Category: Taxation

  • MIL-OSI USA: VIDEO: Senator Marshall Highlights Major Wins for Kansans in the ‘One Big, Beautiful Bill’

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    WASHINGTON – On Monday, Senator Roger Marshall, M.D. (R-Kansas) released the following video to highlight the major wins in the ‘One Big, Beautiful Bill.’ This legislation will touch every single Kansas family by preventing the largest tax increase in American history, expanding the Child Tax Credit, supporting small businesses, reducing the national debt, and achieving many other benefits.
    The reconciliation bill passed the House last month before coming to the Senate, where lawmakers have found additional ways to improve the bill and save the American taxpayer more money. The Senate is expected to vote on the bill this week.
    Click HERE to watch and download the video.
    Please reach out if you’d like to set up an additional interview with Senator Marshall to discuss the reconciliation bill.
    Full video transcript below:
    Hi, Kansas! I’m here to talk about the ‘One Big, Beautiful Bill’ – a game changer for hard-working folks like you, middle-income families who keep our state strong. This bill, passed by the House and improved by the Senate, puts you first. And I want to share how it delivers for Kansans.
    What does this bill do? Let me break down the top ways it supports our families, our farms, our businesses, and our futures.
    First and foremost, the One Big, Beautiful Bill prevents the largest tax increase in American history. Let me say that again – it stops a massive $4 trillion tax hike by keeping taxes low and supercharging our economy. It puts an extra $1,000 a month back in your pocket – now that’s money for groceries, for gas, or your kids’ school supplies. Plus, it makes the 2017 Trump tax cut rates in the standard deductions permanent.
    Second, it boosts your children’s future for every child born after January 1, 2024, that is, last year – the bill gives a $1,000 federal deposit in a savings account to grow for their future. Think College, a first home, starting a business right here in Kansas, and it expands the Child Tax Credit to $2,200 per child, up from $1,000, so you can keep more of your hard-earned money to raise your family.
    Third, it cuts taxes on your hard work. True to President Trump’s promises, we’re eliminating taxes on tips and overtime pay – whether you’re a server in Topeka or a factory worker in Wichita pulling an extra shift, that’s more cash in your paycheck, which supports family and small business dreams.
    We’re extending the paid family and medical leave tax credit so that you can care for a newborn or sick loved one without losing your paycheck. For small business owners – our Kansas backbone – we’re permanently increasing the tax deduction for your income, giving you certainty to grow higher. And for our seniors, we’re letting you write off Social Security income because you’ve earned it.
    We don’t touch Medicare. For Medicaid, we strengthen it and preserve it for those who need it the most, including seniors in nursing homes and those on disabilities. And we increase spending on Medicaid more than the rate of inflation.
    Finally, this ‘One Big, Beautiful Bill’ tackles our national debt, $36 trillion and counting, which worries Kansans like us. This bill slashes $2 trillion in federal spending over the next 10 years, showing fiscal responsibility. It also funds border security, removes violent illegal immigrants, and gives our military pay raises and modern equipment, keeping our communities safe and strong.
    Now, is this bill perfect? Of course, not. But as President Reagan told a senator once, “If you get 80% of what you want, take it.” In fact, this bill delivers more than 90% for Kansas, lower taxes, more money for your family, and a stronger future. It’s good policy that puts you, the hard-working men and women of Kansas, first and restores the American dream.

    MIL OSI USA News

  • MIL-OSI USA: Warren Releases New Data from Joint Committee on Taxation Revealing That “Pass Through Deduction” is a Giveaway to Millionaires

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    June 23, 2025

    JCT Report on 199A (PDF) | JCT Response on Millionaires Claiming 199A (PDF)

    Washington, D.C. — U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, released new data from the Joint Committee on Taxation (JCT), a nonpartisan Congressional committee dedicated to analyzing tax legislation, revealing that the majority of the benefit from the 199A tax deduction goes to millionaires. 

    The 199A tax deduction was created by the 2017 Tax Cuts and Jobs Act, with Congressional Republicans claiming it would support small business owners by allowing them to deduct up to 20 percent of their business’s qualified income from their personal income taxes. 

    JCT’s responses provided a breakdown, by income level, of who claims the 199A deduction, in addition to other key information about who the deduction benefits. Key findings include:

    • More than 50% of the benefit of the 199A deduction goes to millionaires. 
    • The top 10% of taxpayers claimed 87% of the benefit of 199A, while the bottom 20% claimed no benefit whatsoever.
    • 84% of the businesses through which individuals claimed the 199A deduction had no employees.
    • More than two-thirds of the 199A deduction goes to individuals above the deduction’s phase-out thresholds, demonstrating that the law’s guardrails to prevent wealthy individuals from taking the benefit are ineffective.
    • The proportion of 199A benefits claimed by millionaires increased over time from 2018 to 2022.

    The House version of Trump’s “big, beautiful bill,” now under consideration by the Senate, includes an expansion of the 199A deduction from a 20 percent deduction to a 23 percent deduction.

    MIL OSI USA News

  • MIL-OSI Security: Canadian Man is the Sixth and Final Defendant Sentenced in a Grandparent Scam that Targeted Kentucky Victims and Others

    Source: US FBI

    Louisville, KY – A Canadian citizen was sentenced to 5 years and 1 month in federal prison for his role in a sweeping “grandparent scam” that targeted victims in Kentucky and across the United States through Canadian-based call centers.

    U.S. Attorney Kyle G. Bumgarner of the Western District of Kentucky, Special Agent in Charge Karen Wingerd, Cincinnati Field Office, IRS Criminal Division, and Special Agent in Charge Robert Holman of the United States Secret Service made the announcement.

    According to court documents, callers would convince senior victims that their grandchild or other family member had an emergency, usually a car accident, and urgently needed money from the victim. Co-conspirators posing as “couriers” would then collect cash from victims at home and others would launder the criminal proceeds, both through traditional banks and cryptocurrency exchanges. The charged wire fraud conspiracy and money laundering conspiracy spanned from August 2020 to May 2021, and impacted hundreds of victims across the United States—including in Kentucky—who lost over $3 million in total.

    Phillipe GravelNadon, 35, a Canadian citizen who was extradited from Colombia to face the federal indictment, was sentenced on June 12, 2025, to 5 years and 1 month in prison, followed by 2 years of supervised release, for wire fraud conspiracy. GravelNadon was considered a “manager or supervisor” within the conspiracy. He was also ordered to pay $963,290 in restitution.

    Five other defendants have previously entered guilty pleas and have been sentenced in the case.

    Robert Louis Sanchez, 58, of Albuquerque, New Mexico, was sentenced on June 27, 2024, to 1 year and 6 months in prison, followed by 3 years of supervised release, after pleading guilty to wire fraud conspiracy, for his role both as a courier and sometimes as the “safehouse” who would guard cash that was taken from victims.

    Jairo Ostia Roberts, 44, who traveled from Panama to the United States to act as a courier in the scheme, was sentenced on March 9, 2023, to 6 months in prison followed by 1 year of supervised release, for wire fraud conspiracy. Roberts was removed to Panama upon his release from U.S. Bureau of Prisons custody.

    Panama Abel Diaz Adames, 40, who also traveled from Panama to the United States to act as a courier in the scheme, was sentenced on April 4, 2024, to 1 year and 4 months in prison, followed by 3 years of supervised release, for wire fraud conspiracy.

    Christopher Courcoulacos, 47, a Canadian citizen who had been residing in Panama, was considered a “manager or supervisor” within the conspiracy, and was sentenced on November 9, 2023, to 6 years in prison, followed by 3 years of supervised release, for wire fraud conspiracy.

    Mark Anthony Phillips, 45, of Ruskin, Florida, was sentenced on May 2, 2024, to 6 years in prison, followed by 3 years of supervised release, after pleading guilty to a money laundering conspiracy charged in the Western District of Kentucky, as well as pleading guilty to five additional money laundering counts, originally charged in the Western District of New York, which were transferred to Kentucky for guilty pleas and sentencing.

    “These schemes—designed to take advantage of vulnerable, well-intentioned victims—are becoming increasingly more prevalent across the country. We will do everything in our power to identify the perpetrators of these frauds and hold them to account,” said U.S. Attorney Kyle Bumgarner. “As we do our part to curb these frauds, I would caution the public to be skeptical of any phone call that presents you with an urgent situation that can be remedied by an immediate payment of money. Those requests are generally a fraud, and you should have the courage to hang up the phone when the caller pushes you even harder for money.” 

    There is no parole in the federal system.

    This case was investigated by the IRS-CI and USSS with assistance from the Jefferson County Sheriff’s Office, the Federal Bureau of Investigation, Homeland Security Investigations, and the Treasury Inspector General for Tax Administration.

    The Justice Department’s Office of International Affairs and the Criminal Division’s Narcotic and Dangerous Drug Section (NDDS) Judicial Attaché Office in Bogotá provided valuable assistance with securing the arrest and extradition of Gravel-Nadon to the United States.

    Assistant U.S. Attorney Corinne E. Keel prosecuted the case.

    This case was investigated and prosecuted as part of the National Elder Justice Task Force and the Kentucky Elder Justice Task Force. The Department of Justice’s mission of its Elder Justice Initiative is to support and coordinate the Department’s enforcement and programmatic efforts to combat elder abuse, neglect and financial fraud and scams that target our nation’s older adults. Kentucky’s task force is comprised of investigators, prosecutors, and others at the local, state, and federal level with a common objective of protecting seniors across Kentucky.

    ###

    MIL Security OSI

  • MIL-OSI Security: Canadian Man is the Sixth and Final Defendant Sentenced in a Grandparent Scam that Targeted Kentucky Victims and Others

    Source: US FBI

    Louisville, KY – A Canadian citizen was sentenced to 5 years and 1 month in federal prison for his role in a sweeping “grandparent scam” that targeted victims in Kentucky and across the United States through Canadian-based call centers.

    U.S. Attorney Kyle G. Bumgarner of the Western District of Kentucky, Special Agent in Charge Karen Wingerd, Cincinnati Field Office, IRS Criminal Division, and Special Agent in Charge Robert Holman of the United States Secret Service made the announcement.

    According to court documents, callers would convince senior victims that their grandchild or other family member had an emergency, usually a car accident, and urgently needed money from the victim. Co-conspirators posing as “couriers” would then collect cash from victims at home and others would launder the criminal proceeds, both through traditional banks and cryptocurrency exchanges. The charged wire fraud conspiracy and money laundering conspiracy spanned from August 2020 to May 2021, and impacted hundreds of victims across the United States—including in Kentucky—who lost over $3 million in total.

    Phillipe GravelNadon, 35, a Canadian citizen who was extradited from Colombia to face the federal indictment, was sentenced on June 12, 2025, to 5 years and 1 month in prison, followed by 2 years of supervised release, for wire fraud conspiracy. GravelNadon was considered a “manager or supervisor” within the conspiracy. He was also ordered to pay $963,290 in restitution.

    Five other defendants have previously entered guilty pleas and have been sentenced in the case.

    Robert Louis Sanchez, 58, of Albuquerque, New Mexico, was sentenced on June 27, 2024, to 1 year and 6 months in prison, followed by 3 years of supervised release, after pleading guilty to wire fraud conspiracy, for his role both as a courier and sometimes as the “safehouse” who would guard cash that was taken from victims.

    Jairo Ostia Roberts, 44, who traveled from Panama to the United States to act as a courier in the scheme, was sentenced on March 9, 2023, to 6 months in prison followed by 1 year of supervised release, for wire fraud conspiracy. Roberts was removed to Panama upon his release from U.S. Bureau of Prisons custody.

    Panama Abel Diaz Adames, 40, who also traveled from Panama to the United States to act as a courier in the scheme, was sentenced on April 4, 2024, to 1 year and 4 months in prison, followed by 3 years of supervised release, for wire fraud conspiracy.

    Christopher Courcoulacos, 47, a Canadian citizen who had been residing in Panama, was considered a “manager or supervisor” within the conspiracy, and was sentenced on November 9, 2023, to 6 years in prison, followed by 3 years of supervised release, for wire fraud conspiracy.

    Mark Anthony Phillips, 45, of Ruskin, Florida, was sentenced on May 2, 2024, to 6 years in prison, followed by 3 years of supervised release, after pleading guilty to a money laundering conspiracy charged in the Western District of Kentucky, as well as pleading guilty to five additional money laundering counts, originally charged in the Western District of New York, which were transferred to Kentucky for guilty pleas and sentencing.

    “These schemes—designed to take advantage of vulnerable, well-intentioned victims—are becoming increasingly more prevalent across the country. We will do everything in our power to identify the perpetrators of these frauds and hold them to account,” said U.S. Attorney Kyle Bumgarner. “As we do our part to curb these frauds, I would caution the public to be skeptical of any phone call that presents you with an urgent situation that can be remedied by an immediate payment of money. Those requests are generally a fraud, and you should have the courage to hang up the phone when the caller pushes you even harder for money.” 

    There is no parole in the federal system.

    This case was investigated by the IRS-CI and USSS with assistance from the Jefferson County Sheriff’s Office, the Federal Bureau of Investigation, Homeland Security Investigations, and the Treasury Inspector General for Tax Administration.

    The Justice Department’s Office of International Affairs and the Criminal Division’s Narcotic and Dangerous Drug Section (NDDS) Judicial Attaché Office in Bogotá provided valuable assistance with securing the arrest and extradition of Gravel-Nadon to the United States.

    Assistant U.S. Attorney Corinne E. Keel prosecuted the case.

    This case was investigated and prosecuted as part of the National Elder Justice Task Force and the Kentucky Elder Justice Task Force. The Department of Justice’s mission of its Elder Justice Initiative is to support and coordinate the Department’s enforcement and programmatic efforts to combat elder abuse, neglect and financial fraud and scams that target our nation’s older adults. Kentucky’s task force is comprised of investigators, prosecutors, and others at the local, state, and federal level with a common objective of protecting seniors across Kentucky.

    ###

    MIL Security OSI

  • MoPR partners with IIM Ahmedabad to train Panchayats in generating own source revenue

    Source: Government of India

    Source: Government of India (4)

    The Ministry of Panchayati Raj (MoPR), under the banner of Azadi Ka Amrit Mahotsav, has launched a comprehensive Training of Trainers (ToT) programme aimed at strengthening the financial autonomy of Panchayats. The three-day programme, inaugurated today at the Indian Institute of Public Administration (IIPA), New Delhi, focuses on enhancing the capacity of Panchayats to generate their Own Source Revenue (OSR). This initiative is being implemented under the Rashtriya Gram Swaraj Abhiyan (RGSA) in collaboration with the Indian Institute of Management (IIM) Ahmedabad.

    Vivek Bharadwaj, Secretary of the Ministry of Panchayati Raj, inaugurated the training session, which brought together faculty from IIM Ahmedabad, officials from IIPA, nominated Master Trainers from 16 States and Union Territories, and senior ministry officers. In his keynote address, Bharadwaj emphasized the national vision of creating Atmanirbhar Panchayats, identifying OSR as a key pillar in achieving this goal. He highlighted that the ability to raise and manage local revenues is a marker of a Panchayat’s leadership strength, public trust, and institutional maturity.

    Calling the ToT a platform for transforming knowledge into actionable practices, Shri Bharadwaj encouraged participants to return to their States equipped with strategies to foster financial independence through local innovation and community engagement. He also commended IIM Ahmedabad for its role in designing a field-oriented and research-backed training module. He urged participating States and UTs to integrate the training outcomes into their systems by institutionalizing Panchayat-level revenue planning and implementing model frameworks being developed by the Ministry. He emphasized that these steps will help create a network of trained resource persons and financially conscious Panchayat functionaries, leading to resilient, accountable, and development-ready local governments.

    Sushil Kumar Lohani, Additional Secretary, MoPR, elaborated on the Ministry’s broader efforts to empower Panchayats financially. He revealed that the Ministry is currently developing a Model OSR Rules framework following an in-depth review of State-level legislation. Additionally, a Digital Tax Collection Portal is in the works, designed to streamline tax collection, improve accountability, and ensure digital integration suited to local needs. Shri Lohani expressed confidence that this ToT would lay the foundation for replicating OSR capacity-building efforts throughout the Panchayati Raj system.

    The training modules have been crafted by IIM Ahmedabad’s faculty to focus on practical implementation, behavioural insights, and peer learning. Key areas covered include the fundamentals of OSR, strategic revenue enhancement methods, behavioural science in tax collection, revenue utilization for village development, innovative financing mechanisms, revenue planning, and project management for effective implementation of Gram Panchayat Development Plans (GPDPs).

    Addressing the gathering, Prof. Ranjan Kumar Ghosh from IIM Ahmedabad lauded the Ministry’s commitment to integrating OSR into mainstream Panchayati Raj governance. He underscored the significance of the training as a chance for participants to shift their perspective on local governance—from a compliance-driven model to one based on proactive planning, citizen involvement, and financial independence.

    The session also showcased inspiring case studies from high-performing Gram Panchayats in Odisha, Gujarat, Goa, Uttar Pradesh, Maharashtra, and the Andaman & Nicobar Islands, illustrating innovative approaches to revenue generation. A total of 65 Master Trainers from 16 States and UTs are taking part in this round of training, with a second ToT scheduled for early July to cover the remaining regions. The programme is designed to have a cascading impact, with trained participants expected to support implementation and adaptation efforts at the State level.

  • MIL-OSI: UPDATE – Rockcliffe Capital Initiates Coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM) with a “Strong Buy” Rating and US$155 Price Target

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM), a premier senior gold mining company with operations spanning Canada, Finland, Australia, Mexico, and the U.S. 

    Following rigorous financial and operational analysis, Rockcliffe Capital assigns Agnico Eagle a “Strong Buy” rating, alongside a 12-month price target of US$155, reflecting strong upside potential of approximately 25% from current market levels.

    “Agnico Eagle has delivered extraordinary operating discipline and record earnings this quarter,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “With Q1 net income soaring to US$815 M—up 134% YoY—and free cash flow reaching US$594 M amid near-zero debt, Agnico offers both growth and balance sheet strength in the gold sector.”

    Investment Thesis Highlights:

    • Earnings Powerhouse: Q1 2025 net income rose to US$815 million (US$1.62 EPS), a 134% YoY increase, driven by record operating margins from elevated gold prices.
    • Revenue & Margin Strength: Q1 revenue climbed 34.9% YoY to US$2.468 billion, while all-in sustaining costs (AISC) dropped ~10% to US$1,183/oz, delivering a ~59% margin.
    • Balance Sheet Resilience: Operating cash flow hit US$1.044 billion, free cash flow was US$594 million, enabling net debt to fall to just US$5 million, with cash reserves of US$1.138 billion.
    • Strategic Growth Initiatives: Ongoing capital deployment into high-quality projects like Detour Lake, Upper Beaver, and the O3 Mining acquisition enhances reserve base and future production visibility.
    • Shareholder Returns: Maintains a US$0.40/share quarterly dividend. NCIB buybacks of US$50 million executed in the quarter; the Board plans an expanded NCIB of up to US$1 billion.
    • ESG Leadership: Released its 16th Sustainability Report highlighting best-in-class emissions intensity (0.38 tCO₂e/oz), US$1 billion Indigenous economic commitment, and sector-leading safety.

