FROM: COMMODITY FUTURES TRADING COMMISSION
CFTC Charges New York-Based The Yorkshire Group Inc. and Its Owner, Scott Platto with Engaging in Illegal, Off-Exchange Precious Metals Transactions
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that it filed a civil injunctive enforcement action in the U.S. District Court for the Eastern District of New York against Defendants The Yorkshire Group Inc. (Yorkshire) of Staten Island, New York, and its sole owner, Scott Platto, also of Staten Island. The CFTC Complaint, filed on September 25, 2013, charges the Defendants with engaging in illegal, off-exchange financed transactions in precious metals with retail customers. The Complaint further alleges that Platto, as the owner, operator, and controlling person of Yorkshire, is liable for Yorkshire’s violations of the Commodity Exchange Act (CEA)
According to the Complaint, between September 2011 and August 2012, the Defendants solicited retail customers by telephone to buy physical precious metals such as silver and palladium in off-exchange leverage transactions. Retail customers engaging in financed transaction with Yorkshire were allegedly told that they were borrowing money to purchase precious metals. Customers paid Yorkshire a portion of the purchase price for the metals, and Yorkshire financed the remainder of the purchase price, while charging the customers interest on the amount they purportedly loaned to customers. The Complaint further alleges that Yorkshire’s customers never took delivery of the precious metals they purportedly purchased and that the Defendants neither bought, sold, loaned, stored, or transferred any physical metals for these transactions.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which expanded the CFTC’s jurisdiction over retail commodity transactions like these, prohibits fraud in connection with such transactions, and requires that these transactions be executed on or subject to the rules of a board of trade, exchange, or contract market. Thus, since Yorkshire’s and Platto’s transactions were executed off exchange, they were illegal, according to the Complaint.
When Yorkshire and Platto allegedly engaged in these illegal transactions, they were acting as a dealer for metals merchant Hunter Wise Commodities, LLC (Hunter Wise), which the CFTC charged with fraud and other violations in federal court in Florida on December 5, 2012 (see CFTC Press Release 6447-12). On February 25, 2013, the court granted a preliminary injunction against Hunter Wise, froze the firm’s assets, and appointed a corporate monitor to assume control over those assets (see CFTC Press Release 6522-13).
In its continuing litigation against Yorkshire and Platto, the CFTC seeks restitution to defrauded customers, a return of ill-gotten gains, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the CEA, as charged.
The CFTC Division of Enforcement staff responsible for this action are Karin N. Roth, Philip Rix, David W. MacGregor, Lenel Hickson, Jr., Stephen J. Obie, and Vincent A. McGonagle.
CFTC’s Precious Metals Fraud Advisory
In January 2012, the CFTC issued a Precious Metals Consumer Fraud Advisory to alert customers to precious metals fraud. The Advisory states that the CFTC had seen an increase in the number of companies offering customers the opportunity to buy or invest in precious metals. The CFTC’s Advisory specifically warns that companies often fail to purchase any physical metals for their customers, instead simply keeping the customer’s funds. The Advisory further cautions consumers that leveraged commodity transactions are unlawful unless executed on a regulated exchange.
Thursday, October 3, 2013
SECRETARY OF STATE KERRY'S REMARKS AT 2+2 MEETING IN TOKYO
FROM: U.S. STATE DEPARTMENT
Remarks at the Meeting of the U.S. - Japan Security Consultative Committee (2+2)
Remarks
John Kerry
Secretary of State
Iikura Guest House
Tokyo, Japan
October 3, 2013
Well, thank you very much Foreign Minister Kishida and Defense Minister Onodera. We have very honored to be here, Secretary Hagel and I.
This is – as you have remarked, this is an historic meeting, the first time we’ve ever had this meeting in Japan, the 2+2. And it’s also critical because the framework that we will be discussing today will really lay out the security relationship between the United States and Japan for this region for the next 15 or 20 years.
This alliance, which we believe is the lynchpin alliance for the United States in the region, has not been updated since 1997. And as you said in your opening comments, a great deal has changed in this period of time. There are different threats and different kinds of threats. So it is important for us to recognize that this bilateral alliance remains a vital element of our respective national security strategies. And today, I am convinced, from the work our staffs have done and the groundwork that’s been done leading to today, we’re going to take a very important step forward to modernize that and to bring it up to date.
I’d just close by saying that for more than 60 years Japan has been one of the closest allies and one of our closest global partners, and most important partners. I want to thank you personally, Fumio, for your terrific support and help in New York during the General Assembly meeting on the subject of Syria. Japan has been playing an increasingly visible and important role on a number of different global crises, and we’re very grateful for Japan’s leadership with respect to that. And I’m confident that we’re going to have a very substantive and very productive discussion, so we look forward to getting to work.
Thank you.
Remarks at the Meeting of the U.S. - Japan Security Consultative Committee (2+2)
Remarks
John Kerry
Secretary of State
Iikura Guest House
Tokyo, Japan
October 3, 2013
Well, thank you very much Foreign Minister Kishida and Defense Minister Onodera. We have very honored to be here, Secretary Hagel and I.
This is – as you have remarked, this is an historic meeting, the first time we’ve ever had this meeting in Japan, the 2+2. And it’s also critical because the framework that we will be discussing today will really lay out the security relationship between the United States and Japan for this region for the next 15 or 20 years.
This alliance, which we believe is the lynchpin alliance for the United States in the region, has not been updated since 1997. And as you said in your opening comments, a great deal has changed in this period of time. There are different threats and different kinds of threats. So it is important for us to recognize that this bilateral alliance remains a vital element of our respective national security strategies. And today, I am convinced, from the work our staffs have done and the groundwork that’s been done leading to today, we’re going to take a very important step forward to modernize that and to bring it up to date.
I’d just close by saying that for more than 60 years Japan has been one of the closest allies and one of our closest global partners, and most important partners. I want to thank you personally, Fumio, for your terrific support and help in New York during the General Assembly meeting on the subject of Syria. Japan has been playing an increasingly visible and important role on a number of different global crises, and we’re very grateful for Japan’s leadership with respect to that. And I’m confident that we’re going to have a very substantive and very productive discussion, so we look forward to getting to work.
Thank you.
CHANGES LOOKED AT FOR GROWTH OF MILITARY PAY AND BENEFITS
FROM: U.S. DEFENSE DEPARTMENT
Military Must Slow Growth for Military Pay, Health Care
By Jim Garamone
American Forces Press Service
SEOUL, South Korea, Oct. 1, 2013 - The military has to look at the entire package of compensation, health care and retirement, Army Gen. Martin E. Dempsey told a U.S. Forces Korea Town Hall meeting here today.
The chairman of the Joint Chiefs of Staff and his wife, Deanie, spent an hour answering question from the joint service audience. Budget issues were a main concern for the service members.
Personnel costs have to be brought under control, the chairman said. He assured the service members that any changes to military retirement would be grandfathered. "So the question is what do we do with retirement for the next generation of soldiers, sailors, airmen and Marines," he said. "But compensation ... and health care costs are growing at rates that are unsustainable to the all-volunteer force."
This does not mean cuts, the chairman said, "we may not actually have to reduce pay and benefits, but we have to slow the growth."
Last year, for example, DOD recommended a 1 percent pay raise for military personnel. Congress upped the total to 1.8 percent. Slowing the rate by just that much would have saved DOD $13 billion. Instead, the money to pay for the raise came out of readiness accounts, the chairman said.
In an interview with reporters traveling with him, Dempsey expanded on this. He noted he has been through three drawdowns in his career that began in 1974 – the post-Vietnam drawdown, the post-Cold War drawdown and the current one. This one is alarming to him because it is the steepest drawdown he has seen.
"The steepness of it puts us in a position to not exert enough control on balancing our requirements across all the accounts, whether they are manpower accounts, modernization, maintenance, training, family care," he said. "It's extraordinarily challenging to try to balance the budget because of the steepness of this drawdown."
He is worried about the long-term effects of the drawdown. Under sequester, DOD must cut an additional $52 billion from the budget in fiscal 2014. "If I were able to shrink the force, close some unnecessary infrastructure, potentially cancel some weapons systems that we don't think are as important as others, I think I can probably balance it and not affect readiness to the extent we are," he said.
But Congress will not allow another base realignment and closure process, and Congress has continued some weapons systems the department has specifically said it does not need. "Because there are parts of the budget that are untouchable to me at this point," he said. "Unless I can touch some of those things, it all comes out of readiness, which means the next group to deploy will be less ready than they should be.
"That's not a position that our armed forces should be in as the greatest military on the planet serving the greatest nation on the planet."
And sequestration could continue to be a year-by-year process, and that is dangerous "because we are asking the force to live with uncertainty and do it a year at a time," he said. "Eventually I think they are going to lose faith if we do it a year at a time."
Military Must Slow Growth for Military Pay, Health Care
By Jim Garamone
American Forces Press Service
SEOUL, South Korea, Oct. 1, 2013 - The military has to look at the entire package of compensation, health care and retirement, Army Gen. Martin E. Dempsey told a U.S. Forces Korea Town Hall meeting here today.
The chairman of the Joint Chiefs of Staff and his wife, Deanie, spent an hour answering question from the joint service audience. Budget issues were a main concern for the service members.
Personnel costs have to be brought under control, the chairman said. He assured the service members that any changes to military retirement would be grandfathered. "So the question is what do we do with retirement for the next generation of soldiers, sailors, airmen and Marines," he said. "But compensation ... and health care costs are growing at rates that are unsustainable to the all-volunteer force."
This does not mean cuts, the chairman said, "we may not actually have to reduce pay and benefits, but we have to slow the growth."
Last year, for example, DOD recommended a 1 percent pay raise for military personnel. Congress upped the total to 1.8 percent. Slowing the rate by just that much would have saved DOD $13 billion. Instead, the money to pay for the raise came out of readiness accounts, the chairman said.
In an interview with reporters traveling with him, Dempsey expanded on this. He noted he has been through three drawdowns in his career that began in 1974 – the post-Vietnam drawdown, the post-Cold War drawdown and the current one. This one is alarming to him because it is the steepest drawdown he has seen.
"The steepness of it puts us in a position to not exert enough control on balancing our requirements across all the accounts, whether they are manpower accounts, modernization, maintenance, training, family care," he said. "It's extraordinarily challenging to try to balance the budget because of the steepness of this drawdown."
