Source: United States Senator for Virginia Tim Kaine
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SEN. WARNER ON THIS LEGISLATION
SEN. KAINE ON THIS LEGISLATION
WASHINGTON, D.C. – U.S. Senators Mark R. Warner and Tim Kaine (both D-VA) were joined by Sens. Angus King (I-ME), Michael Bennett (D-CO), and John Hickenlooper (D-CO) in introducing today to increase transparency, accountability, and safety in immigration law enforcement. The Immigration Enforcement Identification Act would prohibit law enforcement officers from obscuring their faces and require that they clearly display their agency, their name and a unique identifier while conducting immigration enforcement functions, with some commonsense exceptions for select tactical missions and officer health and safety. This legislation also provides federal law enforcement agencies with the authority to better protect law enforcement officers and their families from doxing.
This legislation comes as the Department of Homeland Security prepares to hire and deploy thousands of new immigration enforcement agents, thanks to a dramatic infusion of funding by congressional Republicans that makes Immigration and Customs Enforcement (ICE) better funded than all but 15 of the world’s militaries.
“Communities around the country have been clear: we should not have armed, masked, and unidentified individuals prowling around neighborhoods and snatching people off the street. This conduct poses a great risk for everyone involved, from the officers themselves to well-intentioned bystanders who may misunderstand the situation,” said Warner. “Despite the risks, our local police officers, state troopers, national guardsmen, and even members of the armed forces interact with communities every with full-faced transparency – the kind that creates trust and helps hold us all to higher standards. I’m proud to introduce this legislation to hold ICE to the same standards that the vast majority of American law enforcement are held to.”
“In recent months, we’ve seen how some ICE officers and agents – without clear indicia that they are law enforcement and often wearing masks – conducting immigration operations have caused fear and unnecessary danger on our streets and even in sensitive locations like county courthouses,” Kaine said. “This legislation would require ICE officers and agents to visibly identify themselves as law enforcement, helping to enhance safety and mitigate risk of violence if people misunderstand what’s happening. Our bill would also help to protect these officers and agents and their families from doxing and physical harm by giving them the tool to take their personal information such as their home addresses off the internet.”
“This legislation is simple: the bad guys wear masks, not law enforcement officers. Our police, first responders and public safety officials play an important role in keeping our communities safe and free from harm, but there also needs to be accountability and transparency in the line of duty,” said King. “The uptick in immigration agents not clearly identifying themselves while on the job has eroded an already diminishing trust with the communities they serve. The Immigration Enforcement Identification Act would set reasonable, commonsense standards for immigration officer identification, and provide law enforcement personnel and their families with the appropriate resources to prevent doxxing.”
“Masked immigration enforcement agents performing arrests without identification is deeply troubling,” said Bennet. “We must hold all law enforcement to the same standard of accountability. This legislation protects due process rights, prioritizes safe community encounters, and upholds proper immigration enforcement.”
“We are deeply concerned about reports of ICE agents taking families off the street without identification,” said Hickenlooper. “Our bill is about promoting trust and transparency in our communities, and enforcing basic due process rights.”
According to the Department of Homeland Security, ICE does not have a “face-covering” policy. In recent months, ICE and agencies supporting ICE have been widely observed conducting immigration enforcement in plain clothes, out of unmarked cars, and while wearing a variety of imprecise or inscrutable insignia that makes them impossible to identify.
The Immigration Enforcement Identification Act would require that all federal law enforcement and state and local law enforcement partners be identifiable while conducting immigration enforcement functions. This includes federal law enforcement organizations such as ICE, Customs and Border Protection (CBP), Border Patrol (BP), Federal Bureau of Investigations (FBI), Drug Enforcement Agency (DEA), Bureau of Alcohol, Tobacco, and Firearms (ATF), U.S. Marshals, as well as state and local partners working with the federal government on immigration enforcement.
This bill also takes important steps to help protect members of law enforcement and their families by providing personal data privacy services for immigration enforcement officers whose official duties may put them at increased risk of being the target of threats, intimidation, harassment, stalking, or a similar action. These services can help an individual monitor their sensitive personal information – including their personal phone number, home address, or other information that could be used to commit crimes against members of law enforcement – and remove it from websites, platforms, and data brokers.
This legislation has the support of the Law Enforcement Action Partnership (LEAP), Immigration Hub, American Immigration Lawyers Association (AILA), and Service Employees International Union (SEIU).
“This legislation strikes the right balance between transparency and officer safety,” said Law Enforcement Action Partnership Executive Director Lt. Diane Goldstein (Ret.). “Operating with clear identification – name, agency, and badge number – is standard practice for accountability across policing and the military, and there is no reason federal immigration officers should be exempt. At the same time, providing officers with additional tools to protect against doxing ensures that this critical effort to maintain and rebuild public trust does not come at the cost of security.”
“The Immigration Enforcement Identification Safety Act of 2025 brings long-overdue transparency and accountability to immigration enforcement while giving law enforcement officers more tools to protect themselves. Just as we require our military and law enforcement to identify themselves during civil operations, it is both reasonable and essential to expect the same of immigration officers. Displaying names or unique identifiers and ensuring visible faces not only builds public trust but also protects the integrity of our institutions and the rights of the individuals they encounter. At the same time, this bill provides resources for agents to protect themselves,” said Immigration Hub Co-Executive Director Kerri Talbot.
“No one – White, Black, Brown, AAPI, or Immigrant – should live in fear of masked agents snatching people off of the streets without identifying themselves. Families often don’t know where their loved ones are being held or who may be next. Our communities need safety and trust, not terror and chaos,” said SEIU Secretary Treasurer Rocio Saenz.
Text of this legislation is available here. A summary is available here.
“Peace Action Wellington completely opposes the opening of a US FBI office in Aotearoa New Zealand. The decision by the NZ government to allow a foreign country’s police force to operate here is terrifying.
This is particularly true given the authoritarian regime in power in the US and the FBI’s behaviour since Trump’s election,” said Valerie Morse, member of Peace Action Wellington.
“The FBI anti-terrorism units have been involved in numerous raids and arrests of student activists at universities across the US. These brutal investigations have nothing to do with criminal actions by anyone and everything to do with student support for Palestine.”
“The NZ government’s statement that a key area of collaboration is anti-terrorism is therefore extremely alarming. We have seen the kidnappings and deportations by US federal agents for those involved in nonviolent protests in the US. We want no US policing here.”
“The FBI is a US domestic police force. Its operation here raises very serious questions about its jurisdiction and powers here. We are concerned that FBI officers may be operating here with complete diplomatic immunity from prosecution and may be carrying firearms.”
“New Zealand’s most recent public experience with the FBI was the botched raids on Kim Dotcom’s house in 2011. What we learned from that was NZ’s intelligence agencies engaged in illegal surveillance for the FBI, and the charges brought against Dotcom were not even things that are illegal in this country. In short, the entire case, which is still going on, has been one violation of rights after another.”
“We would like to know if there are other foreign police forces operating here. We expect that there will be widespread opposition to the establishment of an FBI office.”
New York, NY, July 31, 2025 (GLOBE NEWSWIRE) — The Ether Machine, the ether generation company, announced yesterday that The Ether Reserve LLC has purchased nearly 15,000 ETH at $3,809.97 USD for a total of $56,900,000.01 USD as part of The Ether Machine’s long-term accumulation strategy. This brings total ETH purchased and committed to 334,757 with up to $407,000,000 of USD remaining for additional ETH purchases.
Timed to coincide with Ethereum’s 10-year anniversary, the purchase marks the beginning of The Ether Machine’s treasury deployment, and reflects a deep conviction in ETH as the most important asset of the decentralized internet and its mission to build a long-term, institutional-grade ETH treasury.
“We couldn’t imagine a better way to commemorate Ethereum’s 10th birthday than by deepening our commitment to ether,” said Andrew Keys, Chairman and Co-Founder of The Ether Machine. “We are just getting started. Our mandate is to accumulate, compound, and support ETH for the long term – not just as a financial asset, but as the backbone of a new internet economy.”
The purchase was made by The Ether Reserve LLC from part of the $97 million in cash proceeds from its previously announced private placement. The Ether Reserve LLC will purchase additional ether from the remaining proceeds in the coming days, which will be announced separately.
In parallel with the accumulation announcement, Keys also made a personal donation of $100,000 to the Protocol Guild, a community-led funding initiative supporting Ethereum’s core protocol contributors. The Protocol Guild is widely recognized as one of the most effective models for open-source sustainability in Web3, having distributed millions of dollars to over 150 long-term researchers, developers, and maintainers responsible for Ethereum’s base layer.
“Ethereum would not exist without the tireless work of its core developers,” said Keys. “This donation is a token of thanks to the stewards of the protocol, and a celebration of everything Ethereum has made possible over the past decade. Happy 10th birthday, Ethereum.”
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About The Ether Machine
Formed through a business combination (to be completed) between The Ether Reserve LLC and Dynamix Corporation, a NASDAQ-listed special purpose acquisition company (the “Business Combination”), pursuant to a definitive business combination agreement (the “Business Combination Agreement”), The Ether Machine is an Ethereum yield and infrastructure company purpose-built for institutional management and scale. Expected to be anchored by one of the largest on-chain ETH positions of any public entity, The Ether Machine will actively generate and optimize ETH-denominated returns through staking, restaking, and secure, professionally risk-managed DeFi participation. The Ether Machine also expects to provide turnkey infrastructure solutions for enterprises, DAOs, and Ethereum-native builders seeking access to Ethereum’s consensus and blockspace economy. To learn more, please visit www.ethermachine.com.
About Protocol Guild
Protocol Guild is a community-led funding mechanism that supports the long-term contributors maintaining Ethereum’s core protocol. Through an eligibility framework, member registry, and onchain contracts, the Guild allocates funding transparently and over time to those advancing Ethereum’s layer 1. It operates independently of governance decisions and helps ensure the protocol’s most critical work is sustainably supported as a public good. To learn, please visit www.protocolguild.org.
About Dynamix Corporation
Dynamix Corporation (“DYNX”) is a special purpose acquisition company incorporated under the laws of Cayman Islands for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. DYNX is led by the following seasoned investors and industry executives: Andrea “Andrejka” Bernatova, Chief Executive Officer and Chairman, Nader Daylami, Chief Financial Officer, Philip Rajan, Vice President of M&A and Strategy and board members, Lynn A. Peterson, Diaco Aviki and Tyler Crabtree. Additionally, Ralph Alexander, Joe Gatto, Peter Gross, Jimmy Henderson, Tommy Stone, and Steve Webster served as Advisors to DYNX. DYNX maintains a corporate website at https://dynamix-corp.com.
DYNX and The Ether Machine, Inc. (“Pubco”) intend to file with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4 (the “Registration Statement”), which will include a preliminary proxy statement of DYNX and a prospectus of Pubco (the “Proxy Statement/Prospectus”) in connection with the Business Combination and the other transactions contemplated by the Business Combination Agreement and/or described in this communication (together with the Business Combination and the private placement investments, the “Proposed Transactions”). The definitive proxy statement and other relevant documents will be mailed to shareholders of DYNX as of a record date to be established for voting on the Business Combination and other matters as described in the Proxy Statement/Prospectus. DYNX and/or Pubco will also file other documents regarding the Proposed Transactions with the SEC. This communication does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF DYNX AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH DYNX’S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT DYNX, THE COMPANY, PUBCO AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by DYNX and Pubco, without charge, once available, on the SEC’s website at www.sec.gov or by directing a request to: Dynamix Corp, 1980 Post Oak Blvd., Suite 100, PMB 6373, Houston, TX 77056; e-mail: info@regen.io, or to: The Ether Machine, Inc., 2093 Philadelphia Pike #2640, Claymont, DE 19703, e-mail: dm@etherreserve.com.
NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
The Pubco Class A Stock to be issued by Pubco and the class A units issued and to be issued by The Ether Reserve LLC (the “Company”), in each case, in connection with the Proposed Transactions, have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
Participants in the Solicitation
DYNX, Pubco, the Company and their respective directors and executive officers may be deemed under SEC rules to be participants in the solicitation of proxies from DYNX’s shareholders in connection with the Business Combination. A list of the names of such directors and executive officers, and information regarding their interests in the Business Combination and their ownership of DYNX’s securities are, or will be, contained in DYNX’s filings with the SEC. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of DYNX’s shareholders in connection with the Business Combination, including the names and interests of the Company and Pubco’s directors and executive officers, will be set forth in the Proxy Statement/Prospectus, which is expected to be filed by DYNX and Pubco with the SEC. Investors and security holders may obtain free copies of these documents as described above.
No Offer or Solicitation
This communication is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of DYNX, the Company or Pubco, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act.
Forward-Looking Statements
This communication contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions and the parties thereto, including expectations, hopes, beliefs, intentions, plans, prospects, results or strategies regarding Pubco, the Company, DYNX and the Proposed Transactions and statements regarding the anticipated benefits and timing of completion of the Proposed Transactions, business plans and investment strategies of Pubco, the Company and DYNX, expected use of the cash proceeds of the Proposed Transactions, the Company’s ability to stake and leverage capital markets and other staking operations and participation in restaking, the amount of capital expected to be received in the Proposed Transactions, the assets held by Pubco, Ether’s position as the most productive digital asset, plans to increase yield to investors, any expected growth or opportunities associated with Ether, Pubco’s listing on an applicable securities exchange and the timing of such listing, expectations of Ether to perform as a superior treasury asset, the upside potential and opportunity for investors resulting from any Proposed Transactions, any proposed transaction structures and offering terms and the Company’s and Pubco’s plans for Ether adoption, value creation, investor benefits and strategic advantages. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions.
These are subject to various risks and uncertainties, including regulatory review, Ethereum protocol developments, market dynamics, the risk that the Proposed Transactions may not be completed in a timely manner or at all, failure for any condition to closing of the Business Combination to be met, the risk that the Business Combination may not be completed by DYNX’s business combination deadline, the failure by the parties to satisfy the conditions to the consummation of the Business Combination, including the approval of DYNX’s shareholders, or the private placement investments, costs related to the Proposed Transactions and as a result of becoming a public company, failure to realize the anticipated benefits of the Proposed Transactions, the level of redemptions of DYNX’s public shareholders which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the Class A shares of DYNX or the shares of Pubco Class A Stock, the lack of a third-party fairness opinion in determining whether or not to pursue the Business Combination, the failure of Pubco to obtain or maintain the listing of its securities any stock exchange on which Pubco Class A Stock will be listed after closing of the Business Combination, changes in business, market, financial, political and regulatory conditions, risks relating to Pubco’s anticipated operations and business, including the highly volatile nature of the price of Ether, the risk that Pubco’s stock price will be highly correlated to the price of Ether and the price of Ether may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions, risks related to increased competition in the industries in which Pubco will operate, risks relating to significant legal, commercial, regulatory and technical uncertainty regarding Ether, risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, challenges in implementing its business plan including Ether-related financial and advisory services, due to operational challenges, significant competition and regulation, being considered to be a “shell company” by any stock exchange on which the Pubco Class A Stock will be listed or by the SEC, which may impact the ability to list Pubco’s Class A Stock and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities, the outcome of any potential legal proceedings that may be instituted against the Company, DYNX, Pubco or others following announcement of the Business Combination and those risk factors discussed in documents of the Company, Pubco, or DYNX filed, or to be filed, with the SEC. The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the final prospectus of DYNX dated as of November 20, 2024 and filed by DYNX with the SEC on November 21, 2024, DYNX’s Quarterly Reports on Form 10-Q, DYNX’s Annual Report on Form 10-K filed with the SEC on March 20, 2025 and the registration statement on Form S-4 and proxy statement/prospectus that will be filed by Pubco and DYNX, and other documents filed by DYNX and Pubco from time to time with the SEC, as well as the list of risk factors included herein. These filings do or will identify and address other important risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Additional risks and uncertainties not currently known or that are currently deemed immaterial may also cause actual results to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned not to put undue reliance on forward- looking statements, and none of the parties or any of their representatives assumes any obligation and do not intend to update or revise these forward-looking statements, each of which are made only as of the date of this communication.
