FROM: U.S. STATE DEPARTMENT,
Department of State Concludes Settlement of Export Violations by Meggitt-USA, Inc.
Media Note
Office of the Spokesperson
Washington, DC
August 23, 2013
The State Department concluded an administrative settlement with Meggitt-USA, Inc. ("Meggitt") a Delaware corporation, and subsidiary of Meggitt PLC, a corporation organized under the laws of England and Wales and ultimate parent of the Meggitt group of companies, to resolve alleged violations of the Arms Export Controls Act ("AECA")(22 U.S.C. § 2778) and the International Traffic in Arms Regulations ("ITAR")(22 C.F.R. parts 120-130). The settlement was resolved pursuant to ITAR Section 128.11 wherein Meggitt agreed to enter into a consent agreement with the Department.
The settlement was reached after an extensive compliance review by the Department of State’s Office of Defense Trade Controls Compliance in the Bureau of Political-Military Affairs of multiple disclosures submitted by Meggitt group subsidiaries involving hundreds of potential civil violations of the AECA and ITAR, of which sixty-seven are alleged as charges. This settlement highlights the Department’s responsibility to protect U.S. defense hardware and technology from unauthorized use and ensure compliance with the AECA and ITAR.
Over the course of several years, Meggitt subsidiaries and business units disclosed to the Department hundreds of ITAR violations beginning in the mid-1990s, largely involving the unauthorized export of defense articles, including technical data, the unauthorized provision of defense services, violation of the terms of provisos or other limitations of license authorizations, and the failure to maintain specific records involving ITAR-controlled transactions.
Under the terms of the 30-month consent agreement with the Department, Meggit is assessed a civil penalty of $25 million, of which $3 million will be paid in installments and the remainder suspended on the condition the Department approves expenditures for self-initiated, pre-consent agreement remedial compliance measures and consent agreement-authorized remedial compliance costs. In addition, an Internal Special Compliance Official will be engaged by Meggitt to oversee the consent agreement, which will also require the company to implement additional compliance measures, including enhanced policies and procedures, to review external audit programs and conduct audit measures pursuant to the agreement, to review jurisdictional determinations of commodities, and report on system upgrades and improvements.
Meggitt disclosed nearly all of the ITAR violations resolved in this settlement voluntarily to the Department, many of which were the result of post-acquisition review by Meggitt, acknowledged their serious nature, cooperated with Department reviews, and implemented or has planned extensive remedial measures throughout its subsidiaries. For these reasons, the Department determined that an administrative debarment or suspension of Meggitt was not appropriate at this time.
Sunday, August 25, 2013
SEC CHARGES INVESTMENT ADVISER IN ALGORITHMIC TRADING ABILITY CASE
FROM: SECURITIES AND EXCHANGE COMMISSION
SEC Charges North Carolina-Based Investment Adviser for Misleading Fund Board About Algorithmic Trading Ability
08/21/2013 10:43 AM EDT
The Securities and Exchange Commission today announced charges against a North Carolina-based investment adviser and its former owner for misleading an investment fund’s board of directors about the firm’s ability to conduct algorithmic currency trading so they would approve the firm’s contract to manage the fund.
The SEC’s Enforcement Division alleges that Chariot Advisors LLC and Elliott L. Shifman misled the fund’s board about the nature, extent, and quality of services that the firm could provide as he touted the competitive benefits of algorithmic trading in two presentations before the board. Contrary to what Shifman told the directors, Chariot Advisors did not devise or otherwise possess any algorithms capable of engaging in the currency trading that Shifman was describing. After the fund was launched, Chariot Advisors did not use an algorithm model to perform the fund’s currency trading as represented to the board, but instead hired an individual trader who was allowed to use discretion on trade selection and execution. The misconduct by Shifman and Chariot Advisors caused misrepresentations and omissions in the Chariot fund’s registration statement and prospectus filed with the SEC and viewed by investors.
The case arises out of an initiative by the SEC Enforcement Division’s Asset Management Unit to focus on the “15(c) process” – a reference to Section 15(c) of the Investment Company Act of 1940 that requires a registered fund’s board to annually evaluate the fund’s advisory agreements. Advisers must provide the board with the truthful information necessary to make that evaluation. Other enforcement actions taken against misconduct in the investment contract renewal process and fee arrangements include cases against Morgan Stanley Investment Management, a sub-adviser to the Malaysia Fund, and two mutual fund trusts affiliated with the Northern Lights Variable Trust fund complex.
“It is critical that investment advisers provide truthful information to the directors of the registered funds they advise,” said Julie M. Riewe, Co-Chief of SEC Enforcement Division’s Asset Management Unit. “Both boards and advisers have fiduciary duties that must be fulfilled to ensure that a fund’s investors are not harmed.”
