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  • MIL-OSI USA: Issues Revisited: Titles, Amendments to Rule 15c2-12 Undertakings and Voluntary

    Source: Securities and Exchange Commission

    Good afternoon. Thank you to the Government Finance Officers Association (“GFOA”) for inviting me to speak with you today. In my role as the Securities and Exchange Commission’s (“Commission” or “SEC”) Director of the Office of Municipal Securities (“Office of Municipal Securities” or “OMS”), I get a front row seat to see how government finance professionals strive to advance the continued integrity of the municipal securities market. However, I also get a front row seat to some concerning behaviors that may impact the investor confidence and transparency of the municipal securities market. 

    As is customary, I must remind you that this speech is provided in my official capacity as the Commission’s Director of the Office of Municipal Securities but does not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.

    I. What’s in a Title?

    Before I delve into disclosure practices, I would like to start by offering my views on another area of concern to which OMS is paying careful attention. It’s been fifteen years since Congress created a new class of regulated person required to register with the Commission: municipal advisors.[1] But when I speak with market participants or pick up an official statement or visit an issuer’s website, I am regularly confronted with a title that imprecisely[2] reflects the nature of the relationship between municipal entities and/or obligated persons and their advisors: financial advisor.[3]

    While some of you may view using the terms “financial advisor” and “municipal advisor” to be interchangeable when discussing hiring a professional to negotiate terms of a transaction or verify pricing as just a matter of a title, Congress expressly defined those persons who engage in municipal advisory activities[4] as “municipal advisors”.[5]

    I’m going to start with why I think it’s helpful to use regulatory terms. Although not required, using regulatory terms such as “municipal advisor” in solicitations and offering documents is helpful because it clearly indicates to investors that those professionals are subject to the rules and regulations designed to protect investors and municipal entities[6] and obligated persons.[7] Additionally, using defined regulatory terms in these documents may be helpful to municipal entities and obligated persons in avoiding including confusing or ambiguous statements in disclosures to investors.

    Now, for the what. Let’s start with hiring professionals. Municipal entities and obligated persons often retain various professionals through a competitive request for proposal/qualification (“RFP/Q”) process. Before anyone objects, you’re correct: responses to RFP/Qs do not on their own constitute municipal advisory activity.[8] I have, however, observed instances (most notably in public-private partnerships[9] and charter schools[10]) where the work or services requested in the RFP/Qs would require the selected professional to be registered as a municipal advisor because they would be providing advice with respect to the issuance of municipal securities or the use of municipal financial products. In our review of these RFP/Qs, we have either seen municipal entities be silent on requiring that respondents to an RFP/Q be registered as a municipal advisor with the Commission and Municipal Securities Rulemaking Board (“MSRB”) or, worse, affirmatively say that registration as a municipal advisor is not a requirement.[11]

    Given that unregistered entities may be engaging in what appears to be municipal advisory activity, you may want to confirm not only that any professional providing municipal advisory services to you is properly registered[12] but also that you have in your RFP/Qs for services or work constituting municipal advisory activity a requirement that respondents be registered with the Commission and the MSRB as municipal advisors in order to submit a response. At a minimum, I do not believe these RFP/Qs should be soliciting the services of a “financial advisor” or “consultant” which may create the impression that they do not need to be registered with the Commission or the MSRB. If you are seeking the services of a municipal advisor, it would be helpful to use the term municipal advisor in your RFP/Qs.

    Another area where I see a concerning use of “financial advisor,” where “municipal advisor” should be used, is in your offering documents. As previously mentioned, municipal advisor is more than just a title: it is a regulatory term. Using “municipal advisor” tells investors that the firm, its associated persons, and its activities are subject to rules and regulations; that the Commission monitors municipal advisors for compliance; and takes necessary action to enforce Congress’s mandate. If you use municipal advisors in your transactions, I think it would be beneficial to use the defined term “municipal advisor” in your offering documents to accurately describe the professionals fulfilling that role. Using a term that is explicitly defined by law may also help avoid including confusing or ambiguous statements in disclosures to investors.

    There are also strong benefits to being involved with or retaining persons or firms registered and regulated as municipal advisers, as it demonstrates that these persons or firms recognize that they are engaging in municipal advisory activity. Registering as a municipal advisor may also demonstrate that the advisor understands that it has certain legal obligations, including a requirement to register unless an exclusion or exemption applies. These obligations include, among other things, a requirement to disclose to clients any material conflicts of interest. If you remember nothing else from today, remember this: your municipal advisor is required to always act in your best interest.

    II. Observations on Amendments to Continuing Disclosure Undertakings

    Now turning to disclosure practices. When the Commission proposed amendments[13] to Rule 15c2-12 (“Rule 15c2-12” or “Rule”)[14] of the Securities Exchange Act of 1934 (“Exchange Act”) in 1994[15] prohibiting underwriters, subject to certain exemptions, from purchasing or selling municipal securities covered by the Rule in a primary offering, unless the underwriter had reasonably determined that the issuer (or obligated person) had undertaken in a written agreement or contract[16] (“continuing disclosure undertaking”) to provide specified annual information and event notices,[17] practitioners expressed concern[18] that the amendments were not sufficiently flexible to address changing conditions to financial and pertinent operating information. The Commission addressed practitioners’ concerns when it adopted the amendments.[19]

    a. NABL 1 Letter

    The Commission explained in the 1994 Amendments Adopting Release that Rule 15c2-12, as amended, requires that continuing disclosure undertakings specify only the general type of information to be provided[20] and that undertakings should be drafted with sufficient flexibility to accommodate for subsequent developments that may require adjustments in the financial information and operating data contractually agreed upon in the undertaking.[21] Shortly after adoption of the amendments, the National Association of Bond Lawyers (“NABL”) requested[22] staff guidance interpreting an issue that I see continues to be debated thirty-one years later: amending continuing disclosure undertakings.

    Let’s take a moment and revisit the statements made by staff on amending continuing disclosure undertakings in response to the NABL 1 Letter.[23] Staff first noted that in meeting the requirement that annual financial information be specified in reasonable detail, staff anticipated that continuing disclosure undertakings would set forth a general description of the type of financial information and operating data that would be provided. Staff further observed that these descriptions would not need to state more than a general category of financial information and operating data. Moreover, staff noted that where a continuing disclosure undertaking calls for information that no longer can be generated because the operations to which it related had been materially changed or discontinued, a statement to that effect would satisfy the continuing disclosure undertaking. In such instances, staff explained that it may be good practice to provide similar operating data with respect to any substitute or replacement operation. Further, staff noted that issuers and obligated persons may provide additional information that is not required by the terms of the undertaking. Accordingly, the staff did not anticipate that it often would be necessary to amend informational undertakings.

    In addition to providing guidance on the circumstances under which an undertaking could be amended, the staff also provided several examples[24] of annual financial information descriptions. For example, categories of operating data provided for a college or university facility bond offering might include, among others, information regarding attendance, applications, and tuition and room and board rates charged to students. In a water or sewer financing, categories of information provided might include, among others, customers, rates, use, capacity, and demand.

    b. Current State of Continuing Disclosure Undertakings

    Now I would like to take the opportunity to reflect on the current state of continuing disclosure undertakings. Since the 1994 amendments promoted flexibility in drafting continuing disclosure undertakings, staff has heard that practitioners have discovered ambiguities and inconsistencies in their continuing disclosure undertakings that have resulted in overlapping, inconsistent, and outdated information in required disclosures. Consequently, practitioners continue to struggle with questions about amending continuing disclosure undertakings and have asked the staff for guidance on this issue.

    To start, I want to remind practitioners that Rule 15c2-12, as amended, offers flexibility in the content and scope of disclosed financial information.[25] The Rule specifies only general types of information relating to the financial information and operating data to accommodate for any subsequent developments that would require adjustments to the data.[26] Further, adhering to your continuing disclosure undertakings does not preclude you from providing additional information, particularly where disclosure may be necessary to avoid liability under the antifraud provisions.[27]

    The staff recognizes that, despite the staff interpretive guidance in the NABL 1 Letter, which elaborated on statements in the 1994 Amendments Adopting Release, some obligated persons have continued to provide specific and relatively unflexible descriptions of annual financial information or operating data in the continuing disclosure undertakings by, for instance, pointing to specific tables of information in an official statement because they believe it makes it easier for issuers and dissemination agents to comply with the undertaking. Although Rule 15c2-12 does not prohibit such specificity or incorporation by reference,[28] I believe that where obligated persons choose to include references to specific tables or similar specificity, they might consider including language allowing for flexibility, such as describing tables “of the type” or tables “of the kind” provided in the official statement.

    The inclusion in continuing disclosure undertakings of clear descriptions of the disclosures to be made by municipal issuers and obligated persons promotes a more transparent and efficient market. However, drafters of continuing disclosure undertakings may want to be mindful when specifying the particular types of information that will be provided for many years into the future, as continuing disclosure undertakings are contractual obligations that cannot be amended based on a unilateral decision by an issuer or any other party. With very limited exceptions, issuers and obligated persons may not later decide unilaterally what types of information an investor would consider necessary or meaningful, especially where such information has previously been agreed upon.[29]

    Continuing disclosure undertakings would be meaningless if issuers and obligated persons could unilaterally determine that certain types of information were no longer necessary or meaningful to investors.[30] Despite previous requests from the market for guidance on amending continuing disclosure agreements, I remind you that those agreements are contracts governed by state law[31] from which the Commission does not have the authority to provide exemptions. Failure to comply with continuing disclosure undertakings would be breaches of contract enforceable by private parties.[32] This is why staff statements have focused on using language in continuing disclosure agreements that allow for changing conditions.

    III. The Importance of Voluntary Disclosure in the Municipal Securities Market

    Sound, timely, and accurate disclosures of the financial condition and operating status of issuers and obligated persons promotes the continued integrity of the municipal securities market.[33] As we all know, Rule 15c2-12 requires that continuing disclosure undertakings set forth certain enumerated requirements. Rule 15c2-12 does not generally impose an obligation to provide ongoing information beyond the contractual continuing disclosure obligations. I am of the view, however, that voluntary disclosures[34] — providing information beyond contractual continuing disclosure obligations — by issuers and obligated persons can provide market participants with updated financial and other disclosures regarding the effects of evolving economic conditions.[35]

    a. Improving Transparency and Market Efficiencies

    Issuer organizations and other market participants have noted that providing voluntary interim disclosure can serve the interests of municipal issuers and have developed voluntary disclosure best practices designed to improve the quality and quantity of voluntary disclosure in the secondary market.[36] GFOA issued a Best Practices on Voluntary Disclosure in 2021.[37]

    I am of the view that if issuers and obligated persons provide voluntary disclosures of their financial condition and operating status on a more frequent basis, the additional information could potentially reduce information asymmetries and help investors and other market participants identify early warning signs of an issuer’s or obligated person’s deteriorating financial condition sooner (such as budget deficits and imbalances, high unfunded pensions liability, and decreases in property value), which could lead to increased market efficiencies.

    Some examples of helpful voluntary disclosures that municipal issuers and obligated persons could consider disseminating are[38]

    • More Timely Financial Information. Municipal issuers routinely prepare periodic reports containing financial information and/or operating data, such as investment positions, interim financial information, or capital improvement plans, for various non-disclosure purposes,[39] which are generally produced in accordance with governance documents, best practices, and generally accepted guidelines. Municipal issuers could consider submitting such reports via the repository designated by the Commission (currently the MSRB’s Electronic Municipal Market Access (“EMMA”) system) and/or through their own designated website.
    • Reports Prepared for Other Governmental Purposes. Municipal issuers and obligated persons may have prepared reports addressing relevant climate, cybersecurity, litigation, or other risks for other purposes.
    • Reports and Information Shared with Third Parties. Reports prepared to be shared with rating agencies, bank loan providers or other market participants may also include information material to investors.[40]
    • Information Regarding Availability of Federal, State and Local Aid. If it materially affects, or is reasonably likely to materially affect, your ability to repay debt service, you could make available a description of available aid that you have sought or are planning on seeking and any other material terms of the aid to investors.
    • Information Regarding Non-Routine Events that May Impact an Issuer’s Ability to Repay Securities. For instance, a large business relocating to your jurisdiction may have a positive impact, while a natural disaster may have a negative impact. Sharing information with the market on any non-routine events that may impact your ability to repay debt service could be helpful.

    In my view, making any voluntary disclosures available in the place or places where they regularly make information available to investors, such as on the EMMA system and/or on their own websites, would be helpful to both issuers and investors.

    b. Observations on Liability

    I sometimes hear from issuers that they would disclose more information to the market, but that their counsel advises them, as a matter of course, not to provide any information that is not required. I recognize that the issue of liability is often raised in connection with voluntary disclosures.

    I believe that accompanying voluntary disclosures that contain projections or forward-looking statements with meaningful cautionary language — including, for example, (1) a description of relevant facts or assumptions affecting the reasonableness of reliance on and the materiality of the information provided, (2) a description of how certain important information may be incomplete or unknown, and (3) the process or methodology (audited versus unaudited) used by the municipal issuer or obligated person to produce the information — could not only improve the quality of the disclosure but also help mitigate associated legal risks.

    As I observe the municipal securities market and consider appropriate paths to address behaviors that impact investor confidence and transparency, I believe that it would be beneficial for municipal issuers to disclose, to exercise reasonable care, and to follow best practices in the creation and release of any voluntary disclosure.

    It’s always a pleasure to speak with members of the GFOA. Thank you again for the invitation to discuss these important issues with you today.

    [1]           See Section 975(a)(1)(B) (15 U.S.C. 78o-4(a)(1)(B)) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act” or “Dodd-Frank”).

    [3]           While state statutes or other governing documents may reference the selection or designation of a “financial advisor” in connection with the issuance of bonds, I am of the view that the term “municipal advisor” should also be used in any RFP/Qs and offering documents issued in these jurisdictions when the requested service may include municipal advisory activity. In the event a state statute or other governing document references “financial advisor” or other term, it may be appropriate to use both terms with appropriate definitions and cross-references.  

    [4]           Pursuant to Exchange Act Rule 15Ba1-1(e) (15 CFR 240.15Ba1-1(e)), “municipal advisory activities” includes, but is not limited to, “[p]roviding advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, including advice with respect to the structure, timing, terms, and other similar matters concerning such financial products or issue.”

    [5]           See Exchange Act Section 15B(e)(4)(A) (15 U.S.C. 78o-4(e)(4)(A)). The definition of municipal advisor includes financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors that provide municipal advisory services, unless they are statutorily excluded. See 15 U.S.C. 78o-4(e)(4)(B). The statutory definition of municipal advisor excludes a broker, dealer, or municipal securities dealer serving as an underwriter (as defined in section 77b(a)(11) of this title), any investment adviser registered under the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.), or persons associated with such investment advisers who are providing investment advice, any commodity trading advisor registered under the Commodity Exchange Act or persons associated with a commodity trading advisor who are providing advice related to swaps, attorneys offering legal advice or providing services that are of a traditional legal nature, or engineers providing engineering advice. See 15 U.S.C. 78o-4(e)(4)(C). The Commission exempts the following persons from the definition of municipal advisor to the extent they are engaging in the specified activities: accountants; public officials and employees; banks; responses to requests for proposals or qualifications; swap dealers; participation by an independent registered municipal advisor; persons that provide advice on certain investment strategies; certain solicitations. See Exchange Act Rule 15Ba1-1(d)(3)(i) through (viii) (17 CFR 240.15Ba1-1(d)(3)(i) through (viii)).

    [6]           See Registration of Municipal Advisors, Exchange Act Release No. 70462 (Sept. 20, 2013), 78 FR 67468, 67509 (Nov. 12, 2013) (“Municipal Advisor Adopting Release”).

    [7]           The timeline for being required to register as a municipal advisor when advising clients about conduit financing or other financing options is dependent on certain facts and circumstances. See id. at 67485.

    [8]           Id. at 67475.

    [11]         While the Dodd-Frank Act is a federal law, the municipal advisor registration requirements apply to advice with respect to the issuance of municipal securities regardless of the proposed source of funds used to repay those securities, which may include local tax revenue, state or federal revenue or grants or funds paid by a private lessee or purchaser. The staff is aware of publicly available documents where a state or local government has stated that municipal advisor registration is only required for municipal securities being repaid with federal funds.

    [12]         See Speech, Responsibilities of Regulated Entities to Municipal Issuers, supra note 2.

    [13]         See Exchange Act Release No. 33742 (Mar. 9, 1994), 59 FR 12759 (Mar. 17, 1994) (“1994 Amendments Proposing Release”).

    [14]         See 17 CFR 240.15c2-12. The Commission adopted Rule 15c2-12 in 1989 to enhance disclosure in the   municipal securities market by codifying standards for underwriters to obtain, review, and disseminate disclosure documents. See Exchange Act Release No. 26100 (Sept. 22, 1988), 53 FR 37778 (“1988 Proposing Release”); Exchange Act Release No. 26985 (June 28, 1989), 54 FR 28799 (July 10, 1989) (“1989 Adopting Release”). Rule 15c2-12 requires an underwriter acting in primary offerings of municipal securities with an aggregate principal amount of $1,000,000 or more to obtain and review an official statement “deemed final” by an issuer of the municipal securities, except for the omission of specified information, prior to making a bid, purchase, offer, or sale of municipal securities. See 17 CFR 240.15c2-12(a) and (b)(1).

    [15]         The Commission has amended Rule 15c2-12 over the years to respond to evolving market practices. See Exchange Act Release No. 34961 (Nov. 10, 1994), 59 FR 59590 (Nov. 17, 1994) (“1994 Amendments Adopting Release”); Exchange Act Release No. 59062 (Dec. 5, 2008), 73 FR 76104 (Dec. 15, 2008) (“2008 Amendments Adopting Release”); Exchange Act Release No. 62184A (May 27, 2010), 75 FR 33100 (June 10, 2010) (“2010 Amendments Adopting Release”); and Exchange Act Release No. 83885 (Aug. 20, 2018), 83 FR 44700 (Aug. 31, 2018) (“2018 Amendments Adopting Release”).

    [16]         See 17 CFR 240.15c2-12(b)(5).

    [17]         See 17 CFR 240.15c2-12(b)(5)(C).

    [18]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599.

    [19]         Id.

    [20]         Id.

    [21]         Id.

    [22]         NABL raised several questions in its letters. See Letter from Robert L.D. Colby, Deputy Director, Division of Market Regulation, U.S. Securities and Exchange Commission, to John S. Overdorff, Chair, and Gerald J. Laporte, Vice-Chair, Securities Law and Disclosure Committee, National Association of Bond Lawyers, dated June 23, 1995 (‘‘NABL 1 Letter”), available at https://www.sec.gov/info/municipal/nabl-1-interpretive-letter-1995-06-23.pdf; and Letter from Catherine McGuire, Chief Counsel, Division of Market Regulation, U.S. Securities and Exchange Commission, to John S. Overdorff, Chair, Securities Law and Disclosure Committee, National Association of Bond Lawyers, dated Sept. 19, 1995 (“NABL 2 Letter”), available at https://www.sec.gov/info/municipal/nabl-2-interpretive-letter-1995-09-19.pdf. See also Letter from Michael Nicholas, Chief Executive Officer, Bond Dealers of America, Emily Swenson Brock, Director, Federal Liaison Center, Government Finance Officers Association, Kenneth R. Artin, President, National Association of Bond Lawyers, Cornelia Chebinou, Washington Director, National Association of State Auditors, Comptrollers and Treasures, Michael Decker, Managing Director, Securities Industry and Financial Markets Association, to Jessica Kane, Director, Office of Municipal Securities, U.S. Securities and Exchange Commission, dated Aug. 9, 2016 available at https://www.nabl.org/wp-content/uploads/2023/02/20160809-Joint-Letter-on-Amending-CDAs.pdf.

