Category: Intelligence Agencies

  • MIL-OSI Security: Justice Department announces results of Operation Restore Justice: 205 alleged child sex abuse offenders arrested in FBI-led 5-day nationwide crackdown

    Source: United States Department of Justice (Human Trafficking)

    Seven cases move forward in Western Washington during National Child Abuse Prevention month

    Seattle – Today, the Department of Justice announced the results of Operation Restore Justice, a coordinated enforcement effort to identify, track and arrest child sex predators.  The operation resulted in the rescue of 115 children and the arrest of 205 child sexual abuse offenders in the nationwide crackdown.  The coordinated effort was executed by all 55 FBI field offices, the Child Exploitation and Obscenity Section in the Department’s Criminal Division, and United States Attorney’s Offices around the country.

    “The Department of Justice will never stop fighting to protect victims — especially child victims — and we will not rest until we hunt down, arrest, and prosecute every child predator who preys on the most vulnerable among us,” said Attorney General Pamela Bondi. “I am grateful to the FBI and their state and local partners for their incredible work in Operation Restore Justice and have directed my prosecutors not to negotiate.”

    “Every child deserves to grow up free from fear and exploitation, and the FBI will continue to be relentless in our pursuit of those who exploit the most vulnerable among us,” said FBI Director Kash Patel. “Operation Restore Justice proves that no predator is out of reach and no child will be forgotten. By leveraging the strength of all our field offices and our federal, state, and local partners, we’re sending a clear message: there is no place to hide for those who prey on children.”

    In the Western District of Washington, seven federal cases moved forward with criminal charges, pleas, and/or sentencings of those who target minors for sexual abuse.

    “There is no greater responsibility than protecting our children from those seeking to sexually abuse them, either online or in person,” said Acting U.S. Attorney Teal Luthy Miller. “The cases we prosecuted over the last month charging child sexual exploitation in person and over the internet, and child sex trafficking are examples of the difficult work we do every day with our law enforcement partners to try to keep children safe.”

    “FBI Seattle’s Violent Crimes Against Children squad and our partners are hard at work, not only during Child Abuse Prevention Month in April, but also throughout the year,” said W. Mike Herrington, Special Agent in Charge of the FBI Seattle field office. “We are arresting predators, recovering children, and assisting victims through the support of our victim specialists. Just this fiscal year in the Seattle division, we have arrested 122 subjects and identified or located 59 children.”

    These are the FBI-led child sex abuse cases prosecuted in the Western District of Washington in April 2025:

    Others arrested around the country are alleged to have committed various crimes including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking. In Minneapolis, for example, a state trooper and Army Reservist was arrested for allegedly producing child sexual abuse material while wearing his uniforms. In Norfolk, VA, an illegal alien from Mexico is accused of transporting a minor across state lines for sex. In Washington, D.C., a former Metropolitan Police Department Police Officer was arrested for allegedly trafficking minor victims.

    In many cases, parental vigilance and community outreach efforts played a critical role in bringing these offenders to justice. For example, a California man was arrested about eight hours after a young victim bravely came forward and disclosed their abuse to FBI agents after an online safety presentation at a school near Albany, N.Y.

    This effort follows the Department’s observance of National Child Abuse Prevention Month in April and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.

    The Justice Department is committed to combating child sexual exploitation. These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

    The Department partners with and oversees funding grants for the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org.

    The Department urges the public to remain vigilant and report suspected exploitation of a child through the FBI’s tipline at 1-800-CALL-FBI (225-5324), tips.fbi.gov, or by calling your local FBI field office.

    Other online resources:

    Electronic Press Kit

    Violent Crimes Against Children

    How we can help you: Parents and caregivers protecting your kids

    The charges contained in the indictments or criminal complaints are only allegations.  A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law.

    These cases are being prosecuted by Assistant United States Attorneys Cecelia Gregson, Kate Crisham, and Special Assistant United States Attorney Laura Harmon. Ms. Harmon is a Senior Deputy Prosecutor with the King County Prosecutors Office, specially designated to prosecute child exploitation cases in federal court.

    MIL Security OSI

  • MIL-OSI: Coface SA: Publication of Group and Standalone SFCR as of 31 December 2024

    Source: GlobeNewswire (MIL-OSI)

    COFACE SA: Publication of Group and Standalone SFCR as of 31 December 2024

    Paris, 7 May 2025 – 17.45

    COFACE SA has published today its Solvency and Financial Condition Report (SFCR) for COFACE SA (Group) and Compagnie française d’assurance pour le commerce extérieur (the « Compagnie »), in compliance with the Solvency II requirements1.

    The Board of Directors of COFACE SA and the Compagnie, respectively approved the SFCR for the financial year 2024. This report is produced on an annual basis:

    • for Coface Group, involving COFACE SA and its main subsidiaries in France and outside France;
    • for the Compagnie, on a standalone basis.

    HIGHLIGHTS

    • To assess its solvency, COFACE SA uses the partial internal model approved by the ACPR in 2019. The Compagnie’s solvency is still assessed using the interpretation of the standard formula.
    • As of 31 December 2024, eligible own funds to cover the Group’s SCR amounted to €2,630 million, which broke down as follows:
      • 75% of Tier 1 capital;
      • 24% of Tier 2 capital;
      • 1% of Tier 3 capital, representing deferred tax assets.
    • The Group’s SCR coverage ratio of 196%2 at the end of 2024 reflects a solvency ratio above its target range (155% -175%). This level supports the Group’s decision to distribute 80% of its net profit for 2024 by a €1.403 dividend per share.
    • The coverage ratio of the Compagnie SCR (Solo) at the end of 2024 is 237%4.

    The full report is available on the website of the Company at the following address:
    https://www.coface.com/investors/regulated-information/annual-reports

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    Annual General Shareholders’ Meeting: 14 May 2025
    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is quoted in Compartment A of Euronext Paris
    Code ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 5 April 2024 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.


    1 The Solvency II Directive (i) formalises and organises information requests, and (ii) clarifies the governance requirements and processes to be followed by insurers. In particular, the regulations provide for the establishment of two narrative reports: one for the Regulator (RSR) and one for the public (SFCR).
    2 Final calculation of the SCR coverage ratio using the partial group internal model. Non audited.
    3 Ex-dividend date is on 20 May 2025 and Payment date is on 22 May 2025. The proposed distribution of €1.40 per share is subject to approval of the Annual Shareholders’ Meeting that takes place on 14 May 2025.
    4 Final calculation of the SCR coverage ratio according to Coface’s interpretation of Solvency II standard formula. Non audited.

    Attachment

    The MIL Network

  • MIL-OSI Security: Jefferson County Man Sentenced to More Than 17 Years in Prison on Gun and Drug Charges

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

    BIRMINGHAM, Ala. –  A Jefferson County man has been sentenced for drug trafficking and possessing firearms as a convicted felon, announced U.S. Attorney Prim F. Escalona. 

    U.S. District Court Judge R. David Proctor sentenced Michael Roman Black, 32, of Bessemer, Alabama, to 212 months in prison. In January, Black pleaded guilty to distribution of 50 grams or more of methamphetamine, possession with the intent to distribute 50 grams or more of methamphetamine, and to being a felon in possession of a firearm.

    According to the plea agreement, between July 2021 and September 2022, Black committed crimes on three separate occasions:

    On July 22, 2021, a Bessemer police officer initiated a traffic stop on a vehicle driven by Black after discovering it had a switched tag. As the officer approached the vehicle, Black opened the door. The officer observed several syringes lying in the driver’s side door pocket. After Black exited the vehicle pursuant to the officer’s orders, the officer searched the vehicle and recovered syringes, two vacuum sealed bags containing 892.6 grams of methamphetamine, and 60 rounds of Blackout .300 caliber ammunition. Officers searched Black’s person and recovered $8,254 in cash and a plastic bag containing 12 hydrocodone pills. 

    On December 22, 2021, Black sold 435 grams of pure methamphetamine to an undercover officer.

    On September 7, 2022, an FBI Task Force Officer and FBI agents went to arrest him at a residence in Bessemer, Alabama. During the arrest, agents observed drug paraphernalia, cocaine, rifles, a handgun, and marijuana in plain view. After obtaining a search warrant for the residence, FBI agents and the Bessemer Police Department Special Operations Unit recovered cocaine, marijuana, drug paraphernalia, a Blackout .300 caliber rifle loaded with 100 rounds of ammunition, an Anderson Manufacturing AM-15 (assault style) rifle loaded with 100 rounds of ammunition, four magazines that fit the AM-15 rifle, two loaded Glock 9mm pistols, an unloaded Glock 9mm pistol, ammunition, various magazines, and cash totaling $8,438. At the time of the search warrant, Black was a convicted felon prohibited from owning or possessing a firearm or ammunition.

    The Federal Bureau of Investigation investigated the case, along with the Bessemer Police Department. Assistant U.S. Attorney Kristy M. Peoples prosecuted the case.

    MIL Security OSI

  • MIL-OSI Security: Operation Restore Justice: FBI Arrests 205 Alleged Child Sex Abuse Offenders in Nationwide Crackdown

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

    In an unprecedented nationwide operation to protect our children and mark April’s National Child Abuse Prevention Month, the FBI announces Operation Restore Justice, a five-day, sweeping FBI initiative to identify, track, and arrest child sex predators across the country in coordination with all 55 FBI field offices.

    Last week alone, the FBI arrested 205 subjects and rescued 115 children across the country during the surge of resources deployed for Operation Restore Justice. The subjects are accused of various crimes, including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking.

    The FBI’s efforts didn’t just occur last week. Throughout the entire month of April, the FBI, along with our state and local law enforcement partners, additionally arrested more than 190 perpetrators on charges related to crimes against children. With nearly 400 arrests in one month, these actions are the direct result of the FBI’s continued efforts to track down and stop sexual predators before they can harm more victims.

    Throughout late April, and as part of this operation, the FBI Anchorage Field Office identified and arrested three men in Kenai, Utqiaġvik, and California for committing alleged child exploitation or child pornography crimes in Alaska. As part of this joint effort between the FBI Anchorage Field Office, the U.S. Attorney’s Office, and law enforcement partners throughout the state, these three individuals are now facing federal charges alleged through separate indictments in the District of Alaska.

    “Through collaborative efforts, this wide-ranging operation was designed to identify and apprehend those accused of child sexual exploitation crimes, regardless of where they live or operate,” said Special Agent in Charge Rebecca Day of the FBI Anchorage Field Office. “Protecting our children is one of the highest callings in law enforcement. I commend the outstanding work by members of the FBI’s Child Exploitation and Human Trafficking Task Force, as well as our law enforcement partners across Alaska, in their commitment to fostering safer communities for our children.”

    Locally, this operation was conducted by the FBI Anchorage Field Office with substantial assistance from the Anchorage Police Department, as part of the FBI’s Child Exploitation and Human Trafficking Task Force. Operational assistance was provided by the Alaska State Troopers, the North Slope Borough Police Department, and the Kenai Police Department in conducting the arrests.

    The FBI proactively identifies individuals involved in child sexual exploitation and the production of child sexual abuse material through its far-reaching, nationwide network of personnel and law enforcement partners. The Violent Crimes Against Children (VCAC) program provides a rapid, proactive, and comprehensive capacity to counter all threats of abuse against children. This capacity leverages partnerships within the FBI’s 89 Child Exploitation Human Trafficking Task Forces across the country. Additionally, the FBI has Intelligence Analysts assigned to address the VCAC threat, both at Headquarters and the field. The FBI also leads a Violent Crimes Against Children International Task Force, which includes nearly 100 International Task Force Officers representing over 60 countries to expand our ability to address the threat worldwide. 

    The FBI also partners with the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org. In further partnership and collaboration with NCMEC, the FBI launched the Endangered Child Alert Program (ECAP) in 2004 to identify individuals involved in the sexual abuse of children and the production of child sexual abuse material. To date, ECAP has identified 36 individuals.

    For more information about the crimes investigated by the FBI, as well as the variety of resources we provide to protect and keep children safe, please visit:

    As always, the FBI urges the public to remain vigilant and report any suspected crime against a child to 911 and local law enforcement immediately, as well as the FBI at 1-800-CALL-FBI (225-5324), online at tips.fbi.gov, or call the FBI Anchorage Field Office at 907-276-4441.

    Additional online resources:

    MIL Security OSI

  • MIL-OSI Security: Detroit Man Sentenced to Prison for Fentanyl Crime

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

    HUNTINGTON, W.Va. – Devontay Brian Johnson, 29, of Detroit, Michigan, was sentenced today to four years and nine months in prison, to be followed by three years of supervised release, for distribution of fentanyl.

    According to court documents and statements made in court, on August 3, 2022, Johnson sold approximately 20 grams of fentanyl to a confidential informant while in a vehicle parked along Wilson Place in Huntington. During the transaction, Johnson held what appeared to be a semiautomatic rifle.

    Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the Federal Bureau of Investigation (FBI).

    United States District Judge Robert C. Chambers imposed the sentence. Assistant United States Attorney Lesley C. Shamblin prosecuted the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 3:24-cr-24.

    ###

     

    MIL Security OSI

  • MIL-OSI Security: Calloway County Kentucky Woman Sentenced to Federal Prison and Ordered to Pay $1,470,000 in Restitution for Defrauding Employer

    Source: Office of United States Attorneys

    Paducah, KY – A Calloway County, Kentucky woman was sentenced this week to 2 years and 1 month in federal prison for six counts of wire fraud.

    U.S. Attorney Michael A. Bennett of the Western District of Kentucky and Acting Special Agent in Charge Olivia Olson of the Federal Bureau of Investigation Louisville Field Office made the announcement.

    Amanda S. Robertson, 34, was sentenced to 2 years and 1 month in prison, followed by 2 years of supervised release, for six counts of wire fraud. According to court documents, between May 2020 and May 2023, Robertson was employed as a bookkeeper for a construction company in western Kentucky. She embezzled over $1,000,000 from her employer. She used the stolen money to finance the operations of several businesses that she owned and to pay personal expenses.

    Robertson was also ordered to pay $1,470,000 in restitution.

    There is no parole in the federal system.

    This case was investigated by the FBI Hopkinsville Satellite Office and the Marshall County Sheriff’s Office.

    Assistant U.S. Attorney Raymond McGee, of the U.S. Attorney’s Paducah Branch Office, prosecuted the case.

    ###

    MIL Security OSI

  • MIL-OSI Security: Three Individuals Charged in Scheme to Defraud Department of Veterans Affairs of Over $9.1 Million

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

    HONOLULU – Three men were charged with participating in a scheme to defraud the U.S. Department of Veterans Affairs (VA) of over $9.1 million in education benefits, including funds from the Post 9/11 GI Bill education benefit program. One of the men has pleaded guilty for his role in the scheme.

    According to court documents, Brian Matsudo, 58, of Honolulu, Hawaii, Marshall Scott, 39, of Kapolei, Hawaii, and Raheem Wells, 37, of Indianapolis, Indiana, conspired to defraud the VA. Matsudo was the owner of a massage therapy training school in Honolulu, Hawaii. From approximately November 2016 to November 2022, Matsudo conspired with Scott and others to obtain tuition assistance payments from the VA by intentionally failing to disclose that Matsudo’s massage training school was not in compliance with applicable VA rules and regulations.

    As alleged in the indictment, Scott began working for the massage training school owned by Matsudo in or about November 2016. As part of the conspiracy, Scott submitted enrollment certification forms to the VA on behalf of at least 40 military veterans supposedly enrolled at the massage training school. Scott knew that these forms contained false enrollment information and falsely certified that the school had complied with applicable rules and regulations. Wells was a student at the massage training school in 2020 and 2021. From about May 2020 to November 2022, Wells and Scott recruited “students” who allowed the school to lie to the VA by falsely representing that they were actually enrolled in courses.

    Both Scott and Wells allegedly profited from the scheme. Matsudo paid Scott for each person that he and Wells had recruited with the proceeds of the tuition payments made by the VA. Wells received monthly payments from the individuals

    he recruited to participate in the scheme.

    In April 2025, Matsudo pleaded guilty an Information charging to one count of conspiracy to commit wire fraud and faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    In April 2025, Scott and Wells were both charged in an Indictment with one count of conspiracy to commit wire fraud and three counts of wire fraud. If convicted, they face a maximum penalty of 20 years in prison on each count. Wells was also charged with obstruction of justice for instructing a witness to lie to federal law enforcement agents. If convicted, he faces a maximum penalty of 20 years in prison.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Acting U.S. Attorney Kenneth M. Sorenson for the District of Hawaii; Special Agent in Charge Dimitriana Nikolov of the VA Office of Inspector General (VA OIG); and Special Agent in Charge David Porter of the FBI Honolulu Field Office made the announcement.