According to the SEC’s order instituting administrative proceedings, the false claims by Chariot and Shifman defrauded the Chariot Absolute Return Currency Portfolio, a fund that was formerly within the Northern Lights Variable Trust fund complex. In December 2008 and again in May 2009, Shifman misrepresented to the Chariot fund’s board that his firm would implement the fund’s investment strategy by using a portion of the fund’s assets to engage in algorithmic currency trading. Chariot fund’s initial investment objective was to achieve absolute positive returns in all market cycles by investing approximately 80 percent of the fund’s assets under management in short-term fixed income securities, and using the remaining 20 percent of the assets under management to engage in algorithmic currency trading.
According to the SEC’s order, Chariot Advisors did not have an algorithm capable of conducting such currency trading. The ability to conduct currency trading was particularly significant for the Chariot fund’s performance, because in the absence of an operating history the directors focused instead on Chariot Advisors’ reliance on models when the board evaluated the advisory contract. Even though Shifman believed that the fund’s currency trading needed to achieve a 25 to 30 percent return to succeed, Shifman never disclosed to the board that Chariot Advisors had no algorithm or model capable of achieving such a return.
According to the SEC’s order, because Chariot Advisors possessed no algorithm, currency trading for the fund was under the control of an individual trader who was not using an algorithm for at least the first two months after the fund’s launch. Shifman had interviewed the trader prior to her hiring and knew that she used a technical analysis, rules-based approach for trading that combined market indicators with her own intuition. The trader traded currencies for the fund until Sept. 30, 2009 when she was terminated due to poor trading performance. Subsequently, Chariot employed a third party who utilized an algorithm to conduct currency trading on behalf of the Chariot fund.
The SEC’s order alleges that the misconduct by Chariot and Shifman, who lives in the Raleigh area, resulted in violations of Sections 15(c) and 34(b) of the Investment Company Act of 1940 and Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8. A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the order are true and whether any remedial sanctions are appropriate.
The SEC’s investigation was led by Stephen E. Donahue and John G. Westrick of the Asset Management Unit and Atlanta Regional Office as well as Micheal D. Watson of the Atlanta office. Pat Huddleston and Shawn Murnahan will lead the Enforcement Division’s litigation. John Sherrick and Timothy J. Barker of the Atlanta Regional Office conducted the related examination that led to the investigation.
SEC Charges North Carolina-Based Investment Adviser for Misleading Fund Board About Algorithmic Trading Ability
08/21/2013 10:43 AM EDT
The Securities and Exchange Commission today announced charges against a North Carolina-based investment adviser and its former owner for misleading an investment fund’s board of directors about the firm’s ability to conduct algorithmic currency trading so they would approve the firm’s contract to manage the fund.
The SEC’s Enforcement Division alleges that Chariot Advisors LLC and Elliott L. Shifman misled the fund’s board about the nature, extent, and quality of services that the firm could provide as he touted the competitive benefits of algorithmic trading in two presentations before the board. Contrary to what Shifman told the directors, Chariot Advisors did not devise or otherwise possess any algorithms capable of engaging in the currency trading that Shifman was describing. After the fund was launched, Chariot Advisors did not use an algorithm model to perform the fund’s currency trading as represented to the board, but instead hired an individual trader who was allowed to use discretion on trade selection and execution. The misconduct by Shifman and Chariot Advisors caused misrepresentations and omissions in the Chariot fund’s registration statement and prospectus filed with the SEC and viewed by investors.
The case arises out of an initiative by the SEC Enforcement Division’s Asset Management Unit to focus on the “15(c) process” – a reference to Section 15(c) of the Investment Company Act of 1940 that requires a registered fund’s board to annually evaluate the fund’s advisory agreements. Advisers must provide the board with the truthful information necessary to make that evaluation. Other enforcement actions taken against misconduct in the investment contract renewal process and fee arrangements include cases against Morgan Stanley Investment Management, a sub-adviser to the Malaysia Fund, and two mutual fund trusts affiliated with the Northern Lights Variable Trust fund complex.
“It is critical that investment advisers provide truthful information to the directors of the registered funds they advise,” said Julie M. Riewe, Co-Chief of SEC Enforcement Division’s Asset Management Unit. “Both boards and advisers have fiduciary duties that must be fulfilled to ensure that a fund’s investors are not harmed.”
According to the SEC’s order instituting administrative proceedings, the false claims by Chariot and Shifman defrauded the Chariot Absolute Return Currency Portfolio, a fund that was formerly within the Northern Lights Variable Trust fund complex. In December 2008 and again in May 2009, Shifman misrepresented to the Chariot fund’s board that his firm would implement the fund’s investment strategy by using a portion of the fund’s assets to engage in algorithmic currency trading. Chariot fund’s initial investment objective was to achieve absolute positive returns in all market cycles by investing approximately 80 percent of the fund’s assets under management in short-term fixed income securities, and using the remaining 20 percent of the assets under management to engage in algorithmic currency trading.