The money is easy to trace. Scroll back through tech entrepreneur Peter Thiel’s political donations and you’ll soon hit US$15 million worth of transfers sent to Protect Ohio Values, JD Vance’s campaign fund. The donations, made in 2022, are a staggering contribution to an individual senate race, and helped put Vance (Thiel’s former employee at tech fund Mithril Capital) on a winning trajectory.
But if money matters, so do ideas. Scroll back through Vance’s speeches, and you’ll hear echoes of Thiel’s voice. The decline of US elites (and by extension, the nation) is supposedly a result of technological stagnation: declining innovation, trivial distractions, broken infrastructure. To make the nation great again, Thiel believes, tech should come first, corporates should be unshackled, and the state should resemble the startup. For Vance, who has now risen to the office of US vice-president, a Thiel talk on these topics at Yale Law was “the most significant moment” of his time there.
Thiel’s influence on politics is at once financial, technical and ideological. In the New York Times, he was recently described as the “most influential right-wing intellectual of the last 20 years”. And his potent cocktail of networks, money, strategy and support exerts a rightward force on the political landscape. It establishes a powerful pattern for up-and-coming figures to follow.
To “hedge fund investor” and “tech entrepreneur”, Thiel has recently added a new label: Republican kingmaker.
Who is Peter Thiel?
Thiel was born in Germany but grew up in the United States, with a childhood sojourn in apartheid South Africa. Max Chafkin’s critical but balanced biography, The Contrarian, claims Thiel was bullied growing up and protected himself by becoming resolutely “disdainful”. He studied philosophy and then law at Stanford, where he founded The Stanford Review, a libertarian–conservative student paper that signalled his early interest in controversial politics and culture wars.
While difficult to pin down precisely, Thiel’s Christianity shapes his belief in a declining or even apocalyptic world that can only be countered with unapologetic interventions and technological innovations. God helps those who help themselves – but could always use additional help from ambitious tech elites.
In 1998, Thiel cofounded his first tech company, Confinity, which launched its flagship product PayPal in 1999 and merged with Elon Musk’s X.com in 2000. In 2002, eBay bought PayPal for $1.5 billion and Thiel became a multimillionaire. He invested in several startups, including Facebook, and established his hedge fund, Clarium, and his venture capital firm, Founders Fund.
In their own ways, each of these developments is a response to Thiel’s thesis that the world is stuck. In his 2011 essay The End of the Future, he decries the “soft totalitarianism of political correctness in media and academia” and the “sordid world” of entertainment. The result is “50 years of stagnation” that has transformed humanity “into this more docile kind of a species”.
Thiel’s answer is more risk, more tech and more ambition. It’s exemplified most clearly by Palantir Technologies, the data analytics firm he cofounded in 2004.
Palantir has worked closely with US armed forces and intelligence agencies for 14 years. It is currently working closely with the Trump administration to create a “super-database” of combined data from all federal agencies, and building a platform for Immigration and Customs Enforcement (ICE) “to track migrant movements in real time”.
Investing in right-wing politics
Thiel’s political interventions have ramped up over time. Libertarianism generally takes an arms-length approach to politics in favour of individual freedom and market determination. But even in “purely” financial spaces, politics creeps in.
Clarium’s macroeconomic approach meant the political landscape had to be factored in: “high-conviction, directional investments based on key drivers of the global economy and fundamental themes underappreciated by the marketplace”.
If politics, like technology, had stagnated – into a non-choice between similar parties – how could it be “disrupted”? Thiel began making political donations in December 2011, with contributions totalling at least $2.6 million, to the third presidential campaign of Ron Paul, a longstanding conservative congressman in Texas.
While Paul would ultimately be unsuccessful, Thiel recognised something others had missed. Voters had not been attracted to some idealistic libertarian, as the media portrayed him, but to the old Ron Paul, a neoconservative whose newsletters published in his name in the 1980s and ‘90s suggested 95% of Black men in Washington DC were criminals. (He denied writing them in 2011, calling the statements “terrible”.) His appeal was never “merely” about economic freedom, but about race and class, fear and grievance.
Donald Trump took this dark undercurrent, a strain that has always underpinned parts of US politics, and ran with it. Dog-whistles were dispensed with in favour of overt claims that most illegal immigrants were rapists, certain Latin American countries were shitholes, women were bitches, and white supremacists were “very fine people”. Trump, noted one article, was “weaponizing the conservative id”.
In these visions, multiculturalism and progressivism are not just cultural threats, but economic ones. They undermine the ability of company founders to exploit labour, blow past regulations, and obey the brutal logic of the market.
“A world safe for capitalism is presumably one of monopoly companies and patriarchal networks,” note media scholars Ben Little and Alison Winch in their profile of Thiel. It’s a world “where ‘the multiculture’ has been transformed into racialised domination”.
Thiel has certainly contributed to the rise of Trump and the new breed of right-wing politicians through his vast wealth. In 2016, Thiel contributed $1.25 million to Trump’s campaign, thinking “he had a 50-50 chance of winning”. This earned him a speaking slot at the Republican convention. But his influence extends beyond mere money.
Thiel’s endorsement of Trump at the 2016 Republican convention was hugely significant for garnering support. So was his famous declaration there that he was proud to be gay, Republican and American. After Trump won his first term, Thiel continued to be involved. He joined the transition team and recommended aligned individuals for key positions, such as Michael Kratsios, who would become chief technology officer.
So, Thiel’s support of Trump should be understood as an investment, just like his early investments in PayPal and Facebook. As Chafkin notes, Thiel’s bet on Trump is a wager with high upsides and low risk. Thiel’s outspoken views in favour of “seasteading” (floating independent city-states) and against immigration and women’s emancipation had already alienated the more progressive sectors of Silicon Valley.
If the bet paid off, Thiel and his empire could benefit handsomely. And this is exactly what has played out. Since Trump has taken office in his second term, Palantir has already netted more than $113 million in federal government spending.
Palantir: from information to domination
Palantir’s origin story reflects its blend of technical expertise and political ambition. To combat rising fraud, members of PayPal developed a software tool that could mine vast amounts of transactions and find the connections between them, homing in on a handful of culprits in a deluge of data.
Thiel was prescient in spinning this core idea from finance to intelligence, where analysts were searching for patterns and anomalies amid the noise – a needle in a haystack. Palantir commercialised and expanded this concept, bringing a leaner, data-driven Silicon Valley approach to a sector dominated by established Washington incumbents.
Thiel and Palantir chief executive Alex Karp believe Silicon Valley has lost its way, frittering away its vast talents and ingenuity on trivial pursuits: advertising, gaming, social media. For them, the era of ambitious scientific projects and unapologetic military industrial collaborations – the Manhattan Project, the Moon landing — needs to be revived.
In his book, the Technological Republic, Karp calls for a state that looks more like a startup – lean, technology-driven, and led authoritatively by a founder-like figure who is not afraid to “move fast and break stuff” (the Silicon Valley motto), especially when it comes to dominating enemies and ensuring the safety of a nation’s citizens.
Palantir, of course, answers this call. It combines machine learning with military spending, data-driven “intelligence” with naked violence. This is most clear in its longstanding collaboration with ICE, which is now carrying out notorious immigration raids at the behest of the Trump administration. “On the factory floor, in the operating room, on the battlefield,” states a recent Palantir recruitment ad placed across US college campuses, “we build to dominate.”
Palantir’s blueprint has been emulated by a growing array of others. Anduril, Skydio and Shield AI are all founded on developing information technologies for military and intelligence use. Last week, Rune Technologies closed a $24 million Series A round of funding to move warfare logistics away from the “Excel era” and towards AI-augmented tools.
Answering Karp’s call, these startups are unapologetic in leveraging engineering expertise for more substantial, authoritarian and historically controversial areas.
Playing the scapegoat
One of the clearest outlines of Thiel’s political philosophy is laid out in the Straussian Moment, a 30-page essay he published in 2007.
For Thiel, the spectacular violence of the September 11 terrorist attacks was a wake-up call, rousing the citizenry from that “very long and profitable period of intellectual slumber and amnesia that is so misleadingly called the Enlightenment”.
In Thiel’s view, the Enlightenment project – to advance knowledge, cultivate tolerance, and elevate humanity as a whole – rested on a naive understanding of human nature. Like Curtis Yarvin and other influential Silicon Valley political thinkers, he asserts that humanity is brutal and a shift from Enlightenment optimism to Dark Enlightenment pessimism is required.
It is unsurprising, then, that Thiel looks to René Girard (once called “the new Darwin of the human sciences”) for inspiration; he even organised a symposium at Stanford with Girard in attendance. Girard begins from a bleak view of human nature, a Hobbesian world where life is nasty, brutish and short. For Girard, mimesis or imitation is at the heart of the human. This mirroring quality means violence is always threatening to escalate, to constantly ramp up with no inherent limit.
To corral this violence, ancient cultures created the scapegoat, a sacrificial system where all-against-all was replaced by all-against-one. Yet the scapegoat is no longer viable – the revelation of Christ is that the scapegoat is an innocent victim.
Thiel takes Girard’s insights and twists them to his own ends. First, Thiel asserts that even if violence begets more violence, nonviolence is not an option. Enemies must not be allowed to prevail. In the face of uncompromising adversaries, such as the 9/11 attackers, who threaten to dismantle some idealised way of life, preemptively responding to violence is “urgently demanded”.
Second, Thiel takes the concept of the scapegoat and flips it. In this judo-like manoeuvre, the real victims are not the marginalised or the minority, but the hegemonic class (whites, males, liberals, conservatives), who are being pressured by cancel culture, political correctness, diversity initiatives and so on.
Shortly after graduating, Thiel coauthored a book, The Diversity Myth, about alleged political intolerance at Stanford. In it, he rails against a rampant multiculturalism that he claims stifles freedom of speech and derails education and entrepreneurialism. Here, scapegoating is weaponised. It’s mobilised toward a conservative advance in the ongoing cultural wars, which are always also political wars.
Contradiction or evolution?
Thiel is a walking paradox. He bemoans cancel culture and political correctness, while waging a highly expensive and clearly personal war to bankrupt a media outlet that offended him. (After Gawker printed the “open secret” of Thiel’s gay status in 2007, Thiel funded lawsuits against them until they were shut down.)
He calls himself a libertarian, but has founded a company that derives millions in contracts from the bloated budgets of the many military agencies (the National Security Agency, the FBI, the US Army) that now comprise the sprawling state.
He celebrates capitalism and the free hand of the market, but always stresses that the path to business success rests on establishing monopolies with no real competition. He is a German-born immigrant who actively supports technologies (Palantir) and candidates (Trump) that establish xenophobic environments and seek to deport those deemed “other”. And, most personally, he is both a conservative Republican and an openly gay man.
At a purely logical level, these elements are incompatible. There is a perceived gap between Thiel’s words and actions, a gulf between his ideologies and his activities. For staunch libertarians at Thiel’s companies, his manoeuvrings at the state level make no sense. For queer scholars, Thiel’s exclusionary rather than liberatory politics mean he is a man who has sex with other men, rather than being gay.
For these critics, both things cannot be true; therefore, some labels, identities and activities are fake, marginal or impossible. Yet one of Thiel’s many lessons is that contradiction is a strength rather than a weakness.
Thiel’s philosophy, which journalists have called techno-fascism, recalls philosopher Umberto Eco, who described fascism as a “beehive of contradictions” and “a collage of different philosophical and political ideas”. The radical right, in particular, has no problem mashing together many views that at face value should not fit: scavenger ideologies that are opportunistic in grabbing elements that work for them.
Instead of contradictions, these hybrid forms need to be understood as evolutions. They are tensions, held within the body and the mind of the subject, that push monolithic frameworks like conservatism beyond their existing limits. Thiel’s power – and his political blueprint for others – is insisting you can be a philosophical entrepreneur, an illiberal patriot, and a queer conservative.
Luke Munn does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
ER Report: Here is a summary of significant articles published on EveningReport.nz on August 1, 2025.
