Saturday, January 3, 2015

WEEKLY ADDRESS: MAKE 2015 THE YEAR FOR QUALITY, AFFORDABLE HEALTH INSURANCE

NASA VIDEO: LOOKING INTO THE FUTURE OF SPACE EXPLORATION

U.S. STATE DEPARTMENT LOOKS BACK AT 2014

FROM:  U.S. STATE DEPARTMENT 
A Look Back at 2014
Bureau of Population, Refugees, and Migration
December 31, 2014

Dear Colleagues and Friends,

The holiday season and the end of the year is a chance to reflect on the past and look ahead to the New Year. The year 2014 opened with a set of terrible conflicts raging – including wars in Syria, South Sudan, and the Central African Republic. These civil wars are characterized by indiscriminate violence and attacks on innocent civilians, as combatants flout widely accepted norms and principles. In June, UNHCR announced that more people were forcibly displaced by the end of 2013 – as refugees, asylum-seekers, and internally displaced people – than at any time since World War II.

And then summer brought more bad news and a longer list of tragedies. ISIL’s attacks spread terror across Iraq. Bloody conflict in areas of southeastern Ukraine bordering Russia displaced hundreds of thousands of lives and left thousands dead. Fighting broke out between Hamas and Israel, unaccompanied Central American children arrived in record numbers at the United States’ southern border, and Africa faced the worst Ebola epidemic in history.

Despite this daunting list, humanitarians and supporters of humanitarian causes can take pride in what we have achieved. Aid groups that faced every conceivable obstacle – donor fatigue, staffing shortages, impassable roads, blockades and attacks –still found ways to keep millions of people alive. Humanitarians managed to stave off a man-made famine in South Sudan and to bring aid to besieged cities in Syria. Throughout the Middle East, a vaccination campaign that has reached 25 million children has helped contain the spread of polio.

The United States led the world’s humanitarian efforts by again serving as top donor. With the support of lawmakers from both parties, the State Department and USAID together provided more than $6 billion in humanitarian assistance this year. U.S. contributions powered the work of the UN refugee agency (UNHCR), the World Food Program, UNICEF, and other leading aid agencies. We also played a role in encouraging other nations to give, some made large donations to UN agencies for the first time. Kuwait organized a second international pledging conference for the Syria crisis that Secretary Kerry attended and gave generously itself. And Saudi Arabia stepped in at a critical moment with significant support for Iraq.

The leaders of UN and other humanitarian organizations called attention to the world’s crises and worked assiduously to mount and mobilize effective responses. Aid workers on the front lines showed professionalism and valor, even as they saw colleagues murdered by terrorists and felled by Ebola.

Countries that took in refugees deserve credit for keeping their borders open as the numbers of refugees climbed. Their hospitality saved countless lives and involved true acts of generosity. The massive influx of Syrian refugees in the Middle East is weighing heavily on communities where people are poor and housing and jobs scarce; there is widespread agreement that development dollars should be directed to helping societies that are coping with the arrivals of large numbers of refugees.

Even during challenging times, humanitarians must persevere. We must defend and rally support for humanitarian principles. We must attract new donors from across the globe, collaborate more, and seek new ways to respond nimbly and effectively. Our priorities and programs must evolve, along with refugees’ needs. Millions now crowd into cities, stay for years, and need ways to support themselves, so innovations such as electronic cash cards and mobile health clinics are essential. Because victims of conflict should thrive and not just survive, we must coordinate relief and development assistance. And we should also capitalize on the growing international momentum behind stopping all forms of violence against women or “gender based” violence. We know that women, girls, and children are particularly vulnerable during crisis, but abuses can be prevented and perpetrators held accountable.

This year we commemorated the 20th anniversary of the International Conference on Population and Development – called the “Cairo Conference.” We noted the tremendous progress that has been made around the world to reduce poverty and maternal and child mortality and send girls and boys to school. However, global progress has been unequal, often hampered by discrimination and inequality. John Kerry attended the Cairo Conference as a U.S. Senator, and now, as Secretary of State, he points to the clear evidence that human and reproductive rights, women’s empowerment, and economic development are closely intertwined. At a 20th anniversary celebration in September, the Secretary said:

“We all know that investing in women and youth isn’t just the right thing to do; it’s a strategic necessity. It’s how you create stability, foster sustainable societies, and promote shared prosperity, because societies where women and girls are safe, where women are empowered to exercise their rights and move their communities forward, these societies are more prosperous and more stable – not occasionally but always.”

