Federal Regulatory Agencies
Here's a look at documents from federal regulatory agencies
Featured Stories
SEC Obtains Final Judgments Against Three Allianz Portfolio Managers
WASHINGTON, Dec. 6 -- The Securities and Exchange Commission issued the following litigation release (No. 1:22-cv-4016; S.D.N.Y. filed May 17, 2022):
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Securities and Exchange Commission v. Gregoire P. Tournant, Trevor L. Taylor, and Stephen G. Bond-Nelson, No. 1:22-cv-4016 (S.D.N.Y. filed May 17, 2022)
On November 26, 2025, the Securities and Exchange Commission (SEC) obtained final judgments against three former senior portfolio managers at Allianz Global Investors U.S. LLC (AGI US). The SEC previously charged Gregoire P. Tournant (Tournant), Trevor L. Taylor (Taylor), and Stephen G. Bond-Nelson
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WASHINGTON, Dec. 6 -- The Securities and Exchange Commission issued the following litigation release (No. 1:22-cv-4016; S.D.N.Y. filed May 17, 2022):
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Securities and Exchange Commission v. Gregoire P. Tournant, Trevor L. Taylor, and Stephen G. Bond-Nelson, No. 1:22-cv-4016 (S.D.N.Y. filed May 17, 2022)
On November 26, 2025, the Securities and Exchange Commission (SEC) obtained final judgments against three former senior portfolio managers at Allianz Global Investors U.S. LLC (AGI US). The SEC previously charged Gregoire P. Tournant (Tournant), Trevor L. Taylor (Taylor), and Stephen G. Bond-Nelson(Bond-Nelson) with a massive fraudulent scheme that concealed the significant downside risks of a complex options trading strategy called "Structured Alpha."
According to the SEC's complaint, Structured Alpha's Lead Portfolio Manager, Tournant, orchestrated the multi-year scheme to mislead investors who invested approximately $11 billion in Structured Alpha and paid over $550 million in fees. It further alleges that, with assistance from Co-Lead Portfolio Manager, Taylor, and Portfolio Manager, Bond-Nelson, Tournant manipulated numerous financial reports and other information provided to investors to conceal the magnitude of Structured Alpha's risk and performance.
In parallel criminal proceedings, Tournant was sentenced to: (i) three years of probation; (ii) 18 months of home incarceration; (iii) a fine of $250,000; and (iv) forfeiture of $17,577,908. Taylor was sentenced to: (1) three years of probation; (ii) a fine of $4,000; and (iii) forfeiture of $13,460,708. Bond-Nelson was sentenced to: (i) three years of probation; (ii) three months of home confinement; (iii) a fine of $4,000; and (iv) forfeiture of $1,610,465.
Without admitting or denying the allegations in the complaint, Tournant consented to the entry of a final judgment enjoining him from violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1), (2) and (4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder and ordering a permanent industry bar. Tournant's final judgment ordered him to pay disgorgement of $17,577,908, Taylor's ordered disgorgement of $13,460,708, and Bond-Nelson's ordered disgorgement of $1,610,465, all of which was deemed satisfied by the respective forfeiture orders in the parallel criminal proceedings. Taylor and Bond-Nelson previously consented to civil injunctions and industry bars.
The SEC's investigation was conducted by Jonathan C. Shapiro and supervised by Reid A. Muoio and Eric Werner of the Enforcement Division's Complex Financial Instruments Unit. The litigation was led by John Bowers under the supervision of Melissa J. Armstrong. The SEC appreciates the assistance of the U.S. Attorney's Office for the Southern District of New York and the U.S. Postal Inspection Service.
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Resources
* Final Judgment - Tournant (https://www.sec.gov/files/litigation/litreleases/2025/judg26432-tournant.pdf)
* Final Judgment - Taylor (https://www.sec.gov/files/litigation/litreleases/2025/judg26432-taylor.pdf)
* Final Judgment - Bond-Nelson (https://www.sec.gov/files/litigation/litreleases/2025/judg26432-bond-nelson.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26432
SEC Consents to Termination of Undertakings in Global Research Analyst Settlement
WASHINGTON, Dec. 6 -- The Securities and Exchange Commission issued the following litigation release (No. 03 Civ. 2937, 03 Civ. 2939, 03 Civ. 2940, 03 Civ. 2941, 03 Civ. 2942, 03 Civ. 2943, 03 Civ. 2944, 03 Civ. 2945, 03 Civ. 2946, 03 Civ. 2948, 04 Civ. 6909, 04 Civ. 6910; S.D.N.Y.):
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SEC v. Bear, Stearns & Co. Inc., No. 03 Civ. 2937 (S.D.N.Y.)
