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Category: Taxation

  • MIL-OSI USA: Hageman Introduces Expedited Appeals Review Act Allowing Challengers of an Agency Decision an Expedited Verdict by a Neutral Arbiter

    Source: United States House of Representatives – Wyoming Congresswoman Harriet Hageman

    Washington, D.C. – Today, Congresswoman Hageman introduced the Expedited Appeals Review Act (EARA), which provides entities before the Department of the Interior’s Board of Land Appeals (IBLA) the opportunity to file for an expedited review so they can quickly go to court in front of a neutral arbiter.

    Under current law, challengers of an agency decision within the Department of Interior (DOI), must appeal to the IBLA, an administrative court that is also housed within the DOI.  The use of administrative courts pose a variety of constitutional issues, including in relation to the separation of powers, as the agencies who adopt the regulations seek to enforce them through their in-house court system, such as the IBLA.  Over 90% of these cases are typically resolved in the agency’s favor, while often taking years for the case to be decided.

    “We are a government ‘of, by and for the people’ and every agency and their employees should be accountable to the people. It is no wonder that the current construct of in-house courts ruling on cases where the agency’s policies are in question tend to fall on the side of the government almost exclusively.

    “In my 3 decades of practicing law I witnessed cases argued before agency-appointed judges on numerous occasions and then waited as the IBLA delayed issuing a decision. Not only does this leave the non-agency party in limbo as to the outcome of their case, but also costs them significantly in potential fees and penalties waiting for their cases to be considered.

    “This broken system needs to be fixed so that American citizens and companies have a fighting chance against the DOI’s ongoing agenda against our legacy industries.  My bill gives these parties the opportunity to expedite the process and pursue an impartial route in those circumstances where the IBLA is refusing to timely address the matter in front of it.  

    The Expedited Appeals Review Act ensures that if IBLA fails to make a decision within 18 months of the appeal being filed, the applicant can demand an expedited review. The IBLA then has 6 months to resolve the case. Failure to do so allows for that non-agency party to proceed to district court where they will be granted the opportunity to conduct discovery and develop the administrative record.

    Background:

    • The IBLA is a regulatorily constructed, pseudo-judicial, administrative court within the Department of the Interior. It oversees appeals of agency actions, including those from the Bureau of Land Management, Bureau of Ocean Energy Management, Bureau of Safety and Environmental Enforcement, Office of Natural Resources Revenue, and Office of Surface Mining Reclamation and Enforcement.
    • Currently, there are seven administrative judges, four of which were appointed in the last year. · There are over 650 appeals sitting before the IBLA, many of which have been pending for over five years.
    • During an appeal, the agency establishes the administrative record. Frequently, the record is heavily redacted and purposefully excludes documents that favor the appellant. In fact, IBLA judges have explicitly found that the Department compiled administrative records in bad faith and in a biased manner.
    • In FY ’23, IBLA decided only 36 cases on the merits, 34 (94%) of which upheld the Department’s decision. Once a case is finally decided, the administrative record is set and the agency’s decision receives deference, only being overturned if it is found to be arbitrary and capricious. And even if a party wins in District Court, the Court will remand the decision to the agency, restarting the entire process.
    • As a member of the House Judiciary Committee, Rep. Hageman spearheaded an oversight hearing titled “Reining in the Administrative State: Agency Adjudication and Other Agency Action” which exposed the unconstitutionality of administrative courts, including their denial of due process and jury trial rights as well as infringement on the separation of powers
    • Prior to taking office as Wyoming’s lone congressional member, Harriet Hageman was an attorney defending individuals and entities against government agencies, winning cases opposing several of the agencies that are within the Department of Interior.

    ###

    Contact: Chris Berardi, Sr. Advisor/Communications Director

    MIL OSI USA News –

  • MIL-OSI: Westhaven Completes Brokered Private Placement for Gross Proceeds of C$6.0 Million, Including C$1.5 Million Strategic Investment from Rob McEwen

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

    VANCOUVER, British Columbia, Oct. 17, 2024 (GLOBE NEWSWIRE) — Westhaven Gold Corp. (TSX-V:WHN) (“Westhaven” or the “Company”) is pleased to announce the closing of its previously announced brokered private placement (the “Offering“) for aggregate gross proceeds of C$6,000,004.50, which includes the full exercise of the agent’s option for proceeds of C$1,000,002.50. Under the Offering, the Company sold the following:

    • 10,000,000 units of the Company (each, a “Unit”) at a price of C$0.15 per Unit for gross proceeds of C$1,500,000 from the sale of Units;
    • 5,714,300 common shares of the Company that qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a “Traditional FT Share”) at a price of C$0.175 per Traditional FT Share for gross proceeds of C$1,000,002.50 from the sale of Traditional FT Shares; and
    • 15,909,100 flow-through units of the Company (each, a “Charity FT Unit”, and collectively with the Units and Traditional FT Shares, the “Offered Securities”) at a price of C$0.22 per Charity FT Unit for gross proceeds of C$3,500,002 from the sale of Charity FT Units.

    In connection with the Offering, Rob McEwen made a strategic investment of C$1.5 million. Following the completion of the Offering, Mr. McEwen owns approximately 5.3% of the issued and outstanding common shares of the Company. Mr. McEwen is the founder and former Chairman of Goldcorp, is currently the Executive Chairman and largest shareholder of McEwen Mining Inc. and is a member of the Mining Hall of Fame.

    Each Unit consists of one common share of the Company (each, a “Unit Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Charity FT Unit consists of one common share of the Company that quality as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (a “Charity FT Unit Share”) and one half of one Warrant, which will also qualify as a “flow-through share” for the purposes of the Income Tax Act (Canada). Each Warrant entitles the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.22 per Warrant Share at any time on or before October 17, 2026.  

    Red Cloud Securities Inc. (the “Agent”) acted as sole agent and bookrunner in connection with the Offering. In consideration for their services, the Agent received a cash commission of C$346,867.77 and 1,815,564 broker warrants (the “Broker Warrants”), with each such Broker Warrant exercisable for one common share of the Company (a “Broker Share”) at a price of C$0.15 per Broker Share at any time on or before October 17, 2026.

    Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units and Charity FT Units (the “LIFE Securities”), representing gross proceeds of C$5,000,002.00, were sold to purchasers in the provinces of Alberta, British Columbia, Manitoba, Ontario, and Saskatchewan (the “Canadian Selling Jurisdictions”), the United States and certain offshore jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the “Listed Issuer Financing Exemption”). The Unit Shares, Charity FT Unit Shares and Warrants that were issued, and the Warrant Shares that may be issued upon due exercise of the Warrants, pursuant to the sale of the LIFE Securities will be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada. The Traditional FT Shares sold pursuant to the Offering were offered by way of the “accredited investor” exemption under NI 45-106 in the Canadian Selling Jurisdictions and Quebec. The Traditional FT Shares are subject to a hold period under Canadian securities laws ending on February 18, 2025.

    The Company intends to use the net proceeds from the sale of Units for working capital and general corporate purposes. The gross proceeds from the sale and issuance of the Traditional FT Shares and the Charity FT Units will be used to incur “Canadian exploration expenses” on the Company’s mineral projects in British Columbia and will qualify as “flow-through mining expenditures”, as both terms are defined in the Income Tax Act (Canada) (collectively, “Qualifying Expenditures”), which will be incurred on or before December 31, 2025 and renounced to the subscribers of the Offering with an effective date no later than December 31, 2024 in an aggregate amount not less than the gross proceeds raised from the sale of the Traditional FT Shares and Charity FT Units. In addition, with respect to British Columbia resident subscribers or those who are eligible individuals under the Income Tax Act (British Columbia), the Qualifying Expenditures will be eligible for the 20% BC mining flow-through share tax credit.

    The securities offered have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.

    On behalf of the Board of Directors

    WESTHAVEN GOLD CORP.

    “Gareth Thomas”

    Gareth Thomas, President, CEO & Director

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    About Westhaven Gold Corp.

    Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls ~60,950 hectares (609.5 square kilometres) with four gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, near power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low-cost exploration. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at http://www.westhavengold.com

    Forward Looking Statements:

    This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, which is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Company’s expectations with respect to the Offering, including the use of proceeds of the Offering. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

    Forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, and without limitation: the Company will not be able to raise sufficient funds to complete its planned exploration program; that the Company will not derive the expected benefits from its current program; the Company may not use the proceeds of the Offering as currently contemplated; the Company may fail to find a commercially viable deposit at any of its mineral properties; the Company’s plans may be adversely affected by the Company’s reliance on historical data compiled by previous parties involved with its mineral properties; mineral exploration and development are inherently risky industries; the mineral exploration industry is intensely competitive; additional financing may not be available to the Company when required or, if available, the terms of such financing may not be favourable to the Company; fluctuations in the demand for gold or gold prices generally; the Company may not be able to identify, negotiate or finance any future acquisitions successfully, or to integrate such acquisitions with its current business; the Company’s exploration activities are dependent upon the grant of appropriate licenses, concessions, leases, permits and regulatory consents, which may be withdrawn or not granted; the Company’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; there is no guarantee that title to the properties in which the Company has a material interest will not be challenged or impugned; the Company faces various risks associated with mining exploration that are not insurable or may be the subject of insurance which is not commercially feasible for the Company; the volatility of global capital markets over the past several years has generally made the raising of capital more difficult; inflationary cost pressures may escalate the Company’s operating costs; compliance with environmental regulations can be costly; social and environmental activism can negatively impact exploration, development and mining activities; the success of the Company is largely dependent on the performance of its directors and officers; the Company’s operations may be adversely affected by First Nations land claims; the Company and/or its directors and officers may be subject to a variety of legal proceedings, the results of which may have a material adverse effect on the Company’s business; the Company may be adversely affected if potential conflicts of interests involving its directors and officers are not resolved in favour of the Company; the Company’s future profitability may depend upon the world market prices of gold; dilution from future equity financing could negatively impact holders of the Company’s securities; failure to adequately meet infrastructure requirements could have a material adverse effect on the Company’s business; the Company’s projects now or in the future may be adversely affected by risks outside the control of the Company; the Company is subject to various risks associated with climate change, the Company is subject to general global risks arising from epidemic diseases, the ongoing conflicts in Ukraine and the Middle East, rising inflation and interest rates and the impact they will have on the Company’s operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all is uncertain; as well as other risk factors in the Company’s other public filings available at http://www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The Company cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. The Company undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in the Company’s expectations, except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

    The MIL Network –

  • MIL-OSI USA: Remarks by President  Biden and First Lady Jill  Biden at an Italian American Heritage Month  Reception

    US Senate News:

    Source: The White House
    5:54 P.M. EDT THE FIRST LADY:  Thank you.  (Applause.) Thank you, Alexa.  And I’m excited to see your generation forging new connections to our past and shining such a bright light into our future. And I’m also grateful to the National Italian American Foundation.  (Applause.)  John, Robert, you’ve all — you’ve helped so many people experience our heritage in Italy and preserve it here in the United States.  So, thank you. Buonasera, everyone.  (Laughter.)  AUDIENCE:  Buonasera! THE FIRST LADY:  And welcome to the White House. When I was a little girl, I learned what it means to be Italian American in my grandparents’ tiny, well-worn kitchen — and not only because there were ribbons of pasta — homemade pasta and sauce bubbling over on the stove. No, the most important lesson that I learned in their kitchen was that, when you’re Italian American, there’s always room for one more chair at the table — (applause) — enough bread toast to feed one more guest, enough space in our hearts for another friend to become like family.  And even when times are hard, there’s — THE PRESIDENT:  Looking at me.  (Laughter.) THE FIRST LADY:  There’s always enough time to — (the president makes the sign of the cross) — (laughter) — enjoy the pleasures of life together. My grandparents also taught me to never waste an opportunity to invite more people to the table and make a difference together.  So, I knew I had to bring those values of love, abundance, and service to the White House as the first Italian American first lady.  (Applause.) That’s why I’ve used this platform to give more women a seat at the table in discussions about their own health — (applause) — to hear from military families about how we can support them, to uplift community college students.  And I’ve had the opportunity to bring so many more people inside the historic walls of the White House by creating new educational experiences that allow more Americans to immerse themselves in this house, the People’s House; by using these rooms to celebrate the young people who are changing our world; by honoring the immigrants who helped build this country; and tonight — (applause) — thank you — and tonight, gathering with this community — my community — to celebrate our culture.  (Laughter.) So, it’s been the honor of my life to serve as first lady.  And during my time here, I’ve often thought of my great-grandparents leaving everything they knew behind to chase the promise of America.  And then, when they arrived on Ellis Island to take their first strides into a new life, I don’t think that they could ever have imagined that a group of hundreds of Italian Americans — coming together in the White House. When our roots run deep, there’s no limit to how high we can reach.  So, tonight, I hope that you feel the power of our ancestors’ values beating inside of us as we carry their legacy forward; that you feel home — you feel at home, eat good food, and end up with a little something sweet together, as a family.  (Laughter.) Now, it’s my pleasure to introduce a man who’s always felt at home — (laughs) — with Italian Americans.  (Applause.)  In fact, Joe first met my family at a big cookout at my grandparents’ house in Hammonton, New Jersey.  So, I was pretty nervous, you know, about Joe coming to meet my family.  But as soon as Joe pulled up into the driveway — and you kn- — you can picture this — my tiny grandmom bolted out of the house, bounded down the porch steps, in her housecoat and her apron, and she gave Joe this huge hug, as if she’d known him his entire life.  And before he could even get a plate, Joe was greeted not as a stranger but as family. Over the years, I’ve seen the Italian American community extend the same joyful love and support to Joe.  You mean so much to him.  (Laughs.) So, please welcome — I don’t know why I’m getting so emotional — your president, my husband, Joe.  (Applause.) THE PRESIDENT:  Welcome to the White House.  (Applause.)   My name is Joe Biden, and I’m Jill Biden’s husband.  (Laughter and applause.) Now, I may be Irish, but I’m not stupid.  (Laughter.)  I married Dominic Giacoppa’s granddaughter.  And five years ago, I want you to know, I received the Sons of Italy Man of the Year award.  To the best of my knowledge, I’m the only non-Italian ever to receive that award.  (Laughter and applause.)  There was a large crowd when I received that award.  It was down by the train station.  You know, I said I — I moved from an Irish Catholic neighborhood in Scranton to an Italian Catholic neighborhood in Claymont, Delaware.  And I went from a — where — a place where you ended like Finnegan and Murphy and all that, down if your name didn’t lend — end in “O,” you’re in real trouble.  (Laughter.)  I was one of the few guys whose name didn’t end in “O.”  I’d look out there and look at all my friends.  You know, I accepted the award and named some of the guys I grew up with next door: Sonny Daramo, whose mom would say, “Joey, it’s not sauce; it’s gravy, Joey.  It’s gravy, Joey.”  (Laughter and applause.)  Oh, you think I’m kidding.  I’m not.  (Laughter.) No, Anzilotti, De- — Sabatino, Buchini, Bifferato, Ceni, Congialdi, Deluterio, Monaco — no, you think I’m kidding —  Tancr- — By the way, after I talked about it, I looked down at that crowd and said, “You know…” — thinking about it, I said, “I deserve this damn award.”  (Laughter.)  “With that many Italian friends, man, I deserve that award.”  (Laughter.) Thank you, Alexa, for being here and sharing your pride in your family and your heritage.  Look, and it’s great to see so many friends from the National Italian American Foundation, you know, the Sons and Daughters of Italy, and so many other Italian American leaders and organization from all across the country. You know, I can honestly say I wouldn’t be president without you.  I wouldn’t be president without the Italian American community.  Now, what she didn’t say is we do have something in common.  I’m Catherine Eugenia Finnegan — Irish Catholics background.  You guys, a lot of you are Catholics, you know.  (Laughter.)  I know you don’t admit it as much, but there — (laughter). This month is about celebrating the extraordinary contributions and proud, proud herita- — heritage of Italian Americans to our nation.  And it’s kind of endless.  For some of our families, your story is America’s story.  It stretches back generations.  For others, it just started.  No matter when these st- — stories of immigrants who left everything behind to travel across the ocean in pursuit of the American dream just for a shot — just a simple shot.  You and your ancestors worked hard to help build this country and build the middle class.  People like my college friend, the late Congressman Bill Pascrell — he’s been — Bill, Jr. is here.  Where — where are you, Bill?  (Applause.)  There you are.  I used to kid his dad all the time.  I said, “You know, Delaware may be the second-smallest state in the Union, but we own the Delaware River up to the highwater mark in New Jersey.”   (Laughter.)  There was actually a Supreme Court case about that.  Anyway.  (Laughter.) But he represented New Jersey, and his son represents the House of Representatives.  And Bill did it for 27 years, when he passed away this summer.  He was the grandson of Italian immigrants, a giant in the community, and a devoted patriot to the nation.  You got good blood, kid, as my dad would say.  (Applause.)  He was a part of a proud, proud heritage of Italian Americans who enrich every part of American life: entrepreneurs, educators, scientists, chefs, diplomats, doctors, servicemembers, veterans, athletes, actors, artists, and so much more.  There’s nothing the Italian community is not engaged in — I mean, virtually nothing.  There’s noth- — no community you don’t excel in. But I also know it wasn’t always easy.  Many of your ancestors faced horrific discrimination, like my ancestors faced horrific discrimination, when they first came to our shores.  Yet, even in the face of — Italian Americans proved that they had the resilient spirit and a devotion to family and community, an unshakeable faith in the promise of a better tomorrow.  You know, my dad used to have an expression.  He’d say, “Joey, family is the beginning, the middle, and the end — the beginning, the middle, and the end.”  It’s a faith that has carried through to today, both at home and abroad.  Italian Americans are central to our nation’s deep friendship and strategic partnership with Italy.  I’ve — I’ve worked out a really good relationship with the Italians.  I’m — well, Ital- — I better have done that but at home.  (Laughter.)  But all kidding aside, with th- — with Italy.  What a magnificent country. You know, and — anyway, I won’t get started.  But — (laughter) — you know, the bond between our countries is founded on a shared principle and shared commitments, including the shared support for the brave people of Ukraine as they defend themselves against Russia’s illegal (inaudible).  (Applause.) I might add, they have a female leader.  (Applause.)  I wish Sonny Daramo were here to hear that.  (Laughter.) In addition, Italy’s remarkable stewardship with the presidency of the G7 this year, as well as Italy’s long-standing contributions to transatlantic security through NATO — look, and their strong leadership in the European Union — it underscores how important Italy’s role is on the global stage, not just, you know, for America but for the world.    You know, let me close with this.  You know, Michelangelo famously said he “saw an angel in the marble, and I carved until I set it free.”  “I saw an angel in the marble, and I carved until I set it free.”  To me, that’s the essence of what Italian Americans have done to our country for our entire history.  You’ve carved until you set us free.  I’m — I’m being dead- — deadly earnest.   We’re all reminded that when Jill and I had the honor to host one of the greatest singers of all time, in my view, Andrea Bocelli, here at the White House for Christmas in our first year in office, he performed with his son and his daughter as if they were a choir of herald angels.  They were incredible.  You know, with their God-given talent, the Bocelli family moved our hearts, pierced our souls — and I mean this sincerely — I have all of the music on my — and they embodied the spirit and beauty of all that connects us as people.  A powerful reminder that America’s story depends on — not on any one of us but on — not on some of us but all of us.  It’s a story I see in all of you, working tirelessly — tirelessly to help realize the promise of America — and I mean it — for all Americans.  Not a joke.  Because some of you have been on the short end of the stick like my family growing up had been.  This is what the Italian American Heritage Month is all about.  It’s about celebrating and connecting, feeling the pride in heritage and community, remembering who the hell we are.  We’re the United States of America, and there’s nothing beyond our capacity when we do it together — nothing, nothing, nothing.  (Applause.)  No, I really mean it. So, thank you.  Thank you, thank you, thank you.  And I want to tell you, you know what made me mo- — the — probably one of the most famous guys in my family — the whole family?  Not being president.  I took her to a beautiful little island off of Sicily.  (Laughter.)  And she keeps saying, “I’m going back.”  (Laughter.) THE FIRST LADY:  Soon! THE PRESIDENT:  “With — with or without you.”  (Laughter.) So, folks, all kidding aside, thank you.  You’re an incredible community.  (Applause.)  THE FIRST LADY:  Thank you. THE PRESIDENT:  You’re an essential part of my life.  Thank you, thank you, thank you.  (Applause.)  Enjoy the day.  God bless you all.  And may God protect our troops.  Thank you.  (Applause.)  All right. 6:07 P.M. EDT

    MIL OSI USA News –

  • MIL-OSI Russia: BENIN: IMF Reaches Staff-Level Agreement on Fifth Review of Extended Fund and Extended Credit Facilities and the Second Review of Resilience and Sustainability Facility

    Source: IMF – News in Russian

    October 17, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • IMF has reached staff-level agreement with Benin on the Fifth Review of Benin’s EFF/ECF and the Second Review of the Resilience and Sustainability Facility (RSF).
    • There are signs of economic transformation in Benin, with higher value-added goods’ exports and momentum in information technology and tourism.
    • The authorities recently submitted to Parliament a draft 2025 budget that targets compliance with the West African Economic and Monetary Union (WAEMU) fiscal deficit norm of 3 percent of GDP, with significant increases in social spending.

    Washington, DC: An International Monetary Fund (IMF) team led by Constant Lonkeng visited Cotonou during October 8–17, 2024 to hold discussions on the Fifth Review of Benin’s economic program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) and the Second Review of the Resilience and Sustainability Facility (RSF) arrangement.

    At the end of the mission, Mr. Lonkeng issued the following statement:

    “IMF staff and Beninese authorities have reached a staff-level agreement on policies to complete the Fifth Review of Benin’s 42-month blended EFF/ECF and the Second Review of the RSF. Subject to approval by the IMF Executive Board, Benin will receive a disbursement of SDR 31.2 million (about $42 million) under the ECF and EFF arrangements and up to SDR 39.6 million (about $53 million) under the RSF arrangement, bringing the total disbursement under the EFF/ECF to SDR 431 million (about $576 million).

    “There are signs of economic transformation in Benin, with higher value-added goods’ exports and momentum in information technology and tourism. Economic activity is estimated to have expanded by 6.5 percent year-over-year in the first half of this year; growth is expected to remain strong in the near-term. The balance of payments has deteriorated temporarily, due to large investments, including related to the special economic zone (SEZ). It is expected to recover gradually as the transformation of local commodities at the SEZ boosts exports. 

    “Program performance has been strong—all quantitative targets for end-June 2024 were met, with fiscal consolidation well underway, supported by robust tax collection. 

    “The authorities recently submitted to Parliament the 2025 draft budget which targets compliance with the WAEMU overall deficit norm of 3 percent of GDP. Fiscal consolidation is set to be revenue-based (drawing on the Medium-Term Revenue Strategy), with significant increases in social spending (education, health, and social protection). Updating regularly and fully operationalizing the social registry will improve the targeting of expanded social assistance programs. 

    “The mission discussed next steps in strengthening Benin’s anti-corruption framework further, complementing the recently operationalized anti-corruption agency, as well as mechanisms to safeguard hard-won macroeconomic gains over the political cycle. 

    “The authorities are advancing their climate finance agenda following the climate finance roundtable that took place in Cotonou in July. They have mainstreamed climate change in the draft 2025 budget. The mission discussed next steps in advancing water tariff reform and a fuel subsidy reform that accounts for the specificities of Benin’s local fuel market.  

    “The mission met with Senior Minister of Economy and Finance Wadagni, Senior Minister of Development and Government Action Bio Tchane, National Director of the BCEAO (the regional central bank) Assilamehoo, and other senior government officials. The team also met with the Head of Opposition, the Finance Commission of the National Assembly in Porto Novo, the civil society, university students, the association of women entrepreneurs and a farmers’ association, the donor community, and other stakeholders.