He is worried about the long-term effects of the drawdown. Under sequester, DOD must cut an additional $52 billion from the budget in fiscal 2014. "If I were able to shrink the force, close some unnecessary infrastructure, potentially cancel some weapons systems that we don't think are as important as others, I think I can probably balance it and not affect readiness to the extent we are," he said.
But Congress will not allow another base realignment and closure process, and Congress has continued some weapons systems the department has specifically said it does not need. "Because there are parts of the budget that are untouchable to me at this point," he said. "Unless I can touch some of those things, it all comes out of readiness, which means the next group to deploy will be less ready than they should be.
"That's not a position that our armed forces should be in as the greatest military on the planet serving the greatest nation on the planet."
And sequestration could continue to be a year-by-year process, and that is dangerous "because we are asking the force to live with uncertainty and do it a year at a time," he said. "Eventually I think they are going to lose faith if we do it a year at a time."
CDC TOUT BETTER, FASTER LAB RESULTS
FROM: U.S. CENTERS FOR DISEASE CONTROL AND PREVENTION
Press Release Better, Faster Lab Reports Help States’ Outbreak Response
CDC Push for Electronic Lab Reports Showing Gains
Once labs detect dangerous infections, it’s crucial for the correct information to get to health departments quickly and in a format that allows them to recognize disease outbreaks. The Centers for Disease Control and Prevention’s (CDC) efforts to speed this process and ensure that the best and most complete information about disease cases is reported is paying off, according to new data released in today’s issue of Morbidity and Mortality Weekly Report (MMWR).
A key to speeding lab reports is widespread adoption of electronic laboratory reporting (ELR) by the approximately 10,400 labs that send reportable data to health agencies. ELR is an important tool that gives health officials vital information on infectious disease cases. Since 2010, CDC has provided funds to help 57 states, local and territorial health departments increase the use of electronic laboratory reporting (ELR).
The MMWR report shows that the number of state and local health departments receiving electronic reports from laboratories has more than doubled since 2005, when CDC last evaluated ELR reporting. In the past year, the number of individual reports received electronically increased by 15 percent. States and local health departments now estimate that nearly two-thirds (62 percent) of total lab reports were received electronically. The number of reports received through ELR varied by jurisdiction, the types of labs reporting and by disease reported.
“Infectious disease outbreaks will always be with us—and rapid recognition of an outbreak saves lives,” said CDC Director Tom Frieden, M.D., M.P.H. “Thanks to electronic laboratory reporting (ELR), we’re detecting outbreaks faster than ever. Unfortunately, only a quarter of the 10,000 labs across the country use ELR. We must keep expanding use of ELR to help CDC and our partners save lives and reduce healthcare costs.”
Press Release Better, Faster Lab Reports Help States’ Outbreak Response
CDC Push for Electronic Lab Reports Showing Gains
Once labs detect dangerous infections, it’s crucial for the correct information to get to health departments quickly and in a format that allows them to recognize disease outbreaks. The Centers for Disease Control and Prevention’s (CDC) efforts to speed this process and ensure that the best and most complete information about disease cases is reported is paying off, according to new data released in today’s issue of Morbidity and Mortality Weekly Report (MMWR).
A key to speeding lab reports is widespread adoption of electronic laboratory reporting (ELR) by the approximately 10,400 labs that send reportable data to health agencies. ELR is an important tool that gives health officials vital information on infectious disease cases. Since 2010, CDC has provided funds to help 57 states, local and territorial health departments increase the use of electronic laboratory reporting (ELR).
The MMWR report shows that the number of state and local health departments receiving electronic reports from laboratories has more than doubled since 2005, when CDC last evaluated ELR reporting. In the past year, the number of individual reports received electronically increased by 15 percent. States and local health departments now estimate that nearly two-thirds (62 percent) of total lab reports were received electronically. The number of reports received through ELR varied by jurisdiction, the types of labs reporting and by disease reported.
“Infectious disease outbreaks will always be with us—and rapid recognition of an outbreak saves lives,” said CDC Director Tom Frieden, M.D., M.P.H. “Thanks to electronic laboratory reporting (ELR), we’re detecting outbreaks faster than ever. Unfortunately, only a quarter of the 10,000 labs across the country use ELR. We must keep expanding use of ELR to help CDC and our partners save lives and reduce healthcare costs.”
U.S. SAYS IT WILL CONTINUE WORK IN SOMALI
FROM: U.S. DEFENSE DEPARTMENT
Pentagon Official: U.S. Must Continue to Work with Somalia
By Jim Garamone
American Forces Press Service
WASHINGTON, Oct. 8, 2013 - Progress in Somalia has been "significant," a senior Defense Department official told the Senate Foreign Relations Committee today, and the United States will continue to work with the Somali government to defeat terrorism there.
Amanda J. Dory, the deputy assistant secretary of defense for African affairs, told the committee that al-Shabaab -- an al-Qaida affiliated terrorist group -- once controlled large swaths of Somalia, including most Somali cities.
"Today, Somali, [African Union Mission in Somalia] and Ethiopian forces have weakened al-Shabaab as a conventional fighting force in Somalia," she said in prepared remarks.
Still, al-Shabaab remains dangerous, she said. The terror group is capable of launching sophisticated unconventional attacks aimed at the African Union mission and the fledgling Somali government, Dory told the senators.
"For the foreseeable future," she added, "we must maintain focus on Somalia to sustain security progress made to date, as al-Shabaab is likely to remain the primary threat to Somalian and East African stability for some time to come."
The African Union mission -- supported by the United States -- has provided critical space for the Somali government to stand up and establish its legitimacy. The United States recognizes the new government and wants to normalize military-to-military contacts. U.S. Africa Command will work with State Department personnel to assist with the development of a unified Somali security force, Dory said.
Piracy that originated from Somalia has been virtually eliminated, Dory said.
"As recently as 2011, Somali pirates held nearly 600 mariners hostage aboard 28 captured ships, and roamed an area the size of the continental United States looking for their next opportunity," she said. "Today, thanks to changes in business practices by the commercial maritime industry, and the presence of international naval forces, piracy is almost nonexistent off the coast of Somalia. The last successful hijacking of a major commercial ship was in 2012."
Dory said she is encouraged by the way the African Union mission in the country has provided stability. The troops come from Uganda, Burundi, Kenya, Djibouti and Sierra Leone. They work with Ethiopian forces and the Somali National Army.
The United States and international partners have provided important training and equipment to the Somalis. The proposal for training in fiscal 2014 will stress logistics, personnel management, finance and budgeting and maintenance, Dory said. All this is done in close cooperation with the Somali government.
The antipiracy mission must continue, as the progress made is perishable, she said, adding that Somalia will continue to present problems and opportunities.
"With sustained assistance from the United States and other international partners, Somalia's national security apparatus will be better positioned to fend off the al-Shabaab insurgency, and gradually transform the fragile state into a success story," she said.
Pentagon Official: U.S. Must Continue to Work with Somalia
By Jim Garamone
American Forces Press Service
WASHINGTON, Oct. 8, 2013 - Progress in Somalia has been "significant," a senior Defense Department official told the Senate Foreign Relations Committee today, and the United States will continue to work with the Somali government to defeat terrorism there.
Amanda J. Dory, the deputy assistant secretary of defense for African affairs, told the committee that al-Shabaab -- an al-Qaida affiliated terrorist group -- once controlled large swaths of Somalia, including most Somali cities.
"Today, Somali, [African Union Mission in Somalia] and Ethiopian forces have weakened al-Shabaab as a conventional fighting force in Somalia," she said in prepared remarks.
Still, al-Shabaab remains dangerous, she said. The terror group is capable of launching sophisticated unconventional attacks aimed at the African Union mission and the fledgling Somali government, Dory told the senators.
"For the foreseeable future," she added, "we must maintain focus on Somalia to sustain security progress made to date, as al-Shabaab is likely to remain the primary threat to Somalian and East African stability for some time to come."
The African Union mission -- supported by the United States -- has provided critical space for the Somali government to stand up and establish its legitimacy. The United States recognizes the new government and wants to normalize military-to-military contacts. U.S. Africa Command will work with State Department personnel to assist with the development of a unified Somali security force, Dory said.
Piracy that originated from Somalia has been virtually eliminated, Dory said.
"As recently as 2011, Somali pirates held nearly 600 mariners hostage aboard 28 captured ships, and roamed an area the size of the continental United States looking for their next opportunity," she said. "Today, thanks to changes in business practices by the commercial maritime industry, and the presence of international naval forces, piracy is almost nonexistent off the coast of Somalia. The last successful hijacking of a major commercial ship was in 2012."
Dory said she is encouraged by the way the African Union mission in the country has provided stability. The troops come from Uganda, Burundi, Kenya, Djibouti and Sierra Leone. They work with Ethiopian forces and the Somali National Army.
The United States and international partners have provided important training and equipment to the Somalis. The proposal for training in fiscal 2014 will stress logistics, personnel management, finance and budgeting and maintenance, Dory said. All this is done in close cooperation with the Somali government.
The antipiracy mission must continue, as the progress made is perishable, she said, adding that Somalia will continue to present problems and opportunities.
"With sustained assistance from the United States and other international partners, Somalia's national security apparatus will be better positioned to fend off the al-Shabaab insurgency, and gradually transform the fragile state into a success story," she said.
DOJ AND PLAZA HOME MORTGAGE INC. REACH SETTLEMENT OVER ALLEGATIONS OF MORTGAGE LENDING DISCRIMINATION
FROM: U.S. JUSTICE DEPARTMENT
Friday, September 27, 2013
Justice Department Reaches Settlement with Plaza Home Mortgage Inc. to Resolve Allegations of Mortgage Lending Discrimination
Settlement Provides $3 Million in Compensation to African-American and Hispanic Borrowers
The Justice Department announced today that Plaza Home Mortgage Inc. (Plaza) of San Diego will pay $3 million to aggrieved borrowers as part of a settlement to resolve allegations that it engaged in a pattern or practice of discrimination on the basis of race and national origin.
The settlement also requires Plaza to establish race- and national origin-neutral standards for the assessment of broker fees, monitor its wholesale mortgage loans for potential disparities based on race and national origin, conduct fair lending training and continue to operate a community enrichment program designed to address the lack of affordable housing and lending products in minority and underserved communities nationwide.