SEC v. J.P. Morgan Securities Inc., No. 03 Civ. 2939 (S.D.N.Y.)
SEC v. Lehman Brothers, Inc., No. 03 Civ. 2940 (S.D.N.Y.)
SEC v. Merrill Lynch, Pierce, Fenner & Smith Incorporated, No. 03 Civ. 2941 (S.D.N.Y.)
SEC v. U.S. Bancorp Piper Jaffray,
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WASHINGTON, Dec. 6 -- The Securities and Exchange Commission issued the following litigation release (No. 03 Civ. 2937, 03 Civ. 2939, 03 Civ. 2940, 03 Civ. 2941, 03 Civ. 2942, 03 Civ. 2943, 03 Civ. 2944, 03 Civ. 2945, 03 Civ. 2946, 03 Civ. 2948, 04 Civ. 6909, 04 Civ. 6910; S.D.N.Y.):
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SEC v. Bear, Stearns & Co. Inc., No. 03 Civ. 2937 (S.D.N.Y.)
SEC v. J.P. Morgan Securities Inc., No. 03 Civ. 2939 (S.D.N.Y.)
SEC v. Lehman Brothers, Inc., No. 03 Civ. 2940 (S.D.N.Y.)
SEC v. Merrill Lynch, Pierce, Fenner & Smith Incorporated, No. 03 Civ. 2941 (S.D.N.Y.)
SEC v. U.S. Bancorp Piper Jaffray,Inc., No. 03 Civ. 2942 (S.D.N.Y.)
SEC v. UBS Securities LLC, f/k/a UBS Warburg LLC, No. 03 Civ. 2943 (S.D.N.Y.)
SEC v. Goldman, Sachs & Co., No. 03 Civ. 2944 (S.D.N.Y.)
SEC v. Citigroup Global Markets Inc., f/k/a Salomon Smith Barney Inc., No. 03 Civ. 2945 (S.D.N.Y.)
SEC v. Credit Suisse First Boston LLC, f/k/a Credit Suisse First Boston Corp., No. 03 Civ. 2946 (S.D.N.Y.)
SEC v. Morgan Stanley & Co. Incorporated, No. 03 Civ. 2948 (S.D.N.Y.)
SEC v. Deutsche Bank Securities Inc., No. 04 Civ. 6909 (S.D.N.Y.)
SEC v. Thomas Weisel Partners LLC, No. 04 Civ. 6910 (S.D.N.Y.)
The Securities and Exchange Commission today consented to modifications to the October 2003 and September 2004 final judgments against settling firms still covered by the Global Research Analyst Settlement, a global settlement of SEC and other enforcement actions against twelve investment banks and two individuals. The modifications are subject to court approval.
The final judgments contained an Addendum with undertakings that addressed potential conflicts of interest between equity research analysts and investment banking personnel. The Addendum also included a sunset provision for newly adopted rules that would supersede the undertakings, and stated that for terms that were not superseded, the SEC would agree to an amendment or modification, subject to court approval, unless the SEC believed the amendment or modification would not be in the public interest. The Addendum was modified by court order in March 2010 to remove or modify certain provisions. The revised Addendum also stated that the SEC would agree to further amendment or modification of the undertakings, subject to court approval, unless the SEC believed the amendment or modification would not be in the public interest.
In 2015, FINRA adopted and implemented, and the SEC approved, Rule 2241 (Research Analysts and Research Reports), which addresses conflicts of interest between research analysts and investment banking personnel within registered broker-dealers.
