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Surface Transportation Board Issues Decision Involving Student Transportation of America, Tremblay's Bus
WASHINGTON, May 16 -- The U.S. Department of Transportation Surface Transportation Board issued the following decision (Docket No. MCF 21147) entitled "Student Transportation of America, Inc. et al. - Acquisition of Control - Tremblay's Bus Co., LLC, et al.":
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ACTION: Notice Tentatively Approving and Authorizing Finance Transaction.
SUMMARY: On April 15, 2026, Student Transportation of America, Inc. (STA), a noncarrier, and its parent entities (collectively, Applicants) filed an application under 49 U.S.C. 14303 seeking authority for STA to acquire all voting securities of Tremblay's Bus
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WASHINGTON, May 16 -- The U.S. Department of Transportation Surface Transportation Board issued the following decision (Docket No. MCF 21147) entitled "Student Transportation of America, Inc. et al. - Acquisition of Control - Tremblay's Bus Co., LLC, et al.":
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ACTION: Notice Tentatively Approving and Authorizing Finance Transaction.
SUMMARY: On April 15, 2026, Student Transportation of America, Inc. (STA), a noncarrier, and its parent entities (collectively, Applicants) filed an application under 49 U.S.C. 14303 seeking authority for STA to acquire all voting securities of Tremblay's BusCo., LLC (Tremblay's Bus). The Board is tentatively approving and authorizing the proposed acquisition of control. If no opposing comments are timely filed, this notice will be the final Board action.
DATES: Comments must be filed by June 29, 2026. If any comments are filed, Applicants may file a reply by July 14, 2026. If no opposing comments are filed by June 29, 2026, this notice shall be effective on June 30, 2026.
ADDRESSES: Comments, referring to Docket No. MCF 21147, may be filed with the Board either via e-filing on the Board's website or in writing addressed to: Surface Transportation Board, 395 E Street, S.W., Washington, DC 20423-0001. In addition, send one copy of comments to Applicants' representative: Mark J. Andrews, Clark Hill PLC, 1001 Pennsylvania Avenue, N.W., Suite 1300 South, Washington, DC 20004.
FOR FURTHER INFORMATION CONTACT: Jonathon Binet at (202) 915-4348. If you require accommodation under the Americans with Disabilities Act, please call (202) 245-0245.
SUPPLEMENTARY INFORMATION: The application states that STA, a noncarrier Delaware corporation based in Wall, N.J., controls multiple passenger motor carriers that hold operating authorities issued by the Federal Motor Carrier Safety Administration (FMCSA). (Appl. 2-3, Ex. A at 1.) STA is a subsidiary of Student Transportation of America Holdings, Inc. (STA Holdings), a Delaware corporation, which in turn is a subsidiary of Spinner Intermediate Holdings Inc. (Spinner Holdings), another Delaware corporation. (Id., Ex. A at 1.) Spinner Holdings is a subsidiary of Spinner US Acquireco, Inc. (Spinner), also a Delaware corporation. (Id.) The majority owner of Spinner is CDP Groupe Infrastructures, Inc., a noncarrier pension fund organized and existing in the Canadian province of Quebec. (Id. at 3, Ex. A at 1 and n.8.)
According to the application, STA controls 55 passenger transportation subsidiaries operating in the United States, nine of which hold FMCSA operating authority, as well as 12 passenger transportation subsidiaries operating in Canada./1 (Id. at 3, 5.) The application states that the carriers under STA's control primarily provide school bus transportation under contracts with local schools, and the Applicants assert that this service is exempt from FMCSA regulation./2 (Id. at 2.) According to the Applicants, STA and its affiliates currently have approximately 23,000 employees, utilize approximately 22,000 vehicles, and transport an estimated 1,250,000 students per day based on a 180-day school year. (Id. at 5.) Applicants state that exempt school transportation accounts for 97% of STA's annual revenues,/3 with the remainder derived from utilizing school buses, and occasionally motor coaches, for charter and special operations that do not involve transporting students to and from schools. (Id. at 2, 5.)