    [23]         See NABL 1 Letter, Question 2, supra note 22.  

    [24]         Id.

    [25]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599; Securities and Exchange Commission, Report on the Municipal Securities Market (July 31, 2012) (“Report on the Municipal Securities Market”), at 70, available at https://www.sec.gov/news/studies/2012/munireport073112.pdf.

    [26]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599 (Commission noting that “the amendments require that the undertaking specify only the general type of information to be supplied . . .”).

    [27]         Id.

    [28]         Id.

    [29]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599. But see NABL 1 Letter, Question 2, supra note 22, outlining scenarios where an undertaking that includes an amendment provisions nevertheless may satisfy the requirements of Rule 15c2-12.

    [30]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599.

    [31]         Id. at 59601.

    [32]         Id. (“remedies for breach of any undertaking under applicable state law are a subject for negotiation between the parties to the Offering.”).

    [33]         See Exchange Act Release No. 33741 (Mar. 9, 1994), 59 FR 12748, 12752-754 (Mar. 17, 1994) (“1994 Interpretive Release”).

    [34]         As seen during the Covid-19 Pandemic, variations in voluntary disclosures persisted and the differing approaches to disclosure served as a reminder that required disclosures are not confined to enumerated events. For instance, some issuers included tailored, stand-alone COVID-19-risk sections in their disclosures or uploaded financial informational statements to EMMA identifying impacts on economies and revenues, and expectations regarding associated risk mitigation. See, e.g., MSRB, Municipal Securities Market COVID-19-Related Disclosure Summary (updated Mar. 28, 2021), available at https://www.msrb.org/sites/default/files/2022-09/Municipal-Securities-Market-COVID-19-Related-Disclosure-Summary.pdf; DPC Data COVID Disclosure Trends Charted in New Infographic, A Year of COVID-Tagged Disclosures, Mar. 2020 to Mar. 2021, available at https://www.dpcdata.com/resources/year-covid-tagged-disclosures/. 

    [35]         See, e.g., Report on the Municipal Securities Market, supra note 25, at III.A.1 and III.B (summarizing market participant and investor interest in voluntary disclosure guidelines and best practices to improve the level and quality of disclosure in the primary and secondary markets); Chairman Jay Clayton and Rebecca Olsen, Director, Office of Municipal Securities, U.S. Securities and Exchange Commission, The Importance of Disclosure for our Municipal Markets (May 4, 2020) (the “Municipal Market COVID-19 Statement”), available at https://www.sec.gov/news/public-statement/statement-clayton-olsen-2020-05-04.

    [36]         See, e.g., Government Finance Officers Association (“GFOA”) Best Practices Voluntary Disclosure (Oct. 1, 2021) (“Best Practices on Voluntary Disclosure”), available at https://www.gfoa.org/materials/voluntary-disclosure (“Enhanced market communication achieved through voluntary disclosure the issuer to improve its investor relations. This enhanced communication and improved relations with investors can become an important factor for access to the capital for markets….”); National Federation of Municipal Analysts (“NFMA”) Position Paper on Voluntary Interim Disclosures by State and Local Governments (Oct. 26, 2004) (“NFMA Voluntary Interim Disclosures Paper”), at 2-4, available at https://www.nfma.org/assets/documents/nfma_position_interim_disclosure.pdf (NFMA “strongly believe(s) that it is in the best interest of state and local government units and political instrumentalities thereof to provide investors on a voluntary basis with timely disclosure reports derived from information maintained in the normal course of operations” and that “[t]o the extent that governmental issuers have relevant financial information on hand, the benefits of providing voluntary interim disclosure vastly outweigh any administrative burden entailed in disseminating this information to the market.”)

    [37]         See Best Practices on Voluntary Disclosure, supra note 36.

    [38]         See, e.g., id.; Report on the Municipal Securities Market, supra note 25, at 58 (noting that the “practices of market participants in voluntarily providing [large amounts of information about issuers of municipal securities] to investors are not, however, consistent,” further explaining that “[l]arge repeat issuers generally have more comprehensive disclosure than small, infrequent or conduit issuers, who may voluntarily provide little ongoing information to investors.”).

    [39]         In many cases, municipal issuers already prepare and disseminate reports or other documents containing financial information and/or operating data to various governmental or institutional bodies, or to the public. See, e.g., Application of Antifraud Provisions to Public Statements of Issuers and Obligated Persons of Municipal Securities in the Secondary Market: Staff Legal Bulletin No. 21 (OMS) (Feb. 7, 2020) (“Staff Legal Bulletin No. 21”), available at https://www.sec.gov/municipal/application-antifraud-provisions-staff-legal-bulletin-21; Report of Investigation in the Matter of the City of Harrisburg, Pa. Concerning the Potential Liability of Public Officials with Regard to Disclosure Obligations in the Secondary Market, Exchange Act Release No. 69516 (May 6, 2013), (“Harrisburg Report”), available at https://www.sec.gov/litigation/investreport/34-69516.htm.

    [40]         See Report on the Municipal Securities Market, supra note 25, at 106 n.640.

    MIL OSI USA News –

  • MIL-OSI: Banco Santander Chile welcomes Andrés Trautmann Buc as the Bank’s New CEO and Country Head

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, July 01, 2025 (GLOBE NEWSWIRE) — (NYSE: BSAC; SSE: Bsantander). Andrés Trautmann Buc was officially welcomed as the new CEO and Country Head of Banco Santander Chile (“Santander Chile” or the “Company”), an appointment previously announced last February, in the presence of Héctor Grisi, CEO of Banco Santander. Trautmann thus replaces Román Blanco, who is leaving the Chilean subsidiary after a successful tenure with the bank.

    At the meeting, which was attended via streaming by all employees across the country, Grisi thanked Román Blanco for his work over the years, highlighting the strong position of the Chilean subsidiary in terms of results and market share. “The Group is proud to have a bank like Santander Chile: number one in loans, with practically one in three SMEs in the country as a client, and an ROE of 25.9% in a highly competitive environment. We must be Best in Class in each of the markets in which we operate, and to achieve this, it is essential to combine our local presence with the strength of our global scale. That is our greatest strength; we have exceptional teams and a solid culture. Developing it to its full potential is the great challenge we face.” Thus, the executive addressed the bank’s employees, asking them to “give Andrés the same support they gave Román, because having a team that supports him is essential.”

    For his part, Trautmann stated, “I am deeply proud to represent Santander Chile in this new position, a leading bank in the local industry that has made significant contributions to the Group’s global objectives. I know I have a first-class team with whom we will continue to dedicate ourselves strongly to supporting the progress of people and companies with innovative products and services that make their daily lives easier and boost the development of their businesses.”

    In his first appearance as CEO and country head, Trautmann emphasized that “Santander is present in key markets in Europe and the Americas. One of our key goals is precisely to leverage this global capacity and, through our experience and market knowledge, contribute to the growth of Chilean companies that are the driving force of our economy. We also want our more than 4.3 million customers to have a similar service experience in the different geographical areas where the Group operates, so that they feel part of an international entity. This is what they can experience today through the Work/Café branch network deployed in more than nine countries.”

    For his part, Román Blanco stated that “over these three years, we have made great progress in a context where digital banking is advancing rapidly. In this context, we strengthened the growth of Getnet, also adding new features, and Santander Consumer Finance, in addition to the launch of digital accounts and new ways of serving our customers, such as the Work/Café Expresso model.” The executive concluded by thanking “everyone who has been part of this journey over these three years and who has made it possible to accomplish all these achievements. Chile is a country of multiple opportunities and great growth potential. I am convinced that Santander is in the best hands, because through Andrés’s leadership, his business vision, and his ability to work as a team, they will be able to face the new challenges of this industry and achieve the goals we have set for ourselves.”

    Local Perspective with International Experience
    Trautmann, who holds a degree in Business Administration from the University of Chile, has a distinguished career at Santander, having joined the Group in 2007. He began his career as Head of Institutional and Corporate Sales at Santander Chile, then, between 2010 and 2012, he was in charge of Structured Products Sales in London for Santander UK. From 2013 to 2018, he was responsible for Andean Region Sales for Goldman Sachs in New York. That year, he assumed the position of Head of Markets for Santander’s local subsidiary until 2021, when he was appointed Executive Vice President of CIB at Santander Chile, a global division that supports corporate and institutional clients with high-value-added services, products, and solutions.

    From his initial position at Markets, he has led significant achievements such as tripling the growth of the Sales and Trading business and then, from CIB, the Investment Banking area, also driving the expansion of CIB products in large companies, leveraging the global capabilities of the Santander Group. Recently, the executive has also added the Corporate and Institutional Banking and Santander Consumer Finance businesses to his responsibilities, which has given him a comprehensive view of the bank’s management.

    As of March 31, 2025, the bank had total assets of Ch$67,059,423 million (US$70,284 million), total gross loans (including those owed by banks) at amortized cost of Ch$41,098,666 million (US$43,075 million), total deposits of Ch$30,607,715 million (US$32,080 million), and bank owners’ equity of Ch$4,400,233 million (US$4,612 million). The BIS capital ratio was 16.9%, with a core capital ratio of 10.7%. As of March 31, 2025, Santander Chile employed 8,712 people and had 237 branches throughout Chile. Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard & Poor’s, A+ from the Japan Credit Rating Agency, AA- from HR Ratings, and A from KBRA. All of our ratings have a stable outlook as of the date of this report.

    CONTACT INFORMATION
    Investor Relations
    Banco Santander Chile
    Bandera 140, Floor 20
    Santiago, Chile
    (562) 26483583

    Email: irelations@santander.cl
    Website: www.santander.cl

    The MIL Network –

  • MIL-OSI: Little Pepe Surpasses $3,000,000 Presale Milestone, Ignites Hype Across EVM Layer 2 Meme Space

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, July 01, 2025 (GLOBE NEWSWIRE) — Viral meme token LILPEPE has already raised over $3 million and is currently in its 4th presale stage, priced at just $0.0013. It’s shaking up the EVM Layer 2 space by merging meme culture with serious blockchain utility—offering lightning-fast transactions, ultra-low fees, and full Ethereum compatibility through the Little Pepe Chain. This innovative blend of virality and infrastructure positions $LILPEPE as a standout project in the next generation of meme space.

    Little Pepe: A New Era of Meme Token Beyond the Hype

    Meme coins have long been viewed as novelty acts—fun, speculative assets with little intrinsic value. But times are changing, and Little Pepe is leading that transformation. Designed from the ground up as a high-speed, low-cost Layer 2 blockchain, the Little Pepe sets a new technical standard while embracing the energy and virality of meme culture.

    Where most meme coins rely solely on community-driven momentum, Little Pepe fuses utility and scalability, making $LILPEPE a token with a real role to play. Built as an ERC-20 token on the Little Pepe, $LILPEPE is more than just a meme fun—it’s the token of a growing ecosystem.

    EVM-Compatible Layer 2: Speed Meets Scalability

    The Layer 2 ecosystem has gained major traction in recent years, especially as Ethereum continues to face scalability and gas fee challenges. Little Pepe addresses those concerns head-on with a network engineered for efficiency. EVM compatibility ensures seamless integration with existing Ethereum-based dApps and wallets, making it easy for developers and users alike to migrate or interact without friction.

    This design choice positions the Little Pepe not just as another Layer 2 solution, but as a meme-powered blockchain that doesn’t sacrifice performance. Its lightning-fast transactions and near-zero gas fees mean users can transact, play, mint, or trade without ever worrying.

    $LILPEPE Presale: Over $3 Million Raised

    $LILPEPE’s presale performance can be a strong indicator of long-term growth. Little Pepe has already crossed the $3 million mark in presale funding, currently sitting in Stage 4. This surge of capital has come from many crypto whales.

    More so, the presale is exclusively available via littlepepe.com, giving investors a chance to get in early before listing on the exchanges. With four stages already underway and a growing community behind it, the momentum is clear.

    Viral Meme Token $LILPEPE

    Timing in crypto is everything, and $LILPEPE arrives at a critical inflection point. Meme coins like PEPE, SHIB, and DOGE have shown that massive gains are possible, but also highlighted the volatility of hype-driven assets. By building real infrastructure beneath the meme, Little Pepe is aiming for something more sustainable.

    The crypto world is hungry for innovation, but also for culture—and Little Pepe provides both. Its blend of humor, decentralization, and technical performance may well mark the arrival of the next big crypto narrative: meme coins with purpose.

    Furthermore, whether you’re a meme enthusiast, a DeFi investor, or someone scouting the next big altcoin breakout, Little Pepe offers something rare in this market: a reason to believe that fun, function, and finance can coexist. With over $3 million raised, a powerful utility token, and a purpose-built Layer 2 chain, $LILPEPE may be early—but it’s already unstoppable.

    About Little Pepe

    Little Pepe is a next-gen Layer 2 blockchain designed to merge meme culture with high-speed, low-cost decentralized infrastructure. Built for scalability, security, and accessibility, Little Pepe supports EVM-compatible applications and is powered by means of the $LILPEPE token. The project’s mission is to create a meme coin environment wherein utility meets virality, empowering users through cutting-edge technology and lightning-fast transactions.

    For more information:
    Website: https://littlepepe.com/
    Telegram: https://t.me/littlepepetoken
    Twitter: https://x.com/littlepepetoken

    Contact Details:
    COO-James Stephen
    media@littlepepe.com

    Disclaimer: This content is provided by Little Pepe. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. GlobeNewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4cbb184f-d963-4852-a67a-486c5bb4b5bb

    The MIL Network –

  • MIL-OSI: OTC Markets Group Launches OTCID™ Basic Market, In Major Structural Upgrade to U.S. OTC Equities Markets

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 01, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for over 12,000 U.S. and international securities, today launched the OTCID™ Basic Market, a major structural upgrade that redefines the baseline for disclosure in the over-the-counter (OTC) equities space.

    With the elimination of the Pink Current Market, the new OTCID™ Basic Market introduces a more transparent framework for companies that choose to engage with U.S. investors through consistent, ongoing reporting.

    The move reflects OTC Markets Group’s broader strategy to enhance market clarity, reduce investor uncertainty, and offer compliant companies a more defined pathway to grow their presence in U.S. public markets.

    Companies trading on the OTCID™ Basic Market are now required to meet specific disclosure benchmarks, including timely quarterly and annual financials, management certifications, and updated company profile information. These foundational requirements ensure that investors, brokers, regulators, and data providers can rely on timely, accurate information from issuers of securities.

    “We’re supporting companies that choose to connect with the market and commit to timely, consistent, ongoing disclosure, as the best public companies understand that their data drives market quality” said Cromwell Coulson, President and CEO of OTC Markets Group. “When companies provide reliable information, that data flows directly into investor screens and broker-dealer machines, enhancing transparency, improving price discovery, and driving better outcomes across the market.”

    1237 securities from the US and key international markets, including Canada, Australia, the United Kingdom, Japan and Hong Kong have already taken the necessary steps to meet OTCID requirements, reinforcing their commitment to timely disclosure and direct engagement with U.S. investors.

    For many, OTCID is a strategic entry point, not a final destination. Investor-focused issuers continue to move up the market. Since January, 61 companies, including Bayer AG and OMV AG, have qualified for the OTCQX® Best Market, underscoring growing demand among issuers for higher visibility, stronger governance, and deeper, digital engagement with U.S. investors.

    Companies that fail to meet the new OTCID’s requirements have been downgraded to either the Pink Limited™ Market or the Expert Restricted Market. Pink Limited™ Market serves as a warning to investors, flagging securities with limited to no issuer involvement, including companies with limited, outdated, or inconsistent disclosures. The Expert Market continues to include securities that fail to meet even the most basic public disclosure requirements under SEC Rule 15c2-11. Quotes in Expert Market securities are not available to retail investors.

    By setting sharper distinctions between active and inactive issuers, OTC Markets Group is delivering on its mission to foster informed investment decisions and build a more efficient public market.

    For more information, visit www.otcmarkets.com/OTCID

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Media Contact:

    Media@otcmarkets.com

    The MIL Network –

  • MIL-OSI USA: Justice Department Charges Two Individuals with Acting as Agents of the PRC Government

    Source: US State of California

    Arrests Disrupted Clandestine PRC Ministry of State Security Intelligence Network Operating in the United States

    Two nationals of the People’s Republic of China (PRC) made their initial appearances in federal court in Portland, Oregon, and Houston, Texas, yesterday to face charges issued out of the Northern District of California for acting as agents of the Government of the PRC without prior notification to the Attorney General. The defendants, Yuance Chen, 38, a PRC national and legal permanent resident who resides in Happy Valley, Oregon, and Liren “Ryan” Lai, 39, a PRC national who traveled from the PRC to Houston, Texas, on a tourist visa in April 2025, were arrested Friday on a criminal complaint charging them with overseeing and carrying out various clandestine intelligence taskings in the United States on behalf of the PRC Government’s principal foreign intelligence service, the Ministry of State Security (MSS). These activities included facilitating a “dead drop” payment of cash for information relating to the national security of the United States previously provided to the MSS, gathering intelligence about U.S. Navy service members and bases, and assisting with efforts to recruit other individuals from within the U.S. military as potential MSS assets.

    Chen and Lai were arrested on June 27, 2025, by the FBI in Happy Valley, Oregon, and Houston Texas, as part of a coordinated counterintelligence and law enforcement operation across multiple states.

    “This case underscores the Chinese government’s sustained and aggressive effort to infiltrate our military and undermine our national security from within,” said Attorney General Pamela Bondi. “The Justice Department will not stand by while hostile nations embed spies in our country – we will expose foreign operatives, hold their agents to account, and protect the American people from covert threats to our national security.”

    “The FBI arrested two Chinese nationals who were allegedly attempting to recruit U.S. military service members on behalf of the PRC,” said FBI Director Kash Patel. “The Chinese Communist Party thought they were getting away with their scheme to operate on U.S. soil, utilizing spy craft, like dead drops, to pay their sources. This case was a complex, coordinated effort and is an example of outstanding counterintelligence work done by FBI San Francisco, Portland, Houston, San Diego, and the Counterintelligence Division. The FBI will continue to vigilantly defend the homeland from China’s pervasive attempts to infiltrate our borders.”

    “Adverse foreign intelligence services like the PRC’s Ministry of State Security dedicate years to recruiting individuals and cultivating them as intelligence assets to do their bidding within the United States,” said Assistant Attorney General for National Security John A. Eisenberg. “Under my leadership, the National Security Division will continue to defend our nation and neutralize our adversaries’ clandestine spy networks.”

    “These charges reflect the breadth of the efforts by our foreign adversaries to target the United States — this time by conducting illegal intelligence-gathering operations aimed at our national security information and military service members,” said U.S. Attorney Craig H. Missakian for the Northern District of California. “My office and the FBI remain ever vigilant in guarding against these threats to the United States. We will continue to undertake counterespionage investigations and prosecutions, no matter how complex and sensitive, to disrupt attempts to weaken our national security.”