    “The IMF team would like to thank the authorities and various stakeholders for their warm hospitality and open and constructive dialogue.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Julie Ziegler

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/17/pr24377-benin-imf-reaches-sla-5th-rev-eff-ecf-2nd-rev-rsf

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Warren, Bowman, 30+ Lawmakers Urge Biden to Continue Bold Executive Action to Lower Housing Costs

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    October 17, 2024
    “We strongly encourage you to cement your legacy by addressing one of the most pressing economic issues of our time.”
    Text of Letter (PDF)
    Washington, D.C. – Today, U.S. Senator Elizabeth Warren (D-Mass.) and Representative Jamaal Bowman (D-N.Y.) led a letter with over 30  lawmakers to President Joe Biden praising him for his actions to confront the housing crisis and proposing additional executive actions to lower the cost of housing.
    “Under your leadership, the Biden-Harris Administration has taken important steps to protect renters from predatory corporate landlords and to make home purchases and refinancing more affordable,” wrote the lawmakers. “But there is even more that can be done using executive agencies’ existing statutory authority.”
    The lawmakers recommend the Administration and federal agencies take the following actions:
    Price Gouging Protections: In order to safeguard tenants from rising rents at the hands of corporate landlord who have been caught price gouging their tenants, FHFA can condition all Fannie Mae and Freddie Mac multifamily loans on a set of price gouging protections, source of income protections, anti-eviction regulations, and habitability and accessibility improvements.
    Tackling Junk Fees: To address the hidden junk fees that can create thousands of dollars in additional costs for renters and homeowners, the Federal Trade Commission (FTC) should finalize its proposed rule to ban junk fees and continue to investigate unfair and deceptive practices by corporate landlords. Additionally, the Consumer Financial Protection Bureau (CFPB) should address anticompetitive closing costs and junk fees, lowering closing costs for home mortgages and making homeownership more accessible.
    Lowering Credit Report Costs: As the Fair Isaac Corporation (FICO) enjoys a near monopoly in the credit scoring market, the Department of Justice (DOJ) should investigate whether the company is violating antitrust law, and the CFPB should explore potential remedies to exploding credit reporting costs, including a cap on fees that credit reporting agencies can charge and interoperability requirements that would allow consumers to move their credit scores without new fees.
    Promoting Housing Development on Federal Property: Federal agencies can work to reform Title V of the McKinney-Vento Homeless Assistance program, so that federal property can more easily be leased by affordable housing providers who are serving people experiencing homelessness.
    Right now, the United States is facing a severe affordable housing crisis, with an estimated gap of 7.3 million housing units affordable and available to the lowest-income households.
    Already, the Biden-Harris Administration has taken bold steps to protect tenants from predatory corporate landlords, including the Blueprint for a Renters Bill of Rights, rent-hike protections in Low-Income Housing Tax Credit properties, and support for anti-price-gouging measures in properties owned by corporate landlords. The Administration has also worked to increase housing supply, including through grants to incentivize the production of affordable housing and more.
    “We strongly encourage you to cement your legacy by addressing one of the most pressing economic issues of our time and take swift action to create more housing and lower housing costs for Americans everywhere,” concluded the lawmakers.
    The letter is also signed by Senators Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Edward J. Markey (D-Mass.), Christopher Murphy (D-Conn.), Bernard Sanders (I-Vt.), Peter Welch (D-Vt.), and Representatives Alma Adams (D-N.C.), Becca Balint (D-Vt.), Cori Bush (D-Mo.), André Carson (D-Ind.), Greg Casar (D-Texas), Sheila Cherfilus-McCormick (D-Fla.), Jesús G. “Chuy” García (D-Ill.), Sylvia R. Garcia (D-Texas), Raúl M. Grijalva (D-Ariz.), Pramila Jayapal (D-Wash.), Ro Khanna (D-Calif.), Barbara Lee (D-Calif.), Summer Lee (D-Pa.), James P. McGovern (D-Mass.), Alexandria Ocasio-Cortez (D-N.Y.), Ayanna Pressley (D-Mass.), Katie Porter (D-Calif.), Delia C. Ramirez (D-Ill.), Jamie Raskin (D-Md.), Mark Takano (D-Calif.), Shri Thanedar (D-Mich.), Rashida Tlaib (D-Mich.), Nydia Velázquez (D-N.Y.), Bonnie Watson Coleman (D-N.J.), and Nikema Williams (D-Ga.).
    This letter was endorsed by the Tenant Union Federation, National Housing Law Project, National Low Income Housing Coalition, National Homelessness Law Center, and Americans for Financial Reform.
    Senator Warren has long led the fight to make housing more affordable for families and has held companies accountable for their role in exacerbating housing costs:
    In September 2024, Senators Warren (D-Mass.) and other lawmakers demanded answers from corporate landlords in Massachusetts allegedly using rent-hiking algorithms.
    In August 2024, Senators Warren (D-Mass.) and Catherine Cortez Masto (D-Nev.), sent letters to each of the 11 Federal Home Loan Banks (FHLBanks) urging them to contribute at least 20% of their net income to affordable housing and other critical community grant programs.
    In July 2024, Senators Warren and Raphael Warnock (D-Ga.), and Representative Emanuel Cleaver (D-Mo.) reintroduced the American Housing and Economic Mobility Act, the landmark legislation to tackle the housing crisis, bring down costs for renters and buyers, and help working families everywhere find a decent place to live at a decent price. 
    In July 2024, Senator Warren and Representative Sara Jacobs led Senator Tim Kaine, Senator Jon Ossoff, Representative Ro Khanna, and Representative James Moylan in calling out the Department of Defense (DoD) for failing to protect military families living in military housing operated by private companies under the Military Housing Privatization Initiative (MHPI).
    In June 2024, Senator Warren sent a letter to the Federal Housing Finance Agency (FHFA) urging the agency to address our country’s affordable housing crisis by reforming the broken Federal Home Loan Bank (FHLB) System.
    In May 2024, Senator Warren reintroduced the Public Housing Emergency Response Act to address the estimated $70 billion backlog of maintenance and repairs in our nation’s public housing, which would allow tenants to live in safe conditions and ensure that, as we fight to end the housing crisis by expanding the supply of affordable housing, we are not losing existing units to disrepair.
    In April 2024, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, U.S. Senator Warren called out the Federal Home Loan Banks (FHLBs) for failing to deliver on their mission to provide affordable housing as the country faces a housing crisis.
    In January 2024, Senator Warren, John Hickenlooper, Jacky Rosen, and Sheldon Whitehouse sent a letter to Federal Reserve (Fed) Chair Jerome Powell, calling on the Fed to reverse its troubling interest rate hikes that have driven mortgage rates to 20-year highs and have put affordable housing out of reach for too many Americans.
    In March 2023, Senators Elizabeth Warren, Ed Markey, Tina Smith, and Bernie Sanders sent a letter to Jonathan Kanter, Assistant Attorney General of the Antitrust Division at the Department of Justice (DOJ) calling for the DOJ to investigate YieldStar following new findings from their investigation of RealPage’s YieldStar product.
    In January 2023, Senator Warren, and Representative Jamaal Bowman led a letter with 48 lawmakers, urging President Biden to use every tool he has to address rent inflation, end corporate price gouging in the rental market, and ensure that renters and people experiencing homelessness across this country are stably housed this winter.
    In November 2022,  Senators Warren, Tina Smith (D-Minn.), Bernie Sanders (I-Vt.) and Edward J. Markey (D-Mass.) sent a letter to RealPage CEO Dana Jones, expressing concern about RealPage’s algorithmic pricing software, YieldStar, and its role in driving rising rents and exacerbating inflation.
    In August 2022, at a Senate Banking, Housing, and Urban Affairs (BHUA) Committee  hearing, Senator Warren called out corporate landlords’ growing role in the rental market and emphasized the need for a Tenant Protection Bureau to hold corporate landlords accountable and protect renters from extreme rent hikes, illegal eviction, and other predatory practices.
    In May 2022, Senators Warren and Reed sent a letter to Secretary of the Department of Housing and Urban Development (HUD), Marcia Fudge, calling on HUD to preserve homeownership affordability for American families as Wall Street firms expand their activity in the housing market.
    In March 2022, at a BHUA Committee hearing, Senator Warren called out Wall Street’s role in worsening the housing affordability crisis for seniors by buying up manufactured home communities
    In February 2022, Senator Warren called out private equity firms and other big investors for exacerbating inflation and locking families out of affordable housing opportunities. 
    In January 2022, Senator Warren sent letters to the CEOs of three private equity-backed firms—Progress Residential, American Homes 4 Rent, and Invitation Homes —calling out their growing activity in the housing market that has resulted in rent hikes and unaffordable homes for first-time buyers.
    In August 2021, during a hearing exchange with Senator Warren, a Department of Housing and Urban Development nominee committed to consider changes that facilitate sales of distressed homes to homeowners, not private equity firms.
    In July 2021, Senator Warren called on large corporate landlords to avoid needless evictions as the CDC eviction moratorium neared expiration. 
    In May 2021, at a hearing, Senator Warren made the case for her American Housing and Economic Mobility Act, which would create a new housing innovation grant program to reduce exclusionary local zoning laws.
    On April 2021, Senator Warren and Representative Emanuel Cleaver, II (D-Mo.) reintroduced the American Housing and Economic Mobility Act to bring down the costs for renters and buyers, level the playing field so working families can find a decent place to live at a decent price, reduce exclusionary zoning laws, and take a step towards addressing the effects of decades of housing discrimination on communities of color.
    In May 2019, Senator Warren and then-Representative Dave Loebsack (D-Iowa) wrote to the private equity firms behind some of the country’s largest manufactured housing communities to request information about their use of predatory practices to boost profits in the communities they own.

    MIL OSI USA News –

  • MIL-OSI Economics: Samsung and the New York Mets Hit a Multi-Year Grand Slam at Citi Field

    Source: Samsung

    In 2021, Samsung and the New York Mets embarked on a journey to transform Citi Field into the most technologically advanced professional ballpark in Major League Baseball. Today, that vision is a reality, with the ballpark sporting over 1,300 LCD displays and over 29,800 square feet of new LED displays, totaling 40 million pixels. The result is an unforgettable, immersive experience that hits a grand slam with all bases loaded – from elevating fan engagement to enhancing team practice and Digital Out-Of-Home (DOOH) advertising for brand partners.

    “As a landmark for baseball and of New York City, Citi Field represents the very best in live sports experiences,” said David Phelps, Head of the Display Division at Samsung. “The New York Mets have set new standards for in-stadium technology and what ticketholders can expect at the ballpark. With cutting-edge displays that boost fan engagement, amplify the energy in the stands and unlock unique advertising possibilities, every visit to Citi Field leaves a lasting impression.”
    A whole new ballgame for fan experience
    The Mets set out to replace its previous static signage at Citi Field with state-of-the-art digital displays that would align the stadium experience with the team’s high-caliber performance on the field. The Mets selected Samsung as its technology partner due to its proven record of transforming large-scale stadiums into cutting-edge experiences. Moreover, Samsung could provide an end-to-end solution, encompassing design, manufacturing, installation and service.

    Samsung and the Mets collaborated and pushed the boundaries of possibility to design a stadium-wide system that immerses fans in digital content throughout the park. For instance, ribbon boards wrapped around multiple levels of the seating bowl deliver real-time statistics, player data and messages during games. Direct View LED Displays in high-traffic spaces, such as the Jackie Robinson Rotunda and concourses, keep fans captivated from the moment they enter the stadium to the final inning.

    Citi Field’s crown jewel remains its centerfield main scoreboard, a first-of-its-kind, dual-sided LED display that proudly stands as the largest scoreboard in professional baseball. Equivalent to the size of about 450 65-inch Samsung TVs combined, the high-resolution scoreboard features a 17,400 square-foot video display on the front and 6,900 square feet on the back. The display’s sheer size delivers maximum visibility and impact when showcasing live game action, 4K instant replays, player statistics and other engaging content.