Applicants seek Board approval to acquire control of Tremblay's Bus and its non-real estate affiliates. (Id. at 3-4.) The application states that Tremblay's Bus is a passenger motor carrier based in New Bedford, Mass., that holds FMCSA operating authority as well as intrastate operating authority in Massachusetts. (Id.) Additional information about Tremblay's Bus, including its Massachusetts certificate number, USDOT number, FMCSA docket number, and safety rating, is also available in the application. (Id.) According to the application, none of the Tremblay's Bus affiliates hold FMCSA authority. (Id. at 4.) Applicants state that Tremblay's Bus currently has approximately 430 drivers, utilizes approximately 350 school buses, and transports approximately 9,500 students per day during school years and approximately 1,250 students per day during summer periods. (Id. at 5.) Applicants further state that Tremblay's Bus primarily provides school bus transportation under contracts with local schools but also uses its buses for charter and special operations when they are not being used to transport students to and from schools. (Id. at 2.) The application explains that over 99% of Tremblay's Bus's $35.9 million in annual revenues come from transporting students for public school districts in New Bedford, Fall River, and Dartmouth, Mass., with the remainder derived from charter and special operations in the same areas. (Id. at 5.) Applicants further state that there is no overlap between the school districts in Massachusetts served by Tremblay's Bus and the school districts served by the STA affiliates' school bus operations. (Id. at 6.)
In the proposed transaction, STA will acquire control of all voting securities of Tremblay's Bus pursuant to an agreement executed on April 13, 2026. (Id. at 2, 4.) Upon closing the transaction, Tremblay's Bus will become a direct subsidiary of STA and an affiliate of the FMCSA-registered passenger carriers currently owned by STA. (Id. at 6.) STA and Tremblay's Bus expect to close the proposed acquisition by the end of the second quarter of 2026, subject to approval by the Board. (Id. at 4.)
Under 49 U.S.C. 14303(b), the Board must approve and authorize a transaction that it finds consistent with the public interest, taking into consideration at least (1) the effect of the proposed transaction on the adequacy of transportation to the public, (2) the total fixed charges resulting from the proposed transaction, and (3) the interest of affected carrier employees. Applicants have submitted the information required by 49 CFR 1182.2, including information demonstrating that the proposed transaction is consistent with the public interest under 49 U.S.C. 14303(b), see 49 CFR 1182.2(a)(7), and a jurisdictional statement under 49 U.S.C. 14303(g) that the aggregate gross operating revenues of the involved carriers exceeded $2 million during a consecutive 12-month period ending not more than 6 months before the date of the agreement of the parties, see 49 CFR 1182.2(a)(5). (Appl. 3-9.)
Applicants state that the contract-based nature of their business provides incentive for STA's operating subsidiaries and Tremblay's Bus to maintain and improve existing services in order to improve their chances of success when new opportunities arise and when existing contracts are re-competed. (Id. at 7-8.) According to the Applicants, contract renewals in the school transportation sector often involve highly visible and intense negotiation processes between multiple bidders, governmental bodies, unions, political activists and other interested parties. (Id. at 7.) Applicants further state that the local governments, school districts, and schools that outsource their transportation services can always go back to providing bus transportation "in-house." (Id.) Applicants claim that these persistent competitive pressures will provide incentive for STA and Tremblay's Bus to maintain high service levels after the transaction is completed. (Id.)
With respect to fixed charges, Applicants state that there are no current plans to finance the proposed acquisition in a manner that would affect fixed charges payable by STA or its affiliates. (Id.) Applicants further state that funding for the transaction "will be drawn from STA's current credit facility, and Tremblay's Bus (like other STA subsidiaries) will become a co-obligor under that facility." (Id.)
The Applicants state that it is highly unlikely that any Tremblay's Bus employees would be adversely affected to any significant degree by the proposed transaction. (Id. at 8.) The application emphasizes the contractual obligations that will remain in place after the transaction is completed, and the competitive incentives to maintain and improve existing services. Applicants further state that there is a "longstanding shortage of qualified drivers and maintenance personnel," and assert that STA continues to actively recruit additional employees. (Id.) Thus, according to the Applicants, STA and Tremblay's Bus have no intention of significantly reducing employment levels involving drivers, dispatchers, or vehicle maintenance personnel as a result of the acquisition. (Id.)
Based on their representations, the Board finds that Applicants' acquisition of control of Tremblay's Bus is consistent with the public interest. The application will be tentatively approved and authorized. If any opposing comments are timely filed, these findings will be deemed vacated, and, unless a final decision can be made on the record as developed, a procedural schedule will be adopted to reconsider the application. See 49 CFR 1182.6. If no opposing comments are filed by the expiration of the comment period, this notice will take effect automatically and will be the final Board action in this proceeding.
This action is categorically excluded from environmental review under 49 CFR 1105.6(c).