    Valuation & Target:
    Utilizing a disciplined valuation framework with a projected 2026 EV/EBITDA multiple of ~8× and P/E multiple of ~18×, Rockcliffe Capital derives a 12-month price target of US$155, equivalent to ~US$115/share, indicating ~25% upside from current levels.

    Risk Factors:

    • Gold Price Volatility: A sustained decline in gold prices could compress margins and cash flow.
    • Project Execution: Delays at key sites (e.g., underground transitions, permitting) could affect supply outlook.
    • Macro Factors: A stronger U.S. dollar or higher real interest rates may weigh on gold sector valuations.

    About Rockcliffe Capital Research
    Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.

    Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership.

    Please contact research@rockcliffe.capital for access to our full research suite and initiation reports.

    Media Contact
    Rockcliffe Capital
    Research & Markets Division
    research@rockcliffe.capital
    +1 (416)-642-1967

    This press release is for informational purposes only and does not constitute investment advice. Rockcliffe Capital and its affiliates may hold positions in the securities mentioned.

    The MIL Network

  • MIL-OSI: UPDATE – Rockcliffe Capital Initiates Coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM) with a “Strong Buy” Rating and US$155 Price Target

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM), a premier senior gold mining company with operations spanning Canada, Finland, Australia, Mexico, and the U.S. 

    Following rigorous financial and operational analysis, Rockcliffe Capital assigns Agnico Eagle a “Strong Buy” rating, alongside a 12-month price target of US$155, reflecting strong upside potential of approximately 25% from current market levels.

    “Agnico Eagle has delivered extraordinary operating discipline and record earnings this quarter,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “With Q1 net income soaring to US$815 M—up 134% YoY—and free cash flow reaching US$594 M amid near-zero debt, Agnico offers both growth and balance sheet strength in the gold sector.”

    Investment Thesis Highlights:

    • Earnings Powerhouse: Q1 2025 net income rose to US$815 million (US$1.62 EPS), a 134% YoY increase, driven by record operating margins from elevated gold prices.
    • Revenue & Margin Strength: Q1 revenue climbed 34.9% YoY to US$2.468 billion, while all-in sustaining costs (AISC) dropped ~10% to US$1,183/oz, delivering a ~59% margin.
    • Balance Sheet Resilience: Operating cash flow hit US$1.044 billion, free cash flow was US$594 million, enabling net debt to fall to just US$5 million, with cash reserves of US$1.138 billion.
    • Strategic Growth Initiatives: Ongoing capital deployment into high-quality projects like Detour Lake, Upper Beaver, and the O3 Mining acquisition enhances reserve base and future production visibility.
    • Shareholder Returns: Maintains a US$0.40/share quarterly dividend. NCIB buybacks of US$50 million executed in the quarter; the Board plans an expanded NCIB of up to US$1 billion.
    • ESG Leadership: Released its 16th Sustainability Report highlighting best-in-class emissions intensity (0.38 tCO₂e/oz), US$1 billion Indigenous economic commitment, and sector-leading safety.

    Valuation & Target:
    Utilizing a disciplined valuation framework with a projected 2026 EV/EBITDA multiple of ~8× and P/E multiple of ~18×, Rockcliffe Capital derives a 12-month price target of US$155, equivalent to ~US$115/share, indicating ~25% upside from current levels.

    Risk Factors:

    • Gold Price Volatility: A sustained decline in gold prices could compress margins and cash flow.
    • Project Execution: Delays at key sites (e.g., underground transitions, permitting) could affect supply outlook.
    • Macro Factors: A stronger U.S. dollar or higher real interest rates may weigh on gold sector valuations.

    About Rockcliffe Capital Research
    Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.

    Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership.

    Please contact research@rockcliffe.capital for access to our full research suite and initiation reports.

    Media Contact
    Rockcliffe Capital
    Research & Markets Division
    research@rockcliffe.capital
    +1 (416)-642-1967

    This press release is for informational purposes only and does not constitute investment advice. Rockcliffe Capital and its affiliates may hold positions in the securities mentioned.

    The MIL Network

  • MIL-OSI USA: $250M in Food Assistance for Over Two Million NY Children

    Source: US State of New York

    overnor Kathy Hochul today announced that New York has begun issuing more than $250 million in food assistance to an estimated 2.2 million low-income children as part of the 2025 Summer Electronic Benefits Transfer, Summer EBT, program. New York State is sending $120 per child to eligible families to help pay for food during the summer, when students lose access to free school meals.

    “As New York’s first Mom Governor, I’m committed to doing everything in my power to help kids and families across the state,” Governor Hochul said. “At a time when federally funded nutrition programs are under attack in Washington, Summer EBT will help thousands of low-income families with school-aged children across our state afford to buy healthy food over the summer when many children lose access to free school meals.”

    Benefits will continue to be sent to families through the summer and into the fall. New Yorkers are encouraged to learn more about eligibility and apply, if necessary, before the Sept. 4 deadline. Most households will be paid based on available information and do not need to apply.

    New York State Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, “By providing extra food assistance to low-income families during the summer months — when many school-aged children lose access to free or reduced-price school meals, Summer EBT is a very effective tool in helping us address food insecurity among New York’s most vulnerable children. We look forward to this summer’s rollout of the program, which, in its first year, provided $250 million in vital food assistance to more than two million school-aged children to help make sure they have access to healthy food during the summer. We are grateful to Governor Hochul for her unwavering commitment to reducing hunger and food insecurity in New York State and for prioritizing programs, like Summer EBT, that support the well-being of children and families in communities throughout our State.”

    In 2024, the first year of the program, Summer EBT provided $254 million in food assistance to more than 2.1 million low-income, school-aged children in New York State. Administered by the State Office of Temporary and Disability Assistance, Summer EBT is a federally funded program aimed at reducing hunger and food insecurity among children who are unable to access free and reduced-price school meals during the summertime when school is out. Eligible families with school-age children will receive a one-time payment of $120 per child as part of this summer’s program.

    Research has shown that providing families with summer food benefits reduces childhood hunger and promotes better nutrition. A demonstration project tested by the USDA during the pandemic found that Summer EBT decreased the number of kids with very low food security by one-third.

    Protecting New York’s Safety Net and Fighting for Food Access

    Under Governor Hochul’s leadership, New York State will continue to stand up to efforts at the federal level to cut funding for the Supplemental Nutrition Assistance Program (SNAP) and all federally funded nutrition and assistance programs that New Yorkers depend on to put food on the table and make ends meet.

    Congressional Republicans’ proposed changes to SNAP not only threaten the wellbeing of millions of New Yorkers who rely on SNAP to feed their families, but also New York’s farmers, farmers markets, grocers, retailers, and now increasingly restaurants, who recognize that SNAP is fundamental to the success of local economies across the state. SNAP spending supports jobs across New York’s food supply chain, in urban, suburban, and rural communities alike, underscoring how vital this resource is to the whole State.

    On Friday, Governor Hochul highlighted the devastating impact proposed federal cost shifts related to SNAP would have on New York State. In total, the cost shifts put forward by the GOP will cost New York State and local county governments up to $2.1 billion a year, which cannot be absorbed at the state or local level and would cause significant state and local budgetary impacts.

    It is estimated that over 300,000 households, including families with children, seniors, youth aging out of foster care, people experiencing homelessness, and veterans would be impacted by these changes, losing all or a portion of their SNAP benefits, resulting in a loss of hundreds of millions of dollars in SNAP benefits for some of our most vulnerable New Yorkers on an annual basis.

    Beyond worsening food insecurity and malnutrition, cuts to the program would hurt local businesses and weaken SNAP’s ability to boost local economies in every state. Slashing families’ grocery budgets would reduce revenue for thousands of businesses in every state, with ripple effects throughout the food supply chain.

    Putting Money in Families Pockets

    In New York State, Governor Hochul is delivering on her affordability commitments and putting thousands of dollars back in the pockets of millions of families across New York State through the proposals enacted in SFY 2026 Enacted Budget. These wins include drastically expanding New York’s Child Tax Credit, cutting taxes for middle class New Yorkers, sending inflation refund checks directly to millions of households, and ensuring free school meals for over 2.7 million students statewide.

    New York State Senate Social Services Committee Chair Roxanne J. Persaud said, “Summer EBT is a vital resource for eligible families with children home from school for the summer. This program is a continuation of the resources I fought for at the onset of the pandemic to ensure that children do not experience hunger in the absence of school meals. I thank Governor Hochul and the Office of Temporary & Disability Assistance for their continued pursuit of critical federal funding to operate Summer EBT.”

    New York State Assembly Social Services Committee Chair Maritza Davila said, “I commend Governor Hochul for her commitment to combating food insecurity through the expansion of the Summer EBT program. Providing over $250 million in food assistance to more than two million children helps ensure that low-income families have the resources they need to keep their children healthy and nourished when school is out of session. As Chair of the Assembly Social Services Committee, I am proud to support initiatives that protect our most vulnerable — especially at a time when federal nutrition programs are under threat. This investment is not only a lifeline for families — it is also a reminder of New York’s commitment to the well-being of every child.”

    No Kid Hungry New York Director Rachel Sabella said, “Summer EBT is a transformative program for hundreds of thousands of families across New York State. By providing $120 in grocery benefits for each eligible child, it puts vital resources directly into the hands of families, helping them afford nutritious food for their children during the summer months. At the same time, it supports local economies by generating increased business for thousands of bodegas, supermarkets, and farmers statewide. I commend Governor Hochul and the Office of Temporary and Disability Assistance (OTDA) for their swift action in delivering these benefits, and I urge all potentially eligible New Yorkers to visit OTDA’s website to check their status. These funds are meant for you — don’t miss out.”

    Eligible children are receiving Summer EBT food benefits on an EBT card that their families can use just like Supplemental Nutrition Assistance Program (SNAP) benefits. Summer EBT food benefits can be used to buy food like fruits, vegetables, meat, whole grains, and dairy at authorized retail food stores, farmers markets, and anywhere else SNAP is accepted.

    The first batch of Summer EBT benefits will be issued to over 1 million children on June 18, and the next two batches will be issued a few weeks later to almost 500,000 additional children. Benefits will continue to be sent throughout the summer.

    All eligible households will be sent a letter before they receive their benefits. Eligible households who used their Summer EBT card in 2024 will receive their benefits on the same card as last year.

    Most children who are eligible — including recipients of SNAP, Public Assistance or Medicaid — will automatically receive Summer EBT and do not need to apply.

    Other eligible families may need to apply to receive benefits for their children. To be eligible, a child must attend a school that participates in the National School Lunch Program and meet the income requirements for free/reduced-price school meals.

    Summer EBT food benefits are available on Summer EBT food benefits cards for 122 days after the date they were issued. All unused benefits are removed from the card after this time. Recipients should use their benefits soon after they receive them.

    To learn more about Summer EBT benefits and eligibility or to apply, visit ny.gov/SummerEBT. Applications for summer 2025 benefits must be submitted by Sept. 4, 2025.

    MIL OSI USA News

  • MIL-OSI USA: Republicans are Providing Tax Relief to Working Families and Main Street

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.—In addition to making the 2017 Trump tax rates permanent, Republicans are working to deliver additional tax relief for American families, communities and small businesses. 
    Investments in workers and small businesses:
    No tax on tips for millions of tipped workers.
    No tax on overtime for millions of America’s hourly workers.
    No tax on auto loan interest for new cars made in the U.S.
    Repeals the Democrats’ onerous IRS reporting requirements on gig workers.
    Increases the 1099-MISC threshold, reducing the paperwork burden for small businesses and workers.
    Investments in families, seniors and children:
    Strengthens employer-provided childcare credit and boosts childcare assistance.
    Creates school choice tax credits to expand education freedom and opportunity for students.
    Provides a $6,000 bonus exemption to millions of low- and middle-income seniors, slashing their tax burden.
    Enhances 529 savings accounts to make education more affordable for families.
    Establishes savings accounts for newborns, building financial security for the next generation.  
    Click HERE for a bill overview.
    Click HERE to view text of the Finance reconciliation bill.
    Click HERE for a section-by-section.

    MIL OSI USA News

  • MIL-OSI USA: Crapo Statement on JCT Analysis of Tax Title

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–Senate Finance Committee Chairman Mike Crapo (R-Idaho) today released the Joint Committee on Taxation’s (JCT) revenue estimate of the Finance Committee’s tax title, which shows that under a current policy baseline, the legislation has a net revenue impact of $442 billion.

    “Washington has a spending problem, not a tax problem.  Extending the Trump tax cuts prevents a $4 trillion tax increase—this is not a change in current tax policy or tax revenue. This score more accurately reflects reality by measuring the effects of tax policy changes relative to the status quo.

    “Republicans are poised to make the 2017 Trump tax cuts permanent, promoting more stability in the tax code and avoiding tax cliffs.  That certainty and stability is what families and businesses need to make long-term investments that drive growth, accelerate productivity and increase prosperity across all segments of the economy. 

    “Not only does this bill make the Trump tax cuts permanent, but it provides additional tax relief to middle-class American families, communities and small businesses.  Despite Democrats’ false rhetoric, Senate Republicans’ bill provides:

    • More than $82 billion in inflation tax relief targeted at income brackets below the $200,000 threshold.
    • A $165 billion benefit for the over-90 percent of low and middle-income taxpayers claiming the standard deduction.
    • A $91 billion benefit to low and middle-income seniors.
    • An additional $124 billion investment in children of low- and middle-income families, on top of the doubled child tax credit being made permanent.
    • Additional relief for workers, including no tax on tips and no tax on overtime.

    “The bill pays for these changes by eliminating hundreds of billions of dollars in Biden Green New Deal spending.  And, the Council of Economic Advisers estimates that making the Trump tax cuts permanent—combined with other Trump Administration pro-growth policies—will increase federal revenues by more than $4 trillion, more than offsetting deficit estimates.

    “Extending good tax policy, delivering targeted relief and reining in wasteful spending is the best way to restore economic prosperity and opportunity for all Americans.”

    Click HERE for the JCT table.

    Click HERE for a bill overview.

    Click HERE to view text of the Finance reconciliation bill.

    Click HERE for a section-by-section.

    MIL OSI USA News

  • MIL-OSI United Nations: 23 June 2025 News release Tobacco control efforts protect 6.1 billion people – WHO’s new report

    Source: World Health Organisation

    The World Health Organization (WHO) today released its report on the Global Tobacco Epidemic 2025 at the World Conference on Tobacco Control in Dublin, warning that action is needed to maintain and accelerate progress in tobacco control as rising industry interference challenges tobacco policies and control efforts.

    The report focuses on the six proven WHO MPOWER tobacco control measures to reduce tobacco use, which claims over 7 million lives a year:

    • Monitoring tobacco use and prevention policies;
    • Protecting people from tobacco smoke with smoke-free air legislation;
    • Offering help to quit tobacco use;
    • Warning about the dangers of tobacco with pack labels and mass media;
    • Enforcing bans on tobacco advertising, promotion and sponsorship; and
    • Raising taxes on tobacco.

    Since 2007, 155 countries have implemented at least one of the WHO MPOWER tobacco control measures to reduce tobacco use at best-practice level. Today, over 6.1 billion people, three-quarters of the world’s population, are protected by at least one such policy, compared to just 1 billion in 2007. Four countries have implemented the full MPOWER package: Brazil, Mauritius, the Netherlands (Kingdom of the), and Türkiye. Seven countries are just one measure away from achieving the full implementation of the MPOWER package, signifying the highest level of tobacco control, including Ethiopia, Ireland, Jordan, Mexico, New Zealand, Slovenia and Spain.

    However, there are major gaps. Forty countries still have no MPOWER measure at best-practice level and more than 30 countries allow cigarette sales without mandatory health warnings.

    “Twenty years since the adoption of the WHO Framework Convention on Tobacco Control, we have many successes to celebrate, but the tobacco industry continues to evolve and so must we,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “By uniting science, policy and political will, we can create a world where tobacco no longer claims lives, damages economies or steals futures. Together, we can end the tobacco epidemic.”

    The WHO Global Tobacco Epidemic 2025 report, developed with support from Bloomberg Philanthropies, was launched during the 2025 Bloomberg Philanthropies Awards for Global Tobacco Control. The awards celebrated several governments and nongovernmental organizations (NGOs) making progress to reduce tobacco use.

    “Since Bloomberg Philanthropies started supporting global tobacco control efforts in 2007, there has been a sea change in the way countries prevent tobacco use, but there is still a long way to go,” said Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies and WHO Global Ambassador for Noncommunicable Diseases and Injuries. “Bloomberg Philanthropies remains fully committed to WHO’s urgent work – and to saving millions more lives together.”

    The WHO Global Tobacco Epidemic 2025 report reveals that the most striking gains have been in graphic health warnings, one of the key measures under the WHO Framework Convention on Tobacco Control (FCTC), that make the harms of tobacco impossible to ignore:

    • 110 countries now require them – up from just 9 in 2007 – protecting 62% of the global population; and
    • 25 countries have adopted plain packaging.

    WHO warns, however, that enforcement is inconsistent, and smokeless tobacco packaging remains poorly regulated. The new report is accompanied by a new data portal that tracks country-by-country progress between 2007–2025.

    Despite their effectiveness, 110 countries haven’t run anti-tobacco campaigns since 2022. However, 36% of the global population now lives in countries that have run best-practice campaigns, up from just 19% in 2022. WHO urges countries to invest in message-tested and evaluated campaigns.

    Taxes, quit services and advertising bans have been expanding, but many improvements are needed:

    • Taxation: 134 countries have failed to make cigarettes less affordable. Since 2022, just 3 have increased taxes to the best-practice level.
    • Cessation: Only 33% of people globally have access to cost-covered quit services.
    • Advertising bans: Best-practice bans exist in 68 countries, covering over 25% of the global population.

    Around 1.3 million people die from second-hand smoke every year. Today, 79 countries have implemented comprehensive smoke-free environments, covering one-third of the world’s population. Since 2022, six additional countries (Cook Islands, Indonesia, Malaysia, Sierra Leone, Slovenia and Uzbekistan) have adopted strong smoke-free laws, despite industry resistance, particularly in hospitality venues.

    There has been a growing trend to regulate the use of e-cigarettes or ENDS – Electronic Nicotine Delivery Systems. The number of countries regulating or banning ENDS has grown from 122 in 2022 to 133 in 2024, a clear signal of increased attention to these products. However, over 60 countries still lack any regulations on ENDS.

    WHO is calling for urgent action in areas where momentum is lagging. “Governments must act boldly to close remaining gaps, strengthen enforcement, and invest in the proven tools that save lives. WHO calls on all countries to accelerate progress on MPOWER and ensure that no one is left behind in the fight against tobacco,” said Dr Ruediger Krech, Director of Health Promotion.

    MIL OSI United Nations News

  • MIL-OSI USA: Founder of Lender Service Provider Convicted for Role in Multimillion-Dollar PPP Fraud Scheme

    Source: US State of California

    A federal jury convicted Stephanie Hockridge, a founder of the lender service provider Blueacorn, on Friday in connection with a scheme to fraudulently obtain tens of millions of dollars in COVID-19 relief money guaranteed by the U. S. Small Business Administration (SBA) through the Paycheck Protection Program (PPP).