According to the SEC’s order, Chariot Advisors did not have an algorithm capable of conducting such currency trading. The ability to conduct currency trading was particularly significant for the Chariot fund’s performance, because in the absence of an operating history the directors focused instead on Chariot Advisors’ reliance on models when the board evaluated the advisory contract. Even though Shifman believed that the fund’s currency trading needed to achieve a 25 to 30 percent return to succeed, Shifman never disclosed to the board that Chariot Advisors had no algorithm or model capable of achieving such a return.
According to the SEC’s order, because Chariot Advisors possessed no algorithm, currency trading for the fund was under the control of an individual trader who was not using an algorithm for at least the first two months after the fund’s launch. Shifman had interviewed the trader prior to her hiring and knew that she used a technical analysis, rules-based approach for trading that combined market indicators with her own intuition. The trader traded currencies for the fund until Sept. 30, 2009 when she was terminated due to poor trading performance. Subsequently, Chariot employed a third party who utilized an algorithm to conduct currency trading on behalf of the Chariot fund.
The SEC’s order alleges that the misconduct by Chariot and Shifman, who lives in the Raleigh area, resulted in violations of Sections 15(c) and 34(b) of the Investment Company Act of 1940 and Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8. A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the order are true and whether any remedial sanctions are appropriate.
The SEC’s investigation was led by Stephen E. Donahue and John G. Westrick of the Asset Management Unit and Atlanta Regional Office as well as Micheal D. Watson of the Atlanta office. Pat Huddleston and Shawn Murnahan will lead the Enforcement Division’s litigation. John Sherrick and Timothy J. Barker of the Atlanta Regional Office conducted the related examination that led to the investigation.
NSF MATE CENTER HOSTS UNDERWATER ROBOTICS COMPETITION
FROM: NATIONAL SCIENCE FOUNDATION
Underwater robotics competition helps students build skills for ocean occupations
Annual competition, sponsored by Marine Advanced Technological Education Center, gives competitors a taste of the real-life capabilities needed to maintain an ocean observing system.
The Marine Advanced Technology Education (MATE) Center hosted its 12th annual student underwater robotics competition earlier this summer in Federal Way, Wash. The Center is a national partnership of organizations working to improve marine technical education and help prepare the future workforce for ocean occupations.
Headquartered at Monterey Peninsula College, a community college in Monterey, Calif., the MATE Center has been funded as a National Science Foundation (NSF) Advanced Technological Education (ATE) Center of Excellence since 1997.
The student underwater robotics competition challenged this year's participants to design and build a remotely operated underwater vehicle (ROV) for tasks related to operating and maintaining an ocean observing system, a collection of high-tech instruments above and below the waves that provide around-the-clock information about what's happening in the ocean.
The challenge was based on work being done at the University of Washington, where researchers are designing an observatory for the ocean floor. The missions assigned to this year's competitors were designed to simulate many of the things that will have to be done by ROVs during the installation and maintenance of the observatory.
"This was a very challenging mission," said Jill Zande, associate director and competition coordinator at the MATE Center. "And we found that a number of the students did really well."
Participants included more than 50 student teams representing middle schools, high schools, home schools, community colleges, universities, after-school clubs, and outreach programs from the U.S., Canada, Venezuela, China, Hong Kong, Singapore, Macao, Taiwan, Saudi Arabia, the UK, Russia, and Egypt.
Competitors' mission tasks
Student teams piloted their ROVs to complete a variety of underwater mission tasks, prepared and presented an engineering report to a panel of volunteer judges, and created a poster display aimed at the general public.
Students were encouraged to think like entrepreneurs and manage their teams like companies, a process that helps them develop the teamwork, creative thinking, and problem solving skills that are valued in today's global workplace. Teams were evaluated on the design, construction, and performance of their ROVs; their ability to communicate what they learned; and how they put their knowledge to use in designing and building their ROVs.
Teams competed in either the RANGER or EXPLORER class, depending on the sophistication of their ROVs and the mission requirements. Teams from California won first place in each class. A complete list of winners appears below.
MATE's impact over its history
With NSF funding, the MATE Center began as an ATE project, and has broadened its mission, expanded its reach and increased its impact over almost 20 years. MATE began with a focus on community colleges, but over time opened up to four-year institutions and high schools. Part of its mission is to develop curricula in marine technology, underwater robotics, marine geospatial technology, career awareness, and ocean observing systems. MATE also offers professional development for high school, college, and university faculty that focuses on a broad array of marine technologies, workplace skills, and pedagogical innovations.
Now an Innovative Technology Experiences for Students and Teachers (ITEST) project, led by Zande, is reaching middle-school students and teachers.
The idea behind MATE's growth is that the ROV competition can be a means to keep students engaged in science, technology, engineering and mathematics (STEM) subjects and create a pathway to careers in the STEM workforce. Ocean careers cover a broad range of skills, and MATE provides information on its website about the preparation required for more than 50 different careers, from that of able seaman to electrical engineer to ROV technician. There are also listings for jobs and internships.