Board decisions and notices are available at www.stb.gov.
It is ordered:
1. The transaction is approved and authorized, subject to the filing of opposing comments.
2. If opposing comments are timely filed, the findings made in this notice will be deemed vacated.
3. This notice will be effective on June 30, 2026, unless opposing comments are filed by June 29, 2026. If any comments are filed, Applicants may file a reply by July 14, 2026.
4. A copy of this notice will be served on: (1) the U.S. Department of Transportation, Federal Motor Carrier Safety Administration, 1200 New Jersey Avenue, S.E., Washington, DC 20590; (2) the U.S. Department of Justice, Antitrust Division, 10th Street & Pennsylvania Avenue, N.W., Washington, DC 20530; and (3) the U.S. Department of Transportation, Office of the General Counsel, 1200 New Jersey Avenue, S.E., Washington, DC 20590.
Decided: May 11, 2026.
By the Board, Board Members Fuchs, Hedlund, and Schultz.
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Footnotes:
1/ Additional information about the U.S. carriers controlled by STA, including U.S. Department of Transportation (USDOT) numbers and motor carrier numbers, can be found in Exhibit C of the application.
2/ See 49 U.S.C. 13506(a)(1) (exempting from both USDOT and Board jurisdiction "a motor vehicle transporting only school children and teachers to or from school").
3/ The application states that STA earns annual revenues of approximately $1.03 billion USD in the United States and approximately $380 million USD in Canada.
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Original text here: https://dcms-external.s3.amazonaws.com/DCMS_External_PROD/1778855502245/53013.pdf
StellarXplorer Team's Top 3 Finish Completes Successful Civil Air Patrol Space/Cyber Season
MAXWELL AFB, Alabama, May 16 -- The U.S. Air Force Auxiliary Civil Air Patrol issued the following news on May 15, 2026:
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StellarXplorer Team's Top 3 Finish Completes Successful Civil Air Patrol Space/Cyber Season
A cadet team from Colorado Springs made the awards podium at the StellarXplorers national finals, officially ending CAP's 2025-2026 space and cyber season.
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The Colorado Springs Cadet Squadron StellarXplorers team took third place April 24 at the finals of the 2025-2026 National Space Design Competition in Denver.
The cadets' Top 3 performance put an exclamation point on Civil
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MAXWELL AFB, Alabama, May 16 -- The U.S. Air Force Auxiliary Civil Air Patrol issued the following news on May 15, 2026:
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StellarXplorer Team's Top 3 Finish Completes Successful Civil Air Patrol Space/Cyber Season
A cadet team from Colorado Springs made the awards podium at the StellarXplorers national finals, officially ending CAP's 2025-2026 space and cyber season.
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The Colorado Springs Cadet Squadron StellarXplorers team took third place April 24 at the finals of the 2025-2026 National Space Design Competition in Denver.
The cadets' Top 3 performance put an exclamation point on CivilAir Patrol (CAP) participation in StellarXplorers and CyberPatriot -- the Air & Space Forces Association's space and cyber STEM competitions.
About 550 CAP teams signed up for the competitions, which officially ended in Denver. One of 10 teams competing for top honors in StellarXplorers, the Colorado Springs team was joined by CAP's Capt. "Bud" Jackson Composite Squadron team from Edison, New Jersey.
Teams from the Air Force Junior ROTC and public and charter high schools rounded out the field.
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"Our teams exemplified our core value of excellence at StellarXplorers. I was honored to spend time with these inspiring young leaders and grateful for how they represented CAP -- with pride and professionalism."
- Maj. Gen. Regena Aye, CAP's national commander and CEO
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Aye, who was on hand for the competition, added, "The Colorado Springs team, which finished third, remained calm under pressure, executed with focus, and demonstrated outstanding teamwork. The New Jersey team showed equally inspiring character, demonstrating tremendous sportsmanship and delivering a strong performance in their first year of national-level competition."
A Space-Focused STEM Program
StellarXplorers is a national space-focused STEM program created by the Air and Space Forces Association to inspire and motivate tech savvy K-12 students to pursue careers in aerospace, aviation, and engineering.
It is best known for its National Space Design Competition, where student teams solve real-world space system design challenges -- such as orbit determination and satellite component selection -- using professional-grade Systems Tool Kit (STK) simulation software.
Nearly 400 teams participated in StellarXplorers this season, with the finalists battling through four intense online rounds to secure their place in Denver.