I’ve also welcomed the growing interest in helping migrants. This year nearly five thousand migrants died in transit, more than double last year’s death toll. The majority perished at sea -- more than three thousand drowned in the Mediterranean. I recently attended a dialogue in Geneva on Protecting Migrants at Sea organized by UNHCR where experts from around the world agreed: whatever the political and logistical hurdles, our first priority must be saving lives. We also recognized that migrants need to be screened for particular vulnerabilities, e.g. in the case of unaccompanied kids, trafficking victims, or because they are fleeing violence or persecution.

In the United States, we can take pride in our program that helps refugees restart their lives here. In 2014, for the second year in a row, we resettled nearly 70,000 refugees of more than 65 nationalities who are now making their homes in cities and towns across our country. Once again, we ensured that they arrived at an even pace throughout the year to give them and their new communities the best possible chance at success. While we continued to admit large numbers of Iraqis, Burmese, Somalis, and Bhutanese, we also are starting to see growing numbers of Congolese and Syrians – two populations that will make up an increasing share of our resettled refugee population in coming years.

Fortunately, our bureau works with organizations that not only share our concerns, but also share our determination to find solutions to seemingly intractable problems. It is a privilege to engage on these issues alongside a host of the world’s best aid organizations. I realize that this letter serves as a reminder of a series of tragic events around the world, but I also write to remind you, our colleagues and friends, that much is being done every day to save lives, alleviate pain and suffering, and help some of the world’s most vulnerable to find safety. Thank you for your interest in and support for our work.

Best regards,


Anne C. Richard
Assistant Secretary
For Population, Refugees, & Migration

WHITE HOUSE VIDEO: WEST WING WEEK: 1/2/15

USFWS VIDEO: RECREATION

U.S. REP TO UN MAKES REMARKS ON UN MANAGEMENT AND REFORM

FROM:  THE U.S. STATE DEPARTMENT 
Ambassador Isobel Coleman
U.S. Representative to the UN for UN Management and Reform 
New York, NY
December 29, 2014
AS DELIVERED

Mr. Chairman -

My delegation expresses sincere appreciation for your leadership during this session. I would also like to thank the Bureau, the Secretary of the Committee and her team, and the many members of the Secretariat who assisted the Committee during this session.

Mr. Chairman, this has been an extraordinary session. The Committee dealt with a large number of difficult issues. We experienced some long days and late nights to conclude the business of the Committee. We engaged at multiple levels from experts to Permanent Representatives, including at times when otherwise we would have been celebrating the holidays with family and friends. We made an extraordinary effort because of our shared commitment to upholding our collective responsibility to address the numerous administrative and budgetary matters that come before this Committee.

Mr. Chairman, while we were able to conclude our work and address most of the issues before us, we did not do so in the most effective way. As the Committee entrusted with overseeing the resources of the Organization, the Fifth Committee could do a better job of managing our own time and resources. In that regard, I would like to say a few words about the way in which we reach agreement in this Committee.

Mr. Chairman, for over two decades the customary practice of the Fifth Committee has been to make decisions by consensus. With rare exceptions, this practice has served the Committee well, ensuring that member states work together constructively in the spirit of cooperation.

Mr. Chairman, consensus ensures that one group of member states cannot force decisions against the will of any other group. Consensus also ensures that every member state has a voice that can be heard before agreement is reached. Consensus also requires us to balance our often competing national interests with our mutual interest in ensuring that the United Nations is well positioned to perform its mission.

But one thing is sure, holding the threat of a vote over one side’s head is not the way to reach consensus or to manage issues in this committee.


Mr. Chairman, the agreements that we reached during this session did not meet all of my delegation's objectives. I know that the same is true for many other delegations. That is the essence of compromise - we walk away pleased with some results and not so pleased with others. But, in the end, we collectively upheld our responsibility for reaching agreement on how best to provide the Organization with the resources and tools that it needs to accomplish its mission.

Mr. Chairman, in recent sessions of this Committee, including this one, there have been a few occasions when we came to the brink of deviating from our customary practice of agreeing by consensus. Fortunately, with very few exceptions, we have been able to work through our differences and preserve the constructive manner in which we work together. My delegation does not want to see the presenting of L documents become a common practice in this or any other Committee. We are truly saddened that this has become the method of choice in the past year once serious negotiations begin. Over 15 years ago this committee agreed to handle budgetary issues by consensus because the alternative would have been destructive not only to the work of this committee but to the UN as a whole. It is our hope that we can revert to that approach next year.