    The VA OIG and FBI are investigating the cases.

    Trial Attorney Ariel Glasner of the Criminal Division’s Fraud Section is prosecuting the case against Matsudo, with substantial assistance from Trial Attorney Jennifer Bilinkas of the Criminal Division’s Fraud Section. Trial Attorney Glasner and Assistant U.S. Attorney Craig Nolan for the District of Hawaii are prosecuting the case against Scott and Wells.

    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: Glen Burnie Bancorp Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    GLEN BURNIE, Md., May 07, 2025 (GLOBE NEWSWIRE) — Glen Burnie Bancorp (“Bancorp”) (NASDAQ: GLBZ), the bank holding company for The Bank of Glen Burnie (“Bank”), today reported results for the first quarter ended March 31, 2025. Net income for the first quarter was $153,000, or $0.05 per basic and diluted common share, as compared to net income of $3,000, or $0 per basic and diluted common share for the three-month period ended March 31, 2024.   On March 31, 2025, Bancorp had total assets of $358.0 million. Bancorp is the oldest independent commercial bank in Anne Arundel County.

    “The Company continues to pursue growing loans and deposits to improve revenues, margins and, ultimately, profitability. That said, we are aware of headwinds that could result in a slowing economy. We continue to emphasize disciplined lending practices, focusing on growing new client relationships, safety, and margin. Our allowance for credit losses stood at $2.7 million at March 31, 2025, representing 1.30% of total loans. Our non-performing assets remained at minimal levels consistent with previous quarters, underscoring the strength of our underwriting standards and ongoing credit monitoring,” said Mark C. Hanna, President and Chief Executive Officer. “Our team is committed to our customers and communities, and we continue to focus on growing funding sources, growing earning assets and building the infrastructure needed to grow customer relationships. These strategic priorities drive all areas of revenue and expense control, with the goal of expanding both return on assets and return on capital for the long term. While markets have been volatile recently, our Company remains financially strong, sound, and secure as reflected in our capital levels, asset quality, diversified deposit base and access to multiple liquidity sources.”

    Highlights for the First Three Months of 2025

    Net interest income decreased $8,000, or 0.31% to $2.56 million through March 31, 2025, as compared to $2.57 million during the prior-year first quarter. The decrease resulted from a $233,000 increase in interest expense, offset by a $224,000 increase in interest income. The increase in interest on deposits was driven by increased deposit balances in the money market products. The increase in interest and fees on loans was driven by the $30.0 million higher average balance and 0.27% higher yield on loan balances.

    The Company expects that its strong liquidity and capital positions will provide ample capacity for future growth.

    Return on average assets for the three-month period ended March 31, 2025, was 0.17%, as compared to 0% for the three-month period ended March 31, 2024. Return on average equity for the three-month period ended March 31, 2025, was 3.22%, as compared to 0.06% for the three-month period ended March 31, 2024.   Release of provision for credit allowance on loans and unfunded commitments primarily drove the higher return on average assets and average equity.

    On March 31, 2025, liquidity remained strong due to managed cash and cash equivalents, borrowing lines with the FHLB of Atlanta, the Federal Reserve and correspondent banks, and the size and composition of the bond portfolio.

    Balance Sheet Review

    Total assets were $358.0 million on March 31, 2025, a decrease of $1.0 million or 0.27%, from $359.0 million on December 31, 2024.   Cash and cash equivalents decreased $788,000 or 3.22%, from December 31, 2024, to March 31, 2025. Investment securities were $106.6 million on March 31, 2025, a decrease of $1.3 million or 1.23%, from $107.9 million on December 31, 2024.   Loans, net of deferred fees and costs, were $207.4 million on March 31, 2025, an increase of $2.2 million or 1.06%, from $205.2 million on December 31, 2024.   Loan balances increased 16.52% over the last four quarters, growing from $178.0 million on March 31, 2024 to $207.4 million on March 31, 2025. With the $20 million reduction in short term borrowings over the past twelve months, average earning-asset balances declined slightly to $356.2 million on March 31, 2025, as compared to $362.0 million during the prior-year first quarter.

    Total deposits were $317.3 million on March 31, 2025, an increase of $8.1 million or 2.61%, from $309.2 million on December 31, 2024. Noninterest-bearing deposits were $104.5 million on March 31, 2025, an increase of $3.7 million or 3.71%, from $100.7 million on December 31, 2024.   Interest-bearing deposits were $212.8 million on March 31, 2025, an increase of $4.4 million or 2.08%, from $208.4 million on December 31, 2024. Total borrowings were $20.0 million on March 31, 2025, a decrease of $10.0 million, or 33.33% from $30.0 million on December 31, 2024.

    As of March 31, 2025, total stockholders’ equity was $19.2 million (5.36% of total assets), equivalent to a book value of $6.61 per common share. Total stockholders’ equity on December 31, 2024, was $17.8 million (4.96% of total assets), equivalent to a book value of $6.14 per common share. The increase in the ratio of stockholders’ equity to total assets was due to an increase in equity from the decline in the market value loss of the Company’s available-for-sale securities portfolio. Included in stockholders’ equity on March 31, 2025, and December 31, 2024, were unrealized losses (net of taxes) on the Company’s available-for-sale investment securities totaling $17.8 million and $19.0 million, respectively. This decrease in unrealized losses primarily resulted from decreasing market interest rates during the first quarter of 2025, which increased the fair value of the investment securities. Changes in unrealized losses on the investment portfolio are attributed to changes in interest rates, not credit quality. The Company does not intend to sell, and it is more likely than not that it will not be required to sell any securities held at an unrealized loss.

    Asset quality, which has trended within a narrow range over the past several years, remains sound on March 31, 2025. Nonperforming assets, which consist of nonaccrual loans, restructured loans to borrowers with financial difficulty, accruing loans past due 90 days or more, and other real estate owned, represented 0.32% of total assets on March 31, 2025, as compared to 0.10% on December 31, 2024, demonstrating positive asset quality trends across the portfolio.   The allowance for credit losses on loans was $2.7 million, or 1.30% of total loans, as of March 31, 2025, as compared to $2.8 million, or 1.38% of total loans, as of December 31, 2024. The allowance for credit losses for unfunded commitments was $110,000 as of March 31, 2025, as compared to $584,000 as of December 31, 2024. The $474,000 decrease was primarily driven by the utilization of 1.33% lower loss rates during the first quarter of 2025 as compared to the fourth quarter of 2024.

    Review of Financial Results

    For the three-month periods ended March 31, 2025, and 2024

    Net income for the three-month period ended March 31, 2025, was $153,000, as compared to net income of $3,000 for the three-month period ended March 31, 2024.   The increase is primarily the result of a $315,000 decrease in the allowance for credit loss and $474,000 decrease in the allowance for unfunded commitments included in other noninterest expenses, partially offset by a $209,000 increase in salary and employee benefits costs, a $129,000 increase in legal, accounting and other professional fees, and a $203,000 decrease in income tax benefit.  

    The Company is taking steps to reduce non-interest expenses in future periods which include the January 2025 closure of our Linthicum branch office, the planned closing of our Severna Park branch office in May of 2025, and the recent announcement of an early retirement program.

    Net interest income for the three-month period ended March 31, 2025, totaled $2.56 million, as compared to $2.57 million for the three-month period ended March 31, 2024. The $8,000 decrease in net interest income was primarily due to the $439,000 increase in interest expense related to higher balances on money market deposits, $193,000 lower interest and dividends on securities due to principal paydowns, and $77,000 lower interest on deposits with banks due to lower cash balances, offset by $494,000 higher interest income on loans due to higher yields and balances, and $206,000 lower interest on short term borrowings due to lower borrowing balances.

    Net interest margin for the three-month period ended March 31, 2025, was 2.92%, as compared to 2.86% for the same period of 2024, an increase of 0.06%. The increase in the net interest margin is primarily due to increases in the yield on loans, offset by increases in yields on interest-bearing deposits and borrowed funds. Loan yields increased from 5.06% to 5.34% between the two periods while the cost of interest-bearing liabilities increased from 1.51% to 1.89% between the two periods.  

    The average balance of interest-earning assets decreased $5.8 million while the yield increased 0.35% from 3.78% to 4.13%, when comparing the three-month periods ended March 31, 2025, and 2024, respectively. The average balance of interest-bearing funds increased $7.6 million during these same periods. The average balance of noninterest-bearing funds decreased $12.9 million, and the cost of funds increased 0.31%, when comparing the three-month periods ended March 31, 2025, and 2024.

    The release of credit loss allowance on loans for the three-month period ended March 31, 2025, was $146,000, as compared to a provision of credit loss allowance of $169,000 for the same period of 2024. The decrease for the three-month period ended March 31, 2025, when compared to the three-month period ended March 31, 2024, primarily reflects the use of a lower loss rate. Noninterest income for the three-month period ended March 31, 2025, was $205,000, as compared to $229,000 for the three-month period ended March 31, 2024.

    For the quarter ended March 31, 2025, noninterest expense totaled $2.8 million, a decrease of $69,000 compared to $2.9 million for the quarter ended March 31, 2024. On a year-over-year comparative basis, noninterest expenses decreased due to a $474,000 decrease in the credit allowance for unfunded commitments, partially offset by a $209,000 increase in salary and employee benefits and $129,000 increase in legal, accounting, and other professional fees. Salary and employee benefits expenses increased primarily due to increased employee wages and the cost of incentive programs.

    For the three-month period ended March 31, 2025, income tax benefit was $29,000, as compared with $232,000 for the same period a year earlier.   The $232,000 income tax benefit included $87,000 associated with amended Maryland tax returns for tax years 2022 and 2021.

    Glen Burnie Bancorp Information

    Glen Burnie Bancorp is a bank holding company headquartered in Glen Burnie, Maryland. Founded in 1949, The Bank of Glen Burnie® is a locally owned community bank with seven branch offices serving Anne Arundel County. The Bank is engaged in the commercial and retail banking business including the acceptance of demand and time deposits, and the origination of loans to individuals, associations, partnerships, and corporations. The Bank’s real estate financing consists of residential first and second mortgage loans, home equity lines of credit and commercial mortgage loans. The Bank also originates automobile loans through arrangements with local automobile dealers. Additional information is available at www.thebankofglenburnie.com.

    Forward-Looking Statements

    The statements contained herein that are not historical financial information may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, which could cause the Company’s actual results in the future to differ materially from its historical results and those presently anticipated or projected. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. For a more complete discussion of these and other risk factors, please see the Company’s reports filed with the Securities and Exchange Commission.

             
    GLEN BURNIE BANCORP AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
    (dollars in thousands)
               
      March 31,   March 31,   December 31,
        2025       2024       2024  
      (unaudited)   (unaudited)   (audited)
    ASSETS          
    Cash and due from banks $ 1,792     $ 9,091     $ 2,012  
    Interest-bearing deposits in other financial institutions   21,884       33,537       22,452  
       Total Cash and Cash Equivalents   23,676       42,628       24,464  
               
    Investment securities available for sale, at fair value   106,623       128,727       107,949  
    Restricted equity securities, at cost   1,201       246       1,671  
               
    Loans, net of deferred fees and costs   207,393       177,950       205,219  
    Less: Allowance for credit losses(1)   (2,689 )     (2,035 )     (2,839 )
       Loans, net   204,704       175,915       202,380  
               
    Premises and equipment, net   2,609       2,928       2,678  
    Bank owned life insurance   8,877       8,700       8,834  
    Deferred tax assets, net   8,088       8,255       8,548  
    Accrued interest receivable   1,243       1,281       1,345  
    Accrued taxes receivable   159       363       148  
    Prepaid expenses   474       460       471  
    Other assets   319       367       468  
       Total Assets $ 357,973     $ 369,870     $ 358,956  
               
    LIABILITIES          
    Noninterest-bearing deposits $ 104,487     $ 115,167     $ 100,747  
    Interest-bearing deposits   212,770       194,064       208,442  
    Total Deposits   317,257       309,231       309,189  
               
    Short-term borrowings   20,000       40,000       30,000  
    Defined pension liability   338       327       330  
    Accrued expenses and other liabilities   1,197       2,183       1,620  
       Total Liabilities   338,792       351,741       341,139  
               
    STOCKHOLDERS’ EQUITY          
    Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,900,681, 2,887,467, and 2,900,481 shares as of March 31, 2025, March 31, 2024, and December 31, 2024, respectively.   2,901       2,887       2,901  
    Additional paid-in capital   11,037       10,989       11,037  
    Retained earnings   23,035       23,575       22,882  
    Accumulated other comprehensive loss   (17,792 )     (19,322 )     (19,003 )
       Total Stockholders’ Equity   19,181       18,129       17,817  
       Total Liabilities and Stockholders’ Equity $ 357,973     $ 369,870     $ 358,956  
               
    GLEN BURNIE BANCORP AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF (LOSS) INCOME
    (dollars in thousands, except per share amounts)
    (unaudited)
             
         Three Months Ended
    March 31,
          2025       2024  
    Interest income        
    Interest and fees on loans   $ 2,709     $ 2,215  
    Interest and dividends on securities     745       938  
    Interest on deposits with banks and federal funds sold     175       252  
    Total Interest Income     3,629       3,405  
             
    Interest expense        
    Interest on deposits     841       402  
    Interest on short-term borrowings     225       431  
    Total Interest Expense     1,066       833  
             
    Net Interest Income     2,563       2,572  
    (Release) provision of credit loss allowance     (146 )     169  
    Net interest income after credit loss provision     2,709       2,403  
             
    Noninterest income        
    Service charges on deposit accounts     31       38  
    Other fees and commissions     131       148  
    Income on life insurance     43       43  
    Total Noninterest Income     205       229  
             
    Noninterest expenses        
    Salary and employee benefits     1,827       1,618  
    Occupancy and equipment expenses     309       331  
    Legal, accounting and other professional fees     383       254  
    Data processing and item processing services     256       250  
    FDIC insurance costs     41       38  
    Advertising and marketing related expenses     37       23  
    Loan collection costs     45       5  
    Telephone costs     38       40  
    Other expenses     (146 )     302  
    Total Noninterest Expenses     2,790       2,861  
             
    Loss before income taxes     124       (229 )
    Income tax beneift     (29 )     (232 )
             
       Net income   $ 153     $ 3  
             
    Basic and diluted net income per common share   $ 0.05     $  
             
    GLEN BURNIE BANCORP AND SUBSIDIARY            
    CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
    For the three months ended March 31, 2025 and 2024            
    (dollars in thousands)                  
                         
                    Accumulated    
            Additional       Other   Total
        Common   Paid-in   Retained   Comprehensive   Stockholders’
    (unaudited) Stock   Capital   Earnings   Loss   Equity
    Balance, December 31, 2023 $ 2,883   $ 10,964   $ 23,859     $ (18,381 )   $ 19,325  
                         
    Net income           3             3  
    Cash dividends, $0.10 per share           (287 )           (287 )
    Dividends reinvested under dividend reinvestment plan   4     25                 29  
    Other comprehensive loss                 (941 )     (941 )
    Balance, March 31, 2024 $ 2,887   $ 10,989   $ 23,575     $ (19,322 )   $ 18,129  
                         
                         
                    Accumulated    
            Additional       Other   Total
        Common   Paid-in   Retained   Comprehensive   Stockholders’
    (unaudited) Stock   Capital   Earnings   (Loss) Income   Equity
    Balance, December 31, 2024 $ 2,901   $ 11,037   $ 22,882     $ (19,003 )   $ 17,817  
                         
    Net income           153             153  
    Other comprehensive income                 1,211       1,211  
    Balance, March 31, 2025 $ 2,901   $ 11,037   $ 23,035     $ (17,792 )   $ 19,181  
                         
    GLEN BURNIE BANCORP AND SUBSIDIARY
    SELECTED FINANCIAL DATA
    (dollars in thousands, except per share amounts)
                     
        Three Months Ended   Year Ended
        March 31,   December 31,   March 31,   December 31,
          2025       2024       2024       2024  
        (unaudited)   (unaudited)   (unaudited)   (unaudited)
                     
    Financial Data                
    Assets   $ 357,973     $ 358,956     $ 369,870     $ 358,956  
    Investment securities     106,623       107,949       128,727       107,949  
    Loans, (net of deferred fees & costs)     207,393       205,219       177,950       205,219  
    Allowance for loan losses     2,689       2,839       2,035       2,839  
    Deposits     317,257       309,189       309,231       309,189  
    Borrowings     20,000       30,000       40,000       30,000  
    Stockholders’ equity     19,181       17,817       18,129       17,817  
    Net income (loss)     153       (39 )     3       (112 )
                     