Maj. Bill Blatchley, the Colorado Springs team's director/coach, said the 10 teams in the finals were given eight hours to complete the mission scenario on the final day of competition.
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"This involved establishing an orbit of a communication satellite that would be able to receive data from a satellite at Lagrange Point 1. This satellite would then need to communicate radiation sensor data to a moon base near the South Pole on the moon and download imagery to an Earth station."
- Maj. Bill Blatchley, the team's director/coach
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Blatchley said each team also had to select components for the mission satellite, including the sensors, radio transmitters, solar panels, batteries, and processors to fulfill mission requirements.
"An important part of the scenario was to select a launch vehicle and launch location for the system and provide enough fuel to meet a 12-year mission life," he said.
Finally, the team had to brief a panel of industry and military professionals on their solution methodology.
Meet the Members of the 'Wolfpack'
Members of the Colorado Springs team, nicknamed the "Wolfpack," were:
* Cadet Lt. Col. Hally Hallare (team captain)
* Cadet Chief Master Sgt. Parth Nayak
* Cadet Senior Master Sgt. Aiden Morris
* Cadet Airman Ian Riach
Maj. Donna Fay, 1st Lt Jared Tesone, and adult member Dalton Williams served as the team's assistant coaches.
Members of the top three teams in the finals were awarded a cash prize to pursue their future STEM education and career goals.
Hallare, the team captain, plans to pursue a degree in astronautical engineering, ideally at the U.S. Air Force Academy or the U.S. Naval Academy.
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"My experience in Civil Air Patrol has played a significant role in shaping that goal. It has helped me develop discipline, teamwork, and leadership skills, and taught me how to apply them in technical environments like StellarXplorers."
- Cadet Lt. Col. Hally Hallare, the team captain
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Experience, Teamwork Led to Success
Previous experience in the competition helped the team's performance this season, Hallare said. "We overcame a number of challenges, especially adjusting from a two-person team last year to a four-person roster this year. That transition had differences in working styles, but we learned how to adapt and come together to tackle complex scenarios effectively."
Teamwork was a factor in the team's success, she said.
"We delegated tasks efficiently and quickly identified each team member's strengths. We also applied communication and collaboration skills emphasized in CAP. In highly technical scenarios where every second counts, clearly defined roles and strong team dynamics are needed to make the most of the time available."
Members of the New Jersey CAP team, "Team Challenger," were:
* Cadet Maj. Darsh Shah (team captain)
* Cadet 2nd Lt. Lohitaksh Arige (vice-captain)
* Cadet Capt. Param Gor
* Cadet Chief Master Sgt. Mahesh Ramani
* Cadet Master Sgt. Sai Prateek Thotapalli
* Cadet Staff Sgt. Aarya Samadhiya
Adult CAP members working with the team included 1st Lt. Bhavin Shah (director/coach) and 2nd Lt. Trishia Soni.
Wrapping Up the Cyber Season
Blatchley also serves as the National Headquarters Cyber Mission Team deputy for education and awareness and says his team's Top 3 finish in StellarXplorers was a fitting conclusion to CAP's 2025-2026 space and cyber seasons.
In March, a cadet team from the Virginia Wing's Burke Composite Squadron made it to the CyberPatriot 18 awards podium -- placing second in the All Service Division's Cisco Networking Challenge and third overall in the All Service Division during the championship round.
CyberPatriot is the National Youth Cyber Education Program and, like StellarXplorers, was created by the Air & Space Forces Association to inspire K-12 students toward STEM careers.
The Virginia team, "Cyber Monkeys," was accompanied by "Team Iridium" from the California Wing's Fullerton Composite Squadron, which also participated in the championship round. Both teams were semifinals award winners in CyberPatriot 18, and both teams previously represented CAP in the national finals.
Opportunities Abound in CAP
Blatchley reported CAP had 78 teams registered in StellarXplorers for 2025-2026, which was a 30% increase from last season. Fifty-six of those teams competed in at least one qualification round and 46 participated in all three qualification rounds, he said.
There were 477 CAP teams registered for the CyberPatriot 18 season, which was "in line with the previous season," Blatchley said. Of those registered teams, he pointed out that 296 participated in at least one round.
Civil Air Patrol has a robust cyber program, which prepares its cadet teams for their next season's competition through several national cadet special activities and a series of CyberCamps each summer. The program helps steer CAP youth toward STEM careers that will aid in maintaining national security for the future.