The settling firms filed motions in June and December 2025 seeking to terminate the remaining undertakings in the Addendum based in part on the adoption and implementation of FINRA Rule 2241. In its responses to the motions, the SEC acknowledges the sunset provision in Addendum A of the final judgments and the passage of FINRA Rule 2241, states that it "believes modification of the Judgment is in the public interest," and consents to the requested modification of the final judgments.
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Resources
* Notice - Bear Stearns (https://www.sec.gov/files/litigation/litreleases/2025/notice26434-bear-stearns.pdf)
* Notice - JP Morgan (https://www.sec.gov/files/litigation/litreleases/2025/notice26434-jp-morgan.pdf)
* Notice - Lehman Brothers, Inc (https://www.sec.gov/files/litigation/litreleases/2025/notice26434-lehman-bros.pdf)
* Notice - Merrill Lynch, Pierce, Fenner & Smith Inc. (https://www.sec.gov/files/litigation/litreleases/2025/notice26434-merrill-lynch.pdf)
* Notice - Bancorp Piper Jaffray Inc. (https://www.sec.gov/files/litigation/litreleases/2025/notice26434-bancorp-piper-jaffray.pdf)
* Notice- UBC Securities f/k/a UBS Warberg LLC (https://www.sec.gov/files/litigation/litreleases/2025/notice26434-ubs.pdf)
* Notice - Goldman, Sachs & Co. (https://www.sec.gov/files/litigation/litreleases/2025/notice26434-goldman-sachs.pdf)
* Notice - Citigroup Global Markets Inc., f/k/a Salomon Smith Barney, (https://www.sec.gov/files/litigation/litreleases/2025/notice26434-citigroup.pdf)
* Notice - Credit Suisse First Boston LLC, f/k/a Credit Suisse First Boston Corporation (https://www.sec.gov/files/litigation/litreleases/2025/notice26434-credit-suisse.pdf)
* Notice - Morgan Stanley& Co. Incorporated (https://www.sec.gov/files/litigation/litreleases/2025/notice26434-morgan-stanley.pdf)
* Notice - Deutsche Bank Securities Inc. (https://www.sec.gov/files/litigation/litreleases/2025/notice26434-deutsche-bank.pdf)
* Notice - Thomas Weisel Partners (https://www.sec.gov/files/litigation/litreleases/2025/notice26434-thomas-weisel-partners.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26434
SEC Charges New York Man With Defrauding Clients by Posing as Professional Money Manager
WASHINGTON, Dec. 6 -- The Securities and Exchange Commission issued the following litigation release (No. 1:25-cv-06730; E.D.N.Y. filed Dec. 5, 2025) involving Shahin Ahmed:
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On December 5, 2025, the Securities and Exchange Commission charged Shahin Ahmed, the personal driver of a hedge fund manager for posing as an investment professional to convince three investors to let him manage their money, resulting in their combined losses of over $1 million.
The SEC's complaint, filed in the U.S. District Court for the Eastern District of New York, alleges that from at least March 2020 to February
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WASHINGTON, Dec. 6 -- The Securities and Exchange Commission issued the following litigation release (No. 1:25-cv-06730; E.D.N.Y. filed Dec. 5, 2025) involving Shahin Ahmed:
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On December 5, 2025, the Securities and Exchange Commission charged Shahin Ahmed, the personal driver of a hedge fund manager for posing as an investment professional to convince three investors to let him manage their money, resulting in their combined losses of over $1 million.
The SEC's complaint, filed in the U.S. District Court for the Eastern District of New York, alleges that from at least March 2020 to February2022, Ahmed persuaded prospective clients that he had experience as a professional money manager at a hedge fund when, in fact, he was employed as the personal driver for a hedge fund manager, without any of the education or professional experience he claimed to have. As set forth in the complaint, Ahmed led at least one client to believe his funds would be expertly invested by the hedge fund manager for whom he drove, and presented the client with a fake investment opportunity and false reports of high returns. As alleged, Ahmed further induced that individual and a married couple to give him access to their own brokerage accounts to trade securities in those accounts. Ahmed allegedly guaranteed risk-free investment, while fraudulently collecting fees from his clients. The complaint further alleges that, contrary to his promised guarantee, Ahmed never repaid any of the trading losses that he caused.