    Average Balances                
    Assets   $ 353,308     $ 366,888     $ 358,877     $ 363,994  
    Investment securities     132,805       136,868       163,618       148,037  
    Loans, (net of deferred fees & costs)     205,868       204,703       175,914       192,646  
    Deposits     312,030       314,046       305,858       309,838  
    Borrowings     20,215       30,323       31,667       32,721  
    Stockholders’ equity     19,258       20,664       19,124       19,169  
                     
    Performance Ratios                
    Annualized return on average assets     0.17%       -0.04%       0.00%       -0.03%  
    Annualized return on average equity     3.22%       -0.75%       0.06%       -0.58%  
    Net interest margin     2.92%       2.98%       2.86%       2.98%  
    Dividend payout ratio     0%       0%       9426%       -773%  
    Book value per share   $ 6.61     $ 6.14     $ 6.28     $ 6.14  
    Basic and diluted net income (loss) per share     0.05       (0.01 )           (0.04 )
    Cash dividends declared per share     0.00       0.00       0.10       0.30  
    Basic and diluted weighted average shares outstanding     2,900,681       2,900,681       2,885,552       2,893,871  
                     
    Asset Quality Ratios                
    Allowance for loan losses to loans     1.30%       1.38%       1.14%       1.38%  
    Nonperforming loans to avg. loans     0.55%       0.18%       0.21%       0.19%  
    Allowance for loan losses to nonaccrual & 90+ past due loans     236.9%       789.1%       549.1%       789.1%  
    Net charge-offs (recoveries) annualize to avg. loans     0.01%       -0.04 %     0.66%       0.08%  
                     
    Capital Ratios                
    Common Equity Tier 1 Capital   N/A     15.15%       17.14%       15.15%  
    Tier 1 Risk-based Capital Ratio   N/A     15.15%       17.14%       15.15%  
    Leverage Ratio   N/A     9.97%       10.43%       9.97%  
    Total Risk-Based Capital Ratio   N/A     16.40%       18.30%       16.40%  
                     

    The MIL Network

  • MIL-OSI Security: Final Sentencing Announced in Multi-State Mail and Bank Fraud Conspiracy Involving Postal Workers

    Source: Office of United States Attorneys

    Montgomery, AL – Today, Acting United States Attorney Kevin Davidson announced the final sentencing in a wide-ranging conspiracy involving eight defendants convicted of wire, bank, and mail fraud. The convictions stem from an investigation into widespread mail theft and check fraud, which included the earlier prosecutions of two Montgomery-area postal workers.

    On May 6, 2025, 25-year-old Hunter Hudson, Jr., also known as “Hunnid K,” from Montgomery, Alabama, received a sentence of 92 months in prison after pleading guilty to wire, bank, and mail fraud. Hudson was identified as a manager within the conspiracy and based on his conduct, caused an intended loss amount of more than $1.5 million. He was ordered to pay $987,883.50 in restitution and to forfeit $91,020.41.

    The conspiracy, which took place between 2022 and 2024, involved the theft and alteration of checks that were then deposited into numerous fraudulent bank accounts. Part of the conspiracy was coordinated through a group chat titled “Fraud Academy,” as named by one of the conspirators.

    The other individuals involved in the conspiracy previously received the following sentences:

    • Brandon Michael Gage, 27, also from Montgomery, was sentenced to 135 months in prison. He was also identified as a manager within the conspiracy, with an intended loss amount exceeding $550,000. Gage was fined $25,000 and ordered to pay $65,000 in restitution.
    • Joey Payne, 26, a resident of Opelika, Alabama, received a sentence of 108 months in prison. Like Hudson and Gage, Payne was also a manager in the scheme with an intended loss amount over $550,000. He was fined $15,000 and ordered to pay $101,556.97 in restitution.
    • Reuben Kristian Brown, 26, another Montgomery resident, was sentenced to 87 months in prison. He acted as a manager in the conspiracy and had an intended loss amount of more than $1.5 million. Brown was fined $15,000 and ordered to pay $17,500 in restitution.
    • Keenan Rashaad Watson, 26, also from Montgomery, was sentenced to 60 months in prison. A manager in the conspiracy, Watson was associated with an intended loss of over $550,000. He was fined $15,000.
    • Kerry O’Shay Hawthorne, 26, another resident of Montgomery, received a sentence of 40 months in prison and was ordered to pay $49,008.95 in restitution.
    • Ethan Alexander Brown, 23, a former bank teller from Montgomery, was sentenced to 34 months in prison. He was directly involved in depositing 61 altered checks worth more than $2 million. He was ordered to pay $973,692.05 in restitution to his employer.
    • Destinie Janan James, 23, a resident of Auburn, Alabama, was sentenced to 22 months in prison. She was fined $25,000 and ordered to pay $89,000 in restitution.

    Although these sentences mark the conclusion of this indictment, the investigation is ongoing.

    “This case demonstrates the serious consequences for those who exploit public institutions and financial systems for personal gain,” said Acting U.S. Attorney Davidson. “Thanks to the dedication of our law enforcement partners, we were able to dismantle a complex criminal network and hold each participant accountable. We remain committed to pursuing those who defraud the public and threaten the integrity of our postal and banking systems.”

    “These convictions are a testament to the dedication of the investigative and legal teams and should send a strong message to any employee who thinks of conspiring with others to steal mail and commit check fraud,” said Tammy Hull, Inspector General U.S. Postal Service. “Our special agents, working with our federal and local law enforcement partners, will continue to aggressively investigate these criminal activities, protecting the integrity of the Postal Service and the U.S. Mail.”

    “The United States Postal Service is a vital and trusted institution,” said Timothy J. O’Malley, Acting Special Agent in Charge with the Federal Bureau of Investigation (FBI). “Any attempt to exploit our postal or banking systems is a serious violation of the public’s trust. These actions will not be tolerated and will be prosecuted to the fullest extent of the law. Protecting the integrity of our postal and financial systems is essential and non-negotiable.”

    “The sentencing in this case should serve notice to criminals that the U.S. Postal Inspection Service is dedicated to defending the nation’s mail system from unlawful activity,” said Shameka Jackson, Acting Inspector-in-Charge of the U.S. Postal Inspection Service’s Houston Division. “I fully commend the hard work and countless hours put forth by all of the law enforcement agencies involved, which resulted in bringing Hunter Hudson, Jr. and the other co-defendants to justice.”

    This extensive investigation was led by the United States Postal Service’s Office of Inspector General, Federal Bureau of Investigation (FBI), United States Postal Inspection Service, Office of Inspector General for the Federal Deposit Insurance Corporation (FDIC), and United States Treasury Inspector General for Tax Administration, with Assistant United States Attorney J. Patrick Lamb prosecuting the case.

    Additional support was provided by the Alabama Attorney General’s Office, Montgomery Police Department, Auburn Police Department, Opelika Police Department, Lee County Sheriff’s Office, Prattville Police Department, Harris County (GA) Sheriff’s Office, Meriwether County (GA) Sheriff’s Office, Georgia State Troopers, Venice (FL) Police Department, and the Sarasota County (FL) Sheriff’s Office.

    MIL Security OSI

  • MIL-OSI United Kingdom: DfE Update: 7 May 2025

    Source: United Kingdom – Government Statements

    Correspondence

    DfE Update: 7 May 2025

    Latest information and actions from the Department for Education about funding, assurance and resource management, for academies, local authorities and further education providers.

    Applies to England

    Documents

    Details

    Latest for further education

    Article Title
    Information 16 to 19 subcontracting
    Information New guidance for training providers for replacement apprenticeships certificates
    Information Learning aim reference service: category codes
    Information Provision recognised as higher education for Office for Students regulatory purposes
    Information Post-16 budget grant
    Information College financial planning handbook and college financial forecasting return (CFFR) 2025 now published
    Your feedback Guided Learning Hours (GLH) thematic review

    Latest information for academies

    Article Title
    Information Financial Benchmarking and Insights Tool (FBIT) replaces the Schools Financial Benchmarking website
    Information 16 to 19 subcontracting
    Information Learning aim reference service: category codes
    Information Provision recognised as higher education for Office for Students regulatory purposes
    Information Post-16 budget grant
    Events and webinars FMS comparison matrix
    Events and webinars Academy finance professionals May Power Hour – HMRC
    Events and webinars RPA Members only – Cyber workshop
    Events and webinars Schools Commercial team summer webinars

    Latest information for local authorities

    Article Title
    Action Submit your section 151 (S151) officer assurance return and schools financial value standard (SFVS) assurance statement for 2024 to 2025
    Information 16 to 19 subcontracting
    Information Learning aim reference service: category codes
    Information Provision recognised as higher education for Office for Students regulatory purposes
    Information Local authority planning calendar 2025 to 2026
    Information Post-16 budget grant
    Your feedback Guided Learning Hours (GLH) thematic review
    Events and webinars RPA Members only – Cyber workshop
    Events and webinars Schools Commercial team summer webinars

    Updates to this page

    Published 7 May 2025

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    MIL OSI United Kingdom

  • MIL-OSI: Rate Supports Our Military Service Members and Veterans Beyond Offering Industry-Leading Mortgage Options

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, May 07, 2025 (GLOBE NEWSWIRE) — In recognition of Military Appreciation Month, Rate, a leader in fintech mortgage solutions, is spotlighting its continued support for active-duty military members, veterans, and their families—support that extends well beyond the closing table.

    While Rate is nationally recognized for its industry-leading VA mortgage products and top-tier loan officers, the company’s dedication to the military community runs deeper. With no lender fee on VA loans, amounting to $65.3 million in waived fees, and no overlays, Rate delivers unmatched accessibility and affordability for eligible homebuyers. The company is also home to the #1 VA purchase loan officer in the country, supported by a team of specialized underwriters and credit experts dedicated to navigating the unique needs of VA borrowers.

    “Serving our military community is not a tagline. It’s a core part of who we are,” said Victor Ciardelli, CEO of Rate. “We’re proud to offer the most competitive VA loan options on the market, but just as important is how we show up for veterans and service members every day, through real outreach, education, and giving.”

    That commitment is evident in Rate’s year-round military initiatives:

    • $1.08 million raised for nine nonprofits benefiting military families in 2024.
    • VA loan education classes for service members at various points of their careers, including service members preparing to leave the barracks.
    • A 2025 clothing drive in partnership with Operation Deploy Your Dress, donating 1,000+ dresses and 200 suits for military community members.
    • A holiday toy and sweater drive benefiting families across multiple military bases.
    • A Military Appreciation Baseball Game hosted at Rate Stadium, honoring military spouses, recognizing a “Hero of the Game” servicemember, and welcoming parachuters delivering the White Sox game ball, complete with 500 tickets and concession vouchers donated to military families.

    At the heart of these efforts is HONOR, Rate’s internal employee resource group focused on military outreach and support. HONOR’s mission is to embrace the company’s proud community of active and retired service members, veterans, spouses, and their families through shared experiences and resources.

    “We are dedicated to educating Veterans as well as the real estate community about VA loans. VA loans are a true benefit and many veterans use their VA benefit to build generational wealth. I am honored to be part of their journey home as is every member of the Rate team,” said Jennifer Beeston, Rate’s EVP National Lending and the nation’s top VA purchase loan officer. “From planning to buying to 20 years from now, we’re here to make homeownership a reality for the people who’ve served our country.”

    As May marks Military Appreciation Month, Rate remains committed to honoring the sacrifices of our nation’s military community, not only with unmatched home financing solutions, but also through continued action, advocacy, and care.

    About Rate

    Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include: Top 5 Mortgage Lender by Inside Mortgage Finance for 2024; Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine’s Lender of the Year for seven consecutive years; and Chicago Tribune’s Top Workplaces list for seven straight years. Visit rate.com for more information.

    Press Contact

    press@rate.com

    The MIL Network

  • MIL-OSI Security: Final defendant sentenced in DMV area dogfighting ring

    Source: Office of United States Attorneys

    ALEXANDRIA, Va. – A North Carolina man was sentenced yesterday to two years and three months in prison for his role in a dogfighting ring.

    According to court documents, from at least March 2015 through December 2022, Charles Reginald McDougald, aka “Luke” and “Bottom Boy,” 55, and other conspirators from Virginia, Washington, D.C., Maryland, Delaware, New Jersey, and North Carolina used a messaging app private group referred to as “The DMV Board” or “The Board,” to discuss training fighting dogs, exchange videos about dogfighting, and arrange and coordinate dog fights.

    Members of the DMV Board also used the app to compare methods of killing dogs that lost fights, circulate media reports about conspirators who had been caught by law enforcement, and discuss ways to avoid being caught. McDougald posted multiple offers to arrange dogfights for thousands of dollars per fight.

    McDougald’s sentencing follows the convictions of 19 of his fellow members of the DMV Board.

    On Dec. 22, 2017, Rodriguez Norman, aka “Tough Love,” 31, of Washington, pled guilty to conspiracy to commit bank fraud, conspiracy to traffic in contraband cigarettes, aggravated identity theft, and conspiracy to engage in an animal fighting venture.  On April 6, 2018, Norman was sentenced to nine years in prison for bank fraud, cigarette, and identity theft charges, and an additional year for the dogfighting conspiracy.

    On April 28, 2021, Carlos Harvey, aka “Roc9,” of King George, pled guilty to conspiracy to engage in an animal fighting venture.  On Dec. 10, 2021, Harvey was sentenced to six months in prison.

    On Nov. 4, 2022, Charles Edward Williams, III, aka “Never Say Never,” 50, of Capital Heights, Maryland, pled guilty to conspiracy to engage in an animal fighting venture. On Feb. 21, 2023, Williams was sentenced to two years in prison.

    On Nov. 9, 2022, Michael Roy Hilliard, aka “No Dayz Off,” 38, of Fort Washington, Maryland, pled guilty to conspiracy to engage in an animal fighting venture. On March 1, 2023, Hilliard was sentenced to six months in prison.

    On Nov. 10, 2022, Laron West, aka “Frog” and “Get Sick,” 46, of Forestville, Maryland, pled guilty to conspiracy to engage in an animal fighting venture. West was murdered on Feb. 12, 2023, prior to sentencing.

    On Nov. 29, 2022, Derek Aaron Garcia, aka “Fatal Attraction,” 40, of Woodbridge, pled guilty to conspiracy to engage in an animal fighting venture.  On March 7, 2023, Garcia was sentenced to 10 days in prison.

    On Nov. 29, 2022, Ricardo Glen Thorne, aka “Rip,” 53, of Camp Springs, Maryland, pled guilty to advertising an animal for use in an animal fighting venture. On March 7, 2023, Thorne was sentenced to one year and one day in prison.

    On June 16, 2023, Tarry Jeron Wilson, aka “Tejai” and “City Limits,” 39, of Warsaw, Virginia, pled guilty to conspiracy to engage in an animal fighting venture. On June 20, 2023, Wilson was sentenced to two years in prison.

    On March 18, 2024, Eldridge Jackson, aka “Big Head” and “4B,” 48, of Temple Hills, Maryland, pled guilty to conspiracy to engage in an animal fighting venture. On June 18, 2024, Jackson was sentenced to 30 months in prison.

    On March 21, 2024, Bashawn Allen, aka “425,” 35, of Trenton, New Jersey, pled guilty to conspiracy to engage in an animal fighting venture. On June 18, 2024, Allen was sentenced to a year and six months in prison.

    On March 21, 2024, Larry Alston, aka “Big Goon,” 49, of Windsor Mills, Maryland, pled guilty to conspiracy to engage in an animal fighting venture. On June 18, 2024, Alston was sentenced to two years in prison.

    On March 21, 2024, Dandre Wallace, aka “Abstract,” 47, of Laurel, Maryland, pled guilty to conspiracy to engage in an animal fighting venture. On June 18, 2024, Wallace was sentenced to two years in prison.

    On March 22, 2024, Isaac Weathersby, aka “Big Fist” 43, of High Point, North Carolina, pled guilty to conspiracy to engage in an animal fighting venture. On June 18, 2024, Weathersby was sentenced to a year and nine months in prison.

    On March 28, 2024, Charles Davis, aka “Cat Daddy” and “Deep in the Game,” 44, of Woodbridge, pled guilty to conspiracy to engage in an animal fighting venture. On July 2, 2024, Davis was sentenced to 60 days in prison.

    On April 8, 2024, Mark Rodriguez, aka “Slow Poke,” of Stafford, was convicted at trial of conspiracy to engage in an animal fighting venture. On July 2, 2024, Rodriguez was sentenced to 14 days in jail.