    As alleged in the criminal complaint unsealed yesterday, the PRC Government conducts intelligence activities against the United States through multiple arms, including the MSS. The MSS handles civilian intelligence collection for the PRC and is responsible for counterintelligence and foreign intelligence, as well as political security. The MSS and its bureaus seek to obtain information on political, economic, and security policies that might affect the PRC, along with military, scientific, and technical information of value to the PRC. The MSS and its bureaus are tasked with conducting clandestine and covert human source operations, of which the United States is a principal target.

    As alleged in the criminal complaint, Lai recruited Chen to work on behalf of the MSS in or about 2021. While in Guangzhou, China, in January 2022, Lai and Chen worked together to facilitate a dead-drop payment of at least $10,000 on behalf of the MSS, working with other individuals located in the United States to leave a backpack with the cash at a day-use locker at a recreational facility located in Livermore, California.

    Following the January 2022 dead drop, Lai and Chen continued to work on behalf of the MSS, including to help identify potential assets for MSS recruitment within the ranks of the U.S. Navy. For example, beginning in 2022, Chen was tasked by Lai and other agents of the MSS to contact a Navy employee over social media, and then later, in 2025, arranged for a tour with the employee of the USS Abraham Lincoln and provided information about the employee to the MSS. In 2022 and 2023, Chen was tasked to visit a U.S. Naval installation in Washington State and a U.S. Navy recruitment center in San Gabriel, California. While in the recruitment center, Chen obtained photographs of a bulletin board containing the names, programs, and hometowns of recent Navy recruits, the majority of whom listed their hometown as “China,” which he appears to have transmitted to an MSS intelligence officer in China. The complaint also alleges that Chen received instruction from the MSS on what to say to potential recruits regarding potential payment that could be made by the MSS, preferred Naval job assignments for potential recruits, and methods for minimizing Chen’s risk of exposure. The complaint alleges that in 2023, Lai flew to the United States from the PRC and provided Chen with a cellphone that Chen then used to communicate with the MSS. The complaint also alleges that Chen traveled to Guangzhou and met with MSS intelligence officers in April 2024 and March 2025 in order to discuss compensation and specific taskings.

    The complaint also alleges that Lai traveled to Houston, Texas, in April 2025, claiming that the purpose of his visit was related to his business as an online retail seller, and that he would be staying in the Houston area for two weeks. However, on May 9, 2025 – more than four weeks after his arrival in the United States – Lai traveled by car with a companion from Houston to Southern California, via New Mexico and Tucson, Arizona, before returning to Texas, on May 15, 2025.

    Chen and Lai are charged with violating Title 18, United States Code, Section 951, which makes it a crime for a person to operate or agree to operate within the United States as an agent of a foreign government without notification to the Attorney General of the United States. If convicted, the defendants face a fine of up to $250,000 and a term of imprisonment of up to 10 years.

    The FBI San Francisco Field Office is leading the investigation, with valuable assistance provided by the FBI Portland, Houston, and San Diego Field Offices. The Naval Criminal Investigative Service (NCIS) also provided valuable assistance during the operation. 

    The National Security and Special Prosecutions Section of the U.S. Attorney’s Office for the Northern District of California and the National Security Division’s Counterintelligence and Export Control Section are in charge of the prosecution. Significant operational support and assistance is also being provided by the District of Oregon, the Southern District of Texas, and the Southern District of California.

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

    MIL OSI USA News –

  • MIL-OSI Security: Justice Department Charges Two Individuals with Acting as Agents of the PRC Government

    Source: United States Attorneys General 7

    Arrests Disrupted Clandestine PRC Ministry of State Security Intelligence Network Operating in the United States

    Two nationals of the People’s Republic of China (PRC) made their initial appearances in federal court in Portland, Oregon, and Houston, Texas, yesterday to face charges issued out of the Northern District of California for acting as agents of the Government of the PRC without prior notification to the Attorney General. The defendants, Yuance Chen, 38, a PRC national and legal permanent resident who resides in Happy Valley, Oregon, and Liren “Ryan” Lai, 39, a PRC national who traveled from the PRC to Houston, Texas, on a tourist visa in April 2025, were arrested Friday on a criminal complaint charging them with overseeing and carrying out various clandestine intelligence taskings in the United States on behalf of the PRC Government’s principal foreign intelligence service, the Ministry of State Security (MSS). These activities included facilitating a “dead drop” payment of cash for information relating to the national security of the United States previously provided to the MSS, gathering intelligence about U.S. Navy service members and bases, and assisting with efforts to recruit other individuals from within the U.S. military as potential MSS assets.

    Chen and Lai were arrested on June 27, 2025, by the FBI in Happy Valley, Oregon, and Houston Texas, as part of a coordinated counterintelligence and law enforcement operation across multiple states.

    “This case underscores the Chinese government’s sustained and aggressive effort to infiltrate our military and undermine our national security from within,” said Attorney General Pamela Bondi. “The Justice Department will not stand by while hostile nations embed spies in our country – we will expose foreign operatives, hold their agents to account, and protect the American people from covert threats to our national security.”

    “The FBI arrested two Chinese nationals who were allegedly attempting to recruit U.S. military service members on behalf of the PRC,” said FBI Director Kash Patel. “The Chinese Communist Party thought they were getting away with their scheme to operate on U.S. soil, utilizing spy craft, like dead drops, to pay their sources. This case was a complex, coordinated effort and is an example of outstanding counterintelligence work done by FBI San Francisco, Portland, Houston, San Diego, and the Counterintelligence Division. The FBI will continue to vigilantly defend the homeland from China’s pervasive attempts to infiltrate our borders.”

    “Adverse foreign intelligence services like the PRC’s Ministry of State Security dedicate years to recruiting individuals and cultivating them as intelligence assets to do their bidding within the United States,” said Assistant Attorney General for National Security John A. Eisenberg. “Under my leadership, the National Security Division will continue to defend our nation and neutralize our adversaries’ clandestine spy networks.”

    “These charges reflect the breadth of the efforts by our foreign adversaries to target the United States — this time by conducting illegal intelligence-gathering operations aimed at our national security information and military service members,” said U.S. Attorney Craig H. Missakian for the Northern District of California. “My office and the FBI remain ever vigilant in guarding against these threats to the United States. We will continue to undertake counterespionage investigations and prosecutions, no matter how complex and sensitive, to disrupt attempts to weaken our national security.”

    As alleged in the criminal complaint unsealed yesterday, the PRC Government conducts intelligence activities against the United States through multiple arms, including the MSS. The MSS handles civilian intelligence collection for the PRC and is responsible for counterintelligence and foreign intelligence, as well as political security. The MSS and its bureaus seek to obtain information on political, economic, and security policies that might affect the PRC, along with military, scientific, and technical information of value to the PRC. The MSS and its bureaus are tasked with conducting clandestine and covert human source operations, of which the United States is a principal target.

    As alleged in the criminal complaint, Lai recruited Chen to work on behalf of the MSS in or about 2021. While in Guangzhou, China, in January 2022, Lai and Chen worked together to facilitate a dead-drop payment of at least $10,000 on behalf of the MSS, working with other individuals located in the United States to leave a backpack with the cash at a day-use locker at a recreational facility located in Livermore, California.

    Following the January 2022 dead drop, Lai and Chen continued to work on behalf of the MSS, including to help identify potential assets for MSS recruitment within the ranks of the U.S. Navy. For example, beginning in 2022, Chen was tasked by Lai and other agents of the MSS to contact a Navy employee over social media, and then later, in 2025, arranged for a tour with the employee of the USS Abraham Lincoln and provided information about the employee to the MSS. In 2022 and 2023, Chen was tasked to visit a U.S. Naval installation in Washington State and a U.S. Navy recruitment center in San Gabriel, California. While in the recruitment center, Chen obtained photographs of a bulletin board containing the names, programs, and hometowns of recent Navy recruits, the majority of whom listed their hometown as “China,” which he appears to have transmitted to an MSS intelligence officer in China. The complaint also alleges that Chen received instruction from the MSS on what to say to potential recruits regarding potential payment that could be made by the MSS, preferred Naval job assignments for potential recruits, and methods for minimizing Chen’s risk of exposure. The complaint alleges that in 2023, Lai flew to the United States from the PRC and provided Chen with a cellphone that Chen then used to communicate with the MSS. The complaint also alleges that Chen traveled to Guangzhou and met with MSS intelligence officers in April 2024 and March 2025 in order to discuss compensation and specific taskings.

    The complaint also alleges that Lai traveled to Houston, Texas, in April 2025, claiming that the purpose of his visit was related to his business as an online retail seller, and that he would be staying in the Houston area for two weeks. However, on May 9, 2025 – more than four weeks after his arrival in the United States – Lai traveled by car with a companion from Houston to Southern California, via New Mexico and Tucson, Arizona, before returning to Texas, on May 15, 2025.

    Chen and Lai are charged with violating Title 18, United States Code, Section 951, which makes it a crime for a person to operate or agree to operate within the United States as an agent of a foreign government without notification to the Attorney General of the United States. If convicted, the defendants face a fine of up to $250,000 and a term of imprisonment of up to 10 years.

    The FBI San Francisco Field Office is leading the investigation, with valuable assistance provided by the FBI Portland, Houston, and San Diego Field Offices. The Naval Criminal Investigative Service (NCIS) also provided valuable assistance during the operation. 

    The National Security and Special Prosecutions Section of the U.S. Attorney’s Office for the Northern District of California and the National Security Division’s Counterintelligence and Export Control Section are in charge of the prosecution. Significant operational support and assistance is also being provided by the District of Oregon, the Southern District of Texas, and the Southern District of California.

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

    MIL Security OSI –

  • MIL-OSI USA: Justice Department Announces Coordinated, Nationwide Actions to Combat North Korean Remote Information Technology Workers’ Illicit Revenue Generation Schemes

    Source: US State of North Dakota

    Law Enforcement Actions Across 16 States Result in Charges, Arrest, and Seizures of 29 Financial Accounts, 21 Fraudulent Websites, and Approximately 200 Computers

    The Justice Department announced today coordinated actions against the Democratic People’s Republic of North Korea (DPRK) government’s schemes to fund its regime through remote information technology (IT) work for U.S. companies. These actions include two indictments, an arrest, searches of 29 known or suspected “laptop farms” across 16 states, and the seizure of 29 financial accounts used to launder illicit funds and 21 fraudulent websites.

    According to court documents, the schemes involve North Korean individuals fraudulently obtaining employment with U.S. companies as remote IT workers, using stolen and fake identities. The North Korean actors were assisted by individuals in the United States, China, United Arab Emirates, and Taiwan, and successfully obtained employment with more than 100 U.S. companies.

    As alleged in court documents, certain U.S.-based individuals enabled one of the schemes by creating front companies and fraudulent websites to promote the bona fides of the remote IT workers, and hosted laptop farms where the remote North Korean IT workers could remote access into U.S. victim company-provided laptop computers. Once employed, the North Korean IT workers received regular salary payments, and they gained access to, and in some cases stole, sensitive employer information such as export controlled U.S. military technology and virtual currency. In another scheme, North Korean IT workers used false or fraudulently obtained identities to gain employment with an Atlanta, Georgia-based blockchain research and development company and stole virtual currency worth approximately over $900,000.

    “These schemes target and steal from U.S. companies and are designed to evade sanctions and fund the North Korean regime’s illicit programs, including its weapons programs,” said Assistant Attorney General John A. Eisenberg of the Department’s National Security Division. “The Justice Department, along with our law enforcement, private sector, and international partners, will persistently pursue and dismantle these cyber-enabled revenue generation networks.”

    “North Korean IT workers defraud American companies and steal the identities of private citizens, all in support of the North Korean regime,” said Assistant Director Brett Leatherman of FBI’s Cyber Division. “That is why the FBI and our partners continue to work together to disrupt infrastructure, seize revenue, indict overseas IT workers, and arrest their enablers in the United States. Let the actions announced today serve as a warning: if you host laptop farms for the benefit of North Korean actors, law enforcement will be waiting for you.”

    “North Korea remains intent on funding its weapons programs by defrauding U.S. companies and exploiting American victims of identity theft, but the FBI is equally intent on disrupting this massive campaign and bringing its perpetrators to justice,” said Assistant Director Roman Rozhavsky of the FBI Counterintelligence Division. “North Korean IT workers posing as U.S. citizens fraudulently obtained employment with American businesses so they could funnel hundreds of millions of dollars to North Korea’s authoritarian regime. The FBI will do everything in our power to defend the homeland and protect Americans from being victimized by the North Korean government, and we ask all U.S. companies that employ remote workers to remain vigilant to this sophisticated threat.”

    Zhenxing Wang, et al. Indictment, Seizure Warrants, and Arrest – District of Massachusetts

    Today, the United States Attorney’s Office for the District of Massachusetts and the National Security Division announced the arrest of U.S. national Zhenxing “Danny” Wang of New Jersey pursuant to a five-count indictment. The indictment describes a multi-year fraud scheme by Wang and his co-conspirators to obtain remote IT work with U.S. companies that generated more than $5 million in revenue. The indictment also charges Chinese nationals Jing Bin Huang (靖斌 黄), Baoyu Zhou (周宝玉), Tong Yuze (佟雨泽), Yongzhe Xu (徐勇哲 andيونجزهي أكسو), Ziyou Yuan (زيو) and Zhenbang Zhou (周震邦), and Taiwanese nationals Mengting Liu (劉 孟婷) and Enchia Liu (刘恩) for their roles in the scheme. 

    “The threat posed by DPRK operatives is both real and immediate. Thousands of North Korean cyber operatives have been trained and deployed by the regime to blend into the global digital workforce and systematically target U.S. companies,” said U.S. Attorney Leah B. Foley for the District of Massachusetts. “We will continue to work relentlessly to protect U.S. businesses and ensure they are not inadvertently fueling the DPRK’s unlawful and dangerous ambitions.”

    According to the indictment, from approximately 2021 until October 2024, the defendants and other co-conspirators compromised the identities of more than 80 U.S. persons to obtain remote jobs at more than 100 U.S. companies, including many Fortune 500 companies, and caused U.S. victim companies to incur legal fees, computer network remediation costs, and other damages and losses of at least $3 million. Overseas IT workers were assisted by Kejia Wang, Zhenxing Wang, and at least four other identified U.S. facilitators. Kejia Wang, for example, communicated with overseas co-conspirators and IT workers, and traveled to Shenyang and Dandong, China, including in 2023, to meet with them about the scheme. To deceive U.S. companies into believing the IT workers were located in the United States, Kejia Wang, Zhenxing Wang, and the other U.S. facilitators received and/or hosted laptops belonging to U.S. companies at their residences, and enabled overseas IT workers to access the laptops remotely by, among other things, connecting the laptops to hardware devices designed to allow for remote access (referred to as keyboard-video-mouse or “KVM” switches).

    Kejia Wang and Zhenxing Wang also created shell companies with corresponding websites and financial accounts, including Hopana Tech LLC, Tony WKJ LLC, and Independent Lab LLC, to make it appear as though the overseas IT workers were affiliated with legitimate U.S. businesses. Kejia Wang and Zhenxing Wang established these and other financial accounts to receive money from victimized U.S. companies, much of which was subsequently transferred to overseas co‑conspirators. In exchange for their services, Kejia Wang, Zhenxing Wang, and the four other U.S. facilitators received a total of at least $696,000 from the IT workers.

    IT workers employed under this scheme also gained access to sensitive employer data and source code, including International Traffic in Arms Regulations (ITAR) data from a California-based defense contractor that develops artificial intelligence-powered equipment and technologies. Specifically, between on or about Jan. 19, 2024, and on or about April 2, 2024, an overseas co-conspirator remotely accessed without authorization the company’s laptop and computer files  containing technical data and other information. The stolen data included information marked as being controlled under the ITAR.

    Simultaneously with today’s announcement, the FBI and Defense Criminal Investigative Service (DCIS) seized 17 web domains used in furtherance of the charged scheme and further seized 29 financial accounts, holding tens of thousands of dollars in funds, used to launder revenue for the North Korean regime through the remote IT work scheme.

    Previously, in October 2024, as part of this investigation, federal law enforcement executed searches at eight locations across three states that resulted in the recovery of more than 70 laptops and remote access devices, such as KVMs. Simultaneously with that action, the FBI seized four web domains associated with Kejia Wang’s and Zhenxing Wang’s shell companies used to facilitate North Korean IT work.

    The FBI Las Vegas Field Office, DCIS San Diego Resident Agency, and Homeland Security Investigations San Diego Field Office are investigating the case.

    Assistant U.S. Attorney Jason Casey for the District of Massachusetts and Trial Attorney Gregory J. Nicosia, Jr. of the National Security Division’s National Security Cyber Section are prosecuting the case, with significant assistance from Legal Assistants Daniel Boucher and Margaret Coppes. Valuable assistance was also provided by Mark A. Murphy of the National Security Division’s Counterintelligence and Export Control Section and the U.S. Attorneys’ Offices for the District of New Jersey, Eastern District of New York, and Southern District of California.

    Kim Kwang Jin et al. Indictment – Northern District of Georgia

    Today, the Northern District of Georgia unsealed a five-count wire fraud and money laundering indictment charging four North Korean nationals, Kim Kwang Jin (김관진), Kang Tae Bok (강태복), Jong Pong Ju (정봉주) and Chang Nam Il (창남일), with a scheme to steal virtual currency from two companies, valued at over $900,000 at the time of the thefts, and to launder proceeds of those thefts. The defendants remain at large and wanted by the FBI.

    “The defendants used fake and stolen personal identities to conceal their North Korean nationality, pose as remote IT workers, and exploit their victims’ trust to steal hundreds of thousands of dollars,” said U.S. Attorney Theodore S. Hertzberg for the Northern District of Georgia. “This indictment highlights the unique threat North Korea poses to companies that hire remote IT workers and underscores our resolve to prosecute any actor, in the United States or abroad, who steals from Georgia businesses.”

    According to the indictment, the defendants traveled to the United Arab Emirates on North Korean travel documents and worked as a co-located team. In approximately December 2020 and May 2021, respectively, Kim Kwang Jin (using victim P.S.’s stolen identity) and Jong Pong Ju (using the alias “Bryan Cho”) were hired by a blockchain research and development company headquartered in Atlanta, Georgia, and a virtual token company based in Serbia. Both defendants concealed their North Korean identities from their employers by providing false identification documents containing a mix of stolen and fraudulent identity information. Neither company would have hired Kim Kwang Jin and Jong Pong Ju had they known that they were North Korean citizens. Later, on a recommendation from Jong Pong Ju, the Serbian company hired “Peter Xiao,” who in fact was Chang Nam Il.

    After gaining their employers’ trust, Kim Kwang Jin and Jong Pong Ju were assigned projects that provided them access to their employers’ virtual currency assets. In February 2022, Jong Pong Ju used that access to steal virtual currency worth approximately $175,000 at the time of the theft, sending it to a virtual currency address he controlled. In March 2022, Kim Kwang Jin stole virtual currency worth approximately $740,000 at the time of theft by modifying the source code of two of his employer’s smart contracts, then sending it to a virtual currency address he controlled.