    From a Samsung-powered 4K control room, the Mets manage and ensure the centerfield scoreboard works harmoniously with the other displays on the field. Control room staff can synchronize content to “fly” across the entire network of displays to amazing effect to hype the crowd up at exciting points in a game, such as strikeouts and home runs. This thrilling use of digital content is nothing short of spectacular and creates wow-worthy moments like no other ballpark.
    Batting practice gets the big-screen treatment
    In addition to enhancing the fan experience, the Mets use the scoreboards as an effective coaching tool during batting practices before night games. When a player is in the batting cage, the coaches put a live feed on the right-field scoreboard and a delayed feed on the centerfield scoreboard. The displays will showcase key metrics for the batters, such as pitch speed, exit velocity and launch angle. After a session at bat, players can look up at the centerfield scoreboard and review their performance with the coaches to make adjustments to prepare for that night’s game.

    “Samsung has been a true partner in our digital transformation journey not only from a hardware perspective but also through a shared vision for reinventing the stadium experience,” said Oscar Fernandez, Senior Vice President of Technology at the New York Mets. “Today, we can create remarkable experiences using the latest, best-in-class technologies to benefit our fans, the coaching staff, players and brand partners. There is now no better show than coming to Citi Field.”

    Revenue and growth opportunities in a league of their own
    The high-definition Samsung displays installed throughout Citi Field also offer dynamic canvases for DOOH advertising. For example, the Mets’ brand partners can take advantage of the unique double-sided design of the main scoreboard and showcase content on the rear side that faces the ballpark’s exterior, further extending the reach of their advertising as fans can see the display from the highway before they even arrive at the park.

    The revolutionary stadium technology also opens new revenue potential by empowering the Mets to offer more flexible and attractive advertising opportunities for partners like brand takeovers. Companies can amplify their name and logo by owning specific moments in the game, such as an entire inning. Since the Mets can easily control and change the content through the stadium, every display becomes a valuable marketing asset and creates limitless options for creative advertising.

    Beyond gamedays, Samsung displays allow the Mets to further diversify their revenue by supporting various other events, from New York City Football Club games and concerts to fundraisers and corporate events. Citi Field’s technologically advanced experience makes it a sought-after venue for event organizers and entice attendees who look forward to the same excitement they enjoy at New York Mets games.
    Learn more about the one-of-a-kind stadium experience at Citi Field powered by Samsung display technology in the full case study: https://insights.samsung.com/2024/10/17/the-ny-mets-and-samsung-reinvent-the-fan-experience-at-Citi-Field.

    MIL OSI Economics –

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

    Source: Office of United States Attorneys

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

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

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

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

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

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

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

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

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

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

    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    The MIL Network –

  • MIL-OSI USA: Electric Power Annual 2023

    Source: US Energy Information Administration

    Skip to sub-navigation

    Data Tables

    Expand all Collapse all

    National Summary Data

    Electricity Sales

    Net Generation

    Generation Capacity

    Consumption of Fossil Fuels

    Fossil Fuel Stocks for Electricity Generation

    Receipts, Cost, and Quality of Fossil Fuels

    Electric Power System Characteristics and Performance

    Environmental Data

    Energy Efficiency, Demand Response and Advanced Meters

    Distribution System Reliability

    U.S. Territories

    Appendices

    • Technical notes
    • Available formats: PDF

    • State Maps of Customers, Sales, & Revenue

    • Related Data

    MIL OSI USA News –

  • MIL-OSI Europe: Draft agenda – Thursday, 14 November 2024 – Brussels

    Source: European Parliament

    11 Electronic value added tax exemption certificate
    Aurore Lalucq
        – (if requested) Amendments Wednesday, 6 November 2024, 13:00
    12 Faster and Safer Relief of Excess Withholding Taxes
    Herbert Dorfmann
        – (if requested) Amendments Wednesday, 6 November 2024, 13:00
    8 Amendment of the EIB’s Statute
    Joachim Streit
        – (possibly) Amendments Wednesday, 6 November 2024, 13:00
    14 EU actions against the Russian shadow fleets and ensuring a full enforcement of sanctions against Russia
        – Motions for resolutions Wednesday, 6 November 2024, 13:00
        – Amendments to motions for resolutions; joint motions for resolutions Monday, 11 November 2024, 12:00
        – Amendments to joint motions for resolutions Monday, 11 November 2024, 13:00
    Texts put to the vote on Thursday Tuesday, 12 November 2024, 19:00

    MIL OSI Europe News –

  • MIL-OSI New Zealand: Residence portion of the Military-Style Academies complete

    Source: New Zealand Government

    The residence portion of the Military Style Academy Pilot at Te Au rere a te Tonga Youth Justice residence in Palmerston North is wrapping up, with the young people now transitioning back into the community with support, Minister for Children Karen Chhour says. 

    Ten young people have spent three months on the programme addressing criminal behaviours with a focus on structure and routine, physical activities, education and vocational training, preparation for work and finding employment, and rehabilitative, therapeutic, and cultural components undertaken for each young person.

    They now head into the 9-month community stage, which will look different for every young person, depending on their needs. 

    “The lessons learned from previous iterations of Military Style Academies is that for them to work, there needs to be a large amount of community support and the transition back into the community needs to be well managed. 

    “I took these lessons on board and that is what was used to shape this pilot. I placed a large emphasis on making sure the community support was there, and making sure family are involved throughout the process. 

    “Each young person will have a ‘kitbag’ when they leave the residence, which they have been building during the residence stage. 

    “This is made up of practical items, such as an IRD number, CV, bank account and photo ID – items that can be taken for granted but are important basic building blocks to participate in wider society.” 

    Each young person also has their own intensive mentor on a one-to-one basis who will support them throughout the community stage. 

    “Each teenager’s ‘transition plan’ is individualised, sustainable, achievable and includes details of the support they need.

    “While I am sure there will be bumps along the road for these young people as they work towards a better future, I am proud of the work they are putting in and the effort they and their families are making at turning their lives around. 

    “I hope these young people take advantage of every opportunity they are offered through this pilot. 

    “The outcome of their future is now in their hands.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: Rep. Pettersen Celebrates 40 Years of Park County Senior Coalition, Visits Historic Como Roundhouse

    Source: United States House of Representatives – Representative Brittany Pettersen (Colorado 7th District)

    COMO – U.S. Representative Brittany Pettersen (CO-07) recently traveled across the 7th Congressional District of Colorado, including Park County where she visited the historic roundhouse in Como and celebrated the 40th anniversary of the Park County Senior Coalition in Bailey. 

    At her first stop in Park County, Rep. Pettersen visited the historic roundhouse in Como, the longest operating roundhouse in the United States. This historic site holds a significant place in Colorado’s history. Pettersen discussed how her office can be a resource through federal grants and the community project funding process. 

    Following her visit to Como, Pettersen joined the celebration of the 40th anniversary of the Park County Senior Coalition in Bailey. For four decades, this organization has provided vital resources to seniors in the Park County community. During her visit, Pettersen met with seniors and highlighted her dedication to ensuring seniors in rural communities have access to the services and resources they need. Specifically, Pettersen introduced the Rural Health Preceptor Tax Fairness Act to incentivize more health care professionals to train and practice medicine in rural communities. 

    “From celebrating the 40th anniversary of the Park County Senior Coalition to visiting the historic roundhouse in Como, it was great to wrap up my rural tour in Park County,” said Pettersen. “Hearing firsthand from the Park County community is critical to shaping my work in Congress so I can continue to be a voice for our rural communities. I will always advocate for communities in Park County and across Colorado’s 7th Congressional District to ensure everyone has the resources they need to thrive and that no one gets left behind.”

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Molinaro Announces Mobile Office Hours in Broome County & Columbia County

    Source: United States House of Representatives – Representative Marc Molinaro (R-NY-19)

    Binghamton, NY – U.S. Rep. Marc Molinaro (NY-19) today announced his constituent service team will hold mobile office hours from 10:00am to 12:00pm on Thursday, October 24 at the Windsor Village Hall and from 12:00pm to 2:00pm at the Copake Town Hall.

    During these events, constituents will be able to connect with representatives from Rep. Molinaro’s office to share comments and resolve issues they are having with federal agencies like the VA, IRS, and Social Security Administration.

    If constituents aren’t able to make these events, Rep. Molinaro also maintains offices in Broome County and Greene County. These offices are open from 9am to 5pm, Monday through Friday. Rep. Molinaro also has satellite offices in Sullivan County, Delaware County, and Otsego County. These offices are accessible by appointment and can be made by calling (607) 242-0200 or contacting the office online.

    Details for the mobile office hours are as follows:

    Broome County

    Date: Thursday, October 24

    Time: 10:00am – 12:00pm

    Location:

    Windsor Village Hall

    107 Main St. 

    Windsor, NY 13865

    Columbia County

    Date: Thursday, October 24

    Time: 12:00pm – 2:00pm

    Location:

    Copake Town Hall

    230 Mountain View Road

    Copake, NY 12516 

    MIL OSI USA News –

  • MIL-OSI Security: Former Tennessee Mental Health Center Owner Charged with Employment Tax Crimes

    Source: United States Department of Justice Criminal Division

    A federal grand jury in Nashville returned an indictment yesterday charging a former business owner with willfully failing to account for and pay over employment taxes to the IRS.

    According to the indictment, from at least 2011 through 2023, Mari Alexander, of Columbia, South Carolina, was the owner and president of Ross Behavioral Group, a mental health counseling center with multiple locations in middle Tennessee. Alexander controlled Ross Behavioral Group’s financial affairs and was responsible for withholding Social Security, Medicare and federal income taxes from employees’ wages and paying them over to the IRS. From at least 2015 through 2020, Alexander allegedly withheld these taxes from her employees’ wages, but did not fully pay the withheld taxes over to the IRS.

    Each year, from at least 2015 through 2020, Alexander allegedly issued IRS Forms W-2, Wage and Tax Statements and paystubs to the employees that showed taxes taken out of their pay, which falsely implied that the withheld taxes were paid over to the IRS.

    In total, Alexander is alleged to have caused a tax loss to the IRS of more than $1 million.

    Alexander is charged with 11 counts of willfully failing to account for and pay over employment taxes. If convicted, she faces a maximum penalty of five years in prison on each count. She also faces a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and Acting U.S. Attorney Thomas J. Jaworski for the Middle District of Tennessee made the announcement.

    IRS Criminal Investigation is investigating the case with assistance from the Social Security Administration’s Office of the Inspector General.

    Trial Attorney Ashley J. Stein of the Tax Division and Assistant U.S. Attorney Mitchell T. Galloway for the Middle District of Tennessee are prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI USA: Senator Marshall on RFD-TV: Agriculture has Never Been a Priority for Harris-Biden

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Salina, KS – U.S. Senator Roger Marshall, M.D joined RFD-TV to discuss the Farm Bill – which still has not been renewed – and emphasized the importance of writing a high-quality Farm Bill that puts the needs of America’s farmers FIRST. 
    Additionally, Senator Marshall slammed the Biden-Harris Administration for their policies that plummeted incomes for farmers to record lows, restricted agriculture production with extreme environmental regulations, and led to record-high inflation grocery bills for Americans. 
    You may click HERE or on the image above to watch Senator Marshall’s full interview.
    Highlights from Senator Marshall’s interview include: 
    On an update on the Farm Bill:
    “We’re going to put the farm back in the Farm Bill. We’ve been stuck on two issues that the Democrats refuse to yield on. We need a little bit more help with crop insurance, need a little bit more help on the reference prices…I think what needs to happen is a Republican majority in the Senate, and we’ll follow up with what the Republicans did on the House side, where they put farm back in the Farm Bill, and they took care of crop insurance.”
    “If we don’t pass a new Farm Bill, we’re going to get an extension done one way or the other. We’ll get it done, but remember, this is a five-year bill, and I’ve got to get it right. What the Democrats are offering to me now actually hurts the reference prices for wheat and for milo. Kansas is a wheat state – I can’t take a Farm Bill that’s going to hurt wheat, let alone the milo industry. ”
    On the state of the agriculture economy under Kamala Harris and Joe Biden:
    “The number one concern in farmland is not the Farm Bill – it’s the record increases in input costs, it’s the interest rates, it’s the fact that the Harris Administration has not done one trade agreement. That’s what’s killing agriculture right now.” 
    “Have you heard the words ‘biofuels’ come out of the Biden-Harris Administration? There’s no support for the biofuels industry. They don’t do trade agreements. They refuse to put the farm back in the Farm Bill. We need new leadership in the White House.”
    “We need a Republican majority in the Senate to go along with that in the House, and then we’ll give you a good Farm Bill. But remember, even reference prices – think about this – the reference prices created in 2018 are only worth 80% of what they were worth five years ago because of inflation.”