    According to court documents and evidence presented at trial, Hockridge, also known as Stephanie Reis, 42, of Rio Grande, Puerto Rico, and previously of Arizona, conspired with others to submit false and fraudulent PPP loan applications, including by fabricating documents that falsified income and payroll in order to receive loan funds for which they were not eligible.

    “This defendant exploited a national emergency to personally profit from a taxpayer-funded program intended to support vulnerable individuals and small businesses,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This conviction demonstrates the Department’s commitment to holding individuals accountable for defrauding the government and wasting taxpayer money.”

    “During a time of crisis in our country, this defendant abused the generosity of the American people by stealing money dedicated to the survival of small businesses to fraudulently enrich herself,” said Acting U. S. Attorney Nancy E. Larson for the Northern District of Texas. “We are proud of the diligent work of our law enforcement partners to hold her accountable and bring her to justice. Make no mistake, our efforts to bring such fraudsters to justice are ongoing.”

    “Hockridge’s conviction demonstrates the FBI’s continued commitment to protecting taxpayer-funded programs from fraud and abuse,” said Assistant Director Jose A. Perez of the FBI Criminal Investigative Division. “This program was designed to provide critical funds to those struggling during a national crisis, not line the pockets of people seeking to exploit government assistance. The FBI remains committed to pursuing anyone who abuses the public trust for personal gain.”

    “Ms. Hockridge defrauded the federal government of millions of dollars in pandemic relief funds for her own personal gain and has been brought to justice,” said Special Agent in Charge Jon Ellwanger of the Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau (CFPB) Western Region. “We are proud to have worked with our federal law enforcement partners to hold Ms. Hockridge accountable.”

    “Exploiting the Small Business Administration’s pandemic relief programs for personal gain is an egregious theft of taxpayer funds,” said Deputy Inspector General Sheldon Shoemaker of the SBA Office of Inspector General. “SBA OIG will aggressively root out fraud to protect the integrity of SBA’s programs, which are intended to provide vital assistance to the nation’s small businesses. I want to thank the U. S. Attorney’s Office and our law enforcement partners for their dedication and commitment to seeing justice served.”

    “This verdict is a victory for justice, accountability, and the American public,” said Special Agent in Charge Christopher J. Altemus Jr. of the IRS Criminal Investigation (IRS-CI) Dallas Field Office. “In a time of crisis, the Paycheck Protection Program was created as a lifeline to keep small businesses afloat and families fed. Ms. Hockridge saw it as an opportunity to enrich herself. Driven by greed, she used her business to steal millions of dollars intended for those in need. The women and men of IRS-CI will continue to protect what’s right and stand firmly with the honest business owners who play by the rules.”

    As proven at trial, Hockridge co-founded Blueacorn in April 2020, purportedly to assist small businesses and individuals in obtaining PPP loans. To get larger loans for certain PPP applicants, Hockridge and her co-conspirators fabricated documents, including payroll records, tax documentation, and bank statements. Hockridge and her co-conspirators charged borrowers kickbacks based on a percentage of the funds received.

    As part of the scheme, Hockridge and others offered a personalized service to their clients called “VIPPP” to help potential borrowers complete PPP loan applications. Hockridge recruited co-conspirators to work as VIPPP referral agents and coach borrowers on how to submit false PPP loan applications. To get more kickbacks from borrowers and a higher percentage of lender fees from the SBA, Hockridge and her co-conspirators submitted PPP loan applications that they knew contained materially false information. In total, Hockridge and her coconspirators processed tens of millions of dollars in fraudulent PPP loans. Hockridge was convicted of conspiracy to commit wire fraud and acquitted of four counts of wire fraud. She is scheduled to be sentenced on Oct. 10 and faces up to 20 years in prison.

    The FBI, IRS-CI, the Special Inspector General for Pandemic Recovery, Federal Reserve Board-CFPB Office of Inspector General, and SBA OIG investigated the case.

    Acting Assistant Chief Philip Trout of the Criminal Division’s Fraud Section, Trial Attorneys Elizabeth Carr and Ryan McLaren of the Criminal Division’s Money Laundering and Asset Recovery Section, and Assistant U. S. Attorney Matthew Weybrecht for the Northern District of Texas are prosecuting the case.

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the PPP. Since the enactment of the CARES Act, the Fraud Section has prosecuted over 200 defendants in more than 130 criminal cases and has seized over $78 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at www. justice. gov/criminal/criminal-fraud/cares-act-fraud

    MLARS’s Bank Integrity Unit investigates and prosecutes banks and other financial institutions, including their officers, managers, and employees, whose actions threaten the integrity of the individual institution or the wider financial system.

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

    MIL OSI USA News

  • MIL-OSI USA: Founder of Lender Service Provider Convicted for Role in Multimillion-Dollar PPP Fraud Scheme

    Source: US State of California

    A federal jury convicted Stephanie Hockridge, a founder of the lender service provider Blueacorn, on Friday in connection with a scheme to fraudulently obtain tens of millions of dollars in COVID-19 relief money guaranteed by the U. S. Small Business Administration (SBA) through the Paycheck Protection Program (PPP).

    According to court documents and evidence presented at trial, Hockridge, also known as Stephanie Reis, 42, of Rio Grande, Puerto Rico, and previously of Arizona, conspired with others to submit false and fraudulent PPP loan applications, including by fabricating documents that falsified income and payroll in order to receive loan funds for which they were not eligible.

    “This defendant exploited a national emergency to personally profit from a taxpayer-funded program intended to support vulnerable individuals and small businesses,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This conviction demonstrates the Department’s commitment to holding individuals accountable for defrauding the government and wasting taxpayer money.”

    “During a time of crisis in our country, this defendant abused the generosity of the American people by stealing money dedicated to the survival of small businesses to fraudulently enrich herself,” said Acting U. S. Attorney Nancy E. Larson for the Northern District of Texas. “We are proud of the diligent work of our law enforcement partners to hold her accountable and bring her to justice. Make no mistake, our efforts to bring such fraudsters to justice are ongoing.”

    “Hockridge’s conviction demonstrates the FBI’s continued commitment to protecting taxpayer-funded programs from fraud and abuse,” said Assistant Director Jose A. Perez of the FBI Criminal Investigative Division. “This program was designed to provide critical funds to those struggling during a national crisis, not line the pockets of people seeking to exploit government assistance. The FBI remains committed to pursuing anyone who abuses the public trust for personal gain.”

    “Ms. Hockridge defrauded the federal government of millions of dollars in pandemic relief funds for her own personal gain and has been brought to justice,” said Special Agent in Charge Jon Ellwanger of the Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau (CFPB) Western Region. “We are proud to have worked with our federal law enforcement partners to hold Ms. Hockridge accountable.”

    “Exploiting the Small Business Administration’s pandemic relief programs for personal gain is an egregious theft of taxpayer funds,” said Deputy Inspector General Sheldon Shoemaker of the SBA Office of Inspector General. “SBA OIG will aggressively root out fraud to protect the integrity of SBA’s programs, which are intended to provide vital assistance to the nation’s small businesses. I want to thank the U. S. Attorney’s Office and our law enforcement partners for their dedication and commitment to seeing justice served.”

    “This verdict is a victory for justice, accountability, and the American public,” said Special Agent in Charge Christopher J. Altemus Jr. of the IRS Criminal Investigation (IRS-CI) Dallas Field Office. “In a time of crisis, the Paycheck Protection Program was created as a lifeline to keep small businesses afloat and families fed. Ms. Hockridge saw it as an opportunity to enrich herself. Driven by greed, she used her business to steal millions of dollars intended for those in need. The women and men of IRS-CI will continue to protect what’s right and stand firmly with the honest business owners who play by the rules.”

    As proven at trial, Hockridge co-founded Blueacorn in April 2020, purportedly to assist small businesses and individuals in obtaining PPP loans. To get larger loans for certain PPP applicants, Hockridge and her co-conspirators fabricated documents, including payroll records, tax documentation, and bank statements. Hockridge and her co-conspirators charged borrowers kickbacks based on a percentage of the funds received.

    As part of the scheme, Hockridge and others offered a personalized service to their clients called “VIPPP” to help potential borrowers complete PPP loan applications. Hockridge recruited co-conspirators to work as VIPPP referral agents and coach borrowers on how to submit false PPP loan applications. To get more kickbacks from borrowers and a higher percentage of lender fees from the SBA, Hockridge and her co-conspirators submitted PPP loan applications that they knew contained materially false information. In total, Hockridge and her coconspirators processed tens of millions of dollars in fraudulent PPP loans. Hockridge was convicted of conspiracy to commit wire fraud and acquitted of four counts of wire fraud. She is scheduled to be sentenced on Oct. 10 and faces up to 20 years in prison.

    The FBI, IRS-CI, the Special Inspector General for Pandemic Recovery, Federal Reserve Board-CFPB Office of Inspector General, and SBA OIG investigated the case.

    Acting Assistant Chief Philip Trout of the Criminal Division’s Fraud Section, Trial Attorneys Elizabeth Carr and Ryan McLaren of the Criminal Division’s Money Laundering and Asset Recovery Section, and Assistant U. S. Attorney Matthew Weybrecht for the Northern District of Texas are prosecuting the case.

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the PPP. Since the enactment of the CARES Act, the Fraud Section has prosecuted over 200 defendants in more than 130 criminal cases and has seized over $78 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at www. justice. gov/criminal/criminal-fraud/cares-act-fraud

    MLARS’s Bank Integrity Unit investigates and prosecutes banks and other financial institutions, including their officers, managers, and employees, whose actions threaten the integrity of the individual institution or the wider financial system.

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

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom announces 48 new projects to film in California thanks to the state’s Film & Television Tax Credit Program

    Source: US State of California Governor

    Jun 23, 2025

    What you need to know: Thanks to California’s Film and Television Tax Credit Program, 48 projects — including 43 independent features — will be made in California, projected to generate $664 million in economic activity and employ over 6,500 cast and crew across the Golden State.

    SACRAMENTO – Governor Newsom today continued his work in protecting film production jobs in Los Angeles and across the state with a new round of 48 projects approved for the California Film Commission’s Film and Television Tax Credit Program. Governor Newsom recently proposed to double down on this vital program, by expanding the tax credit from $330 million to $750 million to help boost this iconic industry and production in California.

    “California didn’t earn its role as the heart of the entertainment world by accident — it was built over generations by skilled workers and creative talent pushing boundaries. Today’s awards help ensure this legacy continues, keeping cameras rolling here at home, supporting thousands of crew members behind the scenes and boosting local economies that depend on a strong film and television industry.”

    Governor Gavin Newsom

    Why this matters

    This diverse slate of feature films — ranging from major studio productions to independent film — is expected to generate $664 million in total spending throughout the state, including $485 in qualified expenditures and more than $302 million in wages for California workers.

    These projects, which include 43 independent films, are collectively expected to hire 6,515 cast and crew members, as well 32,000 background performers (measured in days worked), across 1,346 total California filming days.

    More than half of the films will be shot in the Los Angeles area, helping to sustain the birthplace of this iconic industry and supporting the community as it recovers from recent wildfires. Enabling the industry’s reach throughout the state, 22 of the selected projects will conduct significant filming outside the Los Angeles area, contributing 329 out-of-zone filming days and substantial economic benefits in Ventura County (Make A Wish, The Teller, Things We Cannot Touch), San Francisco and the Bay Area (High Priestess of Souls, Our Kind of Cruelty), El Dorado and Placer Counties (Gold Mountain), San Bernardino and Riverside Counties (Superbloom, The Heidi Fleiss Story), Bakersfield in Kern County (Counting by 7s) and coastal communities such as Half Moon Bay and Costa Mesa (Sponsor, Doll).

    Today’s slate of awards marks the ninth allocation in this fiscal year and reinforces California’s continued leadership as a global production hub, even as other states and countries pursue projects with their own incentive offerings.

    “This industry is core to California’s creative economy and keeping production here at home is more important than ever,” said Colleen Bell, Director of the California Film Commission. “This round of tax credits shows our commitment to supporting both indie and studio productions while spreading the economic benefits of filming across the state.”

    Highlights from this round of awards

    • Five major studio features, including Sony Pictures’ “One of Them Days Sequel” — the latest film produced by Issa Rae — which alone is projected to spend more than $39 million in qualified expenditures.
    • Six independently produced features with budgets over $10 million, such as “Gold Mountain,” “The Teller,” and “They Follow,” all of which plan to film primarily outside of the Los Angeles area.
    • 37 independent projects with budgets of $10 million or less, contributing to the state’s goal of expanding access to underrepresented filmmakers and promoting more inclusive storytelling.

    “Los Angeles was an essential backdrop to ‘One of Them Days’ and we are thrilled that Dreux and Alyssa will embark on another authentic escapade through the city’s streets in the sequel through the support of California’s Film and Television Tax Credit,” said Nicole Brown, President of TriStar Pictures.

    Read more about today’s announcement, including a full list of productions that are part of the Film and Television Tax Credit Program here.

    California is a creative economy powerhouse

    Last fall, Governor Newsom proposed expanding California’s Film & Television Tax Credit Program to $750 million annually, a massive increase from the current $330 million annual allocation, which would position California as one of the top states for capped film incentive programs.

    As one of the strategic sectors outlined in the recently launched California Jobs First Economic Blueprint, the creative economy has deep roots in California’s history and continues to be an engine for innovation, cultural expression, and economic growth.

    • In 2023, California was home to 220,000 creative economy jobs, one in every four creative economy jobs in the U.S.
    • The average salary paid to creative workers in 2023 was $160,000, more than 50% higher than the California average.
    • And while the Los Angeles region leads the way in jobs generated by the creative economy, three other regions — Redwoods, the Bay Area, and the Southern Border — also identified film, TV, and the arts as a regional strategic sector.

    About the Film and TV Tax Credit Program

    The Film and Television Tax Credit Program provides tax credits based on qualified expenditures for eligible productions produced in California.

    Since its launch in 2009 through May 2025, the program has approved 799 projects that have generated nearly $27 billion in economic activity, resulting in less runaway production, new career pathways for below-the-line workers and increased economic opportunity in rural, suburban and urban communities alike. The program further incentivizes projects that film outside the Los Angeles area or relocate to California from out-of-state. The program also requires projects to invest in building career exposure and training opportunities for underrepresented communities.

    Looking ahead, the next television application window is slated for July 7-9, 2025. Film applications will be accepted August 25-27, 2025. Application dates and deadlines are posted on the California Film Commission website.

    Recent news

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Soon-Sik Lee, of Bellevue, Washington, has been appointed Chief of Planning and Engineering at the California High Speed Rail Authority. Lee has been a Vice President – Senior Program…

    News What you need to know: The Ninth Circuit rejected Trump’s sweeping claim that he can federalize the National Guard for any reason and avoid judicial scrutiny, even as it stayed an emergency district court order. This is a critical check on presidential overreach…

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    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom announces 48 new projects to film in California thanks to the state’s Film & Television Tax Credit Program

    Source: US State of California Governor

    Jun 23, 2025

    What you need to know: Thanks to California’s Film and Television Tax Credit Program, 48 projects — including 43 independent features — will be made in California, projected to generate $664 million in economic activity and employ over 6,500 cast and crew across the Golden State.

    SACRAMENTO – Governor Newsom today continued his work in protecting film production jobs in Los Angeles and across the state with a new round of 48 projects approved for the California Film Commission’s Film and Television Tax Credit Program. Governor Newsom recently proposed to double down on this vital program, by expanding the tax credit from $330 million to $750 million to help boost this iconic industry and production in California.

    “California didn’t earn its role as the heart of the entertainment world by accident — it was built over generations by skilled workers and creative talent pushing boundaries. Today’s awards help ensure this legacy continues, keeping cameras rolling here at home, supporting thousands of crew members behind the scenes and boosting local economies that depend on a strong film and television industry.”

    Governor Gavin Newsom

    Why this matters

    This diverse slate of feature films — ranging from major studio productions to independent film — is expected to generate $664 million in total spending throughout the state, including $485 in qualified expenditures and more than $302 million in wages for California workers.

    These projects, which include 43 independent films, are collectively expected to hire 6,515 cast and crew members, as well 32,000 background performers (measured in days worked), across 1,346 total California filming days.

    More than half of the films will be shot in the Los Angeles area, helping to sustain the birthplace of this iconic industry and supporting the community as it recovers from recent wildfires. Enabling the industry’s reach throughout the state, 22 of the selected projects will conduct significant filming outside the Los Angeles area, contributing 329 out-of-zone filming days and substantial economic benefits in Ventura County (Make A Wish, The Teller, Things We Cannot Touch), San Francisco and the Bay Area (High Priestess of Souls, Our Kind of Cruelty), El Dorado and Placer Counties (Gold Mountain), San Bernardino and Riverside Counties (Superbloom, The Heidi Fleiss Story), Bakersfield in Kern County (Counting by 7s) and coastal communities such as Half Moon Bay and Costa Mesa (Sponsor, Doll).

    Today’s slate of awards marks the ninth allocation in this fiscal year and reinforces California’s continued leadership as a global production hub, even as other states and countries pursue projects with their own incentive offerings.

    “This industry is core to California’s creative economy and keeping production here at home is more important than ever,” said Colleen Bell, Director of the California Film Commission. “This round of tax credits shows our commitment to supporting both indie and studio productions while spreading the economic benefits of filming across the state.”

    Highlights from this round of awards

    • Five major studio features, including Sony Pictures’ “One of Them Days Sequel” — the latest film produced by Issa Rae — which alone is projected to spend more than $39 million in qualified expenditures.
    • Six independently produced features with budgets over $10 million, such as “Gold Mountain,” “The Teller,” and “They Follow,” all of which plan to film primarily outside of the Los Angeles area.
    • 37 independent projects with budgets of $10 million or less, contributing to the state’s goal of expanding access to underrepresented filmmakers and promoting more inclusive storytelling.

    “Los Angeles was an essential backdrop to ‘One of Them Days’ and we are thrilled that Dreux and Alyssa will embark on another authentic escapade through the city’s streets in the sequel through the support of California’s Film and Television Tax Credit,” said Nicole Brown, President of TriStar Pictures.

    Read more about today’s announcement, including a full list of productions that are part of the Film and Television Tax Credit Program here.

    California is a creative economy powerhouse

    Last fall, Governor Newsom proposed expanding California’s Film & Television Tax Credit Program to $750 million annually, a massive increase from the current $330 million annual allocation, which would position California as one of the top states for capped film incentive programs.

    As one of the strategic sectors outlined in the recently launched California Jobs First Economic Blueprint, the creative economy has deep roots in California’s history and continues to be an engine for innovation, cultural expression, and economic growth.

    • In 2023, California was home to 220,000 creative economy jobs, one in every four creative economy jobs in the U.S.
    • The average salary paid to creative workers in 2023 was $160,000, more than 50% higher than the California average.
    • And while the Los Angeles region leads the way in jobs generated by the creative economy, three other regions — Redwoods, the Bay Area, and the Southern Border — also identified film, TV, and the arts as a regional strategic sector.