    To launder the funds after the thefts, Kim Kwang Jin and Jong Pong Ju “mixed” the stolen funds using the virtual currency mixer Tornado Cash and then transferred the funds to virtual currency exchange accounts controlled by defendants Kang Tae Bok and Chang Nam Il but held in the name of aliases. These accounts were opened using fraudulent Malaysian identification documents.

    The FBI Atlanta Field Office is investigating the case.

    Assistant U.S. Attorneys Samir Kaushal and Alex Sistla for the Northern District of Georgia and Trial Attorney Jacques Singer-Emery of the National Security Division’s National Security Cyber Section are prosecuting the case.

    21 Searches of Known or Suspected U.S.-based Laptop Farms – Multi-District

    Between June 10 and June 17, 2025, the FBI executed searches of 21 premises across 14 states hosting known and suspected laptop farms. These actions, coordinated by the FBI Denver Field Office, related to investigations of North Korean remote IT worker schemes being conducted by the U.S. Attorneys’ Offices of the District of Colorado, Eastern District of Missouri, and Northern District of Texas. In total, the FBI seized approximately 137 laptops.

    Valuable assistance was provided by the U.S. Attorney’s Offices for the District of Connecticut, the Eastern District of Michigan, the Eastern District of Wisconsin, the Middle District of Florida, the Northern District of Georgia, the Northern District of Illinois, the Northern District of Indiana, the District of Oregon, the Southern District of Florida, the Southern District of Ohio, the Western District of New York, and the Western District of Pennsylvania.

    ***

    The Department’s actions to combat these schemes are the latest in a series of law enforcement actions under a joint National Security Division and FBI Cyber and Counterintelligence Divisions effort, the DPRK RevGen: Domestic Enabler Initiative. This effort prioritizes targeting and disrupting the DPRK’s illicit revenue generation schemes and its U.S.-based enablers. The Department previously announced other actions pursuant to the initiative, including in January 2025 and prior, as well as the filing of a civil forfeiture complaint in early June 2025 for over $7.74 million tied to an illegal employment scheme.

    As the FBI has described in Public Service Announcements published in May 2024 and January 2025, North Korean remote IT workers posing as legitimate remote IT workers have committed data extortion and exfiltrated the proprietary and sensitive data from U.S. companies. DPRK IT worker schemes typically involve the use of stolen identities, alias emails, social media, online cross-border payment platforms, and online job site accounts, as well as false websites, proxy computers, and witting and unwitting third parties located in the U.S. and elsewhere.

    Other public advisories about the threats, red flag indicators, and potential mitigation measures for these schemes include a May 2022 advisory released by the FBI, Department of the Treasury, and Department of State; a July 2023 advisory from the Office of the Director of National Intelligence; and guidance issued in October 2023 by the United States and the Republic of Korea (South Korea). As described the May 2022 advisory, North Korean IT workers have been known individually to earn up to $300,000 annually, generating hundreds of millions of dollars collectively each year, on behalf of designated entities, such as the North Korean Ministry of Defense and others directly involved in the DPRK’s weapons programs.

    The U.S. Department of State has offered potential rewards for up to $5 million in support of international efforts to disrupt the DPRK’s illicit financial activities, including for cybercrimes, money laundering, and sanctions evasion.

    The details in the above-described court documents are merely allegations. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

  • MIL-OSI Security: Justice Department Announces Coordinated, Nationwide Actions to Combat North Korean Remote Information Technology Workers’ Illicit Revenue Generation Schemes

    Source: United States Attorneys General

    Law Enforcement Actions Across 16 States Result in Charges, Arrest, and Seizures of 29 Financial Accounts, 21 Fraudulent Websites, and Approximately 200 Computers

    The Justice Department announced today coordinated actions against the Democratic People’s Republic of North Korea (DPRK) government’s schemes to fund its regime through remote information technology (IT) work for U.S. companies. These actions include two indictments, an arrest, searches of 29 known or suspected “laptop farms” across 16 states, and the seizure of 29 financial accounts used to launder illicit funds and 21 fraudulent websites.

    According to court documents, the schemes involve North Korean individuals fraudulently obtaining employment with U.S. companies as remote IT workers, using stolen and fake identities. The North Korean actors were assisted by individuals in the United States, China, United Arab Emirates, and Taiwan, and successfully obtained employment with more than 100 U.S. companies.

    As alleged in court documents, certain U.S.-based individuals enabled one of the schemes by creating front companies and fraudulent websites to promote the bona fides of the remote IT workers, and hosted laptop farms where the remote North Korean IT workers could remote access into U.S. victim company-provided laptop computers. Once employed, the North Korean IT workers received regular salary payments, and they gained access to, and in some cases stole, sensitive employer information such as export controlled U.S. military technology and virtual currency. In another scheme, North Korean IT workers used false or fraudulently obtained identities to gain employment with an Atlanta, Georgia-based blockchain research and development company and stole virtual currency worth approximately over $900,000.

    “These schemes target and steal from U.S. companies and are designed to evade sanctions and fund the North Korean regime’s illicit programs, including its weapons programs,” said Assistant Attorney General John A. Eisenberg of the Department’s National Security Division. “The Justice Department, along with our law enforcement, private sector, and international partners, will persistently pursue and dismantle these cyber-enabled revenue generation networks.”

    “North Korean IT workers defraud American companies and steal the identities of private citizens, all in support of the North Korean regime,” said Assistant Director Brett Leatherman of FBI’s Cyber Division. “That is why the FBI and our partners continue to work together to disrupt infrastructure, seize revenue, indict overseas IT workers, and arrest their enablers in the United States. Let the actions announced today serve as a warning: if you host laptop farms for the benefit of North Korean actors, law enforcement will be waiting for you.”

    “North Korea remains intent on funding its weapons programs by defrauding U.S. companies and exploiting American victims of identity theft, but the FBI is equally intent on disrupting this massive campaign and bringing its perpetrators to justice,” said Assistant Director Roman Rozhavsky of the FBI Counterintelligence Division. “North Korean IT workers posing as U.S. citizens fraudulently obtained employment with American businesses so they could funnel hundreds of millions of dollars to North Korea’s authoritarian regime. The FBI will do everything in our power to defend the homeland and protect Americans from being victimized by the North Korean government, and we ask all U.S. companies that employ remote workers to remain vigilant to this sophisticated threat.”

    Zhenxing Wang, et al. Indictment, Seizure Warrants, and Arrest – District of Massachusetts

    Today, the United States Attorney’s Office for the District of Massachusetts and the National Security Division announced the arrest of U.S. national Zhenxing “Danny” Wang of New Jersey pursuant to a five-count indictment. The indictment describes a multi-year fraud scheme by Wang and his co-conspirators to obtain remote IT work with U.S. companies that generated more than $5 million in revenue. The indictment also charges Chinese nationals Jing Bin Huang (靖斌 黄), Baoyu Zhou (周宝玉), Tong Yuze (佟雨泽), Yongzhe Xu (徐勇哲 andيونجزهي أكسو), Ziyou Yuan (زيو) and Zhenbang Zhou (周震邦), and Taiwanese nationals Mengting Liu (劉 孟婷) and Enchia Liu (刘恩) for their roles in the scheme. 

    “The threat posed by DPRK operatives is both real and immediate. Thousands of North Korean cyber operatives have been trained and deployed by the regime to blend into the global digital workforce and systematically target U.S. companies,” said U.S. Attorney Leah B. Foley for the District of Massachusetts. “We will continue to work relentlessly to protect U.S. businesses and ensure they are not inadvertently fueling the DPRK’s unlawful and dangerous ambitions.”

    According to the indictment, from approximately 2021 until October 2024, the defendants and other co-conspirators compromised the identities of more than 80 U.S. persons to obtain remote jobs at more than 100 U.S. companies, including many Fortune 500 companies, and caused U.S. victim companies to incur legal fees, computer network remediation costs, and other damages and losses of at least $3 million. Overseas IT workers were assisted by Kejia Wang, Zhenxing Wang, and at least four other identified U.S. facilitators. Kejia Wang, for example, communicated with overseas co-conspirators and IT workers, and traveled to Shenyang and Dandong, China, including in 2023, to meet with them about the scheme. To deceive U.S. companies into believing the IT workers were located in the United States, Kejia Wang, Zhenxing Wang, and the other U.S. facilitators received and/or hosted laptops belonging to U.S. companies at their residences, and enabled overseas IT workers to access the laptops remotely by, among other things, connecting the laptops to hardware devices designed to allow for remote access (referred to as keyboard-video-mouse or “KVM” switches).

    Kejia Wang and Zhenxing Wang also created shell companies with corresponding websites and financial accounts, including Hopana Tech LLC, Tony WKJ LLC, and Independent Lab LLC, to make it appear as though the overseas IT workers were affiliated with legitimate U.S. businesses. Kejia Wang and Zhenxing Wang established these and other financial accounts to receive money from victimized U.S. companies, much of which was subsequently transferred to overseas co‑conspirators. In exchange for their services, Kejia Wang, Zhenxing Wang, and the four other U.S. facilitators received a total of at least $696,000 from the IT workers.

    IT workers employed under this scheme also gained access to sensitive employer data and source code, including International Traffic in Arms Regulations (ITAR) data from a California-based defense contractor that develops artificial intelligence-powered equipment and technologies. Specifically, between on or about Jan. 19, 2024, and on or about April 2, 2024, an overseas co-conspirator remotely accessed without authorization the company’s laptop and computer files  containing technical data and other information. The stolen data included information marked as being controlled under the ITAR.

    Simultaneously with today’s announcement, the FBI and Defense Criminal Investigative Service (DCIS) seized 17 web domains used in furtherance of the charged scheme and further seized 29 financial accounts, holding tens of thousands of dollars in funds, used to launder revenue for the North Korean regime through the remote IT work scheme.

    Previously, in October 2024, as part of this investigation, federal law enforcement executed searches at eight locations across three states that resulted in the recovery of more than 70 laptops and remote access devices, such as KVMs. Simultaneously with that action, the FBI seized four web domains associated with Kejia Wang’s and Zhenxing Wang’s shell companies used to facilitate North Korean IT work.

    The FBI Las Vegas Field Office, DCIS San Diego Resident Agency, and Homeland Security Investigations San Diego Field Office are investigating the case.

    Assistant U.S. Attorney Jason Casey for the District of Massachusetts and Trial Attorney Gregory J. Nicosia, Jr. of the National Security Division’s National Security Cyber Section are prosecuting the case, with significant assistance from Legal Assistants Daniel Boucher and Margaret Coppes. Valuable assistance was also provided by Mark A. Murphy of the National Security Division’s Counterintelligence and Export Control Section and the U.S. Attorneys’ Offices for the District of New Jersey, Eastern District of New York, and Southern District of California.

    Kim Kwang Jin et al. Indictment – Northern District of Georgia

    Today, the Northern District of Georgia unsealed a five-count wire fraud and money laundering indictment charging four North Korean nationals, Kim Kwang Jin (김관진), Kang Tae Bok (강태복), Jong Pong Ju (정봉주) and Chang Nam Il (창남일), with a scheme to steal virtual currency from two companies, valued at over $900,000 at the time of the thefts, and to launder proceeds of those thefts. The defendants remain at large and wanted by the FBI.

    “The defendants used fake and stolen personal identities to conceal their North Korean nationality, pose as remote IT workers, and exploit their victims’ trust to steal hundreds of thousands of dollars,” said U.S. Attorney Theodore S. Hertzberg for the Northern District of Georgia. “This indictment highlights the unique threat North Korea poses to companies that hire remote IT workers and underscores our resolve to prosecute any actor, in the United States or abroad, who steals from Georgia businesses.”

    According to the indictment, the defendants traveled to the United Arab Emirates on North Korean travel documents and worked as a co-located team. In approximately December 2020 and May 2021, respectively, Kim Kwang Jin (using victim P.S.’s stolen identity) and Jong Pong Ju (using the alias “Bryan Cho”) were hired by a blockchain research and development company headquartered in Atlanta, Georgia, and a virtual token company based in Serbia. Both defendants concealed their North Korean identities from their employers by providing false identification documents containing a mix of stolen and fraudulent identity information. Neither company would have hired Kim Kwang Jin and Jong Pong Ju had they known that they were North Korean citizens. Later, on a recommendation from Jong Pong Ju, the Serbian company hired “Peter Xiao,” who in fact was Chang Nam Il.

    After gaining their employers’ trust, Kim Kwang Jin and Jong Pong Ju were assigned projects that provided them access to their employers’ virtual currency assets. In February 2022, Jong Pong Ju used that access to steal virtual currency worth approximately $175,000 at the time of the theft, sending it to a virtual currency address he controlled. In March 2022, Kim Kwang Jin stole virtual currency worth approximately $740,000 at the time of theft by modifying the source code of two of his employer’s smart contracts, then sending it to a virtual currency address he controlled.

    To launder the funds after the thefts, Kim Kwang Jin and Jong Pong Ju “mixed” the stolen funds using the virtual currency mixer Tornado Cash and then transferred the funds to virtual currency exchange accounts controlled by defendants Kang Tae Bok and Chang Nam Il but held in the name of aliases. These accounts were opened using fraudulent Malaysian identification documents.

    The FBI Atlanta Field Office is investigating the case.

    Assistant U.S. Attorneys Samir Kaushal and Alex Sistla for the Northern District of Georgia and Trial Attorney Jacques Singer-Emery of the National Security Division’s National Security Cyber Section are prosecuting the case.

    21 Searches of Known or Suspected U.S.-based Laptop Farms – Multi-District

    Between June 10 and June 17, 2025, the FBI executed searches of 21 premises across 14 states hosting known and suspected laptop farms. These actions, coordinated by the FBI Denver Field Office, related to investigations of North Korean remote IT worker schemes being conducted by the U.S. Attorneys’ Offices of the District of Colorado, Eastern District of Missouri, and Northern District of Texas. In total, the FBI seized approximately 137 laptops.

    Valuable assistance was provided by the U.S. Attorney’s Offices for the District of Connecticut, the Eastern District of Michigan, the Eastern District of Wisconsin, the Middle District of Florida, the Northern District of Georgia, the Northern District of Illinois, the Northern District of Indiana, the District of Oregon, the Southern District of Florida, the Southern District of Ohio, the Western District of New York, and the Western District of Pennsylvania.

    ***

    The Department’s actions to combat these schemes are the latest in a series of law enforcement actions under a joint National Security Division and FBI Cyber and Counterintelligence Divisions effort, the DPRK RevGen: Domestic Enabler Initiative. This effort prioritizes targeting and disrupting the DPRK’s illicit revenue generation schemes and its U.S.-based enablers. The Department previously announced other actions pursuant to the initiative, including in January 2025 and prior, as well as the filing of a civil forfeiture complaint in early June 2025 for over $7.74 million tied to an illegal employment scheme.

    As the FBI has described in Public Service Announcements published in May 2024 and January 2025, North Korean remote IT workers posing as legitimate remote IT workers have committed data extortion and exfiltrated the proprietary and sensitive data from U.S. companies. DPRK IT worker schemes typically involve the use of stolen identities, alias emails, social media, online cross-border payment platforms, and online job site accounts, as well as false websites, proxy computers, and witting and unwitting third parties located in the U.S. and elsewhere.

    Other public advisories about the threats, red flag indicators, and potential mitigation measures for these schemes include a May 2022 advisory released by the FBI, Department of the Treasury, and Department of State; a July 2023 advisory from the Office of the Director of National Intelligence; and guidance issued in October 2023 by the United States and the Republic of Korea (South Korea). As described the May 2022 advisory, North Korean IT workers have been known individually to earn up to $300,000 annually, generating hundreds of millions of dollars collectively each year, on behalf of designated entities, such as the North Korean Ministry of Defense and others directly involved in the DPRK’s weapons programs.

    The U.S. Department of State has offered potential rewards for up to $5 million in support of international efforts to disrupt the DPRK’s illicit financial activities, including for cybercrimes, money laundering, and sanctions evasion.

    The details in the above-described court documents are merely allegations. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Economics: ICC Principles for Sustainable Trade and Trade Finance

    Source: International Chamber of Commerce

    Headline: ICC Principles for Sustainable Trade and Trade Finance

    Trade underpins economic growth, connects markets and supports development. But if global trade is to continue delivering these benefits in the long term, and ensure resilient global economies and a healthy planet, it must also support sustainability.  

    Yet, assessing sustainability within international trade and trade finance remains a major challenge. Trade transactions – which connect numerous parties across the globe – remain highly fragmented and complex in nature. This is further compounded by a lack of consistent, standardised definitions across countries for assessing the sustainability of transactions. Without clarity, efforts to promote sustainable trade risks being undermined. Crucially, it also makes it more difficult to align global trade with the goals of the Paris Agreement and mobilise the finance needed to deliver them.  

    The growing interest in environmental, social and corporate governance (ESG) provides a beacon of hope for change. Yet, interest alone isn’t enough – clear, consistent definitions on sustainable international trade and trade finance are needed to turn ambition into action.  

    With this in mind, the ICC, together with input and endorsement from major trade banks, have developed the Principles for Sustainable Trade and Trade Finance, providing the clarity and common ground needed to help global trade play its part in delivering on sustainability goals and in meeting the Paris Agreement’s 1.5°C target.  

    The Sustainable Trade Finance Principles sit under the broader Trade, which provide a frame to assess both the environmental sustainability of a transaction, and how it supports socio-economically sustainable development. 

    The first sustainability framework for the trade finance market

    The ICC Principles for Sustainable Trade 

    The Sustainable Trade Principles, currently in its third iteration (Wave 3), aim to define standards for sustainable trade to accelerate the shift to a more sustainable economy. It provides a framework to assess sustainability of trade across four key components – the ‘use of proceeds’, ‘seller’, ‘buyer’, and ‘distribution’ – against two critical dimensions, namely environmental and socio-economically sustainable development.  

    The ICC Principles for Sustainable Trade include:  

    • High-level principles for banks to utilise and base their internal methodologies on  
    • Guidance on methodology for how the principles can best be utilised in a common framework, with practical advice on assessments across different components  
    • A framework providing nuanced sustainability assessments based on sector-specific evidence  
    • A Sustainable Credential Library to consolidate recognised standards, conventions, and ESG scorers  
    • Clear guidance on acceptable forms of evidence, to ensure the framework is more accessible and less burdensome, including for SMEs  
    • The integration of any regional taxonomies, where appropriate, allowing for greater applicability across diverse markets  
    • The Principles for Sustainable Trade Finance (PSTF), which enhance the Use of Proceeds assessment of the Principles for Sustainable for Trade by setting thresholds and assessments within trade finance to ensure alignment with established frameworks whilst enabling more flexibility in evidencing sustainability  

    The Sustainable Trade Finance Principles 

    Together with industry leaders, ICC further developed the Sustainable Trade Finance Principles, currently in its second iteration (Wave 2). The Principles include a sub-set of principles and guidelines, including:  

    1. The Principles for Green Trade Finance (PGTF)  

    Set of detailed, fully implementable principles that provide a common language and set of processes for banks to utilise when conducting a Use of Proceeds-based assessment for green-labelled Trade Finance products. These principles are closely aligned with the Loan Market Association (LMA) Green Loan Principles (GPLs) but allow assessment based on the purpose of a transaction or its goods in addition to purpose-based evaluations. 

    What has been newly added in the Sustainable Trade Finance Principles (Wave 2)? 