    MIL OSI USA News –

  • MIL-OSI USA: Former Tennessee Mental Health Center Owner Charged with Employment Tax Crimes

    Source: US State of North Dakota

    A federal grand jury in Nashville returned an indictment yesterday charging a former business owner with willfully failing to account for and pay over employment taxes to the IRS.

    According to the indictment, from at least 2011 through 2023, Mari Alexander, of Columbia, South Carolina, was the owner and president of Ross Behavioral Group, a mental health counseling center with multiple locations in middle Tennessee. Alexander controlled Ross Behavioral Group’s financial affairs and was responsible for withholding Social Security, Medicare and federal income taxes from employees’ wages and paying them over to the IRS. From at least 2015 through 2020, Alexander allegedly withheld these taxes from her employees’ wages, but did not fully pay the withheld taxes over to the IRS.

    Each year, from at least 2015 through 2020, Alexander allegedly issued IRS Forms W-2, Wage and Tax Statements and paystubs to the employees that showed taxes taken out of their pay, which falsely implied that the withheld taxes were paid over to the IRS.

    In total, Alexander is alleged to have caused a tax loss to the IRS of more than $1 million.

    Alexander is charged with 11 counts of willfully failing to account for and pay over employment taxes. If convicted, she faces a maximum penalty of five years in prison on each count. She also faces a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and Acting U.S. Attorney Thomas J. Jaworski for the Middle District of Tennessee made the announcement.

    IRS Criminal Investigation is investigating the case with assistance from the Social Security Administration’s Office of the Inspector General.

    Trial Attorney Ashley J. Stein of the Tax Division and Assistant U.S. Attorney Mitchell T. Galloway for the Middle District of Tennessee are prosecuting the case.

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

    MIL OSI USA News –

  • MIL-OSI USA: H.R. 9495, Stop Terror-Financing and Tax Penalties on American Hostages Act

    Source: US Congressional Budget Office

    H.R. 9495 would modify the Internal Revenue Code to extend deadlines for certain tax matters for hostages, people wrongfully detained abroad, and their spouses, and would suspend the tax-exempt status of organizations that support terrorism. 

    Similar to the rules for service members in combat zones, the bill would direct the Secretary of the Treasury, in consultation with the Secretary of State and the Federal Bureau of Investigation’s Hostage Recovery Fusion Cell, to create a program to allow people who were detained between 2021 and the date of enactment to seek refunds of interest and penalties assessed during that time.

    MIL OSI USA News –

  • MIL-OSI Security: Six defendants arrested in retail theft ring, charged with stealing and selling hundreds of thousands of dollars worth of merchandise

    Source: Office of United States Attorneys

    ROCHESTER, N.Y.-U.S. Attorney Trini E. Ross announced today that six defendants were arrested and charged by criminal complaint with wire fraud, conspiracy to commit wire fraud, transportation and sale of stolen goods in interstate commerce, money laundering, and conspiracy, for their roles in a retail theft ring in the Rochester, NY, area. The charges carry a maximum penalty of 20 years in prison and a $250,000 fine. Named in the complaint are:

    •              Shabon Banks, 41

    •              Amanda Reeves, 40

    •              Chad Lewis, Jr., 20

    •              Chanc Lewis, 22

    •              Dominic Sprague, 40

    •              James Civiletti, 33, all of Rochester, NY.

    Defendant Shabon Banks is also charged with aggravated identity theft.

    Assistant U.S. Attorney Kyle P. Rossi, who is handling the case, stated that according to the criminal complaint, in November 2023, the Greece Police Department began an investigation after it became aware that serial larcenist, Shabon Banks, had been engaged in an unusually large number of transactions at the New York Gold Diamond Pawn Shop in Greece. The investigation uncovered a theft ring involving defendants Banks, Reeves, Lewis, Jr., and Lewis (the larcenists), who have been engaged in an ongoing retail theft conspiracy involving the New York Gold Diamond Pawn Shop and its operators, defendants Sprague and Civiletti, since December 2021. As part of the scheme, the larcenists stole new-in-box items from store shelves, which they then sold to Sprague, Civiletti, and others at the New York Gold Diamond Pawn Shop, for a fraction of the actual retail value. Sprague and Civiletti then resold the stolen merchandise on eBay at much higher prices, resulting in significant profits for the New York Gold Diamond Pawn Shop. The merchandise was stolen from various stores including Home Depot, Target, Lowes, Walmart, and Kohls.

    Since December 7, 2021, the New York Gold Diamond Pawn Shop has purchased 37,936 new-in-box items from the larcenists on more than 670 occasions, paying the larcenists $290,000.00. The investigation determined that the New York Gold Diamond Pawn Shop paid the larcenists 30% of the actual retail value of the stolen items. Therefore, the actual losses to the victim-retailers and resulting profit to the New York Gold Diamond Pawn Shop are estimated to be much higher.

    Sprague and Civiletti engaged in multiple financial transactions involving the proceeds of the fraud in violation of federal money laundering statutes. In total, between January 2022, and August 7, 2024, the New York Gold Diamond Pawn shop resold more than 48,000 new-in-box items via eBay for $2,467.847.46, the majority of which are believed to have been stolen.

    The complaint is the culmination of an investigation by Homeland Security Investigations, under the direction of Special Agent-in-Charge Erin Keegan, the Internal Revenue Service, under the direction of Special Agent-in-Charge Thomas Fattorusso, the Greece Police Department, under the direction of Chief Michael Wood, and the Monroe County Sheriff’s Office, under the direction of Sheriff Todd Baxter.

    The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.

    # # # #

    MIL Security OSI –

  • MIL-OSI Security: Jefferson City Man Sentenced for $26 Million Bank Fraud Scheme

    Source: Office of United States Attorneys

    JEFFERSON CITY, Mo. – A Jefferson City, Mo. man was sentenced in federal court today for a multi-million dollar bank fraud scheme that included fraudulent Paycheck Protection Program (PPP) loans for four businesses.

    Tod Ray Keilholz, 61, was sentenced by U.S. District Judge Roseann A. Ketchmark to a total sentence of 12 years in federal prison without parole.

    On March 28, 2024, Keilholz pleaded guilty to one count of bank fraud, one count of money laundering, and one count of aggravated identity theft.

    Keilholz was the sole owner of TRK Construction, LLC, TRK Valpo, LLC, TL Builders, LLC, and Project Design, LLC.

    By pleading guilty, Keilholz admitted that he engaged in a bank fraud scheme from Jan. 1, 2018, to Jan. 7, 2021.

    Prior to the bank fraud scheme, Keilholz obtained three business loans totaling $3,526,771 from Hawthorn Bank between Aug. 31, 2017, and Sept. 21, 2018. One of these loans financed the purchase of property in Valparaiso, Indiana. As Keilholz’s businesses failed, these loans fell into default and sub-contractors sued him for unpaid invoices during 2019 and 2020. In February 2020, Hawthorn Bank initiated foreclosure proceedings. Keilholz delayed the foreclosure proceedings and paid off these loans and other past due debts with fraudulent PPP loans.

    The CARES Act established several new temporary programs and provided for the expansion of others to address the COVID-19 pandemic. Among these programs, the PPP authorized forgivable loans, guaranteed by the Small Business Administration, to small businesses to retain workers and maintain payroll, make mortgage interest payments, lease payments, and utility payments.

    Keilholz received a total of $12,430,932 in PPP loans for his four businesses. In each of those loan applications, Keilholz admitted, he failed to disclose his ownership in the other three businesses, and made materially false and fraudulent claims in the loan applications and supporting documentation. Keilholz falsely stated the businesses were in operation on Feb. 15, 2020, and eligible for PPP loans. He inflated the income of those businesses and claimed payrolls for employees who did not exist or no longer worked for him. Additionally, Keilholz applied for a $7,818,705 PPP loan for TRK Valpo but the loan was denied by the bank.

    Keilholz received a $1,706,260 PPP loan for TRK Construction, a $3,618,815 PPP loan for TL Builders, a $3,903,857 PPP loan for Project Design, and a $3,202,000 PPP loan for TRK Valpo.

    Keilholz admitted that he used PPP loan proceeds for unauthorized purposes other than legitimate payroll, lease and mortgage interest, and utilities as required by the PPP. Keilholz, through TRK Construction, had accrued substantial and delinquent indebtedness to a number of lenders, and all or part of these debts were satisfied by PPP loan proceeds.

    The conviction for aggravated identity theft is related to Keilholz’s use of a former TRK Construction employee whose name and Social Security number were used without his knowledge or authorization on wage reports in connection with a fraudulent PPP loan application for TRK Valpo.

    Under the terms of his plea agreement, Keilholz must forfeit to the government any property involved in, or derived from the proceeds of his bank fraud scheme, including a money judgment of $12,430,932, two properties in Jefferson City, one property in Valparaiso, one property in La Porte, Ind., four vehicles (a 2020 Chevrolet Silverado, two 2021 Chevrolet Silverados, and a 2019 BMW X5), a 2020 John Deer ZTrak, a 2020 John Deere Tractor, a Kubota Compact Track Loader, a Gents 43mm IWC Schaffhausen Perpetual Chronograph wristwatch, two Gents stainless steel Rolex Sea-Dweller self-winding automatic diver’s watches, and a Gents Citizen Eco-Drive Radio-controlled world time self-winding automatic watch with sapphire crystal.

    This case was prosecuted by Assistant U.S. Attorney Michael S. Oliver. It was investigated by the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Office of Inspector General; the Small Business Administration, Office of Inspector General; the Treasury Inspector General for Tax Administration; the FBI; and IRS-Criminal Investigation.

    MIL Security OSI –

  • MIL-OSI Australia: Eye in the sky: Drones assist mapping estuarine habitats

    Source: New South Wales Department of Primary Industries

    18 Oct 2024

    Coastal ecosystems are being targeted by eyes in the sky as part of an ongoing effort to monitor and protect, seagrasses, saltmarshes and mangroves across the state’s estuaries.

    NSW Department of Primary Industries and Regional Development (DPIRD) Fisheries Research Scientist Dr Daniel Swadling said the state-wide mapping project is using drones to capture images of these challenging environments.

    “Accessing remote saltmarsh and mangrove areas is no easy task, due to the challenging environments. Some sites are so remote that they can’t be accessed by boat or 4WD,” Dr Swadling said.

    “By using drone technology, the team can capture high-resolution phot
    ographs of these areas which is crucial for tracking changes in these habitats and assessing their overall condition.

    “These images are then compared to preliminary maps created from aerial imagery, a process known as validation, which helps ensure the accuracy of the habitat data.”

    Dr Swadling said a recent mapping expedition in the Clarence River demonstrated the benefits of blending technology with the natural habitat.

    “Because of the difficulty in accessing some of these areas, we were able to obtain ‘Extended Visual Line of Sight’ (EVLOS) endorsements. This approval allows drone pilots to fly beyond the usual visual line of sight. With EVLOS, we could photograph areas up to 1.5 kilometres away, well beyond standard drone operating limits,” Dr Swadling said.

    “Mapping estuarine habitats is a key component of the Marine Estate Management Strategy (MEMS) and vital for safeguarding the future of NSW’s estuaries by providing data to protect these ecosystems for future generations.”

    The NSW Estuarine Habitat Monitoring and Threat Assessment Project is conducted by DPIRD Fisheries and funded via the NSW Marine Estate Management Strategy.

    An updated map of the Clarence River estuary will soon be available to the public via the Estuarine Habitat Dashboard and Fisheries Spatial Data Portal.

    Media contact: pi.media@dpird.nsw.gov.au

    MIL OSI News –

  • MIL-OSI Australia: Eligibility for compassionate release of super

    Source: Australian Department of Revenue

    We took over administration of early release of super on compassionate grounds on 1 July 2018.