Information on CAP's cyber programs can be found here. Squadrons can also register to host a CyberCamp this summer during the weeks of July 6 and July 20, which will give them a preview for the 2026-2027 competition. More information on CAP cyber education is available here.
Hallare, the captain for the Colorado Springs team, said she was "incredibly grateful" for mentors like Blatchley, and for the CAP support her team had throughout the StellarXplorers season.
"I'm excited for the opportunity to compete again next year," she said.
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Original text here: https://www.cap.news/p/stellarxplorer-team-s-top-3-finish-completes-successful-civil-air-patrol-space-cyber-season
Smithsonian Starstruck Makes Its World Premiere in Washington, D.C., Launching an Immersive Journey to the Cosmos
WASHINGTON, May 16 -- The Smithsonian Institution issued the following news release:
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Smithsonian Starstruck Makes Its World Premiere in Washington, D.C., Launching an Immersive Journey to the Cosmos
Built from Real Astronomical Data, This Fully Immersive Experience Brings Stars, Galaxies and Black Holes Within Reach
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Friday, June 12, Washington, D.C., becomes a gateway to the cosmos with the world premiere of Smithsonian Starstruck: An Immersive Experience, opening at 926 F St NW in Penn Quarter. This free-roam, interactive journey invites visitors to witness the birth and death of
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WASHINGTON, May 16 -- The Smithsonian Institution issued the following news release:
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Smithsonian Starstruck Makes Its World Premiere in Washington, D.C., Launching an Immersive Journey to the Cosmos
Built from Real Astronomical Data, This Fully Immersive Experience Brings Stars, Galaxies and Black Holes Within Reach
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Friday, June 12, Washington, D.C., becomes a gateway to the cosmos with the world premiere of Smithsonian Starstruck: An Immersive Experience, opening at 926 F St NW in Penn Quarter. This free-roam, interactive journey invites visitors to witness the birth and death ofstars, explore distant galaxies and come face-to-face with a black hole, all without leaving Earth.
Sign up for the waitlist now on Fever's website (https://feverup.com/m/598071).
Developed in collaboration with Fever and using real astronomical data from the Smithsonian Astrophysical Observatory (SAO), Starstruck translates decades of research into a fully immersive, interactive and walkable universe.
Throughout the journey, guests travel alongside some of world's most powerful observatories, including the Hubble Space Telescope, the James Webb Space Telescope and the Chandra X-ray Observatory, venturing far beyond Earth and deep into the cosmos. Along the way, they encounter extreme exoplanets, witness the life cycle of stars and explore the immense scale of galaxies and black holes, gaining a deeper understanding of humanity's place in the universe.
"Smithsonian Starstruck reflects years of thoughtful collaboration across the Smithsonian," said Denise Elliott, acting president of Smithsonian Enterprises. "By working closely with SAO and Fever, we're extending Smithsonian science and storytelling into an immersive format that reaches new audiences while supporting our mission."
Experience Highlights
Smithsonian Starstruck: An Immersive Experience begins atop SAO's Whipple Observatory in southern Arizona, where a cosmic guide, Astro, awaits. From this summit, the journey launches into deep space aboard the telescopes, revealing the vastness and wonder of the universe like never before.
During the 40-minute experience, visitors will drift through a breathtaking 3D expanse, gliding past thousands of galaxies, racing through the Milky Way and soaring close to the sun to witness its immense energy. Along the way, they will encounter extreme exoplanet worlds, a dying star and the edge of a supermassive black hole.
"This project demonstrates how immersive experiences can make complex scientific ideas more tangible and engaging," said Randall Smith, associate director for science at the Center for Astrophysics at SAO. "It's exciting to see astronomical data translated into an experience that encourages curiosity and exploration."
Celebrating Innovation & Human Accomplishment
Smithsonian Starstruck: An Immersive Experience honors centuries of scientific curiosity and innovation, demonstrating how exploration continues to expand our understanding of the universe.
From the Big Bang to the Milky Way to the solar system, the experience places visitors within the story of discovery itself, illustrating that humans are not just observers of the cosmos, but part of it.
Developed in close collaboration with the Smithsonian Office of Visitor Accessibility, Starstruck incorporates accessibility features such as captions, visual descriptions, wheelchair-optimized viewing, assistive listening devices, complimentary companion access and monthly low-sensory days. Trained staff and fully accessible venues help ensure a welcoming experience for all. This experience is recommended for ages 10 and up.