    On May 28, 2024, Kevin Jackson, aka “4B1,” 47, of White Plains, Maryland, pled guilty to conspiracy to engage in an animal fighting venture. On Sept. 6, 2024, Jackson was sentenced to 10 days in prison.

    On Aug. 6, 2024, Elijah Loatman, aka “Nephew the Genius,” 33, of Elkton, Maryland, pled guilty to conspiracy to engage in an animal fighting venture. On Nov. 8, 2024, Loatman was sentenced to 30 days in prison.

    On July 23, 2024, Mario Flythe, aka “the Barber,” 50, of Glen Burnie, Maryland, pled guilty in U.S. District Court in the District of Maryland to conspiracy to engage in an animal fighting venture and interstate travel or transportation in aid of a racketeering enterprise.  On Jan. 23, 2025, Flythe was sentenced to six months in prison.

    On Aug. 22, 2024, Frederick Moorfield, aka “Geehad,” 64, of Arnold, Maryland, pled guilty in the District of Maryland to conspiracy to engage in an animal fighting venture and interstate travel or transportation in aid of a racketeering enterprise.  On Dec. 12, 2024, Moorefield was sentenced to a year and six months in prison.

    Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, and Sean Ryan, Special Agent in Charge of the FBI Washington Field Office’s Criminal and Cyber Division, made the announcement. The U.S. Attorney’s Office for the District of Maryland provided valuable assistance in the investigation.

    Assistant U.S. Attorneys Gordon D. Kromberg and Vanessa K. Strobbe prosecuted the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case Nos. 1:22-cr-154 and 1:23-cr-176.

    MIL Security OSI

  • MIL-OSI: Asset Entities to Merge with Strive Asset Management to Form the First Publicly Traded Asset Management Bitcoin Treasury Company

    Source: GlobeNewswire (MIL-OSI)

    The combined company will focus over time on maximizing Bitcoin exposure per share and seek to outperform Bitcoin over the long run and maximize value for common equity shareholders.

    More information provided about Strive Asset Management’s business at Strive.com.

    Strive CEO Matt Cole to present transaction and company strategy at Strategy World conference today at 2:15 pm ET (livestream).

    DALLAS, May 07, 2025 (GLOBE NEWSWIRE) — Asset Entities Inc. (“Asset Entities” or the “Company”) (NASDAQ: ASST), a provider of digital marketing and content delivery services, today announced that it has entered into a definitive merger agreement with Strive Asset Management.

    The combined company will operate under the Strive brand, remain listed on NASDAQ, and become a public Bitcoin Treasury Company.

    Strive Asset Management intends to use all available mechanisms to build a Bitcoin war chest in a minimally dilutive manner to common shareholders and build a long-term investment approach designed to outperform Bitcoin, by using Bitcoin itself as the hurdle rate for capital deployment.

    Strive Asset Management will leverage its institutional investment expertise to implement proprietary strategies to fuel Bitcoin accumulation in accretive ways. Such strategies include the planned first-of-its-kind offer of combined company equity in exchange for Bitcoin in a manner that is intended to be tax-free to investors under Section 351 of the U.S. tax code; acquiring cash at a discount through mergers with overcapitalized companies; and unlocking additional leverage to accumulate Bitcoin, while hedging risk in novel ways using in-house fixed income and derivatives expertise.

    The reverse merger structure is expected to give the company immediate access to an effective shelf registration statement to raise primary capital from and after the closing of the transaction, which the company plans to expand to $1 billion following the closing in order to accumulate Bitcoin through both equity and debt offerings, to be used when accretive to common equity. The ability to raise capital under the effective shelf registration statement is a competitive advantage versus other newly formed Bitcoin treasury companies.

    The combined company plans to accumulate Bitcoin with a first-of-its-kind offering, allowing Bitcoin holders to contribute Bitcoin in exchange for public stock through a structure that is intended to be a tax-free Section 351 exchange — a provision of the U.S. tax code that enables appreciated assets to be contributed tax-free to a corporation in exchange for stock (subject to conditions and personal tax circumstances).

    Subject to market conditions and final structuring, it is currently expected that there will be no markup to the deal transaction price for participants in this exchange. This offer is expected to be open only to certain accredited investors prior to closing of the transaction.

    Matt Cole will lead the company as CEO and Chairman of the Board. With extensive institutional experience as a former $70 billion fixed income portfolio manager specializing in complex structured securities, Matt’s background enables SAM to innovate strategically, employing novel, accretive Bitcoin accumulation methods designed to enhance shareholder value previously unseen in Bitcoin treasury corporations.

    The SAM management team also includes Ben Pham as CFO, Arshia Sarkhani, the current CEO of Asset Entities, as CMO, and Logan Beirne as CLO. Each of these leaders will serve on SAM’s board of directors. Strive Asset Management also plans to add respected Bitcoin leaders Ben Werkman, Jeff Walton, and Avik Roy as independent board directors.

    “We are thrilled to be joining forces with Strive Asset Management to help pioneer the future of corporate Bitcoin treasury strategies,” said Arshia Sarkhani, President and CEO of Asset Entities. “Our strength in building and activating online communities across Discord and other platforms uniquely positions us to drive education, engagement, and adoption of Bitcoin-centric financial models. This merger empowers us to amplify Strive’s bold mission while delivering transformative value to shareholders.”

    Strive Asset Management built its strong brand on advocacy for capitalism, meritocracy, and innovation which reshaped corporate America. The company will always unapologetically stand for these foundational principles in its pursuit to maximize value for shareholders. Since its founding in 2022, the company has quickly amassed ~$2B assets under management, as it led efforts to roll back ESG mandates in boardrooms across America.

    Now, Strive Asset Management is applying that same winning playbook to lead a new transformation: corporate adoption of Bitcoin treasuries. SAM plans to advocate for all of the publicly traded companies in its funds to incorporate a Bitcoin treasury strategy in order to maximize long run shareholder value.

    • The combination of Strive Asset Management and Asset Entities is a strategic step to advance the foregoing strategy.

    Strive Enterprises, Inc., co-founded by Vivek Ramaswamy, will remain a privately held company and continue to expand its wealth management business. Before factoring in the contemplated Bitcoin-for-stock exchange and any additional financing, Strive Enterprises will own approximately 94.2 % of the public company and the legacy shareholders of Asset Entities will own the remaining 5.8%. Financings will proportionally dilute both Strive Enterprises and shareholders of Asset Entities.

    Davis Polk & Wardwell LLP is serving as legal counsel to SAM in connection with the transaction and Bevilacqua PLLC served as legal counsel to Asset Entities in connection with the transaction.

    To learn about Asset Entities, please go to www.assetentities.com. To learn about the Ternary payment platform, please go to www.ternarydev.com. To learn about Asset Entities 360 suite of discord services, go to https://www.ae360ddm.com/ and https://discord.gg/ae360ddm.

    About Asset Entities, Inc. 

    Asset Entities Inc. is a technology company providing social media marketing, management, and content delivery across Discord, TikTok, Instagram, X (formerly Twitter), YouTube, and other social media platforms. Asset Entities is believed to be the first publicly traded Company based on the Discord platform, where it hosts some of Discord’s largest social community-based education and entertainment servers. The Company’s AE.360.DDM suite of services is believed to be the first of its kind for the Design, Development, and Management of Discord community servers. Asset Entities’ initial AE.360.DDM customers have included businesses and celebrities. The Company also has its Ternary payment platform that is a Stripe-verified partner and CRM for Discord communities. The Company’s Social Influencer Network (SiN) service offers white-label marketing, content creation, content management, TikTok promotions, and TikTok consulting to clients in all industries and markets. The Company’s SiN influencers can increase the social media reach of client Discord servers and drives traffic to their businesses. Learn more at assetentities.com, and follow the Company on X at $ASST and @assetentities.

    About Strive Enterprises

    Co-founded in 2022 by Vivek Ramaswamy, Strive Enterprises, Inc. is a financial services firm with a mission to maximize value for clients through unapologetic capitalism.

    Strive Asset Management, the asset management subsidiary, has quickly grown to manage ~$2 billion in assets, competing with the world’s largest financial institutions. Strive Enterprises, Inc. recently launched a wealth management division that will remain private. Learn more at strive.com.

    Company Contacts:

    Arshia Sarkhani, President and Chief Executive Officer
    Michael Gaubert, Executive Chairman
    Asset Entities Inc.
    Tel +1 (214) 459-3117 
    Email Contact

    Investor Contact:

    Skyline Corporate Communications Group, LLC
    Scott Powell, President
    1177 Avenue of the Americas, 5th Floor
    New York, NY 10036
    Office: (646) 893-5835
    Email: info@skylineccg.com

    Cautionary Statement Regarding Forward-Looking Statements

    Certain statements herein and the documents incorporated herein by reference may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of Strive Enterprises, Inc. (“Strive Enterprises”) and ASST, respectively, with respect to the proposed transaction, the strategic benefits and financial benefits of the proposed transaction, including the expected impact of the proposed transaction on the combined company’s future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), the timing of the closing of the proposed transaction, and the ability to successfully integrate the combined businesses. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project,” “predict,” “potential,” “assume,” “forecast,” “target,” “budget,” “outlook,” “trend,” “guidance,” “objective,” “goal,” “strategy,” “opportunity,” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgment of Strive Enterprises, ASST or their respective management about future events. Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Such risks, uncertainties and assumptions include, among others, the following:

    • the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Strive Enterprises, ASST and the other parties thereto;
    • the possibility that the proposed transaction does not close when expected or at all because the conditions to closing are not received or satisfied on a timely basis or at all;
    • the outcome of any legal proceedings that may be instituted against Strive Enterprises or ASST or the combined company;
    • the possibility that the anticipated benefits of the proposed transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Strive Enterprises or ASST operate;
    • the possibility that the integration of the two companies may be more difficult, time-consuming or costly than expected;
    • the possibility that the proposed transaction may be more expensive or take longer to complete than anticipated, including as a result of unexpected factors or events;
    • the diversion of management’s attention from ongoing business operations and opportunities;
    • potential adverse reactions of Strive Enterprises’ or ASST’s customers or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction;
    • changes in ASST’s share price before closing;
    • other factors that may affect future results of Strive Enterprises, ASST or the combined company.

    These factors are not necessarily all of the factors that could cause Strive Enterprises’, ASST’s or the combined company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm Strive Enterprises’, ASST’s or the combined company’s results.

    Although each of Strive Enterprises and ASST believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results of Strive Enterprises or ASST will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in ASST’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2024, quarterly reports on Form 10-Q, and other documents subsequently filed by ASST with the Securities Exchange Commission (the “SEC”). The actual results anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on Strive Enterprises, ASST or their respective businesses or operations. Investors are cautioned not to rely too heavily on any such forward-looking statements. Forward-looking statements speak only as of the date they are made and Strive Enterprises and ASST undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

    Additional Information and Where to Find It

    In connection with the proposed transaction, ASST intends to file with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) to register the common stock to be issued by ASST in connection with the proposed transaction and that will include a proxy statement of ASST and a prospectus of ASST (the “Proxy Statement/Prospectus”), and each of Strive Enterprises and ASST may file with the SEC other relevant documents concerning the proposed transaction. A definitive Proxy Statement/Prospectus will be sent to the stockholders of ASST to seek their approval of the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS OF ASST ARE URGED TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE 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 STRIVE ENTERPRISES, ASST AND THE PROPOSED TRANSACTION AND RELATED MATTERS.

    A copy of the Registration Statement, Proxy Statement/Prospectus, as well as other filings containing information about Strive Enterprises and ASST, may be obtained, free of charge, at the SEC’s website (http://www.sec.gov). You will also be able to obtain these documents, when they are filed, free of charge, from ASST by accessing ASST’s website at https://www.assetentities.com/. Copies of the Registration Statement, the Proxy Statement/Prospectus and the filings with the SEC that will be incorporated by reference therein can also be obtained, without charge, by directing a request to ASST’s Investor Relations department at 100 Crescent Court, 7th floor, Dallas, TX 75201 or by calling (214) 459-3117 or emailing web@assetentities.com. The information on Strive Enterprises’ or ASST’s respective websites is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the SEC.

    Participants in the Solicitation

    Strive Enterprises, ASST and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the stockholders of ASST in connection with the proposed transaction. Information about the interests of the directors and executive officers of Strive Enterprises and ASST and other persons who may be deemed to be participants in the solicitation of stockholders of ASST in connection with the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus related to the proposed transaction, which will be filed with the SEC. Information about the directors and executive officers of ASST, their ownership of ASST common stock, and ASST’s transactions with related persons is set forth in the section entitled “Board of Directors and Corporate Governance,” “Executive Officers of the Company,” “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” “Executive Compensation,” and “Certain Relationships and Related Transactions” included in ASST’s definitive proxy statement in connection with its 2024 Annual Meeting of Stockholders, as filed with the SEC on August 22, 2024.

    No Offer or Solicitation

    This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote of approval, 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.

    The MIL Network

  • MIL-OSI: NANO Nuclear Energy Completes Retrofit of its New York State Nuclear Technology Testing Facility 

    Source: GlobeNewswire (MIL-OSI)

    Facility operations to commence shortly to construct and test NANO Nuclear’s ALIP subsystem as well as key components of its microreactors in development

    New York, N.Y., May 07, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear technology and energy company, today announced the completion of the retrofitting of its multimillion-dollar demonstration and testing facility in Westchester County, New York.

    The facility is now ready to play a central role in supporting the non-nuclear mechanical and thermal test work necessary to develop its microreactors (in particular ZEUSTM) and commercial products, such as its Annular Linear Induction Pump (ALIP), a critical non-nuclear subsystem for liquid metal and molten salt reactor technologies which NANO Nuclear plans to separately commercialize in the coming years. Testing at the Westchester facility is expected to commence shortly and continue throughout 2025 and into the future. The data generated will contribute to the final design and integration strategy for ALIP in both terrestrial and space reactor applications.

    The facility retrofit was executed in collaboration with aRobotics Company, a New York-based engineering and advanced fabrication firm specializing in robotic systems, component inspection, and high-precision prototyping. The firm led the mechanical build-out of the facility and the fabrication of test hardware and support structures for the development of NANO Nuclear’s products, as well as NANO Nuclear’s ongoing SBIR Phase III commercialization program for ALIP.

    “The Westchester County demonstration facility has been completed on schedule and to specification, and we’re pleased to extend our collaboration on critical ALIP components and our broader reactor portfolio with aRobotics, a fellow New York State headquartered company,” said Jay Yu, Founder and Chairman of NANO Nuclear. “This multimillion‑dollar facility will be central to our R&D program, giving us the resources to conduct essential physical testing and confirm that our non‑nuclear systems perform at their highest level.”

    Figure 1 – Image of Redeveloped NANO Nuclear’s Demonstration Facility for Key Components of its Nuclear Microreactor Designs in Westchester County, NY.

    The newly redeveloped testing site includes:

    • A Liquid-Metal and Molten-Salt Test Loop for evaluating fluid dynamics and pump efficiency.
    • A magnetic field mapping system for characterizing ALIP’s electromagnetic properties.
    • A custom-engineered thermal chamber for assessing high-temperature material behavior and component resilience.

    “Completing the redevelopment of this dedicated test facility is a significant milestone in our ALIP roadmap,” said Dr. Carlos O. Maidana, Head of Thermal Hydraulics and Space Program at NANO Nuclear. “The ability to perform real-time, high-fidelity component testing allows us to validate software models and refine system performance before moving to larger-scale assembly.”

    Figure 2 – Image of NANO Nuclear’s Annular Linear Induction Pump (ALIP) Technology Model (left) and Liquid-Metal and Molten-Salt Test Loop (right).

    The Westchester County demonstration facility will serve as a high-fidelity mechanical testbed for subsystems critical to reactor operation. These tests will inform future licensing, support industrial partnerships, and advance NANO Nuclear’s development, regulatory licensing and commercialization objectives. The facility now houses NANO Nuclear’s Liquid‑Metal and Molten‑Salt Test Loop, along with a magnetic‑field mapping system that will support development and commercialization activities for ALIP. In addition, a purpose‑built heat chamber, designed for evaluating reactor components and subsystems, has been installed at the site.

    “This facility gives us the infrastructure to simulate core pump operations in a safe, non-nuclear setting,” said James Walker, Chief Executive Officer of NANO Nuclear. “It’s close proximity to our New York City corporate headquarters enhances operational coordination and will serve as a valuable hub for collaborators and stakeholders to observe the development process firsthand.”