    We only approve a release of super on compassionate grounds if you meet all conditions set out in the regulations. These conditions include that you have no other means to pay the expenses.

    The 5 main grounds of eligibility are:

    • medical treatment or transport for you or your dependant
    • accommodating a disability for you or your dependant
    • palliative care for a terminal illness for you or your dependant
    • funeral expenses for your dependant
    • preventing foreclosure or forced sale of your home.

    If you apply for compassionate release of super (CRS) for medical treatment, the law states the treatment must be necessary to:

    • treat a life-threatening illness or injury
    • alleviate acute or chronic pain
    • alleviate acute or chronic mental illness.

    To access super early for medical treatment expenses, you must provide 2 medical reports with your application. At least one of the reports must be from a specialist treating one of the above conditions.

    The reports must state that the treatment is necessary to treat or alleviate one of the conditions above, and that the treatment is not readily available in the public health system.

    All data shown here is current as of 27 August 2024.

    MIL OSI News –

  • MIL-OSI Australia: CRS age demographics

    Source: Australian Department of Revenue

    Following are data tables for the age of approved individuals at the time of their approved application.

    Table 1: CRS age demographics in 2018–19

    Age (years)

    Individuals approved

    Total approved (%)

    20 and under

    20

    0

    21-25

    860

    3

    26-30

    2,810

    10

    31-35

    4,310

    16

    36-40

    4,910

    18

    41-45

    4,650

    17

    46-50

    4,270

    16

    51-55

    3,160

    12

    56-60

    1,550

    6

    61-65

    380

    1

    66-70

    10

    0

    71 and over

    0

    0
    Table 2: CRS age demographics in 2019–20

    Age (years)

    Individuals approved

    Total approved (%)

    20 and under

    30

    0

    21-25

    940

    3

    26-30

    3,300

    11

    31-35

    4,880

    16

    36-40

    5,470

    18

    41-45

    5,090

    17

    46-50

    4,730

    16

    51-55

    3,420

    11

    56-60

    1,760

    6

    61-65

    420

    1

    66-70

    10

    0

    71 and over

    0

    0
    Table 3: CRS age demographics in 2020–21

    Age (years)

    Individuals approved

    Total approved (%)

    20 and under

    10

    0

    21-25

    640

    2

    26-30

    2,400

    9

    31-35

    4,210

    16

    36-40

    5,000

    18

    41-45

    4,740

    17

    46-50

    4,510

    17

    51-55

    3,330

    12

    56-60

    1,870

    7

    61-65

    440

    2

    66-70

    0

    0

    71 and over

    0

    0
    Table 4: CRS age demographics in 2021–22

    Age (years)

    Individuals approved

    Total approved (%)

    20 and under

    40

    0

    21-25

    890

    3

    26-30

    2,970

    9

    31-35

    5,210

    16

    36-40

    5,950

    18

    41-45

    5,460

    17

    46-50

    5,060

    16

    51-55

    3,860

    12

    56-60

    2,230

    7

    61-65

    530

    2

    66-70

    10

    0

    71 and over

    0

    0
    Table 5: CRS age demographics in 2022–23

    Age (years)

    Individuals approved

    Total approved (%)

    20 and under

    60

    0

    21-25

    1,140

    3

    26-30

    3,330

    8

    31-35

    5,910

    15

    36-40

    7,200

    18

    41-45

    6,620

    17

    46-50

    6,140

    16

    51-55

    5,270

    13

    56-60

    3,090

    8

    61-65

    820

    2

    66-70

    10

    0

    71 and over

    0

    0
    Table 6: CRS age demographics in 2023–24

    Age (years)

    Individuals approved

    Total approved (%)

    20 and under

    90

    0

    21-25

    1,630

    3

    26-30

    4,370

    9

    31-35

    7,410

    15

    36-40

    8,820

    18

    41-45

    8,270

    17

    46-50

    7,380

    15

    51-55

    6,780

    14

    56-60

    4,090

    8

    61-65

    1,160

    2

    66-70

    20

    0

    71 and over

    0

    0

    In the tables above, we rounded:

    • approved individuals to the nearest 10
    • total amounts may differ to other tables due to rounding.

    MIL OSI News –

  • MIL-OSI Australia: Applications received and approved

    Source: Australian Department of Revenue

    The following data tables capture information about applications we have received and approved for release per financial year. We don’t have data regarding amounts released as these payments are made by super funds.

    Note: One person may submit multiple applications in one financial year. There is no limit on the number of applications a person can submit.

    Table 1: Total compassionate release of super applications

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    53,800

    60,000

    45,300

    56,400

    75,600

    90,700

    Applications approved

    31,100

    33,700

    29,500

    34,400

    41,800

    53,100

    Individuals applied

    33,800

    39,100

    36,300

    45,600

    57,800

    68,900

    Individuals approved

    26,900

    30,000

    27,200

    32,200

    39,600

    50,000

    Amount approved ($m)

    456.6

    523.2

    472.4

    573.1

    761.7

    1,040.4

    In the table above, we rounded:

    • applications and individuals’ data to the nearest 100
    • amounts approved data to the nearest $100,000.

    Totals may not add due to rounding.

    Table 2: Medical (includes medical treatment or transport)

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    39,100

    45,500

    34,800

    42,600

    57,700

    71,900

    Applications approved

    26,100

    30,100

    27,600

    32,100

    39,500

    50,200

    Individuals applied

    25,500

    30,100

    28,400

    35,200

    44,900

    55,600

    Individuals approved

    22,700

    26,800

    25,400

    30,100

    37,400

    47,400

    Amount approved ($m)

    389.1

    476.6

    447.4

    544.7

    730.5

    1,001.0

    In the table above, we rounded:

    • applications and individuals’ data to the nearest 100
    • amounts approved data to the nearest $100,000.
    Table 3: Accommodating a disability

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    2,300

    2,300

    1,500

    1,700

    2,200

    2,300

    Applications approved

    1,100

    1,000

    700

    700

    800

    900

    Individuals applied

    1,400

    1,500

    1,100

    1,300

    1,590

    1,670

    Individuals approved

    970

    890

    660

    670

    720

    810

    Amount approved ($m)

    21.1

    15.4

    11.5

    11.3

    12.7

    12.8

    In the table above, we rounded:

    • applications received and approved data to the nearest 100
    • individuals’ data to the nearest 10
    • amounts approved data to the nearest $100,000.
    Table 4: Palliative care for a terminal illness

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    250

    205

    195

    215

    260

    290

    Applications approved

    110

    90

    45

    45

    35

    35

    Individuals applied

    175

    140

    160

    180

    210

    245

    Individuals approved

    90

    65

    45

    40

    40

    30

    Amount approved ($m)

    1.9

    1.8

    0.9

    1.3

    0.9

    0.8

    In the table above, we rounded:

    • applications and individuals’ data to the nearest 5
    • amounts approved data to the nearest $100,000.
    Table 5: Preventing foreclosure or forced sale of a home

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    10,500

    10,300

    7,300

    9,700

    12,400

    12,900

    Applications approved

    2,870

    1,780

    560

    750

    710

    1,100

    Individuals applied

    6,140

    6,770

    5,850

    7,650

    9,600

    9,930

    Individuals approved

    2,470

    1,630

    540

    710

    680

    1,040

    Amount approved ($m)

    35.4

    22

    7.2

    8.9

    9.7

    17.1

    In the table above, we rounded:

    • applications received data to the nearest 100
    • applications approved and individuals’ data to the nearest 10
    • amounts approved data to the nearest $100,000.
    Table 6: Funeral expenses for a dependant

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    1,700

    1,600

    1,500

    2,200

    3,100

    3,300

    Applications approved

    920

    760

    600

    740

    760

    850

    Individuals applied

    1,190

    1,160

    1,240

    1,790

    2,340

    2,410

    Individuals approved

    840

    710

    580

    720

    750

    820

    Amount approved ($m)

    9

    7.5

    5.3

    6.9

    7.9

    8.7

    In the table above, we rounded:

    • applications received data to the nearest 100
    • applications approved and individuals’ data to the nearest 10
    • amounts approved data to the nearest $100,000.

    Medical treatment subcategories

    The data from our application process allows us to split the medical (treatment or transport) category into the subcategories listed below. While eligible medical treatment is not limited to these categories, we cannot individually identify all treatment types at a reporting level.

    Table 7: Dental treatment subcategory

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    7,140

    10,610

    8,240

    11,780

    20,960

    31,780

    Applications approved

    3,850

    6,000

    5,960

    8,380

    14,020

    22,530

    Individuals applied

    4,310

    6,720

    6,500

    9,720

    16,260

    25,070

    Individuals approved

    3,470

    5,580

    5,530

    8,020

    13,540

    21,790

    Amount approved ($m)

    66.4

    111.7

    108.2

    171.3

    313.4

    526.4
    Table 8: IVF subcategory

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    3,380

    4,250

    3,700

    4,150

    4,290

    5,200

    Applications approved

    2,720

    3,260

    3,260

    3,390

    3,360

    4,210

    Individuals applied

    2,140

    2,610

    2,670

    3,020

    3,080

    3,740

    Individuals approved

    2,080

    2,490

    2,580

    2,750

    2,780

    3,460

    Amount approved ($m)

    36.2

    40.1

    42.1

    45.4

    47.9

    64.1
    Table 9: Weight loss subcategory

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    17,690

    18,710

    14,510

    15,760

    17,690

    17,320

    Applications approved

    13,790

    14,570

    12,970

    13,960

    14,770

    14,370

    Individuals applied

    12,920

    13,920

    12,900

    14,160

    15,170

    14,780

    Individuals approved

    12,550

    13,530

    12,570

    13,620

    14,410

    14,030

    Amount approved ($m)

    207.5

    234.2

    220

    233.9

    248.9

    250.5
    Table 10: Other medical treatment subcategory

    Financial year

    2018–19

    2019–20

    2020–21

    2021–22

    2022–23

    2023–24

    Applications received

    9,880

    10,980

    7,970

    10,400

    14,030

    16,880

    Applications approved

    5,440

    6,040

    5,260

    6,230

    7,230

    8,940

    Individuals applied

    6,050

    6,900

    6,360

    8,340

    10,460

    12,280

    Individuals approved

    4,580

    5,340

    4,870

    5,830

    6,830

    8,320

    Amount approved ($m)

    74

    87

    75.3

    92.2

    118.1

    156.7

    ‘Other’ includes all other types of medical treatment recommended by a medical practitioner.

    These tables exclude applications that were solely for medical transport (totals will differ to tables above).

    In the tables above, we rounded:

    • applications and individuals’ data to the nearest 10
    • amounts approved data to the nearest $100,000.

    MIL OSI News –

  • MIL-OSI Australia: Commercial deals service resources

    Source: Australian Department of Revenue

    Commercial deals case studies

    These case studies show how engaging with us early and working transparently can mutually resolve tax issues prior to lodgment and help avoid tax disputes post-lodgment.

    Capital gains tax case study

    Three siblings each had a 33% shareholding in a family company, and 2 of them wanted to sell their shares to their brother. The family trusts controlled by the 2 siblings each disposed of their 33% ownership in the family company to their brother’s trust. This left their brother with 100% ownership of the company.

    We enquired if the siblings had considered whether the market value substitution rule for capital proceeds applied. That part of the tax law has the effect of replacing the actual capital proceeds with their market value when the parties to the transaction didn’t deal with each other at arm’s length.

    With advice from internal valuation advisers on whether the siblings had transacted for an arm’s length value, we concluded that the capital proceeds were below their market value. We asked the siblings for information and evidence to demonstrate that real bargaining had taken place in relation to the sale.

    The 2 siblings provided a valuation of the shares that aligned with our view. They informed the case officer that their brother, who was purchasing their shares, set the price and they accepted to avoid family conflict. For this reason, the 2 siblings couldn’t provide any evidence of bargaining in relation to the terms and conditions of the sale.

    With these facts, we took the position that the market value substitution rule applied. A pre-lodgment agreement was reached that the market value amount would be substituted for the capital proceeds.