    1. ICC’s Principles for Social Trade Finance (PSoTF) 

    Comprehensive framework for Use of Proceeds-based assessment for socially sustainable-labelled TF products, aligned to the LMA Social Loan Principles.  

    1. ICC’s guidance on Sustainability-linked Trade Finance  

    Tailored advice for sustainability linked assessments in trade finance, aligned to LMA Sustainability-Linked Loan Principles.  

    1. ICC’s guidance on Sustainability-linked Supply Chain Finance  

    Additional clarity on Sustainability-Linked Supply Chain Finance programmes, aligned to LMA SLLPs 

    Previous milestones 

    Principles for Sustainable Trade Finance (2024) 

    ICC developed the first-ever industry taxonomy to define what constitutes a sustainable trade finance transaction — filling a major gap in existing practice within the financial sector. The Standards for Sustainable Trade and Sustainable Trade Finance positioning paper was launched in 2021 as an initial step to developing a tool that is both robust and workable from an industry perspective.  

    Learn more

    Principles

    Principles for Sustainable Trade: Wave 2 (2023) 

    A minimum viable ‘Wave 1’ framework was launched in November 2022 and assessed both the environmental sustainability of a transaction, and how it supports socio-economically sustainable development. In tandem, a pilot scheme was launched in the textiles industry, with participants applying the framework to real transactions to understand what works and what could be improved in future versions of the framework. 

    Learn more

    Principles

    Wave 1 Framework for Sustainable Trade and Sustainable Trade Finance (2022) 

    The Wave 2 Principles were designed with usability in mind, while simultaneously improving reach, applicability, and rigour. Relative to Wave 1, Wave 2 has focused on expanding the scope to include three new sectors, adding rigour through a more granular grading system, allowing easier automation, by incorporating machine-readable sources of evidence and including a “distribution” component. 

    Learn more

    Principles

    Positioning paper on Standards for Sustainable Trade and Trade Finance (2021) 

    Developed in collaboration with BCG and leading trade banks in 2024, ICC provides a consensus set of principles that define sustainable trade finance products, offering clear, transparent, and consistent guidelines to enable banks, corporates and investors to effectively channel capital towards sustainable and inclusive trade finance facilities while mitigating the risks associated with greenwashing. These principles fit within the broader Principles for Sustainable Trade. 

    Learn more

    Positioning paper

    What’s next? 

    Alongside the launch of the Principles, ICC is launching a consultation where participants are invited to pilot and test the principles in their trade finance operation, and provide feedback and contributions.  This collaborative approach collaborative approach will ensure that the principles remain practical, scalable, and reflective of industry needs.  

    Industry professionals may provide their further insights and feedback in the survey link provided.  

    Please  reach out to the ICC team for further details.  

    MIL OSI Economics –

  • MIL-OSI: Coface SA: Disclosure of total number of voting rights and number of shares in the capital as at June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    COFACE SA: Disclosure of total number of voting rights and number of shares in the capital as at June 30, 2025

    Paris, July 1st, 2025 – 17.45

    Total Number of
    Shares Capital    		 Theoretical Number of Voting Rights1 Number of Real
    Voting Rights2
    150,179,792 150,179,792 149,327,732

    (1)   including own shares
    (2)   excluding own shares

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

    About Coface

    COFACE SA is a société anonyme (joint-stock corporation), with a Board of Directors (Conseil d’Administration) incorporated under the laws of France, and is governed by the provisions of the French Commercial Code. The Company is registered with the Nanterre Trade and Companies Register (Registre du Commerce et des Sociétés) under the number 432 413 599. The Company’s registered office is at 1 Place Costes et Bellonte, 92270 Bois Colombes, France.

    At the date of 31 December 2024, the Company’s share capital amounts to €300,359,584, divided into 150,179,792 shares, all of the same class, and all of which are fully paid up and subscribed.

    All regulated information is available on the company’s website (http://www.coface.com/Investors).

    COFACE SA. is listed on Euronext Paris – Compartment A
    ISIN: FR0010667147 / Ticker: COFA

    Attachment

    The MIL Network –

  • MIL-OSI: Siili Solutions Plc: Share Repurchase 1.7.2025

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc       Announcement  1.7.2025
         
         
    Siili Solutions Plc: Share Repurchase 1.7.2025  
         
    In the Helsinki Stock Exchange    
         
    Trade date           1.7.2025  
    Bourse trade         Buy  
    Share                  SIILI  
    Amount             1 000 Shares
    Average price/ share    6,4020 EUR
    Total cost            6 402,00 EUR
         
         
    Siili Solutions Plc now holds a total of 21 318 shares
    including the shares repurchased on 1.7.2025  
         
    The share buybacks are executed in compliance with Regulation 
    No. 596/2014 of the European Parliament and Council (MAR) Article 5
    and the Commission Delegated Regulation (EU) 2016/1052.
         
    On behalf of Siili Solutions Plc    
         
    Nordea Bank Oyj    
         
    Sami Huttunen Ilari Isomäki  
         
    Further information:    
    CFO Aleksi Kankainen    
    Email: aleksi.kankainen@siili.com    
    Tel. +358 50 584 2029    
         
    www.siili.com    

    Attachment

    The MIL Network –

  • MIL-OSI: Siili Solutions Plc: Share Repurchase 1.7.2025

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc       Announcement  1.7.2025
         
         
    Siili Solutions Plc: Share Repurchase 1.7.2025  
         
    In the Helsinki Stock Exchange    
         
    Trade date           1.7.2025  
    Bourse trade         Buy  
    Share                  SIILI  
    Amount             1 000 Shares
    Average price/ share    6,4020 EUR
    Total cost            6 402,00 EUR
         
         
    Siili Solutions Plc now holds a total of 21 318 shares
    including the shares repurchased on 1.7.2025  
         
    The share buybacks are executed in compliance with Regulation 
    No. 596/2014 of the European Parliament and Council (MAR) Article 5
    and the Commission Delegated Regulation (EU) 2016/1052.
         
    On behalf of Siili Solutions Plc    
         
    Nordea Bank Oyj    
         
    Sami Huttunen Ilari Isomäki  
         
    Further information:    
    CFO Aleksi Kankainen    
    Email: aleksi.kankainen@siili.com    
    Tel. +358 50 584 2029    
         
    www.siili.com    

    Attachment

    The MIL Network –

  • MIL-OSI Africa: Africa: Coalition commits to Action Plan to increase private investment mobilization for developing countries by end of 2027


    Download logo

    A coalition of governments, international development partners and private sector groups including the UN Capital Development Fund, UN Economic Commission for Africa, African Union Commission, Organisation for Economic Cooperation and Development (OECD), Global Investors for Sustainable Development (GISD) Alliance, Ministry for Foreign Affairs of Finland, Norway Ministry of Foreign Affairs (MFA) and Norad, Switzerland SECO and Convergence Blended Finance, are announcing the development of an Action Plan to increase mobilize private sector capital at scale in developing countries.

    The Action Plan, announced at the Fourth Financing for Development Conference (FFD4) in Seville, Spain, seeks to tackle poverty, economic growth and climate risks by deploying public sector resources through blended finance to mobilize private investment in underserved markets, which, over the last decade, has remained weak even as global wealth has ballooned. The Action Plan will include a dedicated Least Developed Countries (LDCs) and Africa-focused track to advance context-specific blended finance approaches and support scalable investment opportunities in key sectors.

    FFD4 is a once-in-a-decade gathering of development partners seeking to build a renewed global financing framework to urgently unlock greater volumes of capital to close the financing gap of developing countries. Government-sourced Official Development Assistance (ODA) declined last year by over 7% compared with 2023, according to the Organisation for Economic Cooperation and Development (OECD), one of the co-proposers of the Action Plan.

    “The world has the resources – the money we need – to eradicate poverty and ensure every person can live a life free from poverty. Much of those resources lie with the private sector in the world’s most developed nations and they will likely remain there until the real and perceived risks that act as a barrier to investment in underserved markets are tackled head-on,” said Pradeep Kurukulasuriya, Executive Secretary of the UN Capital Development Fund, which provides catalytic and blended finance solutions for underserved markets.

    “Blended finance models that are tailored to country needs have the potential to de-risk markets, plug the international development finance gap and transform the lives of hundreds of millions of people living in the world’s underserved markets and Least Developed Countries,” Mr Kurukulasuriya added.

    “Bridging Africa’s investment gap demands bold, coordinated action. This Action Plan marks a turning point, a practical blueprint to shift global capital toward sustainable development in countries that need it most. The UN Economic Commission for Africa is committed to ensuring that Africa is not only part of the conversation, but central to the solution” added Claver Gatete, Executive Secretary, UN Economic Commission for Africa.

    “As traditional streams of overseas development assistance dry up, more people than ever are talking about the promise of blended finance,” shared Joan Larrea, Chief Executive Office of Convergence. “At FFD4, with this joint proposal, we have made a significant step towards making that promise a reality.”

    “Norway is proud to collaborate with this global coalition on developing the Action Plan to mobilize private investment for sustainable development. Addressing the financing gaps in Least Developed Countries and underserved markets is critical to tackling poverty, hunger, and climate challenges. By leveraging blended finance and fostering innovative partnerships, we aim to contribute to transformative change and create a foundation for equitable and inclusive growth,” said Åsmund Aukrust, Norway’s Minister of Development.

    “Mobilization of private capital for financing sustainable development is an integral part of Finland’s foreign and development policy”, says Ville Tavio, Finland’s Minister for Foreign Trade and Development. “Financing for Development Conference will increase the clarity and formality of private capital mobilization as part of the financing sustainable development for the next decade. We believe that developing a common action plan and standardizing the proven blended finance models will help us scale up private capital mobilization to deliver on the commitments agreed here in Seville.”

    While global assets have doubled to $482 trillion over the last decade, private sector investment to and within low- and middle-income countries has remained stubbornly weak. Only 5% of those global assets are invested in developing countries, excluding China, according to the Financial Stability Board, an international body that monitors the global financial system. Of that 5%, only a tiny proportion reaches the most underserved markets and the world’s 44 Least Developed Countries, which are collectively home to some 880 million people.

    The world stands at a crossroads for financing sustainable development with an estimated annual financing gap of $4 trillion – up from $2.5 trillion pre-pandemic. The OECD reports that all “official development finance” activity mobilized an average of $57 billion in private investment annually over the last five years – just 1% of the $6-7 trillion needed each year if the Sustainable Development Goals (SDGs) are to be met.

    At the same time, domestic financial resources in developing countries are insufficient and cross-border private investment flows from developed to developing countries has been low over the past decade.

    Blended finance has the potential to transform private investment flows and positively contribute to the FfD4 Outcome Document mobilization objectives and to the SDGs.

    Signatories of the Joint Initiative have committed to develop an “effective, efficient, fair and practical action plan” through the remainder of 2025 and into 2026 to identify how to use a blend of public sector and philanthropic resources to mobilize and crowd-in larger amounts of private sector finance for development results at scale.

    The Action Plan will describe practical measures to mobilize private investment using standardized and replicable blended finance models tailored to country contexts, with an emphasis on alignment with national priorities and global development goals with the following measurable results:

    • At least 16 OECD DAC countries will agree to or endorse the Action Plan by March 31, 2026.

    • At least 27 African countries and 27 non-African developing countries will also endorse the Action Plan by the same date.

    • At least 16 developed and 54 developing countries will commit to implementing the plan starting June 30, 2026.

    The Action Plan is one of a series being submitted to conference organisers that seek to turn the objectives outlined in the FFD4 outcome document into a pathway for action.

    Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).

    MIL OSI Africa –

  • MIL-OSI United Kingdom: New Permanent Secretary at Department for Transport 

    Source: United Kingdom – Executive Government & Departments

    News story

    New Permanent Secretary at Department for Transport 

    Jo Shanmugalingam has been appointed as the new Permanent Secretary of the Department for Transport, taking over from Bernadette Kelly

    The Cabinet Secretary, with the approval of the Prime Minister, has announced the appointment of Jo Shanmugalingam as the new Permanent Secretary of the Department for Transport (DfT).

    Jo is currently the department’s Second Permanent Secretary, and has been serving as the Interim Permanent Secretary since Bernadette Kelly stepped down last month. 

    Jo started her career at the Department for Trade and Industry and spent six years at the Shareholder Executive (now UKGI). Her previous roles include Director General for Science, Innovation and Growth at the Department of Science, Innovation and Technology, and the Department for Business, Energy & Industrial Strategy.

    She will lead the department as the government rebuilds Britain through growth and investment under the Plan for Change, transforming transport infrastructure across the country and making it easier to build new roads and railways.

    Secretary of State for Transport, Heidi Alexander, said:

    I’m delighted to have Jo appointed as Permanent Secretary for the Department for Transport. Having worked closely with her since taking up my role, I know she will provide exemplary leadership as we deliver for this government and the public. 

    I’d like to once again thank Bernadette Kelly for her many years of public service – I can think of no one better to take over the reins from Bernadette than Jo, and I look forward to working with her to deliver this government’s ambitious Plan for Change.

    Cabinet Secretary, Sir Chris Wormald, said:

    I congratulate Jo Shanmugalingam on her appointment as Permanent Secretary at the Department for Transport. Jo’s valuable experience and impressive track record in delivery make her well suited to lead the department at such an important moment of infrastructure renewal under the Plan for Change – building transport services across the country that boost opportunity and growth for working people.

    I would also like to thank Bernadette Kelly for her dedicated service over 39 years in the Civil Service, in particular for her eight years leading the Department for Transport.

    Jo Shanmugalingam said:

    I am honoured to be appointed Permanent Secretary at the Department for Transport. Transport is fundamental to everything we do, connecting people to friends and family, jobs and training. 

    As a department we have a huge part to play at this critical time in driving economic growth. I’m incredibly fortunate to continue working with the talented team in DfT and across the transport system, who I know are all just as dedicated to delivering changes that make a real difference to people’s lives.

    The appointment follows an external recruitment competition overseen by the independent Civil Service Commission.

    Updates to this page

    Published 1 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Emma Honey shines in national Trading Standards awards 1 July 2025 Emma Honey shines in national Trading Standards awards

    Source: Aisle of Wight

    An Isle of Wight Trading Standards officer has been hailed as one of the UK’s brightest new talents in the battle against counterfeit goods.

    Emma Honey has been awarded the prestigious ‘Rising Star’ accolade by the Anti-Counterfeiting Group (ACG), recognising her exceptional work tackling intellectual property (IP) crime — despite still being in training.

    Emma’s investigations have already led to the seizure of fake clothing, jewellery, electronics, and tobacco products, protecting both consumers and local businesses.

    Her leadership, innovation, and passion for enforcement have also seen her deliver training to police officers and chair the regional apprentice network.

    Reflecting on the award, Emma said: “I’m incredibly honoured to receive this recognition.

    “It’s been a real team effort, and I’ve learned so much from my colleagues and partners. I’m passionate about protecting people from the harms of counterfeit goods and supporting our local businesses, and I’m excited to keep building on this work.”

    James Potter, Trading Standards and community safety manager at the Isle of Wight Council, praised Emma’s achievement

    He said: “Emma’s recognition as a ‘Rising Star’ is not only a personal triumph but also a shining example of the vital work being done by Isle of Wight Trading Standards to keep the community safe from counterfeit crime.

    “Her dedication, professionalism and instinct for enforcement are truly impressive. She’s made a real impact not just on the Island but across the region. This award is richly deserved and a sign of even greater things to co

    MIL OSI United Kingdom –

  • MIL-OSI USA: Federal Court Orders Chicago Commodity Pool Operators, Owner, Former Chief Portfolio Manager to Pay More Than $6M in Fraud Action

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — The Commodity Futures Trading Commission today announced the U.S. District Court for the Northern District of Illinois entered a consent order imposing permanent injunctive relief, civil monetary penalties, disgorgement, and equitable relief against Chicago commodity pool operators LJM Partners Ltd and LJM Management Ltd (collectively, LJM); former LJM chairman, owner, and registered associated person Anthony J. Caine of Colorado; and former LJM chief portfolio manager and registered AP Anish Parvataneni of Illinois. 
    The consent order requires Caine and Parvataneni to pay civil monetary penalties of $500,000 and $200,000, respectively. Additionally, the consent order requires LJM and Caine to pay $4,624,271 in disgorgement, jointly and severally, which includes pre-judgment interest, and Parvataneni to pay $721,093 in disgorgement, which includes pre-judgment interest. It also imposes registration bans of three years for Caine and one year for Parvataneni and enjoins them from managing or advising the trading for or on behalf of any third parties for three years and one year, respectively, except for themselves, their wives, or children. The order permanently enjoins the defendants from further violations of the Commodity Exchange Act and CFTC regulations, as charged.   
    Case Background
    The consent order stems from a CFTC complaint filed against defendants LJM, Caine, and Parvataneni in May 2021. [See CFTC Press Release No. 8392-21]. 
    The CFTC’s complaint alleged from at least June 2016 through February 2018, LJM managed several commodity pools, a mutual fund, and individual managed client accounts and made several false and misleading statements to prospective and existing pool participants and others in connection with its short options trading strategies. According to the complaint, the defendants made misleading statements related to LJM’s maximum daily loss, risk management, and the failure to disclose changes to LJM’s risk profile, including changes in late 2017 and early 2018 that dramatically increased the portfolio’s vulnerability to loss in certain scenarios.
    According to the complaint, in January 2018, LJM had more than $1 billion in assets under management; however, on Feb. 5 and 6, 2018, LJM’s portfolios suffered over 80% trading losses when the Chicago Board Options Exchange’s Volatility Index spiked over 20 points. Shortly thereafter, LJM closed its business. 
    The CFTC previously ordered LJM’s former Chief Risk Officer Arjuna Ariathurai to pay $247,444 in civil monetary penalties, disgorgement, and pre-judgment interest for failing to disclose certain information when speaking to prospective and existing pool participants about LJM’s risk management. [See CFTC Press Release No. 8392-21].
    The court also entered an order resolving the Securities and Exchange Commission’s related charges against the same defendants. 
    The CFTC acknowledges and appreciates the cooperation and assistance of the SEC, National Futures Association, and Financial Industry Regulatory Authority.
    The Division of Enforcement staff responsible for this action are W. Derek Shakabpa, Patrick Daly, Nicole Buseman, David Oakland, Michael Cazakoff, Elizabeth May, Jordon Grimm, Lenel Hickson, Manal Sultan, Charles Marvine, and former employee David Acevedo.
    CFTC’s Commodity Pool Fraud Advisory
    The CFTC has issued several customer protection fraud advisories, including the Commodity Pool Fraud Advisory, which warns customers about a type of fraud involving individuals and firms, often unregistered, offering investments in commodity pools. 
    The CFTC also strongly urges the public to verify a company’s registration with the CFTC at NFA BASIC before committing funds. If unregistered, a customer should be wary of providing funds to that entity.
    Suspicious activities or information, such as possible violations of commodity trading laws, can be reported to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online or contact the Whistleblower Office. Whistleblowers are eligible to receive between 10 and 30 percent of the monetary sanctions collected, paid from the Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the CEA.

    MIL OSI USA News –

  • MIL-OSI USA: Statement of Commissioner Kristin N. Johnson Regarding CFTC Settlement with LJM Funds Management Ltd.