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include patented KRONOS MMREnergy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission (NRC) in collaboration with University of Illinois Urbana-Champaign (U. of I.), “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, and the space focused, portable LOKI MMR, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.
    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:

    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy X PLATFORM

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements related to, among other items, NANO Nuclear’s use of its new testing facility and its development and other plans in general. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network

  • MIL-OSI United Kingdom: Cyber is a poster child for growth

    Source: United Kingdom – Executive Government & Departments

    Speech

    Cyber is a poster child for growth

    The Chancellor of the Duchy of Lancaster spoke about the cyber threat landscape and how the government is using cyber to drive economic growth in a speech at CyberUK 2025 in Manchester.

    Introduction:

    Good morning everyone, 

    It’s really great to be here with you in Manchester.

    This is one of Britain’s great cities.

    From music to sport to industry, Manchester has made its mark on the world in so many ways…

    And today I want to talk to you about an area where I believe Manchester, the North West, the whole country can grow in strength in the future.

    There might have been times when a government minister making a speech about cyber security was thought to be something routine. 

    Ritual calls for preparedness, and it might not seem to have much connection to the real world.

    But not today. Not this time. Not this week. Not with what we have been seeing happening over the past few weeks. 

    Great British businesses. Household names like M&S, the Co-op, Harrods, all the subject of serious cyber incidents.

    These cyber attacks are not a game. They’re not a clever exercise. They are serious organised crime.

    The purpose is to damage and extort good businesses. It’s the digital version of an old-fashioned shake down. Either straight theft or a protection racket where your business will be safe as long as you pay the gangsters.  

    And what we’ve seen over the past couple of weeks should serve as a wake-up call for everyone – for government and the public sector, for businesses and organisations up and down the country, as if we needed one, that cybersecurity is not a luxury – it’s an absolute necessity. 

    Whether it is a system failure or a deliberate attack, no organisation can afford to treat cyber security as an afterthought.

    So it’s not routine. It’s a good time to be gathering today, to discuss what we can do to make our defences as strong as possible.

    Now it’s one of the paradoxes of modern life: technology brings huge benefits, and there’s no going back – but it also brings risks.  

    The internet is one of the greatest engines for creativity and innovation in modern history. It has transformed the way we live, work and learn. 

    Just think of the applications. Busy parents who can save so much time by ordering goods online, students with an unfathomable range of knowledge at their fingertips, families all around the world able to share pictures of those precious moments – birthdays, christenings, weddings – just at the press of a screen. All of us benefit from this astounding level of connectedness.

    Yet the technology that underpins it can be weaponised by those who want to destabilise our infrastructure, our information systems, or our industrial base.

    The UK’s critical infrastructure is now more interconnected than ever. That is empowering…

    But it also carries risks, because there are vulnerabilities –  and more than we had years ago. Right down to the household level.

    As the cost of the tech has plummeted, and broadband speeds have risen, more and more devices are connected online. In 2020, it was thought to be about 50 billion. By 2030 – which isn’t that far away now – it will be 500 billion, according to projections. 

    More connections, more interconnectedness. 

    Technological leaps are rarely born in comfort; more often, they are forged during conflict, or competition or by sheer necessity. And history shows us that innovation always accelerates when the stakes are highest, from nuclear energy to the space race.

    The stakes are high right now. And we are in the middle of another huge technological leap – a “technology shock” if you like – with AI and other emerging technologies developing at breakneck speeds. 

    It’s a duty for Government and all of us to keep up. 

    Because in the modern world, where everything is connected, and so much of it’s online, it doesn’t take much if that is attacked to cause serious disruption. 

    Just ask anyone in Spain or Portugal who went through the power outage last week. Passengers stuck in underground trains. Payment systems disabled and suddenly, for a day, cash is king again. And a host of other effects. 

    I experienced last July, just a couple of weeks after the general election, the CrowdStrike incident. We worked closely with one of the sponsors of this conference, CrowdStrike, to manage the fallout of that.

    That wasn’t a cyber attack but it did cause ripples right across the country and the world. 

    Flights grounded. Hospital appointments disrupted. Holidays cancelled. GP services cut off.

    We worked closely with the company to resolve it. But what did we learn?

    Lessons:

    First, you’ve got to bring people together and coordinate. We had the National Cyber Security Centre, the Cabinet Office – the department I lead – Microsoft and CrowdStrike, all the different parts of government to understand what the incident was. 

    Secondly, Government cannot do it alone. You have to have good partnerships between the public and private sector. 

    And thirdly, even though it exposed a responsibility, there is also a prize to be grasped here. 

    Because if interconnectedness that I’ve spoken about requires greater protection and powers of recovery, then those countries that think about this, that invest in the cybersecurity services, will be able to offer those services to those that need them. 

    Just think about previous waves of interconnectedness and how the UK led the way in protecting them. Think about how Lloyds of London, for example, insured shipping right across the globe, well so too can the UK play a major role in cyber security. A new kind of technological insurance.

    We are already the third largest exporter of these products and services in the world.

    And as the technology continues to develop, I believe that our cyber companies and start-ups can use that current competitive advantage as a launchpad for greater success – for the benefit of the entire UK economy.

    So my message this morning to you is that it’s not just about vulnerability and risk – it’s about economic growth too.  

    Later this year, we’ll publish a new National Cyber Strategy that will set out how we want to approach these challenges and opportunities in the years to come. 

    Today I want to touch on three aspects of that today: threats, security and growth.

    Threat landscape

    Scale of activity:

    The threat is growing. 

    Last year the NCSC received almost 2,000 reports of cyber attacks – of which 90 were deemed significant, and 12 at the top end of severity. 

    That is three times the number of severe attacks compared to the year before (2023).

    They’re targeted both Government and private systems.

    Combatting it is a constant challenge. I can’t stand here this morning and tell you that Government systems are bombproof. That is not the case.

    These are new systems, built on top of legacy systems, and we’re doing everything in our power to modernise the state, and to upgrade those core systems . But the Government, and the country as a whole, has to take this seriously if we’re going to do it securely in the future.

    Artificial Intelligence:

    It’s our strong conviction that Artificial Intelligence will bring huge opportunities to the UK. We want this country to be a good home both for investment and adoption in this field. But like all general purpose technologies, it can be used for good or ill.

    And just as people and businesses across the country are using AI in all sorts of applications, so too are our adversaries. 

    Today, we are declassifying an intelligence assessment that shows AI is going to increase not only the frequency, but the intensity, of cyber attacks in the coming years.

    Our security systems will only remain secure if they keep pace with what our adversaries are doing. 

    And that’s why it’s imperative to understand what they’re doing and why.

    State-actors:

    And today state-backed cyber hacking has become the new normal.

    Hostile states constantly working to degrade our military advantage. With cyber criminals who will routinely sell their services to other states. These cyber mercenaries can cause huge harm.

    Sometimes to steal money. For example, it is thought that North Korea stole $1.34bn through cryptocurrency theft last year, causing US officials to describe their hackers as the “world’s leading bank robbers”.

    The cyber activity we are seeing in countries like North Korea reflects that grey area that exists between some states and cyber criminals. 

    My colleagues at the Home Office, under the leadership of the Home Secretary and the Security Minister, are working hard to strengthen our overall response to cyber crime. They have been consulting on a number of ransomware proposals designed to thwart our enemies.

    Other state-backed hacking is done as part of a wider war – and we’ve seen that with Russia’s illegal invasion of Ukraine. 

    How Ukraine is putting up an incredibly brave fight against cyberwarfare unleashed by the Russians, and we have vowed to stand shoulder-to-shoulder with Ukraine for as long as it takes to defend their sovereignty. 

    And so we’re going to invest £8 million in the Ukraine Cyber Programme over the next year to counter the Kremlin’s cyber aggression.

    What Russia is doing doesn’t stop in Ukraine. There have been a number of other attacks and disinformation campaigns in other countries.

    For example, in Moldova’s presidential election last year. And we know that they will keep trying. So we will be investing £1 million in cyber capabilities in Moldova, to help give that country the tools to combat Russian cyber attacks and ensure their upcoming parliamentary election can be as democratic, fair and open as possible.

    Our country has always defended freedom.

    This is part of the defence of freedom and democracy that has been part of our country’s history.

    But defence today is not just about troops and missiles.

    It’s also about this cyber realm, too – and this Government is absolutely committed to making sure we and our allies are strong in this domain. 

    China:

    And let me say a word about China.

    When we think about international activity in cyberspace, we need to be clear-eyed about the challenge posed by China. 

    It is well on its way to becoming a cyber superpower. It has the sophistication. The scale. And the seriousness.

    It’s one of the world leaders in AI, as the world’s second largest economy it’s deeply embedded in global supply chains and markets.

    We need to view China’s approach to cyberspace with open eyes. Disengagement economically from China is not an option. Neither’s naivety. 

    The job of a responsible Government is to protect our people and constructively engage with the world as it is.

    “Stop the world I want to get off” is not in the United Kingdom’s interests.

    Rather, our approach should be to engage constructively and consistently with China where it is in the UK’s economic interests, but also to be clear that we will robustly defend our own cyberspace.

    Bolstering our defences

    And I want to thank the organisations that do that. GCHQ, NCSC, the National Cyber Force – they keep watch, working tirelessly with our allies, with the Five Eyes alliance, to stay ahead of our competitors.

    Our intelligence agencies also play a key role in growing our overall cyber ecosystem – acting as a training bed for all kinds of experts who go on to be successful cyber entrepreneurs.

    LASR:

    And we’re investing in new capabilities in this regard. 

    Last year, I launched a new public-private partnership to keep the UK on top of some of the risks emerging on how we harness AI.

    The idea behind the Laboratory for AI Security Research – or LASR, as we’ve come to call it – is simple: accelerate innovation and research into how AI can protect our national security.

    Since November, its funded 10 PhDs at Oxford University; funded an in-house team of 9 researchers at The Turing Institute; and its funded research at 8 other leading UK universities including Queen’s University Belfast and Lancaster University.

    And we are committing an extra £7million to LASR’s research over the next financial year. 

    And I’m pleased to announce it has agreed a new partnership with one of the biggest tech companies in the world, Cisco.

    They are going to be collaborating with GCHQ and the NCSC, and other partners to expand the research and innovation capacity of the Lab.

    They will be running challenges across the UK, and build a demonstrator here in the North West to showcase how our scientists and entrepreneurs can work together to manage the risks, build the skills and grasp the opportunities of AI security.

    This is the first collaboration of its kind with LASR, and will be a trailblazer and it will help LASR drive cutting-edge research into the impact of AI on national security.

    Cyber Security and Resilience Bill:

    We’re also modernising the way the state approaches this, through the Cyber Security and Resilience Bill. 

    That legislation will bolster our national defences. It will grant new powers to the Technology Secretary to direct regulated organisations to reinforce their defences.

    And as we begin scrutiny of that Bill in Parliament, we will be launching a new Software Security Code of Practice – to help all organisations take the measures they need to embed security and resilience. 

    And the prize of all this is growth. Safe economic growth. 

    Growth

    When we’re talking about cyber, it’s easy to focus on the risks and threats. 

    But we also need to think about the reward. There is enormous potential for cyber security to be a driving force in our economy. 

    We already have over 2,000 businesses across the UK. An estimated 67,000 jobs – with an increase of 6,000 in the last 12 months.

    Revenue of more than £13billion.

    And as I said, we’re exporting this across the world.
    But there is still potential on the table.
    So we’re supporting an independent report from Imperial College and Bristol University, who are going to apply their knowledge and expertise to help us establish which levers we need to pull, and how we do that.

    And ahead of the report, we are already making some big investments like the £1billion going into a new state-of-the-art Golden Valley campus near GCHQ’s Cheltenham office.

    That site alone is expected to create 12,000 jobs and be home to hospitality, retail businesses, as well as 3,700 new homes. It is all growth. 

    Industrial Strategy:

    And that is why cyber is part of our Industrial Strategy too. It is a significant part of our economic future.

    Conclusion:

    So as I said at the start of my remarks, we are in a new world.

    In fact, it’s incredible to think it’s been only 36 years since Tim Berners Lee invented the World Wide Web. 

    I have teenage children and sometimes I try to explain to them the world before the internet. It’s not something they find easy to understand. The pace of change that we have seen during that time is unlikely to slow down.

    So we have got to take the long view: not just think about the technologies of today, but what it might look like in 10 or 20 years.

    Cyber attacks and cyber hacking are likely to be permanent features of this new global order – there is no point in pretending otherwise.

    But the opportunities are also huge, and I believe that this country, in its position of creativity and innovation, will be at the vanguard of cyberspace and cybersecurity for decades to come.

    Seizing the opportunities to grow the sector, protecting and defending other parts of the economy.

    Standing by our allies in an ever changing world, and defending democracy right across the world.

    It is at once one of the challenges and opportunities of our time, and we have to work together to meet it. 

    –ENDS–

    Updates to this page

    Published 7 May 2025

    MIL OSI United Kingdom

  • MIL-OSI Security: St. Louis Felon Who Fatally Shot Man Sentenced to 9 Years in Prison

    Source: Office of United States Attorneys

    ST. LOUIS – U.S. District Judge Sarah E. Pitlyk on Tuesday sentenced a St. Louis man who shot an acquaintance in 2023 to nine years in prison.

    Clayton Pierce Davis, 39, pleaded guilty in U.S. District Court in St. Louis in November to one count of being a felon in possession of ammunition.

    On July 4, 2023, Davis was celebrating with others in St. Louis. After a Fourth of July event, the group went to a shop on the corner of Gravois Avenue and Chippewa Street in south St. Louis. An argument started and Davis fired 12 shots from a handgun, fatally shooting a man and wounding his girlfriend. At least one of the victims was armed and the woman fired one shot.

    Davis is a felon and is thus barred from possessing firearms. He has prior convictions for robbery, riot in a penal institution, dog fighting, stealing and assault.

    The case was investigated by the St. Louis Metropolitan Police Department and the FBI. Assistant U.S. Attorney Torrie Schneider prosecuted the case.

    MIL Security OSI

  • MIL-OSI Security: Allen Woman Sentenced to Over 11 Years in Federal Prison for Conspiring to Distribute Methamphetamine in the Pine Ridge Reservation and in Rapid City

    Source: Office of United States Attorneys

    RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Court Judge Karen E. Schreier has sentenced an Allen, South Dakota, woman convicted of Conspiracy to Distribute a Controlled Substance.

    Misty Hornbeck, age 50, was sentenced on May 5, 2025, to 11 years and three months in federal prison, followed by five years of supervised release, and a special assessment to the Federal Crime Victims Fund in the amount of $100.

    Hornbeck was indicted by a federal grand jury in March 2024, and pleaded guilty on February 27, 2025.

    Hornbeck’s conviction stemmed from the large-scale distribution of methamphetamine on the Pine Ridge Reservation and in Rapid City, South Dakota. Hornbeck, who resided in Colorado during the conspiracy, supplied methamphetamine to her codefendants through her sources in Colorado. Hornbeck’s codefendants then transported the methamphetamine into South Dakota. Once the methamphetamine was in South Dakota, it would be further distributed by multiple individuals, including Hornbeck’s co-defendants Nathan Tobacco-Clifford, Milo Shot With Arrow, and others. Between 500 grams and 1.5 kilograms of methamphetamine was distributed during the course of this criminal conspiracy.

    This case was investigated by the FBI and the Badlands Safe Trails Drug Enforcement Task Force, which is comprised of agents from the FBI, South Dakota Division of Criminal Investigation, Bureau of Indian Affairs Division of Drug Enforcement, Martin Police Department, and the Oglala Sioux Tribe Department of Public Safety. Assistant U.S. Attorney Heather Knox prosecuted the case.

    Hornbeck was immediately remanded to the custody of the U.S. Marshals Service following sentencing. 

    ###

    MIL Security OSI

  • MIL-OSI Security: Porcupine Man Sentenced to Eight Years in Federal Prison for Involuntary Manslaughter and False Statement

    Source: Office of United States Attorneys

    RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Karen E. Schreier has sentenced a Porcupine, South Dakota, man convicted of Involuntary Manslaughter and two counts of False Statement. The sentencing took place on April 25, 2025.

    Clayton Fire Thunder, age 40, was sentenced to a total of eight years in federal prison, followed by three years of supervised release. He was also ordered to pay $300 in special assessments to the Federal Crime Victims Fund.

    A federal grand jury indicted Fire Thunder in May 2024. He was found guilty following a federal jury trial in Rapid City, South Dakota, in January of 2025.

    On the early morning of September 15, 2022, a male drove his partially clothed girlfriend to Indian Health Services (IHS) hospital on the Pine Ridge Reservation and dropped her off at the Emergency Department. The male did not provide his identity nor the female’s identity. The male told medical personnel that a firearm went off while they were engaged in intimate relations and that she had been shot accidentally.