The settlement, which is subject to court approval, was filed in conjunction with the Justice Department’s complaint in the U.S. District Court for the Southern District of California. The complaint alleges that Plaza charged thousands of African-American and Hispanic borrowers higher fees than white borrowers on wholesale mortgage loans in violation of the Fair Housing Act (FHA) and Equal Credit Opportunity Act (ECOA). Plaza cooperated fully with the Justice Department’s investigation into its lending practices and agreed to settle this matter without contested litigation.
“Today’s settlement demonstrates that the Civil Rights Division is committed to ensuring that all lenders, including wholesale lenders, comply with the fair lending laws,” said Jocelyn Samuels, Acting Assistant Attorney General for the Justice Department’s Civil Rights Division. “We commend Plaza for working cooperatively with the Justice Department in reaching an appropriate resolution of this case.”
The lawsuit originated from a 2011 referral by the Federal Trade Commission (FTC) to the Justice Department’s Civil Rights Division.
The proceeds of the settlement will be used to compensate the African-American and Hispanic victims of Plaza’s alleged discrimination. The proposed settlement provides for an independent administrator to contact and distribute payments at no cost to borrowers whom the Justice Department identifies as victims. Borrowers who are eligible for compensation will be contacted by the administrator. The department will make a public announcement and post contact information on its website once the administrator begins contacting victims.
“It is patently wrong for a lending institution to require African-American and Hispanic homebuyers to pay more for their mortgages than white borrowers,” said Laura Duffy, U.S. Attorney for the Southern District of California. “We are happy to be able to make this right for the victims, and to send a message that we will protect people of all races and national origins from injustice of any kind.”
The Justice Department’s enforcement of fair lending laws is conducted by the Fair Lending Unit of the Housing and Civil Enforcement Section in the Civil Rights Division. Since the Fair Lending Unit was established in February 2010, it has filed or resolved 27 lending matters under the FHA, ECOA and the Servicemembers Civil Relief Act. The settlements in these matters provide for a minimum of $660 million in monetary relief for impacted communities and more than 300,000 individual borrowers. The Attorney General’s annual reports to Congress subject to ECOA highlight the department’s accomplishments in fair lending and are available at www.justice.gov/crt/publications/ .
The Civil Rights Division, the U.S. Attorney’s Office for the Southern District of California, and the FTC are members of the Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets and recover proceeds for victims of financial crimes. For more information on the task force, visit www.StopFraud.gov .
Friday, September 27, 2013
Justice Department Reaches Settlement with Plaza Home Mortgage Inc. to Resolve Allegations of Mortgage Lending Discrimination
Settlement Provides $3 Million in Compensation to African-American and Hispanic Borrowers
The Justice Department announced today that Plaza Home Mortgage Inc. (Plaza) of San Diego will pay $3 million to aggrieved borrowers as part of a settlement to resolve allegations that it engaged in a pattern or practice of discrimination on the basis of race and national origin.
The settlement also requires Plaza to establish race- and national origin-neutral standards for the assessment of broker fees, monitor its wholesale mortgage loans for potential disparities based on race and national origin, conduct fair lending training and continue to operate a community enrichment program designed to address the lack of affordable housing and lending products in minority and underserved communities nationwide.
The settlement, which is subject to court approval, was filed in conjunction with the Justice Department’s complaint in the U.S. District Court for the Southern District of California. The complaint alleges that Plaza charged thousands of African-American and Hispanic borrowers higher fees than white borrowers on wholesale mortgage loans in violation of the Fair Housing Act (FHA) and Equal Credit Opportunity Act (ECOA). Plaza cooperated fully with the Justice Department’s investigation into its lending practices and agreed to settle this matter without contested litigation.
“Today’s settlement demonstrates that the Civil Rights Division is committed to ensuring that all lenders, including wholesale lenders, comply with the fair lending laws,” said Jocelyn Samuels, Acting Assistant Attorney General for the Justice Department’s Civil Rights Division. “We commend Plaza for working cooperatively with the Justice Department in reaching an appropriate resolution of this case.”
The lawsuit originated from a 2011 referral by the Federal Trade Commission (FTC) to the Justice Department’s Civil Rights Division.
The proceeds of the settlement will be used to compensate the African-American and Hispanic victims of Plaza’s alleged discrimination. The proposed settlement provides for an independent administrator to contact and distribute payments at no cost to borrowers whom the Justice Department identifies as victims. Borrowers who are eligible for compensation will be contacted by the administrator. The department will make a public announcement and post contact information on its website once the administrator begins contacting victims.
“It is patently wrong for a lending institution to require African-American and Hispanic homebuyers to pay more for their mortgages than white borrowers,” said Laura Duffy, U.S. Attorney for the Southern District of California. “We are happy to be able to make this right for the victims, and to send a message that we will protect people of all races and national origins from injustice of any kind.”
The Justice Department’s enforcement of fair lending laws is conducted by the Fair Lending Unit of the Housing and Civil Enforcement Section in the Civil Rights Division. Since the Fair Lending Unit was established in February 2010, it has filed or resolved 27 lending matters under the FHA, ECOA and the Servicemembers Civil Relief Act. The settlements in these matters provide for a minimum of $660 million in monetary relief for impacted communities and more than 300,000 individual borrowers. The Attorney General’s annual reports to Congress subject to ECOA highlight the department’s accomplishments in fair lending and are available at www.justice.gov/crt/publications/ .
The Civil Rights Division, the U.S. Attorney’s Office for the Southern District of California, and the FTC are members of the Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets and recover proceeds for victims of financial crimes. For more information on the task force, visit www.StopFraud.gov .
FOREIGN INVESTOR AGRICULTURAL LAND HOLDINGS IN U.S.
FROM: U.S. DEPARTMENT OF AGRICULTURE
USDA Releases Annual Report of Foreign Investors’ Holdings of U.S. Agricultural Land
WASHINGTON, Sept. 27, 2013 — USDA’s Farm Service Agency (FSA) has released its annual publication regarding foreign investors’ holdings of United States agricultural land. The publication contains statistics that are current through Dec. 31, 2011.
The report, titled “Foreign Holdings of U.S. Agricultural Land Through December 31, 2011,” is now available on the FSA website at
http://www.fsa.usda.gov/FSA/webapp?area=home&subject=ecpa&topic=afa.
The data gathered through Dec. 31, 2011, indicate that foreign investors hold an interest in 25,715,588 acres of U.S. agricultural land, which is approximately 2 percent of all privately held U.S. agricultural land, and 1 percent of all land in the U.S. The total foreign-held U.S. agricultural acres as of the last report, dated Dec. 31, 2010, were 24,224,807, resulting in an increase of 1,490,781 acres.
The annual publication includes a wide variety of both annual and cumulative activity reports.
Annual Activity Reports include the following:
U.S. Agricultural and Nonagricultural Landholdings Annual Activity of Foreign Investors by State U.S. Agricultural and Nonagricultural Land Acquisitions by Country of Foreign Investor U.S. Agricultural and Nonagricultural Land Dispositions by Country of Foreign Investor
Just a few of the Cumulative Activity Reports within the publication are:
U.S. Agricultural Landholdings of Foreign Investors by State U.S. Landholdings of Foreign Investors by Type of Land Use and by State U.S. Agricultural and Nonagricultural Investors, Parcels, Acres and Value by Country of Foreign Investor
The publication’s findings are based on reports submitted to FSA in compliance with the Agricultural Foreign Investment Disclosure Act of 1978 (AFIDA). The law was created to establish a nationwide system for collecting information pertaining to foreign ownership in U.S. agricultural land. Foreign investors who buy, sell or hold an interest (other than a security interest) in U.S. agricultural land are required to report such holdings and transactions to the Secretary of Agriculture on AFIDA Report Form FSA-153. The data gleaned from these reports is used in the preparation of an annual report to Congress.
USDA Releases Annual Report of Foreign Investors’ Holdings of U.S. Agricultural Land
WASHINGTON, Sept. 27, 2013 — USDA’s Farm Service Agency (FSA) has released its annual publication regarding foreign investors’ holdings of United States agricultural land. The publication contains statistics that are current through Dec. 31, 2011.
The report, titled “Foreign Holdings of U.S. Agricultural Land Through December 31, 2011,” is now available on the FSA website at
http://www.fsa.usda.gov/FSA/webapp?area=home&subject=ecpa&topic=afa.
The data gathered through Dec. 31, 2011, indicate that foreign investors hold an interest in 25,715,588 acres of U.S. agricultural land, which is approximately 2 percent of all privately held U.S. agricultural land, and 1 percent of all land in the U.S. The total foreign-held U.S. agricultural acres as of the last report, dated Dec. 31, 2010, were 24,224,807, resulting in an increase of 1,490,781 acres.
The annual publication includes a wide variety of both annual and cumulative activity reports.
Annual Activity Reports include the following:
U.S. Agricultural and Nonagricultural Landholdings Annual Activity of Foreign Investors by State U.S. Agricultural and Nonagricultural Land Acquisitions by Country of Foreign Investor U.S. Agricultural and Nonagricultural Land Dispositions by Country of Foreign Investor
Just a few of the Cumulative Activity Reports within the publication are:
U.S. Agricultural Landholdings of Foreign Investors by State U.S. Landholdings of Foreign Investors by Type of Land Use and by State U.S. Agricultural and Nonagricultural Investors, Parcels, Acres and Value by Country of Foreign Investor
The publication’s findings are based on reports submitted to FSA in compliance with the Agricultural Foreign Investment Disclosure Act of 1978 (AFIDA). The law was created to establish a nationwide system for collecting information pertaining to foreign ownership in U.S. agricultural land. Foreign investors who buy, sell or hold an interest (other than a security interest) in U.S. agricultural land are required to report such holdings and transactions to the Secretary of Agriculture on AFIDA Report Form FSA-153. The data gleaned from these reports is used in the preparation of an annual report to Congress.
