News
Trend of officials not disclosing personal finances growing, State sues dark money group, +More
Growing number of state officials failing to file personal finance disclosures — Patrick Lohmann, Danielle Prokop, Source New Mexico
A significant and growing number of government officials in New Mexico are failing to submit paperwork disclosing their personal finances, despite a state law that opens them up to removal or lawsuits and a recent partnering of two state agencies that aimed to improve the law’s enforcement.
According to a Source New Mexico review, one or more members of 18 statewide boards and commissions did not submit annual financial disclosure information every year for the last four years. That inaction violated state requirements and prompted referrals for potential fines or lawsuits.
In total, 25 state agencies or boards had top staff or board members who consistently did not file in that four-year period.
Combined, the boards oversee billions in New Mexico taxpayer dollars, manage universities, oversee law enforcement training, and regulate hospitals, museums, gambling and near-space travel, among other important functions.
A spokesperson for the State Ethics Commission said she’s seen no evidence that non-compliant officials or board members are hiding something or deliberately trying not to disclose conflicts of interest.
The increasing lack of transparency occurs as the New Mexico budget has increased 30% over the last four years, a roughly $3 billion increase since 2019 that coincides with new state agencies and boards created to manage it. Increasingly, state lawmakers are investing budget surpluses into investments or endowments overseen by boards and commissions whose members fall under the Financial Disclosure Act.
Each spring since 2021, the New Mexico Secretary of State has submitted lists of hundreds of statewide government leaders and appointees to prominent boards who did not voluntarily comply with the Financial Disclosure Act. The number of individuals on that list has increased over time.
In 2021, the Secretary of State’s Office and the newly created State Ethics Commission joined forces by striking an agreement they hoped would lead to better enforcement of the Financial Disclosure Act.
A 2019 amendment to the law requires legislative candidates and some public officials to publicly file personal financial information about themselves and their spouses, along with real estate holdings and other potential conflicts of interest. Those who fail to file the forms could face disqualification as a candidate or removal from their position, according to the act.
The agreement requires the Secretary of State to send a notice to a board member or public official who did not file their form by a January deadline, and allow for 10 days for a response. If there’s no response, the Secretary of State’s Office sends the Ethics Commission a list of all non-compliant officials, which is then tasked with seeking compliance or even filing a lawsuit against anyone that continues to flout the law.
DISCLOSURE BY THE NUMBERS
Since 2021, the Secretary of State failed to get voluntary compliance from 533 officials, according to records the office provided to Source New Mexico. In that time, the office has submitted four lists each containing between 85 and 176 names.
The four lists contained at least 345 names that appeared 533 times. Of them, 16 officials have failed to file every year for the last four years, and 20 officials failed to file three of the last four years, according to a Source New Mexico review.
On the lists are high-ranking officials at state agencies and boards, plus leaders of lesser-known statewide entities like the Miners Colfax Medical Center, the Intertribal Ceremonial Office in Gallup and the Cumbres and Toltec Scenic Railroad Commission.
‘MAYBE PEOPLE AREN’T TAKING THIS SERIOUSLY’
Jane Kirkpatrick, spokesperson for the State Ethics Commission, said Friday the commission, created in 2019 with nine full-time employees, is too short-staffed to go after everyone on the lists. So it prioritizes its enforcement efforts on state agency leaders and board members who oversee “significant amounts of state funds.”
Kirkpatrick said the commission has successfully brought officials into compliance without the need for a lawsuit, though she said the commission has only gone after a small minority of the hundreds of names it’s received for the last four years.
She did not know offhand the exact number of officials it deemed “targets” for enforcement, but she provided an October 2023 commission news release touting its success obtaining disclosures from unnamed officials at the Office of the State Engineer, the State Board of Finance, the State Investment Council and elsewhere.
Still, the number of officials referred by the Secretary of State has increased since 2021, as has the number of boards and commissions with members in violation.
In mid-April of this year, the office sent over a list that contained 176 names, the highest such total since the new process began four years ago.
The commission estimated in October 2023 that 675 officials and candidates statewide are required to file the disclosure forms, meaning at least a quarter of officials statewide failed to disclose in 2024.
State law requires financial disclosures every January from state agency heads and members of boards whose appointments are contingent on state Senate approval.
Statewide legislative candidates are required to file their forms when they file to run for office, typically in March of an election year.
So far, none of the names on the lists provided by the Secretary of State has belonged to a candidate or elected lawmaker. It is unclear based on a review of the Secretary of State’s website if that’s because they all complied with the law or because they somehow evaded the attention of the Secretary of State in its compliance review.
Kirkpatrick said, in her view, none of the officials the Ethics Commission has pursued for violations seemed to be hiding something or deliberately sought to avoid disclosure.
Instead, those the commission has reached out incorrectly thought they’d filed the disclosure form as required, or they thought they weren’t obligated to file a disclosure.
The Secretary of State’s Campaign Finance Information System (CFIS), the online portal where candidates and officials file, can be wonky or hard for filers, she said.
“CFIS has some issues, where people think they’re filing, and it’s not going through,” she said. “We’re calling these people up to get in compliance, and they completely think that they’re compliant.”
Kirkpatrick also said the commission regularly encounters officials who don’t seem to take the Financial Disclosure Act seriously, treating more as a “paperwork process” than a meaningful effort to provide the public with relevant information about the people who run the government.
“Maybe people aren’t taking this seriously, because we haven’t made them take it seriously, or we haven’t done something more stringent,” she said.
The commission has endorsed two similar bills in the 2022 and 2023 legislative session that would beef up the requirements for filers, to include additional requirements like disclosure of assets, stock holdings, outstanding debt and gifts received. It would also create criminal penalties and hefty fines.
Both bills failed.