    Law enforcement identified and located the male at his residence several hours later. The male was cleaning the crime scene and sent text messages to the female’s relative’s claiming the shooting was an accident. A search of the residence was conducted. Law enforcement was unable to locate the handgun that the male claimed was used in the shooting. The male was arrested and eventually charged with second degree murder, possession of a firearm by a prohibited person and conspiracy to distribute methamphetamine. A digital surveillance system that recorded traffic to the male’s house was seized by law enforcement.

    After reviewing the footage, law enforcement identified a vehicle that appeared at the male’s residence shortly after midnight and just before the female was brought to IHS. After several months, law enforcement was able to identify the driver of the vehicle as Marino Waters and the passenger as Clayton Fire Thunder. The investigation revealed that Waters drove Fire Thunder to the male’s residence just east of Pine Ridge two times on the morning of September 15, 2022. Fire Thunder intended on selling a firearm to the male in exchange for cash and/or methamphetamine. The male did not answer the door when Fire Thunder knocked, and unexpectedly, Fire Thunder discharged one round from the firearm into the residence. The round ended up penetrating the siding, backboard, and drywall of the residence and struck and killed the male’s girlfriend, a 27-year-old female.

    When Fire Thunder was interviewed by the FBI in March of 2023, he gave a false statement and said that he did not have a firearm when the shooting occurred. Fire Thunder admitted to being at the residence and told law enforcement that he was inquiring with the male homeowner about a junked car at 4:00 o’clock in the morning. Fire Thunder was reinterviewed again in October 2023. Fire Thunder continued to deny that he possessed a firearm during the shooting death of the female and this time said that he was inquiring about a flatbed at 4:00 o’clock.

    Seventeen witnesses and over 200 exhibits were introduced at Fire Thunder trial establishing that Fire Thunder possessed and discharged a firearm on the morning of September 15, 2022, that resulted in the death of a 27-year-old female. The jury found Fire Thunder guilty of involuntary manslaughter and two counts of false statement.

    This matter was prosecuted by the U.S. Attorney’s Office because the Major Crimes Act, a federal statute, mandates that certain violent crimes alleged to have occurred in Indian country be prosecuted in Federal court as opposed to State court.

    This case was investigated by the Oglala Sioux Tribe Department of Public Safety and the FBI. Assistant U.S. Attorney Megan Poppen prosecuted the case.

    Fire Thunder was immediately remanded to the custody of the U.S. Marshals Service.

    MIL Security OSI

  • MIL-OSI Security: Florida Man Pleads Guilty to Tax Evasion and Bankruptcy Fraud

    Source: Office of United States Attorneys

    Paul Archer evaded approximately $1MM in federal taxes by concealing and transferring assets in his Chapter 7 bankruptcy case

    BANGOR, Maine: A Florida man pleaded guilty today in U.S. District Court in Bangor to attempting to evade federal taxes and engaging in fraudulent transfers and concealment in a bankruptcy proceeding. 

    According to court records, Paul Archer, 46, formerly of Hampden and Orrington, operated a profitable online marketing business for software installation on computers, earning several million dollars from 2013 through 2015. After an IRS audit in 2016 assessed a federal tax debt totaling approximately $1 million for those years, Archer concealed and transferred assets through two LLCs he controlled and began using third-party bank accounts to evade paying the tax debt.   

    From April 2018 through November 2019, Archer transferred and concealed assets and income by using a series of bank accounts held in the names of Max Tune Up, LLC; Stealth Kit, LLC; his father; and his spouse. Using a bank account held by Stealth Kit, LLC, for instance, Archer received income via direct deposits, initiated and received over $2 million in wire payments, and used cryptocurrency trading platforms and online payment systems to transfer funds. Archer transferred an investment account held in his own name to an account held in the name of Stealth Kit, LLC, then engaged in trading activity, stock ownership, and dividend/interest distributions. Archer further owned and transacted in Bitcoin using two different cryptocurrency exchanges, purchasing and later trading cryptocurrency valued at several hundred thousand dollars.

    In March 2019, Archer filed a Chapter 7 bankruptcy proceeding. In his Chapter 7 petition and schedules, Archer falsely claimed less than $50,000 in assets; a single checking account; no other assets or property interests; no recent asset transfers; and no connections to any businesses or memberships in any LLCs. Archer repeated these falsehoods under oath during meetings of creditors convened by a Chapter 7 Trustee, as well as in statements made to the U.S. Bankruptcy Court for the District of Maine.

    Archer faces up to five years imprisonment and a fine up to $250,000 on each of the two charges to which he pleaded guilty. Any sentence will be followed by up to three years of supervised release. He will be sentenced after the completion of a presentence investigation report by the U.S. Probation Office. A federal district court judge will determine a sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    IRS Criminal Investigation and the FBI investigated the case.

    ###

    MIL Security OSI

  • MIL-OSI Security: Miami Man Pleads Guilty to Fraud and Money Laundering in Scheme to Illegally Obtain Multiple HELOCs Using a Single Property

    Source: Office of United States Attorneys

    MIAMI – A Miami man pleaded guilty to charges stemming from a scheme in which he fraudulently obtained multiple home equity lines of credit (HELOCs) from various lenders by repeatedly using the same property as collateral.

    In June and July 2023, Alfred Lenoris Davis, 51, of Miami, Florida, engaged in a multi-lender fraud scheme by submitting false and misleading information to financial institutions in connection with HELOC applications. Davis submitted fraudulent tax returns and falsely represented that his property was free of other liens, even though he had already obtained and/or applied for other HELOCs secured by the same property. By concealing these overlapping obligations, Davis induced multiple lenders to extend approximately $1,257,500 in lines of credit under false pretenses. Davis used the fraudulently obtained loan proceeds for personal expenses and other purposes. Davis was charged with three counts of wire fraud and two counts of money laundering. Davis pleaded guilty on May 5.

    A sentencing hearing is scheduled on July 24 in Miami. Davis faces up to 20 years in prison for each count of wire fraud and up to 10 years in prison for each count of money laundering.

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida and acting Special Agent in Charge Brett Skiles of the FBI, Miami Field Office, made the announcement.

    FBI Miami investigated the case. Assistant U.S. Attorney Jonathan Bailyn is prosecuting the case. Assistant U.S. Attorney Sarah Klco is handling asset forfeiture.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 24-cr-20456.

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    MIL Security OSI

  • MIL-OSI Security: California Man Sentenced to 12 Years’ Imprisonment in Connection with $17M Medicare Fraud Schemes

    Source: United States Department of Justice Criminal Division

    A California man was sentenced yesterday to 12 years in prison and three years of supervised release for his role in a years-long scheme to defraud Medicare of more than $17 million through sham hospice companies and his home health care company.

    According to court documents, Petros Fichidzhyan, 44, of Granada Hills, schemed with others to bill Medicare for hospice services that were not medically necessary and never provided. Fichidzhyan and his co-schemers controlled hospice entities and used foreign nationals’ personal identifying information (PII) to conceal the scheme, using the PII to, among other things, open bank accounts, submit information to Medicare, and sign property leases. The defendant and his co-schemers also misappropriated the names and PII of several doctors, two of whom were deceased, to fraudulently bill Medicare for purported hospice services. Medicare paid the sham hospices nearly $16 million, of which Fichidzhyan received nearly $7 million, with more than $5.3 million laundered through a dozen shell and third-party bank accounts. Fichidzhyan also obtained more than $1 million in false claims paid to his home health care agency, which fraudulently used a doctor’s name and identifying information as having certified Medicare beneficiaries for home health care. When the doctor confronted Fichidzhyan about the fraud, Fichidzhyan attempted to cover up the scheme by paying the doctor $11,000.

    Fichidzhyan pleaded guilty to health care fraud, aggravated identity theft, and money laundering in February 2025. At sentencing, he was also ordered to pay $17,129,060 in restitution, and the court preliminarily ordered the forfeiture of a home bought with fraudulent proceeds. The government has seized $2,920,383 from bank accounts associated with the fraud. The sentence imposed today is the most recent step in the Justice Department’s ongoing effort to combat hospice fraud in the greater Los Angeles area.

    “For years, the defendant, working with others, ran multiple sham hospice and home health care schemes, fraudulently billing Medicare over $17 million,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “The defendant’s egregious scheme relied on layers of deception and sophisticated money laundering, and wasted millions in taxpayer money. With the help of our law enforcement partners, the Department of Justice is fully committed to stopping these criminal networks and protecting the public fisc.”

    “Health care fraud is not a victimless crime. Defrauding the Medicare program not only wastes valuable taxpayer dollars, it causes significant harm to enrollees,” said Acting Special Agent in Charge Omar Pérez Aybar at the U.S. Department of Health and Human Services, Office of Inspector General (HHS-OIG) Los Angeles Regional Office. “HHS-OIG, in collaboration with our law enforcement partners, will continue to investigate and hold accountable those who defraud federal health care programs.”

    “Mr. Fichidzhyan lined his pockets at the expense of the American taxpayer,” said Akil Davis, the Assistant Director in charge of the FBI’s Los Angeles Field Office. “The level of fraud and exploitation committed by the defendant is astounding and I’m proud of our investigators and prosecutors who were able to detect his schemes and hold him accountable.”

    The FBI and HHS-OIG are investigating the case.

    Trial Attorneys Eric C. Schmale and Sarah E. Edwards 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 Security: Portland Sex Offender Sentenced to 24 Years in Federal Prison for Enticing a Minor Online and Receiving Child Pornography

    Source: Office of United States Attorneys

    PORTLAND, Ore.—A Portland man was sentenced to federal prison Monday for using multiple social media applications to entice a young child to send him sexually explicit images of herself.

    Shawn Alan Smith, 44, was sentenced to 288 months in federal prison and a life term of supervised release. Smith was also ordered to pay restitution to his victim.

    According to court documents, between July 11 and September 15, 2020, Smith used multiple fake online social media personas, including several on KIK messenger and TikTok, to communicate with a nine-year-old child. While posing as a minor himself, Smith instructed the child victim to take sexually explicit photos of herself and send them to him, which she did. Smith also engaged in a video chat with the child while pretending to be the father of one of his fake online personas. At the time of the offense, Smith was a registered sex offender following prior state criminal convictions for child pornography offenses in Oregon and Maryland.

    On March 9, 2022, federal agents executed a search warrant at Smith’s Portland apartment. While the agents were attempting to gain entry to the apartment through a door he had barricaded, Smith threw his phone and computer out his bathroom window. Smith was arrested and charged by federal criminal complaint with production and attempted production of child pornography.

    On January 21, 2025, Smith pleaded guilty to a two-count superseding information charging him with online enticement of a minor and receipt of child pornography.

    This case was investigated by the FBI and Homeland Security Investigations (HSI). It was prosecuted by Mira Chernick, Assistant U.S. Attorney for the District of Oregon.

    Federal law defines child pornography as any visual depiction of sexually explicit conduct involving a minor. It is important to remember child sexual abuse material depicts actual crimes being committed against children. Not only do these images and videos document the victims’ exploitation and abuse, but when shared across the internet, re-victimize and re-traumatize the child victims each time their abuse is viewed. To learn more, please visit the National Center for Missing & Exploited Children at www.missingkids.org.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Justice Department to combat the growing epidemic of child sexual exploitation and abuse. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    MIL Security OSI

  • MIL-OSI USA: Durbin Urges AG Bondi, FBI Director Patel To Investigate Threats Against Federal Judges As They Continue To Receive Anonymous Deliveries As An Intimidation Tactic

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    May 06, 2025
    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee, sent a letter today to U.S. Attorney General (AG) Pam Bondi and FBI Director Kash Patel urging them to investigate the ongoing and increasing threats against federal judges. Recently, federal judges and their family members have received anonymous deliveries to their homes intended to show that those seeking to intimidate the targeted judge know the judge’s address or their family members’ addresses. The targeted individuals reportedly include Supreme Court justices, judges handling legal cases involving the Trump Administration, and the children of judges. Some of these deliveries were made using the name of Judge Esther Salas’s son, Daniel Anderl, who was murdered at the family’s home by a former litigant who posed as a deliveryman.
    Durbin wrote, “These incidents threaten not only judges and their families, but also judicial independence and the rule of law. It is imperative that the Justice Department (DOJ) and the Federal Bureau of Investigation (FBI) investigate these anonymous or pseudonymous deliveries and that those responsible be held accountable to the full extent of the law.”
    Durbin continued, “Accordingly, I request that you immediately investigate these deliveries. In the event you have already initiated investigations, I request an update on those efforts. I also ask that you provide information on any steps that DOJ or the FBI have taken to protect the judges and their families who have received anonymous or pseudonymous deliveries and to prevent further anonymous or pseudonymous deliveries and other threats.”
    In the letter, Durbin also highlighted the essential role that the U.S. Marshals Service (USMS) plays in protecting the federal judiciary and urged Bondi and Patel to ensure that the size of the USMS workforce is not reduced. USMS Acting Director Mark P. Pittella reportedly sent a letter on April 15 to more than 5,000 USMS employees offering them the opportunity to resign.
    Durbin wrote, “In the midst of increasing threats of violence against judges, it is inappropriate and unacceptable to reduce the size of the agency tasked with protecting the federal judiciary and the judicial process. Accordingly, I ask you to commit to fully supporting USMS and to maintaining or increasing its current number of employees.”
    To better understand these threats and how DOJ and the FBI are responding, Durbin asked Bondi and Patel to answer several outstanding questions and provide a briefing to the Committee by May 20.
    Full text of the letter can be found here and below.
    May 6, 2025
    Dear Attorney General Bondi and Director Patel:
    I write regarding a disturbing development related to the ongoing and increasing threats to the federal judiciary. In recent months, federal judges and their relatives have received anonymous deliveries to their homes. These deliveries are threats intended to show that those seeking to intimidate the targeted judge know the judge’s address or their family members’ addresses. The targeted individuals reportedly include Supreme Court justices, judges handling legal cases involving the Administration, and the children of judges. Some of these deliveries were made using the name of Judge Esther Salas’s son, Daniel Anderl, who was murdered at the family’s home by a former litigant who posed as a deliveryman.
    These incidents threaten not only judges and their families, but also judicial independence and the rule of law. It is imperative that the Justice Department (DOJ) and the Federal Bureau of Investigation (FBI) investigate these anonymous or pseudonymous deliveries and that those responsible be held accountable to the full extent of the law.
    Accordingly, I request that you immediately investigate these deliveries. In the event you have already initiated investigations, I request an update on those efforts. I also ask that you provide information on any steps that DOJ or the FBI have taken to protect the judges and their families who have received anonymous or pseudonymous deliveries and to prevent further anonymous or pseudonymous deliveries and other threats.
    Additionally, I want to highlight the essential role that the U.S. Marshals Service (USMS) plays in protecting the federal judiciary and urge you to ensure that the size of the USMS workforce is not reduced. USMS Acting Director Mark P. Pittella reportedly sent a letter on April 15 to more than 5,000 USMS employees offering them the opportunity to resign. In the midst of increasing threats of violence against judges, it is inappropriate and unacceptable to reduce the size of the agency tasked with protecting the federal judiciary and the judicial process. Accordingly, I ask you to commit to fully supporting USMS and to maintaining or increasing its current number of employees.
    Finally, pursuant to this Committee’s constitutional obligation to perform oversight over DOJ and the FBI, please respond to the following questions and provide a briefing to committee staff no later than May 20, 2025:
    How many anonymous or pseudonymous deliveries, pizza or otherwise, have been made to federal judges or their families since January 20, 2025?
    Including deliveries sent to members of their families, how many federal judges have received an anonymous or pseudonymous delivery? Please provide what level of the judiciary each affected judge serves in, along with their relevant circuit or district.
    Has an investigation been initiated for each of these deliveries? If not, why not?
    How many suspects has DOJ or the FBI identified in connection with these anonymous or pseudonymous deliveries?
    Is there any reason to suspect coordination among these suspects beyond employing similar tactics?
    Is there any indication that the addresses of the affected federal judges or their families are being found due to data broker violations of the Daniel Anderl Judicial Security and Privacy Act or similar statutory protections?
    Have delays in processing requests from affected federal judges to remove their personal information from being publicly posted online allowed any of these suspects to find the addresses of federal judges or their families?
    How many prosecutions has DOJ initiated in response to these anonymous or pseudonymous deliveries?
    What steps has DOJ or the FBI taken to taken to protect judges and their families from anonymous or pseudonymous deliveries and other threats?
    What steps has DOJ or the FBI taken to taken to prevent anonymous or pseudonymous deliveries and other threats?
    What involvement, if any, did DOJ or FBI officials have in the April 15 letter from USMS Acting Director Pittella to USMS employees in which USMS employees were offered the opportunity to resign? Please provide a copy of the April 15 letter.
    Considering the current threat environment with respect to federal judges, do you support the reduction of the size of the USMS workforce?
    Does DOJ or the FBI need any additional resources to investigate and respond to threats against judges and their family members?
    Please provide an unclassified, non-law enforcement sensitive response to all of these questions to the greatest extent possible, with any classified or law-enforcement sensitive material under separate cover.
    I look forward to your prompt attention to these important requests.
    Sincerely,
    -30-

    MIL OSI USA News

  • MIL-OSI: Agillic releases Q1 2025 financial results: YoY, ARR from subscriptions is up 4%, EBITDA is up DKK 0.2 million, and cash flow from operations improved by DKK 1.9 million

    Source: GlobeNewswire (MIL-OSI)

    Announcement no. 08 – Copenhagen, 7 May 2025 – Agillic A/S

    ARR from subscriptions increased by 4% in Q1 2025 vs. Q1 2024 due to new clients and stabilisation of churn. Agillic expects growth from both existing clients and new clients in 2025.