The pathway from MATE to ocean careers is well-traveled. "We've had students snapped up by industry into $60,000 jobs before they've finished their associate degree," said Deidre Sullivan, director and principal investigator for the MATE Center. "When the Deepwater Horizon oil spill happened three years ago, some of people who were operating the ROVs looking at the damage were graduates of the MATE curriculum."
"MATE has become a magnet for these kinds of skills," said David Campbell, program director for ATE. "If a student is interested in this kind of career, most community colleges will train students in electronics and depend on their future employers to train them in marine electronics. MATE is one of the few that's geared toward marine technology."
Winners of the 2013 ROV competition
There were three top winners in each class, and a host of other awards.
Explorer (Advanced) Class Winners:
In the Explorer class, the overall first place winner was Jesuit High School of Carmichael, Calif. The team also won an award for being safety-conscious.
Memorial University of St. John's, Newfoundland, Canada took the second place prize. Third place was captured by SeaTech 4-H Club of Mt. Vernon, Wash., which also had the highest overall mission score.
Ranger (Intermediate) Class Winners:
Aptos High School of Aptos, Calif. won overall first place in the RANGER class. With 310 out of 320 possible points, the team had the highest mission score, and they also won an award for best technical report.
Second place went to Heritage Collegiate of Lethbridge, Newfoundland, Canada. Third place went to Greater New Bedford Voc-Tech, of New Bedford, Mass., which also won an award for top poster display.
NSF's Advanced Technological Education program is celebrating its 20th anniversary this year. The program was created to improve and expand educational programs for technicians to work in high-tech, STEM fields that drive the U.S. economy. The program is congressionally mandated and focuses on both the undergraduate and the secondary school levels.
Underwater robotics competition helps students build skills for ocean occupations
Annual competition, sponsored by Marine Advanced Technological Education Center, gives competitors a taste of the real-life capabilities needed to maintain an ocean observing system.
The Marine Advanced Technology Education (MATE) Center hosted its 12th annual student underwater robotics competition earlier this summer in Federal Way, Wash. The Center is a national partnership of organizations working to improve marine technical education and help prepare the future workforce for ocean occupations.
Headquartered at Monterey Peninsula College, a community college in Monterey, Calif., the MATE Center has been funded as a National Science Foundation (NSF) Advanced Technological Education (ATE) Center of Excellence since 1997.
The student underwater robotics competition challenged this year's participants to design and build a remotely operated underwater vehicle (ROV) for tasks related to operating and maintaining an ocean observing system, a collection of high-tech instruments above and below the waves that provide around-the-clock information about what's happening in the ocean.
The challenge was based on work being done at the University of Washington, where researchers are designing an observatory for the ocean floor. The missions assigned to this year's competitors were designed to simulate many of the things that will have to be done by ROVs during the installation and maintenance of the observatory.
"This was a very challenging mission," said Jill Zande, associate director and competition coordinator at the MATE Center. "And we found that a number of the students did really well."
Participants included more than 50 student teams representing middle schools, high schools, home schools, community colleges, universities, after-school clubs, and outreach programs from the U.S., Canada, Venezuela, China, Hong Kong, Singapore, Macao, Taiwan, Saudi Arabia, the UK, Russia, and Egypt.
Competitors' mission tasks
Student teams piloted their ROVs to complete a variety of underwater mission tasks, prepared and presented an engineering report to a panel of volunteer judges, and created a poster display aimed at the general public.
Students were encouraged to think like entrepreneurs and manage their teams like companies, a process that helps them develop the teamwork, creative thinking, and problem solving skills that are valued in today's global workplace. Teams were evaluated on the design, construction, and performance of their ROVs; their ability to communicate what they learned; and how they put their knowledge to use in designing and building their ROVs.
Teams competed in either the RANGER or EXPLORER class, depending on the sophistication of their ROVs and the mission requirements. Teams from California won first place in each class. A complete list of winners appears below.
MATE's impact over its history
With NSF funding, the MATE Center began as an ATE project, and has broadened its mission, expanded its reach and increased its impact over almost 20 years. MATE began with a focus on community colleges, but over time opened up to four-year institutions and high schools. Part of its mission is to develop curricula in marine technology, underwater robotics, marine geospatial technology, career awareness, and ocean observing systems. MATE also offers professional development for high school, college, and university faculty that focuses on a broad array of marine technologies, workplace skills, and pedagogical innovations.
Now an Innovative Technology Experiences for Students and Teachers (ITEST) project, led by Zande, is reaching middle-school students and teachers.
The idea behind MATE's growth is that the ROV competition can be a means to keep students engaged in science, technology, engineering and mathematics (STEM) subjects and create a pathway to careers in the STEM workforce. Ocean careers cover a broad range of skills, and MATE provides information on its website about the preparation required for more than 50 different careers, from that of able seaman to electrical engineer to ROV technician. There are also listings for jobs and internships.