    About the Film and TV Tax Credit Program

    The Film and Television Tax Credit Program provides tax credits based on qualified expenditures for eligible productions produced in California.

    Since its launch in 2009 through May 2025, the program has approved 799 projects that have generated nearly $27 billion in economic activity, resulting in less runaway production, new career pathways for below-the-line workers and increased economic opportunity in rural, suburban and urban communities alike. The program further incentivizes projects that film outside the Los Angeles area or relocate to California from out-of-state. The program also requires projects to invest in building career exposure and training opportunities for underrepresented communities.

    Looking ahead, the next television application window is slated for July 7-9, 2025. Film applications will be accepted August 25-27, 2025. Application dates and deadlines are posted on the California Film Commission website.

    Recent news

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Soon-Sik Lee, of Bellevue, Washington, has been appointed Chief of Planning and Engineering at the California High Speed Rail Authority. Lee has been a Vice President – Senior Program…

    News What you need to know: The Ninth Circuit rejected Trump’s sweeping claim that he can federalize the National Guard for any reason and avoid judicial scrutiny, even as it stayed an emergency district court order. This is a critical check on presidential overreach…

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring “Juneteenth National Freedom Day: A Day of Observance” in the State of California.The text of the proclamation and a copy can be found below: PROCLAMATIONJuly 4 is not the only…

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom announces 48 new projects to film in California thanks to the state’s Film & Television Tax Credit Program

    Source: US State of California Governor

    Jun 23, 2025

    What you need to know: Thanks to California’s Film and Television Tax Credit Program, 48 projects — including 43 independent features — will be made in California, projected to generate $664 million in economic activity and employ over 6,500 cast and crew across the Golden State.

    SACRAMENTO – Governor Newsom today continued his work in protecting film production jobs in Los Angeles and across the state with a new round of 48 projects approved for the California Film Commission’s Film and Television Tax Credit Program. Governor Newsom recently proposed to double down on this vital program, by expanding the tax credit from $330 million to $750 million to help boost this iconic industry and production in California.

    “California didn’t earn its role as the heart of the entertainment world by accident — it was built over generations by skilled workers and creative talent pushing boundaries. Today’s awards help ensure this legacy continues, keeping cameras rolling here at home, supporting thousands of crew members behind the scenes and boosting local economies that depend on a strong film and television industry.”

    Governor Gavin Newsom

    Why this matters

    This diverse slate of feature films — ranging from major studio productions to independent film — is expected to generate $664 million in total spending throughout the state, including $485 in qualified expenditures and more than $302 million in wages for California workers.

    These projects, which include 43 independent films, are collectively expected to hire 6,515 cast and crew members, as well 32,000 background performers (measured in days worked), across 1,346 total California filming days.

    More than half of the films will be shot in the Los Angeles area, helping to sustain the birthplace of this iconic industry and supporting the community as it recovers from recent wildfires. Enabling the industry’s reach throughout the state, 22 of the selected projects will conduct significant filming outside the Los Angeles area, contributing 329 out-of-zone filming days and substantial economic benefits in Ventura County (Make A Wish, The Teller, Things We Cannot Touch), San Francisco and the Bay Area (High Priestess of Souls, Our Kind of Cruelty), El Dorado and Placer Counties (Gold Mountain), San Bernardino and Riverside Counties (Superbloom, The Heidi Fleiss Story), Bakersfield in Kern County (Counting by 7s) and coastal communities such as Half Moon Bay and Costa Mesa (Sponsor, Doll).

    Today’s slate of awards marks the ninth allocation in this fiscal year and reinforces California’s continued leadership as a global production hub, even as other states and countries pursue projects with their own incentive offerings.

    “This industry is core to California’s creative economy and keeping production here at home is more important than ever,” said Colleen Bell, Director of the California Film Commission. “This round of tax credits shows our commitment to supporting both indie and studio productions while spreading the economic benefits of filming across the state.”

    Highlights from this round of awards

    • Five major studio features, including Sony Pictures’ “One of Them Days Sequel” — the latest film produced by Issa Rae — which alone is projected to spend more than $39 million in qualified expenditures.
    • Six independently produced features with budgets over $10 million, such as “Gold Mountain,” “The Teller,” and “They Follow,” all of which plan to film primarily outside of the Los Angeles area.
    • 37 independent projects with budgets of $10 million or less, contributing to the state’s goal of expanding access to underrepresented filmmakers and promoting more inclusive storytelling.

    “Los Angeles was an essential backdrop to ‘One of Them Days’ and we are thrilled that Dreux and Alyssa will embark on another authentic escapade through the city’s streets in the sequel through the support of California’s Film and Television Tax Credit,” said Nicole Brown, President of TriStar Pictures.

    Read more about today’s announcement, including a full list of productions that are part of the Film and Television Tax Credit Program here.

    California is a creative economy powerhouse

    Last fall, Governor Newsom proposed expanding California’s Film & Television Tax Credit Program to $750 million annually, a massive increase from the current $330 million annual allocation, which would position California as one of the top states for capped film incentive programs.

    As one of the strategic sectors outlined in the recently launched California Jobs First Economic Blueprint, the creative economy has deep roots in California’s history and continues to be an engine for innovation, cultural expression, and economic growth.

    • In 2023, California was home to 220,000 creative economy jobs, one in every four creative economy jobs in the U.S.
    • The average salary paid to creative workers in 2023 was $160,000, more than 50% higher than the California average.
    • And while the Los Angeles region leads the way in jobs generated by the creative economy, three other regions — Redwoods, the Bay Area, and the Southern Border — also identified film, TV, and the arts as a regional strategic sector.

    About the Film and TV Tax Credit Program

    The Film and Television Tax Credit Program provides tax credits based on qualified expenditures for eligible productions produced in California.

    Since its launch in 2009 through May 2025, the program has approved 799 projects that have generated nearly $27 billion in economic activity, resulting in less runaway production, new career pathways for below-the-line workers and increased economic opportunity in rural, suburban and urban communities alike. The program further incentivizes projects that film outside the Los Angeles area or relocate to California from out-of-state. The program also requires projects to invest in building career exposure and training opportunities for underrepresented communities.

    Looking ahead, the next television application window is slated for July 7-9, 2025. Film applications will be accepted August 25-27, 2025. Application dates and deadlines are posted on the California Film Commission website.

    Recent news

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Soon-Sik Lee, of Bellevue, Washington, has been appointed Chief of Planning and Engineering at the California High Speed Rail Authority. Lee has been a Vice President – Senior Program…

    News What you need to know: The Ninth Circuit rejected Trump’s sweeping claim that he can federalize the National Guard for any reason and avoid judicial scrutiny, even as it stayed an emergency district court order. This is a critical check on presidential overreach…

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring “Juneteenth National Freedom Day: A Day of Observance” in the State of California.The text of the proclamation and a copy can be found below: PROCLAMATIONJuly 4 is not the only…

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom announces 48 new projects to film in California thanks to the state’s Film & Television Tax Credit Program

    Source: US State of California Governor

    Jun 23, 2025

    What you need to know: Thanks to California’s Film and Television Tax Credit Program, 48 projects — including 43 independent features — will be made in California, projected to generate $664 million in economic activity and employ over 6,500 cast and crew across the Golden State.

    SACRAMENTO – Governor Newsom today continued his work in protecting film production jobs in Los Angeles and across the state with a new round of 48 projects approved for the California Film Commission’s Film and Television Tax Credit Program. Governor Newsom recently proposed to double down on this vital program, by expanding the tax credit from $330 million to $750 million to help boost this iconic industry and production in California.

    “California didn’t earn its role as the heart of the entertainment world by accident — it was built over generations by skilled workers and creative talent pushing boundaries. Today’s awards help ensure this legacy continues, keeping cameras rolling here at home, supporting thousands of crew members behind the scenes and boosting local economies that depend on a strong film and television industry.”

    Governor Gavin Newsom

    Why this matters

    This diverse slate of feature films — ranging from major studio productions to independent film — is expected to generate $664 million in total spending throughout the state, including $485 in qualified expenditures and more than $302 million in wages for California workers.

    These projects, which include 43 independent films, are collectively expected to hire 6,515 cast and crew members, as well 32,000 background performers (measured in days worked), across 1,346 total California filming days.

    More than half of the films will be shot in the Los Angeles area, helping to sustain the birthplace of this iconic industry and supporting the community as it recovers from recent wildfires. Enabling the industry’s reach throughout the state, 22 of the selected projects will conduct significant filming outside the Los Angeles area, contributing 329 out-of-zone filming days and substantial economic benefits in Ventura County (Make A Wish, The Teller, Things We Cannot Touch), San Francisco and the Bay Area (High Priestess of Souls, Our Kind of Cruelty), El Dorado and Placer Counties (Gold Mountain), San Bernardino and Riverside Counties (Superbloom, The Heidi Fleiss Story), Bakersfield in Kern County (Counting by 7s) and coastal communities such as Half Moon Bay and Costa Mesa (Sponsor, Doll).

    Today’s slate of awards marks the ninth allocation in this fiscal year and reinforces California’s continued leadership as a global production hub, even as other states and countries pursue projects with their own incentive offerings.

    “This industry is core to California’s creative economy and keeping production here at home is more important than ever,” said Colleen Bell, Director of the California Film Commission. “This round of tax credits shows our commitment to supporting both indie and studio productions while spreading the economic benefits of filming across the state.”

    Highlights from this round of awards

    • Five major studio features, including Sony Pictures’ “One of Them Days Sequel” — the latest film produced by Issa Rae — which alone is projected to spend more than $39 million in qualified expenditures.
    • Six independently produced features with budgets over $10 million, such as “Gold Mountain,” “The Teller,” and “They Follow,” all of which plan to film primarily outside of the Los Angeles area.
    • 37 independent projects with budgets of $10 million or less, contributing to the state’s goal of expanding access to underrepresented filmmakers and promoting more inclusive storytelling.

    “Los Angeles was an essential backdrop to ‘One of Them Days’ and we are thrilled that Dreux and Alyssa will embark on another authentic escapade through the city’s streets in the sequel through the support of California’s Film and Television Tax Credit,” said Nicole Brown, President of TriStar Pictures.

    Read more about today’s announcement, including a full list of productions that are part of the Film and Television Tax Credit Program here.

    California is a creative economy powerhouse

    Last fall, Governor Newsom proposed expanding California’s Film & Television Tax Credit Program to $750 million annually, a massive increase from the current $330 million annual allocation, which would position California as one of the top states for capped film incentive programs.

    As one of the strategic sectors outlined in the recently launched California Jobs First Economic Blueprint, the creative economy has deep roots in California’s history and continues to be an engine for innovation, cultural expression, and economic growth.

    • In 2023, California was home to 220,000 creative economy jobs, one in every four creative economy jobs in the U.S.
    • The average salary paid to creative workers in 2023 was $160,000, more than 50% higher than the California average.
    • And while the Los Angeles region leads the way in jobs generated by the creative economy, three other regions — Redwoods, the Bay Area, and the Southern Border — also identified film, TV, and the arts as a regional strategic sector.

    About the Film and TV Tax Credit Program

    The Film and Television Tax Credit Program provides tax credits based on qualified expenditures for eligible productions produced in California.

    Since its launch in 2009 through May 2025, the program has approved 799 projects that have generated nearly $27 billion in economic activity, resulting in less runaway production, new career pathways for below-the-line workers and increased economic opportunity in rural, suburban and urban communities alike. The program further incentivizes projects that film outside the Los Angeles area or relocate to California from out-of-state. The program also requires projects to invest in building career exposure and training opportunities for underrepresented communities.

    Looking ahead, the next television application window is slated for July 7-9, 2025. Film applications will be accepted August 25-27, 2025. Application dates and deadlines are posted on the California Film Commission website.

    Recent news

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Soon-Sik Lee, of Bellevue, Washington, has been appointed Chief of Planning and Engineering at the California High Speed Rail Authority. Lee has been a Vice President – Senior Program…

    News What you need to know: The Ninth Circuit rejected Trump’s sweeping claim that he can federalize the National Guard for any reason and avoid judicial scrutiny, even as it stayed an emergency district court order. This is a critical check on presidential overreach…

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring “Juneteenth National Freedom Day: A Day of Observance” in the State of California.The text of the proclamation and a copy can be found below: PROCLAMATIONJuly 4 is not the only…

    MIL OSI USA News

  • MIL-OSI Security: Founder of Lender Service Provider Convicted for Role in Multimillion-Dollar PPP Fraud Scheme

    Source: United States Attorneys General 7

    A federal jury convicted Stephanie Hockridge, a founder of the lender service provider Blueacorn, on Friday in connection with a scheme to fraudulently obtain tens of millions of dollars in COVID-19 relief money guaranteed by the U. S. Small Business Administration (SBA) through the Paycheck Protection Program (PPP).

    According to court documents and evidence presented at trial, Hockridge, also known as Stephanie Reis, 42, of Rio Grande, Puerto Rico, and previously of Arizona, conspired with others to submit false and fraudulent PPP loan applications, including by fabricating documents that falsified income and payroll in order to receive loan funds for which they were not eligible.

    “This defendant exploited a national emergency to personally profit from a taxpayer-funded program intended to support vulnerable individuals and small businesses,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This conviction demonstrates the Department’s commitment to holding individuals accountable for defrauding the government and wasting taxpayer money.”

    “During a time of crisis in our country, this defendant abused the generosity of the American people by stealing money dedicated to the survival of small businesses to fraudulently enrich herself,” said Acting U. S. Attorney Nancy E. Larson for the Northern District of Texas. “We are proud of the diligent work of our law enforcement partners to hold her accountable and bring her to justice. Make no mistake, our efforts to bring such fraudsters to justice are ongoing.”

    “Hockridge’s conviction demonstrates the FBI’s continued commitment to protecting taxpayer-funded programs from fraud and abuse,” said Assistant Director Jose A. Perez of the FBI Criminal Investigative Division. “This program was designed to provide critical funds to those struggling during a national crisis, not line the pockets of people seeking to exploit government assistance. The FBI remains committed to pursuing anyone who abuses the public trust for personal gain.”

    “Ms. Hockridge defrauded the federal government of millions of dollars in pandemic relief funds for her own personal gain and has been brought to justice,” said Special Agent in Charge Jon Ellwanger of the Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau (CFPB) Western Region. “We are proud to have worked with our federal law enforcement partners to hold Ms. Hockridge accountable.”

    “Exploiting the Small Business Administration’s pandemic relief programs for personal gain is an egregious theft of taxpayer funds,” said Deputy Inspector General Sheldon Shoemaker of the SBA Office of Inspector General. “SBA OIG will aggressively root out fraud to protect the integrity of SBA’s programs, which are intended to provide vital assistance to the nation’s small businesses. I want to thank the U. S. Attorney’s Office and our law enforcement partners for their dedication and commitment to seeing justice served.”

    “This verdict is a victory for justice, accountability, and the American public,” said Special Agent in Charge Christopher J. Altemus Jr. of the IRS Criminal Investigation (IRS-CI) Dallas Field Office. “In a time of crisis, the Paycheck Protection Program was created as a lifeline to keep small businesses afloat and families fed. Ms. Hockridge saw it as an opportunity to enrich herself. Driven by greed, she used her business to steal millions of dollars intended for those in need. The women and men of IRS-CI will continue to protect what’s right and stand firmly with the honest business owners who play by the rules.”

    As proven at trial, Hockridge co-founded Blueacorn in April 2020, purportedly to assist small businesses and individuals in obtaining PPP loans. To get larger loans for certain PPP applicants, Hockridge and her co-conspirators fabricated documents, including payroll records, tax documentation, and bank statements. Hockridge and her co-conspirators charged borrowers kickbacks based on a percentage of the funds received.

    As part of the scheme, Hockridge and others offered a personalized service to their clients called “VIPPP” to help potential borrowers complete PPP loan applications. Hockridge recruited co-conspirators to work as VIPPP referral agents and coach borrowers on how to submit false PPP loan applications. To get more kickbacks from borrowers and a higher percentage of lender fees from the SBA, Hockridge and her co-conspirators submitted PPP loan applications that they knew contained materially false information. In total, Hockridge and her coconspirators processed tens of millions of dollars in fraudulent PPP loans. Hockridge was convicted of conspiracy to commit wire fraud and acquitted of four counts of wire fraud. She is scheduled to be sentenced on Oct. 10 and faces up to 20 years in prison.

    The FBI, IRS-CI, the Special Inspector General for Pandemic Recovery, Federal Reserve Board-CFPB Office of Inspector General, and SBA OIG investigated the case.

    Acting Assistant Chief Philip Trout of the Criminal Division’s Fraud Section, Trial Attorneys Elizabeth Carr and Ryan McLaren of the Criminal Division’s Money Laundering and Asset Recovery Section, and Assistant U. S. Attorney Matthew Weybrecht for the Northern District of Texas are prosecuting the case.

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the PPP. Since the enactment of the CARES Act, the Fraud Section has prosecuted over 200 defendants in more than 130 criminal cases and has seized over $78 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at www. justice. gov/criminal/criminal-fraud/cares-act-fraud

    MLARS’s Bank Integrity Unit investigates and prosecutes banks and other financial institutions, including their officers, managers, and employees, whose actions threaten the integrity of the individual institution or the wider financial system.

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

    MIL Security OSI

  • MIL-OSI Security: Founder of Lender Service Convicted for Role in Multimillion-Dollar PPP Fraud Scheme

    Source: United States Attorneys General 7

    A federal jury convicted Stephanie Hockridge, a founder of the lender service provider Blueacorn, on Friday in connection with a scheme to fraudulently obtain tens of millions of dollars in COVID-19 relief money guaranteed by the U. S. Small Business Administration (SBA) through the Paycheck Protection Program (PPP).

    According to court documents and evidence presented at trial, Hockridge, also known as Stephanie Reis, 42, of Rio Grande, Puerto Rico, and previously of Arizona, conspired with others to submit false and fraudulent PPP loan applications, including by fabricating documents that falsified income and payroll in order to receive loan funds for which they were not eligible.

    “This defendant exploited a national emergency to personally profit from a taxpayer-funded program intended to support vulnerable individuals and small businesses,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This conviction demonstrates the Department’s commitment to holding individuals accountable for defrauding the government and wasting taxpayer money.”

    “During a time of crisis in our country, this defendant abused the generosity of the American people by stealing money dedicated to the survival of small businesses to fraudulently enrich herself,” said Acting U. S. Attorney Nancy E. Larson for the Northern District of Texas. “We are proud of the diligent work of our law enforcement partners to hold her accountable and bring her to justice. Make no mistake, our efforts to bring such fraudsters to justice are ongoing.”

    “Hockridge’s conviction demonstrates the FBI’s continued commitment to protecting taxpayer-funded programs from fraud and abuse,” said Assistant Director Jose A. Perez of the FBI Criminal Investigative Division. “This program was designed to provide critical funds to those struggling during a national crisis, not line the pockets of people seeking to exploit government assistance. The FBI remains committed to pursuing anyone who abuses the public trust for personal gain.”