    Source: US Commodity Futures Trading Commission

    Today, the Commodity Futures Trading Commission (Commission or CFTC) and the Securities Exchange Commission (SEC) announced settlement agreements with LJM Funds Management Ltd., LJM Partners Ltd. (together with LJM Funds Management Ltd., LJM), Anthony J. Caine (Caine), and Anish Parvataneni (collectively, Defendants). As described in the Complaint,[1] the Defendants violated multiple provisions of the Commodity Exchange Act (CEA) and the Commission’s Regulations by engaging in deceptive and manipulative practices in connection with transactions involving commodities over an extended period of time.[2]
    As stated more comprehensively in the Complaint, Defendants’ violations of the CEA and Regulations were rooted in deceptive and manipulative practices.[3] Defendants made intentional and reckless decisions to make false or misleading statements when describing their risk management practices to prospective and existing commodity pool participants.[4] In doing so, Defendants significantly downplayed worst-case losses by stating they were, in the most aggressive analysis, capped at 40%, when internal emails show that one of LJM’s controlling persons, Caine, knew that losses could reach 100%.[5] Further, Defendants advertised that their risk management included historical analysis when their risk management did not, committing a series of acts which put investors’ hard-earned funds at levels of risk they were not adequately informed of.[6] 
    Further, Defendants continuously misled investors about the risk profile of its portfolio over the course of two years by maintaining that its risks remained consistent with historical practices.[7] Instead, Defendants’ risk profile had significantly deviated from their traditional norms and nearly doubled the size of potential losses associated with a significant drop in the S&P and an upward spike in volatility – which is exactly what happened. None of these changes were disclosed to investors and, eventually, it was the investors who paid the price, suffering substantial losses due to the Defendants’ conduct as LJM collapsed.
    Careful risk management enables market participants to detect and address the kinds of volatility that led to LJM’s collapse. Effective risk management oversight enhances the integrity and stability of global derivatives markets.
    Where risk management fails or is completely neglected, we must endeavor through enforcement actions to achieve greater accountability, reduce repeated compliance failures through both general and specific deterrence,[8] and enable the Commission to maximize the use of limited resources.
    LJM’s Implosion
    In late 2017, Defendants knew that LJM’s portfolio risk was increasing and that their investment strategies left investor assets vulnerable to a market move. Defendants were also aware that the risk profiles for certain of their investment strategies were becoming increasingly risky but made no efforts to reduce the risk levels of their investment strategies or disclose to investors that their risk of loss was skyrocketing. Instead of telling investors the truth and revealing the risks that investors faced, Defendants intentionally misrepresented the rising risk levels that threatened investors’ assets. 
    LJM’s high-risk investment strategies imploded on February 5-6, 2018, when the Chicago Board Options Exchange (CBOE) Volatility Index (VIX) spiked more than 20 points. LJM lost almost $1 billion in customer assets and LJM shuttered its doors. 
    Deterring Deceptive and Manipulative Practices
    LJM intentionally deceived commodity pool and mutual fund investors. The penalties imposed should reflect our commitment to protecting investors and serve to deter future misconduct by the Defendants and dissuade any future bad actors from electing to deceive investors by misrepresenting risk levels associated with their investment strategies.
    Many hard-working investors who suffered significant losses as a result of LJM’s misrepresentations may question whether today’s settlement achieves these goals. I continue to have questions regarding the Commission’s calculation of civil monetary penalties, particularly in enforcement matters that involve intentional, willful deception of vulnerable investors. I have previously raised my concerns regarding the methodology for calculating civil monetary penalties and urged CFTC staff leadership and my fellow Commissioners to provide greater clarity and transparency regarding the Commission’s civil monetary penalty calculation methodology. In addition, I have consistently questioned the impact of lower penalties. Reduced penalties may not achieve deterrence, which is a foundational goal of our enforcement regime. 
    It has been suggested that we can distinguish the poor risk management decisions at LJM from a sham business that was created solely for the purpose of separating unwitting investors from their money. I disagree. Investors in LJM’s commodity pools and mutual funds selected their investment based on what was represented to them as a lower risk profile. Defendants’ choice to then expose investors’ assets to excessive risk levels violated the compact of trust and confidence that the investors had with LJM. Even if the risk management decisions could be excused, the affirmative acts of deception should not be overlooked. 
    Promoting Customer Protection Through Disclosure and Supervision
    If our mission is to protect investors from the devastating effects of fraud, the businesses that set out to engage in fraud cannot be distinguished from those that start out well-intentioned but later adopt deception as a mantra. A well-heeled firm that has gained the public’s trust and confidence by demonstrating the ability to operate in accordance with the rigorous compliance and reporting obligations of U.S. financial markets regulation that later transforms into a vehicle of garden-variety fraud is, perhaps, more concerning than the fly-by-night fraudster selling snake-oil from the trunk of his car. 
    Disclosure has served as a foundation in U.S. financial markets regulation for almost a century for a reason. Creating sunlight in contexts where conflicts of interest and asymmetries of information flourish in the shadows is one of most time-tested means of protecting customers, preserving investor capital, and fostering healthy markets.   
    Moreover, supervision is a cornerstone of customer protection. From its inception in the 1970s, the Commission has emphasized that supervision is a linchpin in our regulatory framework. Under Regulation 166.3, each Commission registrant “must diligently supervise the handling by its partners, officers, employees and agents (or persons occupying a similar status or performing a similar function) of all commodity interest accounts carried, operated, advised or introduced by the registrant and all other activities of its partners, officers, employees and agents (or persons occupying a similar status or performing a similar function) relating to its business as a Commission registrant.”[9] 
    I commend the Division staff who investigated and resolved this case and worked with the SEC on a parallel case.

    [1] Complaint, CFTC v. LJM Funds Management Ltd, et al., No. 1:21-cv-02863 (N. D. Ill. May 25, 2021), ECF No. 1 (Complaint).

    [2] Complaint ¶¶ 95-112.

    [3] Id. The deceptive and manipulative practices and failure to supervise described in the Complaint violated Sections 4o(1)(A)-(B); 4c(b); and 6(c)(1) of the CEA and Regulations 33.10, 180.1(a), and 166.3. 

    [4] Specifically, Section 4o(1)(A)-(B) of the CEA states that it is unlawful for a commodity pool operator (CPO) or a commodity trading advisor (CTA) to “employ any device, scheme, or artifice to defraud any client or pool participant or prospective pool participant.” 7 U.S.C. § 6o(1)(A)-(B). Section 4c(b) of the CEA and Regulation 33.10 make it unlawful for a person to enter into a transaction that involves any commodity regulated under the CEA known as an “option” contrary to any other rule or regulation of the Commission which would prohibit such transaction and makes it unlawful to directly or indirectly cheat, defraud, or deceive any other person in connection with such transactions. 7 U.S.C. § 6c(b); 17 C.F.R. § 33.10. Further, Section 6(c)(1) of the CEA makes it unlawful to use “any manipulative or deceptive device, in contravention of such rules and regulations as the Commission shall promulgate” in connection with the contract of sale of commodity or future delivery of a commodity in interstate commerce. 7 U.S.C. § 9(1); see also 17 C.F.R. § 180.1(a).

    [5] Complaint ¶¶ 46-79. In an internal email, Caine admitted “In extreme cases, theoretically we model to 100% loss.” Complaint ¶ 55.

    [7] Complaint ¶¶ 71-79.

    [8] References to general deterrence describe the effect on the general public of observing consequences of compliance failures or misconduct and the impact of such observations on their future conduct. Specific deterrence refers to the impact of a consequence on the future behavior or conduct of a party that has engaged in conduct that leads to a penalty.

    [9] 17 C.F.R. § 166.3. See also Adoption of Customer Protection Rules, 43 Fed. Reg. 31886, 31889 (July 24, 1978)(“the basic purpose of the rule is to protect customers by ensuring that their dealings with the employees of Commission registrants will be reviewed by other officials in the firm.”).

    MIL OSI USA News –

  • MIL-OSI: Unlock 100x Leverage Crypto Futures Trading – No KYC, Double Deposit Bonus and $50 Welcome Bonus for All on BexBack

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 01, 2025 (GLOBE NEWSWIRE) — BexBack Exchange is offering an exciting new promotion: a 100% deposit bonus, a $50 welcome bonus for new users, and 100x leverage on cryptocurrency futures trading – all with no KYC required! This is your chance to maximize potential returns in a high-volatility market.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

    BexBack is a top-tier cryptocurrency derivatives platform offering up to 100x leverage on BTC, ETH, ADA, SOL, XRP, and over 50 other futures contracts. Headquartered in Singapore, with additional offices in Hong Kong, Japan, the United States, the UK, and Argentina, BexBack is licensed as a US MSB (Money Services Business). Trusted by more than 500,000 traders globally, the platform welcomes users from the US, Canada, and Europe. BexBack offers zero deposit fees and provides comprehensive customer service available 24/7 to ensure an exceptional trading experience.

    Why recommend BexBack?

    No KYC Required: Start trading immediately without complex identity verification.

    100% Deposit Bonus: Double your funds, double your profits.

    High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

    Demo Account: Comes with 10 BTC and 1M USDT in virtual funds, ideal for beginners to practice risk-free trading.

    Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

    Convenient Operation: No slippage, no spread, and fast, precise trade execution.

    Global User Support: Enjoy 24/7 customer service, no matter where you are.

    Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

    Take Action Now—Don’t Miss Another Opportunity!

    If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users (Deposit greater than 0.001BTC or 100 USDT, complete one trade within one week of registration), you can be a winner in the new bull run.

    Sign up on BexBack now, claim your exclusive bonus and start accumulating more BTC today!

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

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    The MIL Network –

  • MIL-OSI Africa: Economic Development and Trade Committee Chairperson Welcomes Launch of Proudly SA E-commerce Platform to Boost Local Industry


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    The Chairperson of the Select Committee on Economic Development and Trade, Ms Sonja Boshoff, has welcomed the launch of Proudly SA’s new online platform for locally produced consumer goods.

    Ms Boshoff characterised the platform as a significant step towards reindustrialisation of the South African economy, which will protect local jobs.

    “This digital marketplace will serve as a vital conduit for South African businesses – particularly manufacturers and small-scale producers – to reach consumers across the country. In time, the platform is also expected to open international avenues for local exporters, contributing meaningfully to market diversification and economic resilience,” Ms Boshoff said.

    “This initiative could not have come at a more important time. South Africa continues to face the triple threat of high unemployment, sluggish economic growth and deindustrialisation. Platforms such as this are essential to reversing the tide. By creating accessible digital channels for local producers, Proudly SA is directly contributing to inclusive economic growth and supporting job retention in vulnerable sectors like manufacturing and agro processing.

    “While we commend this important intervention, it must form part of a broader localisation strategy, supported by clear procurement policies, incentives for domestic production and infrastructure support for township and rural enterprises. This is how industrialised nations have built resilient economies, and South Africa must be no different,” Ms Boshoff said.

    She added that the committee encourages businesses, big and small, to register on the Proudly SA platform and commit to local procurement wherever possible. “Consumers, too, have a critical role to play in supporting this ecosystem. Buying local is no longer just patriotic; it is an economic imperative.”

    “The committee will continue to exercise rigorous oversight over the departments and entities tasked with economic development, ensuring that such platforms receive the institutional backing, marketing exposure, and policy alignment they need to succeed,” added Ms Boshoff.

    “South Africa has the capacity to produce its own goods – from furniture to fashion, food to film – and we must prioritise these industries if we are serious about reaching our growth targets and reducing the unemployment rate, which currently sits at an unsustainable 43.1%. It is time to back South African producers, not in words, but in procurement decisions, public policy, and consumer behaviour,” she said.

    Distributed by APO Group on behalf of Republic of South Africa: The Parliament.

    MIL OSI Africa –

  • India–Ghana relations to get fresh push with PM Modi’s landmark two-day visit

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi’s two-day visit to Ghana from July 2, marks a landmark moment in India–Ghana relations. This will be the first visit by an Indian Prime Minister to Ghana in more than three decades and PM Modi’s first bilateral engagement with the West African nation. The visit is expected to deepen cooperation in trade, development partnership, capacity building and cultural exchange, strengthening a warm relationship that has endured since Ghana’s independence.

    Historical Context

    India and Ghana share historical ties rooted in anti-colonial solidarity and a shared vision for the Global South. India established its representative office in Accra in 1953, four years before Ghana gained independence in 1957. Diplomatic relations were formally established the same year, laying the foundation for a close and friendly partnership.

    Political Engagement and High-Level Visits

    High-level exchanges have played a crucial role in nurturing this bond. From the Ghanaian side, President Nana Addo Dankwa Akufo-Addo visited India in March 2018 for the International Solar Alliance Founding Conference and later addressed the Voice of Global South Summit hosted by Prime Minister Modi in January 2023. Before him, President John Dramani Mahama travelled to India in October 2015 to attend the third India-Africa Forum Summit. Other notable visits include President Kufuor’s trips in 2002 and 2008, President Rawlings’ visit in 1993, President Limann’s in 1981 and President Kwame Nkrumah’s historic visit in 1961.

    From the Indian side, President Pranab Mukherjee visited Ghana in June 2016. Before that, Prime Minister P.V. Narasimha Rao’s visit in November 1995 was the last by an Indian Prime Minister, making PM Modi’s upcoming trip especially significant. Recent engagements have kept the momentum alive, with External Affairs Minister Dr. S. Jaishankar meeting President Akufo-Addo in September 2022 and Minister of State V. Muraleedharan attending the Ghanaian Presidential inauguration in January 2021.

    Institutional Mechanisms

    India and Ghana have built robust institutional mechanisms to sustain regular dialogue. The Joint Commission was established in 1995 and reinforced in 2016, while a protocol for Foreign Office Consultations was signed in 2002. Three rounds of consultations have been held since then, with the latest in New Delhi in 2022. The Joint Trade Committee, operational since 1981, held its fourth meeting in Accra in May 2024. Ghana’s Parliamentary Friendship Association also contributes to exchanges at the legislative level.

    Commercial Partnership

    India is among Ghana’s top trading partners and the largest destination for Ghanaian exports. Bilateral trade crossed two billion US dollars in 2022–23, with Ghana enjoying a positive trade balance due to substantial gold exports. Indian investments in Ghana are valued at over 1.2 billion dollars, spanning sectors such as pharmaceuticals, agro-processing, construction, manufacturing and ICT. Platforms like the CII-Exim Bank Conclave on India–Africa Project Partnership continue to play an important role in strengthening commercial ties. Ghana has been an active participant, with the 19th edition of the conclave in August 2024 witnessing the participation of four Ghanaian ministers and senior regulatory officials.

    Development Partnership

    India has been a committed development partner for Ghana, extending around 450 million US dollars in concessional credit and grants for infrastructure and capacity-building projects. Landmark initiatives include the India-Ghana Kofi Annan ICT Centre of Excellence established in 2003, the Rural Electrification Project, the Jubilee House Presidential Complex which was rehabilitated in 2017, and industrial ventures like the Komenda Sugar Plant and Elmina Fish Processing Plant inaugurated in 2016. Under Buyer’s Credit, India supported the construction of the Tema-Mpakadan Standard Gauge Railway Line, which was inaugurated in November 2024 and is expected to boost regional connectivity by linking Ghana’s main port city to its hinterland and neighbouring Burkina Faso. Other key projects include the Tamale-Walewale Road and an assembly plant for agricultural machinery.

    Capacity Building & Human Resource Development

    Ghana is also one of the largest beneficiaries of India’s flagship capacity-building programmes. Over 1,600 scholarships have been offered under the e-Vidya Bharati and e-Arogya Bharati digital network project. Hundreds of Ghanaians have benefited from ITEC and ICCR scholarships. In 2024 alone, 128 civilians and 109 defence personnel from Ghana trained in India under ITEC, while 35 ICCR scholarships and three AYUSH scholarships were awarded. Education fairs held in Kumasi and Accra in 2024 and 2025 have strengthened linkages between Indian institutions and Ghanaian students.

    Sectoral Cooperation

    Sectoral cooperation has grown steadily over the years. Agreements have been signed to promote cooperation in areas like LPG distribution, peaceful uses of nuclear energy and standardisation through collaborations between India’s Bureau of Indian Standards and Ghana Standards Authority. Air connectivity is facilitated through the Air Services Agreement signed in 1978 and updated through subsequent MoUs. Cultural exchange remains a vibrant aspect of the partnership, anchored by a Cultural Agreement signed in 1981 and periodic Cultural Exchange Programmes. India also extended humanitarian support to Ghana during the COVID-19 pandemic, providing 50,000 vaccine doses as a grant and over 1.6 million doses through the COVAX facility.

    Prime Minister Modi’s visit is expected to inject fresh momentum into the bilateral partnership by expanding trade, boosting investments in energy and digital infrastructure, advancing cooperation in defence and capacity building, and deepening collaboration in health, education and climate action. 

  • MIL-OSI USA: Attorney General Bonta Sues Trump Administration over Unlawful Discontinuation of School Mental Health Grant Funding

    Source: US State of California

    $200 million of funding intended to support the mental health and well-being of California students is at risk

    OAKLAND – California Attorney General Rob Bonta today announced joining a coalition of 16 states, in suing the Trump Administration’s Department of Education over their unlawful decision to discontinue grants awarded through Congressionally-established school mental health funding programs, including roughly $200 million awarded to local education agencies, county offices of education, and universities in California. If allowed to stand, starting this fall, many States’ elementary and secondary schools will lose mental health services critical to students’ well-being, safety, and academic success. The Department had awarded this funding to the nation’s high-need, low-income, and rural schools pursuant to its Mental Health Service Professional Demonstration Grant Program (MHSP) and its School-Based Mental Health Services Grant Program (SBMH). The lawsuit, filed yesterday in the U.S. District Court for the Western District of Washington seeks injunctive and declaratory relief to safeguard this critical funding, which fosters safe and supportive learning environments, and supports the well-being of our students. 

    “The Trump Administration’s Department of Education is attempting to rip away funding and projects that support the mental health and well-being of our students – it’s not only immoral, it’s unlawful,” said Attorney General Bonta. “These mental health programs were established by Congress following a wave of tragic and unacceptable school shootings, and they do critical work to ensure students can not only succeed but thrive. The loss of this funding would cause immense harm to California students, especially in our low-income and rural communities. The California Department of Justice will not stand idly by – we’re once again taking the Trump Administration to court, this time to protect the mental health and well-being of our students.” 

    Spurred by episodes of devastating loss from school shootings, Congress established and funded MHSP in 2018 and SBMH in 2020 to increase students’ access to mental health services. MHSP addresses the shortage of school-based mental health service providers by awarding multi-year grants to projects that expand the pipeline for counselors, social workers, and psychologists through partnerships between institutes of higher education and local educational agencies; and SBMH funds multi-year grants to increase the number of professionals that provide school-based mental health services to students through direct hiring and retention incentives. The ultimate goal of the programs is to permanently bring 14,000 additional mental health professionals into U.S. schools.

    The programs have been an incredible success. In their first year, the programs provided mental and behavioral health services to nearly 775,000 elementary and secondary students nationwide. Sampled projects showed real results: a 50% reduction in suicide risk at high-need schools, decreases in absenteeism and behavioral issues, and increases in positive student-staff engagement. Data also showed recruitment and retention efforts are working – in the first year of the programs, nearly 1,300 school mental health professionals were hired and 95% of those hired were retained. Importantly, these newly hired school-based mental health providers were able to create an 80% reduction in student wait time for services.