    Company restructure case study

    A company was founded by four individuals who were looking to sell some of their business. To do this, they started trading under a new company. The shares were owned 25% each personally by the four individuals. Days later, one quarter of these shares were sold to a third party.

    As part of the sale, new classes of shares were issued for $1 each (one A class share issued to the third party and one B class share issued to a family trust, controlled by the founders), with priority to dividends and other specific rights attached.

    In the 2022 income year, the rights and terms attached to both the A and B class shares were altered, via a share split and variation of rights, by the ordinary shareholders in anticipation of a scheduled Special Purpose Acquisition Company (SPAC) process. Prior to this, one founder had a valuation prepared for the B class share, which determined the market value of the B class shares based on the priority dividend rights.

    We examined this valuation, given our concerns over the valuation presented to us. The A and B class shares, which were split and rights varied, now had an inflated value, equal to the ordinary shares.

    Several months after the share split and variation of rights, the SPAC process was successfully completed in the 2023 income year. The change in rights and share split shifted the inflated value from the initial ordinary shareholders (the individuals) to their family trust via a direct value shift.

    After reviewing the general value shifting regime, with technical adviser guidance, agreement was reached that the direct value shifting rules applied to effectively deem capital gains for the four individuals in the 2022 income year. This treated it as if they had sold the shares to the trust at that point in time. This determination increased the capital gain from the client’s original position but provided tax certainty on the transaction moving forward.

    Foreign resident capital gains case study

    A foreign resident held shares in a listed company. The company entered a binding Scheme Implementation Deed where 100% of the ordinary shares would be acquired for non-cash consideration. A timely outcome was necessary due to an upcoming shareholder vote.

    The foreign resident proposed to provide us with acceptable security equal to the agreed capital gains tax (CGT) liability, and, in return, they would receive a variation in the rate of foreign resident capital gains withholding (FRCGW) to 0%.

    A preliminary assessment by the foreign resident predicted a $30 million tax liability dependent on the market value of the non-cash consideration (shares) at the time of the transaction.

    Following open and transparent discussions and collaboration between us and the foreign resident’s representatives, an agreement was reached and an escrow deed was executed. Approximately $30 million in future tax payable was secured and the FRCGW rate was also varied to 0%.

    Commercial deals videos

    Our video resources explain the commercial deals process and the advantages of engaging with us early to get certainty of the tax implications and impacts of your transaction.

    Increased certainty prior to lodgment

    With certainty prior to lodgment, you can avoid potential post-lodgment tax disputes.

    How to navigate your commercial deals engagement

    Navigate your commercial deals engagement by preparation, commitment and transparency.

    Practical certainty on your approach

    Commercial deals assistance can give you practical certainty that the approach you are taking is acceptable.

    Advice and assurance options for early engagement

    Exploring the advice and assurance options available for early engagement.

    Advantages of knowing the likely outcome

    Engaging with us early gives you the advantage of knowing the outcomes you are likely to receive.

    MIL OSI News –

  • MIL-OSI: Coop Pank unaudited financial results for Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    By the end of the Q3 2024, Coop Pank had 202,000 customers, increased by 6,000 customers in the quarter (+3%) and by 27,000 in the year (+15%). The bank had 90,100 active customers, increased by 600 (+1%) in the quarter and by 12,700 (+16%) in the year.

    In Q3 2024, volume of deposits in Coop Pank increased by 99 million euros (+6%), reaching total of 1.84 billion euros. Deposits from private clients increased by 9 million euros: demand deposits increased by 3 million euros and term deposits increased by 6 million euros. Deposits from domestic business customers increased by 11 million euros: demand deposits increased by 17 million euros and term deposits decreased by 6 million euros. Deposits from the international deposit platform Raisin and other financing increased by 79 million euros. Compared to Q3 2023, volume of Coop Pank’s deposits has increased by 132 million euros (+8%). In an annual comparison, share of demand deposits of total deposits has increased from 31% to 32%. In Q3 2024, the bank’s financing cost was 3.3%, at the same time last year the financing cost was 2.9%.

    In Q3 2024, net loan portfolio of Coop Pank increased by 40 million euros (+2%), reaching 1.66 billion euros. The volumes of home loan portfolio increased by 31 million euros (+5%), the volumes of business loan portfolio increased by 4 million euros (+1%), the leasing portfolio increased by 3 million euros (+2%) and consumer finance portfolio increased by 1 million euros (+1%). Compared to Q3 2023, total loan portfolio of Coop Pank has increased by 167 million euros (+11%).

    In Q3 2024, overdue loan portfolio of Coop Pank increased from the level of 2.2% to the level of 2.4%. A year ago, overdue loan portfolio was at the level of 2.1%.

    Impairment costs of financial assets in Q3 2024 were 1.0 million euros, which is 0.2 million euros (-17%) less than in the previous quarter and 0,3 million euros (-21%) less than in Q3 2023.

    Net income of Coop Pank in Q3 2024 was 21.2 million euros, increasing by 4% in a quarterly comparison and decreasing by 7% in an annual comparison. Operating expenses reached 10.3 million euros in Q3, operating expenses increased by 2% in the quarterly comparison and 14% in the annual comparison.

    In Q3 2024, net profit of Coop Pank was 8.6 million euros, which is 8% more than in the previous quarter and 22% less than a year ago. In Q3 2024, cost to income ratio of the bank was 48% and return on equity was 17.3%.

    As of 30 September 2024, Coop Pank has 36,400 shareholders.

    Margus Rink, Chairman of the Management Board of Coop Pank, comments the results:

    “At the beginning of September, the 200,000th customer joined Coop Pank. We continue to rapidly grow our customer base: an average, the number of our customers increases by nearly 2,000 and the number of customers actively using our services by nearly 1,000 every month.

    In the third quarter, the growth of Coop Pank’s loan portfolio was driven by private customer home loans. The growth of the business customers loan portfolio was modest. Over the year, the loan portfolio of private and business customers of Estonian banks has grown by nearly 6% (€1.6 billion), while the loan portfolio of Coop Pank has grown by nearly 11% (€167 million). Thus, Coop Pank’s loan volumes grow twice as fast as the market.

    The quality of the loan portfolio continues to be very good, and the long stagnation in the economy has not affected the payment behaviour of customers.

    The interest rate environment is in a downward trend. Since the fall of last year, the 6-month Euribor has fallen by almost 1 percentage point (from 4.1% to 3.1%). Interest on deposits has also responded: the interest paid on annual deposits has decreased by 1 percentage point (from 4.3% to 3.3%). As a result of the mentioned trends, our net interest margin fell from 4.4% to 3.9% during the year. In a falling interest rate environment, the bank’s revenues can only grow at the expense of the growth of business volumes, and that is how it has been at Coop Pank.

    In summary, with the bank’s performance indicators, after the extraordinary year of 2023 with high interest levels, we are back in reality, i.e. at the level of 2022. According to Coop Pank’s long-term goals, our cost-income ratio is below 50% and our return on equity is above 15%.”

    Income statement, in th. of euros Q3 2024 Q2 2024 Q3 2023 9M 2024 9M 2023
    Net interest income 20 021 19 319 21 257 58 420 60 672
    Net fee and commission income 1 040 1 000 1 147 3 054 3 359
    Net other income 167 146 334 438 758
    Total net income 21 228 20 464 22 738 61 912 64 789
    Payroll expenses -6 138 -5 858 -5 297 -17 405 -14 739
    Marketing expenses -593 -775 -630 -1 902 -1 676
    Rental and office expenses, depr. of tangible assets -729 -775 -673 -2 299 -2 098
    IT expenses and depr. of intangible assets -1 579 -1 474 -1 203 -4 457 -3 440
    Other operating expenses -1 221 -1 208 -1 218 -3 716 -3 230
    Total operating expenses -10 261 -10 091 -9 022 -29 777 -25 182
    Net profit before impairment losses 10 967 10 374 13 716 32 135 39 607
    Impairment costs on financial assets -1 022 -1 224 -1 296 -2 822 -5 155
    Net profit before income tax 9 945 9 150 12 420 29 313 34 452
    Income tax expenses -1 296 -1 152 -1 344 -3 528 -3 634
    Net profit for the period 8 649 7 998 11 076 25 785 30 818
               
    Earnings per share, eur 0,08 0,08 0,11 0,25 0,30
    Diluted earnings per share, eur 0,08 0,08 0,11 0,25 0,30
    Statement of financial position, in th. of euros 30.09.2024 30.06.2024 31.12.2023 30.09.2023
    Cash and cash equivalents 404 472 335 710 428 354 404 911
    Debt securities 37 445 36 980 36 421 31 765
    Loans to customers 1 661 152 1 621 000 1 490 873 1 493 985
    Other assets 31 956 32 608 30 564 30 527
    Total assets 2 135 025 2 026 298 1 986 212 1 961 188
    Customer deposits and loans received 1 838 626 1 739 709 1 721 765 1 707 214
    Other liabilities 28 026 28 121 28 435 27 451
    Subordinated debt 63 410 63 148 50 187 50 148
    Total liabilities 1 930 062 1 830 978 1 800 387 1 784 813
    Equity 204 963 195 320 185 825 176 375
    Total liabilities and equity 2 135 025 2 026 298 1 986 212 1 961 188

    The reports of Coop Pank are available at: https://www.cooppank.ee/en/reporting

    Coop Pank will organise a webinar on 18 October 2024 at 9:00 AM, to present the financial results of Q3 2024. For participation, please register in advance at: https://bit.ly/18102024-registreerumine-veebiseminarile

    The webinar will be recorded and published on the company’s website http://www.cooppank.ee and on the YouTube channel.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 202,000 daily banking clients. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.

    Additional information:
    Paavo Truu
    CFO
    Phone: +372 516 0231
    E-mail: paavo.truu@cooppank.ee

    Attachments

    The MIL Network –

  • MIL-OSI Australia: Victorian woman sentenced over GST fraud

    Source: Australian Department of Revenue

    A Victorian woman has been sentenced to 4 years imprisonment, with a non-parole period of 2 years and 4 months, after she claimed nearly $600,000 in GST refunds from 27 fraudulent business activity statements lodged, contrary to section 134.2(1) of the Criminal Code (Cth).

    Tahra Wyntjes was sentenced for obtaining $599,349 in fraudulent GST refunds she was not entitled to and for attempting to obtain a further $259,976, which was stopped by ATO officers. A reparation order to the value of the amount obtained was granted. This debt to the Commonwealth will be actively pursued in addition to the jail time Ms Wyntjes will serve.

    Ms Wyntjes registered for both an Australian Business Number and for GST in November 2021 for a residential cleaning business. Between November 2021 and March 2022, she lodged the fraudulent business activity statements (BAS), which ATO officers quickly noticed and began investigating.

    After failing to respond to ATO officers following a review on her BAS lodgments and reviewing available evidence, it was concluded that Ms Wyntjes was not carrying on a genuine business and had submitted multiple false claims for GST.

    Acting Deputy Commissioner Jade Hawkins welcomed the court’s decision which serves as a warning to those who deliberately try to defraud the government for their own personal gain.

    ‘Not only did this individual lodge fraudulent activity statements, but she also invented a fake business in order to claim GST refunds she was not entitled to.’

    ‘Our message remains clear. If you don’t run a business, you don’t need an ABN and you can’t claim GST refunds. This is fraud,’ Ms Hawkins said.

    For those who may be tempted to take part in these criminal activities, the ATO has sophisticated risk models and technologies to detect and prevent fraud.

    This is the latest result of extensive efforts under the Australian Taxation Office (ATO)–led investigation, Operation Protego, which was initiated in response to calculated GST fraud.

    ‘GST fraud is not a victimless crime – those who steal funds from the community that would otherwise be used for essential services will face severe consequences including jail sentences for serious offenders,’ Ms Hawkins said.

    This matter was prosecuted by the Office of the Director of Public Prosecutions (Cth) (CDPP) following a referral from the ATO.

    As part of Operation Protego, the ATO has taken action against more than 57,000 alleged offenders, and those involved in this fraud have already been handed in the order of $300 million in penalties and interest.