Ahmed consented to a bifurcated settlement, subject to court approval, which provides for permanent injunctive relief against future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and (2) of the Investment Advisers Act of 1940. The judgment also bars Ahmed from participating in the issuance, purchase, offer, or sale of any security, other than purchasing or selling securities for his own personal accounts, and bars Ahmed from acting as or being associated with an investment adviser. The judgment further authorizes the court to determine at a later date the appropriateness and amount of any disgorgement, prejudgment interest, and civil money penalty.
On June 24, 2025, the Nassau County (New York) District Attorney's Office arraigned Ahmed on a grand larceny charge with respect to his conduct with one of his clients.
The SEC's investigation was conducted by Brenda Wai Ming Chang, Neil Hendelman and Adam S. Grace, under the supervision of Thomas P. Smith, Jr. of the SEC's New York Regional Office. The litigation will be led by Ben Kuruvilla, under the supervision of Jack Kaufman, also of the New York Regional Office.
The SEC appreciates the assistance of the Nassau County (New York) District Attorney's Office.
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Resources
* SEC Complaint (https://www.sec.gov/files/litigation/complaints/2025/comp26433.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26433
FEC Issues Digest for Week of Dec. 1-5
WASHINGTON, Dec. 6 -- The Federal Election Commission issued the following weekly digest:
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Commission meetings and hearings
The executive session scheduled for December 2 and the open meeting scheduled for December 4 were canceled.
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Litigation
CREW v. FEC (Case No. 25-04116) On November 24, Plaintiff filed a Complaint for Injunctive and Declaratory Relief in the U.S. District Court for the District of Columbia regarding two Freedom of Information Act (FOIA) requests filed with the Commission by the Plaintiff.
National Republican Senatorial Committee, et al. v. FEC, et al. (Case
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WASHINGTON, Dec. 6 -- The Federal Election Commission issued the following weekly digest:
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Commission meetings and hearings
The executive session scheduled for December 2 and the open meeting scheduled for December 4 were canceled.
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Litigation
CREW v. FEC (Case No. 25-04116) On November 24, Plaintiff filed a Complaint for Injunctive and Declaratory Relief in the U.S. District Court for the District of Columbia regarding two Freedom of Information Act (FOIA) requests filed with the Commission by the Plaintiff.
National Republican Senatorial Committee, et al. v. FEC, et al. (CaseNo. 24-621) On December 1, Petitioners filed an Opposition to Amicus's Motion for Leave to File a Supplemental Brief and a Supplemental Brief and on December 3, the Court-Appointed Amicus Curiae filed a Reply in Support of Motion for Leave to File a Supplemental Brief on Jurisdiction in the U.S. Supreme Court. Oral argument before the Court is scheduled for December 9, 2025.
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Election Dates
The Commission has posted a list of preliminary 2026 Congressional Primary Dates.
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Upcoming educational opportunities
January 14, 2026: The Commission is scheduled to host Year-End Reporting and FECFile webinars for PACs and party committees.
January 21, 2026: The Commission is scheduled to host Year-End Reporting and FECFile webinars for candidate committees.
For more information on upcoming training opportunities, see the Commission's Trainings page.
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Upcoming reporting due dates
December 20: December Monthly Reports are due. For more information, see the 2025 Monthly Reporting schedule.
The Commission has posted information regarding the Special Runoff Election in the 18th District of Texas, scheduled for January 31, 2026.
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Additional research materials
Contribution Limits: In addition to the current limits, the Commission has posted an archive of contribution limits that were in effect going back to the 1975-1976 election cycles.
Federal election results are available. The data was compiled from the official vote totals published by state election offices.
FEC Notify: Want to be notified by email when campaign finance reports are received by the agency? Sign up here.
The Combined Federal State Disclosure and Election Directory is available. This publication identifies the federal and state agencies responsible for the disclosure of campaign finances, lobbying, personal finances, public financing, candidates on the ballot, election results, spending on state initiatives, and other financial filings.
The Presidential Election Campaign Fund Tax Checkoff Chart provides information on balance of the Fund, monthly deposits into the Fund reported by the Department of the Treasury, payments from the Fund as certified by the FEC, and participation rates of taxpayers as reported by the Internal Revenue Service. For more information on the Presidential Public Funding Program, see the Public Funding of Presidential Elections page.