About Smithsonian Starstruck: An Immersive Experience
Smithsonian Starstruck: An Immersive Experience is a 3D interactive, virtual reality experience that begins at Earth's observatories and launches visitors into the universe--aboard the world's most powerful space telescopes. Developed in close collaboration with SAO, Starstruck translates real astronomical data from SAO, NASA and the European Space Agency into a breathtaking journey through space.
Blending cutting-edge immersive technology with rigorous science and powerful storytelling, Starstruck brings the birth and death of stars, and the vast depths of the cosmos, to life in an entirely new way for audiences craving smart entertainment.
Starstruck brings Smithsonian science and storytelling into an immersive, transportive format, extending the Institution's longstanding mission of sharing knowledge far beyond its physical museums. It reinforces the Smithsonian's commitment to being a welcoming source of knowledge and discovery for all, inviting audiences not just to learn, but to explore and imagine.
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About the Smithsonian
Since its founding in 1846, the Smithsonian Institution has been committed to inspiring generations through knowledge and discovery. It is the world's largest museum, education and research complex, consisting of 21 museums, the National Zoological Park, education centers, research facilities, cultural centers, libraries and gardens. Two of the 21 museums--the National Museum of the American Latino and the Smithsonian American Women's History Museum--are in the early planning stages. The total number of objects, works of art and specimens at the Smithsonian is about 157 million.
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About the Smithsonian Astrophysical Observatory
The Smithsonian Astrophysical Observatory is a research center of the Smithsonian Institution and part of the Center for Astrophysics, the largest astrophysics research center in the world. The Observatory has been a pioneer in space exploration and discovery since its founding in 1890. Today, in addition to performing groundbreaking astronomical research, SAO operates multiple satellites, including NASA's Chandra X-ray Observatory, and runs the Minor Planet Center that tracks all known asteroids in the solar system.
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About Smithsonian Enterprises
Smithsonian Enterprises oversees the commercial activities of the Smithsonian Institution with five primary business divisions: media, retail, licensing, eCommerce and travel. The mission of SE is to engage in successful and profitable revenue generating business activities that support and extend the Smithsonian's mission, values and reputation.
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About Virtual Worlds
Virtual Worlds is a creative studio specializing in high-quality, free-roam immersive experiences that transport audiences inside history's most remarkable stories. By combining cinematic artistry with cutting-edge technology, the studio brings history, culture and imagination to life with unparalleled depth, scale and immersion.
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About Fever
Fever is the world's leading tech platform for discovering culture and live entertainment, inspiring over 300 million people last year to discover the best experiences in over 40 countries. With a mission to increase access to culture and entertainment in real life, Fever inspires users to enjoy unique experiences and events--from immersive exhibitions and sports to interactive theatrical performances, concerts and festivals--while empowering its partners with data and technology to develop and expand new experiences worldwide.
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Original text here: https://www.si.edu/newsdesk/releases/smithsonian-starstruck-makes-its-world-premiere-washington-dc-launching-immersive
SEC Obtains Final Judgment as to New Jersey Man for Alleged Investor Fraud and Misappropriation
WASHINGTON, May 16 -- The Securities and Exchange Commission issued the following litigation release (No. 1-21-cv-12880; D.N.J. filed June 23, 2021) involving a New Jersey man for alleged investor fraud and misappropriation:
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On May 8, 2026, the United States District Court for the District of New Jersey entered a final judgment as to Joseph Geromini of Somers Point, New Jersey, in the SEC's civil enforcement action against him.
The SEC's complaint alleged that between August 2018 and May 2019, Geromini, who at the time was the Chief Operating Officer of an early-stage medical devices company
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WASHINGTON, May 16 -- The Securities and Exchange Commission issued the following litigation release (No. 1-21-cv-12880; D.N.J. filed June 23, 2021) involving a New Jersey man for alleged investor fraud and misappropriation:
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On May 8, 2026, the United States District Court for the District of New Jersey entered a final judgment as to Joseph Geromini of Somers Point, New Jersey, in the SEC's civil enforcement action against him.
The SEC's complaint alleged that between August 2018 and May 2019, Geromini, who at the time was the Chief Operating Officer of an early-stage medical devices companybased in Philadelphia, Pennsylvania, lied to and stole more than $200,000 from investors and used the funds for personal expenses. According to the complaint, Geromini disseminated false and misleading offering documents and financial models to investors that failed to account for his ongoing theft of investor proceeds. In addition, Geromini allegedly made materially false and misleading statements to investors about the company's cash burn rate and use of proceeds.