    Total revenue decreased by 1% in Q1 2025 YoY due to lower revenue following last year’s high churn level. Total revenue is expected to increase in 2025 as per 2025 guidance.

    EBITDA increased by 20% in Q1 2025 vs. Q1 2024. The increase is driven by reduced employee costs following the organisational changes in Q4 2024.

    Cash flow from operations was DKK 1.9 million in Q1 2025, an increase of DKK 1.9 million YoY. The improved cash flow derives from a positive development in working capital.

    Key financial and SaaS highlights
    (DKK million)

    Income statement Q1 2025 Q1 2024 Change YTD 2025 YTD 2024 Change
    Revenue subscriptions 12.6 12.6 0% 12.6 12.6 0%
    Revenue transactions 2.1 2.2 -5% 2.1 2.2 -5%
    Total revenue 14.7 14.8 -1% 14.7 14.8 -1%
    Gross profit  12.0 12.3 -2% 12.0 12.3 -2%
    Gross margin 82% 83% 82% 83%
    Other operating income 0.0 0.2 -100% 0.0 0.2 -100%
    Employee costs -7.6 -8.6 12% -7.6 -8.6 12%
    Operational costs -3.6 -3.3 -9% -3.6 -3.3 -9%
    EBITDA 0.8 0.6 20% 0.8 0.6 20%
    Net profit -3.0 -3.4 11% -3.0 -3.4 11%
                 
    Financial position            
    Cash 5.2 7.2 -28% 5.2 7.2 -28%
    Cash flow from operations 1.9 0.0 1.9 0.0
                 
    ARR subscriptions            
    ARR 54.4 52.2 4% 54.4 52.2 4%
    Change in ARR 2.2 -2.0 2.2 -2.0
    Change in ARR % 4% -4% 4% -4%

    Financial guidance 2025 (announced on 6 February 2025, unchanged)

    Revenue DKK 60-63 million
    EBITDA DKK 5-8 million
    ARR subscriptions DKK 56-60 million

     
     
    For further information, please contact:
    Christian Samsø, CEO
    +45 24 88 24 24
    christian.samsoe@agillic.com

    Jack Sørensen, CFO
    +45 53 88 61 48
    jack.soerensen@agillic.com

    Certified Adviser
    HC Andersen Capital
    Pernille Friis Andersen

    Disclaimer
    The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk. which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report.

    About Agillic A/S
    Agillic (Nasdaq First North Growth Market Denmark: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit www.agillic.com  

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    The MIL Network

  • MIL-OSI Economics: State of ransomware in 2025

    Source: Securelist – Kaspersky

    Headline: State of ransomware in 2025

    With the International Anti-Ransomware Day just around the corner on May 12, Kaspersky explores the ever-changing ransomware threat landscape and its implications for cybersecurity. According to Kaspersky Security Network data, the number of ransomware detections decreased by 18% from 2023 to 2024 – from 5,715,892 to 4,668,229. At the same time, the share of users affected by ransomware attacks increased by 0.02 p.p. to 0.44%. This smaller percentage compared to other cyberthreats is explained by the fact that attackers often don’t distribute this type of malware on a mass scale, but prioritize high-value targets, which reduces the overall number of incidents.

    That said, if we look at incidents at organizations requiring immediate incident response services that were mitigated by Kaspersky’s Global Emergency Response Team (GERT), we’ll see that 41.6% of them were related to ransomware in 2024, compared to 33.3% in 2023. Targeted ransomware is likely to remain the primary threat to organizations around the world for the foreseeable future.

    Below are some of the global trends that Kaspersky observed with ransomware in 2024.

    Ransomware-as-a-Service (RaaS) dominance

    The RaaS model remains the predominant framework for ransomware attacks, fueling their proliferation by lowering the technical barrier for cybercriminals. In 2024, RaaS platforms like RansomHub thrived by offering malware, technical support and affiliate programs that split the ransom (e.g., 90/10 for affiliates/core group). This model enables less-skilled actors to execute sophisticated attacks, contributing to the emergence of multiple new ransomware groups in 2024 alone. While traditional ransomware still exists, the scalability and profitability of RaaS make it the primary engine, with platforms evolving to include services such as initial access brokering and data exfiltration, ensuring its dominance into 2025.

    Some groups continue to go cross-platform, while Windows remains the primary target

    Many ransomware attacks still target Windows-based systems, reflecting the operating system’s widespread use in enterprise environments. The architecture of Windows, combined with vulnerabilities in software such as Remote Desktop Protocol (RDP) and unpatched systems, makes it a prime target for ransomware executables. In recent years, however, some attackers have diversified, with groups like RansomHub and Akira developing variants for Linux and VMware systems, particularly in cloud and virtualized environments. While Windows remains the epicenter, the growing focus on cross-platform ransomware signals a shift toward exploiting diverse infrastructures, especially as organizations adopt hybrid and cloud setups. This is not a new trend, and we expect it to persist in the coming years.

    Overall ransomware payments down, average ransom payment up

    According to Chainalysis, ransomware payments dropped significantly in 2024 to approximately $813.55 million, down 35% from a record $1.25 billion in 2023. On the other hand, Sophos reports that the average ransom payment surged from $1,542,333 in 2023 to $3,960,917 in 2024, reflecting a trend of targeting larger organizations with higher demands. This report also highlights that more organizations paid ransoms to get their data back, although other reports indicate that fewer organizations paid ransoms than in 2023. For example, according to Coveware, a company that specializes in fighting ransomware, the payment rate hit a record low of 25% in Q4 2024, down from 29% in Q4 2023, driven by law enforcement crackdowns, improved cybersecurity and regulatory pressures discouraging payments.

    While encryption remains a core component of many ransomware attacks, the primary goal for some groups has shifted or expanded beyond locking data

    In 2024, cybercriminals increasingly prioritized data exfiltration alongside, or sometimes instead of, encryption, focusing on stealing sensitive information to maximize leverage and profits or even extending threats to third parties such as customers, partners, suppliers, etc. Encryption is still widely used, but the rise of double and triple extortion tactics shows a strategic pivot. RansomHub and most modern ransomware groups often combine encryption with data theft, threatening to leak or sell stolen data if a ransom is not paid, making exfiltration a critical tactic.

    Dismantled or disrupted ransomware actors in 2024

    Several major ransomware groups faced significant disruptions in 2024, though the ecosystem’s resilience limited the long-term impact. LockBit, responsible for 27.78% of attacks in 2023, was hit hard by Operation Cronos in February 2024, with law enforcement seizing its infrastructure, arresting members and unmasking its leader, Dmitry Khoroshev. However, despite these efforts, LockBit relaunched its operations and remained active throughout 2024.

    ALPHV/BlackCat, another prolific group, was dismantled after an FBI operation in December 2023, though affiliates migrated to other groups such as RansomHub. The Radar/Dispossessor operation was disrupted by the FBI in August 2024, and German authorities seized 47 cryptocurrency exchanges linked to ransomware laundering. Despite these takedowns, groups like RansomHub and Play quickly filled the void, underscoring the challenge of eradicating ransomware networks. However, according to the latest research, the RansomHub group presumably paused their operations as of April 1, 2025.

    Some groups disappear, others pick up their work

    When ransomware groups disband or disappear, their tools, tactics and infrastructure often remain accessible in the cybercriminal ecosystem, allowing other groups to adopt and enhance them. For example, groups like BlackMatter or REvil, after facing pressure from law enforcement, saw their code and methods reused by successors like BlackCat, which in turn was followed by Cicada3301. Disappearing groups may also sell their source code, exploit kits or affiliate models on dark web forums, enabling emerging or existing gangs to repurpose these resources. In addition, malicious tools are sometimes leaked to the internet, as was the case with LockBit 3.0. As a result, many smaller groups or individuals unrelated to the ransomware developers, including hacktivists and low-skilled cybercriminals, get hold of these tools and use them for their own purposes. This cycle of knowledge transfer accelerates the evolution of ransomware as new actors build on proven strategies, adapt to countermeasures, and exploit vulnerabilities faster than defenders can respond. In telemetry, these new groups using old toolkits can be identified as old groups (e.g., LockBit).

    Ransomware groups increasingly developing their own custom toolkits

    This is done to increase the effectiveness of their attacks and avoid detection. These toolkits often include exploitation tools, lateral movement tools, password attack tools, etc. that are tailored to specific targets or industries. By creating proprietary tools, these groups reduce their reliance on widely available, detectable exploits and maintain control over their operations. This in-house development also facilitates frequent updates to counter defenses and exploit new vulnerabilities, making their attacks more resilient and harder for cybersecurity measures to mitigate.

    General vs. targeted ransomware share

    Targeted ransomware attacks, aimed at specific organizations for maximum disruption and payout, focus on high-value targets such as hospitals, financial institutions and government agencies, leveraging reconnaissance and zero-day exploits for precision. General ransomware, which spreads indiscriminately via phishing or external devices, often affects smaller businesses or individuals with weaker defenses. The focus on targeted attacks reflects cybercriminals’ preference for larger ransoms, though general ransomware persists due to its low-effort, high-volume potential.

    According to Kaspersky research, RansomHub was the most active group executing targeted attacks in 2024, followed by Play.

    Each group’s share of victims according to its data leak site (DLS) as a percentage of all reported victims of all groups during the period under review (download)

    AI tools used in ransomware development (FunkSec)

    FunkSec emerged as a ransomware group in late 2024 and quickly gained notoriety, claiming multiple victims in December alone and outpacing established groups like Cl0p and RansomHub. Operating on a Ransomware-as-a-Service (RaaS) model, FunkSec employs a double extortion tactic that combines data encryption with exfiltration. The group targets sectors such as government, technology, finance and education in countries including India, Spain and Mongolia.

    FunkSec is notable for its heavy reliance on AI-assisted tools, particularly in malware development. Its ransomware features AI-generated code with comments that are perfect from a language perspective, suggesting the use of large language models (LLMs) to streamline development and evade detection. Unlike typical ransomware groups that demand millions, FunkSec’s ransoms are unusually low, adopting a high-volume, low-cost approach.

    Bring Your Own Vulnerable Driver attacks continue

    Bring Your Own Vulnerable Driver (BYOVD) is an increasingly prevalent technique used in ransomware attacks to bypass security defenses and gain kernel-level access on Windows systems.

    With BYOVD, attackers deploy a legitimate but vulnerable driver – often digitally signed by a trusted vendor or Microsoft – on a target system. These drivers, which operate at the kernel level (ring 0) with high privileges, contain exploitable flaws that allow attackers to disable security tools, escalate privileges or execute malicious code undetected. By leveraging signed drivers, attackers can evade Windows’ default security checks.

    Although BYOVD is an advanced technique, there is a range of open-source tools like EDRSandblast and Backstab that lower the technical barriers and simplify such attacks. According to the Living Off The Land Drivers (LOLDrivers) project, hundreds of exploitable drivers are known, highlighting the scale of the problem. Attackers continue to find new vulnerable drivers, and tools like KDMapper allow mapping of unsigned drivers into memory via BYOVD, complicating defenses.

    Share of users whose computers were attacked by crypto-ransomware, by region. Data from Kaspersky Security Network (download)

    In the Middle East and Asia-Pacific regions, ransomware affected a higher share of users due to rapid digital transformation, expanding attack surfaces and varying levels of cybersecurity maturity. Enterprises in APAC were heavily targeted, driven by attacks on infrastructure and operational technology, especially in countries with growing economies and new data privacy laws.

    Ransomware is less prevalent in Africa due to lower levels of digitization and economic constraints, which reduce the number of high-value targets. However, as countries like South Africa and Nigeria expand their digital economies, ransomware attacks are on the rise, particularly in the manufacturing, financial and government sectors. Limited cybersecurity awareness and resources leave many organizations vulnerable, though the smaller attack surface means the region remains behind global hotspots.

    Latin America also experiences ransomware attacks, particularly in countries like Brazil, Argentina, Chile and Mexico. Manufacturing, agriculture, and retail, as well as critical sectors such as government and energy are targeted, but economic constraints and smaller ransoms deter some attackers. The region’s growing digital adoption is increasing exposure. For example, NightSpire ransomware compromised Chilean company EmoTrans, a logistics company serving key industries in Chile such as mining, agriculture and international trade. The group first appeared in March 2025, and attacked government institutions, manufacturers and other companies in various parts of the world. Like many other groups, NightSpire uses the double extortion strategy and has its own data leak site (DLS).

    The Commonwealth of Independent States (CIS) sees a smaller share of users encountering ransomware attacks. However, hacktivist groups like Head Mare, Twelve and others active in the region often use ransomware such as LockBit 3.0 to inflict damage on target organizations. Manufacturing, government, and retail are the most targeted sectors, with varying levels of cybersecurity maturity across the region affecting security.

    Europe is confronted with ransomware, but benefits from robust cybersecurity frameworks and regulations that deter some attackers. Sectors such as manufacturing, agriculture, and education are targeted, but mature incident response and awareness limit the scale of attacks. The region’s diversified economies and strong defenses make it less of a focal point for ransomware groups than regions with rapid, less secure digital growth.

    For example, RansomHub claimed responsibility for a 2024 attack on Kawasaki’s European offices, disrupting operations across multiple countries. The breach compromised customer and operational data, affecting supply chains for Kawasaki’s motorcycle and industrial products in Europe. The regional impact was significant in countries such as Germany and the Netherlands, where Kawasaki has a strong market presence, highlighting vulnerabilities in Europe’s manufacturing sector.

    Change in the share of users whose computers were attacked by crypto-ransomware, by region, 2024 compared to 2023. Data from Kaspersky Security Network (download)

    Emerging threats and future outlook

    Looking ahead to 2025, ransomware is expected to evolve by exploiting unconventional vulnerabilities, as demonstrated by the Akira gang’s use of a webcam to bypass endpoint detection and response systems and infiltrate internal networks. Attackers are likely to increasingly target overlooked entry points like IoT devices, smart appliances or misconfigured hardware in the workplace, capitalizing on the expanding attack surface created by interconnected systems. As organizations strengthen traditional defenses, cybercriminals will refine their tactics, focusing on stealthy reconnaissance and lateral movement within networks to deploy ransomware with greater precision, making it harder for defenders to detect and respond in time.

    Ransomware groups are also likely to escalate their extortion strategies, moving beyond double extortion to more aggressive approaches such as threatening to leak sensitive data to regulators, competitors or the public. The Ransomware-as-a-Service model will continue to thrive, allowing less-skilled actors to launch sophisticated attacks by purchasing access to pre-built tools and exploit kits. Geopolitical tensions may further drive hacktivism and state-sponsored ransomware campaigns targeting critical assets, such as energy grids or healthcare systems, as part of hybrid warfare. Smaller organizations with limited cybersecurity budgets will face heightened risks as attackers exploit their weaker defenses. To adapt, businesses must adopt zero-trust security models, secure IoT ecosystems and prioritize employee training to mitigate phishing and social engineering threats.

    The proliferation of large language models (LLMs) tailored for cybercrime will further amplify ransomware’s reach and impact. LLMs marketed on the dark web lower the technical barrier to creating malicious code, phishing campaigns and social engineering attacks, allowing even less-skilled actors to craft highly convincing lures or automate ransomware deployment. As more innovative concepts such as RPA (Robotic Process Automation) and LowCode, which provide an intuitive, visual, AI-assisted drag-and-drop interface for rapid software development, are quickly adopted by software developers, we can expect ransomware developers to use them to automate their attacks as well as new code development, making the ransomware threat even more prevalent.