Why UK recognition of a Palestinian state should not be conditional on Israel’s actions Source: The Conversation (Au and NZ) – By Karen Scott, Professor in Law, University of Canterbury Getty Images The announcement this week by UK Prime Minister Keir Starmer on the recognition of a Palestininian state has been welcomed by many who want to see a ceasefire in Gaza and lasting peace in the region. In
Governments are becoming increasingly secretive. Here’s how they can be made to be more transparent Source: The Conversation (Au and NZ) – By Gabrielle Appleby, Professor of Law, UNSW Law School, UNSW Sydney Transparency is vital to our democratic system of government. It promotes good government, spurring those in power into better practice. Even when what is revealed is pretty revolting, transparency means those transgressions are known, and accountability for
Wood fires, warm drinks, hot water bottles: 5 expert tips on how to avoid burns this winter Source: The Conversation (Au and NZ) – By Lisa Martin, Adjunct Senior Research Fellow, School of Biomedical Sciences, Pathology and Laboratory Science, The University of Western Australia Alex P/Pexels It’s a cold, crisp evening and the air carries a chill that bites. As temperatures drop and houses get colder, we turn to trusted sources of
Is Australia becoming a more violent country? Source: The Conversation (Au and NZ) – By Samara McPhedran, Principal Research Fellow, Violence Research and Prevention Program, Griffith University Almost every day, it seems we read or hear reports another family is grieving the murder of a loved one in a street brawl, another business owner is hospitalised after trying to fend off armed
The royal commission recommended abolishing time limits on abuse cases – a year on, nothing has changed Source: The Conversation (Au and NZ) – By Zoë Prebble, Lecturer in Criminal Law, Te Herenga Waka — Victoria University of Wellington Getty Images Among the 138 recommendations of the Abuse in Care Royal Commission of Inquiry’s final report to parliament was a clear call: remove the legal time limits that prevent survivors of historic
Industrial-scale deepfake abuse caused a crisis in South Korean schools. Here’s how Australia can avoid the same fate Source: The Conversation (Au and NZ) – By Joel Scanlan, Senior Lecturer in Health Information Management, University of Tasmania South Korea’s deepfake crisis triggered a wave of protests in 2024. Anthony WALLACE / AFP Australian schools are seeing a growing number of incidents in which students have created deepfake sexualised imagery of their classmates. The
Colombia is producing more cocaine than ever – and more is reaching Australian shores Source: The Conversation (Au and NZ) – By Cesar Alvarez, Lecturer in Terrorism and Security Studies, Charles Sturt University Members of the Colombian anti-narcotics police test cocaine after a drug bust. RAUL ARBOLEDA/AFP via Getty Images Imagine an area larger than the Australian Capital Territory, nearly twice the size of London and four times that
How can I tell if I am lonely? What are some of the signs? Source: The Conversation (Au and NZ) – By Marlee Bower, Senior Research Fellow, Matilda Centre for Research in Mental Health and Substance Use, University of Sydney gremlin/Getty Images Without even realising it, your world sometimes gradually gets smaller: less walking, fewer days in the office, cancelling on friends. Watching plans disintegrate on the chat as
Rockabye baby: the ‘love songs’ of lonely leopard seals resemble human nursery rhymes Source: The Conversation (Au and NZ) – By Lucinda Chambers, PhD Candidate in Marine Bioacoustics, UNSW Sydney CassandraSm/Shutterstock Late in the evening, the Antarctic sky flushes pink. The male leopard seal wakes and slips from the ice into the water. There, he’ll spend the night singing underwater amongst the floating ice floes. For the next
Shark tales, a sinking city and a breathless cop thriller: what to watch in August Source: The Conversation (Au and NZ) – By Alexa Scarlata, Lecturer, Digital Communication, RMIT University As the cool nights continue, it’s the perfect time to cozy up with a new batch of captivating films and series. This month’s streaming highlights bring a little bit of everything, from gripping true crime, to thought-provoking political drama, and
A Hawaiian epic made in NZ: why Jason Momoa’s Chief of War wasn’t filmed in its star’s homeland Source: The Conversation (Au and NZ) – By Duncan Caillard, Postdoctoral Research Fellow, School of Communication Studies, Auckland University of Technology Jason Momoa’s historical epic Chief of War, launching August 1 on Apple TV+, is a triumph of Hawaiians telling their own stories – despite the fact their film and TV production industry now struggles
As protesters condemn Western media ‘complicity’, Gaza journalists struggle for survival Asia Pacific Report Protesters demonstrated outside several major US media outlets in Washington this week condemning their coverage of the genocide in Gaza, claiming they were to blame over misinformation and the worsening catastrophe. Banging pots and pans to spotlight the starvation crisis, they accused the media of “complicity in genocide”. Banners and placards proclaimed
The company tax regime is a roadblock to business investment. Here’s what needs to change Source: The Conversation (Au and NZ) – By Alex Robson, Deputy Chair, Productivity Commission, and Adjunct Professor, Queensland University of Technology Erman Gunes/Shutterstock Productivity growth is a key driver of improvements in living standards. But in Australia over the last decade, output per hour worked grew by less than a quarter of its 60-year average.
Grattan on Friday: Aggrieved Liberals stamp their feet, testing Sussan Ley’s authority Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra As any leader of a political party knows, when you demote people they can become difficult, or worse. Among Opposition Leader Sussan Ley’s multiple problems are two very unhappy former frontbenchers. Sarah Henderson, who was opposition education spokeswoman last term,
Espionage cost Australia $12.5 billion in 2023-24, ASIO boss Mike Burgess says Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Espionage cost Australia $12.5 billion in 2023-24, according to a study by ASIO and the Australian Institute of Criminology. The figure includes the direct costs of known espionage incidents, including state-sponsored theft of intellectual property, as well as the indirect
Labor well-placed to win three Bass seats in Tasmanian election, giving left a total of 20 of 35 MPs Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne Labor is well-placed to win three seats in the electorate of Bass at the Tasmanian election, although its party totals imply it deserves only two. This would
The Muslim world has been strong on rhetoric, short on action over Gaza and Afghanistan Source: The Conversation (Au and NZ) – By Amin Saikal, Emeritus Professor of Middle Eastern and Central Asian Studies, Australian National University; and Vice Chancellor’s Strategic Fellow, Australian National University When it comes to dealing with two of the biggest current crises in the Muslim world – the devastation of Gaza and the Taliban’s draconian
Kids need to floss too, even their baby teeth. But how do you actually get them to do it? Source: The Conversation (Au and NZ) – By Dileep Sharma, Professor and Head of Discipline – Oral Health, University of Newcastle Jonathan Borba/Pexels A survey from the Australian Dental Association out this week shows about three in four children never floss their teeth, or have adults do it for them. Many of the survey respondents
Grief is the Thing with Feathers comes to the stage with a glorious intensity of purpose Source: The Conversation (Au and NZ) – By Huw Griffiths, Associate Professor of English Literature, University of Sydney Brett Boardman/Belvoir The idea of the titular Crow in Ted Hughes’ poems is wild, untameable and irreducible to words. In an early poem in the sequence, words come at Crow from all angles but he just ignores
Politics with Michelle Grattan: independent MP Allegra Spender on making tax fairer for younger Australians Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra With parliament now finished its first fortnight’s session, attention will soon be on the government’s August 19-21 economic reform roundtable, bringing together business, unions, experts and community representatives to pursue consensus on ways to lift Australia’s flagging productivity. Independent member
With over $4 billion in net assets, the Global X Uranium ETF is the world’s preeminent ETF providing investors broad exposure to companies involved in uranium mining and the production of nuclear components
New York, N.Y., Aug. 01, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that it has been selected for inclusion in the Solactive Global Uranium & Nuclear Components Total Return Index, following the Index’s semiannual review and subsequent rebalancing.
Effective as of August 1, 2025, NANO Nuclear’s common stock will be included in the Solactive Global Uranium & Nuclear Components Total Return Index, an Index of Solactive AG which tracks the price movements in shares of companies that have (or are expected to have) exposure to the uranium industry. This particularly includes uranium mining, exploration, uranium investments and technologies (such as NANO Nuclear’s micro modular nuclear reactors under development) related to the uranium industry
The Solactive Global Uranium & Nuclear Components Total Return Index serves as a benchmark for exchange-traded funds (or ETFs) and other investment products, with NANO Nuclear’s inclusion reflecting its growing presence in the global nuclear energy and uranium supply chain.
As a result of this addition, NANO Nuclear’s common stock now qualifies for inclusion in the prominent Global X Uranium ETF (ticker “URA”), with approximately $4 billion in net assets, which passively tracks the Solactive Global Uranium & Nuclear Components Total Return Index. Notably, the Global X Uranium ETF is the world’s preeminent ETF providing investors broad exposure to companies involved in uranium mining and the production of nuclear components.
Figure 1 – NANO Nuclear Energy Inc. Selected for inclusion in the Solactive Global Uranium & Nuclear Components Total Return Index, qualifying it for inclusion in the prominent Global X Uranium ETF (“URA”)
“Our team has executed well on our stated strategic priorities, strengthening our market position and building collaborations that support our long‑term growth and valuation,” said Jay Yu, Founder and Chairman of NANO Nuclear. “Inclusion in Solactive’s Global Uranium & Nuclear Components Total Return Index and the Global X Uranium ETF marks these achievements and is another positive step in our trajectory, highlighting our expanding role in the global nuclear energy industry. It is a testament to the hard work being done by our team to steadily grow our company, advance our technologies, and deliver value to our shareholders both now and in the future.”
“This is an important milestone for NANO Nuclear, and we are proud to be included in Solactive’s coverage of the nuclear and uranium industry,” said James Walker, Chief Executive Officer of NANO Nuclear. “We continue to take proactive steps to advance NANO Nuclear’s various development programs and initiatives and create shareholder value. This inclusion increases our visibility in the public markets and connects us with investors who are interested in this growing sector. We look forward to leveraging this exposure as we continue to grow and progress our business plans.”
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 MMR™Energy 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.
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 relate to the anticipated benefits of NANO Nuclear’s inclusion in the index and ETF described herein and its plans and goals generally. 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 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 the May 23, 2025 Executive Orders seeking to streamline nuclear regulation, 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.
WASHINGTON – Today, the Department of Justice transmitted the declassified Appendix of the Durham Report to the Senate Judiciary Committee following collaboration with the Central Intelligence Agency (CIA). This transmission advances President Donald J. Trump’s directive for maximum transparency and underscores the Attorney General’s commitment to that objective. It also fulfills a request for disclosure by Senate Judiciary Chairman Senator Chuck Grassley (R-IA), whose leadership on this issue has been instrumental.
This latest transmission to Senate Republicans follows the Department’s recent disclosure of information related to the FBI’s handling of the investigation into Hillary Clinton’s use of a private email server and mishandling of classified information.
Following the transmission of new Durham documents, Attorney General Pamela Bondi, CIA Director John Ratcliffe, and FBI Director Kash Patel released the following statements:
“Today, the Department of Justice provided Chairman Grassley with previously classified information relating to Special Counsel Durham’s investigation into possible coordination between the Clinton campaign and the Obama administration to interfere with the 2016 presidential election. This Department of Justice, alongside the CIA, is committed to truth and transparency and will continue to support good-faith efforts by Congress to hold our government accountable.” – Attorney General Pamela Bondi
“Today, CIA and the Department of Justice under Attorney General Pam Bondi are taking a bold step forward in declassifying the underlying intelligence in the Durham appendix showing the false Trump-Russia collusion narrative for what it was – a coordinated plan to prevent and destroy Donald Trump’s presidency. CIA stands with the Department and is committed to transparency and rebuilding trust in the IC. The American people deserve the opportunity to see the evidence for themselves.” – CIA Director John Ratcliffe
“The American people deserve the full, unfiltered truth about the Russia collusion hoax and the political abuse of our justice system it exposed. Today’s declassification and release of documents tied to the Durham report is another step toward that accountability. The FBI will continue working tirelessly with our federal partners at DOJ, CIA, and more to uncover the facts that should have been brought to light years ago. I’m grateful to Chairman Grassley for his steadfast leadership on this issue, and I look forward to our continued partnership in exposing one of the most shameful frauds ever perpetrated on the American public.” – FBI Director Kash Patel
WASHINGTON – Today, the Department of Justice transmitted the declassified Appendix of the Durham Report to the Senate Judiciary Committee following collaboration with the Central Intelligence Agency (CIA). This transmission advances President Donald J. Trump’s directive for maximum transparency and underscores the Attorney General’s commitment to that objective. It also fulfills a request for disclosure by Senate Judiciary Chairman Senator Chuck Grassley (R-IA), whose leadership on this issue has been instrumental.
This latest transmission to Senate Republicans follows the Department’s recent disclosure of information related to the FBI’s handling of the investigation into Hillary Clinton’s use of a private email server and mishandling of classified information.
Following the transmission of new Durham documents, Attorney General Pamela Bondi, CIA Director John Ratcliffe, and FBI Director Kash Patel released the following statements:
“Today, the Department of Justice provided Chairman Grassley with previously classified information relating to Special Counsel Durham’s investigation into possible coordination between the Clinton campaign and the Obama administration to interfere with the 2016 presidential election. This Department of Justice, alongside the CIA, is committed to truth and transparency and will continue to support good-faith efforts by Congress to hold our government accountable.” – Attorney General Pamela Bondi
“Today, CIA and the Department of Justice under Attorney General Pam Bondi are taking a bold step forward in declassifying the underlying intelligence in the Durham appendix showing the false Trump-Russia collusion narrative for what it was – a coordinated plan to prevent and destroy Donald Trump’s presidency. CIA stands with the Department and is committed to transparency and rebuilding trust in the IC. The American people deserve the opportunity to see the evidence for themselves.” – CIA Director John Ratcliffe
“The American people deserve the full, unfiltered truth about the Russia collusion hoax and the political abuse of our justice system it exposed. Today’s declassification and release of documents tied to the Durham report is another step toward that accountability. The FBI will continue working tirelessly with our federal partners at DOJ, CIA, and more to uncover the facts that should have been brought to light years ago. I’m grateful to Chairman Grassley for his steadfast leadership on this issue, and I look forward to our continued partnership in exposing one of the most shameful frauds ever perpetrated on the American public.” – FBI Director Kash Patel
Today, the Department of Justice announced the launch of the Backpage remission process to compensate victims whose trafficking was facilitated through the Backpage.com website. This marks the largest remission process to date to compensate victims of human trafficking.
“Backpage.com facilitated the exploitation of women and children as one of the largest online advertisers for commercial sex and sex trafficking over its 14-year existence,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “Backpage and its executives made millions off the trafficking of victims. Today’s announcement underscores the Department’s unwavering commitment to use forfeiture to take the profit out of crime and to compensate victims.”
“Backpage used its position as the leading commercial sex advertisement website to make millions of dollars through their corrupt and heinous peddling of people,” said U.S. Attorney Timothy Courchaine for the District of Arizona. “The District of Arizona was proud to hold its executives accountable though criminal convictions and is proud to continue our efforts by forfeiting those ill-gotten gains to compensate real victims.”
“Today’s announcement shows the FBI’s commitment to ensuring that those who profit from human trafficking face the consequences of their actions,” said Assistant Director Jose A. Perez of the FBI Criminal Investigative Division. “We will continue to work alongside partners to thwart this industry by decimating its capacity for monetary gain while seeking safeguards for its victims.”
“Sex trafficking is one of the most horrific crimes we confront as a society,” said Chief Guy Ficco of IRS Criminal Investigation. “While traffickers try to operate in the shadows, the money always leaves a trail—and that’s where we come in. IRS-CI is committed to following that financial trail to expose criminal networks and help bring justice to survivors. We’re proud to work with our federal partners to dismantle those who profit from exploitation. Victims in this case should file their petitions by Feb. 2, 2026, to access the compensation they rightfully deserve.”
From 2004 to April 2018, criminals used Backpage.com as an online platform to facilitate commercial sex and sex trafficking, including trafficking of minors. In April 2018, the government seized Backpage.com. To date, Backpage.com, its owners, and key executives and businesses related to the platform have been found guilty of criminal offenses, including conspiring to facilitate unlawful commercial sex using a facility in interstate or foreign commerce and money laundering, and have been sentenced to federal terms of imprisonment.
In December 2024, the Department of Justice forfeited over $200 million in assets traceable to Backpage’s profits. These funds are now available to compensate victims for eligible losses. The Department of Justice has retained Epiq Global Inc. (Epiq) to serve as the Remission Administrator for this matter.
Victims whose sex trafficking was facilitated through advertisements posted on Backpage.com between Jan. 1, 2004, and April 6, 2018, and who incurred financial losses related to their trafficking may be eligible for remission. Individuals, their representatives, or estates of deceased victims may file a petition online or may obtain a Petition Form online at https://www.backpageremission.com/. Victims may also call, email, or write to the Remission Administrator to request that a Petition Form be sent to them.