Previously, without admitting or denying the allegations in the SEC's complaint, Geromini consented to a judgment, entered by the Court on July 1, 2021, which permanently enjoined him from violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and prohibited him from acting as an officer or director of a publicly-traded company. The final judgment includes the previously-ordered injunctive relief and orders Geromini liable for disgorgement of $98,083, payment of which is deemed satisfied by the order of restitution entered against him in the parallel criminal case, United States v. Geromini, No. 1:21-cr-0048 (D.N.J.).
Geromini pled guilty in the parallel criminal case, and, on June 10, 2025, was sentenced to six months in prison, six months of home confinement and 3 years of supervised release and ordered to pay $98,083 in restitution.
The SEC's litigation in this matter has concluded. The SEC's investigation was conducted by Brian R. Higgins and Oreste P. McClung and was supervised by Brendan McGlynn, Scott A. Thompson in the SEC's Philadelphia Regional Office. The litigation was led by Kara F. Sweet and supervised by Gregory R. Bockin.
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Resources
* Final Judgment (https://www.sec.gov/files/litigation/litreleases/2026/judg26555.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26555
FCC Investigating Potential Fraud in E-Rate Program in Minnesota
WASHINGTON, May 16 -- The Federal Communications Commission issued the following news release on May 15, 2026:
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FCC Investigating Potential Fraud in E-Rate Program in Minnesota
Letters of Inquiry Mark First Step in Exploring Potential Wrongdoing
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Today, FCC Chairman Brendan Carr announced that the Commission has sent three Letters of Inquiry to Minnesota educational institutions to investigate potential misuse of federal funds disbursed through the E-Rate program. This marks the latest effort by the Commission to combat fraud, waste, and abuse in Universal Service Fund (USF) programs.
The
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WASHINGTON, May 16 -- The Federal Communications Commission issued the following news release on May 15, 2026:
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FCC Investigating Potential Fraud in E-Rate Program in Minnesota
Letters of Inquiry Mark First Step in Exploring Potential Wrongdoing
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Today, FCC Chairman Brendan Carr announced that the Commission has sent three Letters of Inquiry to Minnesota educational institutions to investigate potential misuse of federal funds disbursed through the E-Rate program. This marks the latest effort by the Commission to combat fraud, waste, and abuse in Universal Service Fund (USF) programs.
TheUSF's E-Rate program helps schools and libraries obtain affordable telecommunications and information services so students, teachers, and library patrons can take advantage of online opportunities. The program has provided support to over 132,000 schools and libraries across the country by funding discounts on Internet access and Wi-Fi services.
Chairman Carr issued the following statement:
"The FCC is committed to stopping bad actors from defrauding our USF programs, including those who target our E-Rate program as a way to line their own pockets. When billions of dollars are at stake, we need to ensure that the Commission's programs are working efficiently and effectively. By requesting critical program information from Minnesota educational institutions suspected of wrongdoing within this program, we're taking that initial and critical step towards being well-informed, good stewards of federal dollars to ensure program funds are being used for their intended purposes."
Additional Background Information:
Chairman Carr continues to conduct a top-to-bottom review of all USF programs to ensure taxpayer dollars are protected. In April 2026, Chairman Carr announced the suspension of seven individuals involved in a multimillion-dollar fraud scheme targeting the E-Rate program. As part of the FCC's efforts to combat fraud, waste, and abuse in Universal Service Fund programs, the FCC recently voted on updates to its suspension and debarment rules that enable the agency to take quicker and more comprehensive action against wrongdoers.
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Original text here: https://docs.fcc.gov/public/attachments/DOC-421768A1.pdf
FCC Approves National Exchange Carrier Association 2026 Modification of Average Schedules
WASHINGTON, May 16 -- The Federal Communications Commission has approved the updated formulas for average-schedule interstate settlement disbursements proposed by the National Exchange Carrier Association Inc., Morristown, New Jersey. Released on May 15, 2026, the order (WC Docket No. 25-339) authorizes the revised formulas for a one-year period running from July 1, 2026, through June 30, 2027.