    As of 30 September 2024:

    • 104 people have been arrested.
    • 59 people have been convicted with a range of sentencing outcomes, including jail terms of up to 7 years and 6 months and with orders made to restrain real property.
    • The ATO has finalised 60 investigations and referred 51 briefs of evidence to Commonwealth Director of Public Prosecutions.

    The ATO also supports Operation Protego investigations which are led by local law enforcement agencies rather than the SFCT.

    You can confidentially report suspected tax crime or fraud to us by making a tip-off online or calling 1800 060 062.

    For more information about Operation Protego ato.gov.au/GSTrefundfraud.

    MIL OSI News –

  • MIL-OSI Security: Bloomington Woman Pleads Guilty to Money Laundering in $250 Million Feeding Our Future Fraud Scheme

    Source: Office of United States Attorneys

    MINNEAPOLIS – The last remaining defendant in the November 4, 2024, trial in the Haji’s Kitchen indictment has pleaded guilty to her role in the $250 million Feeding Our Future fraud scheme, announced United States Attorney Andrew M. Luger.

    According to court documents, in February 2020, Farhiya Mohamud, 65, of Bloomington, created Dua Supplies & Distribution Inc. (“Dua Supplies”), a business that purported to supply food to paying customers. Mohamud’s customers participated as vendors in the Federal Child Nutrition Program, including co-defendants Haji Osman Salad and Fahad Nur. The money from Salad and Nur, which purported to be for “food supply” or “food services,” accounted for most of the funds that Mohamud deposited into her business bank accounts. In reality, Mohamud knew that she purchased relatively minimal amounts of food and thus supplied little, if any, food to Salad and Nur. Instead, she used the funds to purchase real estate, which she did at the direction of her son, Sharmarke Issa, and for his benefit.

    Mohamud, who is the 23rd defendant to plead guilty to charges relating to the Feeding Our Future fraud scheme, appeared today in U.S. District Court before Judge Nancy E. Brasel and pleaded guilty to one count of money laundering. A sentencing hearing will be scheduled at a later time.

    This case is the result of an investigation conducted by the FBI, IRS – Criminal Investigations, and the U.S. Postal Inspection Service.

    Assistant U.S. Attorneys Matthew S. Ebert, Joseph H. Thompson, and Harry M. Jacobs are prosecuting the case. 

    MIL Security OSI –

  • MIL-OSI Security: First Feeding Our Future Defendant Sentenced to 12 Years in Prison

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

    MINNEAPOLIS – The first defendant in the $250 million Feeding Our Future fraud scheme to be sentenced received 144 months in federal prison followed by three years of supervised release, announced U.S. Attorney Andrew M. Luger. Ismail was also ordered to pay $47,920,514 in restitution. 

    On June 7, 2024, following a six-week trial in U.S. District Court before Judge Nancy E. Brasel, a Mohamed Jama Ismail, 51, of Savage, Minnesota, was convicted of one count of conspiracy to commit wire fraud, one count of conspiracy to commit money laundering, and one count of money laundering. Ismail was an owner and operator of Empire Cuisine and Market LLC, a for-profit restaurant that participated in the scheme as a site, as a vendor for other sites, and as an entity to launder fraudulent proceeds. Based on their fraudulent claims, Ismail and his co-defendants received more than $40 million in fraudulent Federal Child Nutrition Program funds.

    As proven at trial, Ismail and his co-defendants obtained, misappropriated, and laundered millions of dollars in program funds that were intended as reimbursements for the cost of serving meals to children. Ismail and his co-defendants exploited changes in the program intended to ensure underserved children received adequate nutrition during the COVID-19 pandemic. The convicted defendants created and submitted false documentation. They submitted fraudulent meal count sheets purporting to document the number of children and meals served at each site and false invoices purporting to document the purchase of food to be served to children at the sites. Ismail and his co-defendants also submitted fake attendance rosters purporting to list the names and ages of the children receiving meals at the sites each day. These rosters were fabricated and created using fake names.

    Ismail was sentenced today in U.S. District Court by Judge Nancy E. Brasel. When handing down the sentence, Judge Brasel commented that “The taxpayers in Minnesota are rightfully outraged by the brazenness and the scope of [Ismail’s] crime. The evidence at trial was frankly breathtaking.” Judge Brasel also emphasized that during a disaster, such as the COVID-19 pandemic, “many of us were taught to look for the helpers . . .  when the world was at its most vulnerable [Ismail] decided not to be a helper, but to be a thief.”

    This case is the result of an investigation conducted by the FBI, IRS – Criminal Investigations, and the U.S. Postal Inspection Service.

    Assistant U.S. Attorneys Joseph H. Thompson, Harry M. Jacobs, Matthew S. Ebert, and Daniel W. Bobier tried the case. Assistant U.S. Attorney Craig Baune is handling the seizure and forfeiture of assets.

    MIL Security OSI –

  • MIL-OSI Security: Lengthy Sentences in Federal Prison Handed Down in Ongoing Large Scale Drug Conspiracy and Money Laundering Case

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

    SIOUX FALLS – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Karen E. Schreier has sentenced four individuals convicted of Conspiracy to Distribute a Controlled Substance and Conspiracy to Commit Money Laundering.

    Nathan Johnson, age 39, from Denver, Colorado, pleaded guilty to Conspiracy to Distribute a Controlled Substance and Conspiracy to Launder Monetary Instruments on June 17, 2024. He was sentenced to 36 years and eight  months in federal prison, followed by five years of supervised release, and a special assessment to the Federal Crime Victims Fund in the amount of $200. Johnson was sentenced in September of 2024.

    Michele Johnson, age 48, from Steen, Minnesota, pleaded guilty to Conspiracy to Distribute a Controlled Substance and Conspiracy to Launder Monetary Instruments on July 29, 2024. She was sentenced to 31 years and eight months in federal prison, followed by five years of supervised release, and a special assessment to the Federal Crime Victims Fund in the amount of $200. She was sentenced in October of 2024.

    Jesse Richmond, age 51, from Sioux Falls, South Dakota, pleaded guilty to Conspiracy to Distribute a Controlled Substance and Conspiracy to Launder Monetary Instruments on June 18, 2024. He was sentenced to 24 years and four months in federal prison, followed by five years of supervised release, and a special assessment to the Federal Crime Victims Fund in the amount of $200. Richmond was sentenced in September of 2024.

    Tony Hunter, age 53, from Sioux Falls, South Dakota, pleaded guilty to Conspiracy to Distribute a Controlled Substance on May 29, 2024. He was sentenced to 27 years in federal prison, followed by five years of supervised release, and a special assessment to the Federal Crime Victims Fund in the amount of $100. Hunter was sentenced in September of 2024.

    Nathan Johnson, Michele Johnson, Matthew Thomas, Jesse Richmond, and Tony Hunter were originally indicted by a federal grand jury in August of 2023. A third superseding indictment was filed in May of 2024 adding defendant, Alfred Siani.

    From December of 2022 to July of 2023, the above-mentioned defendants alongside numerous other co-conspirators transported large loads of methamphetamine from California to Sioux Falls, South Dakota. Nathan Johnson, acting as the leader of the conspiracy, would travel from his home in Denver, Colorado to meet with his source of supply in Southern California. While there, Nathan Johnson would receive approximately 150-pounds worth of methamphetamine which would go on to be further distributed in Denver, Colorado, as well as South Dakota.

    While in Sioux Falls, South Dakota, Nathan Johnson would distribute bulk amounts of methamphetamine to his co-conspirators: Jesse Richmond, Tony Hunter, and Michele Johnson. Richmond, Hunter, and Michele Johnson would go on to further distribute the methamphetamine throughout the Sioux Falls community and into southwest Minnesota.

    The amount of methamphetamine involved was in excess of 300 pounds and over $450,000 in drug proceeds were laundered during the existence of this conspiracy.

    “The multi-decade sentences obtained thus far illustrate the seriousness of the crimes and the dogged commitment of every agency involved to focus our resources on those criminals who choose to distribute dangerous substances in our state,” said United States Attorney Alison J. Ramsdell. “We are grateful for the collaboration of more than a dozen federal, state, and local law enforcement agencies and joint task forces, as well as out-of-state agencies, which resulted in the takedown of a network of drug dealers responsible for bringing hundreds of pounds of illegal narcotics into South Dakota. We are fortunate to have such dedicated men and women doing the difficult investigative and prosecutorial work required to keep our communities safe.”

    “These sentences should serve as a wake-up call to anyone transporting or distributing methamphetamine into South Dakota communities,” Drug Enforcement Administration (DEA) Omaha Division Special Agent in Charge Steve Bell said. “These four people are facing a combined 119 years in federal prison. Each sentence should provide the offender with ample time to reflect on the damage and destruction they’ve inflicted on so many lives.”  

    This case was investigated by the Drug Enforcement Administration (including the Rocky Mountain Field Division, Omaha Field Division, Mexico City Country Office, Los Angeles Field Division, Special Operations Division), as well as South Dakota Division of Criminal Investigation, Sioux Falls Area Drug Task Force, FBI, South Dakota Highway Patrol, U.S. Postal Inspection Service, IRS Criminal Investigation team, El Paso Intelligence Center, and collaboration received from the U.S. Attorney’s Office for the District of Colorado, Bureau of Indian Affairs, U.S. Marshals Service, Minnehaha County Sheriff’s Office, Sioux Falls Police Department, Mitchell Police Department, Denver Police Department, Las Vegas Metro Police Department, Worthington Police Department, Brookings Police Department, Rock County Sheriff’s Office, Lake Superior Violent Offender Task Force, Central Minnesota Violent Offender Task Force, Minnesota River Valley Drug Task Forde, and the Colorado Department of Corrections. Assistant U.S. Attorney Paige Petersen prosecuted the case.

    All four defendants were immediately remanded to the custody of the U.S. Marshals Service. 

    MIL Security OSI –

  • MIL-OSI: MidCap Financial Investment Corporation Amends and Extends Its Senior Secured Revolving Credit Facility

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 18, 2024 (GLOBE NEWSWIRE) — MidCap Financial Investment Corporation (NASDAQ: MFIC) (the “Company”) announced today that it has amended and extended its senior secured, multi-currency, revolving credit facility (the “Facility”). Lender commitments under the Facility total $1.660 billion, excluding non-extending lender commitments, an increase of $110 million. Lender commitments under the Facility total $1.815 billion, including $155 million of commitments from non-extending lenders which are set to terminate on December 22, 2024. The final maturity date under the Facility for extending lenders was extended from April 19, 2028, to October 17, 2029. The remaining material business terms of the Facility will remain substantially the same.

    JPMorgan Chase Bank, N.A., Truist Securities, Inc., BMO Capital Markets Corp., and MUFG Bank, LTD. are Joint Bookrunners and Joint Lead Arrangers on the Facility. JPMorgan Chase Bank, N.A is the Administrative Agent on the Facility.

    The foregoing description is only a summary of the material provisions of the Facility and is qualified in its entirety by reference to a copy of the Facility, which is filed as Exhibit to the Company’s current report on Form 8-K filed with the Securities and Exchange Commission on October 18, 2024.

    About MidCap Financial Investment Corporation

    MidCap Financial Investment Corporation (NASDAQ: MFIC) is a closed-end, externally managed, diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). For tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by the Investment Adviser, an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“Apollo”), a high-growth global alternative asset manager. The Company’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company primarily invests in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. To a lesser extent, the Company may invest in other types of securities including, first lien unitranche, second lien senior secured, unsecured, subordinated, and mezzanine loans, and equities in both private and public middle market companies. For more information, please visit http://www.midcapfinancialic.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, including, but not limited to, statements as to our future operating results; our business prospects and the prospects of our portfolio companies; the impact of investments that we expect to make; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy and its impact on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; our expected financings and investments; the adequacy of our cash resources and working capital; and the timing of cash flows, if any, from the operations of our portfolio companies.

    We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements unless required by law.

    Contact

    Elizabeth Besen
    Investor Relations Manager
    MidCap Financial Investment Corporation
    (212) 822-0625
    ebesen@apollo.com

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