The deadline to file a petition for remission is Feb, 2, 2026. For more information about the remission process – including eligibility requirements, updates, and frequently asked questions – please visit the official website at https://www.backpageremission.com/ or contact Epiq at 1-888-859-9206 toll-free, or 1-971-316-5053 for international calls, charges may apply. The Remission Administrator and the Justice Department will not ask for any payment to participate in this remission process.
The United States Postal Inspection Service (USPIS), the FBI, and IRS Criminal Investigation (IRS-CI) investigated this matter.
Senior Trial Attorney Austin Berry of the Criminal Division’s Child Exploitation and Obscenity Section (CEOS) and Assistant U.S. Attorney Kevin Rapp with assistance on forfeiture from Joseph Bozdech of the District of Arizona are prosecuting the case. Assistant U.S. Attorney Jonathan S. Galatzan, Chief of the Central District of California’s Asset Forfeiture and Recovery Section, handled the asset forfeiture aspects of the related civil cases. Special Agent Richard Robinson of IRS-CI, Special Agent Desirae Tolhurst of the FBI, USPIS Inspectors Lyndon Versoza and Quoc Thai, and Analyst Jane Chung with the Joint Regional Intelligence Center, spearheaded the investigation.
The Department of Justice, through the Asset Forfeiture Program, works diligently to compensate victims of crime. Since 2000, the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS), which oversees the Asset Forfeiture Program’s victim compensation program, has successfully used its specialized expertise to return more than $12 billion in forfeited assets to victims of crime. MLARS Senior Attorney Advisor Jane K. Lee and Attorney Advisor Brittany R. Van Camp with the section’s Program Management and Training Unit are leading the remission process.
Today, the Department of Justice announced the launch of the Backpage remission process to compensate victims whose trafficking was facilitated through the Backpage.com website. This marks the largest remission process to date to compensate victims of human trafficking.
“Backpage.com facilitated the exploitation of women and children as one of the largest online advertisers for commercial sex and sex trafficking over its 14-year existence,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “Backpage and its executives made millions off the trafficking of victims. Today’s announcement underscores the Department’s unwavering commitment to use forfeiture to take the profit out of crime and to compensate victims.”
“Backpage used its position as the leading commercial sex advertisement website to make millions of dollars through their corrupt and heinous peddling of people,” said U.S. Attorney Timothy Courchaine for the District of Arizona. “The District of Arizona was proud to hold its executives accountable though criminal convictions and is proud to continue our efforts by forfeiting those ill-gotten gains to compensate real victims.”
“Today’s announcement shows the FBI’s commitment to ensuring that those who profit from human trafficking face the consequences of their actions,” said Assistant Director Jose A. Perez of the FBI Criminal Investigative Division. “We will continue to work alongside partners to thwart this industry by decimating its capacity for monetary gain while seeking safeguards for its victims.”
“Sex trafficking is one of the most horrific crimes we confront as a society,” said Chief Guy Ficco of IRS Criminal Investigation. “While traffickers try to operate in the shadows, the money always leaves a trail—and that’s where we come in. IRS-CI is committed to following that financial trail to expose criminal networks and help bring justice to survivors. We’re proud to work with our federal partners to dismantle those who profit from exploitation. Victims in this case should file their petitions by Feb. 2, 2026, to access the compensation they rightfully deserve.”
From 2004 to April 2018, criminals used Backpage.com as an online platform to facilitate commercial sex and sex trafficking, including trafficking of minors. In April 2018, the government seized Backpage.com. To date, Backpage.com, its owners, and key executives and businesses related to the platform have been found guilty of criminal offenses, including conspiring to facilitate unlawful commercial sex using a facility in interstate or foreign commerce and money laundering, and have been sentenced to federal terms of imprisonment.
In December 2024, the Department of Justice forfeited over $200 million in assets traceable to Backpage’s profits. These funds are now available to compensate victims for eligible losses. The Department of Justice has retained Epiq Global Inc. (Epiq) to serve as the Remission Administrator for this matter.
Victims whose sex trafficking was facilitated through advertisements posted on Backpage.com between Jan. 1, 2004, and April 6, 2018, and who incurred financial losses related to their trafficking may be eligible for remission. Individuals, their representatives, or estates of deceased victims may file a petition online or may obtain a Petition Form online at https://www.backpageremission.com/. Victims may also call, email, or write to the Remission Administrator to request that a Petition Form be sent to them.
The deadline to file a petition for remission is Feb, 2, 2026. For more information about the remission process – including eligibility requirements, updates, and frequently asked questions – please visit the official website at https://www.backpageremission.com/ or contact Epiq at 1-888-859-9206 toll-free, or 1-971-316-5053 for international calls, charges may apply. The Remission Administrator and the Justice Department will not ask for any payment to participate in this remission process.
The United States Postal Inspection Service (USPIS), the FBI, and IRS Criminal Investigation (IRS-CI) investigated this matter.
Senior Trial Attorney Austin Berry of the Criminal Division’s Child Exploitation and Obscenity Section (CEOS) and Assistant U.S. Attorney Kevin Rapp with assistance on forfeiture from Joseph Bozdech of the District of Arizona are prosecuting the case. Assistant U.S. Attorney Jonathan S. Galatzan, Chief of the Central District of California’s Asset Forfeiture and Recovery Section, handled the asset forfeiture aspects of the related civil cases. Special Agent Richard Robinson of IRS-CI, Special Agent Desirae Tolhurst of the FBI, USPIS Inspectors Lyndon Versoza and Quoc Thai, and Analyst Jane Chung with the Joint Regional Intelligence Center, spearheaded the investigation.
The Department of Justice, through the Asset Forfeiture Program, works diligently to compensate victims of crime. Since 2000, the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS), which oversees the Asset Forfeiture Program’s victim compensation program, has successfully used its specialized expertise to return more than $12 billion in forfeited assets to victims of crime. MLARS Senior Attorney Advisor Jane K. Lee and Attorney Advisor Brittany R. Van Camp with the section’s Program Management and Training Unit are leading the remission process.
Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)
Garrett Williams Admitted to Helping Plan Robbery that led to the Murder of Drug Supplier
ROANOKE, Va. – A Roanoke, Virginia man involved in distributing large quantities of marijuana and helping plan a robbery that ultimately led to the murder of his drug supplier, was sentenced yesterday to 150 months in federal prison.
Garrett Isaac Williams, 22, pled guilty in February 2025 to one count of conspiracy to commit Hobbs Act Robbery. In April, Williams’ co-defendant, Joseph Walker, was sentenced to 35 years in prison after pleading guilty to one count of Hobbs Act Robbery and one count of discharging a firearm in furtherance of a drug trafficking crime.
According to court documents, beginning no later than January 2023, Walker and Williams conspired to distribute marijuana and marijuana wax they sourced from E.B., who periodically traveled from Pennsylvania to supply the pair at Mr. Walker’s residence in Roanoke.
Eventually, the men fell into debt to E.B. Then, in an effort to collect money he was owed, E.B. attempted to phone Walker but instead inadvertently called Walker’s mother. This phone call caused Walker and Williams to set in motion a plan to end their relationship with E.B. However, instead of paying down their debt, they conspired to order more marijuana from E.B., rob E.B. of that marijuana upon delivery and, in so doing, scare him from returning to Virginia.
On April 17, 2023, E.B. traveled from Pennsylvania to Walker’s residence, bringing with him approximately 10 pounds of marijuana and two pounds of marijuana wax in a deal facilitated by Williams. During E.B.’s trip, Williams maintained communication with him and provided updates to Walker so that he was prepared for E.B.’s arrival. For his part, Walker concealed a Sig Sauer, .45 caliber pistol on his person, intending to use it as part of the robbery. Upon E.B.’s arrival, Walker confronted E.B. about the phone call E.B. made to his mother, before shooting him twice, killing him. Afterwards, Walker, as planned, took the marijuana that E.B. had brought with him and, to conceal his crime, moved E.B.’s body out of his residence, placed it in the trunk of E.B.’s car and drove to Bedford County, Virginia where he set the car on fire.
While not physically present at the time of the robbery, Williams admitted to planning to rob E.B by force.
C. Todd Gilbert, United States Attorney for the Western District of Virginia, Stephen Farina, Acting Special Agent in Charge of the FBI’s Richmond Division, and Colonel Matthew D. Hanley, Superintendent of Virginia State Police made the announcement.
The Federal Bureau of Investigation and Virginia State Police, with assistance from the United States Marshals Service, Bureau of Alcohol, Tobacco, Firearms and Explosives, Brevard County Sheriff’s Office, the Roanoke City Commonwealth’s Attorney’s Office, the Roanoke City Police Department, the Roanoke County Police Department, the City of Lynchburg Police Department, and the Bedford County Commonwealth’s Attorney’s Office are investigating the case.
The Star City Drug and Violent Crime Task Force also aided in the investigation and is comprised of officers from the Roanoke City Police Department, Roanoke County Police Department, City of Salem Virginia Police Department, the Vinton Police Department, and Virginia State Police Bureau of Criminal Investigation’s Salem Field Office.
Assistant U.S. Attorneys M. Coleman Adams and Kelly McGann are prosecuting the case, with assistance from Assistant U.S. Attorney Drew O. Inman.
This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).
LONDON, July 31, 2025 (GLOBE NEWSWIRE) — Scallop, the regulated digital banking platform bridging fiat and crypto, has officially received approval as a Money Services Business (MSB) in the United States. This license grants access to one of the most important financial markets in the world and marks a major step toward the mainstream adoption of digital assets.
With the MSB license, Scallop joins a select group of crypto-native platforms legally authorized to offer both fiat and crypto services in the US. Combined with existing permissions in more than 160 countries, Scallop now holds one of the broadest regulatory footprints in the industry.
Why the US matters
The United States remains the largest and most influential consumer market for finance and technology. As crypto regulation becomes clearer under the returning Trump administration, demand for secure, easy-to-use platforms is rising quickly. Millions of Americans are looking for secure and straightforward ways to buy, hold, and spend digital assets.
Scallop meets this need by offering a fully integrated banking and crypto experience. Unlike most competitors, which operate only in a limited set of jurisdictions or offer crypto-only tools, Scallop delivers a complete financial solution.
A clean, simple interface that works for everyone — even first-time users
The app is powered by $EMYC, Scallop’s utility token, which unlocks card tiers, enables staking benefits, and is used for gas fees across the platform. Token utility will be further expanded through features such as revenue-linked buybacks and access to premium account functions.
Infrastructure for Web3 builders
Scallop also provides a developer SDK for Web3 wallets, fintech apps, and global platforms. This allows partners to integrate Scallop’s financial infrastructure, including fiat banking, card issuing, FX services, and compliance modules, directly into their own products. All services are backed by Scallop’s regulatory licenses
A gateway for global growth
With its MSB license secured and app launch approaching, Scallop is positioned as one of the only crypto-fintech platforms ready to scale globally. The company is focused on enabling real-world crypto use, not just trading, but daily financial interaction. That includes giving users access to banking tools, cards, and digital assets in one place, all within a regulated environment they can trust.
The Scallop App is launching soon. A full revamp of the official website (https://scallopx.com) will go live in the coming days, featuring a refreshed design, updated content, and easier access to all core features.
Interested users can now join the official waitlist for early access to the app: www.scallopx.com/waitlist
Scallop is a UK-founded digital finance platform, headquartered in the heart of London. Built to bridge traditional finance and crypto, Scallop combines regulated banking infrastructure with seamless access to digital assets. The platform offers multi-currency fiat accounts, fiat-crypto on and off ramps, and both Visa and Mastercard payment solutions, all within a single, easy-to-use interface.
Founded by Raj Bagadi, who also serves as CEO, Scallop’s mission is to make digital money usable in everyday life. The company is focused on building a trusted and compliant environment where both individuals and institutions can manage crypto and fiat with confidence. With operations spanning over 160 countries and a growing suite of B2B integrations, Scallop is setting a new standard for global crypto-fiat finance.
Disclaimer: This content is provided byScallop. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.
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Source: United Kingdom – Executive Government & Departments
Press release
Business leaders back the UK Government’s Small Business Plan
Business leaders from across business representative organisations, small and large businesses have endorsed the launch of the UK Government’s new Small Business Plan.
Business leaders from across business representative organisations, small and large businesses have endorsed the launch of the UK Government’s new Small Business Plan.
Small businesses across the UK will benefit from the most comprehensive support package in a generation. From faster payments and easier access to finance, to cutting red tape and launching a new Business Growth Service, we’re backing businesses to thrive.
Business Groups
Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said:
Making sure businesses are paid on time, that our high streets thrive, and creating conditions in which everyone can start and succeed in business are crucial priorities for small businesses, communities and the economy. It’s very welcome that the Prime Minister has today made them his Government’s priorities.
I’m pleased that FSB and the Government have been able to work in lockstep on the bold and ambitious measures needed to tackle the scourge of late payment through legislation, and other pro-growth, pro-small business measures.
Today’s plan is an encouraging commitment from the Government to take the side of small businesses in the great growth challenge ahead.
Michelle Ovens CBE, Founder, Small Business Britain, said:
I am thrilled to see the Small Business Plan launched today, putting the nation’s smallest businesses at the heart of Government strategy where it should be. These job creators and economy builders will benefit from a huge boost to funding through the British Business Bank, a boost to skills, support for high streets and a long hoped for legislative backing for getting paid on time. We will not see economic growth without small business growth, so I am eager to get on and help the Government deliver on this agenda – and help small businesses regardless of their background start, grow and thrive.
Daniel Woolf, Enterprise Nation’s Head of Policy & Government Relations, said:
We welcome the Government’s new Small Business Plan as a serious attempt to reset the relationship between small firms and Government. Many of the commitments like digital adoption and access to affordable finance reflect the everyday challenges our members experience, and several directly align with recommendations Enterprise Nation has set out in recent policy work.
We’re particularly pleased to see a comprehensive approach to late payment reform, including shorter payment terms and stronger enforcement through the Small Business Commissioner. 90-day payment terms stop small businesses from investing and growing.
This is a strong foundation. Enterprise Nation looks forward to working with government to help ensure these policy ambitions turn into measurable outcomes for small businesses across the UK.
Philip Salter, Founder of The Entrepreneurs Network, said:
Small businesses are where opportunity begins – new jobs, new skills and new ideas. Practical help, such as being paid on time, easy access to advice and finance, and less administrative burden, makes a real difference.
In a world where online banking, accounting software and e-invoicing exist, it’s completely unacceptable that so many burgeoning startups see their growth stall due to late payments. At its worst, they can send perfectly good businesses to the wall – leaving Britain’s economy less dynamic and competitive. Founders in our network will hope the measures outlined today mean it is the beginning of the end for late payments.