The pathway from MATE to ocean careers is well-traveled. "We've had students snapped up by industry into $60,000 jobs before they've finished their associate degree," said Deidre Sullivan, director and principal investigator for the MATE Center. "When the Deepwater Horizon oil spill happened three years ago, some of people who were operating the ROVs looking at the damage were graduates of the MATE curriculum."
"MATE has become a magnet for these kinds of skills," said David Campbell, program director for ATE. "If a student is interested in this kind of career, most community colleges will train students in electronics and depend on their future employers to train them in marine electronics. MATE is one of the few that's geared toward marine technology."
Winners of the 2013 ROV competition
There were three top winners in each class, and a host of other awards.
Explorer (Advanced) Class Winners:
In the Explorer class, the overall first place winner was Jesuit High School of Carmichael, Calif. The team also won an award for being safety-conscious.
Memorial University of St. John's, Newfoundland, Canada took the second place prize. Third place was captured by SeaTech 4-H Club of Mt. Vernon, Wash., which also had the highest overall mission score.
Ranger (Intermediate) Class Winners:
Aptos High School of Aptos, Calif. won overall first place in the RANGER class. With 310 out of 320 possible points, the team had the highest mission score, and they also won an award for best technical report.
Second place went to Heritage Collegiate of Lethbridge, Newfoundland, Canada. Third place went to Greater New Bedford Voc-Tech, of New Bedford, Mass., which also won an award for top poster display.
NSF's Advanced Technological Education program is celebrating its 20th anniversary this year. The program was created to improve and expand educational programs for technicians to work in high-tech, STEM fields that drive the U.S. economy. The program is congressionally mandated and focuses on both the undergraduate and the secondary school levels.
Saturday, August 24, 2013
WOMAN SENTENCED IN REVERSE MORTGAGE FRAUD SCHEME CASE
FROM: U.S. JUSTICE DEPARTMENT
Thursday, August 22, 2013
Florida Woman Sentenced for Role in Reverse Mortgage Fraud Scheme
A Miami title agent and former mortgage broker was sentenced today for her role in a reverse mortgage loan fraud scheme.
Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division, U.S. Attorney Wifredo A. Ferrer of the Southern District of Florida, and Special Agent in Charge Lester Fernandez of the U.S. Department of Housing and Urban Development, Office of Inspector General (HUD-OIG) made the announcement after sentencing by Senior Judge Richard W. Goldberg, sitting by designation in the Southern District of Florida.
Yesenia Pouparina, aka “Yesenia Campos,” 42, was sentenced today to 46 months in prison, followed by three years of supervised release, and was ordered to pay $207,810 in restitution. Pouparina was convicted in February 2013 of four counts of wire fraud and one count of mail fraud.
According to court documents and evidence presented at trial, Pouparina, a licensed title agent in the state of Florida, sought to obtain a reverse mortgage loan worth more than $400,000 on her own property in the name of her mother, an individual who failed to meet the requirements of the Home Equity Conversion Mortgage (HECM) program. She submitted a false loan application and doctored records in support of that application, misrepresenting her mother’s eligibility to participate in the program. Pouparina acted as the title agent for the loan and disbursed the loan proceeds directly to her own personal bank accounts. Pouparina also enriched herself by collecting fees generated by the loan, and further profited by using the loan proceeds in connection with her business as a hard-money lender in other mortgage deals.
Following Pouparina’s conviction on the fraud counts, the jury also found forfeitable three bank accounts controlled by the defendant, which were seized by the government during the course of the investigation.
This case was investigated by HUD-OIG. Trial Attorney Sandra L. Moser of the Criminal Division’s Fraud Section prosecuted the case with assistance from the U.S. Attorney’s Office for the Southern District of Florida.
Today’s conviction is part of efforts underway by President Obama’s Financial Fraud Enforcement Task Force (FFETF), which was created in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorney’s offices and state and local partners, it is the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state and local authorities; addressing discrimination in the lending and financial markets and conducting outreach to the public, victims, financial institutions and other organizations. Over the past three fiscal years, the Justice Department has filed more than 10,000 financial fraud cases against nearly 15,000 defendants, including more than 2,900 mortgage fraud defendants.
Thursday, August 22, 2013
Florida Woman Sentenced for Role in Reverse Mortgage Fraud Scheme
A Miami title agent and former mortgage broker was sentenced today for her role in a reverse mortgage loan fraud scheme.
Acting Assistant Attorney General Mythili Raman of the Justice Department’s Criminal Division, U.S. Attorney Wifredo A. Ferrer of the Southern District of Florida, and Special Agent in Charge Lester Fernandez of the U.S. Department of Housing and Urban Development, Office of Inspector General (HUD-OIG) made the announcement after sentencing by Senior Judge Richard W. Goldberg, sitting by designation in the Southern District of Florida.
Yesenia Pouparina, aka “Yesenia Campos,” 42, was sentenced today to 46 months in prison, followed by three years of supervised release, and was ordered to pay $207,810 in restitution. Pouparina was convicted in February 2013 of four counts of wire fraud and one count of mail fraud.