    “Ms. Hockridge defrauded the federal government of millions of dollars in pandemic relief funds for her own personal gain and has been brought to justice,” said Special Agent in Charge Jon Ellwanger of the Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau (CFPB) Western Region. “We are proud to have worked with our federal law enforcement partners to hold Ms. Hockridge accountable.”

    “Exploiting the Small Business Administration’s pandemic relief programs for personal gain is an egregious theft of taxpayer funds,” said Deputy Inspector General Sheldon Shoemaker of the SBA Office of Inspector General. “SBA OIG will aggressively root out fraud to protect the integrity of SBA’s programs, which are intended to provide vital assistance to the nation’s small businesses. I want to thank the U. S. Attorney’s Office and our law enforcement partners for their dedication and commitment to seeing justice served.”

    “This verdict is a victory for justice, accountability, and the American public,” said Special Agent in Charge Christopher J. Altemus Jr. of the IRS Criminal Investigation (IRS-CI) Dallas Field Office. “In a time of crisis, the Paycheck Protection Program was created as a lifeline to keep small businesses afloat and families fed. Ms. Hockridge saw it as an opportunity to enrich herself. Driven by greed, she used her business to steal millions of dollars intended for those in need. The women and men of IRS-CI will continue to protect what’s right and stand firmly with the honest business owners who play by the rules.”

    As proven at trial, Hockridge co-founded Blueacorn in April 2020, purportedly to assist small businesses and individuals in obtaining PPP loans. To get larger loans for certain PPP applicants, Hockridge and her co-conspirators fabricated documents, including payroll records, tax documentation, and bank statements. Hockridge and her co-conspirators charged borrowers kickbacks based on a percentage of the funds received.

    As part of the scheme, Hockridge and others offered a personalized service to their clients called “VIPPP” to help potential borrowers complete PPP loan applications. Hockridge recruited co-conspirators to work as VIPPP referral agents and coach borrowers on how to submit false PPP loan applications. To get more kickbacks from borrowers and a higher percentage of lender fees from the SBA, Hockridge and her co-conspirators submitted PPP loan applications that they knew contained materially false information. In total, Hockridge and her coconspirators processed tens of millions of dollars in fraudulent PPP loans. Hockridge was convicted of conspiracy to commit wire fraud and acquitted of four counts of wire fraud. She is scheduled to be sentenced on Oct. 10 and faces up to 20 years in prison.

    The FBI, IRS-CI, the Special Inspector General for Pandemic Recovery, Federal Reserve Board-CFPB Office of Inspector General, and SBA OIG investigated the case.

    Acting Assistant Chief Philip Trout of the Criminal Division’s Fraud Section, Trial Attorneys Elizabeth Carr and Ryan McLaren of the Criminal Division’s Money Laundering and Asset Recovery Section, and Assistant U. S. Attorney Matthew Weybrecht for the Northern District of Texas are prosecuting the case.

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the PPP. Since the enactment of the CARES Act, the Fraud Section has prosecuted over 200 defendants in more than 130 criminal cases and has seized over $78 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at www. justice. gov/criminal/criminal-fraud/cares-act-fraud

    MLARS’s Bank Integrity Unit investigates and prosecutes banks and other financial institutions, including their officers, managers, and employees, whose actions threaten the integrity of the individual institution or the wider financial system.

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

    MIL Security OSI

  • MIL-OSI Security: Founder of Lender Service Convicted for Role in Multimillion-Dollar PPP Fraud Scheme

    Source: United States Attorneys General 7

    A federal jury convicted Stephanie Hockridge, a founder of the lender service provider Blueacorn, on Friday in connection with a scheme to fraudulently obtain tens of millions of dollars in COVID-19 relief money guaranteed by the U. S. Small Business Administration (SBA) through the Paycheck Protection Program (PPP).

    According to court documents and evidence presented at trial, Hockridge, also known as Stephanie Reis, 42, of Rio Grande, Puerto Rico, and previously of Arizona, conspired with others to submit false and fraudulent PPP loan applications, including by fabricating documents that falsified income and payroll in order to receive loan funds for which they were not eligible.

    “This defendant exploited a national emergency to personally profit from a taxpayer-funded program intended to support vulnerable individuals and small businesses,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This conviction demonstrates the Department’s commitment to holding individuals accountable for defrauding the government and wasting taxpayer money.”

    “During a time of crisis in our country, this defendant abused the generosity of the American people by stealing money dedicated to the survival of small businesses to fraudulently enrich herself,” said Acting U. S. Attorney Nancy E. Larson for the Northern District of Texas. “We are proud of the diligent work of our law enforcement partners to hold her accountable and bring her to justice. Make no mistake, our efforts to bring such fraudsters to justice are ongoing.”

    “Hockridge’s conviction demonstrates the FBI’s continued commitment to protecting taxpayer-funded programs from fraud and abuse,” said Assistant Director Jose A. Perez of the FBI Criminal Investigative Division. “This program was designed to provide critical funds to those struggling during a national crisis, not line the pockets of people seeking to exploit government assistance. The FBI remains committed to pursuing anyone who abuses the public trust for personal gain.”

    “Ms. Hockridge defrauded the federal government of millions of dollars in pandemic relief funds for her own personal gain and has been brought to justice,” said Special Agent in Charge Jon Ellwanger of the Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau (CFPB) Western Region. “We are proud to have worked with our federal law enforcement partners to hold Ms. Hockridge accountable.”

    “Exploiting the Small Business Administration’s pandemic relief programs for personal gain is an egregious theft of taxpayer funds,” said Deputy Inspector General Sheldon Shoemaker of the SBA Office of Inspector General. “SBA OIG will aggressively root out fraud to protect the integrity of SBA’s programs, which are intended to provide vital assistance to the nation’s small businesses. I want to thank the U. S. Attorney’s Office and our law enforcement partners for their dedication and commitment to seeing justice served.”

    “This verdict is a victory for justice, accountability, and the American public,” said Special Agent in Charge Christopher J. Altemus Jr. of the IRS Criminal Investigation (IRS-CI) Dallas Field Office. “In a time of crisis, the Paycheck Protection Program was created as a lifeline to keep small businesses afloat and families fed. Ms. Hockridge saw it as an opportunity to enrich herself. Driven by greed, she used her business to steal millions of dollars intended for those in need. The women and men of IRS-CI will continue to protect what’s right and stand firmly with the honest business owners who play by the rules.”

    As proven at trial, Hockridge co-founded Blueacorn in April 2020, purportedly to assist small businesses and individuals in obtaining PPP loans. To get larger loans for certain PPP applicants, Hockridge and her co-conspirators fabricated documents, including payroll records, tax documentation, and bank statements. Hockridge and her co-conspirators charged borrowers kickbacks based on a percentage of the funds received.

    As part of the scheme, Hockridge and others offered a personalized service to their clients called “VIPPP” to help potential borrowers complete PPP loan applications. Hockridge recruited co-conspirators to work as VIPPP referral agents and coach borrowers on how to submit false PPP loan applications. To get more kickbacks from borrowers and a higher percentage of lender fees from the SBA, Hockridge and her co-conspirators submitted PPP loan applications that they knew contained materially false information. In total, Hockridge and her coconspirators processed tens of millions of dollars in fraudulent PPP loans. Hockridge was convicted of conspiracy to commit wire fraud and acquitted of four counts of wire fraud. She is scheduled to be sentenced on Oct. 10 and faces up to 20 years in prison.

    The FBI, IRS-CI, the Special Inspector General for Pandemic Recovery, Federal Reserve Board-CFPB Office of Inspector General, and SBA OIG investigated the case.

    Acting Assistant Chief Philip Trout of the Criminal Division’s Fraud Section, Trial Attorneys Elizabeth Carr and Ryan McLaren of the Criminal Division’s Money Laundering and Asset Recovery Section, and Assistant U. S. Attorney Matthew Weybrecht for the Northern District of Texas are prosecuting the case.

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the PPP. Since the enactment of the CARES Act, the Fraud Section has prosecuted over 200 defendants in more than 130 criminal cases and has seized over $78 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at www. justice. gov/criminal/criminal-fraud/cares-act-fraud

    MLARS’s Bank Integrity Unit investigates and prosecutes banks and other financial institutions, including their officers, managers, and employees, whose actions threaten the integrity of the individual institution or the wider financial system.

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

    MIL Security OSI

  • MIL-OSI USA: Founder of Lender Service Convicted for Role in Multimillion-Dollar PPP Fraud Scheme

    Source: US State of North Dakota

    A federal jury convicted Stephanie Hockridge, a founder of the lender service provider Blueacorn, on Friday in connection with a scheme to fraudulently obtain tens of millions of dollars in COVID-19 relief money guaranteed by the U. S. Small Business Administration (SBA) through the Paycheck Protection Program (PPP).

    According to court documents and evidence presented at trial, Hockridge, also known as Stephanie Reis, 42, of Rio Grande, Puerto Rico, and previously of Arizona, conspired with others to submit false and fraudulent PPP loan applications, including by fabricating documents that falsified income and payroll in order to receive loan funds for which they were not eligible.

    “This defendant exploited a national emergency to personally profit from a taxpayer-funded program intended to support vulnerable individuals and small businesses,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division. “This conviction demonstrates the Department’s commitment to holding individuals accountable for defrauding the government and wasting taxpayer money.”

    “During a time of crisis in our country, this defendant abused the generosity of the American people by stealing money dedicated to the survival of small businesses to fraudulently enrich herself,” said Acting U. S. Attorney Nancy E. Larson for the Northern District of Texas. “We are proud of the diligent work of our law enforcement partners to hold her accountable and bring her to justice. Make no mistake, our efforts to bring such fraudsters to justice are ongoing.”

    “Hockridge’s conviction demonstrates the FBI’s continued commitment to protecting taxpayer-funded programs from fraud and abuse,” said Assistant Director Jose A. Perez of the FBI Criminal Investigative Division. “This program was designed to provide critical funds to those struggling during a national crisis, not line the pockets of people seeking to exploit government assistance. The FBI remains committed to pursuing anyone who abuses the public trust for personal gain.”

    “Ms. Hockridge defrauded the federal government of millions of dollars in pandemic relief funds for her own personal gain and has been brought to justice,” said Special Agent in Charge Jon Ellwanger of the Office of Inspector General for the Board of Governors of the Federal Reserve System and Consumer Financial Protection Bureau (CFPB) Western Region. “We are proud to have worked with our federal law enforcement partners to hold Ms. Hockridge accountable.”

    “Exploiting the Small Business Administration’s pandemic relief programs for personal gain is an egregious theft of taxpayer funds,” said Deputy Inspector General Sheldon Shoemaker of the SBA Office of Inspector General. “SBA OIG will aggressively root out fraud to protect the integrity of SBA’s programs, which are intended to provide vital assistance to the nation’s small businesses. I want to thank the U. S. Attorney’s Office and our law enforcement partners for their dedication and commitment to seeing justice served.”

    “This verdict is a victory for justice, accountability, and the American public,” said Special Agent in Charge Christopher J. Altemus Jr. of the IRS Criminal Investigation (IRS-CI) Dallas Field Office. “In a time of crisis, the Paycheck Protection Program was created as a lifeline to keep small businesses afloat and families fed. Ms. Hockridge saw it as an opportunity to enrich herself. Driven by greed, she used her business to steal millions of dollars intended for those in need. The women and men of IRS-CI will continue to protect what’s right and stand firmly with the honest business owners who play by the rules.”

    As proven at trial, Hockridge co-founded Blueacorn in April 2020, purportedly to assist small businesses and individuals in obtaining PPP loans. To get larger loans for certain PPP applicants, Hockridge and her co-conspirators fabricated documents, including payroll records, tax documentation, and bank statements. Hockridge and her co-conspirators charged borrowers kickbacks based on a percentage of the funds received.

    As part of the scheme, Hockridge and others offered a personalized service to their clients called “VIPPP” to help potential borrowers complete PPP loan applications. Hockridge recruited co-conspirators to work as VIPPP referral agents and coach borrowers on how to submit false PPP loan applications. To get more kickbacks from borrowers and a higher percentage of lender fees from the SBA, Hockridge and her co-conspirators submitted PPP loan applications that they knew contained materially false information. In total, Hockridge and her coconspirators processed tens of millions of dollars in fraudulent PPP loans. Hockridge was convicted of conspiracy to commit wire fraud and acquitted of four counts of wire fraud. She is scheduled to be sentenced on Oct. 10 and faces up to 20 years in prison.

    The FBI, IRS-CI, the Special Inspector General for Pandemic Recovery, Federal Reserve Board-CFPB Office of Inspector General, and SBA OIG investigated the case.

    Acting Assistant Chief Philip Trout of the Criminal Division’s Fraud Section, Trial Attorneys Elizabeth Carr and Ryan McLaren of the Criminal Division’s Money Laundering and Asset Recovery Section, and Assistant U. S. Attorney Matthew Weybrecht for the Northern District of Texas are prosecuting the case.

    The Fraud Section leads the Criminal Division’s prosecution of fraud schemes that exploit the PPP. Since the enactment of the CARES Act, the Fraud Section has prosecuted over 200 defendants in more than 130 criminal cases and has seized over $78 million in cash proceeds derived from fraudulently obtained PPP funds, as well as numerous real estate properties and luxury items purchased with such proceeds. More information can be found at www. justice. gov/criminal/criminal-fraud/cares-act-fraud

    MLARS’s Bank Integrity Unit investigates and prosecutes banks and other financial institutions, including their officers, managers, and employees, whose actions threaten the integrity of the individual institution or the wider financial system.

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

    MIL OSI USA News

  • MIL-OSI USA: Former Governors in Senate: GOP Reconciliation Bill will Slash Medicaid Services, SNAP

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. — Today, U.S. Senator Angus King (I-ME) led a number of his Senate colleagues who previously served as state governors to communicate to Republican leadership the devastating impacts of the Senate reconciliation bill on states. In a letter to Senate Majority Leader John Thune, Senate Finance Committee Chairman Mike Crapo and Senate Agriculture, Nutrition and Forestry Committee Chairman John Boozman, the former governors lay out their significant concerns about how this partisan bill will place incredible burdens on state budgets, ultimately reducing critical services like Medicaid and SNAP.
    The former Governors began, “We write as a group of former governors to share our perspective on the impact that the Senate reconciliation bill will have on state budgets. We have significant concerns about how this bill passes incredible burdens onto state budgets in order to finance tax cuts that disproportionately benefit ultra-wealthy taxpayers and ultimately reduce long-term economic growth.”
    “The impact of these cuts – some of which are even deeper in the reconciliation bill released by the Senate Finance Committee – will also be especially felt by hospitals, nursing homes, and other health facilities particularly in rural communities,” the group continued. “More uninsured patients mean reduced revenues, increased costs for services, and a greater burden of uncompensated care for hospitals, all of which may result in staff or service reductions. And when costs for uncompensated care go up, states and localities often must step in and provide additional funds to keep these vital community health providers afloat. Estimates suggest that 338 rural hospitals nationwide are at risk of closing due to the House reconciliation bill, including two in Maine, two in South Dakota, two in Nevada, three in Idaho, six in Virginia, and five in North Carolina.”
    “The reconciliation bill also cuts over $200 billion from the Supplemental Nutrition Assistance Program (SNAP) through 2034—the largest reduction in the program’s history— and shifts billions in benefit costs from the federal government to states for the first time. States, which have historically only overseen eligibility, are unprepared to absorb this financial burden. Based on data from 2023, states would be responsible for substantial new costs: $36 million in Maine, $984 million in Florida, $176 million in Virginia, $84 million in West Virginia, $130 million in Colorado, and $16 million in Nebraska. The reconciliation bill also shifts the majority of administrative cost burden onto states, requiring them to cover 75% of the cost-share instead of 50%, further straining state budgets. Many states will be forced to reduce access to food assistance, cut other essential services, raise taxes, or potentially opt out of SNAP altogether,” the Senators highlighted.
    The former Governors concluded, “Red and blue states alike must balance their budgets, which means every dollar in added federal cost must be made up by either raising new revenues or making harmful cuts. If the reconciliation bill is passed, even in the best of times, states would need to spend billions more to provide similar or equal Medicaid and SNAP services and benefits. Should a severe economic downturn occur, states will be faced with an even more dire budgetary outlook. Tax increases at the state level would have to be considerable to fully fill the gap, something most states will not be able to do. If unemployment rises, our constituents will be reliant on these services more than ever — a failure to provide them or limit their scope would only result in pushing more people into poverty. This outcome, however, is avoidable. It is not too late to reverse course instead of cutting critical programs and shifting massive costs on to state taxpayers to offset tax cuts benefiting the wealthiest taxpayers.”
    Joining King on the letter are Senators Mark Warner (D-VA), Tim Kaine (D-VA), Maggie Hassan (D-NH), John Hickenlooper (D-CO), and Jeanne Shaheen (D-NH).
    The full text of the letter can be found here and below.
    +++
    Dear Majority Leader Thune, Chairman Crapo, and Chairman Boozman:
    We write as a group of former governors to share our perspective on the impact that the Senate reconciliation bill will have on state budgets. We have significant concerns about how this bill passes incredible burdens onto state budgets in order to finance tax cuts that disproportionately benefit ultra-wealthy taxpayers and ultimately reduce long-term economic growth.
    The reconciliation bill proposes what would be the largest Medicaid cut in history. According to the nonpartisan Congressional Budget Office’s analysis of the similar House passed reconciliation bill, cuts to Medicaid and Affordable Care Act coverage, along with the failure to extend enhanced premium tax credits, will result in at least $1 trillion in cuts to health coverage and lead to 16 million people losing access to healthcare coverage. Across the country, more than 78 million people rely on Medicaid and the Children’s Health Insurance Program – all of whom will be affected by these cuts in some capacity, and it is disingenuous to insist otherwise.
    As Medicaid is a joint federal-state program, states will see cuts to their Medicaid programs totaling nearly $800 billion. For example, under the House-passed bill, state cuts over the next 10 years would total $2 billion in New Hampshire, $13 billion in Missouri, $19 billion in New Jersey, $5 billion in Iowa, $10 billion in Colorado, and nearly $5 billion in West Virgina. States will be forced to raise taxes or make cuts to these critical healthcare services or other important priorities, like education, childcare, housing, or disaster relief and recovery efforts. In fact, recent evidence shows that when states lose Medicaid funding, it is often Medicaid benefits that help seniors and people with disabilities, like coverage for home- and community-based care, that are first to be cut.
    The impact of these cuts – some of which are even deeper in the reconciliation bill released by the Senate Finance Committee – will also be especially felt by hospitals, nursing homes, and other health facilities particularly in rural communities. More uninsured patients mean reduced revenues, increased costs for services, and a greater burden of uncompensated care for hospitals, all of which may result in staff or service reductions. And when costs for uncompensated care go up, states and localities often must step in and provide additional funds to keep these vital community health providers afloat. Estimates suggest that 338 rural hospitals nationwide are at risk of closing due to the House reconciliation bill, including two in Maine, two in South Dakota, two in Nevada, three in Idaho, six in Virginia, and five in North Carolina.
    The reconciliation bill also cuts over $200 billion from the Supplemental Nutrition Assistance Program (SNAP) through 2034—the largest reduction in the program’s history— and shifts billions in benefit costs from the federal government to states for the first time. States, which have historically only overseen eligibility, are unprepared to absorb this financial burden. Based on data from 2023, states would be responsible for substantial new costs: $36 million in Maine, $984 million in Florida, $176 million in Virginia, $84 million in West Virginia, $130 million in Colorado, and $16 million in Nebraska. The reconciliation bill also shifts the majority of administrative cost burden onto states, requiring them to cover 75% of the cost-share instead of 50%, further straining state budgets. Many states will be forced to reduce access to food assistance, cut other essential services, raise taxes, or potentially opt out of SNAP altogether.
    As former governors, we are concerned that state governments will be forced to absorb both the administrative burden and the human cost of implementing and enforcing these changes, all while attempting to meet the basic needs of constituents left without assistance. SNAP currently supports 42 million Americans—including children, seniors, people with disabilities, and veterans—and provides vital economic stability during downturns. If these changes are enacted, millions of people—including families with children, seniors, people with disabilities, and veterans—would see their food assistance either eliminated entirely or reduced significantly. This will destabilize state budgets and unravel the basic assistance program that helps people weather economic hardship.
    Red and blue states alike must balance their budgets, which means every dollar in added federal cost must be made up by either raising new revenues or making harmful cuts. If the reconciliation bill is passed, even in the best of times, states would need to spend billions more to provide similar or equal Medicaid and SNAP services and benefits. Should a severe economic downturn occur, states will be faced with an even more dire budgetary outlook. Tax increases at the state level would have to be considerable to fully fill the gap, something most states will not be able to do. If unemployment rises, our constituents will be reliant on these services more than ever – a failure to provide them or limit their scope would only result in pushing more people into poverty. This outcome, however, is avoidable. It is not too late to reverse course instead of cutting critical programs and shifting massive costs on to state taxpayers to offset tax cuts benefiting the wealthiest taxpayers.
    We stand ready and willing to work with you and Congressional Republicans on bipartisan legislation that is fiscally responsible, provides relief for middle-class taxpayers and their families, and spurs economic growth and investment. We understand that difficult tradeoffs are often necessary, however, we believe that these goals can be achieved without making cuts to essential services that everyday Americans rely upon.
    Sincerely,

    MIL OSI USA News

  • MIL-OSI Security: Seven Georgians Indicted for Operating Online Fentanyl, Meth Marketplace

    Source: Office of United States Attorneys

    Defendants Allegedly Distributed Illegal Drugs on Dark Web’s “WallStreetBets” Vendor Account

    ATHENS, Ga. – Seven Georgia residents are charged by federal indictment with allegedly conspiring to ship thousands of parcels containing fentanyl and methamphetamine across the United States and in the Middle District of Georgia utilizing the dark web vendor account “WallStreetBets.” The final defendants were arraigned in federal court this week following arrests and seizures resulting from the ongoing investigation.