In January of 2023, the city of Albuquerque adopted its own version of the Financial Disclosure Act, drawing heavily from the failed legislation, according to the Albuquerque Journal.
In many ways, Albuquerque adopting those principles made it a “a model in the area of financial disclosure law,” Jeremy Farris, the executive director of the state Ethics Commission, told city councilors at the time.
The current state law, while somewhat easy to ignore, is also ambiguous in some respects.
For example, candidates for district attorney are not required to file disclosures, even though their incumbent opponents are required. Also, it’s not clear who enforces disclosure rules when it comes to some state boards and commissions, including the Water Quality Control Commission, when they have additional requirements to disclose under the law.
“A lot of people are realizing that some of our statutes are not as clear as we would like them to be,” Kirkpatrick said. “And they’re not as stringent as they could be.”
State Ethics Commission sues Apodaca’s dark money operation — Marjorie Childress, New Mexico In Depth
This story was originally published by New Mexico In Depth
The State Ethics Commission on Friday sued a dark money group and its president, Jeff Apodaca, to force disclosure of the sources behind the money paying for political advertising in support of legislative candidates running in the June 4 primary election.
The New Mexico Project registered as a domestic nonprofit corporation in New Mexico last fall, and has since spent thousands of dollars on political advertising. But the group hasn’t identified its donors.
In its 49-page complaint to the state’s Second Judicial District in Bernalillo County, the commission wrote that it is bringing the action to “stop Defendants’ ongoing efforts to frustrate the public’s right to know,” citing 2019 reforms to the state’s Campaign Reporting Act that attempt to eliminate “dark money.”
Those changes specifically targeted “independent expenditures” for disclosure – money that groups spend on political advertising without input from candidates.
To make its case, the commission draws heavily upon Apodaca’s own words made through numerous media outlets, including the KKOB radio shows of Bob Clark and T.J. Trout, and a column by Apodaca published in The Santa Fe New Mexican.
It noted that Apodaca used the term “independent expenditure” to describe the group’s spending, on Clark’s May 1 radio show: “We’re an educational independent expenditure. So we’re going in and educating the voters on what we need to do to get out and vote and vote for the right candidates.”
Citing Apodaca’s statements on that same show that his group can raise as much as it wants without having to disclose donors, the commission disagreed: “TNMP is mistaken; the Campaign Reporting Act requires TNMP to give New Mexicans basic information about the sources of the money TNMP is using to influence their votes.”
The complaint points to $10,000 paid to Cumulus Media for radio ads, noting that the memo line on the image of the check filed with the Federal Communications Commission by the radio stations states “Radio Ad – Primary.” The complaint also describes 33 Facebook ads placed by the group to support candidates.
The commission asks that the court order the group to register as a political committee, which under state law must disclose donors, or alternatively, that either the group or Apodaca be ordered to simply report the sources of the money spent on the political advertising.
New Mexico In Depth attempted through phone and email to reach Apodaca two weeks ago to ask why he had not disclosed the New Mexico Project’s donors. On Friday afternoon, it emailed and used social media to ask if he would disclose those donors now that the State Ethics Commission has sued him and the group. As of Friday afternoon, he had not responded to New Mexico In Depth.
Two wildfires grow in Northern and Southern New Mexico— Santa Fe New Mexican, Source New Mexico
A wildfire sparked by lightning in northern New Mexico grew to over 4,200 acres Sunday thanks to heavy winds.
The Santa Fe New Mexican reports the Indios Fire in the Chama River Canyon Wilderness began on May 19 and remains uncontained. The Santa Fe National Forest has issued an emergency area closure in some areas due to the Indios Fire. And another fire in southern New Mexico has grown to 6,800 acres.
The Blue 2 Fire is north of Ruidoso and is also uncontained. The Forest Service said in a statement there are over 500 personnel working the fire. Aircraft are dropping water and fire retardant and firefighters have been placing sprinklers and hoses around houses.
Source New Mexico’s Patrick Lohmann reports the fires are burning in remote areas, and firefighters said they intend to monitor the Indios Fire but allow it to burn up a predetermined area, to “play its natural role in this fire-dependent ecosystem,” according to NMFireInfo.com.
The next few days are slated to be warmer and drier although there could be a chance for rain in the area of the Indios Fire.
A new service directory aims to help autistic and neurodivergent people finds businesses that fit them — Albuquerque Journal
An online database has launched a directory that aims to help people who are neurodivergent or autistic find local businesses that tailor to their needs.
The Albuquerque Journal reports, this program is part of the Autistic Self-Advocacy Project, or ASAP, that was created by Dr. Rebecca Evanko.
Evanko herself is autistic. She is the co-founder and executive director of Wilderwood, which promotes autistic led programs and research across the state.
She said, one business had concerns for the additional insurance needs to have autistic people on the premises. Evanko explained autistic people are not a liability, but the business still declined to join the directory.
Evanko welcomes any businesses to reach out to Wilderwood if they want to learn more about what they can do to create a friendly environment for people with autism.
RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
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Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
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Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
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Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
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Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
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Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
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a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
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a. Position/status |
Director |
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b. Initial Notification/Amendment |
Initial notification |
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a name |
Volta Finance Limited |
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b. LAW |
2138004N6QDNAZ2V3W80 |
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a. Description of the financial instrument, type of instrument |
Ordinary actions |
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b. Identification code |
GG00B1GHHH78 |
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c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
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d. Price(s) |
€5.2 per share |
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e. Volume(s) |
Total: 3380 |
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f. Transaction date |
August 1, 2024 |
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g. Location of transaction |
At the Market – London |
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The) |
B) |
w) |
It is) |
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Aggregate Volume: Price: |
Aggregate Volume: Price: |
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CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
*****
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
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This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
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This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
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This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
*****
Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
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The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
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