According to court documents and evidence presented at trial, Pouparina, a licensed title agent in the state of Florida, sought to obtain a reverse mortgage loan worth more than $400,000 on her own property in the name of her mother, an individual who failed to meet the requirements of the Home Equity Conversion Mortgage (HECM) program. She submitted a false loan application and doctored records in support of that application, misrepresenting her mother’s eligibility to participate in the program. Pouparina acted as the title agent for the loan and disbursed the loan proceeds directly to her own personal bank accounts. Pouparina also enriched herself by collecting fees generated by the loan, and further profited by using the loan proceeds in connection with her business as a hard-money lender in other mortgage deals.
Following Pouparina’s conviction on the fraud counts, the jury also found forfeitable three bank accounts controlled by the defendant, which were seized by the government during the course of the investigation.
This case was investigated by HUD-OIG. Trial Attorney Sandra L. Moser of the Criminal Division’s Fraud Section prosecuted the case with assistance from the U.S. Attorney’s Office for the Southern District of Florida.
Today’s conviction is part of efforts underway by President Obama’s Financial Fraud Enforcement Task Force (FFETF), which was created in November 2009 to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. With more than 20 federal agencies, 94 U.S. attorney’s offices and state and local partners, it is the broadest coalition of law enforcement, investigatory and regulatory agencies ever assembled to combat fraud. Since its formation, the task force has made great strides in facilitating increased investigation and prosecution of financial crimes; enhancing coordination and cooperation among federal, state and local authorities; addressing discrimination in the lending and financial markets and conducting outreach to the public, victims, financial institutions and other organizations. Over the past three fiscal years, the Justice Department has filed more than 10,000 financial fraud cases against nearly 15,000 defendants, including more than 2,900 mortgage fraud defendants.
READOUT: SECRETARY OF DEFENSE HAGEL'S CALL TO EGYPTIAN DEFENSE MINISTER AL-SISI
FROM: U.S. DEFENSE DEPARTMENT
Readout of Secretary Hagel's Call with Egyptian Minister of Defense General Abdul Fatah al-Sisi from Kuala Lumpur, Malaysia
Pentagon Press Secretary George Little provided the following readout:
"Today Egyptian Minister of Defense Al-Sisi called Secretary Hagel in Malaysia to discuss developments in Egypt. Minister Al-Sisi updated Secretary Hagel on the security situation throughout Egypt, as well as progress on the political roadmap. Secretary Hagel stressed the importance of an inclusive, transparent political process that includes all Egyptians, and that differences must be resolved without violence. Minister Al-Sisi also updated the Secretary on security developments on the Sinai Peninsula, and Secretary Hagel expressed appreciation for Egypt's efforts to ensure the security of the U.S. Embassy facilities and all U.S. personnel serving in Egypt."
Readout of Secretary Hagel's Call with Egyptian Minister of Defense General Abdul Fatah al-Sisi from Kuala Lumpur, Malaysia
Pentagon Press Secretary George Little provided the following readout:
"Today Egyptian Minister of Defense Al-Sisi called Secretary Hagel in Malaysia to discuss developments in Egypt. Minister Al-Sisi updated Secretary Hagel on the security situation throughout Egypt, as well as progress on the political roadmap. Secretary Hagel stressed the importance of an inclusive, transparent political process that includes all Egyptians, and that differences must be resolved without violence. Minister Al-Sisi also updated the Secretary on security developments on the Sinai Peninsula, and Secretary Hagel expressed appreciation for Egypt's efforts to ensure the security of the U.S. Embassy facilities and all U.S. personnel serving in Egypt."
U.S. EX-IM BANK APPROVES LOAN TO FIANCE SPACEX LAUNCH
FROM: EXPORT-IMPORT BANK
Ex-Im Bank Approves $105.4 Million Loan to Finance SpaceX Launch
Washington, D.C. – Continuing its support of the space industry in America, the Export-Import Bank of the United States (Ex-Im Bank) has authorized a $105.4 million loan to Space Communication Ltd. of Ramat Gan, Israel, to finance the Space Exploration Technologies (SpaceX) launch of the Amos-6 communications satellite, the purchase of American made-solar arrays, and insurance brokered by Marsh USA (Marsh)
The transaction is Ex-Im Bank’s third in support of a SpaceX launch, and it will support approximately 600 U.S. jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology. In June of 2013, Ex-Im Bank announced that it had approved financing for the launches of two satellites manufactured by Space Systems/Loral LLC, and in November of 2012 the Bank announced that it had approved financing for the launches of two Boeing-manufactured satellites.
“Ex-Im Bank is always ready to help the American space industry boost its international sales and export its products to important markets,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “Our support of American launches and exports levels the playing field for U.S. companies and keeps highly-skilled, well-paying jobs on American soil.”