    In California, 44 local education agencies, county offices of education, and universities are set to lose roughly $200 million. The grants have helped schools hire hundreds of psychologists, counselors, and social workers who have served thousands of students, including in the state’s most economically disadvantaged and rural communities. By all markers, these programs work.

    Despite these successes, on or about April 29, 2025, the Department sent boilerplate notices to grantees, including state education agencies, local education agencies, and institutes of higher education, claiming that their grants conflicted with the Trump Administration’s priorities and would not be continued. The notices claimed the Department intends to reallocate funds based on new priorities of “merit, fairness, and excellence in education,” providing little to no insight into the basis for the discontinuance, while destroying projects years in the making. However, in the press, the Trump Administration admitted that it targeted Plaintiff States’ grants for their perceived diversity, equity, and inclusion (DEI) efforts, which the States argue is not a legal basis for discontinuation. 

    In the lawsuit, the attorneys general argue that the Trump Administration’s decision to discontinue funding through a vague boilerplate notice, without any mention of grantees’ performance, violates the Administrative Procedure Act and is an unconstitutional violation of the Spending Clause and Separation of Powers. If allowed to stand, the Trump Administration’s unlawful decision to discontinue this funding would cause irreparable harm to States that would be forced to lay off school-based mental health service providers, cutting off much-needed mental health services to their rural and low-income schools. Furthermore, it will harm States’ students who have already benefitted from these Programs, making it more challenging for schools to provide services to students who feel abandoned and distrust mental health resources due to the interruption in services caused by the discontinuation.

    In filing the lawsuit, Attorney General Bonta joins the attorneys general of Washington, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, Michigan, New Mexico, New York, Nevada, Oregon, Rhode Island, and Wisconsin.

    A copy of the lawsuit is available here.

    MIL OSI USA News –

  • MIL-OSI: JA Mining Launches Advanced Cloud Mining Platform to Democratize Profitability

    Source: GlobeNewswire (MIL-OSI)

    LONDON, UK, July 01, 2025 (GLOBE NEWSWIRE) —  JA Mining, officially JA Financial Services Ltd, a reputable UK company with FCA certification, was established in 2004. It has now confirmed that it is offering extra services. The site will provide a secure and easy means for individuals to invest in cryptocurrency mining and earn money passively. This will be a new standard for equitable profit-sharing in the global cloud mining market.

    JA Mining is looking to provide a new mining experience with the latest ASIC and GPU mining hardware and a very simple interface. The platform is designed to remove the ‘pain points’ of cryptocurrency mining, which are buying of equipment, regular maintenance, and high energy costs, which lead to unnecessary energy expenses. Consequently, users can easily increase their digital portfolios.

    “Our mission at JA Mining has always been to make the immense potential of cryptocurrency mining accessible to everyone, regardless of their technical expertise or investment size,” stated a spokesperson for JA Mining. ” We believe our progressive approach, modern facilities, and transparency mean we have a unique opportunity to support everyone in finding another way to increase their wealth and participate in a fairer digital economy.”

    Key Perks of Choosing JA Mining:

    • AI-Powered Optimization: Based on present time market variations and computing conditions, a modern autonomous system is enhanced by JAMining to strongly choose the most profitable coins and tactics. No matter the changing market conditions, our expert system aims to increase profits while staying efficient.
    • Sustainable and Eco-Friendly Operations: JA Mining has more than 100 data centers in Europe, North America, and Asia, which use clean energy from sources like solar and wind. This eco-friendly method helps the environment and improves efficiency over time.
    • Stable User Experience: Getting started is as simple as a few clicks, thanks to the user-friendly design. Users can choose from a variety of mining contracts, including Bitcoin, Ethereum, Litecoin, and Dogecoin, and begin earning daily rewards directly to their accounts. No hardware or technical setup is necessary.
    • Robust Security Measures: It emphasizes the security of user funds and data as the platform implements multi-layer security protocols, including cold wallet storage for most funds, and it is also protected by industry-leading solutions like McAfee® and Cloudflare®.
    • Bonus and Referral Rewards for New Users: For referring your friends to the platform, users can earn upto bonuses of 5% to 7% as a part of this referral scheme. JA Mining is also giving a $100 bonus to every new user when they sign up.
    • FCA-Certified and Transparent: JAMining strictly follows all regulatory guidelines as an FCA-approved provider, which fosters an open, compliant operating environment for our international users.

    JA Mining’s continuous innovation and dedication to a user-first approach underscore its position as a leader in the cloud mining industry, enabling more individuals to participate in and benefit from the growth of digital assets.

    About JA Mining: Headquartered in the United Kingdom, and FCA-certified cloud mining provider JA Mining (JA Financial Services Ltd.), the company has provided safe and profitable ways to invest in cryptocurrency mining since 2004. They focus on being naturally friendly and making it easy for users. It operates energy-saving data centers around the world and offers a platform where users can easily earn money from algorithmic resources.

    To get started or learn more, visit jamining.com

    Media Contact:
    Full Name: Anna W Hitchens
    Position: Manager
    Phone: +44 7751696528
    Email: info@jamining.com
    Website: https://jamining.com

    Company Address:
    JA Financial Services Limited, 11 The Elms, Leek Wootton, Warwick, England, CV35 7RR, London, UK

    Disclaimer: This press release is for informational purposes only and does not constitute financial advice, legal advice, or investment recommendations. Stock Trading involves risk and market volatility. Please research or consult a licensed financial advisor before making investment decisions. Jamining.com and associated parties are not liable for any financial loss incurred.

    Attachment

    The MIL Network –

  • MIL-OSI USA: GOP Votes Down Warnock Amendment to Save Georgia Jobs, Protect Rural Manufacturing Boom

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    GOP Votes Down Warnock Amendment to Save Georgia Jobs, Protect Rural Manufacturing Boom

    Senator Reverend Warnock took to the Senate floor to offer a bipartisan amendment to protect hundreds of thousands of clean energy jobs across the country
    Senator Warnock was instrumental in passing these clean energy tax credits, which are responsible for 42,000 good-paying jobs in Georgia
    In his effort to save these Georgia jobs, Senator Warnock penned an op-ed in the AJC, held a press conference in Savannah, and published a report on the risks posed to Georgia should the tax credits be repealed
     Senator Reverend Warnock: “Those 42,000 Georgia jobs and hundreds of thousands of jobs nationwide are at risk if Republicans have their way and roll back these tax credits”
    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) took to the floor of the United States Senate to urge his GOP colleagues to pass a bipartisan amendment to protect hundreds of thousands of jobs in communities across the country. Senate Republicans voted down his motion by a vote of 48-51.
    As currently written, the GOP spending bill would eliminate many of the clean energy tax credits included in the Inflation Reduction Act (IRA) that have brought a manufacturing boom to communities across the U.S.
    “Mr. President, I rise to protect pro-business tax credits that are creating hundreds of thousands of American jobs, many of which don’t require a college degree…” said Senator Warnock. “42,000 Georgia jobs and hundreds of thousands of jobs nationwide are at risk if Republicans have their way and roll back these tax credits.”
    Senator Warnock has warned his colleagues repeatedly of the risks that repealing clean energy tax credits will have on Americans across the country. In May, Senator Warnock published a report highlighting the impact that the cuts would have on Georgia and its economy. The Senator followed his report with a press conference in Savannah at the Georgia Ports Authority warning of the impact on rural communities and an op-ed in the Atlanta Journal-Constitution. Georgia is the single largest recipient of IRA tax credits in the U.S., with over $28 billion in investment, 42,000 jobs, and 51 projects announced in the state.
    The Warnock Amendment would force the Senate to reconsider its current path toward repealing the clean energy tax credits in the GOP spending bill by returning the bill to the Senate Finance Committee for additional consideration.
    In recent days, a bipartisan push urging GOP senators to reverse their proposed cuts has swept the country. Last week, Georgia lawmakers sent a letter to Senate Finance Committee Chairman Mike Crapo (R-ID) asking him to reconsider his support for the rollback of solar energy tax credits, writing: “We urge you not to weaken the tax credits, as doing so would only harm the manufacturing renaissance in Georgia while creating opportunities for Chinese companies to take over the solar industry.”
    Nationwide analyses show that the “vast majority” of projects announced following the passage of the clean energy tax credits have been investments in Congressional districts currently held by Republicans. This is particularly true in Georgia where 83 percent of the projects, 94 percent of the total investment, and 75 percent of the jobs are in Republican districts. More than 95 percent of the new jobs and investments are in counties where the percentage of people with a bachelor’s degree is below the national average. 
    Full remarks available below:
    Mr. President. I rise to protect pro-business, pro-worker tax credits that are creating hundreds of thousands of American clean energy manufacturing jobs, many of which don’t require a college degree.
    Put simply, these tax credits are working: I know firsthand because they’re working right now in Georgia.
    Businesses which we’ve invested $1 [federally], we’ve seen [private] investments as much as $4.50.
    They’ve helped create 42,000 new manufacturing and construction jobs, many in rural parts of our state that are too often left behind by Washington politicians. Those 42,000 Georgia jobs and hundreds of thousands of jobs nationwide are at risk if Republicans have their way and roll back these tax credits.
    That’s why North America’s Building Trades Unions called this bill the “biggest job-killing bill in the history of this country.”
    I urge my colleagues to vote with America’s workers and vote YES on my Motion to Commit.

    MIL OSI USA News –

  • MIL-OSI: Maris-Tech Expands Asia-Pacific Reach with New Distribution Agreement in Singapore

    Source: GlobeNewswire (MIL-OSI)

    Distribution Agreement with Precision Technologies Strengthens Presence in Key Defense and Security Markets

    Rehovot, Israel, July 01, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”)- based edge computing technology, today announced that it has entered into a distribution agreement with Precision Technologies Pte Ltd. (“Precision Technologies”), a leading Singapore-based supplier of cutting-edge defense and security solutions.

    The agreement marks an important milestone for Maris-Tech as it continues to expand its global footprint by strengthening its presence in the Asia-Pacific region. Under the terms of the agreement, Precision Technologies will promote and distribute the Company’s full range of video-based edge AI computing solutions, serving key markets including defense, homeland security, aerospace, and commercial sectors throughout Singapore.

    “Collaborating with a respected and established player like Precision Technologies is an important milestone for Maris-Tech,” said Israel Bar, Chief Executive Officer of Maris-Tech. “The Asia-Pacific region is a key growth area, and we believe that this collaboration represents a strong vote of confidence in our technology and products. We believe that customers in this region will greatly benefit from our advanced solutions for AI-powered video intelligence and edge computing.”

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities, including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israeli technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when it is discussing the Company’s growth strategy and presence in the Asia-Pacific region; potential benefits of the collaboration between the Company and Precision Technologies; and that customers in the Asia-Pacific region will greatly benefit from the Company’s advanced solutions for AI-powered video intelligence and edge computing. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: its ability to successfully market its products and services, including in the United States; the acceptance of its products and services by customers; its continued ability to pay operating costs and ability to meet demand for its products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; its ability to successfully develop new products and services; its success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; its ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, CFO
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network –

  • MIL-OSI: Paytronix Partners with Auphan Software to Expand Canadian Footprint; Drive Interoperability for SMB Operators

    Source: GlobeNewswire (MIL-OSI)

    NEWTON, Mass. and VANCOUVER, British Columbia, July 01, 2025 (GLOBE NEWSWIRE) — Paytronix, an Access Group company and leader in guest engagement for restaurants and convenience stores, today announced a new partnership with Canadian POS provider, Auphan Software. Paytronix has a long-standing history of providing industry leading support and guest experiences for Canadian brands such as Foodtastic, A&W Canada and Marble Slab Creamery Canada – which recently launched with Paytronix last August.

    The integration aims to add another option for hospitality brands that are looking to customize their product suite with the tools they prefer. Whether they’re a customer of Auphan, or a customer of Paytronix, this integration will provide additional flexibility for customers, giving them the ability to get the best of both worlds.

    Additionally, in a growing market with new solutions for analytics, the partnership stands to provide both brands further recognition within the Canadian market.

    “Our partnership with Paytronix brings together two innovative platforms,” said Andy Ould, Director of Operations at Auphan. “This partnership will empower our customers with deeper integrations, smarter tools, and a seamless guest experience.”

    Auphan is a software provider for mid-sized restaurants, hospitality and retail brands primarily located in Canada, United States, Asia and Europe. They feature customers such as Old Spaghetti Factory, Quesada Burritos & Tacos, and Quiznos. In addition to their POS system, Auphan’s platform offers their customers a variety of enterprise management tools and integrated services similar to Paytronix such as Online Ordering and Loyalty, as well as kitchen display systems, real time analytics and performance tracking.

    “Just as consumers are looking for personalized, custom experiences – our customers are looking for much of the same. Paytronix provides the preferred methods to curate dynamic experiences that guests are looking for,” said Kalani Stephens, Director of Strategic Partnerships at Paytronix. “We’re always looking to partner with forward-thinking companies that share the Paytronix vision of enhancing guest experiences through technology. Auphan Software’s innovative POS and enterprise solutions align perfectly with our customer engagement platform. Together, we’re empowering businesses to build stronger relationships with their guests and drive long-term loyalty.”

    Paytronix has strategic partnerships with more than 100 brands across North America and Europe, and features integrations with more than 500 platforms, allowing customers to customize their stack as they want.

    About Paytronix
    Paytronix, an Access Group company, is a cloud-based digital guest engagement platform for the hospitality industry. Our innovative, unified platform provides loyalty programs, online ordering, gift cards, branded mobile applications, and strategic insights to more than 1,800 leading restaurant and convenience store brands. Our valued clients leverage the power of Paytronix across 50,000 sites globally to create seamless, personalized, and brand-authentic experiences that foster lasting relationships with their customers. For more than 20 years, Paytronix has been a trusted partner helping brands maximize the lifetime value of their guests and grow more profitable businesses. For more information, visit www.paytronix.com.

    About Auphan Software
    Auphan Software, headquartered in Vancouver, B.C., specializes in delivering enterprise-grade, point-of-sale and management solutions tailored for franchises, multi-location, and independent foodservice, retail, and hospitality operators. Trusted by businesses across Canada, United States, and Asia, Auphan supports complex operational needs with a unified hybrid POS system with built in online ordering, KDS, and loyalty rewards and more.

    Built with scalability and consistency in mind, Auphan Software empowers enterprise and franchise networks to centralize control while enabling individual locations to perform with efficiency and flexibility. From real-time performance insights to seamless menu and promotion updates across all sites, Auphan helps brands maintain quality, increase speed of service, and deliver a unified guest experience at scale.

    Our expert team partners with organizations to design and deploy customized solutions that align with brand standards and evolving technology goals—ensuring every location runs smarter, faster, and more connected. Auphan is the platform of choice for growing operations ready to lead with innovation. For more information visit www.auphansoftware.com.

    Media Contact:
    Calen McGee
    Paytronix Systems, Inc.
    Calen.McGee@theaccessgroup.com

    The MIL Network –

  • MIL-OSI: Paytronix Partners with Auphan Software to Expand Canadian Footprint; Drive Interoperability for SMB Operators

    Source: GlobeNewswire (MIL-OSI)

    NEWTON, Mass. and VANCOUVER, British Columbia, July 01, 2025 (GLOBE NEWSWIRE) — Paytronix, an Access Group company and leader in guest engagement for restaurants and convenience stores, today announced a new partnership with Canadian POS provider, Auphan Software. Paytronix has a long-standing history of providing industry leading support and guest experiences for Canadian brands such as Foodtastic, A&W Canada and Marble Slab Creamery Canada – which recently launched with Paytronix last August.

    The integration aims to add another option for hospitality brands that are looking to customize their product suite with the tools they prefer. Whether they’re a customer of Auphan, or a customer of Paytronix, this integration will provide additional flexibility for customers, giving them the ability to get the best of both worlds.

    Additionally, in a growing market with new solutions for analytics, the partnership stands to provide both brands further recognition within the Canadian market.

    “Our partnership with Paytronix brings together two innovative platforms,” said Andy Ould, Director of Operations at Auphan. “This partnership will empower our customers with deeper integrations, smarter tools, and a seamless guest experience.”

    Auphan is a software provider for mid-sized restaurants, hospitality and retail brands primarily located in Canada, United States, Asia and Europe. They feature customers such as Old Spaghetti Factory, Quesada Burritos & Tacos, and Quiznos. In addition to their POS system, Auphan’s platform offers their customers a variety of enterprise management tools and integrated services similar to Paytronix such as Online Ordering and Loyalty, as well as kitchen display systems, real time analytics and performance tracking.

    “Just as consumers are looking for personalized, custom experiences – our customers are looking for much of the same. Paytronix provides the preferred methods to curate dynamic experiences that guests are looking for,” said Kalani Stephens, Director of Strategic Partnerships at Paytronix. “We’re always looking to partner with forward-thinking companies that share the Paytronix vision of enhancing guest experiences through technology. Auphan Software’s innovative POS and enterprise solutions align perfectly with our customer engagement platform. Together, we’re empowering businesses to build stronger relationships with their guests and drive long-term loyalty.”

    Paytronix has strategic partnerships with more than 100 brands across North America and Europe, and features integrations with more than 500 platforms, allowing customers to customize their stack as they want.

    About Paytronix
    Paytronix, an Access Group company, is a cloud-based digital guest engagement platform for the hospitality industry. Our innovative, unified platform provides loyalty programs, online ordering, gift cards, branded mobile applications, and strategic insights to more than 1,800 leading restaurant and convenience store brands. Our valued clients leverage the power of Paytronix across 50,000 sites globally to create seamless, personalized, and brand-authentic experiences that foster lasting relationships with their customers. For more than 20 years, Paytronix has been a trusted partner helping brands maximize the lifetime value of their guests and grow more profitable businesses. For more information, visit www.paytronix.com.

    About Auphan Software
    Auphan Software, headquartered in Vancouver, B.C., specializes in delivering enterprise-grade, point-of-sale and management solutions tailored for franchises, multi-location, and independent foodservice, retail, and hospitality operators. Trusted by businesses across Canada, United States, and Asia, Auphan supports complex operational needs with a unified hybrid POS system with built in online ordering, KDS, and loyalty rewards and more.

    Built with scalability and consistency in mind, Auphan Software empowers enterprise and franchise networks to centralize control while enabling individual locations to perform with efficiency and flexibility. From real-time performance insights to seamless menu and promotion updates across all sites, Auphan helps brands maintain quality, increase speed of service, and deliver a unified guest experience at scale.

    Our expert team partners with organizations to design and deploy customized solutions that align with brand standards and evolving technology goals—ensuring every location runs smarter, faster, and more connected. Auphan is the platform of choice for growing operations ready to lead with innovation. For more information visit www.auphansoftware.com.

    Media Contact:
    Calen McGee
    Paytronix Systems, Inc.
    Calen.McGee@theaccessgroup.com

    The MIL Network –

  • MIL-OSI United Kingdom: Jobs boost as UK and Kenya bolster economic and security partnership

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    Jobs boost as UK and Kenya bolster economic and security partnership

    The UK and Kenya have agreed new deals to bolster the economic and security partnership between the two countries.