    The following defendants are charged with one count of conspiracy to distribute fentanyl and methamphetamine and face a maximum of life in prison: Steven Ehizojie Oboite, 32, of Conyers, Georgia; Eric Xavier Bechet, 31, of Dunwoody, Georgia; Jabari Ayinde Cooper, 29, of Atlanta, Georgia; Rashad Cortese Kinloch, 28, of Dunwoody; Myron Ned Stodghill, 31, of Fairburn, Georgia; Reginald Tyrone Douglas, 31, of Dunwoody; and Joshua Jamal Charles, 25, of Atlanta.

    Stodghill and Cooper were arraigned before U.S. Magistrate Judge Charles Weigle on June 18; the remaining defendants had arraignment hearings between May 22 and June 12. The indictment was returned by a federal grand jury on May 14 and was unsealed on May 19. All defendants were remanded to federal custody except Cooper and Kinloch, who were released on bond.

    Search warrants were executed on May 19 at locations in the metro Atlanta area, with federal agents seizing the following: approximately five kilograms of fentanyl-based powder; approximately one kilogram of cocaine; a pill press with multiple die casts and molds; six firearms; several pounds of marijuana; approximately 200 pills; two cold cryptocurrency wallets; a Jeep Wrangler; and a Tesla Model S.

    The indictment alleges that a dark web vendor controlled by Oboite and Bechet called WallStreetBets—first operating on the White House Market on the dark web as WallStreetBets and later operating on the Darkode Market on the dark web as WallStreetBet—began distributing large quantities of fentanyl, methamphetamine and other controlled substances sometime before March 2021 by shipping parcels of the illegal drugs from Georgia to many other locations within the United States, including in the Middle District of Georgia. The “Previous Vendor Feedback” section on the Darkode Market reported 2,777 previous sales with a 95% vendor rating for WallStreetBets/WallStreetBet.

    The WallStreetBets packages shared common characteristics like padded or bubble-wrap lined mailing envelopes of varying colors; prepaid shipping labels generated by a third-party postage provider that accepts cryptocurrency as a form of payment; the sender’s name was a business name that did not exist; the return address was the address of seemingly random single-family residences or apartment complexes in Georgia; and the packages typically contained pieces of candy in addition to the controlled substances. The WallStreetBets/WallStreetBet vendor page offered pills for sale that were purported to be oxycodone, Adderall and Percocet, in addition to crystal methamphetamine and fentanyl-based powders.

    The indictment alleges that Oboite and Bechet controlled the WallStreetBets/WallStreetBet vendor accounts across several dark web markets, including Darkode, Bohemia and Dark Matter. It is alleged that Oboite and Bechet obtained illegal drugs on behalf of WallStreetBets from several sources, including Stodghill. Oboite and Bechet directed co-conspirators Cooper, Kinloch, Douglas and Charles to package the orders, print shipping labels and ship the parcels via the United States Postal Service to customer addresses throughout the United States, including addresses in the Middle District of Georgia. The indictment alleges that the seven co-conspirators shipped thousands of packages containing illegal drugs.

    If anyone has information about this case, including potential overdoses related to purchases made from WallStreetBets, they are urged to contact the FBI Atlanta Field Office at 770-216-3000.

    The FBI and the United States Postal Inspection Service (USPIS) are investigating the case, with assistance from the IRS, the Drug Enforcement Administration (DEA), the Georgia Bureau of Investigation (GBI) and the Athens-Clarke County Police. This case is being investigated as part of an FBI-led interagency Joint Criminal Opioid and Darknet Enforcement (J-CODE) operation. J-CODE brings together experts from the DEA, the Postal Inspection Service, the Homeland Security Investigations, as well as the Department of Defense and the Customs and Border Protection, along with the FBI.

    Assistant U.S. Attorney Daniel Peach is prosecuting the case for the Government.

    An indictment is only an allegation of criminal conduct, and all defendants are presumed innocent until and unless proven guilty in a court of law beyond a reasonable doubt.

    MIL Security OSI

  • MIL-OSI Security: Seven Georgians Indicted for Operating Online Fentanyl, Meth Marketplace

    Source: Office of United States Attorneys

    Defendants Allegedly Distributed Illegal Drugs on Dark Web’s “WallStreetBets” Vendor Account

    ATHENS, Ga. – Seven Georgia residents are charged by federal indictment with allegedly conspiring to ship thousands of parcels containing fentanyl and methamphetamine across the United States and in the Middle District of Georgia utilizing the dark web vendor account “WallStreetBets.” The final defendants were arraigned in federal court this week following arrests and seizures resulting from the ongoing investigation.

    The following defendants are charged with one count of conspiracy to distribute fentanyl and methamphetamine and face a maximum of life in prison: Steven Ehizojie Oboite, 32, of Conyers, Georgia; Eric Xavier Bechet, 31, of Dunwoody, Georgia; Jabari Ayinde Cooper, 29, of Atlanta, Georgia; Rashad Cortese Kinloch, 28, of Dunwoody; Myron Ned Stodghill, 31, of Fairburn, Georgia; Reginald Tyrone Douglas, 31, of Dunwoody; and Joshua Jamal Charles, 25, of Atlanta.

    Stodghill and Cooper were arraigned before U.S. Magistrate Judge Charles Weigle on June 18; the remaining defendants had arraignment hearings between May 22 and June 12. The indictment was returned by a federal grand jury on May 14 and was unsealed on May 19. All defendants were remanded to federal custody except Cooper and Kinloch, who were released on bond.

    Search warrants were executed on May 19 at locations in the metro Atlanta area, with federal agents seizing the following: approximately five kilograms of fentanyl-based powder; approximately one kilogram of cocaine; a pill press with multiple die casts and molds; six firearms; several pounds of marijuana; approximately 200 pills; two cold cryptocurrency wallets; a Jeep Wrangler; and a Tesla Model S.

    The indictment alleges that a dark web vendor controlled by Oboite and Bechet called WallStreetBets—first operating on the White House Market on the dark web as WallStreetBets and later operating on the Darkode Market on the dark web as WallStreetBet—began distributing large quantities of fentanyl, methamphetamine and other controlled substances sometime before March 2021 by shipping parcels of the illegal drugs from Georgia to many other locations within the United States, including in the Middle District of Georgia. The “Previous Vendor Feedback” section on the Darkode Market reported 2,777 previous sales with a 95% vendor rating for WallStreetBets/WallStreetBet.

    The WallStreetBets packages shared common characteristics like padded or bubble-wrap lined mailing envelopes of varying colors; prepaid shipping labels generated by a third-party postage provider that accepts cryptocurrency as a form of payment; the sender’s name was a business name that did not exist; the return address was the address of seemingly random single-family residences or apartment complexes in Georgia; and the packages typically contained pieces of candy in addition to the controlled substances. The WallStreetBets/WallStreetBet vendor page offered pills for sale that were purported to be oxycodone, Adderall and Percocet, in addition to crystal methamphetamine and fentanyl-based powders.

    The indictment alleges that Oboite and Bechet controlled the WallStreetBets/WallStreetBet vendor accounts across several dark web markets, including Darkode, Bohemia and Dark Matter. It is alleged that Oboite and Bechet obtained illegal drugs on behalf of WallStreetBets from several sources, including Stodghill. Oboite and Bechet directed co-conspirators Cooper, Kinloch, Douglas and Charles to package the orders, print shipping labels and ship the parcels via the United States Postal Service to customer addresses throughout the United States, including addresses in the Middle District of Georgia. The indictment alleges that the seven co-conspirators shipped thousands of packages containing illegal drugs.

    If anyone has information about this case, including potential overdoses related to purchases made from WallStreetBets, they are urged to contact the FBI Atlanta Field Office at 770-216-3000.

    The FBI and the United States Postal Inspection Service (USPIS) are investigating the case, with assistance from the IRS, the Drug Enforcement Administration (DEA), the Georgia Bureau of Investigation (GBI) and the Athens-Clarke County Police. This case is being investigated as part of an FBI-led interagency Joint Criminal Opioid and Darknet Enforcement (J-CODE) operation. J-CODE brings together experts from the DEA, the Postal Inspection Service, the Homeland Security Investigations, as well as the Department of Defense and the Customs and Border Protection, along with the FBI.

    Assistant U.S. Attorney Daniel Peach is prosecuting the case for the Government.

    An indictment is only an allegation of criminal conduct, and all defendants are presumed innocent until and unless proven guilty in a court of law beyond a reasonable doubt.

    MIL Security OSI

  • MIL-OSI: Rockcliffe Capital Initiates Coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM) with a “Strong Buy” Rating and C$155 Price Target

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM), a premier senior gold mining company with operations spanning Canada, Finland, Australia, Mexico, and the U.S.

    Following rigorous financial and operational analysis, Rockcliffe Capital assigns Agnico Eagle a “Strong Buy” rating, alongside a 12-month price target of C$155, reflecting strong upside potential of approximately 25% from current market levels.

    “Agnico Eagle has delivered extraordinary operating discipline and record earnings this quarter,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “With Q1 net income soaring to US$815 M—up 134% YoY—and free cash flow reaching US$594 M amid near-zero debt, Agnico offers both growth and balance sheet strength in the gold sector.”

    Investment Thesis Highlights:

    • Earnings Powerhouse: Q1 2025 net income rose to US$815 million (US$1.62 EPS), a 134% YoY increase, driven by record operating margins from elevated gold prices.
    • Revenue & Margin Strength: Q1 revenue climbed 34.9% YoY to US$2.468 billion, while all-in sustaining costs (AISC) dropped ~10% to US$1,183/oz, delivering a ~59% margin.
    • Balance Sheet Resilience: Operating cash flow hit US$1.044 billion, free cash flow was US$594 million, enabling net debt to fall to just US$5 million, with cash reserves of US$1.138 billion.
    • Strategic Growth Initiatives: Ongoing capital deployment into high-quality projects like Detour Lake, Upper Beaver, and the O3 Mining acquisition enhances reserve base and future production visibility.
    • Shareholder Returns: Maintains a US$0.40/share quarterly dividend. NCIB buybacks of US$50 million executed in the quarter; the Board plans an expanded NCIB of up to US$1 billion.
    • ESG Leadership: Released its 16th Sustainability Report highlighting best-in-class emissions intensity (0.38 tCO₂e/oz), C$1 billion Indigenous economic commitment, and sector-leading safety.

    Valuation & Target:
    Utilizing a disciplined valuation framework with a projected 2026 EV/EBITDA multiple of ~8× and P/E multiple of ~18×, Rockcliffe Capital derives a 12-month price target of C$155, equivalent to ~US$115/share, indicating ~25% upside from current levels.

    Risk Factors:

    • Gold Price Volatility: A sustained decline in gold prices could compress margins and cash flow.
    • Project Execution: Delays at key sites (e.g., underground transitions, permitting) could affect supply outlook.
    • Macro Factors: A stronger U.S. dollar or higher real interest rates may weigh on gold sector valuations.

    About Rockcliffe Capital Research
    Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.

    Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership.

    Please contact research@rockcliffe.capital for access to our full research suite and initiation reports.

    Media Contact
    Rockcliffe Capital
    Research & Markets Division
    research@rockcliffe.capital
    +1 (416)-642-1967

    This press release is for informational purposes only and does not constitute investment advice. Rockcliffe Capital and its affiliates may hold positions in the securities mentioned.

    The MIL Network

  • MIL-OSI: Rockcliffe Capital Initiates Coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM) with a “Strong Buy” Rating and C$155 Price Target

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 23, 2025 (GLOBE NEWSWIRE) — Rockcliffe Capital is pleased to announce today the initiation of equity research coverage on Agnico Eagle Mines Ltd. (TSX/NYSE: AEM), a premier senior gold mining company with operations spanning Canada, Finland, Australia, Mexico, and the U.S.

    Following rigorous financial and operational analysis, Rockcliffe Capital assigns Agnico Eagle a “Strong Buy” rating, alongside a 12-month price target of C$155, reflecting strong upside potential of approximately 25% from current market levels.

    “Agnico Eagle has delivered extraordinary operating discipline and record earnings this quarter,” said Felix Gelt, Managing Director of Research at Rockcliffe Capital. “With Q1 net income soaring to US$815 M—up 134% YoY—and free cash flow reaching US$594 M amid near-zero debt, Agnico offers both growth and balance sheet strength in the gold sector.”

    Investment Thesis Highlights:

    • Earnings Powerhouse: Q1 2025 net income rose to US$815 million (US$1.62 EPS), a 134% YoY increase, driven by record operating margins from elevated gold prices.
    • Revenue & Margin Strength: Q1 revenue climbed 34.9% YoY to US$2.468 billion, while all-in sustaining costs (AISC) dropped ~10% to US$1,183/oz, delivering a ~59% margin.
    • Balance Sheet Resilience: Operating cash flow hit US$1.044 billion, free cash flow was US$594 million, enabling net debt to fall to just US$5 million, with cash reserves of US$1.138 billion.
    • Strategic Growth Initiatives: Ongoing capital deployment into high-quality projects like Detour Lake, Upper Beaver, and the O3 Mining acquisition enhances reserve base and future production visibility.
    • Shareholder Returns: Maintains a US$0.40/share quarterly dividend. NCIB buybacks of US$50 million executed in the quarter; the Board plans an expanded NCIB of up to US$1 billion.
    • ESG Leadership: Released its 16th Sustainability Report highlighting best-in-class emissions intensity (0.38 tCO₂e/oz), C$1 billion Indigenous economic commitment, and sector-leading safety.

    Valuation & Target:
    Utilizing a disciplined valuation framework with a projected 2026 EV/EBITDA multiple of ~8× and P/E multiple of ~18×, Rockcliffe Capital derives a 12-month price target of C$155, equivalent to ~US$115/share, indicating ~25% upside from current levels.

    Risk Factors:

    • Gold Price Volatility: A sustained decline in gold prices could compress margins and cash flow.
    • Project Execution: Delays at key sites (e.g., underground transitions, permitting) could affect supply outlook.
    • Macro Factors: A stronger U.S. dollar or higher real interest rates may weigh on gold sector valuations.

    About Rockcliffe Capital Research
    Rockcliffe Capital’s Research Department provides institutional-grade equity research focused on growth-stage companies, public markets, and high-conviction investment themes. Through rigorous analysis, proprietary modeling, and deep sector insights, our research team supports investors, issuers, and strategic partners in identifying value and making informed decisions.

    Our coverage includes detailed valuation frameworks, peer comparisons, financial modeling, and ESG scorecards—delivering the intelligence that drives market leadership.

    Please contact research@rockcliffe.capital for access to our full research suite and initiation reports.

    Media Contact
    Rockcliffe Capital
    Research & Markets Division
    research@rockcliffe.capital
    +1 (416)-642-1967

    This press release is for informational purposes only and does not constitute investment advice. Rockcliffe Capital and its affiliates may hold positions in the securities mentioned.

    The MIL Network

  • MIL-OSI China: Chinese premier signs decree unveiling tax-related information rules concerning internet platform companies

    Source: People’s Republic of China – State Council News

    Chinese Premier Li Qiang has signed a State Council decree unveiling rules to regulate internet platform companies’ submission of tax-related information.

    The rules go into effect on Monday.

    The rules aim to regulate the internet platform companies’ submission of tax-related information of business operators and employees on their respective platforms, enhance the efficiency of tax services and management, protect the legal rights and interests of taxpayers, create a fair and unified tax environment, and promote the standardized and healthy development of the platform economy.

    According to the rules, internet platform companies are required to submit the identity information of operators and employees, as well as income data for the previous quarter, to their respective tax authorities within one month following the end of each quarter.

    Internet platform companies should standardize the preservation of tax-related information concerning operators and employees within their platforms, according to the rules.

    Tax authorities are required to keep the acquired tax-related information confidential in accordance with the law and establish a tax information security management system.

    The rules also outline circumstances under which submission is exempted and measures to reduce submission burdens.

    In addition, the rules also stipulate corresponding legal responsibilities for different types of violations.