Fiona Graham, Chief Operating Officer for Family Business UK said:
Family Business UK welcomes today’s publication of the Small Business Plan as a positive step towards creating a fairer and more resilient environment for small family-run firms. We are pleased to see many of the areas highlighted by our members addressed in this plan.
Family businesses make up over 85% of all private sector firms in the UK and are deeply rooted in their communities. But like many small businesses, they are held back by red tape and limited access to finance and support – challenges that this plan rightly seeks to address.
The announcement of a Business Growth Service will give small family-run businesses the tools they need to grow, scale up and expand into international markets, as well as streamlining essential advice and support into one national platform. This will give small businesses peace of mind that support is readily available and easily accessible when they are looking to invest and grow.
We look forward to continuing to support small businesses as the initiatives in this plan are developed and rolled out. We are also committed to working with DBT in the development of a future strategy to ensure that mid-sized businesses are also getting the bespoke support they need.
Liz Barclay, IoD Special Advisor for Small Business and Entrepreneurship, and former Small Business Commissioner, said:
We welcome this commitment to ensuring that small businesses are paid on time and that larger suppliers are prevented from imposing unfair contractual payment terms beyond 60 days. This will give small and micro firms the certainty they need to invest, increase productivity, and grow.
We look forward to working with the government as the legislation takes shape, ensuring that there are no unintended consequences for businesses.
Stephen Phipson, Chief Executive Officer, Make UK, said:
Manufacturers across the country will welcome the Government’s decisive action to tackle late payments. For too long, delayed invoices have drained cashflow, delayed innovation, and damaged businesses, particularly the thousands of small and medium-sized firms for whom late payments are one of the most consistent challenges to their survival and success.
Today’s announcement rightly recognises that supporting manufacturing SMEs is essential to unlocking wider economic growth. The introduction of the toughest late payment laws in the G7 sends a clear signal that poor payment practices will no longer be tolerated.
These reforms, combined with new powers for the Small Business Commissioner, will help create a culture of fairness and accountability across supply chains. Coupled with real enforcement, this Small Business Plan will give manufacturers the confidence and certainty they need to innovate, grow, and create even more high-skill, high-paying jobs in the UK.
Alan Vallance, ICAEW Chief Executive, said:
The UK’s economy is made up of small businesses, with 99 per cent of the total business population, two-fifths of all private sector employment and over half of the nation’s business turnover. Small businesses are key to growth, and it’s important that they can operate in the best environment to propel them into the business stars of the future, creating more growth, employment and prosperity for all parts of the UK.
Chartered accountants are central to this story. As trusted business advisers, they provide expertise and acumen to allow small businesses to thrive and scale up, and often set up small businesses of their own. About 80 per cent of chartered accountancy firms are small businesses themselves, employing four employees or fewer.
The publication of the Small Business Strategy is an important development to help small businesses realise their potential. With its ambition on entrepreneurship, business advice, late payments and export potential, as well as its close links to the UK Modern Industrial Strategy and Professional and Business Services Sector Plan, it is clear that chartered accountants will make a strong contribution to its success.
Kate Nicholls, Chair of UKHospitality, said:
We welcome the Government’s Small Business Plan and the steps that it has put forward to support SMEs across the UK. The wider measures announced today on late payments and access to additional finance sit alongside a raft of new licensing measures that will slash red tape and support the hospitality sector, making it easier to open and operate hospitality venues, create jobs and grow the economy.
I’m personally very happy to have worked with Government to move us toward a new and improved licensing system that includes modernised planning and licensing rules, hospitality zones, and protections for existing venues. These can provide a real boost to the nation’s pubs, bars, restaurants and hotels.
We’ve worked on some of these issues for more than two decades so we now need swift implementation, while we keep up the momentum on outstanding issues, to deliver a bold, long term plan for the high streets and hospitality.
Vicks Rodwell, Managing Director at IPSE, The Self-Employed Association, said:
Late payments can force freelancers out of business, but obscenely long payment terms for work can put just as much of a strain on the self-employed. It’s hugely encouraging that the Prime Minister is determined to tackle both these issues with the measures in today’s plan”
It’s not right that freelancers can fall behind on their own bills, and even into debt, whilst the money they’ve earned sits in a bank account for months on end.
By clamping down on late invoices and long payment terms, government can tear down one of the biggest barriers to growth for freelancers and sole traders.
Millie Kendall MBE, CEO of British Beauty Council, said:
The beauty industry – encompassing hair, beauty, nails, barbering, spa and wellness – is made up of 95% small businesses and 78% micro-businesses, contributing more than £30bn to the UK GDP. The British Beauty Council welcomes the Government’s Small Business Plan which sees policy-makers put our businesses first. For years, the beauty sector has faced unique challenges when it comes to growth, this plan is a much needed step towards ensuring our industry – which bolsters social mobility and opportunities for underrepresented communities – can sustain growth.
Small Businesses
Elizabeth Vega OBE DUniv, Group CEO, Informed Solutions:
This Small Business Plan is the strongest and clearest we’ve seen in over a decade. It is a compelling way forward for the UK’s economy.
The Strategy reflects a truly collegiate and collaborative effort between government, policy experts, and the over 1,000 SMEs that contributed.
Having advocated for SME policy that supports economic growth and resilience for over 15 years, it’s been a pleasure to work alongside Minister Gareth Thomas, DBT policy teams, and the Small Business Growth Forum to shape a strategy with clear aims, ambitious objectives, and a holistic integrated approach to policy development.
I’m excited to now turn the shared ambitions in this Strategy into action, helping realise the UK’s full economic potential through SME growth and international trade.
Simon Groom, CEO of MagnifyB, said:
MagnifyB welcomes the UK Government’s action to tackle late payments, which will give small businesses the cash flow stability they need to thrive. Alongside this, there is a clear need to provide micro and small businesses with far more than just a repository of information, including a practical digital toolset to strengthen their operations and improve their chances of long-term success. We hope that the new Small Business Commissioner can be instrumental in bringing together ideas and championing the initiatives needed to make this support a reality.
Julianne Ponan MBE, Founder of Creative Nature, a small business that exports top 14 Allergen Free Baking Mixes and Snacks to 16 countries, said:
I’m delighted to see the government’s new SME Strategy recognising the critical role small businesses play both at home and globally.
From tackling late payments to simplifying access to growth advice and support, these measures are a lifeline for SMEs like mine who often face disproportionate challenges with limited resources.
I’m especially encouraged by the commitment to reduce administrative burdens by 25% and improve access to finance both are major barriers to growth for underrepresented founders, including women and ethnic minority entrepreneurs. The focus on revitalising the high street, digital skills, and exporting support shows that the government is listening to the needs of small businesses.
Charlie Shaw, owner of Flock and Herd butchers, said:
We’re proud to pay every supplier on time and once we receive an invoice, so it’s fantastic to see the government put the Small Business Plan into place tackling the big issue of late payments. We believe this is a fair and honest way to conduct business. It gives us a clear and current understanding of how our business is performing. Our relationships with our suppliers have been amazing and truly beneficial to all parties.
Richard Marshall, Founder and CEO of Pall Mall Barbers, said:
Small businesses are the backbone of the UK economy — and they need access to affordable finance and a fairer tax system to plan and grow. That’s why I look forward to working with the Government to drive down costs on the high street, extend business rates relief, and improve access to finance so SMEs can invest, hire, and build with confidence.
Today’s announcement is about backing entrepreneurs with the tools they need to thrive — not just for today, but for the long term.
Large Businesses
Nick Mackenzie, CEO of Greene King and co-chair of the Licensing Taskforce commented on the licensing response published today. He said:
As an industry we welcome the licensing proposals and see this as a positive and necessary step towards updating a planning and licensing system that, for too long, has limited hospitality’s ability to drive economic growth across the UK. I thank the industry and the Taskforce for the serious and meaningful recommendations that we have put forward to bring these proposals to fruition.
It’s encouraging to see how the Government has worked at pace to take forward the proposals, particularly in areas that matter the most, including the introduction of a new National Licensing Policy Framework.
Whilst licencing reform won’t offset the significant layered cost of doing business that the industry bears, they form part of wider changes to back the sector, which will support in unlocking opportunities for pubs to further invest in growth across the country.
Steve Hare, Chief Executive Officer at Sage, said:
Small businesses are the backbone of the UK economy – they drive growth, create jobs, and fuel innovation. But running a small business isn’t easy. From rising costs and late payments to time-consuming admin, the challenges are real and persistent. Today’s Strategy is a welcome step in the right direction. Giving small businesses better access to finance, helping them break into new markets, and supporting them to adopt the latest technology will go a long way in helping them grow and succeed.
Leigh Thomas, Vice President EMEA, Intuit, said:
Today’s Small Business Plan is a welcome and much needed initiative for entrepreneurs. Our data shows that with an average of £21,000 owed in unpaid invoices, more than half of our country’s small businesses are now facing cash flow pressures. These pressures can quickly escalate, forcing many small business owners to make difficult financial decisions to keep operations running. Improving payment practices will play a key role in strengthening small business stability, creating the conditions for growth. We look forward to collaborating on this to power prosperity for all.
James Holian, Head of Business Banking, NatWest, said:
We welcome the Government’s renewed focus on tackling late payments for small businesses. This is a long-standing challenge that we know can hold back growth and innovation, and NatWest is proud to have been recognised for several consecutive years by Good Business Pays for being a leading business in making fast payments to our suppliers.
As a leading lender to UK SMEs, we’re committed to playing our part—whether that’s through prompt payment practices, tailored financial support, or initiatives like our accelerator hubs – where this year we’re aiming to support 10,000 businesses for the first time. Small businesses are the backbone of the UK economy, and we’re proud to support them in building resilience and unlocking their full potential.
Tom Wood, Head of Business Banking, HSBC UK, said:
We welcome the additional support the Small Business Plan provides, SMEs are key to a strong and resilient economy and we must equip them with the tools to succeed at every stage of their growth journey. It is vital we all work together to deliver long-term, practical solutions, including more transparent and accessible financing to ensure long-term growth and economic stability. Recognising the challenges SMEs face, HSBC UK recently launched the Small Business Growth Programme, providing business owners with resources to help early-stage businesses grow with confidence.
Wider Civil Society Organisations
Terry Corby, Founder and CEO, Good Business Pays, said:
This is what we have been waiting for. The legislative changes the government are planning to tackle our late payment culture are a game-changer. It is no longer seen as good business practice to be making your suppliers wait for a long time to get paid. At Good Business Pays we have been asking for legislative action for five years and it’s great to see these changes to unfair practices being set out in laws.
Anthony Impey MBE, CEO of Be the Business, said:
A strategic approach is essential to unlock the huge potential of small and medium-sized businesses, and it’s key to driving the country’s productivity and growth. The Small Business Plan is an important step in achieving this.
Business Support Services
Nicki Clark, Chief Executive of UMi, said:
At UMi, we see first-hand the incredible impact small businesses have, but also the challenges they face on a day-to-day basis. This Small Business Plan, including the launch of the Business Growth Service, is a positive step towards making it easier for small businesses to find and access the support and finance they need to survive and thrive.
David Pastorello was Pending Sentencing on State Charges for Disseminating Indecent Material to a Minor
SYRACUSE, NEW YORK – David Pastorello, age 44, of Ithaca, New York, was arrested Tuesday evening and had his initial appearance on Wednesday on charges of enticement of a minor and distribution of child pornography. Acting United States Attorney John A. Sarcone III and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement.
The complaint alleges that Pastorello sent text messages to a girl under the age of 12, repeatedly requesting that the child have sex with him. Pastorello also sent the victim indecent images of himself, in addition to two images constituting child pornography under federal law. Later, Pastorello entered the victim’s apartment without permission before fleeing. The charges in the complaint are merely accusations. The defendant is presumed innocent unless and until proven guilty.
Prior to this offense, in May 2025, Pastorello was arraigned in Tompkins County Court for the New York State offense of possessing a sexual performance by a child less than 16 years old. In July 2025, just a few days prior to the incident that gave rise to the federal charges, Pastorello pled guilty in Cortland County Court to the New York State offense of disseminating indecent material to a minor. The Cortland County case was reset for sentencing. Pastorello was out on bond in both pending state cases.
Acting United States Attorney John A. Sarcone III stated: “Thanks to the quick work of federal, state, and local law enforcement, children have been protected and a dangerous predator has been apprehended. Despite having committed other crimes relating to child sexual abuse, Pastorello was allowed by state authorities to be out of custody. His new crimes demonstrate how dangerously unwise that decision was. Pastorello will be held fully accountable for the federal offenses he has committed.”
FBI Special Agent in Charge Craig L. Tremaroli stated: “Mr. Pastorello, a repeat offender with an alarming criminal history, is a dangerous predator who is now facing serious federal charges. These charges would not have been possible without the incredible assistance and coordination provided by our partners from the Tompkins County Sheriff’s Office, Ithaca Police Department, and New York State Police. Our communities should know the FBI is committed to leveraging these strong partnerships to bring the full weight of the federal government down on these disturbing predators looking to harm our children.”
Following the initial appearance, Pastorello was remanded to the custody of the United States Marshals Service pending further proceedings.
If convicted of enticement of a minor, Pastorello faces a maximum term of life in prison and a mandatory minimum term of imprisonment of 10 years, and for distribution of child pornography, a maximum term of imprisonment of 20 years and a mandatory minimum term of imprisonment of 5 years. A defendant’s sentence is imposed by a judge based on the particular statute(s) the defendant is convicted of violating, the U.S. Sentencing Guidelines and other factors. Pastorello would also be required to register as a sex offender if convicted.
The FBI and New York State Police are conducting this investigation. Assistant U.S. Attorney Ben Gillis is prosecuting the case as part of Project Safe Childhood.
Project Safe Childhood is a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse. Led by the U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.
Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%
Paris, 31 July 2025 – 5.35 p.m.
Turnover: €937m, up +2.3% at constant FX and perimeter
Trade Credit Insurance revenue up +1.7%; client activity up +1.8%
Client retention back up at near-record (94.0% vs. 92.8% in H1-24); pricing remained negative (-1.6%), in line with historical trends
Business Information growing again double-digit (+14.7% at constant FX); Debt Collection up +35.0%; Factoring down slightly by -1.5% due to lower interest rates
Net loss ratio at 40.1%, up 5.1 ppts; net combined ratio at 71.3%, up 7.9 ppts
Gross loss ratio at 37.8%, up 5.3 ppts year-on-year but improving slightly in Q2-25 relative to the previous quarter, showing good risk control
Net cost ratio up 2.8 ppts at 31.2%, reflecting past inflation as well as continued investments
Coface continues to strengthen its credit insurance business and is rolling out its data strategy:
Strengthening governance with the appointment of Joerg Diewald as Director of Information Services and Partnerships and Thibault Surer as head of a new technology division focused on data, connectivity and product innovation
Creation of a new Lloyd’s syndicate allowing Coface to offer AA solutions to its clients
Acquisition of Cedar Rose and Novertur International
Net income (Group share) at €124.2m, down 12.7% compared with the record set in H1-24. AnnualisedRoATE1at 12.6%
Estimated solvency ratio of 195%2, abovethe target range (155% – 175%)
Unless otherwise indicated, changes are expressed by comparison with the results as at 30 June 2024.