Wednesday, October 2, 2013
GENERAL DEMPSEY FORTELLS THE FUTURE
FROM: U.S. DEFENSE DEPARTMENT
Dempsey Gives Hints on Priorities for Future
By Jim Garamone
American Forces Press Service
American Forces Press Service
SEOUL, South Korea, Oct. 1, 2013 - In his first two-year term as chairman of the Joint Chiefs of Staff, Army Gen. Martin E. Dempsey hasn't blinked when facing challenges that would make some men quit – the Iraq withdrawal, the Afghan surge, the sexual assault epidemic, green-on-blue killings in Afghanistan, sequestration, Benghazi, the Arab Spring, the Syrian War, a colder relationship with the Russians. And it goes on day after day after day.
The chairman began his second two-year term today.
But he, and his wife Deanie, will make it through the second two-year term. He is in South Korea discussing the 31-year-old communist dictator that rules North Korea.
And the challenges elsewhere will pile up – the arguments over the East and South China Sea, trying to cajole allies to see the wisdom of your ways. Some challenges he will expect, but other will crop up and he will have to deal with them along with all the things he has to do.
And now the money that was there when he first took office is gone. In fact, instead of finding just $487 billion in savings in the defense budget, he needs to find an additional $500 billion – forcing a $1 trillion cut to defense.
And add that to the fact that the U.S. government just closed.
When he started his first term as chairman he issued four priorities. The first was to achieve the national objectives that the military forces had — Iraq and Afghanistan, deterrence in the Persian Gulf and so on.
Second was to build Joint Force 2020 which was a look to the future to build the capabilities we will need in the future and not just today.
The other two priorities dealt with the profession of arms. "It occurred to me that after 10 years we needed to take a look at the values to which we claim to live to determine whether the personnel policies, training, deployment, all of that was contributing to our sense of professionalism or whether we had some points of friction," he said during an interview here.
His final priority was keeping faith with the military family. Dempsey is an Armor officer by trade, and an English professor by heart and he is choosy about his words. "I chose family not families, because it's not just spouses and children; it's about veterans and it's about the many, many young men and women who will transition out of the military under my watch," he said.
These priorities will remain the same, he told reporters traveling with him. "But what I've learned over the past two years is where I have to establish some initiatives, some milestones, some programs and processes to achieve progress in those areas over the time remaining to me."
He notes it is a much different budgetary and fiscal environment than when he started. In fact, it's twice as bad. "It was $487 billion when I started, and now it's a trillion-dollar challenge," Dempsey said.
"Expectations about levels of support, the pace of training the pace of deployments are all going to change in the next couple of years, and I have to make sure the force adapts to that," he said.
"We're going to transition 100,000-plus out of the military, and I have to make sure those young men and women are ready for that change," Dempsey said. "I have to slow the growth of pay and health care – I don't have to reduce it – I have to slow the growth [and] make it sustainable."
"And I've got to reshape the force both in size and capability, and we've got [to] renew our sense of professionalism because it is through that, that we'll get through this incredible uncertainty," he said.
Dempsey is most worried about uncertainty in the force and what that is doing to the military family. "Now, we are far more adaptable than we are given credit for," he said. "There's this notion of the cumbersome military bureaucracy. Some is true, but there is also underneath the Pentagon an incredible group of young men and women leaders who change as they need to change to address the challenges as they find them. And they will continue to do that."
And the challenges elsewhere will pile up – the arguments over the East and South China Sea, trying to cajole allies to see the wisdom of your ways. Some challenges he will expect, but other will crop up and he will have to deal with them along with all the things he has to do.
And now the money that was there when he first took office is gone. In fact, instead of finding just $487 billion in savings in the defense budget, he needs to find an additional $500 billion – forcing a $1 trillion cut to defense.
And add that to the fact that the U.S. government just closed.
When he started his first term as chairman he issued four priorities. The first was to achieve the national objectives that the military forces had — Iraq and Afghanistan, deterrence in the Persian Gulf and so on.
Second was to build Joint Force 2020 which was a look to the future to build the capabilities we will need in the future and not just today.
The other two priorities dealt with the profession of arms. "It occurred to me that after 10 years we needed to take a look at the values to which we claim to live to determine whether the personnel policies, training, deployment, all of that was contributing to our sense of professionalism or whether we had some points of friction," he said during an interview here.
His final priority was keeping faith with the military family. Dempsey is an Armor officer by trade, and an English professor by heart and he is choosy about his words. "I chose family not families, because it's not just spouses and children; it's about veterans and it's about the many, many young men and women who will transition out of the military under my watch," he said.
These priorities will remain the same, he told reporters traveling with him. "But what I've learned over the past two years is where I have to establish some initiatives, some milestones, some programs and processes to achieve progress in those areas over the time remaining to me."
He notes it is a much different budgetary and fiscal environment than when he started. In fact, it's twice as bad. "It was $487 billion when I started, and now it's a trillion-dollar challenge," Dempsey said.
"Expectations about levels of support, the pace of training the pace of deployments are all going to change in the next couple of years, and I have to make sure the force adapts to that," he said.
"We're going to transition 100,000-plus out of the military, and I have to make sure those young men and women are ready for that change," Dempsey said. "I have to slow the growth of pay and health care – I don't have to reduce it – I have to slow the growth [and] make it sustainable."
"And I've got to reshape the force both in size and capability, and we've got [to] renew our sense of professionalism because it is through that, that we'll get through this incredible uncertainty," he said.
Dempsey is most worried about uncertainty in the force and what that is doing to the military family. "Now, we are far more adaptable than we are given credit for," he said. "There's this notion of the cumbersome military bureaucracy. Some is true, but there is also underneath the Pentagon an incredible group of young men and women leaders who change as they need to change to address the challenges as they find them. And they will continue to do that."
U.S.-SOUTH KOREA WILL ESTABLISH "BILATERAL STRATEGY FOR TAILORED DETERRENCE"
FROM: U.S. DEFENSE DEPARTMENT, SECRETARY OF DEFENSE HAGEL
U.S., South Korea Announce 'Tailored Deterrence' Strategy
By Karen Parrish
American Forces Press Service
American Forces Press Service
SEOUL, South Korea, Oct. 2, 2013 - The United States and South Korea today agreed to establish "a bilateral strategy for tailored deterrence against ... North Korean nuclear weapons and other weapons of mass destruction," Defense Secretary Chuck Hagel said during a press conference here today.
Hagel and his counterpart, South Korean Defense Minister Kim Kwan-jin, spoke to reporters after the 45th Security Consultative Meeting in the South Korean Ministry of Defense building this morning. The annual meeting brings together military and foreign affairs officials from the two nations to discuss alliance, peninsular, regional and global issues.
The tailored deterrence agreement will create a strategic, policy-level framework within the alliance for deterring specific threats, Hagel said, "and help us work together more seamlessly to maximize the effects of our deterrence."
Kim noted both sides have agreed on the need for a "more future-oriented and comprehensive strategic alliance."
In a joint communiqué issued after the meeting, Hagel and Kim condemned North Korea's December 2012 long-range missile launch and its February 2013 nuclear test, and "urged North Korea to abandon all nuclear weapons and existing nuclear programs in a complete, verifiable and irreversible manner and to cease ... its nuclear programs immediately, including its nuclear activities at Yongbyon, uranium enrichment and construction of a light water reactor."
In his remarks, Hagel also emphasized North Korea's stockpiles of chemical weapons. "There should be no doubt that any North Korean use of chemical weapons would be completely unacceptable," he said.
The communiqué reaffirmed U.S. commitment to provide and strengthen deterrence for South Korea "using the full range of military capabilities, including the U.S. nuclear umbrella, conventional strike, and missile defense capabilities."
It also provides for a "comprehensive counter-missile strategy" to, Kim said, "detect, defend, deter and destroy" threats from the North Korean arsenal.
The agreement states South Korea will "continue to build reliable interoperable response capabilities and to develop the Korean Air and Missile Defense system" and that both sides will further interoperability of the alliance's command and control system.
Army Gen. Martin E. Dempsey, chairman of the Joint Chiefs of Staff, also attended today's discussions. Other senior U.S. military leaders in the region were present as well, including Navy Adm. Samuel J. Locklear III, who leads U.S. Pacific Command, and the outgoing and incoming commanders of U.S. Forces Korea, United Nations Command and Republic of Korea-U.S. Combined Forces Command, Army Gen. James D. Thurman and Army Gen. Curtis "Mike" Scaparrotti. Their South Korean counterparts also attended.
Scaparrotti assumed the three-flagged South Korea-based command later in the day from Thurman, who is retiring.
Locklear and Thurman shared their views on regional issues yesterday with reporters traveling with Hagel before the change-of-command ceremony. Locklear noted that units from within his command train and conduct exercises regularly with South Korean forces, which he termed "highly capable and very professional."
Thurman, who has commanded the roughly 28,500 U.S. service members in South Korea for two and a half years, noted that during his tenure readiness across the joint and combined force has been his highest priority.
During his command, he said, South Korean military forces have continued to "demonstrate their expertise in the air, on the ground and in the maritime domains."
Thurman said he remains confident the allies can defend the peninsula, which has been in a state of suspended war since North and South Korea signed an armistice in July 60 years ago. The United States fought side-by-side with South Korean forces during that war, he noted, and the two countries signed a mutual defense treaty in 1953, 60 years ago yesterday.
Thurman said the alliance is based on shared values, combined hard work, and a collective commitment to stability involving the U.N. sending states, South Korea and the United States.
"Since the Korean War, the Republic of Korea has been one of the greatest success stories of our time," he said. "They went from a country that was torn apart by war ... [to] a very vibrant democracy, a global economic power, a vital security partner and a world leader."
That success, Thurman added, "is an important example of what a great alliance can accomplish together, and it is worth defending together."
SEC ANNOUNCES $14 MILLION AWARD TO WHISTLEBLOWER
FROM: U.S. SECURITIES AND EXCHANGE COMMISSION
The Securities and Exchange Commission today announced an award of more than $14 million to a whistleblower whose information led to an SEC enforcement action that recovered substantial investor funds. Payments to whistleblowers are made from a separate fund previously established by the Dodd-Frank Act and do not come from the agency’s annual appropriations or reduce amounts paid to harmed investors.
The award is the largest made by the SEC’s whistleblower program to date.
The SEC’s Office of the Whistleblower was established in 2011 as authorized by the Dodd-Frank Act. The whistleblower program rewards high-quality original information that results in an SEC enforcement action with sanctions exceeding $1 million, and awards can range from 10 percent to 30 percent of the money collected in a case.