    MIL OSI China News

  • MIL-OSI Economics: The EU’s CBAM: Implications for Member States and Trading Partners

    Source: International Monetary Fund

    Summary

    The EU Carbon Border Adjustment Mechanism (CBAM) came into force on October 1, 2023, introducing reporting requirements for importers of covered products and, from 2026, an obligation to pay a fee on the carbon content of imported goods. This paper uses indices of ad valorem tariffs to assess the incidence of the EU CBAM on both EU member states and the EU’s trading partners. Overall, the direct impact on EU countries’ trade is estimated to be small, adding 0.1 percent to the value of EU imports when averaged across all imports, and 0.04 percent to the average cost of non-EU countries’ exports to the EU—with a maximum of 1.2 percent. However, effects could be sizeable for specific products such as iron, steel and aluminium, which can help explain CBAM’s political salience. Moreover, an expanded CBAM featuring full coverage of ETS sectors and a significantly higher carbon price could entail larger costs in the more distant future.

    Subject: Environment, Exports, Greenhouse gas emissions, Imports, International trade

    Keywords: Carbon Leakage, Carbon Taxation, Emissions Trading, Exports, Global, Greenhouse gas emissions, Imports, Trade Policy

    MIL OSI Economics

  • MIL-OSI Russia: Interview with Minister of Industry and Trade Anton Alikhanov to RIA Novosti

    Translation. Region: Russian Federal

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

    Anton Alikhanov: We are fighting phantom enterprises.

    In an interview with RIA Novosti, Minister of Industry and Trade Anton Alikhanov spoke about how pseudo-Russian brands are identified, what measures the state is introducing to ensure product safety in schools and kindergartens, and the fight against illegal goods.

    Anton Alikhanov (photo: Ministry of Industry and Trade)

    A. Veselova: Anton Andreevich, what is the situation with illegal turnover of products in Russia today?

    A. Alikhanov: I would like to start by saying that ten years ago, by decision of the president, a state commission was created to combat illegal turnover of industrial products. It became the main coordinating link in the comprehensive work in the fight against the shadow market. The activities of all industry and regulatory bodies at the federal level are linked through it.

    Various tools are used to reduce the circulation of illegal products. But the most effective has become the digital marking and traceability system of goods “Honest Sign”.

    This direction is already being implemented in all EAEU countries and in Uzbekistan. In Russia, 31 product categories are monitored from the conveyor to the consumer on a mandatory basis, with 16 being subject to an experiment. The government is also considering further expansion of the system to various products, especially in the food industry and industrial goods. The Honest Sign mobile application is used by almost 28 million consumers, they have checked more than 300 million products and identified 240 thousand violations. All complaints are sent to regulatory authorities.

    A. Veselova: What effect on the economy has been recorded in the country from the introduction of labeling?

    A. Alikhanov: According to the Federal Tax Service, over the past five years the economic effect has amounted to 1.2 trillion rubles in the form of tax and other revenues to budgets at all levels. More than half of this amount was achieved by whitening the tobacco market – 627 billion rubles. The results in other product groups are also noticeable. In dairy products – 148 billion rubles, in light industry – 143 billion rubles, in the footwear segment – 85 billion rubles, in perfumery – 35 billion rubles.

    In addition to increasing state revenues, legal businesses earned an additional 687 billion rubles by increasing their market share. And according to Rosstat data, the profitability of sales has increased for all bona fide market participants. Since the launch of mandatory labeling by 2023, tobacco products have increased by 17.9%, packaged water by 13.1%, footwear by 5.7%, and dairy products by 3.2%. I would like to note that these effects have been achieved without a noticeable impact on the final price for the consumer. According to the Research Institute of the Ministry of Finance, the share of labeling in the cost price is no more than 1%.

    A. Veselova: Since April 2024, a permit regime has been in effect for a number of goods in Russia, which checks the quality of the goods through a special QR code; if the product is of poor quality, the system will not allow the buyer to purchase it. How effective is this mechanism? How does the regime protect consumers?

    A. Alikhanov: Due to the introduction of a permit regime at store checkouts, sales of 1.2 billion low-quality or illegal goods have been blocked. Among them: beer – 299 million units, milk – 243 million, tobacco – 311 million, in the light industry – 187 million, soft drinks – 110 million. This system already applies to 16 groups of goods and will be expanded this year to non-alcoholic beer, caviar, veterinary drugs, technical rehabilitation equipment and bicycles.

    The labeling system allows for batches of unsafe products to be blocked within an hour by decision of regulatory authorities. For example, Rospotrebnadzor, based on research, did this proactively with respect to six million dietary supplements across the country with dangerous levels of lithium, melatonin, and simethicone. Similarly, due to a poisoning incident, sales of a batch of 2.5 million bottles of water were promptly stopped. Thus, we now have a mechanism for quickly stopping sales of products whose quality and safety are in doubt.

    It is important that we not only control the products themselves, but also close illegal production facilities, in particular 56 tobacco factories, using control bodies. At the same time, many enterprises left the shadow sector and began to operate according to the law. This is how more than 550 “new” water producers appeared, the number of legal importers of dietary supplements increased tenfold and those who produce them tripled.

    A. Veselova: What is happening now in the sphere of state control over industrial products?

    A. Alikhanov: State control is one of the key mechanisms for consumer protection. It ensures quality control and product safety in accordance with established requirements at all stages – during production, delivery and circulation.

    Today, the safety of certain types of products is confirmed by a certificate or declaration, while there is no further state control over such products. That is, there may be cases when an unscrupulous manufacturer provides the laboratory with a so-called “golden sample” that fully complies with the requirements. This is how he receives a certificate. And the product goes to the market under this certificate, but it does not comply with the requirements. As a result, unsafe products may end up on the shelf.

    A. Veselova: Are you developing additional mechanisms to protect consumers in order to prevent unsafe products from entering the market?

    A. Alikhanov: We have developed a set of measures with the Ministry of Economic Development. First of all, these are changes to the legislation to restore state control over certain types of industrial products – I believe that it will be effective. This is confirmed by the experiment that Rosstandart is conducting on certain types of construction products and materials. We are talking about cable products, various types of cement, construction and concrete mixtures, as well as heating convectors and radiators. Over two thousand control measures have already been carried out in a year of the experiment.

    According to the inspection results, 57% of cases revealed violations of product quality requirements. Such unsafe products are recalled from the market. For example, in St. Petersburg, about 6 thousand tons of dry construction mixtures worth a total of about 104 million rubles were withdrawn from circulation. And such cases are not isolated.

    Another significant initiative in this direction was introduced by the State Duma deputies. They proposed to legislatively enshrine the regulation of technical conditions, according to which manufacturers often release their products. We fully support this approach.

    A. Veselova: What is the difference between technical conditions and technical regulations? What effect do you expect from fixing technical conditions?

    A. Alikhanov: Technical conditions today are a non-public document in which the manufacturer himself defines the requirements for his products. Formally, they should not be lower than the requirements of technical regulations. But technical regulations establish only minimum safety requirements and do not affect quality parameters. Therefore, the requirements of technical conditions may be lower than GOSTs. A simple example: if a manufacturer puts saury in a can labeled “kilka”, this may not violate safety standards or technical conditions. But it absolutely does not meet consumer expectations and, most importantly, violates GOST requirements.

    We are confident that the removal of technical specifications from the unregulated zone will increase transparency and ensure fair competition. In addition, it will involve bona fide manufacturers in the national standardization process. Ultimately, this will have a positive effect on the quality of products released into circulation and will increase consumer confidence.

    A. Veselova: What additional measures are being taken to protect products from possible attempts at counterfeiting?

    A. Alikhanov: We conducted an experiment with the Ministry of Economic Development and the CRPT, following which the government adopted Resolution No. 837, which comes into force on September 1. It strengthens control not only over the availability, but also the content of permits for goods in the labeling system. This will allow us to confirm their relevance and compliance with the declared products. If the documents do not pass the check, the products will not be allowed on the market.

    In addition, a ban on sales at the checkout will be introduced if the permits are declared invalid after the products have been put into circulation. We are currently verifying the contents of the documents with the state registers of Rosaccreditation and Rospotrebnadzor. In the future, we will expand the array of data on the products themselves and whether the company has the right to produce them. We are discussing this decision with the member countries of the association and expect a positive decision from the Eurasian Economic Commission.

    A. Veselova: How does the ministry combat pseudo-Russian brands? How acute is this issue today?

    A. Alikhanov: We are conducting an experiment to identify such manufacturers and phantom enterprises. For example, more than 2.8 thousand shoe manufacturers are registered in the marking system, of which almost 470 are in Moscow. If the system reveals, based on risk indicators, that the activities of such companies deviate from the norm and raise suspicions, then representatives of the CRPT and Rospotrebnadzor conduct an on-site inspection. In fact, they determine whether there is real production or just a legal entity that legalizes illegal products.

    The first results showed that 92% of inspections of footwear, consumer goods and dietary supplements were fake enterprises. Their addresses were found to be vacant lots, residential buildings or abandoned buildings. These companies tried to “legalize” products that did not correspond to the declared documents. In some cases, there is reason to believe that these are imports that are registered as products of Russian origin in order to evade customs duties and control.

    Based on the results of the experiment, a mechanism was developed to limit the issuance of marking codes to such legal entities and block their products. Before the traceability system appeared, this was impossible to do. For now, we have extended this algorithm to the least regulated industries – footwear, light industry, perfumery, tires and dietary supplements. Then we will cover other product categories.

    A. Veselova: Anton Andreevich, there was information on the Internet about the incorrect operation of the marking system in case of unstable Internet operation? Do you know about this, does such a problem really exist?

    A. Alikhanov: Since March 1, 2025, an offline mode has been introduced for a number of product groups that require mandatory labeling, which allows checking the product even without the Internet. To do this, a special local module of the system is installed at the checkout, into which a database of labeled products is loaded. When attempting to make a sale, the system first accesses the online database, and if the check fails, for example, due to the lack of Internet, it loads data from the local module. Thus, the system ensures correct operation even during temporary Internet problems.

    A. Veselova: Today, more and more people use marketplaces, but it is difficult to check the quality of goods there. What measures do you plan to take in connection with counterfeit products on marketplaces?

    A. Alikhanov: In our opinion, it is necessary to strengthen control over marketplaces in order to exclude violations when selling marked goods on the Internet. The draft law “On the platform economy” provides for the obligations of trading platforms to check the registration of the seller, the product and its code in the marking system. If any of these criteria are not met, the offer should not be reflected in the buyer’s search. While such requirements have not yet been enshrined in law, CRPT has entered into agreements with the largest marketplaces: Yandex, Wildberries, SberMegaMarket, Samokat, Ozon, AliExpress and Russian Post. These online platforms have undertaken to independently check customer complaints received through the Honest Sign application and take action against violators. According to the marking system, 95% of complaints were confirmed. In relation to a third of them, marketplaces applied sanctions: fines, blocking goods or warnings. For the rest, sellers received notifications demanding that they eliminate the violations.

    A. Veselova: Today, goods from the member states of the Eurasian Economic Union cross customs under a simplified regime. There are frequent cases where goods illegally enter one of these countries and then travel to Russia. Is the Ministry working on measures to strengthen control in such cases?

    A. Alikhanov: Our country is the largest market in the EAEU and, of course, there are cases that you mentioned. Often these goods then end up, for example, in the fake production facilities that I mentioned earlier.

    To solve the problem, it is necessary, firstly, to harmonize the list of goods that are subject to mandatory labeling. That is, the nomenclature must be uniform in all EAEU countries. This is what we are discussing with our colleagues.

    Secondly, it is necessary to ensure regular verification of information from the labeling system with data from the EAEU member states on goods sent to Russia. This also concerns the verification of mirror customs statistics and the country of origin of the goods.

    A. Veselova: What effect do you expect from the experiment to control the supply of unsafe and low-quality food products to social institutions?

    A. Alikhanov: With the introduction of a permit regime at cash registers and the integration of the marking system with Mercury, counterfeit products were blocked from entering stores. But we see that dubious products have begun to appear in schools and hospitals where there are no cash registers.

    In order to set a barrier for it, at the end of last year, we decided at the state commission to start an experiment in the labeling system to control the supply of food products to the social sphere. So far, it covers several regions – Krasnodar, Perm, Stavropol and Khabarovsk Territories, Moscow and Novosibirsk Regions, St. Petersburg. We will complete it by September, having created criteria and a mechanism for stopping this practice. The experiment affects packaged water and dairy products, which are subject to labeling. In the near future, we will make such control mandatory, since we are already seeing successful results.

    A. Veselova: What are the prospects for the development of the labeling system in Russia in the future?

    A. Alikhanov: The introduction of labeling is advisable for goods that are most sensitive to illegal trafficking. Therefore, the government will systematically expand the range of products, including industrial products. We are conducting experiments on radio electronics, building materials, and radiators. We are working on traceability issues for the raw materials from which these goods are made.

    We will scale and develop the labeling system, supplement it with new functionality. That is, we will continue to narrow the opportunities for various tricks that pose a threat to human health and undermine food and economic security.

    Source – RIA Novosti.

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

    MIL OSI Russia News

  • MIL-OSI: FactSet Reports Results for Third Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    • Q3 GAAP revenues of $585.5 million, up 5.9% from Q3 2024.
    • Organic Q3 ASV of $2,296.9 million, up 4.5% year over year.
    • Q3 GAAP operating margin of 33.2%, down approximately 350 bps year over year, and adjusted operating margin of 36.8%, down 270 bps year over year.
    • Q3 GAAP diluted EPS of $3.87, down 5.4% from the prior year, and adjusted diluted EPS of $4.27, down 2.3% year over year.
    • FactSet appointed Sanoke Viswanathan as CEO, effective early September 2025. He succeeds Phil Snow, who will retire as CEO and Board member. Snow will remain a senior advisor through the end of the calendar year.

    NORWALK, Conn., June 23, 2025 (GLOBE NEWSWIRE) — FactSet (“FactSet” or the “Company”) (NYSE:FDS) (NASDAQ:FDS), a global financial digital platform and enterprise solutions provider, today announced results for its third quarter fiscal 2025 ended May 31, 2025.

    Third Quarter Fiscal 2025 Highlights

    • GAAP revenues increased 5.9%, or $32.8 million, to $585.5 million for the third quarter of fiscal 2025 compared with $552.7 million in the prior year period. Organic(1) revenues grew 4.4% year over year to $577.2 million during the third quarter of fiscal 2025. Growth in GAAP and Organic revenues this quarter was driven by wealth and institutional buy-side clients.
    • Annual Subscription Value (“ASV”) was $2,335.1 million at May 31, 2025, compared with $2,199.1 million at May 31, 2024. Organic ASV was $2,296.9 million at May 31, 2025, up 4.5% or $98.5 million year over year(2).
    • Organic ASV increased $22.6 million over the last three months. Please see the “ASV” section of this press release for details.
    • GAAP operating margin decreased to 33.2% compared with 36.6% for the prior year period. Adjusted operating margin decreased to 36.8% compared with 39.4% in the prior year period. GAAP and adjusted operating margin decreased primarily due to the lapping of both a lower bonus accrual and a one-time payroll tax adjustment that occurred in the prior year, as well as higher annual base salaries from inclusion of recent acquisitions, partially offset by growth in revenues. In addition, GAAP operating margin decreased due to higher amortization of intangible assets.
    • GAAP diluted earnings per share (“EPS”) decreased 5.4% to $3.87 compared with $4.09 for the same period in fiscal 2024. Adjusted diluted EPS decreased 2.3% to $4.27 compared with $4.37 in the prior year period. The decrease in GAAP diluted EPS and adjusted diluted EPS were mainly driven by higher operating expenses, partially offset by growth in revenues.
    • Net cash provided by operating activities was $253.8 million for the third quarter of fiscal 2025, an increase of 6.5% compared with the prior year period. Free cash flow increased to $228.6 million for the third quarter of fiscal 2025, compared with $216.9 million for the prior year period, an increase of 5.4%, primarily due to higher operating cash flows.
    • GAAP effective tax rate for the third quarter of fiscal 2025 increased to 17.5% compared with 17.0% for the third quarter of fiscal 2024. The increase was primarily due to certain discrete items, mainly lower excess tax benefits related to stock-based compensation, as well as a higher overall foreign tax rate, partially offset by lower U.S. tax on foreign earnings.

    (1) References to “organic” figures in this press release exclude the current year impact of acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency.

    (2) Beginning in fiscal 2025, FactSet is reporting Organic ASV, rather than Organic ASV plus Professional Services, to focus on the recurring nature of its revenues. This underscores the shift of FactSet’s offerings toward providing more managed services and less project-based services.

    “We are pleased with our third quarter performance, which reflects the execution of our enterprise solution strategy. With a healthy pipeline and increased momentum, we are well-positioned to finish the fiscal year with strength,” said Phil Snow, CEO of FactSet. “As FactSet prepares for its next chapter of leadership, I’m proud of the solid foundation we’ve established, built on innovation, client trust, and industry-leading data and workflow solutions. This platform gives me great conviction in the Company’s continued success.”

    Key Financial Measures*

    (Condensed and Unaudited) Three Months Ended  
      May 31,  
    (In thousands, except per share data) 2025 2024 Change
    Revenues $ 585,520   $ 552,708   5.9 %
    Organic revenues $ 577,200   $ 552,708   4.4 %
    Operating income $ 194,155   $ 202,459   (4.1 )%
    Adjusted operating income $ 215,313   $ 217,960   (1.2 )%
    Operating margin   33.2 %   36.6 %  
    Adjusted operating margin   36.8 %   39.4 %  
    Net income $ 148,542   $ 158,135   (6.1 )%
    Adjusted net income $ 163,921   $ 168,796   (2.9 )%
    EBITDA $ 235,915   $ 239,930   (1.7 )%
    Diluted EPS $ 3.87   $ 4.09   (5.4 )%
    Adjusted diluted EPS $ 4.27   $ 4.37   (2.3 )%

             * See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release.

    “As anticipated, the second half in fiscal 2025 is showing improved results, with third quarter organic ASV growth accelerating as we meet client demands and execute diligently,” said Helen Shan, FactSet’s CFO. “At the same time, we remain focused on investing in our strategic priorities and are reaffirming our fiscal 2025 guidance to achieve our full year targets.”

    Annual Subscription Value (ASV)

    ASV at any given point in time represents the forward-looking revenues for the next 12 months from all subscription services currently supplied to clients.

    ASV was $2,335.1 million at May 31, 2025, compared with $2,199.1 million at May 31, 2024. Organic ASV was $2,296.9 million at May 31, 2025, up $98.5 million from the prior year, for a growth rate of 4.5%. Organic ASV increased $22.6 million over the last three months.

    The buy-side and sell-side organic ASV annual growth rates as of May 31, 2025 were each 4.0%. Buy-side clients, including institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients, accounted for 82% of organic ASV. The remaining organic ASV came from sell-side firms, including broker-dealers, banking and advisory firms, and private equity and venture capital firms. Supplementary tables covering organic buy-side and sell-side ASV growth rates may be found on the last page of this press release.

    Segment Revenues and ASV

    ASV from the Americas was $1,513.1 million compared with ASV in the prior year period of $1,415.3 million. Organic ASV from the Americas increased 5.0% to $1,486.0 million. Americas revenues for the quarter increased to $380.5 million compared with $356.5 million in the third quarter of last year. The Americas quarterly organic revenues growth rate was 5.0% over the prior year period.