Satellite financing represents Ex-Im Bank’s most prominent stand-out sector in the Bank's newly transformed portfolio. Just three years ago, satellites accounted for only $50 million in authorizations per year. This year numbers as the third consecutive year in which Ex-Im Bank's satellite sector authorizations will have topped $1 billion.
Amos-6, a geosynchronous satellite, will replace Space Communication’s Amos-2 and cover markets in Central and Eastern Europe and the Middle East. The satellite will also provide pan-European coverage and broadband services in Europe and Africa.
The launch is scheduled for 2015.
Founded in 2002 and headquartered in Hawthorne, Calif., SpaceX designs, manufactures and launches rockets and spacecraft. It is the first private company to build, launch, and dock spacecraft at the International Space Station, a mission previously accomplished only by government space entities.
“We appreciate Ex-Im Bank’s support of both SpaceX and the U.S. space industry,” said Gwynne Shotwell, SpaceX president and chief operating officer. “With export financing for contracts like the AMOS-6 mission, Ex-Im Bank helps SpaceX compete successfully with international launch service providers, bringing overseas satellite launch business and high-tech jobs back to American soil.”
ATK Space Systems Inc., a participant in the transaction and a manufacturer of the solar arrays for the satellite, is a member of the ATK Aerospace Group. The company provides a broad portfolio of products and services that include integrated satellite bus systems, world-class multidisciplinary engineering services, and market-leading integrated thermal-control systems.
Founded in 1871, Marsh is a global leader in insurance brokering and risk management. The company has approximately 26,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries.
Ex-Im Bank Approves $105.4 Million Loan to Finance SpaceX Launch
Washington, D.C. – Continuing its support of the space industry in America, the Export-Import Bank of the United States (Ex-Im Bank) has authorized a $105.4 million loan to Space Communication Ltd. of Ramat Gan, Israel, to finance the Space Exploration Technologies (SpaceX) launch of the Amos-6 communications satellite, the purchase of American made-solar arrays, and insurance brokered by Marsh USA (Marsh)
The transaction is Ex-Im Bank’s third in support of a SpaceX launch, and it will support approximately 600 U.S. jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology. In June of 2013, Ex-Im Bank announced that it had approved financing for the launches of two satellites manufactured by Space Systems/Loral LLC, and in November of 2012 the Bank announced that it had approved financing for the launches of two Boeing-manufactured satellites.
“Ex-Im Bank is always ready to help the American space industry boost its international sales and export its products to important markets,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “Our support of American launches and exports levels the playing field for U.S. companies and keeps highly-skilled, well-paying jobs on American soil.”
Satellite financing represents Ex-Im Bank’s most prominent stand-out sector in the Bank's newly transformed portfolio. Just three years ago, satellites accounted for only $50 million in authorizations per year. This year numbers as the third consecutive year in which Ex-Im Bank's satellite sector authorizations will have topped $1 billion.
Amos-6, a geosynchronous satellite, will replace Space Communication’s Amos-2 and cover markets in Central and Eastern Europe and the Middle East. The satellite will also provide pan-European coverage and broadband services in Europe and Africa.
The launch is scheduled for 2015.
Founded in 2002 and headquartered in Hawthorne, Calif., SpaceX designs, manufactures and launches rockets and spacecraft. It is the first private company to build, launch, and dock spacecraft at the International Space Station, a mission previously accomplished only by government space entities.
“We appreciate Ex-Im Bank’s support of both SpaceX and the U.S. space industry,” said Gwynne Shotwell, SpaceX president and chief operating officer. “With export financing for contracts like the AMOS-6 mission, Ex-Im Bank helps SpaceX compete successfully with international launch service providers, bringing overseas satellite launch business and high-tech jobs back to American soil.”
ATK Space Systems Inc., a participant in the transaction and a manufacturer of the solar arrays for the satellite, is a member of the ATK Aerospace Group. The company provides a broad portfolio of products and services that include integrated satellite bus systems, world-class multidisciplinary engineering services, and market-leading integrated thermal-control systems.
Founded in 1871, Marsh is a global leader in insurance brokering and risk management. The company has approximately 26,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries.
U.S. OFFICIAL'S REMARKS AT INTERNATIONAL CONFERENCE ON WATER COOPERATION
FROM: U.S. STATE DEPARTMENT
High-Level International Conference on Water Cooperation
Remarks
Daniel A. Reifsnyder
Deputy Assistant Secretary, Bureau of Oceans and International Environmental and Scientific Affairs
Dushanbe, Tajikistan
August 21, 2013
Thank you, Mr. Chairman. Like others, we wish to thank President Rahmon and the Government and people of Tajikistan for their leadership on these important issues and for their warm hospitality.
The message of this conference should be simple: There is no alternative to cooperation on water.
We have heard repeatedly of the incredible challenges that nearly every one of us now faces and will continue to face. I don’t think there is one among us who does not appreciate – at a personal level – the importance of water. Our economies depend on it, our environment depends on it, and our lives depend on it. We know this is true for ourselves and for our neighbors.