“Our whistleblower program already has had a big impact on our investigations by providing us with high quality, meaningful tips,” said SEC Chair Mary Jo White. “We hope an award like this encourages more individuals with information to come forward.”
The whistleblower, who does not wish to be identified, provided original information and assistance that allowed the SEC to investigate an enforcement matter more quickly than otherwise would have been possible. Less than six months after receiving the whistleblower’s tip, the SEC was able to bring an enforcement action against the perpetrators and secure investor funds.
“While it is certainly gratifying to make this significant award payout, the even better news for investors is that whistleblowers are coming forward to assist us in stopping potential fraud in its tracks so that no future investors are harmed,” said Sean McKessy, chief of the SEC’s Office of the Whistleblower. “That ultimately is what the whistleblower program is all about.”
The SEC’s first payment to a whistleblower was made in August 2012 and totaled approximately $50,000. In August and September 2013, more than $25,000 was awarded to three whistleblowers who helped the SEC and the U.S. Department of Justice halt a sham hedge fund, and the ultimate total payout in that case once all sanctions are collected is likely to exceed $125,000.
By law, the SEC must protect the confidentiality of whistleblowers and cannot disclose any information that might directly or indirectly reveal a whistleblower’s identity.
The Securities and Exchange Commission today announced an award of more than $14 million to a whistleblower whose information led to an SEC enforcement action that recovered substantial investor funds. Payments to whistleblowers are made from a separate fund previously established by the Dodd-Frank Act and do not come from the agency’s annual appropriations or reduce amounts paid to harmed investors.
The award is the largest made by the SEC’s whistleblower program to date.
The SEC’s Office of the Whistleblower was established in 2011 as authorized by the Dodd-Frank Act. The whistleblower program rewards high-quality original information that results in an SEC enforcement action with sanctions exceeding $1 million, and awards can range from 10 percent to 30 percent of the money collected in a case.
“Our whistleblower program already has had a big impact on our investigations by providing us with high quality, meaningful tips,” said SEC Chair Mary Jo White. “We hope an award like this encourages more individuals with information to come forward.”
The whistleblower, who does not wish to be identified, provided original information and assistance that allowed the SEC to investigate an enforcement matter more quickly than otherwise would have been possible. Less than six months after receiving the whistleblower’s tip, the SEC was able to bring an enforcement action against the perpetrators and secure investor funds.
“While it is certainly gratifying to make this significant award payout, the even better news for investors is that whistleblowers are coming forward to assist us in stopping potential fraud in its tracks so that no future investors are harmed,” said Sean McKessy, chief of the SEC’s Office of the Whistleblower. “That ultimately is what the whistleblower program is all about.”
The SEC’s first payment to a whistleblower was made in August 2012 and totaled approximately $50,000. In August and September 2013, more than $25,000 was awarded to three whistleblowers who helped the SEC and the U.S. Department of Justice halt a sham hedge fund, and the ultimate total payout in that case once all sanctions are collected is likely to exceed $125,000.
By law, the SEC must protect the confidentiality of whistleblowers and cannot disclose any information that might directly or indirectly reveal a whistleblower’s identity.
GUARDING AGAINST COMPLACENCY IN KOREA
FROM: U.S. DEFENSE DEPARTMENT
U.S.-South Korean Leaders Guard Against Complacency
By Jim Garamone
American Forces Press Service
SEOUL, South Korea, Oct. 1, 2013 - The state of the U.S.-South Korea alliance is strong, but the allies cannot become complacent in face of changes in North Korea, Army Gen. Martin E. Dempsey, chairman of the Joint Chiefs of Staff, said here today.
While the North Korean conventional military threat is deteriorating, the regime's asymmetric threats are growing, Dempsey said during an interview with reporters traveling with him.
The United States is concerned about the demonstrated North Korean nuclear capability, Dempsey said. The North Koreans have not demonstrated that they can weaponize a nuclear weapon, "but we can't be complacent about the possibility."
North Korea has launched a primitive satellite into orbit. They are developing cyber capabilities and they have the largest special operations force in the region. "When you add all that up and their stated attempt to drive the United States off the peninsula and re-unify it under their terms, yeah we're very concerned," he said.
The U.S.-South Korea alliance has been an incredible success story, Dempsey said. In the 60 years of the pact, South Korea has risen from a war devastated Third World country to the 12th largest economy on the globe. The bulwark of the security shield has made this possible.
"Our discussions about rebalancing to the Pacific generally start with our relationship with the [Republic of Korea] in mind," Dempsey said. "Is there room for improvement? As the threat changes the ballistic missile threat from the North has increased, cyber threats have increased and so as a good ally what we're discussing is how we adapt to those changing threats."
In thinking of the alliance, military leaders assessed the changing threats, he said. They also look at the evolution, maturity and development of the South Korean forces as they exist today. Then, they look at what capabilities South Korea needs and to integrate them into their capabilities.
"We are very well postured not just on the peninsula, but we have forces in the region that also have the capability to bring national military power to bear," Dempsey said.
During a town hall meeting earlier in Yongsan, Dempsey told American service members that the Pacific strategy is becoming increasingly important to the United States.
South Korea America's oldest ally in the region remains important. "It would be in our interests to maintain the partnership and continue enhancing it," he said. "I find a pretty significant commitment on their part to maintain our presence in the Republic of Korea. I think that will remain true certainly until the issue with North Korea is resolved."
But he suspects the alliance will continue after any resolution of the problems with North Korea. There is a certain appreciation for the stabilizing influence the United States has in the region, he said. "This is a long-term commitment, it's not one-way," Dempsey said.
U.S.-South Korean Leaders Guard Against Complacency
By Jim Garamone
American Forces Press Service
SEOUL, South Korea, Oct. 1, 2013 - The state of the U.S.-South Korea alliance is strong, but the allies cannot become complacent in face of changes in North Korea, Army Gen. Martin E. Dempsey, chairman of the Joint Chiefs of Staff, said here today.
While the North Korean conventional military threat is deteriorating, the regime's asymmetric threats are growing, Dempsey said during an interview with reporters traveling with him.
The United States is concerned about the demonstrated North Korean nuclear capability, Dempsey said. The North Koreans have not demonstrated that they can weaponize a nuclear weapon, "but we can't be complacent about the possibility."
North Korea has launched a primitive satellite into orbit. They are developing cyber capabilities and they have the largest special operations force in the region. "When you add all that up and their stated attempt to drive the United States off the peninsula and re-unify it under their terms, yeah we're very concerned," he said.
The U.S.-South Korea alliance has been an incredible success story, Dempsey said. In the 60 years of the pact, South Korea has risen from a war devastated Third World country to the 12th largest economy on the globe. The bulwark of the security shield has made this possible.
"Our discussions about rebalancing to the Pacific generally start with our relationship with the [Republic of Korea] in mind," Dempsey said. "Is there room for improvement? As the threat changes the ballistic missile threat from the North has increased, cyber threats have increased and so as a good ally what we're discussing is how we adapt to those changing threats."
In thinking of the alliance, military leaders assessed the changing threats, he said. They also look at the evolution, maturity and development of the South Korean forces as they exist today. Then, they look at what capabilities South Korea needs and to integrate them into their capabilities.
"We are very well postured not just on the peninsula, but we have forces in the region that also have the capability to bring national military power to bear," Dempsey said.
During a town hall meeting earlier in Yongsan, Dempsey told American service members that the Pacific strategy is becoming increasingly important to the United States.
South Korea America's oldest ally in the region remains important. "It would be in our interests to maintain the partnership and continue enhancing it," he said. "I find a pretty significant commitment on their part to maintain our presence in the Republic of Korea. I think that will remain true certainly until the issue with North Korea is resolved."
But he suspects the alliance will continue after any resolution of the problems with North Korea. There is a certain appreciation for the stabilizing influence the United States has in the region, he said. "This is a long-term commitment, it's not one-way," Dempsey said.
DOL HAS LABOR CONCERNS REGARDING DOMINICAN SUGAR SECTOR
FROM: U.S. DEPARTMENT OF LABOR
US Labor Department issues report on labor concerns in Dominican sugar sector, announces $10 million project in agriculture
WASHINGTON — U.S. Secretary of Labor Thomas E. Perez today released a report regarding labor concerns in the Dominican sugar sector in response to a public submission filed under the Labor Chapter of the Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR). The department also announced a $10 million project to reduce child labor and to improve labor rights and working conditions in the Dominican agriculture sector.
Secretary of Labor Thomas E. Perez stated, "Today we are releasing a report that highlights labor concerns in the Dominican sugar sector and shortcomings in the Dominican government's ability to identify and address them. The report recommends a way forward and notes that we stand ready to help. Working together with the Dominican government, we look forward to making a real difference in these workers' lives."
The report is a response to a submission by Father Christopher Hartley, which alleged that the government of the Dominican Republic failed "to enforce labor laws, as required under Chapter 16 of the CAFTA-DR, as these relate to the Dominican sugar industry."
The department conducted a detailed review of all information obtained from the government of the Dominican Republic, the submitter, workers, industry and other stakeholders. The report finds evidence of apparent and potential violations of labor law in the Dominican sugar sector, concerning: (1) acceptable conditions of work with respect to minimum wages, hours of work, and occupational safety and health, such as payments below the minimum wage, 12-hour work days, seven-day work weeks, lack of potable water, and the absence of safety equipment; (2) a minimum age for the employment of children and the prohibition and elimination of the worst forms of child labor; and (3) a prohibition on the use of any form of forced or compulsory labor.
The report also discusses the department's concerns with respect to freedom of association and collective bargaining. Additionally, it highlights significant procedural and methodological shortcomings in the labor inspection process that undermine the government's capacity to identify labor violations. The report offers 11 recommendations to the government of the Dominican Republic to address the report's findings and improve enforcement of Dominican labor laws in the sugar sector. The Department of Labor will review the status of implementation of the recommendations six months and then 12 months after publication.
The Department of Labor is committed to engaging with the government of the Dominican Republic to address the concerns identified in the report and to assisting the government with implementing the report's recommendations. This commitment is evidenced by the $10 million, four-year project that the Department of Labor announced today to reduce child labor and improve labor rights and working conditions n the Dominican agriculture sector. This project builds on many years of Department of Labor's technical assistance to the Dominican Republic, including $16 million in funding since 1998 to eliminate child labor.