Commenting, Xavier Durand, CEO of Coface, said: “Coface generated net income of €62m in Q2-25, down from a record Q2-24. The number of bankruptcies worldwide has continued to rise steadily and is now well above pre-COVID levels. Through constant vigilance and flawless execution, we have contained the increase in the loss experience, with the uncertainties created by the increase in tariffs in the United States having probably yet to fully materialise. However, our revenues are growing, both in credit insurance and services. This growth is being driven by our investments, which have brought new business to a record level in insurance and services. These deliberate investments strengthen our distribution capabilities, the range of products and services available to our clients, and our risk analysis tools. Since the beginning of the year, we have made two acquisitions in information services, Cedar Rose and Novertur. We have also announced the launch of a Lloyd’s syndicate to offer AA solutions to some of our clients. Lastly, our solvency ratio remains high, at 195%.”
Key figures at 30 June 2025
The Board of Directors of COFACE SA examined the consolidated financial statements at 30 June 2025 at its meeting of 31 July 2025. These statements were also previously reviewed by the Audit Committee at its meeting of 30 July 2025. These interim consolidated financial statements have been subject to limited review by the Statutory Auditors. The limited review report is being issued.
Income statement items in €m
H1-24
H1-25
Variation
% ex FX*
Insurance revenue
754.3
760.0
+0.8%
+1.7%
Other revenues
168.5
176.6
+4.9%
+4.8%
REVENUE
922.7
936.6
+1.5%
+2.3%
UNDERWRITING INCOME (LOSS) NET OF REINSURANCE
195.0
153.6
(21.2)%
(20.3)%
Investment income, net of management expenses,excluding finance costs
40.8
26.3
(35.4)%
(36.0)%
Insurance finance expenses
(18.1)
6.7
(137.1)%
(130.8)%
CURRENT OPERATING INCOME
217.7
186.6
(14.3)%
(14.1)%
Other operating income and expenses
(0.5)
(0.6)
+21.8%
+12.2%
OPERATING INCOME
217.2
186.0
(14.4)%
(14.2)%
NET INCOME (GROUP SHARE)
142.3
124.2
(12.7)%
(12.7)%
Key ratios
H1-24
H1-25
Variation
Loss ratio after reinsurance
35.0%
40.1%
5.1
ppts
Cost ratio after reinsurance
28.4%
31.2%
2.8
ppts
COMBINED RATIO AFTER REINSURANCE
63.4%
71.3%
7.9
ppts
Balance sheet items in €m
2024
H1-25
Variation
Total equity (Group share)
2,193.6
2,098,0
(4.4)%
H1-24
H1-25
Solvency ratio
195%1
195%1
0
ppt
* Excluding scope effect. 1This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
1. Revenue
Coface posted consolidated turnover of €937m in the first half of 2025, up +2.3% at constant FX and perimeter compared with H1-24. On a reported basis (at current FX and perimeter), turnover was up +1.5%.
Revenues from insurance activities (including Bonding and Single Risk) increased +1.7% at constant FX and perimeter, benefiting from a slight increase in client activity and the return to a record retention level at 94.0%. New business reached €76m, the highest since H1-20, driven by an increase in demand and benefiting from growth investments made by Coface.
Growth in client activity had a positive impact of +1.8% in H1-25 against a backdrop of extreme political uncertainty, particularly in terms of tariffs, and modest economic growth. The price effect remained negative at -1.6% in H1-25, in line with long-term trends. This decrease is largely explained by a very low past loss experience, offset by today’s return to normal.
Turnover from non-insurance activities was up +8.2% compared with H1-24. Factoring turnover fell -1.5% in H1-25 and -2.2% in Q2 25 on lower interest rates and weak client activity in Germany and Poland. Information services turnover continued to post double-digit growth, at +14.7%. Debt Collection commissions increased, from a still modest base, by +35% due to the increase in claims to be collected. Fee and commission were up +2.3%.
Total revenue in €m (by invoicing region)
H1-24
H1-25
Variation
% ex FX3
Northern Europe
185.0
185.2
+0.1%
+0.1%
Western Europe
187.6
191.6
+2.1%
+1.0%
Central and Eastern Europe
87.0
83.9
(3.5)%
(3.8)%
Mediterranean & Africa
276.0
280.2
+1.5%
+3.0%
North America
88.7
87.7
(1.2)%
+2.0%
Latin America
38.2
41.5
+8.6%
+17.5%
Asia-Pacific
60.2
66.5
+10.5%
+9.5%
Total Group
922.7
936.6
+1.5%
+2.3%
In the Northern Europe region, turnover was up +0.1% at constant and current FX. The credit insurance business benefited from robust new business and a high retention rate. Factoring turnover was down -1.6%.
In Western Europe, turnover rose +1.0% at constant FX (2.1% at current FX) on solid sales performances in services (+27%) and credit insurance, offsetting the loss of a contract with a financial institution.
In Central and Eastern Europe, turnover was down -3.8% at constant FX (-3.5% at current FX) but improved significantly compared with the previous quarter (-6.9%). Credit insurance was negatively impacted by a non-recurring effect recorded in 2024, as well as the transfer of a major contract to the Asia-Pacific region.
In the Mediterranean & Africa region, which is driven by Italy and Spain, turnover increased +3.0% at constant FX and +1.5% at current FX, the result of a high retention rate and a more dynamic economy overall.
In North America, turnover rose +2.0% at constant FX (-1.2% on a reported basis). The region is benefiting from an improvement in new business. Reported figures have been adversely affected by the sharp fall in the US dollar since the beginning of the year.
In Latin America, turnover was up +17.5% at constant FX and +8.6% at current FX. The region is benefiting from the persistently high level of local inflation, which is benefiting client activity.
Turnover in the Asia-Pacific region was up +9.5% at constant FX and +10.5% at current FX, driven by a high retention rate, a rebound in client activity, and the transfer of a client from another region.
2. Result
Combined ratio
The combined ratio after reinsurance stood at 71.3% in H1-25 (up 7.9 ppts year on year) and 74.0% in Q2-25, reaching a level close to the cycle average.
(i) Loss ratio
The gross loss ratio stood at 37.8%, up 5.3 ppts year-on-year. This increase reflects the return to normal of the loss experience, offset by the reserve releases, which remain at a high level. The number of mid-sized claims increased but remains below long-term trends.
The Group’s reserving policy remained unchanged. The amount of provisions related to the underwriting year, although discounted, remained in line with the historical average. The rigorous management of past claims enabled the Group to record 41.0 ppts of recoveries.
The net loss ratio increased to 40.1%, up 5.1 ppts compared with H1-24, but close to the level reached in H1-23 (40.3%), in today’s more difficult economic environment.
(ii) Cost ratio
Coface is pursuing its strict cost management policy while maintaining its investments, in accordance with the Power the Core strategic plan. Costs were up +7.0% in H1-25 at constant FX and perimeter and +6.3% at current FX.
The cost ratio before reinsurance stood at 34.6% in H1-25, up 2.0 ppts year on year. This increase mainly resulted from cost inflation (0.6 ppt) as well as continued investments (2.3 ppts). Conversely, the improved product mix (information services, debt collection and fee and commission income) had a positive effect of -0.9 ppt. The trend in reinsurance commissions explains the remainder of the variation.
Financial income
Income from financial investments was +€26.3m in the first half of the year. The total includes an FX effect of -€17.0m on financial assets, owing to the sharp fall in the dollar against the euro, as well as a negative impact of the application of IAS 29 (hyperinflation) in Turkey of -€6.7m.
The portfolio’s current income (i.e. excluding capital gains, depreciation and FX) was €52.1m. The accounting yield4, excluding capital gains and fair value effect, was 1.6% in H1-25. The yield on new investments was 3.7%.
Insurance finance expenses (IFE) were positive at €6.7m in H1-25. They include a significant FX gain (+€23.1m) on technical liabilities, which reflects the expense recorded on assets and partially on net loss.
Operating income and net income
Operating income totalled €186.0m in H1-25, down 14.4%, approaching the level reached in H1-23.
The effective tax rate in H1-25 was 25% (vs. 27% in H1-24).
Overall, net income (Group share) was €124.2m, down 12.7% compared with H1-24, slightly below the result in H1-23 (€128.8m) in a more difficult economic environment.
3. Shareholders’ equity
At 30 June 2025, Group shareholders’ equity was €2,098.0m, down €95.6m or -4.4% (€2,193.6m at 31 December 2024).
The change is mainly due to positive net income of €124.2m, the dividend payment of -€209m, and the increase in unrealised capital gains (€21.9m).
The annualised return on average tangible equity (RoATE) was 12.6% at 30 June 2025, down compared with the previous year, in line with the decline in net income.
The solvency ratio stood at 195%5, stable compared with H1-24. It remains well above the Group’s target range (155%-175%).
4. Outlook
The second quarter of 2025 was marked by the continued increase in tariffs announced by the United States. The US administration’s announcements of sharp increases alternated with deferments of varying duration and the signing of a few bilateral agreements. As things stand today, tariffs on imports from Europe should reach 15%.
Some tariffs (automotive, metals) have already come into force and have had direct negative consequences on the trade flows of the goods concerned. Conversely, announcements of deferred tariffs triggered advance purchases, bolstering economic activity. Lastly, extreme uncertainty as to the final outcome of the tariff issue have led to a postponement of investments as well as the redirection of Chinese exports, particularly towards markets deemed more stable.
This highly uncertain environment is impacting global trade and the health of companies in markedly different ways. During the second quarter, Coface downgraded the ratings of 23 sectors and 4 countries. Persistent inflationary pressures are preventing central banks from cutting rates for now. Demand is being supported solely by the maintenance of high public deficits and the continuation of an extremely strong investment cycle to foster the development of AI technology.
Business failures have increased in 80% of advanced economies and are now at a decade high, 20% to 25% higher than in 2019.
Coface’s expertise in risk management and services (information services, debt collection) is more relevant than ever in this context of rapid change. The company is resolutely pursuing its investments while they weigh on the cost ratio in the short term. Since the beginning of the year, Coface has announced two acquisitions (Cedar Rose and Novertur) as well as the creation of a Lloyd’s syndicate and a technology division.
Conference call for financial analysts
Coface’s H1-2025 results will be discussed with financial analysts during the conference call that will take place on Thursday 31 July at 6.00 p.m. (Paris time). It will be accessible:
FINANCIAL CALENDAR 2025 (subject to change) 9M-2025 results: 3 November 2025, after market close
FINANCIAL INFORMATION This press release, as well as all of COFACE SA’s regulated information, can be found on the Group’s website: https://www.coface.com/investors
For regulated information on Alternative Performance Indicators (APMs), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see 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 websitewww.wiztrust.com.
COFACE: FOR TRADE As a global leading player in trade credit risk management for almost 80 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 +5,200 people and recorded a turnover of ~€1.845 billion.
COFACE SA is listed on Compartment A of Euronext Paris ISIN: FR0010667147 / Ticker: COFA
DISCLAIMER – Certain statements 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 they may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these statements. 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 3 April 2025 under the number D.25-0227 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 to provide new information on future events or any other circumstance.
1 RoATE = Return on average tangible equity. 2 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited. 3 Excluding scope effect. 4 Book yield calculated on the average of the investment portfolio excluding non-consolidated investments. 5 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
Coface announces today that its half-year financial report for 2025 is now available and was filed with the French financial market authority (Autorité des marchés financiers – AMF).
FINANCIAL CALENDAR 2025 (subject to change) 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 H1-2025 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 websitewww.wiztrust.com.
COFACE: FOR TRADE As a global leading player in trade credit risk management for almost 80 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 +5,200 people and recorded a turnover of ~€1.845 billion.
COFACE SA is listed in Compartment A of Euronext Paris 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 2025 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.
On Friday, July 18, FBI Seattle took felony fugitive Salman Haji into custody following his arrest and deportation from Nairobi, Kenya, as part of an operation targeting violent crime. Haji was wanted for the January 2024 homicide of Mingyuan Huang in the parking lot of a business in Tukwila in what the investigation has determined to have been an attempted robbery. Haji is also charged in a federal armed carjacking case.
“International fugitive investigations like this one require significant coordination with domestic and international law enforcement partners as well as our Legal Attaché offices, which advance the FBI’s mission worldwide,” said W. Mike Herrington, Special Agent in Charge of the FBI Seattle field office. “The FBI is committed to pursuing those who attempt to flee the criminal justice system and bringing them to justice, even when they seek to evade accountability by hiding overseas. This international operation was a joint effort by the Tukwila Police Department, FBI Seattle, FBI Legal Attachés Nairobi and The Hague, the DEA Nairobi Country Office, the Justice Department’s Office of International Affairs, and Kenya’s Directorate of Criminal Investigations and Office of the Director of Public Prosecutions.”
“The Tukwila Police Department would like to thank the FBI and all the involved federal and international law enforcement partner agencies for their assistance in locating and taking Haji into custody and stand trial for the homicide of Mingyuan Huang,” said Eric Drever, Chief of Police, Tukwila Police Department.
The operation that ultimately led to Haji’s arrest is part of Summer Heat, the FBI’s nationwide initiative targeting violent crime during the summer months. As part of this effort, the FBI has launched a multi-pronged offensive to crush violent crime. By surging resources alongside state and local partners, executing federal warrants on violent criminals and fugitives, and dismantling violent gangs nationwide, we are aggressively restoring safety in our communities across the country.
Source: United States Senator Ted Budd (R-North Carolina)
Bipartisan amendment would help ensure FDA can utilize existing statutory authority to protect Americans from counterfeit, unapproved drugs from unregistered facilities in China
Washington, D.C. — U.S. Senators Ted Budd (R-N.C.) and Martin Heinrich (D-N.M.) recently introduced an amendment to the 2026 Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act to ensure the Food and Drug Administration (FDA) can activate regulatory and enforcement authorities to prevent the importation of illicit weight loss drugs and Active Pharmaceutical Ingredients (API) from the Republic of China and other foreign countries.
These illicit products, which include unregulated versions of ingredients used in name-brand GLP-1 medicines, are often produced in facilities in China that are not always registered with the FDA and pose serious risks to American consumers, with sometimes fatal consequences.
“The Chinese Communist Party has proven time and again that it is willing to exploit our supply chain and endanger American lives to advance its own interests,” said Senator Budd. “That includes flooding our country with counterfeit, unapproved weight-loss drugs made in unregulated facilities. It is critically important that the United States maintains the gold standard for safe, effective medicines and we must act decisively to protect American patients. I am glad to partner with Senator Heinrich on this important issue, and I look forward to working with Commissioner Makary and Secretary Kennedy to help ensure the FDA can shut the door on these dangerous products at our borders and hold bad actors accountable.”