    • Trade and investment deals agreed during the visit will contribute over £1bn to the UK economy and create UK jobs in engineering, defence industries, technical and advisory services, and financial services 
    • The UK and Kenya will also increase collaboration to tackle organised crime, human trafficking and illicit finance through the UK-Kenya Security Compact 
    • The UK and Kenya will commit to a new Strategic Partnership as Kenyan President Ruto visits London

    The UK and Kenya will commit to working together to drive economic growth, protect climate and nature, foster collaboration in science and technology and strengthen regional security. 

    During a visit to the UK by the President of Kenya, a pipeline of trade and investment deals worth over £1bn to the UK economy were agreed which will deliver on this government’s commitment to boost jobs and prosperity back in the UK, as part of the government’s Plan for Change. 

    This includes the launch of a tender for a major urban redevelopment project in Nairobi which has been inspired by the regeneration of London’s Kings Cross.

    The Nairobi Railway City project has already provided opportunities to UK businesses with British architecture firm Atkins UK chosen to design the central rail station and public square.

    The Government of Kenya is exploring funding the project through finance mobilised by the UK’s Export Credit Agency, UK Export Finance, which will create UK jobs in engineering, technical and legal services. 

    Both countries also agreed stronger cooperation to disrupt the air, land and sea routes used by organised crime groups to prevent illegal migrants transiting through Kenya in attempts to reach Libya and other countries before travelling on to Europe. Four of the top ten countries for Small Boat arrivals in the UK are near neighbours of Kenya (Eritrea, Sudan, Somalia and Ethiopia).

    Foreign Secretary, David Lammy, said:

    Through our shared history and values the UK and Kenya have always had a close connection.

    Now we are building a shared future; a modern, innovative and respectful partnership which is delivering real benefits – boosting growth and creating jobs for both Kenyans and the British people. We’re going far, together.

    The UK and Kenya have also committed to increased defence and counter terrorism collaboration, including joint training and the creation of a new counter insurgency, terrorism and stability operations centre.

    Defence sales worth over £70m were agreed during the visit supporting manufacturing jobs in County Durham, Northamptonshire and Surrey. Kenya hosts the UK’s most significant military footprint in Africa, including a facility that trains 3,000 UK troops a year. 

    The UK’s world leading financial services sector will also benefit; Lloyd’s of London will announce today that they will be joining the Nairobi International Finance Centre, which will deepen the partnership between two leading financial centres providing access to up to £500m of insurance market potential in Kenya and the East Africa region. 

    The two countries also committed to explore the potential of a bilateral digital trade agreement. Dubbed ‘Silicon Savannah’, the value of Kenya’s tech sector is projected to reach £11.5bn by 2032.

    A digital trade agreement will open up opportunities in the sector for UK Plc.

    Notes to Editors 

    • The projects quoted are examples of a pipeline of projects that both governments will be working towards.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Email the FCDO Newsdesk (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 1 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: eXp Realty Names Lofty Preferred Solution Provider in New CRM of Choice Program 

    Source: GlobeNewswire (MIL-OSI)

    PHOENIX, July 01, 2025 (GLOBE NEWSWIRE) — Award-winning real estate technology innovator Lofty today announced the company has been selected as a preferred solution provider in eXP Realty’s new CRM of Choice program. The initiative provides agents day one access to the leading tech platforms in the industry, designed to automate time consuming processes, boost agent productivity and accelerate business growth. A recognized tech innovator, Lofty was chosen for its powerful AI capabilities and proven success in helping other fast-growing brokerages support the entire real estate process — from search to settlement. To learn more about how Lofty can help your brokerage accelerate business growth, visit HERE. 

    • Lofty Wins Company of the Year in Real Estate in 2025 American Business Awards. Read more HERE. 
    • Lofty Named to HousingWire 100 for Sixth Consecutive Year. Read more HERE.

    As the most agent-centric brokerage on the planet, eXp Realty is committed to empowering their global community of agents with the cutting-edge tools they need to succeed. Meanwhile, today’s career-oriented, tech savvy agents have come to expect seamless access to an innovative platform, knowing the indisputable value of technology to augment their own hard work. eXp’s bold new CRM of Choice program, unveiled today, makes it even easier to deliver on this expectation and put the power of freedom, flexibility and control directly into the hands of agents. Designed for solo agents or teams, CRM of Choice empowers real estate professionals to select the system that best aligns with their unique workflow, business structure and goals, underpinned by customized onboarding and training and included within the existing monthly tech package.

    eXp selected Lofty as a preferred solution provider based on the platform’s robust AI capabilities and forward-thinking approach to product development, confident in the company’s ability to consistently deliver the tools agents need to compete in a modern world. Interested agents can join a deep-dive session on Lofty every Monday and Wednesday at 1 p.m. ET. Learn more HERE.

    “We are thrilled to be named a preferred solution provider in eXP Realty’s new CRM of Choice program,” said Brian Hoialmen, Chief Strategy Officer, Lofty. “Built for the way agents work, our AI-powered platform has consistently proven to not only save time and increase efficiencies but serve as a true assistant to agents in their day-to-day work. We look forward to the opportunity to support even more hard-working real estate professionals through this innovative new program.” 

    Lofty’s Enterprise platform was custom built to support the unique and complex needs of all brokerages and is a lynchpin to recruiting and retaining powerhouse agents. An easy to use and intuitive platform, Lofty boasts a 60%+ agent adoption rate, more than double the industry average, and has proven to convert 48% more leads on average than competitors. Featuring a wide range of AI capabilities to help agents quickly and effectively navigate the platform, build strategic marketing and social media content, promote listings, manage leads and more, Lofty empowers agents to instead focus their valued time on building customer relationships. An award-winning tech innovator, Lofty also delivers new features monthly, ensuring agents feel confident they have access to all the modern tools they need to win.

    “Choosing the right CRM is essential to building a scalable real estate business,” said Kendall Bonner, Vice President, Industry Relations and Strategic Partnerships, eXp Realty. “Lofty’s sleek interface and smart automation tools help agents streamline their marketing and manage their pipeline with confidence and clarity.”

    To learn more about how Lofty’s unmatched AI capabilities can help your business grow, visit lofty.com/ai/overview.  

    About Lofty Inc.
    Lofty Inc. (formerly Chime Technologies) provides an AI-powered platform that helps real estate professionals increase their productivity and accelerate business growth. Featuring award-winning technology, the Lofty platform is designed to optimize every step of the real estate journey, from search to settlement. By leveraging one unified hub, customers can automate marketing programs, streamline the sales process, and maximize collaboration between agents, empowering them to spend more time building relationships and their business. Headquartered in Phoenix, Arizona, Lofty provides proven solutions for brokers, teams, and the enterprise. For more information, visit lofty.com.

    Media Contact:
    Sarah Murray
    Attune Communications
    sarah@attunecommunications.com

    About eXp World Holdings, Inc.
    eXp World Holdings, Inc. (Nasdaq: EXPI) (the “Company”) is the holding company for eXp Realty® and SUCCESS® Enterprises. eXp Realty is the largest independent real estate brokerage in the world, with nearly 81,000 agents across 27 countries. As a cloud-based, agent-centric brokerage, eXp Realty provides real estate agents industry-leading commission splits, revenue share, equity ownership opportunities, and a global network that empowers agents to build thriving businesses. For more information about eXp World Holdings, Inc., visit: expworldholdings.com. 

    SUCCESS® Enterprises, anchored by SUCCESS® magazine, has been a trusted name in personal and professional development since 1897. As part of the eXp ecosystem, it offers agents access to valuable resources to enhance their skills, grow their businesses, and achieve long-term success. For more information about SUCCESS, visit success.com.

    Media Relations Contact:
    eXp World Holdings, Inc.
    mediarelations@expworldholdings.com

    Investor Relations
    Denise Garcia
    investors@expworldholdings.com

    Safe Harbor Statement
    The statements contained herein may include statements of future expectations and other forward-looking statements that are based on eXp World Holdings, Inc.’s (the “Company”) management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. These statements include, but are not limited to, expectations regarding the Company’s technology offerings and their availability and value to agents and brokers. Such forward-looking statements speak only as of the date hereof, and the Company undertakes no obligation to revise or update them. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in technology platform offerings and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eee9cd8c-6d59-40de-8539-347dbe3cd1d6

    The MIL Network –

  • MIL-OSI: Wearable Devices to Showcase Mudra Link, Its Established AI-Based Neural Wristband for Smart Glasses, at XR Fair Tokyo 2025

    Source: GlobeNewswire (MIL-OSI)

    YOKNEAM ILLIT, ISRAEL, July 01, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a technology growth company specializing in artificial intelligence (AI)-powered touchless sensing wearable devices, today announced that it will exhibit at the Fifth XR Fair Tokyo (XR Fair Tokyo), to be held at the Tokyo Big Sight convention and exhibition center in Tokyo, Japan, from Wednesday, July 2, 2025 through Friday July 4, 2025, at booth number 21-78 in XR Fair at West Hall 3.

    XR Fair Tokyo is a leading B2B exhibition dedicated to technologies and solutions in virtual reality (VR), augmented reality (AR), mixed reality, and the broader metaverse ecosystem. As extended reality (XR) becomes a cornerstone of digital transformation, the event serves as a premier platform for companies to showcase cutting-edge innovations across industries including entertainment, manufacturing, marketing, education, and more.

    The Company’s Mudra Link is a neural input wristband, which began shipping earlier this year, enabling hands-free, gesture-based control of digital devices using neural signals. The Mudra Link works seamlessly across platforms including Android, iOS, Windows, macOS, and is natively compatible with leading AR glasses such as Xreal, Rokid, RayNeo, Virtue, and TCL, and can be paired with the Apple Vision Pro. Recognized with a CES 2025 Innovation Award, Mudra Link has received strong media praise for its intuitive interface, low-latency performance, and ability to bridge neural input with spatial computing.

    Wearable Devices offers its technology across two distinct markets: Mudra Link and Mudra Band for B2C consumers, enabling intuitive, touchless control of Bluetooth HID-compatible platforms and the Apple Eco-System; and the Mudra Development Kit for B2B enterprises, allowing companies to integrate neural gesture control into their own products and applications, supporting custom interaction experiences across AR, XR, and smart environments.

    “Gestures like tap, pinch, and wrist flick are becoming the most natural way to control smart glasses and face-worn devices,” said Shmuel Barel, Chief Marketing Officer of Wearable Devices. “Wrist-based gesture control is quickly becoming a standard, and Wearable Devices has led this shift with years of innovation and real-world deployment. Japan’s early adoption of cutting-edge tech in both consumer and enterprise markets makes XR Fair Tokyo the perfect stage to showcase how Mudra enables seamless, hands-free interaction across AR use cases.”

    To schedule a meeting with the Company during XR Fair Tokyo at the Tokyo Big Sight, please visit, please visit https://tinyurl.com/mv422y23

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming, and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

    Forward-Looking Statements Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss the benefits and advantages of our devices and technology. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2024, filed on March 20, 2025 and our other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Michal Efraty

    IR@wearabledevices.co.il

    The MIL Network –

  • MIL-OSI Global: The hidden cost of convenience: How your data pulls in hundreds of billions of dollars for app and social media companies

    Source: The Conversation – USA – By Kassem Fawaz, Associate Professor of Electrical and Computer Engineering, University of Wisconsin-Madison

    Many apps and social media platforms collect detailed information about you as you use them, and sometimes even when you’re not using them. Malte Mueller/fStop via Getty images

    You wake up in the morning and, first thing, you open your weather app. You close that pesky ad that opens first and check the forecast. You like your weather app, which shows hourly weather forecasts for your location. And the app is free!

    But do you know why it’s free? Look at the app’s privacy settings. You help keep it free by allowing it to collect your information, including:

    • What devices you use and their IP and Media Access Control addresses.
    • Information you provide when signing up, such as your name, email address and home address.
    • App settings, such as whether you choose Celsius or Fahrenheit.
    • Your interactions with the app, including what content you view and what ads you click.
    • Inferences based on your interactions with the app.
    • Your location at a given time, including, depending on your settings, continuous tracking.
    • What websites or apps that you interact with after you use the weather app.
    • Information you give to ad vendors.
    • Information gleaned by analytics vendors that analyze and optimize the app.

    This type of data collection is standard fare. The app company can use this to customize ads and content. The more customized and personalized an ad is, the more money it generates for the app owner. The owner might also sell your data to other companies.

    Many apps, including the weather channel app, send you targeted advertising and sell your personal data by default.
    Jack West, CC BY-ND

    You might also check a social media account like Instagram. The subtle price that you pay is, again, your data. Many “free” mobile apps gather information about you as you interact with them.

    As an associate professor of electrical and computer engineering and a doctoral student in computer science, we follow the ways software collects information about people. Your data allows companies to learn about your habits and exploit them.

    It’s no secret that social media and mobile applications collect information about you. Meta’s business model depends on it. The company, which operates Facebook, Instagram and WhatsApp, is worth US$1.48 trillion. Just under 98% of its profits come from advertising, which leverages user data from more than 7 billion monthly users.



    Read more:
    How Internet of Things devices affect your privacy – even when they’re not yours

    What your data is worth

    Before mobile phones gained apps and social media became ubiquitous, companies conducted large-scale demographic surveys to assess how well a product performed and to get information about the best places to sell it. They used the information to create coarsely targeted ads that they placed on billboards, print ads and TV spots.

    Mobile apps and social media platforms now let companies gather much more fine-grained information about people at a lower cost. Through apps and social media, people willingly trade personal information for convenience. In 2007 – a year after the introduction of targeted ads – Facebook made over $153 million, triple the previous year’s revenue. In the past 17 years, that number has increased by more than 1,000 times.

    Five ways to leave your data

    App and social media companies collect your data in many ways. Meta is a representative case. The company’s privacy policy highlights five ways it gathers your data:

    First, it collects the profile information you fill in. Second, it collects the actions you take on its social media platforms. Third, it collects the people you follow and friend. Fourth, it keeps track of each phone, tablet and computer you use to access its platforms. And fifth, it collects information about how you interact with apps that corporate partners connect to its platforms. Many apps and social media platforms follow similar privacy practices.

    Your data and activity

    When you create an account on an app or social media platform, you provide the company that owns it with information like your age, birth date, identified sex, location and workplace. In the early years of Facebook, selling profile information to advertisers was that company’s main source of revenue. This information is valuable because it allows advertisers to target specific demographics like age, identified gender and location.

    And once you start using an app or social media platform, the company behind it can collect data about how you use the app or social media. Social media keeps you engaged as you interact with other people’s posts by liking, commenting or sharing them. Meanwhile, the social media company gains information about what content you view and how you communicate with other people.

    Advertisers can find out how much time you spent reading a Facebook post or that you spent a few more seconds on a particular TikTok video. This activity information tells advertisers about your interests. Modern algorithms can quickly pick up subtleties and automatically change the content to engage you in a sponsored post, a targeted advertisement or general content.

    Your devices and applications

    Companies can also note what devices, including mobile phones, tablets and computers, you use to access their apps and social media platforms. This shows advertisers your brand loyalty, how old your devices are and how much they’re worth.

    Because mobile devices travel with you, they have access to information about where you’re going, what you’re doing and who you’re near. In a lawsuit against Kochava Inc., the Federal Trade Commission called out the company for selling customer geolocation data in August 2022, shortly after Roe v Wade was overruled. The company’s customers, including people who had abortions after the ruling was overturned, often didn’t know that data tracking their movements was being collected, according to the commission. The FTC alleged that the data could be used to identify households.

    Kochava has denied the FTC’s allegations.

    Information that apps can gain from your mobile devices includes anything you have given an app permission to have, such as your location, who you have in your contact list or photos in your gallery.

    If you give an app permission to see where you are while the app is running, for instance, the platform can access your location anytime the app is running. Providing access to contacts may provide an app with the phone numbers, names and emails of all the people that you know.

    Cross-application data collection

    Companies can also gain information about what you do across different apps by acquiring information collected by other apps and platforms.

    The settings on an Android phone show that Meta uses information it collects about you to target ads it shows you in its apps – and also in other apps and on other platforms – by default.
    Jack West, CC BY-ND

    This is common with social media companies. This allows companies to, for example, show you ads based on what you like or recently looked at on other apps. If you’ve searched for something on Amazon and then noticed an ad for it on Instagram, it’s probably because Amazon shared that information with Instagram.

    This combined data collection has made targeted advertising so accurate that people have reported that they feel like their devices are listening to them.

    Companies, including Google, Meta, X, TikTok and Snapchat, can build detailed user profiles based on collected information from all the apps and social media platforms you use. They use the profiles to show you ads and posts that match your interests to keep you engaged. They also sell the profile information to advertisers.

    Meanwhile, researchers have found that Meta and Yandex, a Russian search engine, have overcome controls in mobile operating system software that ordinarily keep people’s web-browsing data anonymous. Each company puts code on its webpages that used local IPs to pass a person’s browsing history, which is supposed to remain private, to mobile apps installed on that person’s phone, de-anonymizing the data. Yandex has been conducting this tracking since 2017, while Meta began in September 2024, according to the researchers.

    What you can do about it

    If you use apps that collect your data in some way, including those that give you directions, track your workouts or help you contact someone, or if you use social media platforms, your privacy is at risk.

    Aside from entirely abandoning modern technology, there are several steps you can take to limit access – at least in part – to your private information.

    Read the privacy policy of each app or social media platform you use. Although privacy policy documents can be long, tedious and sometimes hard to read, they explain how social media platforms collect, process, store and share your data.

    Check a policy by making sure it can answer three questions: what data does the app collect, how does it collect the data, and what is the data used for. If you can’t answer all three questions by reading the policy, or if any of the answers don’t sit well with you, consider skipping the app until there’s a change in its data practices.

    Remove unnecessary permissions from mobile apps to limit the amount of information that applications can gather from you.

    Be aware of the privacy settings that might be offered by the apps or social media platforms you use, including any setting that allows your personal data to affect your experience or shares information about you with other users or applications.

    These privacy settings can give you some control. We recommend that you disable “off-app activity” and “personalization” settings. “Off-app activity” allows an app to record which other apps are installed on your phone and what you do on them. Personalization settings allow an app to use your data to tailor what it shows you, including advertisements.

    Review and update these settings regularly because permissions sometimes change when apps or your phone update. App updates may also add new features that can collect your data. Phone updates may also give apps new ways to collect your data or add new ways to preserve your privacy.

    Use private browser windows or reputable virtual private networks software, commonly referred to as VPNs, when using apps that connect to the internet and social media platforms. Private browsers don’t store any account information, which limits the information that can be collected. VPNs change the IP address of your machine so that apps and platforms can’t discover your location.

    Finally, ask yourself whether you really need every app that’s on your phone. And when using social media, consider how much information you want to reveal about yourself in liking and commenting on posts, sharing updates about your life, revealing locations you visited and following celebrities you like.

    This article is part of a series on data privacy that explores who collects your data, what and how they collect, who sells and buys your data, what they all do with it, and what you can do about it.

    Kassem Fawaz receives funding from the National Science Foundation. In the past, his research group has received unrestricted gifts from Meta and Google.

    Jack West does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. The hidden cost of convenience: How your data pulls in hundreds of billions of dollars for app and social media companies – https://theconversation.com/the-hidden-cost-of-convenience-how-your-data-pulls-in-hundreds-of-billions-of-dollars-for-app-and-social-media-companies-251698

    MIL OSI – Global Reports –