US Labor Department issues report on labor concerns in Dominican sugar sector, announces $10 million project in agriculture
WASHINGTON — U.S. Secretary of Labor Thomas E. Perez today released a report regarding labor concerns in the Dominican sugar sector in response to a public submission filed under the Labor Chapter of the Dominican Republic-Central America-United States Free Trade Agreement (CAFTA-DR). The department also announced a $10 million project to reduce child labor and to improve labor rights and working conditions in the Dominican agriculture sector.
Secretary of Labor Thomas E. Perez stated, "Today we are releasing a report that highlights labor concerns in the Dominican sugar sector and shortcomings in the Dominican government's ability to identify and address them. The report recommends a way forward and notes that we stand ready to help. Working together with the Dominican government, we look forward to making a real difference in these workers' lives."
The report is a response to a submission by Father Christopher Hartley, which alleged that the government of the Dominican Republic failed "to enforce labor laws, as required under Chapter 16 of the CAFTA-DR, as these relate to the Dominican sugar industry."
The department conducted a detailed review of all information obtained from the government of the Dominican Republic, the submitter, workers, industry and other stakeholders. The report finds evidence of apparent and potential violations of labor law in the Dominican sugar sector, concerning: (1) acceptable conditions of work with respect to minimum wages, hours of work, and occupational safety and health, such as payments below the minimum wage, 12-hour work days, seven-day work weeks, lack of potable water, and the absence of safety equipment; (2) a minimum age for the employment of children and the prohibition and elimination of the worst forms of child labor; and (3) a prohibition on the use of any form of forced or compulsory labor.
The report also discusses the department's concerns with respect to freedom of association and collective bargaining. Additionally, it highlights significant procedural and methodological shortcomings in the labor inspection process that undermine the government's capacity to identify labor violations. The report offers 11 recommendations to the government of the Dominican Republic to address the report's findings and improve enforcement of Dominican labor laws in the sugar sector. The Department of Labor will review the status of implementation of the recommendations six months and then 12 months after publication.
The Department of Labor is committed to engaging with the government of the Dominican Republic to address the concerns identified in the report and to assisting the government with implementing the report's recommendations. This commitment is evidenced by the $10 million, four-year project that the Department of Labor announced today to reduce child labor and improve labor rights and working conditions n the Dominican agriculture sector. This project builds on many years of Department of Labor's technical assistance to the Dominican Republic, including $16 million in funding since 1998 to eliminate child labor.
SEC CHARGES INVESTMENT ADVISORS WITH CHARGING EXCESSIVE FEES WITHOUT AUTHORIZATION
FROM: U.S. SECURITIES AND EXCHANGE COMMISSION
SEC Charges Charlotte Investment Advisors with Excessive Fee Scheme
On September 27, 2013, the Securities and Exchange Commission filed an action in federal court in the Western District of North Carolina, charging Frank Dappah of Charlotte, NC, and his firm, Yatalie Capital Management (a/k/a Yatalie Capital Management Co, Creato Funds L.P., a/k/a Yatalie Capital, Inc., a/k/a Creato Funds, L.P., a/k/a Yatalie Capital Management Co.), a sole proprietorship, with violations of the federal securities laws for charging grossly excessive fees to their advisory clients without authorization or notice and other violations. The Commission's complaint seeks permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and an asset freeze against the defendants.
The Commission's complaint alleges that Dappah and his firm took from the clients fees far in excess of what they were entitled to under the client advisory agreements. The complaint alleges that between March 2012 and July 2013, Dappah took advisory fees of nearly $75,000 on assets under management averaging around $205,000. One client, according to the complaint, lost $9,200 in unauthorized fees to Dappah in less than a year on investments of around $23,000.
The complaint also alleges that the defendants improperly registered Yatalie Capital Management with the Commission as an investment adviser, that they made multiple materially false statements in Yatalie Capital Management's Forms ADV, on the firm's website and elsewhere, and that the defendants failed to maintain client advisory agreements.
The complaint alleges that Dappah and Yatalie Capital Management violated the antifraud provisions of the federal securities laws, Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder. It further alleges that while acting as investment advisors, the defendants violated Sections 206(1) and Section 206(2) of the Investment Advisers Act of 1940 ("Advisers Act"), the antifraud provisions of the Advisers Act, and Sections 203A, 204, and 207 the Advisers Act and Rules 204-2 and 206(4)-1 thereunder.
The defendants have entered into a consent with the Commission agreeing to the entry by the Court of the relief requested in the complaint.
SEC Charges Charlotte Investment Advisors with Excessive Fee Scheme
On September 27, 2013, the Securities and Exchange Commission filed an action in federal court in the Western District of North Carolina, charging Frank Dappah of Charlotte, NC, and his firm, Yatalie Capital Management (a/k/a Yatalie Capital Management Co, Creato Funds L.P., a/k/a Yatalie Capital, Inc., a/k/a Creato Funds, L.P., a/k/a Yatalie Capital Management Co.), a sole proprietorship, with violations of the federal securities laws for charging grossly excessive fees to their advisory clients without authorization or notice and other violations. The Commission's complaint seeks permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and an asset freeze against the defendants.
The Commission's complaint alleges that Dappah and his firm took from the clients fees far in excess of what they were entitled to under the client advisory agreements. The complaint alleges that between March 2012 and July 2013, Dappah took advisory fees of nearly $75,000 on assets under management averaging around $205,000. One client, according to the complaint, lost $9,200 in unauthorized fees to Dappah in less than a year on investments of around $23,000.
The complaint also alleges that the defendants improperly registered Yatalie Capital Management with the Commission as an investment adviser, that they made multiple materially false statements in Yatalie Capital Management's Forms ADV, on the firm's website and elsewhere, and that the defendants failed to maintain client advisory agreements.
The complaint alleges that Dappah and Yatalie Capital Management violated the antifraud provisions of the federal securities laws, Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder. It further alleges that while acting as investment advisors, the defendants violated Sections 206(1) and Section 206(2) of the Investment Advisers Act of 1940 ("Advisers Act"), the antifraud provisions of the Advisers Act, and Sections 203A, 204, and 207 the Advisers Act and Rules 204-2 and 206(4)-1 thereunder.
The defendants have entered into a consent with the Commission agreeing to the entry by the Court of the relief requested in the complaint.
WATER WORLD MARS
FROM: LOS ALAMOS NATIONAL LABORATORY
Water for Future Mars Astronauts?
Diversity of Martian soils leaves Los Alamos scientists thirsty for more
LOS ALAMOS, N.M., Sept. 26, 2013—Within its first three months on Mars, NASA’s Curiosity Rover saw a surprising diversity of soils and sediments along a half-kilometer route that tell a complex story about the gradual desiccation of the Red Planet.
Perhaps most notable among findings from the ChemCam team is that all of the dust and fine soil contains small amounts of water.
“We made this discovery literally with the very first laser shot on the Red Planet,” said Roger Wiens, leader of the ChemCam instrument team. “Every single time we shot at dust we saw a significant hydrogen peak.”
In a series of five papers covering the rover’s top discoveries during its first three months on Mars that appear today in the journal Science, Los Alamos researchers using the rover’s ChemCam instrument team up with an international cadre of scientists affiliated with the CheMin, APXS, and SAM instruments to describe the planet’s seemingly once-volcanic and aquatic history.
Researchers believed the hydrogen seen in the dust was coming from water, a hypothesis that was later corroborated by Curiosity’s SAM instrument, which indicated that all of the soil encountered on Mars contains between 1.5 and 3 percent water. This quantity is enough to explain much of the near-equatorial hydrogen observed beginning in 2001 by Los Alamos’s neutron spectrometer on board the Mars Odyssey spacecraft.
ChemCam also showed that the soils consist of two distinct components. In addition to extremely fine-grained particles that seem to be representative of the ubiquitous Martian dust covering the entire planet’s surface like the fine film that collects on the undisturbed surfaces of a long-abandoned home, the ChemCam team discovered coarser-grained particles up to one millimeter in size that reflected the composition of local rocks. In essence, ChemCam observed the process of rocks being ground down to soil over time.
The ChemCam instrument—which vaporizes material with a high-powered laser and reads the resultant plasma with a spectrometer—has shown a similar composition to fine-grained dust characterized on other parts of the planet during previous Martian missions. ChemCam tested more than 100 targets in a location named Rocknest and found that the dust contained consistent amounts of water regardless of the sampling area.
What’s more, the Rover dug into the soils at Rocknest to provide scientists with the opportunity to sample the newly unearthed portion over the course of several Martian days. The instrument measured roughly the same tiny concentration of water (about 2 percent) in the surface soils as it did in the freshly uncovered soil, and the newly excavated area did not dry out over time—as would be expected if moist subsurface material were uncovered.
The water signature seen by Curiosity in the ubiquitous Martian dust may coincide with the tiny amount of ambient humidity in the planet’s arid atmosphere. Multiple observations indicate that the flowing water responsible for shaping and moving the rounded pebbles encountered in the vicinity of the rover landing area has long since been lost to space, though some of it may still exist deep below the surface of the planet at equatorial locations (water ice is known to exist near the surface at the poles).
Despite the seemingly small measurements of water in the Martian environment, the findings nevertheless are exciting.
“In principle it would be possible for future astronauts to heat the soil to derive water to sustain them,” said Wiens.
While at Rocknest, scientists were also able to test samples that had been characterized by ChemCam with two other instruments aboard the rover: CheMin, a miniaturized apparatus partially developed at Los Alamos that uses X-rays to determine the composition of materials; and SAM, a tiny oven that melts samples and identifies the composition of gases given off by them. The analyses by all three instruments indicate that Mars likely has a volcanic history that shaped the surface of the planet.
A fourth instrument, the Alpha Particle X-ray Spectrometer (APXS), provides additional insights into the volcanic diversity on Mars. APXS analyzed a rock called Jake Matijevic—named in honor of a deceased Jet Propulsion Laboratory Mars engineer—and found that it is one of the most Earth-like rocks yet seen on the Red Planet. The rock’s enrichment in sodium, giving it a feldspar-rich mineral content, makes it very similar to some rocks erupted on ocean islands on Earth. ChemCam contributed to the characterization of Jake_M.