“We have a responsibility to protect Americans from dangerous, counterfeit drugs entering our country,” said Senator Heinrich. “Too many of these unapproved weight-loss drugs are being produced in unregistered facilities in China with no oversight and no regard for safety. That’s why I’m introducing bipartisan legislation with Senator Budd to ensure the FDA can crack down on these illicit imports and keep American consumers safe.”
BACKGROUND
A recent Federal Bureau of Investigation (FBI) public service announcement warned that counterfeit weight loss products have been found to contain both “drugs with high levels of impurities” and “unsafe or unapproved drugs” with misbranded or adulterated packaging. To protect America’s supply chain from these potential threats, actions from the FDA may include refusing the entry of illicit drugs and API, issuing warning letters to foreign suppliers, and initiating civil enforcement actions.
This amendment follows a bipartisan letter Representative Richard Hudson (R-N.C.-09) led in sending to FDA Commissioner Marty Makary, which urged immediate action against the rising threat of illegal, counterfeit anti-obesity medications entering the United States.
Source: Hong Kong Government special administrative region – 4
Jointly presented by the Hong Kong Special Administrative Region Government and the China National Space Administration (CNSA), the “Bank of China (Hong Kong) Presents: National Development and Achievements Series – Endless Exploration: The Journey of Chinese Aerospace, Aviation and Navigation” exhibition will be launched at the Hong Kong Science Museum (HKScM) from tomorrow (August 1) to September 7. This is the first time for Hong Kong to showcase the country’s achievements in these three major arenas in the same exhibition. Featuring a rich array of artefacts, models, graphics, videos and interactive exhibits, the exhibition not only presents important developments in relevant fields, but also aims to inspire the public, especially youngsters, with a passion for technological innovation while enhancing national confidence in science and technology.
Addressing the opening ceremony today (July 31), the Chief Secretary for Administration, Mr Chan Kwok-ki, said that the Chang’e-6’s successful return to earth bringing lunar soil samples from the far side of the Moon last year represents a global first, underscoring China’s leading position in lunar exploration. Hong Kong is proactively integrating into national development matters and making significant contributions, with local scientists having the opportunity to participate in major national scientific research projects. These achievements affirm Hong Kong’s unique advantages in contributing to national development with an international vision. He further said that this exhibition showcases the remarkable achievements of the Chang’e lunar exploration programme as well as the country’s remarkable accomplishments in aerospace, aviation and navigation. It also highlights Hong Kong’s role as a cultural hub connecting China with the world, telling the good story of China and promoting patriotism to the public.
Other officiating guests today included the Chief Engineer of the CNSA, Dr Li Guoping; the First-level Inspector of the Department of Educational, Scientific and Technological Affairs of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, Mr Liu Maozhou; the Vice Chairman and Chief Executive of Bank of China (Hong Kong) Limited, Mr Sun Yu; the Under Secretary for Culture, Sports and Tourism, Mr Raistlin Lau; the Convenor of the Working Group on Patriotic Education under the Constitution and Basic Law Promotion Steering Committee, Legislative Council Member, Dr Starry Lee; the Chairperson of the Science Sub-committee of the Museum Advisory Committee, Professor Alexander Wai; the Director of Leisure and Cultural Services, Ms Manda Chan; and the Museum Director of the HKScM, Mr Patrick Lau.
This exhibition achieves several “firsts”, including the first concurrent display in Hong Kong of lunar soil samples collected from the far side and near side of the Moon by the Chang’e-6 and the Chang’e-5 respectively. Other exhibits debuting in Hong Kong include the Chang’e-6 returner and parachute, seawater samples collected from 10,000 metres under the sea, as well as models of the “three pearls” of the shipbuilding industry, namely an aircraft carrier, a luxury cruise ship and a liquefied natural gas carrier.
Moreover, the HKScM will display large-scale aerospace, aviation and maritime models concurrently, including an approximately 12m-tall 1:5 Long March-5 launch vehicle and a full-size Fendouzhe full-ocean-depth manned submersible with a length of approximately 10m displayed outdoors, as well as a 1:8 model of a Y-20 heavy lifter with a wingspan of approximately 6m displayed indoors for the first time.
Apart from the exhibits from the Mainland, the exhibition also presents Hong Kong’s significant contributions to the space and deep-sea exploration projects of the country. There are also interactive exhibits, namely the “Lunar Base”, the “Zhurong Rover Expedition” and more, for visitors to experience the challenges of building a lunar base and exploring Mars.
Fixed-point guided tours will be provided on Saturdays and Sundays from August 9 to September 7. A series of lectures will be conducted on August 1 and August 4 by experts invited from the Mainland, who will share their knowledge of aviation, aerospace and navigation, as well as the achievements and future plans of the country in related fields. Members of the public are welcome to participate in the tours and lectures on-site. Other activities include experiment classes, workshops and demonstrations for the public to explore the scientific principles behind aviation and deep-sea navigation.
The exhibition is jointly organised by the Leisure and Cultural Services Department and the News Center of the CNSA, as solely sponsored by the Bank of China (Hong Kong) Limited. It is one of the activities of the Chinese Culture Promotion Series. For details of the exhibition and activities, please visit the HKScM website at hk.science.museum/en/web/scm/exhibition/exploration2025.html.
Jacksonville, Florida – U.S. District Judge Wendy W. Berger has sentenced Kevin Ray Marcano (37, Cambridge, MA) to 15 years and 8 months in federal prison for conspiracy to distribute controlled substances, specifically 500 grams or more of a mixture and substance containing methamphetamine. Marcano pleaded guilty on April 22, 2025.
According to court documents, in March 2022, Marcano began supplying methamphetamine across the country by shipping multi-pound packages to known customers, including an individual in Jacksonville. From March 2022 to July 2023, Marcano sent approximately 5 packages each containing about 10 pounds of methamphetamine to the Jacksonville customer. In September 2023, the same individual called Marcano and ordered another shipment of four pounds of methamphetamine in exchange for $4,900. Within five days of placing the order from Marcano, the four-pound shipment of methamphetamine arrived.
“This criminal was responsible to shipping large quantities of methamphetamine across the country, fueling addiction and poisoning communities far beyond his own,” said Homeland Security Investigations Jacksonville Assistant Special Agent in Charge Tim Hemker. “Thanks to the dedicated efforts of HSI and FBI special agents, this individual’s nationwide narcotics distribution network has been dismantled.”
This case was investigated by the Federal Bureau of Investigation and Homeland Security Investigations. It was prosecuted by Assistant United States Attorney Kelly S. Milliron.
BUFFALO, N.Y.-U.S. Attorney Michael DiGiacomo announced today that Jeremy Hodge, 39, of Buffalo, NY, pleaded guilty before U.S. District Judge Lawrence J. Vilardo to possession with intent to distribute 40 grams or more of fentanyl and being a felon in possession of a firearm, which carry a mandatory minimum penalty of five years in prison, a maximum of 40 years, and a $5,000,000 fine.
Assistant U.S. Attorney Jeffrey E. Intravatola, who is handling the case, stated that on April 4, 2025, the FBI executed a search warrant at Hodge’s Ernst Avenue residence, on his vehicle, and person. Law enforcement seized a semi-automatic handgun, ammunition, and drug paraphernalia. Hodge was arrested at the scene. He was previously convicted of felony charges in April 2008 and March 2009, and is legally prohibited from possessing a firearm.
This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).
The plea is the result of an investigation by the Federal Bureau of Investigation Safe Streets Task Force, under the direction of Acting Special Agent-in-Charge Mark Grimm.
Sentencing is scheduled for December 8, 2025, before Judge Vilardo.
DETROIT, MI—Today marks 50 years since the disappearance of James “Jimmy” Hoffa, a case which remains one of the most well-known missing person investigations in FBI history. Regardless of the age of the case, the FBI Detroit Field Office remains committed to following all credible leads and is seeking information to assist in moving this case forward.
The Hoffa investigation remains active, and our office continues to urge anyone with information to come forward. The FBI investigates missing persons cases where there may be potential federal violations, including kidnapping, organized crime, or other criminal acts.
“As the 50th anniversary of Mr. Hoffa’s disappearance approaches, the FBI Detroit Field Office remains steadfast in its commitment to pursuing all credible leads,” said Cheyvoryea Gibson, special agent in charge of the FBI Detroit Field Office.
The FBI routinely provides support to local, state, and federal law enforcement partners who handle missing persons cases. We provide forensic analysis, investigative coordination, intelligence sharing, and victim services support.
The FBI Detroit Field Office extends its appreciation to the community and other partners across the nation for their ongoing cooperation and shared commitment to this investigation, as well as the equally important missing person cases, in locating missing individuals and supporting families affected.
Anyone with information related to the Jimmy Hoffa case, or any other missing persons investigation is encouraged to contact the FBI at 1-800-CALL-FBI or submit a tip online at tips.fbi.gov.
DETROIT – Two individuals were charged for their involvement in a $500 million, nationwide scheme that involved billing Medicare, Medicaid, TRICARE, and other health insurance programs for COVID-19 testing services that were never rendered, United States Attorney Jerome F. Gorgon Jr. announced today.
Cemhan “Jimmy” Biricik (age 46) of Boca Raton Florida, and Dr. Martin Perlin (age 74) of Fairfield, Connecticut were charged with conspiracy to commit health care fraud and more than 50 substantive counts of health care fraud. Biricik was the sole member and Chief Executive Officer of Fast Lab Technologies, LLC (Fast Lab). Dr. Perlin was Fast Lab’s Medical Director and provider responsible for ordering the majority of the tests. Both defendants were arrested this morning.
According to the Indictment, during the Covid-19 pandemic, New York-based Fast Lab operated a website offering “free” covid tests. When individuals went to the website to order tests, they were asked to provide their insurance information. Fast Lab then used this insurance information to fraudulently bill Medicare, Medicaid, TRICARE and numerous private insurances for both antigen (“rapid”) and PCR (“laboratory) tests, across multiple dates for each beneficiary. Specifically, Fast Lab’s claims represented that (1) the antigen tests had been observed by medical professionals, (2) saliva samples were collected by medical professionals, and (3) PCR testing was performed on those samples. In reality, the vast majority of antigen tests—if taken at all—were taken at home and not observed by medical professionals; saliva samples were never collected nor returned to Fast Lab; and PCR testing was never performed. Dr. Perlin was the ordering physician for these tests, despite not having a treating relationship with the beneficiaries. Further, Fast Lab would regularly submit insurance claims before the test kits were even delivered to the beneficiaries. In total, Biricik billed or caused to be billed more than $500 million in claims and was paid more than $50 million.
Gorgon was joined in the announcement by Special Agent in Charge Mario Pinto, U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG), Chicago Regional Office; Special Agent in Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Division; Special Agent in Charge Derek M. Holt of the U.S. Office of Personnel Management Office of the Inspector General; Acting Assistant Secretary of Labor for the Employee Benefits Security Administration Janet Dhillon (DOL-EBSA); Detroit Division; Acting Special Agent in Charge Christopher Silvestro, Defense Criminal Investigative Service (DCIS); Special Agent in Charge Charles Miller, Detroit Field Office, Internal Revenue Service – Criminal Investigation (IRS-CI); Special Agent in Charge Megan Howell, Great Lakes Region, U.S. Department of Labor, Office of Inspector General (DOL-OIG); Acting Inspector in Charge Sean McStravick, U.S. Postal Inspection Service (USPIS); Owen Cypher, U.S. Marshal for the Eastern District of Michigan and Michigan Attorney General Dana Nessel, Medicaid Fraud Control Unit (MFCU).
The public is reminded that an Indictment is not evidence of guilt. The defendants are presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.
This case is being investigated by Special Agents from HHS-OIG, FBI, OPM-OIG, DOL-EBSA, DCIS, MFCU, IRS-CI, DOL-OIG, USPIS, and the U.S. Marshal’s Service. It is being prosecuted by Assistant U.S. Attorneys Regina R. McCullough and Ryan A. Particka. Assistant United States Attorney Ryan T. Nees of the United States Attorney’s Office for the Southern District of New York also provided assistance.
Mobilize Financial Services records a progression in new financing by 3.8% in the first semester of 2025 compared to the same period in 2024. This performance reflects a rise in the average amount financed and the commercial dynamics of Renault Group’s brands, Nissan and Mitsubishi, supported by a robust growth in registrations.
With a progression of pre-tax profit by 9.7%, Mobilize Financial Services confirms the relevance of its strategy and its commitment to more sustainable mobility, in line with new uses.
This performance confirms Mobilize Financial Services’ ability to efficiently support the strategy of its automotive partners, while meeting the expectations of customers in quest of flexible and competitive financing solutions.
KEY INDICATORS
Commercial performance1
The amount of new financing progresses by 3.8% compared to the first semester of 2024, driven by a sustained commercial dynamic.
632,994 contracts were financed in the first semester of 2025, a slight increase in volume compared to the same period of the previous year (+0.8%).
The penetration rate on electric vehicles reached 43.9% at the end of June 2025, a positive difference of 6.5 points compared to other motorization.
Financial performance
The Average Performing Assets (APAs) register a growth of 7.3% compared to the end of June 2024, confirming the robustness of the portfolio.
The Net Banking Income progressed by 5.3% over one year, to reach 1,132 million euros in the first semester of 2025.
The pre-tax income of the group increased to 607 million euros, increasing by 9.7% compared to the first semester of 2024.
“In the beginning of the year 2025, we reaffirmed our ambition to support our customers as they transition to more sustainable mobility, by offering products and services in line with new uses. The half-year results support the robustness of our economic model and concretely illustrate our commitment to driving more responsible mobility, fully aligned with the ambitions of Renault Group”, declares Martin Thomas, Chief Executive Officer of Mobilize Financial Services.
A SUSTAINED COMMERCIAL DYNAMIC, IN A RECOVERING MARKET
In an automotive market with slight progression by 0.7%, the volumes of Renault Group, Nissan and Mitsubishi reached 1.19 million vehicles, increasing by 2.3% compared to the first semester of 2024. In this context, Mobilize Financial Services records a growth of its new financing by 3.8% (excluding cards and personal loans), for a total of 11.1 billion euros, driven by an increase in registrations and increases of the average financed amount.
Excluding companies consolidated by equity method, the overall penetration rate stands at 39.6%, slightly down by 0.4 point compared to the same period of last year. The penetration rate on electrified vehicles, as for it, reaches 43.9% at the end of June 2025, +6.5 points compared to other types of motorization.
In total, 632,994 new contracts were financed in the first semester of 2025, an almost stable volume (+0.8 %) compared to 2024. The financing activity of used vehicles recorded a slight decrease by 0.4% with 153,759 contracts financed.
Benefitting from a growing operational leasing market, Mobilize Lease&Co financed in the first semester of 2025, 120,039 operational leasing contracts for private and professional customers and reached a fleet under management of 655,000 vehicles, representing a growth by 4% compared to the first semester of 2024.