    ASV from EMEA was $581.9 million compared with ASV in the prior year period of $565.0 million. Organic ASV from EMEA increased 2.1% to $575.2 million. EMEA revenues were $145.7 million compared with $141.2 million in the third quarter of fiscal 2024. The EMEA quarterly organic revenues growth rate was 2.3% over the prior year period.

    ASV from Asia Pacific was $240.1 million compared with ASV in the prior year period of $218.8 million. Organic ASV from Asia Pacific increased 7.1% to $235.7 million. Asia Pacific revenues were $59.3 million compared with $55.0 million in the third quarter of fiscal 2024. The Asia Pacific quarterly organic revenues growth rate was 6.4% over the prior year period.

    Operational Highlights – Third Quarter Fiscal 2025

    • Client count as of May 31, 2025 was 8,811, a net increase of 166 clients in the past three months, driven by hedge fund, corporate and wealth management clients, and now includes clients from the LiquidityBook acquisition. The count includes clients with ASV of $10,000 and more.
    • User count was 220,496 as of May 31, 2025, a net increase of 1,355 users in the past three months, driven by an increase in wealth management users. The user count does not reflect the fiscal 2025 acquisitions.
    • Annual ASV retention was greater than 95% as of May 31, 2025. When expressed as a percentage of clients, annual retention was 91% as of May 31, 2025.
    • Employee headcount was 12,579 as of May 31, 2025, up 2.6% over the last 12 months, with the increase primarily in the sales and technology groups, mainly from the Irwin and LiquidityBook acquisitions and an increase in employees in our Centers of Excellence. FactSet’s Centers of Excellence account for approximately 67% of the Company’s employees.
    • A quarterly dividend of $41.6 million, or $1.10 per share, was paid on June 18, 2025, to holders of record of FactSet’s common stock at the close of business on May 30, 2025. This represents a 6% increase in the regular quarterly dividend from the $1.04 per share paid in the previous quarter and marks the 26th consecutive year the Company has increased dividends on a stock split-adjusted basis.
    • FactSet entered into a new credit agreement that includes a term loan of $500 million and a revolving credit facility of $1.0 billion, which remains undrawn. The term loan was used to repay borrowings under the 2022 credit agreement.
    • FactSet announced that Phil Snow will retire as CEO and a member of the Board, effective early September 2025 and will be succeeded by Sanoke Viswanathan, most recently CEO of International Consumer and Wealth at JPMorgan Chase. Snow will serve as a senior advisor through the end of the calendar year.
    • FactSet was named Databricks’ Financial Services Data Partner of the Year. FactSet data is available on the Databricks Marketplace to help clients accelerate time to value by eliminating manual data integration and enabling seamless and secure access to FactSet’s industry-leading proprietary and third-party connected data.
    • After the quarter, CUSIP Global Services announced a collaboration with Aumni, Inc., a JPMorgan company, to expand CUSIP coverage for venture-backed and private equity-owned companies. This expanded coverage provides standardized identifiers for company issuers and their financial instruments, thereby increasing efficiency, accuracy, and security in reporting, settlement, and analytics for venture capital firms, private equity firms, and their investors.

    Share Repurchase Program

    FactSet repurchased 184,050 shares of its common stock for $80.7 million at an average price of $438.45 during the third quarter of fiscal 2025 under the Company’s share repurchase program. As of May 31, 2025, $106.2 million remained available for share repurchases under this program. Additionally, on June 17, 2025, the Board of Directors of FactSet approved a new share repurchase authorization of up to $400 million, which will be available on September 1, 2025.

    Annual Business Outlook

    FactSet reaffirms its outlook for fiscal 2025 provided on March 20, 2025. The following forward-looking statements reflect FactSet’s expectations as of today’s date. Given the risk factors, uncertainties, and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements prior to its next quarterly results announcement.

    Fiscal 2025 Expectations

    • Organic ASV is expected to grow in the range of $100 million to $130 million during fiscal 2025.
    • GAAP revenues are expected to be in the range of $2,305 million to $2,325 million.
    • GAAP operating margin is expected to be in the range of 32.0% to 33.0%.
    • Adjusted operating margin is expected to be in the range of 36.0% to 37.0%.
    • FactSet’s annual effective tax rate is expected to be in the range of 17% to 18%.
    • GAAP diluted EPS is expected to be in the range of $14.80 to $15.40.
    • Adjusted diluted EPS is expected to be in the range of $16.80 to $17.40.

    Adjusted operating margin and adjusted diluted EPS guidance do not include certain effects of any non-recurring benefits or charges that may arise in fiscal 2025. Please see the back of this press release for a reconciliation of GAAP to adjusted metrics.

    Conference Call

    Third Quarter 2025 Conference Call Details

    Please register for the conference call using the above link before the call start time. The conference call platform will register your name and organization and provide dial-in numbers and a unique access pin. The conference call will have a live Q&A session.

    A replay will be available on the Company’s investor relations website after 1:00 p.m. Eastern Time on June 23, 2025, through June 23, 2026. The earnings call transcript will be available via FactSet CallStreet.

    Forward-looking Statements

    This press release contains forward-looking statements based on management’s current expectations, estimates, forecasts and projections about future events and circumstances, industries in which FactSet operates and the beliefs and assumptions of management. All statements that address expectations, guidance, outlook or projections about the future, including statements about the Company’s strategy for growth, product development, revenues, future financial results, anticipated growth, market position, subscriptions, expected expenditures, trends in FactSet’s business and financial results, are forward-looking statements. Forward-looking statements may be identified by words like “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “intends,” “projects,” “indicates,” “predicts,” “potential,” or “continue,” and similar expressions. Forward-looking statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in FactSet’s filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K and quarterly reports on Form 10-Q, as well as others, could cause results to differ materially from those expressed or implied by the forward-looking statements. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. FactSet assumes no duty to and does not undertake to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Future results could differ materially from historical performance.

    About Non-GAAP Financial Measures

    The Company reports its financial results in accordance with U.S. GAAP. The Company also refers to and presents certain additional non-GAAP financial measures. These measures include: organic revenues, adjusted operating margin, adjusted operating income, adjusted net income, EBITDA, adjusted diluted EPS, and free cash flow. The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP at the back of this release.

    FactSet uses these non-GAAP financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these non-GAAP financial measures provide useful supplemental information to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Investors may benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning, forecasting and analyzing future periods, and such measures may also facilitate comparisons to historical performance. The Company believes that organic revenues, adjusted operating margin, adjusted operating income, adjusted net income, EBITDA, and adjusted diluted EPS help to fully reflect the underlying economic performance of FactSet. The Company believes that free cash flow is useful to investors because it is an indication of cash flow that may be available to fund investments in future growth initiatives. The presentation of this non-GAAP financial information should not be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with GAAP. We are not able to reconcile certain forward-looking non-GAAP measures to reported measures without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact or exact timing of items that may impact comparability.

    About FactSet

    FactSet (NYSE:FDS | NASDAQ:FDS) supercharges financial intelligence, offering enterprise data and information solutions that power our clients to maximize their potential. Our cutting-edge digital platform seamlessly integrates proprietary financial data, client datasets, third-party sources, and flexible technology to deliver tailored solutions across the buy-side, sell-side, wealth management, private equity, and corporate sectors. With over 47 years of expertise, a presence in 20 countries, and extensive multi-asset class coverage, we leverage advanced data connectivity alongside AI and next-generation tools to streamline workflows, drive productivity, and enable smarter, faster decision-making. Serving more than 8,800 global clients and over 220,000 individual users, FactSet is a member of the S&P 500 dedicated to innovation and long-term client success. Learn more at www.factset.com and follow us on X and LinkedIn.

    Investor Relations:                         
    Kevin Toomey
    +1.212.209.5259
    Kevin.Toomey@factset.com

    Media Relations:
    Kelsey Goldsmith
    +1.207.712.9726
    Kelsey.Goldsmith@factset.com

                 
    Consolidated Statements of Income (Unaudited)            
      Three Months Ended   Nine Months Ended
      May 31,   May 31,
    (In thousands, except per share data) 2025   2024   2025   2024
    Revenues $ 585,520     $ 552,708     $ 1,724,847     $ 1,640,869  
    Operating expenses              
    Cost of services   280,729       246,986       809,112       753,749  
    Selling, general and administrative   110,636       103,263       344,753       313,679  
    Total operating expenses   391,365       350,249       1,153,865       1,067,428  
                   
    Operating income   194,155       202,459       570,982       573,441  
                   
    Other income (expense), net              
    Interest income   1,509       4,568       4,483       10,427  
    Interest expense   (15,122 )     (16,894 )     (43,438 )     (50,231 )
    Other income (expense), net   (594 )     399       (20 )     736  
    Total other income (expense), net   (14,207 )     (11,927 )     (38,975 )     (39,068 )
                   
    Income before income taxes   179,948       190,532       532,007       534,373  
                   
    Provision for income taxes   31,406       32,397       88,583       86,743  
    Net income $ 148,542     $ 158,135     $ 443,424     $ 447,630  
                   
    Basic earnings per common share $ 3.92     $ 4.15     $ 11.68     $ 11.76  
    Diluted earnings per common share $ 3.87     $ 4.09     $ 11.53     $ 11.58  
                   
    Basic weighted average common shares   37,907       38,089       37,976       38,069  
    Diluted weighted average common shares   38,344       38,640       38,457       38,644  

    Certain prior year figures have been conformed to the current year’s presentation.

       
    Consolidated Balance Sheets (Unaudited)  
         
         
    (In thousands) May 31, 2025   August 31, 2024
    ASSETS          
    Cash and cash equivalents $ 356,361     $ 422,979  
    Investments   7,684       69,619  
    Accounts receivable, net of reserves of $13,917 at May 31, 2025 and $14,581 at August 31, 2024   271,851       228,054  
    Prepaid taxes   61,048       55,103  
    Prepaid expenses and other current assets   63,534       60,093  
    Total current assets   760,478       835,848  
         
    Property, equipment and leasehold improvements, net   79,627       82,513  
    Goodwill   1,277,855       1,011,129  
    Intangible assets, net   1,931,210       1,844,141  
    Deferred taxes   66,870       61,337  
    Lease right-of-use assets, net   119,191       130,494  
    Other assets   103,531       89,578  
    TOTAL ASSETS $ 4,338,762     $ 4,055,040  
         
    LIABILITIES    
    Accounts payable and accrued expenses $ 144,487     $ 178,250  
    Current debt         124,842  
    Current lease liabilities   33,219       31,073  
    Accrued compensation   98,131       93,279  
    Deferred revenues   170,897       159,761  
    Current taxes payable   30,545       40,391  
    Dividends payable   41,644       39,470  
    Total current liabilities   518,923       667,066  
         
    Long-term debt   1,430,197       1,241,131  
    Deferred taxes   16,573       8,452  
    Deferred revenues, non-current   312       1,344  
    Taxes payable   48,072       40,452  
    Long-term lease liabilities   157,088       177,521  
    Other liabilities   12,415       6,614  
    TOTAL LIABILITIES $ 2,183,580     $ 2,142,580  
         
    STOCKHOLDERS’ EQUITY    
    TOTAL STOCKHOLDERS’ EQUITY $ 2,155,182     $ 1,912,460  
         
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,338,762     $ 4,055,040  
                   
    Consolidated Statements of Cash Flows (Unaudited)  
      Nine Months Ended
      May 31,
    (In thousands) 2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES              
    Net income $ 443,424     $ 447,630  
    Adjustments to reconcile net income to net cash provided by operating activities    
    Depreciation and amortization   114,972       91,154  
    Amortization of lease right-of-use assets   23,152       22,846  
    Stock-based compensation expense   47,154       46,707  
    Deferred income taxes   3,154       (6,979 )
    Other, net   7,428       7,831  
    Changes in assets and liabilities, net of effects of acquisitions    
    Accounts receivable   (41,492 )     (7,176 )
    Prepaid expenses and other assets   6,699       (14,941 )
    Accounts payable and accrued expenses   (49,717 )     17,296  
    Accrued compensation   3,789       (33,329 )
    Deferred revenues   4,955       13,817  
    Taxes payable, net of prepaid taxes   (19,108 )     (15,992 )
    Lease liabilities, net   (30,250 )     (31,687 )
    Net cash provided by operating activities   514,160       537,177  
         
    CASH FLOWS FROM INVESTING ACTIVITIES    
    Purchases of property, equipment, leasehold improvements and capitalized internal-use software   (74,840 )     (59,722 )
    Acquisition of businesses, net of cash and cash equivalents acquired   (348,255 )      
    Purchases of investments   (4,433 )     (44,936 )
    Proceeds from maturity or sale of investments   58,155        
    Net cash provided by (used in) investing activities   (369,373 )     (104,658 )
         
    CASH FLOWS FROM FINANCING ACTIVITIES    
    Proceeds from debt   803,410        
    Repayments of debt   (742,500 )     (187,500 )
    Dividend payments   (118,329 )     (111,297 )
    Proceeds from employee stock plans   72,616       83,497  
    Repurchases of common stock   (193,838 )     (171,918 )
    Other financing activities   (20,686 )     (15,690 )
    Net cash provided by (used in) financing activities   (199,327 )     (402,908 )
         
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,966       (1,911 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (52,574 )     27,700  
    Cash and cash equivalents at beginning of period   422,979       425,444  
    Cash, cash equivalents and restricted cash at end of period $ 370,405     $ 453,144  
         
    Reconciliation of total cash, cash equivalents and restricted cash:    
    Cash and cash equivalents $ 356,361     $ 453,144  
    Restricted cash included in Prepaid expenses and other current assets   6,522        
    Restricted cash included in Other assets   7,522        
    Total cash, cash equivalents and restricted cash $ 370,405     $ 453,144  

    Certain prior year figures have been conformed to the current year’s presentation.

    Reconciliation of U.S. GAAP Results to Adjusted Financial Measures

    Organic Revenues

    Organic revenues exclude the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. The table below provides a reconciliation of revenues to organic revenues:

                       
    (Unaudited) Three Months Ended    
      May 31,    
    (In thousands) 2025   2024   Change
    Revenues $ 585,520     $ 552,708       5.9 %
    Acquisition revenues   (7,781 )          
    Currency impact   (539 )          
    Organic revenues $ 577,200     $ 552,708       4.4 %
                           

    Non-GAAP Financial Measures

    The table below provides a reconciliation of operating income, operating margin, net income and diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, and adjusted diluted EPS.

    Adjusted operating income and margin, adjusted net income, and adjusted diluted earnings per share exclude acquisition-related intangible asset amortization and non-recurring items. EBITDA represents earnings before interest expense, provision for income taxes and depreciation and amortization expense.

               
      Three Months Ended        
      May 31,        
    (in thousands, except per share data) 2025   2024   % Change
    Operating income $ 194,155     $ 202,459       (4.1 )%
    Intangible asset amortization   19,182       16,674          
    Business acquisitions and related costs   1,976       423          
    Restructuring/severance         (1,596 )        
    Adjusted operating income $ 215,313     $ 217,960       (1.2 )%
    Operating margin   33.2 %     36.6 %        
    Adjusted operating margin(1)   36.8 %     39.4 %        
    Net income $ 148,542     $ 158,135       (6.1 )%
    Intangible asset amortization   13,943       11,466          
    Business acquisitions and related costs   1,436       291          
    Restructuring/severance         (1,096 )        
    Adjusted net income(2) $ 163,921     $ 168,796       (2.9 )%
    Net income   148,542       158,135       (6.1 )%
    Interest expense   15,122       16,894          
    Income taxes   31,406       32,397          
    Depreciation and amortization expense   40,845       32,504          
    EBITDA $ 235,915     $ 239,930       (1.7 )%
    Diluted EPS $ 3.87     $ 4.09       (5.4 )%
    Intangible asset amortization   0.36       0.30          
    Business acquisitions and related costs   0.04       0.01          
    Restructuring/severance         (0.03 )        
    Adjusted diluted EPS(2) $ 4.27     $ 4.37       (2.3 )%
    Weighted average common shares (diluted)   38,344       38,640          
    (1) Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.
    (2) For purposes of calculating Adjusted net income and Adjusted diluted EPS, all adjustments for the three months ended May 31, 2025 and May 31, 2024 were taxed at an adjusted tax rate of 27.3% and 31.2%, respectively.
       

    Business Outlook Operating Margin, Net Income and Diluted EPS

    (Unaudited)    
    Figures may not foot due to rounding Annual Fiscal 2025 Guidance
    (In millions, except per share data) Low end of range   High end of range
    Revenues $ 2,305     $ 2,325  
    Operating income $ 761     $ 744  
    Operating margin   33.0 %     32.0 %
         
    Intangible asset amortization   80       81  
    Other adjustments (net)   12       12  
    Adjusted operating income $ 853     $ 837  
    Adjusted operating margin(a)   37.0 %     36.0 %
         
    Net income $ 588     $ 567  
    Intangible asset amortization   66       66  
    Other adjustments (net)   10       10  
    Discrete tax items   (4 )     (4 )
    Adjusted net income $ 660     $ 640  
         
    Diluted earnings per common share $ 15.40     $ 14.80  
    Intangible asset amortization   1.73       1.73  
    Other adjustments (net)   0.30       0.30  
    Discrete tax items   (0.03 )     (0.03 )
    Adjusted diluted earnings per common share $ 17.40     $ 16.80  
    (a) Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.
       

    Free Cash Flow

    Cash flows provided by operating activities have been reduced by purchases of property, equipment, leasehold improvements and capitalized internal-use software to report non-GAAP free cash flow.

         
    (Unaudited) Three Months Ended  
      May 31,  
    (In thousands) 2025   2024   Change
    Net Cash Provided for Operating Activities $ 253,833     $ 238,235       6.5 %
    Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software   (25,230 )     (21,339 )  
    Free Cash Flow $ 228,603     $ 216,896       5.4 %
                           

    Supplementary Schedules of Historical ASV by Client Type

    The following table presents the percentages and growth rates of organic ASV by client type, excluding the impact of currency movements, and may be useful to facilitate historical comparisons. Organic ASV excludes acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements.

    The numbers below do not include professional services or issuer fees.

                     
      Q3’25 Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 Q4’23
    % of ASV from buy-side clients 82.3% 82.3% 82.1% 82.0% 82.3% 82.0% 82.0% 81.8%
    % of ASV from sell-side clients 17.7% 17.7% 17.9% 18.0% 17.7% 18.0% 18.0% 18.2%
                     
    ASV Growth rate from buy-side clients 4.0% 4.1% 4.3% 4.9% 5.3% 5.6% 7.2% 6.9%
    ASV Growth rate from sell-side clients 4.0% 2.2% 3.5% 3.8% 3.7% 5.5% 7.6% 9.3%
                     

    The following table presents the calculation of organic ASV.

       
    (In millions) As of May 31, 2025
    As reported ASV $ 2,335.1  
    Currency impact (a)   (5.7 )
    Acquisition ASV (b)   (32.5 )
    Organic ASV $ 2,296.9  
    Organic ASV annual growth rate   4.5 %
    (a) The impact from foreign currency movements.
       
    (b) Acquired ASV from acquisitions completed within the last 12 months.

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