The Curiosity Rover is scheduled to explore Mars for another year at least. In the coming months, Curiosity will travel to Mount Sharp, a towering peak nearly three miles in elevation. Mount Sharp appears to contain layers of sedimentary history dating back several billion years. These layers are like pages of a book that could teach researchers much about the geologic and climate history of the Red Planet.
Water for Future Mars Astronauts?
Diversity of Martian soils leaves Los Alamos scientists thirsty for more
LOS ALAMOS, N.M., Sept. 26, 2013—Within its first three months on Mars, NASA’s Curiosity Rover saw a surprising diversity of soils and sediments along a half-kilometer route that tell a complex story about the gradual desiccation of the Red Planet.
Perhaps most notable among findings from the ChemCam team is that all of the dust and fine soil contains small amounts of water.
“We made this discovery literally with the very first laser shot on the Red Planet,” said Roger Wiens, leader of the ChemCam instrument team. “Every single time we shot at dust we saw a significant hydrogen peak.”
In a series of five papers covering the rover’s top discoveries during its first three months on Mars that appear today in the journal Science, Los Alamos researchers using the rover’s ChemCam instrument team up with an international cadre of scientists affiliated with the CheMin, APXS, and SAM instruments to describe the planet’s seemingly once-volcanic and aquatic history.
Researchers believed the hydrogen seen in the dust was coming from water, a hypothesis that was later corroborated by Curiosity’s SAM instrument, which indicated that all of the soil encountered on Mars contains between 1.5 and 3 percent water. This quantity is enough to explain much of the near-equatorial hydrogen observed beginning in 2001 by Los Alamos’s neutron spectrometer on board the Mars Odyssey spacecraft.
ChemCam also showed that the soils consist of two distinct components. In addition to extremely fine-grained particles that seem to be representative of the ubiquitous Martian dust covering the entire planet’s surface like the fine film that collects on the undisturbed surfaces of a long-abandoned home, the ChemCam team discovered coarser-grained particles up to one millimeter in size that reflected the composition of local rocks. In essence, ChemCam observed the process of rocks being ground down to soil over time.
The ChemCam instrument—which vaporizes material with a high-powered laser and reads the resultant plasma with a spectrometer—has shown a similar composition to fine-grained dust characterized on other parts of the planet during previous Martian missions. ChemCam tested more than 100 targets in a location named Rocknest and found that the dust contained consistent amounts of water regardless of the sampling area.
What’s more, the Rover dug into the soils at Rocknest to provide scientists with the opportunity to sample the newly unearthed portion over the course of several Martian days. The instrument measured roughly the same tiny concentration of water (about 2 percent) in the surface soils as it did in the freshly uncovered soil, and the newly excavated area did not dry out over time—as would be expected if moist subsurface material were uncovered.
The water signature seen by Curiosity in the ubiquitous Martian dust may coincide with the tiny amount of ambient humidity in the planet’s arid atmosphere. Multiple observations indicate that the flowing water responsible for shaping and moving the rounded pebbles encountered in the vicinity of the rover landing area has long since been lost to space, though some of it may still exist deep below the surface of the planet at equatorial locations (water ice is known to exist near the surface at the poles).
Despite the seemingly small measurements of water in the Martian environment, the findings nevertheless are exciting.
“In principle it would be possible for future astronauts to heat the soil to derive water to sustain them,” said Wiens.
While at Rocknest, scientists were also able to test samples that had been characterized by ChemCam with two other instruments aboard the rover: CheMin, a miniaturized apparatus partially developed at Los Alamos that uses X-rays to determine the composition of materials; and SAM, a tiny oven that melts samples and identifies the composition of gases given off by them. The analyses by all three instruments indicate that Mars likely has a volcanic history that shaped the surface of the planet.
A fourth instrument, the Alpha Particle X-ray Spectrometer (APXS), provides additional insights into the volcanic diversity on Mars. APXS analyzed a rock called Jake Matijevic—named in honor of a deceased Jet Propulsion Laboratory Mars engineer—and found that it is one of the most Earth-like rocks yet seen on the Red Planet. The rock’s enrichment in sodium, giving it a feldspar-rich mineral content, makes it very similar to some rocks erupted on ocean islands on Earth. ChemCam contributed to the characterization of Jake_M.
The Curiosity Rover is scheduled to explore Mars for another year at least. In the coming months, Curiosity will travel to Mount Sharp, a towering peak nearly three miles in elevation. Mount Sharp appears to contain layers of sedimentary history dating back several billion years. These layers are like pages of a book that could teach researchers much about the geologic and climate history of the Red Planet.
Tuesday, October 1, 2013
CHAIRMAN JOINT CHIEFS GENERAL DEMPSEY SEES SYRIAN CONFLICT TAKING YEARS TO RESOLVE
FROM: U.S. DEFENSE DEPARTMENT
Syrian Conflict Will Take Years to Sort Out, Dempsey Says
By Jim Garamone
American Forces Press Service
SEOUL, South Korea, Oct. 1, 2013 - The conflict in Syria will take years to sort out, the chairman of the Joint Chiefs of Staff said today during an interview here.
The Syrian civil war has reverberated around the Middle East and involves a diverse cast of players and power blocs, said Army Gen. Martin E. Dempsey. The chairman is here to meet with South Korean defense leaders.
"It's very complex, it's changing and most importantly we have to see it as a long-term issue," he said during the interview. "The issues that underlie this conflict will not be solved any time soon. I think we're looking at a decade of challenges in the region with Syria being the epicenter."
The war in the Middle Eastern nation has gotten to the point where it has spilled over the borders. "It is not useful to look at Syria as Syria meaning it's not useful to look through the soda straw at the boundaries of Syria and believe you understand the situation," he said.
The conflict stretches from Beirut to Damascus to Baghdad, he said, and it has historic roots. At the beginning, he said, the war had religious undertones, but he believes the more appropriate term should now be religious overtones. "A conflict that started as a rebellion has been hijacked by extremists on both sides al-Qaida affiliates on one side and Lebanese Hezbollah on the other," the chairman said. "The question seems to be what should we be doing to help our regional partners. And we are."
The United States is taking a whole-of-government approach to the region, he said. From the military side, the United States is looking to see how to assist the Lebanese armed forces. U.S. service members are working with the Jordanian military and the United States is working with Turkey a close NATO ally.
"Through the whole-of-government [approach,] we're trying to apply economic factors assistance of other kinds to help identify a moderate opposition so as this thing develops we can have some influence in a positive way on the outcome," he said.
Dempsey has been in touch with concerned chiefs of defense throughout the Middle East and Europe. "We've got incredible experience with building partners, and building military and police formations," he said. "And so we've been in discussion about whether if we could find a way to collaborate on ... the issue of whether we could develop a moderate opposition, in particular to stabilize some of the humanitarian issues in northern Jordan and southern Turkey."
These discussions have not risen to the level of a plan, he said, more as a concept. "And I think it's a valid concept to be thinking about in particular if [Syrian President Bashir] Assad after the chemical issue is reconciled if he fails to come to Geneva 2 with an intent to seek a political settlement," Dempsey said. "Then I think like-minded nations might have the opportunity to contribute in different ways if we're asked to."
Syrian Conflict Will Take Years to Sort Out, Dempsey Says
By Jim Garamone
American Forces Press Service
SEOUL, South Korea, Oct. 1, 2013 - The conflict in Syria will take years to sort out, the chairman of the Joint Chiefs of Staff said today during an interview here.
The Syrian civil war has reverberated around the Middle East and involves a diverse cast of players and power blocs, said Army Gen. Martin E. Dempsey. The chairman is here to meet with South Korean defense leaders.
"It's very complex, it's changing and most importantly we have to see it as a long-term issue," he said during the interview. "The issues that underlie this conflict will not be solved any time soon. I think we're looking at a decade of challenges in the region with Syria being the epicenter."
The war in the Middle Eastern nation has gotten to the point where it has spilled over the borders. "It is not useful to look at Syria as Syria meaning it's not useful to look through the soda straw at the boundaries of Syria and believe you understand the situation," he said.
The conflict stretches from Beirut to Damascus to Baghdad, he said, and it has historic roots. At the beginning, he said, the war had religious undertones, but he believes the more appropriate term should now be religious overtones. "A conflict that started as a rebellion has been hijacked by extremists on both sides al-Qaida affiliates on one side and Lebanese Hezbollah on the other," the chairman said. "The question seems to be what should we be doing to help our regional partners. And we are."
The United States is taking a whole-of-government approach to the region, he said. From the military side, the United States is looking to see how to assist the Lebanese armed forces. U.S. service members are working with the Jordanian military and the United States is working with Turkey a close NATO ally.
"Through the whole-of-government [approach,] we're trying to apply economic factors assistance of other kinds to help identify a moderate opposition so as this thing develops we can have some influence in a positive way on the outcome," he said.
Dempsey has been in touch with concerned chiefs of defense throughout the Middle East and Europe. "We've got incredible experience with building partners, and building military and police formations," he said. "And so we've been in discussion about whether if we could find a way to collaborate on ... the issue of whether we could develop a moderate opposition, in particular to stabilize some of the humanitarian issues in northern Jordan and southern Turkey."
These discussions have not risen to the level of a plan, he said, more as a concept. "And I think it's a valid concept to be thinking about in particular if [Syrian President Bashir] Assad after the chemical issue is reconciled if he fails to come to Geneva 2 with an intent to seek a political settlement," Dempsey said. "Then I think like-minded nations might have the opportunity to contribute in different ways if we're asked to."
FDA APPROVES BRINTELLIX TO TREAT ADULT MAJOR DEPRESSIVE DISORDER
FROM: U.S. FOOD AND DRUG ADMINISTRATION
The U.S. Food and Drug Administration today approved Brintellix (vortioxetine) to treat adults with major depressive disorder.
Major depressive disorder (MDD), commonly referred to as depression, is a mental disorder characterized by mood changes and other symptoms that interfere with a person's ability to work, sleep, study, eat and enjoy once-pleasurable activities. Episodes of depression often recur throughout a person's lifetime, although some may experience a single occurrence.
Other signs and symptoms of MDD include loss of interest in usual activities, significant change in weight or appetite, insomnia or excessive sleeping (hypersomnia), restlessness/pacing (psychomotor agitation), increased fatigue, feelings of guilt or worthlessness, slowed thinking or impaired concentration, and suicide attempts or thoughts of suicide. Not all people with MDD experience the same symptoms.