Going forward, my delegation commits to working to address the issues which we were not able to resolve fully in this session. We also commit to an ongoing dialogue about how the Committee can improve its working methods and preserve the spirit of cooperation which is the essence of consensus-based decision-making. We would do a huge disservice to the Organization, if we were to do otherwise and allow divisions and disagreement to become the lasting hallmark of the Fifth Committee.

In closing, Mr. Chairman, I would like to reiterate my delegation's sincere appreciation for your excellent leadership and extend our congratulations to the entire Committee for having been able to work through some significant differences and reach agreement on sustaining the important work of the United Nations.

HEALTH AND SLEEP

FROM:  U.S. DEPARTMENT OF HEALTH AND HUMAN SERVICES 
Why is Sleep Important?
Dec 29, 2014
By: Michael Twery, Ph.D., Director, National Center on Sleep Disorders Research, the National Heart, Lung, and Blood Institute

Why is sleep important to you?  An estimated 35 percent of U.S. adults report less than seven hours of sleep during a typical 24 hour period.  Sleepiness resulting from insufficient sleep, irregular sleep schedules, or poor quality sleep is a cause of motor vehicle crashes, occupational errors with hazardous outcomes, and difficulty performing daily tasks.  Sleep and wakefulness disorders affect an estimated 15-20 percent of US adults who are more likely to suffer from chronic disorders including depression, substance abuse, hypertension, diabetes, cancer, stroke, and all-cause mortality.  Resilience to stress, emotional regulation, and inter-personal relationships are impaired by sleep deficiency.  Recent findings suggest that investing in sleep health contributes to maintaining brain health, and ultimately protecting cognitive functions necessary for aging-in-place.  Recognizing and addressing sleep health issues presents opportunities for enhancing public health, and improving the well-being of all people.

Societal and health consequences of insufficient sleep are explored in “Sleepless in America” produced by National Geographic Channel in collaboration with The National Institutes of Health.  The documentary explains how research is changing our perception of sleep, sleepiness, and its importance to health.  The idea of “sleep” as a period when the brain simply shuts down has been replaced by an increasingly sophisticated understanding of how the rhythm of sleep and wakefulness is necessary for the biological function in every organ.   Not only does this daily “circadian” rhythm play an important role in learning and the filtering of memories in brain, but it also serves to regulate the energy level of most all cells.  Shortages of cellular energy eventually wear down natural defenses through oxidative stress and abnormalities in protein processing increasing the risk of disease.  Another NIH-funded study helped show that during sleep, a byproduct known as amyloid beta is cleared from the brain at a faster rate than when a person is awake.  Amyloid beta has been connected to Alzheimer’s disease.

What all of this adds up to is the idea that sleep should be considered just as important as eating right and getting enough exercise. Adults should aim for 7-8 hours of sleep, while teens need up to 9 hours a night. But getting good sleep goes beyond being in bed for a set number of hours. The quality and timing of sleep are two other important factors for getting proper rest each night. People who work the night shift may experience problems getting quality sleep.

Here are five tips everyone can use to help improve the quality of their sleep:
Keep your bedroom cool and dark

Put away/turn off all electronic devices while preparing for bedtime

Stick to a regular bedtime and wake time every day, even on weekends

Stop drinking caffeine by the early afternoon and avoid large late-night meals

Skip the late-afternoon nap, as it can make it harder to sleep at bedtime

Friday, January 2, 2015

U.S. CONGRATULATES PEOPLE OF MYANMAR ON THEIR INDEPENDENCE DAY

FROM:  U.S. STATE DEPARTMENT 
Myanmar's Independence Day
Press Statement
John Kerry
Secretary of State
Washington, DC
January 2, 2015

On behalf of President Obama and the people of the United States, I would like to congratulate the people of Myanmar as you celebrate the 67th anniversary of your nation’s independence.

This day is an appropriate moment to reiterate America’s commitment to supporting your country as you continue down the path of reform towards a modern, democratic, peaceful, and economically vibrant nation. It is my sincere hope that in the future together we can celebrate the fulfillment of all of your aspirations.

During my visit last August, I was struck by how much had changed since my first trip to your country fifteen years ago when I was still a United States Senator. It was affirming to see firsthand the deepening diplomatic, economic and cultural relationships between our two nations which some had once deemed impossible. The journey traveled thus far is itself the best evidence of how far we can travel together in the next journey going forward. I look forward to working with you to see those ties grow as Myanmar continues to open to the world.