As demands rise and supplies decline – as variability increases – there will be conflicts among competing uses and among competing users. There will be legitimate disputes over who has access, and over when and how water is used. There will also be less room for mistakes and a greater need to get the most value out of every drop.
This can be done. In the United States, we have more than 20 large river basins and more than 20,000 small watersheds. We share several rivers with our neighbors. The availability of water and the demand for water varies greatly across these basins, as do the interests of the public in how these resources should be managed.
We have a range of institutional arrangements that support joint research, data sharing and cooperative decision-making. We are working with Canada, jointly managing our shared river systems to optimize power production, protect the environment, and minimize the risks from floods. With Mexico, we recently put in place a provisional agreement that enables Mexico to store water.
I am pleased that this conference is so strongly focused on positive examples of cooperation. There seem to be common strands that run through each of these examples -- among them: (1) a thorough understanding of the problems each participant faces; (2) an appreciation of the concerns that arise from these problems; (3) a willingness to share data and information, which increases trust and confidence; (4) a willingness to work together in various arrangements and mechanisms to address shared problems jointly; and (5) a strong belief that cooperation produces better, more durable results.
I am also pleased to be here discussing some of the mechanisms that support cooperation on shared waters -- such as the Shared Waters Program (SWP) at the United Nations Development Program. The SWP is a multi-donor platform for establishing new, or strengthening existing, regional mechanisms for advancing cooperation on shared waters. Initial U.S. funding is currently supporting SWP activities in several basins. The focus of this initiative will be on laying the ground work -- for example, through meetings, workshops, legal/technical/facilitation expertise that establish a foundation -- for cooperative work between and among countries on shared waters. Once that ground work is laid, we expect that long-term capacity building and institutional reform will be supported through traditional bilateral and regional development assistance efforts. The SWP thus complements these development activities.
Mr. Chairman, in closing, let me say that there really is no choice. The history here is clear – without cooperation economic growth is slower and insecurity grows. Through cooperation, communities and countries can fully realize the multiple benefits of shared water resources, and work toward a more secure water future.
I thank you.
High-Level International Conference on Water Cooperation
Remarks
Daniel A. Reifsnyder
Deputy Assistant Secretary, Bureau of Oceans and International Environmental and Scientific Affairs
Dushanbe, Tajikistan
August 21, 2013
Thank you, Mr. Chairman. Like others, we wish to thank President Rahmon and the Government and people of Tajikistan for their leadership on these important issues and for their warm hospitality.
The message of this conference should be simple: There is no alternative to cooperation on water.
We have heard repeatedly of the incredible challenges that nearly every one of us now faces and will continue to face. I don’t think there is one among us who does not appreciate – at a personal level – the importance of water. Our economies depend on it, our environment depends on it, and our lives depend on it. We know this is true for ourselves and for our neighbors.
As demands rise and supplies decline – as variability increases – there will be conflicts among competing uses and among competing users. There will be legitimate disputes over who has access, and over when and how water is used. There will also be less room for mistakes and a greater need to get the most value out of every drop.
This can be done. In the United States, we have more than 20 large river basins and more than 20,000 small watersheds. We share several rivers with our neighbors. The availability of water and the demand for water varies greatly across these basins, as do the interests of the public in how these resources should be managed.
We have a range of institutional arrangements that support joint research, data sharing and cooperative decision-making. We are working with Canada, jointly managing our shared river systems to optimize power production, protect the environment, and minimize the risks from floods. With Mexico, we recently put in place a provisional agreement that enables Mexico to store water.
I am pleased that this conference is so strongly focused on positive examples of cooperation. There seem to be common strands that run through each of these examples -- among them: (1) a thorough understanding of the problems each participant faces; (2) an appreciation of the concerns that arise from these problems; (3) a willingness to share data and information, which increases trust and confidence; (4) a willingness to work together in various arrangements and mechanisms to address shared problems jointly; and (5) a strong belief that cooperation produces better, more durable results.
I am also pleased to be here discussing some of the mechanisms that support cooperation on shared waters -- such as the Shared Waters Program (SWP) at the United Nations Development Program. The SWP is a multi-donor platform for establishing new, or strengthening existing, regional mechanisms for advancing cooperation on shared waters. Initial U.S. funding is currently supporting SWP activities in several basins. The focus of this initiative will be on laying the ground work -- for example, through meetings, workshops, legal/technical/facilitation expertise that establish a foundation -- for cooperative work between and among countries on shared waters. Once that ground work is laid, we expect that long-term capacity building and institutional reform will be supported through traditional bilateral and regional development assistance efforts. The SWP thus complements these development activities.
Mr. Chairman, in closing, let me say that there really is no choice. The history here is clear – without cooperation economic growth is slower and insecurity grows. Through cooperation, communities and countries can fully realize the multiple benefits of shared water resources, and work toward a more secure water future.
I thank you.
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