The U.S. Food and Drug Administration today approved Brintellix (vortioxetine) to treat adults with major depressive disorder.
Major depressive disorder (MDD), commonly referred to as depression, is a mental disorder characterized by mood changes and other symptoms that interfere with a person's ability to work, sleep, study, eat and enjoy once-pleasurable activities. Episodes of depression often recur throughout a person's lifetime, although some may experience a single occurrence.
Other signs and symptoms of MDD include loss of interest in usual activities, significant change in weight or appetite, insomnia or excessive sleeping (hypersomnia), restlessness/pacing (psychomotor agitation), increased fatigue, feelings of guilt or worthlessness, slowed thinking or impaired concentration, and suicide attempts or thoughts of suicide. Not all people with MDD experience the same symptoms.
E-MAIL SENT FROM ATTORNEY GENERAL HOLDER REGARDING GOVERNMENT SHUTDOWN
FROM: U.S. JUSTICE DEPARTMENT
Message from the Attorney General and the President to Employees
~ Tuesday, October 1, 2013
The following message from the Attorney General was emailed to Justice Department employees on October 1, 2013.
Dear Colleagues,
As we enter this unnecessary and harmful government shutdown, I have been asked to pass on the attached message to all federal employees from President Obama.
I also want to reiterate that I am grateful for your dedicated service and I am mindful of how difficult this shutdown is on you, the Department's hard-working employees. While I hope that Congress will act to resolve this situation quickly, I will make every effort to keep you informed over the coming days.
As always, I am proud of the work that we do together to keep our nation and the American people safe each day.
Sincerely,
Eric H. Holder, Jr.
Attorney General
Message from the Attorney General and the President to Employees
~ Tuesday, October 1, 2013
The following message from the Attorney General was emailed to Justice Department employees on October 1, 2013.
Dear Colleagues,
As we enter this unnecessary and harmful government shutdown, I have been asked to pass on the attached message to all federal employees from President Obama.
I also want to reiterate that I am grateful for your dedicated service and I am mindful of how difficult this shutdown is on you, the Department's hard-working employees. While I hope that Congress will act to resolve this situation quickly, I will make every effort to keep you informed over the coming days.
As always, I am proud of the work that we do together to keep our nation and the American people safe each day.
Sincerely,
Eric H. Holder, Jr.
Attorney General
PRESIDENT OBAMA EXPRESSES DISAPPOINTMENT WITH CONGRESS
FROM: U.S. DEFENSE DEPARTMENT
Obama Lauds DOD Workforce, Encourages Budget Resolution
By Army Sgt. 1st Class Tyrone C. Marshall Jr.
American Forces Press Service
American Forces Press Service
WASHINGTON, Oct. 1, 2013 - President Barack Obama thanked the Defense Department workforce today in a video message and expressed his disappointment in Congress' failure to approve a budget, resulting in a government shutdown.
"As president, and as your commander-in-chief, I've worked to make sure you have the strategy, the resources and the support you need to complete the missions our nation asks of you," he said.
"And every time you've met your responsibilities and performed with extraordinary professionalism, skill and courage," Obama said.
Unfortunately, the president said, Congress has not fulfilled its responsibility and failed to pass a budget.
"As a result, much of our government must now shut down until Congress funds it again," Obama said.
Obama noted Defense Secretary Chuck Hagel, Army Gen. Martin E. Dempsey, chairman of the Joint Chiefs of Staff, and other commanders would provide more information on how the shutdown will affect the DOD civilians and their families.
"Today, I want to speak directly to you about how what happens next," he said. "Those of you in uniform will remain in your normal duty status. The threats to our national security have not changed, and we need you to be ready for any contingency."
"Ongoing military operations, like our efforts in Afghanistan, will continue," Obama said. "If you're serving in harm's way, we're going to make sure you have what you need to succeed in your missions."
The president said Congress has passed, and he would sign into law, legislation ensuring those personnel receive their paychecks on time.
"We'll continue to work to address any impact this shut down has on you and your families," Obama said.
"To all our DOD civilians, I know the days ahead could mean more uncertainty, including possible
furloughs," he said. "And I know this comes on top of the furloughs that many of you already endured this summer."
Obama said DOD civilians and their families deserved "better than the dysfunction we're seeing in Congress."
"Your talents and dedication help keep our military the best in the world," he said. "That's why I'll keep working to get Congress to re-open our government and get you back to work as soon as possible."
Obama said the shutdown is occurring against the background of broader changes with the war in Iraq over and the war in Afghanistan slated to end next year.
"After more than a decade of unprecedented operations, we're moving off a war footing," he said. "Yes, our military will be leaner, and as a nation, we face difficult budget choices going forward."
"But here's what I want you to know. I'm going to keep fighting to get rid of those across-the-board budget cuts the sequester which are hurting our military and our economy."
We need a responsible approach, Obama said, that deals with our fiscal challenges and keeps our military and our economy strong.
"I'm going to make sure you stay the greatest military in the world bar none," he added. "That's what I'm fighting for. That's what you and your families deserve."
The president thanked the Defense Department for their commitment to protecting the nation.
"On behalf of the American people, thank you for your service which keeps us free," Obama said. "And thank you for your sacrifice which keeps our nation and our military the greatest force for freedom that the world has ever known."
CFTC CHARGES MISSOURI RESIDENT AND COMPANY WITH VIOLATING COMMODITY EXCHANGE ACT AND FOREX REGULATIONS
FROM: COMMODITY FUTURES TRADING COMMISSION
CFTC Files Enforcement Action Charging Missouri Resident Daniel K. Steele and His Foreign Currency Firm with Violations of the Commodity Exchange Act and Forex Regulations
Court enters Order freezing Defendants’ assets and protecting books and records
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) announced the filing of a civil Complaint against Defendants Daniel K. Steele of Rolla, Missouri, and his firm Champion Management International, LLC (Champion Management). The CFTC’s Complaint charges Steele with, among other things, engaging in an act or practice which operated as a fraud or deceit under Section 4o(1)(B) of the Commodity Exchange Act (CEA) for failing to disclose material information, including that defendants were acting as unregistered Commodity Pool Operators (CPO) for at least two commodity pools engaging in off-exchange retail foreign currency transactions (forex). The Complaint also charges Steele with failing to disclose that the counterparty to the retail forex transactions that were offered or entered into with the respective pools was not registered as a Retail Foreign Exchange Dealer (RFED). The Complaint charges Champion Management with acting as an unregistered CPO in connection with a third forex pool. The Complaint further alleges that neither Defendant has ever been registered with the CFTC in any capacity.
The complaint, filed on September 25, 2013, in the U.S. District Court for the Eastern District of Missouri Eastern Division, alleges that from at least February 28, 2011 through the present (relevant period), Steele individually and acting as an agent of Champion Management, solicited at least $1.7 million from at least 24 pool participants to participate in three forex pools. The Complaint further alleges that Steele, during the relevant period, failed to disclose material information to pool participants, which operated as a fraud in that neither he nor Champion Management were properly registered with the CFTC and that he misappropriated a portion of pool participants’ funds.
On September 25, 2013, the same day the complaint was filed, Judge Rodney W. Sippel, of the U.S. District Court for the for the Eastern District of Missouri, entered under seal an emergency order freezing the defendants’ assets and prohibiting the destruction or alteration of books and records. The judge set a hearing date on the CFTC’s motion for a preliminary injunction for October 7, 2013.
In its continuing litigation, the CFTC seeks a return of ill-gotten gains, restitution, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws.
The CFTC appreciates the assistance of the Missouri Secretary of State, Securities Division and the United States Postal Inspection Service.
CFTC Division of Enforcement staff responsible for this case are: Eugene Smith, Melanie Devoe, George Malas, Kyong J. Koh, Peter M. Haas, and Paul G. Hayeck.
CFTC Files Enforcement Action Charging Missouri Resident Daniel K. Steele and His Foreign Currency Firm with Violations of the Commodity Exchange Act and Forex Regulations
Court enters Order freezing Defendants’ assets and protecting books and records
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) announced the filing of a civil Complaint against Defendants Daniel K. Steele of Rolla, Missouri, and his firm Champion Management International, LLC (Champion Management). The CFTC’s Complaint charges Steele with, among other things, engaging in an act or practice which operated as a fraud or deceit under Section 4o(1)(B) of the Commodity Exchange Act (CEA) for failing to disclose material information, including that defendants were acting as unregistered Commodity Pool Operators (CPO) for at least two commodity pools engaging in off-exchange retail foreign currency transactions (forex). The Complaint also charges Steele with failing to disclose that the counterparty to the retail forex transactions that were offered or entered into with the respective pools was not registered as a Retail Foreign Exchange Dealer (RFED). The Complaint charges Champion Management with acting as an unregistered CPO in connection with a third forex pool. The Complaint further alleges that neither Defendant has ever been registered with the CFTC in any capacity.
The complaint, filed on September 25, 2013, in the U.S. District Court for the Eastern District of Missouri Eastern Division, alleges that from at least February 28, 2011 through the present (relevant period), Steele individually and acting as an agent of Champion Management, solicited at least $1.7 million from at least 24 pool participants to participate in three forex pools. The Complaint further alleges that Steele, during the relevant period, failed to disclose material information to pool participants, which operated as a fraud in that neither he nor Champion Management were properly registered with the CFTC and that he misappropriated a portion of pool participants’ funds.
On September 25, 2013, the same day the complaint was filed, Judge Rodney W. Sippel, of the U.S. District Court for the for the Eastern District of Missouri, entered under seal an emergency order freezing the defendants’ assets and prohibiting the destruction or alteration of books and records. The judge set a hearing date on the CFTC’s motion for a preliminary injunction for October 7, 2013.
In its continuing litigation, the CFTC seeks a return of ill-gotten gains, restitution, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations of the federal commodities laws.
The CFTC appreciates the assistance of the Missouri Secretary of State, Securities Division and the United States Postal Inspection Service.
CFTC Division of Enforcement staff responsible for this case are: Eugene Smith, Melanie Devoe, George Malas, Kyong J. Koh, Peter M. Haas, and Paul G. Hayeck.
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