Please accept the best wishes of the American people for a happy Independence Day.

NASA VIDEO: CRAZY ENGINEERING: ION PROPULSION AND DAWN

NASA VIDEO: 2014 YEAR END VIDEO

U.S. CONGRATULATES PEOPLE OF HAITI ON THEIR INDEPENDENCE DAY

FROM:  U.S. STATE DEPARTMENT 
Haiti's Independence Day
Press Statement
John Kerry
Secretary of State
Washington, DC
January 1, 2015

I congratulate the people of Haiti on their 211th Independence Day.

As Haitians celebrate this milestone, they can take pride in the harvest of hard work in reconstruction and development. But this is also a day to focus on the work ahead to keep faith with the promise of Independence Day. The year ahead will be pivotal as Haiti works to schedule overdue parliamentary elections. Just as we stand with the Haitian people today as they mark their 211th year of independence, the United States reiterates its unflinching support of the people of Haiti as they strive to build a stronger and more enduring democracy.

The people-to-people bonds shared by our two nations sustain a warm friendship that prevails through times of prosperity and trial. These unbreakable links give us cause to reaffirm the commitment of the United States to be a partner for a more stable and prosperous Haiti and to wish the Haitian people well on this special day.

DOJ RELEASES LAW ENFORCEMENT OFFICER FATALITY STATISTICS

FROM:  U.S. JUSTICE DEPARTMENT
Tuesday, December 30, 2014
Statement from Attorney General Holder on Yearly Law Enforcement Officer Fatality Statistics

The National Law Enforcement Officers Memorial Fund today released preliminary fatality statistics for 2014.  The data in the report shows that 126 federal, state, local, tribal and territorial officers were killed in the line of duty this year.  The report further showed that in 2014, 50 officers were killed by firearms, 49 officers were killed in traffic-related incidents, and 27 officers died due to other causes including 24 who suffered from job-related illnesses—such as heart attacks—while performing their duties.

Attorney General Eric Holder made the following statement today:

"These troubling statistics underscore the very real dangers that America's brave law enforcement officers face every time they put on their uniforms.  Each loss is both tragic and unacceptable -- a beloved father, mother, son, or daughter who never came home to their loved ones.

"That's why, over the last six years, my colleagues and I have taken action to support these courageous men and women.  As we speak, the Justice Department continues its efforts to empower local, state, tribal, and federal law enforcement personnel to do their jobs as safely and effectively as possible.  In 2011, I created an Officer Safety Working Group in response to concerns about violence directed at law enforcement.   The department is currently funding thorough analysis of 2014 officer fatalities, including ambushes of law enforcement and other incidents, so we can mitigate risks in the future.  And through groundbreaking initiatives like VALOR, we are providing cutting-edge training to help prevent violence against law enforcement, to improve officer resilience, and to increase survivability during violent encounters.

"Through our Bulletproof Vest Partnership Program, we're helping to provide lifesaving equipment to those who serve on the front lines.  And through the Public Safety Officers' Benefits Program, we're offering our strongest support to our brave officers and their loved ones in the toughest of times.

"Going forward, this unshakeable commitment to those who serve will continue to guide our efforts to improve 21st-century policing and build trust between law enforcement and the communities they protect.

"I have always been proud to support these selfless public servants.  All Americans owe our courageous law enforcement personnel a tremendous debt of gratitude for their patriotic service, for their often-unheralded sacrifices, and for the dangers they routinely face in the name of public safety."

LANDLORD CONVICTED OF FRAUD AND FORGERY

FROM:  U.S. JUSTICE DEPARTMENT 
Department of Justice
U.S. Attorney’s Office
District of Massachusetts
FOR IMMEDIATE RELEASE
Monday, December 22, 2014
Springfield Landlord Convicted of Fraud and Forgery Charges

SPRINGFIELD - A Springfield landlord was convicted in federal court today of fraud and related charged in connection with fires at two of his Springfield properties.

Wilkenson Knaggs, 43, was convicted by a jury following a five-day trial of three counts of mail fraud,  two counts of negotiating checks with forged endorsements, and two counts of spending the mail fraud proceeds.   U.S. District Judge Mark Mastroianni scheduled sentencing for March 20, 2015.