The Average Performing Assets (APAs) reached 58.9 billion euros, increasing by 7.3% compared to the first semester of 2024. APAs related to customer activity (private and professional) rose to 47.4 billion euros (+7%), whereas those related to dealership activity progressed by 8.6% to each 11.5 billion euros.
Finally, 1.8 million insurance and service contracts were sold during the semester, confirming the relevance of the additional offers proposed by Mobilize Financial Services.
A ROBUST FINANCIAL PERFORMANCE AND A DIVERSIFIED RE-FINANCING STRATEGY
In the first semester of 2025, the Net Banking Income (NBI) of Mobilize Financial Services amounted to 1,132 million euros, increasing by 5.3 % compared to the end of 2024. This performance is mainly the result of an improvement in the financial margin as well as the growth of outstanding loans.
The operating costs reached 389 million euros, increasing by 24 million euros compared to last year. This change is explained by the present of non-recurring items having reduced the expenses in the first semester of 2024. Reported to the Average Productive Assets, operating expenses remain stable at 1.33%.
The pre-tax income stands at 607 million euros, against 553 million, one year earlier, a progression by 9.7 %, driven by the rise of NBI. The share of income from associate companies progressed slightly by +0.9 million euros.
In a context marked by investor caution in the face of economic and geopolitical uncertainties, the group raised 1.3 billion euros on the bond market in the first semester of 2025. Three public issued were carried out:
2 senior bonds in Euros of 850 million euros (3 years) and 500 million euros (5 years, Green Bond)
1 Tier subordinated debt issue of 500 million euros
This latest transaction enables expending the maturity profile of the subordinated debt and falls within an active capital management strategy, aiming to maintain a solid financial structure and robust safety margins. Besides, the subsidiaries of the group in Argentina, Brazil, Korea, Morocco and Poland raised a total of 500 million euros on local bond markets. In the securitization market, the group placed 624 million euros in automobile loan-backed securities via its German branch. Private securitization transactions in the United States (automobile loans) and in Germany (leasing) saw their revolving period extended by two years.
Finally, the savings collection activity, launched in 2012 and present in seven European countries (France, Germany, Austria, United Kingdom, Spain, the Netherland and Poland) continues to play a key role in the diversification of financing sources. The deposits collected reached 30.5 billion euros representing 49.1% of net assets at the end of June 2025.
1 The factoring contracts for short-term rental companies were excluded from 2025 onwards. These contracts represented 32,000 contracts in the first half of 2024, representing a positive impact of 2.8 points on the penetration rate. A hypothetical calculated based on the 2024 figures.
Attentive to the needs of all its customers, Mobilize Financial Services, a subsidiary of Renault Group, creates innovative financial services to build sustainable mobility for all. Mobilize Financial Services, which began operations over 100 years ago, is the commercial brand of RCI Banque SA, a French bank specializing in automotive financing and services for customers and networks of Renault Group, and also for the brands Nissan and Mitsubishi in several countries.
With operations in 35 countries and over 4,000 employees, Mobilize Financial Services financed more than 1,2 million contracts (new and used vehicles) in 2023 and sold 3,7 million service contracts.
At the end of June 2025, average earning assets stood at58.9 billion euros of financing and the pre-tax income at 607 million Euros.
Since 2012, the group has deployed deposits collecting activity in several countries. At the end of June 2025, the net amount of deposits collected represented 30.5 billion euros, representing 49.1% of the company’s net assets.
Source: United States Senator for New York Kirsten Gillibrand
Today, U.S. Senators Kirsten Gillibrand (D-NY), ranking member of the U.S. Senate Aging Committee, and Katie Britt (R-AL) introduced the Guarding Unprotected Aging Retirees from Deception (GUARD) Act to protect seniors from financial frauds and scams.
The GUARD Act would allow grantees of several existing federal grant programs to use funds to increase resources and personnel specifically to utilize the blockchain for investigating financial fraud. It would also permit federal law enforcement to assist state and local law enforcement with tracing tools for blockchain technology, bolstering their ability to catch fraudsters who use cryptocurrency to facilitate their crimes.
“Every day, scammers target our seniors, often robbing them of their hard-earned savings and stealing their personal information,” said Senator Gillibrand. “As the top-ranking Democrat on the Senate Aging Committee, I’ve seen firsthand the devastating impact these scams have on older Americans and their families. Far too often, local law enforcement agencies lack the resources they need to track down these criminals and hold them accountable. Our GUARD Act would enhance law enforcement capabilities and foster much-needed cooperation between federal and local agencies to combat fraud and bring scammers to justice. I look forward to working with Senator Britt to get this critical legislation across the finish line.”
“For too long, scammers have preyed upon the elderly, one of our nation’s most vulnerable populations, and stolen life-changing amounts of money from Americans who often live on fixed incomes. To make matters worse, these scammers exploit gaps in state and local law enforcement capabilities that often allow them to escape prosecution,”said Senator Britt.“I’m proud to lead the GUARD Act with Senator Gillibrand to give law enforcement agencies the tools they need to bring these faceless cowards to justice and take meaningful steps to combat financial fraud at large.”
According to the FBI, seniors lost over $4.8 billion to scammers in 2024, with an average loss of $83,000. Cryptocurrency was used to facilitate the crime in over 30,000 reports of fraud against seniors, resulting in a net loss of about $2.84 billion. “Pig butchering” schemes – when scammers gain victims’ trust, entice them to invest in fake cryptocurrency projects, and then stealthier contributions – have become a growing threat against older adults.
Blockchain technology has been useful in helping federal law enforcement and national security agencies prevent pig butchering. When targeting their victims, pig butchering scammers can leave a trail of clues on the blockchain after they swap the illegally obtained funds at a crypto exchange platform. This exchange can reveal a Bitcoin address belonging to the scammer, which can then be identifiable by federal and local law enforcement agencies. By increasing the capacity of law enforcement for blockchain investigations, the GUARD Act will help protect seniors from these fraudulent ploys.
The senators’ legislation is endorsed by AARP. The bill is a Senate companion to H.R.2978, which was introduced by Reps. Zach Nunn (R-IA) and Josh Gottheimer (D-NJ) earlier this year.
Senator Gillibrand has worked to prevent financial fraud throughout her time in office. As ranking member of the Senate Aging Committee, she has led the fight to protect seniors from frauds and scams, raised awareness about predatory scammers targeting seniors, and demanded answers from those attempting to cut funding for agencies like the CFPB. She has also introduced legislation such as the Stop the Scammers Act, the Senior Financial Empowerment Act, and the DO NOT CALL Act, as well as the SNAP Theft Protection Act, the core of which was passed into law in 2022.
BIRMINGHAM, Ala. – A mother and daughter have been sentenced for their involvement in an elder fraud scheme, announced U.S. Attorney Prim F. Escalona.
U.S. District Court Judge Anna M. Manasco sentenced Mykia L. Henderson, 32, of Moody, to 87 months in prison, and Cynthia H. Mixon, 50, of Fairfield, to 57 months in prison. Both pleaded guilty to conspiracy to commit wire fraud and aggravated identity theft.
According to the plea agreements, between December 2020 and February 2022, Mixon and Henderson were the in-home caretakers for the elderly victim. In their role as caretakers, Henderson and Mixon had access to the victim’s financial information, which they shared with one another and with other members of the conspiracy. The defendants devised a scheme to defraud the victim by using fake and fraudulent accounts they set up through Square, Inc. and Stripe, Inc. Through the scheme, the defendants charged the victim’s credit cards through the Square and Stripe accounts and then deposited the funds into their bank accounts or shared the proceeds with one another. The defendants hid the charges from the victim by including false “descriptions” to prevent their discovery. The defendants also wrote unauthorized checks to themselves that were drawn on the victim’s bank accounts. In total, members of the conspiracy stole nearly $500,000 from the victim.
The Federal Bureau of Investigation and Mountain Brook Police Department investigated the case. Assistant United States Attorney Ryan S. Rummage prosecuted the case.
Reporting from consumers about fraud and fraud attempts is critical to law enforcements’ efforts to investigate and prosecute schemes targeting older adults. If you or someone you know is age 60 or older and has been a victim of financial fraud, help is available at the National Elder Fraud Hotline: 1-833 FRAUD-11 (1-833-372-8311). This Department of Justice Hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying next steps. The hotline is staffed seven days a week from 6:00 a.m. to 11:00 p.m. [ET]. English, Spanish and other languages are available. More information about the Department’s elder justice efforts can be found on the Department’s Elder Justice website, www.elderjustice.gov.
BIRMINGHAM, Ala. – A mother and daughter have been sentenced for their involvement in an elder fraud scheme, announced U.S. Attorney Prim F. Escalona.
U.S. District Court Judge Anna M. Manasco sentenced Mykia L. Henderson, 32, of Moody, to 87 months in prison, and Cynthia H. Mixon, 50, of Fairfield, to 57 months in prison. Both pleaded guilty to conspiracy to commit wire fraud and aggravated identity theft.
According to the plea agreements, between December 2020 and February 2022, Mixon and Henderson were the in-home caretakers for the elderly victim. In their role as caretakers, Henderson and Mixon had access to the victim’s financial information, which they shared with one another and with other members of the conspiracy. The defendants devised a scheme to defraud the victim by using fake and fraudulent accounts they set up through Square, Inc. and Stripe, Inc. Through the scheme, the defendants charged the victim’s credit cards through the Square and Stripe accounts and then deposited the funds into their bank accounts or shared the proceeds with one another. The defendants hid the charges from the victim by including false “descriptions” to prevent their discovery. The defendants also wrote unauthorized checks to themselves that were drawn on the victim’s bank accounts. In total, members of the conspiracy stole nearly $500,000 from the victim.
The Federal Bureau of Investigation and Mountain Brook Police Department investigated the case. Assistant United States Attorney Ryan S. Rummage prosecuted the case.
Reporting from consumers about fraud and fraud attempts is critical to law enforcements’ efforts to investigate and prosecute schemes targeting older adults. If you or someone you know is age 60 or older and has been a victim of financial fraud, help is available at the National Elder Fraud Hotline: 1-833 FRAUD-11 (1-833-372-8311). This Department of Justice Hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying next steps. The hotline is staffed seven days a week from 6:00 a.m. to 11:00 p.m. [ET]. English, Spanish and other languages are available. More information about the Department’s elder justice efforts can be found on the Department’s Elder Justice website, www.elderjustice.gov.
ALEXANDRIA, Va. – A Canadian was sentenced yesterday to a year in prison for conspiracy to commit wire fraud, wire fraud, and conspiracy to commit aggravated identity theft.
According to court documents, in May 2022, Cameron Albert Redman, 22, of Mississauga, Ontario, formed a scheme to steal non-fungible tokens (NFTs) by gaining unauthorized access to the X accounts of various digital artists. The conspirators used the artists’ online identities to direct the artists’ followers to fraudulent websites. There, victims would seek to claim new NFTs from the digital artists. Though victims thought they were authorizing a transaction to receive NFTs into their digital wallets, they unknowingly enabled the conspirators to remove cryptocurrency and NFTs from their wallets.
Within a few days, Redman and his co-conspirators defrauded over 200 victims and profited over $794,000.
Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, and Reid Davis, Special Agent in Charge of the FBI Washington Field Office’s Criminal Division, made the announcement after sentencing by U.S. District Judge Leonie M. Brinkema.
The Justice Department’s Office of International Affairs provided substantial assistance to secure the arrest and March 2025 extradition from Portugal of Redman. The Royal Canadian Mounted Police Cybercrime Investigation Team, Central Region, provided valuable assistance in this case.
Assistant U.S. Attorney Zoe Bedell prosecuted the case.
A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:25-cr-129.
ALEXANDRIA, Va. – A Canadian was sentenced yesterday to a year in prison for conspiracy to commit wire fraud, wire fraud, and conspiracy to commit aggravated identity theft.
According to court documents, in May 2022, Cameron Albert Redman, 22, of Mississauga, Ontario, formed a scheme to steal non-fungible tokens (NFTs) by gaining unauthorized access to the X accounts of various digital artists. The conspirators used the artists’ online identities to direct the artists’ followers to fraudulent websites. There, victims would seek to claim new NFTs from the digital artists. Though victims thought they were authorizing a transaction to receive NFTs into their digital wallets, they unknowingly enabled the conspirators to remove cryptocurrency and NFTs from their wallets.
Within a few days, Redman and his co-conspirators defrauded over 200 victims and profited over $794,000.
Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, and Reid Davis, Special Agent in Charge of the FBI Washington Field Office’s Criminal Division, made the announcement after sentencing by U.S. District Judge Leonie M. Brinkema.
The Justice Department’s Office of International Affairs provided substantial assistance to secure the arrest and March 2025 extradition from Portugal of Redman. The Royal Canadian Mounted Police Cybercrime Investigation Team, Central Region, provided valuable assistance in this case.
Assistant U.S. Attorney Zoe Bedell prosecuted the case.
A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:25-cr-129.
WASHINGTON – LaTara Brown, 31, of Capitol Heights, Maryland, Kiya Holland, 33, of Oxon Hill, Maryland, Darius Robertson, 31, of Washington, D.C., Marcel Vines, 28, of Washington, D.C., and Stefon Freshley, 28 of Washington, D.C. have all pleaded guilty in a conspiracy to provide a knife, cell phones, and fentanyl and other controlled substances to inmates in the D.C. jail as they awaited trial for murder and assault with intent to kill while armed. The pleas were announced by U.S. Attorney Jeanine Ferris Pirro.
Brown, Holland, Robertson, Vines and Freshley pleaded guilty in District Court. They were previously indicted on November 14, 2024 for providing or possessing contraband in a prison, as well as conspiring to do so. The sixth co-conspirator, Rashaad Roper, 45, of Gaithersburg, MD is set to go to trial.
As part of the plea, Brown, Holland, Robertson, Vines and Freshley admitted to their role in the conspiracy which included Holland and Brown admitting to packaging contraband, such as a knife, cell phones, and controlled substances to include fentanyl, into Tupperware containers which would then be brought to the Central Detention Facility, also known as the D.C. Jail. Robertson, Vines, and/or Freshley, who were inmates inside the housing unit, admitted to receiving the contraband from Officer Roper or another corrections officer after they were smuggled into the jail.
Sentencings are scheduled for August 13, 2025 (Vines), September 5, 2025 (Holland), September 16, 2025 (Robertson), September 25, 2025 (Freshley), and October 21, 2025 (Brown). Each defendant faces a statutory maximum sentence of 5 years in prison for conspiracy to provide or possess contraband in a prison. Judge Timothy J. Kelly will determine the appropriate sentence at each of the respective sentencings.
Joining in the announcement was FBI Washington Field Office Criminal Division Special Agent in Charge Reid Davis and Chief Investigator Kevin L. Hammond of the D.C. Department of Corrections Office of Investigative Services.
This case was investigated by the FBI’s Washington Field Office and the D.C. Department of Corrections Office of Investigative Services with the assistance of the Department of Justice Office of Inspector General. It is being prosecuted by Assistant U.S. Attorneys Joshua Gold and Sarah Santiago.
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