be impacted by these policies. 

    The Congresswoman was joined by Community Health Pediatrician and Medical Director of Health Education and Wellness at AltaMed, Dr. Ilan Shapiro, and Immigration Attorney at the Legal Aid Foundation of Los Angeles (LAFLA), Christine Yoon. 

    “Our constituents are scared and worried about the changes coming from Republicans in Washington that will have a serious impact on their daily lives,” said Rep. Barragán. “The Trump Tax on everyday essentials like groceries, clothes, and cars and the massive cuts to federal programs affect every family in our communities. Parents should not have to decide between buying medicine for their child or putting food on the table. Seniors should not be threatened with loss of care in nursing homes while their children work full-time. And families should not have to pay thousands more every year for everyday essentials because of a misguided trade-war. House Democrats will continue to show up in our communities and fight to protect critical programs that hardworking Americans rely on every day.” 

    “Medicaid funding not only ensures that 37 million children in our country have access to care, it also helps fund critical programs for children’s mental health and children with disabilities. As a pediatrician, when Medicaid is funded, I can ensure the children I care for have access to the preventative care they need to help them grow healthy. Cutting Medicaid also cuts doctors, nurses, and resources for community health centers, hospitals, and specialty care. If we truly believe in protecting the most vulnerable in our society and investing in the future of our children, then we must protect and preserve Medicaid at all costs,” said Dr. Shapiro.

    As a practicing community pediatrician, I can tell you that if my Medicaid patients lose access or have to pay increased costs in care, the impacts will be long-lasting and detrimental to their lives, their families, and their communities,” he continued. 

    The full livestream can be found HERE. 

    ###

    MIL OSI USA News –

  • MIL-OSI: Sachem Capital Sets Dates for First Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    BRANFORD, Conn., April 17, 2025 (GLOBE NEWSWIRE) — Sachem Capital Corp. (NYSE American: SACH) (the “Company”) announced today that the Company will release its first quarter 2025 financial results before market open on Thursday, May 1, 2025. A webcast and conference call to discuss the results will be held on Thursday, May 1, 2025, at 8:00 a.m. Eastern Time.

    Webcast:
    A webcast of the conference call will be available on the Investors section of the Company’s website www.sachemcapitalcorp.com. To listen to the live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register and install any necessary audio software.

    To Participate in the Telephone Conference Call:
    Dial in at least 15 minutes prior to the start time.

    Domestic: 1-877-704-4453
    International: 1-201-389-0920

    Conference Call Playback:
    Domestic: 1-844-512-2921
    International: 1-412-317-6671
    Passcode: 13752977
    The playback can be accessed through Thursday, May 15, 2025

    About Sachem Capital Corp.
    Sachem Capital Corp. is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e., three years or less) secured, nonbanking loans to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. The Company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate and is personally guaranteed by the principal(s) of the borrower. The Company also makes opportunistic real estate purchases apart from its lending activities.

    Contact:
    Sachem Capital
    Investor Relations
    Email: investors@sachemcapitalcorp.com

    The MIL Network –

  • MIL-OSI Video: Department of State Press Briefing – April 17, 2025

    Source: United States of America – Department of State (video statements)

    Spokesperson Tammy Bruce leads the Department Press Briefing, at the Department of State, on April 17, 2025.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    X: https://x.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
    Careers website: https://careers.state.gov/
    White House website: https://www.whitehouse.gov/
    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=g9rf_fstPfk

    MIL OSI Video –

  • MIL-OSI Canada: She shoots, she scores!

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Security: Florissant Sex Offender Admits New Child Pornography Offense

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

    ST. LOUIS – A registered sex offender from Florissant, Missouri on Wednesday admitted possessing child sexual abuse material.

    Christopher A. Wheetley, 42, pleaded guilty to one count of receipt of child pornography. He admitted that 470 images and one video containing child sexual abuse material (CSAM) were found on his computer, as well as internet searches consistent with an interest in CSAM. The computer also contained 1,081 images and four videos in which children appeared to be depicted but their ages could not be determined.

    The CSAM was found on the computer after a St. Louis County Police Department detective conducting an online “peer-to-peer” investigation discovered CSAM on Sept. 12, 2023, that was linked to an IP address that traced back to Wheetley’s home. That home was the subject of an earlier investigation after the National Center for Missing and Exploited Children on Nov. 10, 2020, received a cyber-tip that 40 files containing CSAM had been uploaded to Kik in October from an IP address matching Wheetley.

    The day before the tip was received, Wheetley pleaded no contest to one count of possession of child pornography in California Superior Court in Pomona. When detectives arrived at his Florissant address to investigate the tip, he was in California to complete his term of probation for the child pornography conviction.

    Because Wheetley was previously convicted of distribution of child pornography, he faces at least 15 years in prison for the crime. The U.S. Attorney’s Office and Wheetley’s lawyer will recommend 15 years at the time of his sentencing, which is set for July 17.

    The St. Louis County Police Department and the FBI investigated the case. Assistant U.S. Attorney Michael Hayes is prosecuting the case.

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

    MIL Security OSI –