Following a Nov. 16, 2008 fire at 376-378 Franklin Street in Springfield, Knaggs submitted a fraudulent contract for rehabilitating the three-family house in order to obtain a payout on his homeowner’s policy.  He also forged the endorsement of the City of Springfield on a second check, cashing the check at a Boston check cashing company, and using the proceeds to buy a two-family house at 99 Central Street.  In addition, Knaggs recorded the title to 99 Central Street in the name of a relative and used the relative to make a claim on the insurance policy after a March 7, 2010, fire at the Central Street property.

The charging statutes provide for a sentence of no more than 20 years in prison, three years of supervised release and a $250,000 fine on each mail fraud count with lower maximum sentences on the other charges.  Actual sentences for federal crimes are typically less than the statutory maximum penalties.  Sentences are imposed by a federal district court judge based on the U.S. Sentencing Guidelines and other statutory factors.

United States Attorney Carmen M. Ortiz; William P. Offord, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations in Boston; Shelley Binkowski , Postal Inspector in Charge, United States Postal Inspection Service; and Vincent Lisi, Special Agent in Charge of the Federal Bureau of Investigation’s Boston Field Division made the announcement today.  The case is being prosecuted by Assistant U.S. Attorneys Karen Goodwin and Deepika Shukla of Ortiz’s Springfield Branch Office.

USAO - District of Massachusetts
Updated December 22, 201

DOJ FILES LAWSUIT AGAINST PHARMA CONSULTING SERVICE FOR ALLEGEDLY TAKING KICKBACKS FROM PHARMA MANUFACTURERS

FROM:  U.S. JUSTICE DEPARTMENT 
Monday, December 22, 2014

United States Files Suit Against Omnicare Inc. for Accepting Kickbacks from Drug Manufacturer to Promote an Anti-Epileptic Drug in Nursing Homes
The United States has filed a civil False Claims Act complaint against Omnicare Inc. alleging that it solicited and received millions of dollars in kickbacks from pharmaceutical manufacturer Abbott Laboratories, the Justice Department announced today.  Omnicare is the nation’s largest provider of pharmaceuticals and pharmacy consulting services to nursing homes.  Federal regulations designed to protect nursing home residents from unnecessary drugs require nursing homes to retain consulting pharmacists such as those provided by Omnicare to ensure that residents’ drug prescriptions are appropriate.

In its complaint, the United States alleges that Omnicare solicited and received kickbacks from Abbott in exchange for purchasing and recommending the prescription drug Depakote for controlling behavioral disturbances exhibited by dementia patients residing in nursing homes serviced by Omnicare.  According to the complaint, Omnicare’s pharmacists reviewed nursing home patients’ charts at least monthly and made recommendations to physicians on what drugs should be prescribed for those patients.  The government alleges that Omnicare touted its influence over physicians in nursing homes in order to secure kickbacks from pharmaceutical companies such as Abbott.

“Elderly nursing home residents suffering from dementia are among our nation’s most vulnerable patient populations, and they depend on the independent judgment of healthcare professionals for their daily care,” said Acting Assistant Attorney General Joyce R. Branda for the Justice Department’s Civil Division.  “Kickbacks to consulting pharmacists compromise their independence and undermine their role in protecting nursing home residents from the use of unnecessary drugs.”

The United States alleges that Omnicare disguised the kickbacks it received from Abbott in a variety of ways.  Abbott allegedly made payments to Omnicare described as “grants” and “educational funding,” even though their true purpose was to induce Omnicare to recommend Depakote.  For example, according to the complaint, Omnicare solicited substantial contributions from Abbott and other pharmaceutical manufacturers to its “Re*View” program.  Although Omnicare claimed that Re*View was a “health management” and “educational” program, the complaint alleges that it was simply a means by which Omnicare solicited kickbacks from pharmaceutical manufacturers in exchange for increasing the utilization of their drugs on elderly nursing home residents.  In internal documents, Omnicare allegedly referred to Re*View as its “one extra script per patient” program.  The complaint also alleges that Omnicare entered into agreements with Abbott by which Omnicare was entitled to increasing levels of rebates from Abbott based on the number of nursing home residents serviced and the amount of Depakote prescribed per resident.  Finally, the complaint alleges that Abbott funded Omnicare management meetings on Amelia Island, Florida, offered tickets to sporting events to Omnicare management, and made other payments to local Omnicare pharmacies.

“Although the United States Attorney’s Office for the Western District of Virginia is small, we will not waver in our pursuit of the largest corporations, like Omnicare and Abbott, who illegally raid the coffers of Medicaid, Medicare, and other healthcare benefit programs,” said Acting U.S. Attorney Anthony P. Giorno for the Western District of Virginia.