NECA administers interstate access tariffs for rate-of-return incumbent local exchange carriers participating in its access charge tariff pools. Average-schedule companies receive compensation based on
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WASHINGTON, May 16 -- The Federal Communications Commission has approved the updated formulas for average-schedule interstate settlement disbursements proposed by the National Exchange Carrier Association Inc., Morristown, New Jersey. Released on May 15, 2026, the order (WC Docket No. 25-339) authorizes the revised formulas for a one-year period running from July 1, 2026, through June 30, 2027.
NECA administers interstate access tariffs for rate-of-return incumbent local exchange carriers participating in its access charge tariff pools. Average-schedule companies receive compensation based onthese formulas rather than individual cost studies. The formulas simulate the disbursements a representative cost company would receive.
The Wireline Competition Bureau, in coordination with the Office of Economics and Analytics, reviewed the submission filed on December 23, 2025. Following a public notice issued in January 2026, no comments were filed. The bureau found the proposed modifications reasonable and expected them to accurately simulate representative cost disbursements.
The updated formulas utilize data from a five-year sample design spanning 2024 to 2028, incorporating information from the 2024 study year alongside data from 2023. NECA did not include any adjustment for forgiven Paycheck Protection Program loans, which had affected prior disbursements.
At constant demand, NECA projects the formula updates will cause a 2.32% overall increase in average-schedule settlements across the 244 participating study areas. However, factoring in actual projected demand shifts--such as access line losses and lower special access demand alongside growth in consumer broadband-only loops (CBOL)--actual settlements are expected to rise by an average of 4.1%. NECA indicated that projected increases in CBOL demand serve as the primary driver for this upward shift.
Changes vary by category. At constant demand, common line access line settlements are projected to rise by 2.05%, driven by account growth and declining demand. CBOL formula settlements are expected to increase by 4.72%. Special access digital subscriber line (DSL) formulas show a projected 3.34% increase, while special access non-DSL formulas are expected to decrease by 0.73%.
Signed by Lynne H. Engledow, Chief of the Pricing Policy Division within the Wireline Competition Bureau, the order became effective upon its release.
-- Vidhi Gianani, Targeted News Service
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Original text here: https://docs.fcc.gov/public/attachments/DA-26-477A1.pdf
Comptroller of the Currency Issues Bulletin on Preemption Determination on State Interest-on-Escrow Laws: Final Rule
WASHINGTON, May 16 -- The U.S. Department of the Treasury Office of the Comptroller of the Currency issued the following bulletin (No. OCC 2026-21) on May 15, 2026:
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Preemption Determination on State Interest-on-Escrow Laws: Final Rule
To: Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
Summary
The Office of the Comptroller of the Currency (OCC) is issuing a final preemption determination concluding that federal law preempts state laws that
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WASHINGTON, May 16 -- The U.S. Department of the Treasury Office of the Comptroller of the Currency issued the following bulletin (No. OCC 2026-21) on May 15, 2026:
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Preemption Determination on State Interest-on-Escrow Laws: Final Rule
To: Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
Summary
The Office of the Comptroller of the Currency (OCC) is issuing a final preemption determination concluding that federal law preempts state laws thatrestrict OCC-regulated banks' flexibility to decide whether and to what extent to (1) pay interest or other compensation on funds placed in real estate escrow accounts; or (2) assess fees in connection with such accounts.
Note for Community Banks
The preemption determination applies to all community banks./1
Highlights
* This final preemption determination concludes that (1) the National Bank Act preempts New York's Gen. Oblig. Law section 5-601, the state's interest-on-escrow law;/2 (2) 13 other states and territories have laws with substantively equivalent terms; and (3) these substantively equivalent state and territory laws are also preempted.
* This final preemption determination complements the OCC's final rule codifying national banks' longstanding escrow accounts power, which the agency is concurrently issuing.
Further Information
Please contact Karen McSweeney, Special Counsel; Graham Bannon, Counsel; Priscilla Benner, Counsel; or Harry Naftalowitz, Attorney, Chief Counsel's Office, at (202) 649-5490.
Adam J. Cohen
Senior Deputy Comptroller and Chief Counsel
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1/ "Banks" refers collectively to national banks, federal savings associations, and federal branches and agencies of foreign banking organizations. OCC News Release 2025-89 (September 18, 2025) identifies "community banks" as institutions with up to $30 billion in assets.
2/ The final preemption determination applies equally to federal savings associations and preemption by the Home Owners' Loan Act. See 12 USC 1465(a).
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Original text here: https://occ.gov/news-issuances/bulletins/2026/bulletin-2026-21.html