    Recommendations

    To effectively counter ransomware in 2025, organizations and individuals must adopt a multi-layered defense strategy that addresses the evolving tactics of groups like FunkSec, RansomHub and others that leverage AI, Bring Your Own Vulnerable Driver (BYOVD) and double extortion.

    Prioritize proactive prevention through patching and vulnerability management. Many ransomware attacks exploit unpatched systems, so organizations should implement automated patch management tools to ensure timely updates for operating systems, software and drivers. For Windows environments, enabling Microsoft’s Vulnerable Driver Blocklist is critical to thwarting BYOVD attacks. Regularly scan for vulnerabilities and prioritize high-severity flaws, especially in widely used software like Microsoft Exchange or VMware ESXi, which were increasingly targeted by ransomware in 2024.

    Strengthen endpoint and network security with advanced detection and segmentation. Deploy robust endpoint detection and response solutions such as Kaspersky NEXT EDR to monitor for suspicious activity like driver loading or process termination. Network segmentation is equally important – limit lateral movement by isolating critical systems and using firewalls to restrict traffic. Implement a zero-trust architecture that requires continuous authentication for access.

    Invest in backups, training and incident response planning. Maintain offline or immutable backups that are tested regularly to ensure rapid recovery without paying a ransom. Backups should cover critical data and systems and be stored in air-gapped environments to resist encryption or deletion. User education is essential to combat phishing, which remains one of the top attack vectors. Conduct simulated phishing exercises and train employees to recognize AI-crafted emails used by FunkSec and others for stealth. Kaspersky GERT can help develop and test an incident response plan to minimize potential downtime and costs.

    The recommendation to not pay a ransom remains robust, especially given the risk of unavailable keys due to dismantled infrastructure, affiliate chaos or malicious intent, as seen in the 2024 disruptions. By investing in backups, incident response and preventive measures like patching and training, organizations can avoid funding criminals and mitigate the impact. Kaspersky also offers free decryptors for certain ransomware families. If you get hit by ransomware, check to see if there is a decryptor available for the ransomware family used in your case. Note that even if one isn’t available right now, it may be added later.

    MIL OSI Economics

  • MIL-OSI USA: California Man Sentenced to 12 Years’ Imprisonment in Connection with $17M Medicare Fraud Schemes

    Source: US State of North Dakota

    A California man was sentenced yesterday to 12 years in prison and three years of supervised release for his role in a years-long scheme to defraud Medicare of more than $17 million through sham hospice companies and his home health care company.

    According to court documents, Petros Fichidzhyan, 44, of Granada Hills, schemed with others to bill Medicare for hospice services that were not medically necessary and never provided. Fichidzhyan and his co-schemers controlled hospice entities and used foreign nationals’ personal identifying information (PII) to conceal the scheme, using the PII to, among other things, open bank accounts, submit information to Medicare, and sign property leases. The defendant and his co-schemers also misappropriated the names and PII of several doctors, two of whom were deceased, to fraudulently bill Medicare for purported hospice services. Medicare paid the sham hospices nearly $16 million, of which Fichidzhyan received nearly $7 million, with more than $5.3 million laundered through a dozen shell and third-party bank accounts. Fichidzhyan also obtained more than $1 million in false claims paid to his home health care agency, which fraudulently used a doctor’s name and identifying information as having certified Medicare beneficiaries for home health care. When the doctor confronted Fichidzhyan about the fraud, Fichidzhyan attempted to cover up the scheme by paying the doctor $11,000.

    Fichidzhyan pleaded guilty to health care fraud, aggravated identity theft, and money laundering in February 2025. At sentencing, he was also ordered to pay $17,129,060 in restitution, and the court preliminarily ordered the forfeiture of a home bought with fraudulent proceeds. The government has seized $2,920,383 from bank accounts associated with the fraud. The sentence imposed today is the most recent step in the Justice Department’s ongoing effort to combat hospice fraud in the greater Los Angeles area.

    “For years, the defendant, working with others, ran multiple sham hospice and home health care schemes, fraudulently billing Medicare over $17 million,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “The defendant’s egregious scheme relied on layers of deception and sophisticated money laundering, and wasted millions in taxpayer money. With the help of our law enforcement partners, the Department of Justice is fully committed to stopping these criminal networks and protecting the public fisc.”

    “Health care fraud is not a victimless crime. Defrauding the Medicare program not only wastes valuable taxpayer dollars, it causes significant harm to enrollees,” said Acting Special Agent in Charge Omar Pérez Aybar at the U.S. Department of Health and Human Services, Office of Inspector General (HHS-OIG) Los Angeles Regional Office. “HHS-OIG, in collaboration with our law enforcement partners, will continue to investigate and hold accountable those who defraud federal health care programs.”

    “Mr. Fichidzhyan lined his pockets at the expense of the American taxpayer,” said Akil Davis, the Assistant Director in charge of the FBI’s Los Angeles Field Office. “The level of fraud and exploitation committed by the defendant is astounding and I’m proud of our investigators and prosecutors who were able to detect his schemes and hold him accountable.”

    The FBI and HHS-OIG are investigating the case.

    Trial Attorneys Eric C. Schmale and Sarah E. Edwards 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 OSI USA News

  • MIL-OSI USA: Scalise Statement on 2017 Congressional Baseball Shooting Report

    Source: United States House of Representatives – Congressman Steve Scalise (1st District of Louisiana)

    WASHINGTON, D.C. — Today, House Majority Leader Steve Scalise (R-La.) issued a statement after the House Permanent Select Committee on Intelligence released their report on the FBI’s Conclusions on the 2017 Congressional Baseball Shooting. This follows FBI Director Kash Patel providing a review of the FBI case file to the Committee, after years of previous FBI leadership dodging transparency and accountability. “This report definitively shows the FBI completely mishandled the investigation into the Congressional baseball shooting of 2017 – ignoring crucial and obvious facts in order to sell a false narrative that the shooting was not politically motivated. I want to thank FBI Director Kash Patel, Chairman Rick Crawford, and the staff of the House Permanent Select Committee on Intelligence for finally getting to the truth of the matter: this was a deliberate and planned act of domestic terrorism toward Republican Members of Congress.“I encourage Director Patel to adopt the recommendations of the Committee to ensure the intelligence community is rid of bias and to identify who was responsible for the misleading and incorrect conclusions and why, and ensure the FBI gets back to its mission of following the facts, wherever they may lead.” Click here to view the report. 

    MIL OSI USA News

  • MIL-OSI Security: Bradenton Man Sentenced To 10 Years In Federal Prison For Receiving And Possessing Child Sexual Abuse Material

    Source: Office of United States Attorneys

    Tampa, Florida – U.S. District Judge James S. Moody has sentenced Christopher Clark (53, Bradenton) to 10 years in federal prison for receiving and possessing child sexual abuse material. Clark entered a guilty plea on January 22, 2025.

    According to court documents, the FBI executed a search warrant at Clark’s home in September 2024. During the search, the FBI seized approximately 45 electronic devices. A review of several of those devices showed that Clark had received and possessed thousands of photos and videos of child sexual abuse material.

    This case was investigated by the Federal Bureau of Investigation, with assistance from the Manatee County Sheriff’s Office, the Bradenton Police Department, and the Sarasota Police Department. It was prosecuted by Assistant United States Attorney Ross Roberts.

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

    MIL Security OSI

  • MIL-OSI Security: Registered Sex Offender Sentenced to 12 Years in Federal Prison for Using Instagram to Prey on Minors

    Source: Office of United States Attorneys

    EVANSVILLE— William Virgil Russell, II, 33, of Evansville, has been sentenced to 12 years in federal prison followed by a lifetime of supervised release after pleading guilty to possession of sexually explicit material involving minors.   

    According to court documents, on April 3, 2023, social media application, Instagram, reported that an account owned by William V. Russell had accessed at least one video suspected of containing child sexual abuse material. The video depicted an adult male attempting to rape a prepubescent minor female.

    Working with Instagram to review the account, law enforcement investigators found additional child sexual abuse material, as well as posts by Russell soliciting underage videos that stated, “Looking for freaks with young kids or siblings that need $$” and “Looking for under l2 to buy from hit me up.”

    On September 26, 2023, investigators searched Russell’s home in Evansville and recovered his cellphone. Further investigation uncovered 21 sexually explicit images involving minors, as well as numerous chat session transcripts in which Russell describes himself as a pedophile, says he prefers toddlers, and asks women to provide him with nude and sexually explicit images of their children. Russell often offered to pay for the images.

    At the time of the offenses described above, Russell was a registered sex offender based on a felony conviction for Possession of Child Sexual Abuse Material in Warrick County, Indiana. Following his release, Russell must continue to remain registered as a sex offender wherever he lives, works, or goes to school.

    “Every parent should know that social media apps like Instagram are not safe spaces for young children and are often hunting grounds for predators who seek gratification from their exploitation,” said John E. Childress, Acting United States Attorney for the Southern District of Indiana. “I commend the investigators with FBI, Evansville PD, and the efforts of our AUSA for working together to ensure more vulnerable individuals are not victimized.”

    The FBI and Evansville Police Department investigated this case. The sentence was imposed by U.S. District Judge Richard L. Young

    Acting U.S. Attorney Childress thanked Assistant U.S. Attorney Todd S. Shellenbarger, who prosecuted this case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative launched in May 2006 by the Department of Justice to combat the growing epidemic of child sexual exploitation and abuse. Led by U.S. Attorneys’ Offices and the 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.

    If you are a victim of child sexual exploitation, please contact your local police department. Resources for victims of child exploitation can be found on our website at https://www.justice.gov/usao-sdin/project-safe-childhood

    ###

    MIL Security OSI

  • MIL-OSI Global: Why a hotline is needed to help bring India and Pakistan back from the brink of a disastrous war

    Source: The Conversation – UK – By Syed Ali Zia Jaffery, Deputy Director at the Center for Security, Strategy and Policy Research, University of Lahore

    Two weeks after the terrorist attack in Pahalgam, in Indian-administered Kashmir, that claimed 26 lives, India and Pakistan are getting perilously close to a dangerous military confrontation.

    Pakistan carried out two missile tests in three days over the weekend of May 3-5, while India announced that it will conduct on Wednesday May 7 its largest civil defence drill since the 1971 India-Pakistan war.

    The countries have closed their borders and shut down their airspace to each other and have suspended all trade. With both countries possessing nuclear weapons, the rising tension makes managing escalation particularly urgent.

    A key factor in the de-escalation of past crises has been Washington’s role as a third-party crisis manager. While the recent call for restraint from the US secretary of state, Marco Rubio, shows US concerns over the gathering crisis, there are considerable uncertainties surrounding what role the US is prepared to play in de-escalation.

    US president Donald Trump remarked after the attack that he is “sure they’ll figure it out one way or the other … There’s great tension between Pakistan and India, but there always has been”, which appears to put the onus of de-escalation on New Delhi and Islamabad.

    What is needed now is robust, real-time crisis communication between the two nations. Instead, both sides appear ready to ratchet up tensions further, with inflammatory rhetoric, enhanced military preparedness and skirmishing along the so-called line of control which separates the two countries in Kashmir.

    The need to give reassurance to each party through empathetic communication is particularly important in the India-Pakistan context. First, the risks of escalation between India and Pakistan are greater than they were in 2019 after the Jaish-e-Mohammed (JeM) terrorist bombing, which killed 40 Indian troops at Pulwama near to Kashmir’s main town of Srinagar.

    India identified the Pakistani state as responsible for the attack and responded with airstrikes against what it claimed was a JeM training camp at Balakot in north-western Pakistan. The absence of a trusted channel of communication brought both countries closer than ever to a missile exchange.

    Mike Pompeo, then secretary of state in the first Trump administration, claimed in a 2023 memoir that both sides had readied their nuclear deterrents. Whatever the veracity of Pompeo’s claims, it’s clear that mutual restraint is critical to avoiding miscalculations.

    But Indian prime minister Narendra Modi’s delegation of greater operational freedom to the Indian military after the Pahalgam attack has raised concerns that India’s use of force could be more extensive than in 2019. Modi has vowed to pursue and punish the terrorists and their abetters “to the ends of the Earth”, a pledge that raises domestic political costs for him and his government if there is no military follow-through.

    Lessons from the Cuban missile crisis

    One important lesson from past nuclear standoffs – especially the Cuban missile crisis – is that leaders of adversarial nuclear states can sometimes forge empathetic channels of communication that help pull their countries back from the brink. There was no established hotline in October 1962. But US president John F. Kennedy and his Soviet counterpart, Nikita Khrushchev, exchanged a series of letters in which they acknowledged and expressed their shared vulnerability to nuclear war.

    There was no talk of nuclear jingoism or the manipulation of nuclear threats. Instead, as one of us (Nicholas) has argued in a study co-authored with US academic Marcus Holmes, the nuclear shadow that hung over the two leaders encouraged the development of mutual empathy and a bond of trust that were both critical to the peaceful resolution of the crisis.

    Soviet leader Nikita Krushchev and US president John F Kennedy established a leader-to-leader hotline in 1963.
    US State Department

    Kennedy and Khrushchev could have responded to the condition of mutual nuclear vulnerability with brinkmanship, and turned the crisis into what Thomas Schelling – one of the most prominent US nuclear strategists and an advisor to the Kennedy administration – called a “competition in risk-taking”. But instead, they recognised that competitive manipulations of risk could only lead to mutual disaster, which enabled them to avert a potential nuclear exchange.

    Indian and Pakistani leaders could take their cue from this episode. A recent report by the nuclear thinktank Basic (co-edited by Nicholas) urged policymakers to avoid viewing crises as “zero-sum tests of will”. Instead, they should see them as opportunities for cooperation to avert catastrophe.

    Why an India-Pakistan hotline is vital

    But the absence of a trusted confidential line of communication between the leaders of India and Pakistan is a major barrier to empathetic communication. It prevents the two reaching a proper appreciation of shared vulnerabilities that is so critical to crisis de-escalation. As Basic recommended in a 2024 report, the most important contribution to crisis de-escalation between the two countries would be to establish a leader-to-leader hotline.

    Schelling called the US-Soviet hotline agreement of 1963
    the “best single example” of a measure that increased confidence in mutual restraint on both sides, and virtually ruled out what he called the “anxiety to strike first”.

    Such a hotline between the highest levels of Indian and Pakistani diplomacy would be an important step towards preventing these crises from spinning out of control. More crucially, it could play a pivotal role in managing crises when they do occur, offering a vital channel for reassurance and de-escalation.

    Crucially, real-time, reliable and empathetic communication would allow each side to clarify the other’s intent, signal reassurance, correct misperceptions and demonstrate restraint.

    India and Pakistan should not see these mechanisms as concessions or signs of weakness, but as instruments for enhancing mutual security between two nuclear adversaries. In a nuclear age where the margin for error is vanishingly small, overconfidence and brinkmanship must give way to prudence and restraint.




    Read more:
    Moscow-Washington nuclear hotline has averted war in the past – but cool heads will be needed in Trump’s White House and Putin’s Kremlin


    Syed Ali Zia Jaffery is Deputy Director, Center for Security, Strategy and Policy Research, University of Lahore, and Associate Editor, Pakistan Politico Ali was a Visiting Fellow at the Stimson Center, Washington, D.C. Ali regularly writes on strategic issues for national and international publications, to include Routledge, Bulletin of the Atomic Scientists, South Asian Voices , The National Interest, The Atlantic Council, Asia-Pacific Leadership Network (APLN), CSIS, The Diplomat, Dawn, and 9DashLine, among others. Ali is an alumnus of Woodrow Wilson Center’s Nuclear Proliferation International History Project’s Nuclear History Boot Camp. He is also an alumnus of the International School on Disarmament and Research on Conflicts( ISODARCO). Ali often shares his perspectives on major strategic developments on national and international media. Ali is associated with the British American Security Information Council (BASIC) both as part of its Programme on Nuclear Responsibilities and the Emerging Voices Network. His research interests lie in the fields of nuclear deterrence, strategic stability, and geopolitics. He taught undergraduate level courses on foreign policy, national security, arms control& disarmament, and non-proliferation from 2018 until 2023. He is also a Graduate Research Assistant at the James Martin Center for Nonproliferation Studies.

    Nicholas John Wheeler is a non-resident Senior Fellow at BASIC where he works on the Nuclear Responsibilities Programme with special reference to South Asia.

    ref. Why a hotline is needed to help bring India and Pakistan back from the brink of a disastrous war – https://theconversation.com/why-a-hotline-is-needed-to-help-bring-india-and-pakistan-back-from-the-brink-of-a-disastrous-war-255727

    MIL OSI – Global Reports