“Kickback allegations place elderly nursing home residents at risk that treatment decisions are influenced by improper financial incentives,” said Special Agent in Charge Nicholas DiGiulio for the Department of Health and Human Services’ Office of Inspector General (HHS-OIG) region including Virginia. “We will continually guard government health programs and taxpayers from companies more intent on their bottom lines than on patient care.”

In May 2012, the United States, numerous individual states, and Abbott entered into a $1.5 billion global civil and criminal resolution that, among other things, resolved Abbott’s civil liability under the False Claims Act for paying kickbacks to nursing home pharmacies.

The United States filed its complaint against Omnicare in two consolidated whistleblower lawsuits filed under the False Claims Act in the Western District of Virginia.  The whistleblower provisions of the False Claims Act authorize private parties to sue for fraud on behalf of the United States and share in any recovery.  The United States is entitled to intervene and take over such lawsuits, as it has done here.

This case illustrates the government’s emphasis on combating health care fraud and marks another achievement for the Health Care Fraud Prevention and Enforcement Action Team (HEAT) initiative, which was announced in May 2009 by the Attorney General and the Secretary of Health and Human Services.  The partnership between the two departments has focused efforts to reduce and prevent Medicare and Medicaid financial fraud through enhanced cooperation.  One of the most powerful tools in this effort is the False Claims Act.  Since January 2009, the Justice Department has recovered a total of more than $23.2 billion through False Claims Act cases, with more than $14.9 billion of that amount recovered in cases involving fraud against federal health care programs.

This investigation was jointly handled by the Civil Division’s Commercial Litigation Branch, the U.S. Attorney’s Office for the Western District of Virginia, HHS-OIG, the Office of the Attorney General for the Commonwealth of Virginia and the National Association of Medicaid Fraud Control Units.

The cases are captioned United States ex rel. Spetter v. Abbott Labs., et al., Case No. 10-cv-00006 (W.D. Va.) and United States ex rel. McCoyd v. Abbott Labs., et al., Case No. 07-cv-00081 (W.D. Va.).  The claims asserted in the government’s complaint are allegations only and there has been no determination of liability.

SEC CHARGES TWO BUSINESSMEN IN CHILE WITH INSIDER TRADING

FROM:  U.S. SECURITIES AND EXCHANGE COMMISSION 

The Securities and Exchange Commission charged two business associates in Chile with insider trading on nonpublic information that one of them learned while serving on the board of directors of a pharmaceutical company.  The agency obtained a court order to freeze assets in the U.S. brokerage accounts used to conduct the trading.

The SEC alleges that Juan Cruz Bilbao Hormaeche exploited highly confidential information from CFR Pharmaceuticals S.A. board meetings at which a tender offer by Abbott Laboratories was discussed.  In a U.S. brokerage account of which he is the beneficiary, Bilbao caused the purchase of millions of dollars’ worth of American Depositary Shares (ADS) of CFR Pharmaceuticals on the basis of nonpublic information about progressing negotiations between the two companies.  Bilbao used Tomás Andrés Hurtado Rourke to place the trades in the brokerage account, and Hurtado also purchased several hundred thousand dollars’ worth of ADS in his own U.S. brokerage account.  After Abbott Laboratories publicly announced a definitive agreement to acquire CFR Pharmaceuticals and commenced the tender offer, Bilbao and Hurtado tendered the ADS they purchased.  They reaped approximately $10.6 million in illicit profits.

“Bilbao abused his position on a company’s board as he stockpiled ADS on the basis of inside information that a major payday was coming soon on those shares,” said Karen L. Martinez, Director of the SEC’s Salt Lake Regional Office.

The SEC’s complaint filed in U.S. District Court for the Southern District of New York alleges that Bilbao violated Section Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3.  The complaint also alleges Hurtado violated Sections 14(e) and 20(e) of the Exchange Act and Rule 14e-3.  The complaint seeks disgorgement of ill-gotten gains plus prejudgment interest and financial penalties in addition to permanent injunctions against further violations of these provisions of the securities laws.  Bilbao allegedly used an offshore entity to engage in the insider trading, and the SEC seeks to repatriate all illegal profits.

The SEC’s investigation was conducted by William B. McKean and the litigation will be led by Daniel J. Wadley of the Salt Lake Regional Office.

DOD VIDEO: IRON KNIGHTS FLY FURTHER USING "FAT COW" TACTIC


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