The FEC Record is available as a continuously updated online news source.
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Original text here: https://www.fec.gov/updates/weeks-of-december-1-5-2025/
FCC Media Bureau Announces Compliance Date for Revised Sponsorship Identification Requirements for Foreign Government-Provided Programming
WASHINGTON, Dec. 6 -- The Federal Communications Commission Media Bureau issued the following public notice (MB Docket No: 20-299) on Dec. 5, 2025:
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On June 10, 2024, the Commission released rule modifications to the sponsorship identification requirements for foreign government-provided programming, which require a public disclosure to be made, at the time of broadcast, identifying the foreign source of such programming (Second Report and Order)./1 The Second Report and Order adopted a revised approach that provides radio and television broadcast licensees with two options for demonstrating
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WASHINGTON, Dec. 6 -- The Federal Communications Commission Media Bureau issued the following public notice (MB Docket No: 20-299) on Dec. 5, 2025:
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On June 10, 2024, the Commission released rule modifications to the sponsorship identification requirements for foreign government-provided programming, which require a public disclosure to be made, at the time of broadcast, identifying the foreign source of such programming (Second Report and Order)./1 The Second Report and Order adopted a revised approach that provides radio and television broadcast licensees with two options for demonstratingthat they have met their duty of inquiry in seeking to obtain the information needed to determine whether programming is sponsored, paid for, or furnished by a foreign governmental entity. In addition, the Second Report and Order specified the types of programming encompassed by the foreign sponsorship identification rules and clarified the obligations of section 325(c) permittees under the rules.
In a previous Public Notice,/2 the Media Bureau (Bureau) announced that a summary of the Second Report and Order was published in the Federal Register on July 16, 2024. The rule modifications to 47 CFR Sec. 73.1212 that involved the addition of paragraph (j)(8) and the revision of paragraph (k) became effective on August 15, 2024./3 The Public Notice also indicated that the Bureau would publish a subsequent Public Notice announcing the compliance date for modifications to 47 CFR Sec. 73.1212(j)(3) adopted in the Second Report and Order, which required review and approval by the Office of Management and Budget (OMB) pursuant to the Paperwork Reduction Act./4
In a June 10, 2025 Public Notice, the Bureau announced that OMB approved the rule modifications which revise requirements under 47 CFR Sec. 73.1212(j)(3)./5 Accordingly, these revised requirements became effective as of June 10, 2025./6 However, the Bureau deferred requiring compliance with the revised rules under 47 CFR Sec. 73.1212(j)(3) for 6 months, or until December 8, 2025./7 With this Public Notice, the Bureau further defers requiring compliance with the revised rules until 6 months after December 8, 2025, or June 7, 2026. Only new leases and renewals of existing leases entered into on or after the compliance date must comply with the rule modifications./8
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Footnotes:
1/ Sponsorship Identification Requirements for Foreign Government-Provided Programming, MB Docket No. 20299, Second Report and Order, FCC 24-61, 39 FCC Rcd 6049 (rel. June 10, 2024) (Second Report and Order).
2/ Media Bureau Announces Publication of Second Report and Order Regarding Sponsorship Identification Requirements for Foreign Government-Provided Programming, Public Notice, DA 24-689, 39 FCC Rcd 7460 (MB July 16, 2024) (July PN).
3/ Federal Communications Commission, Sponsorship Identification Requirements for Foreign GovernmentProvided Programming, 89 Fed. Reg. 57775 (July 16, 2024).
4/ July PN; Notice of Office of Management and Budget Action, Revision of a Currently Approved Collection, OMB Control No. 3060-0174 (May 19, 2025).
5/ Media Bureau Announces Effective Date For Revised Sponsorship Identification Requirements for Foreign Government-Provided Programming, Public Notice, DA 25-507, 2024 WL 1905795 (MB June 10, 2025) (June PN).
6/ June PN.
7/ Id.
8/ Second Report and Order, 39 FCC Rcd 6049 at 6051, para. 3.
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Original text here: https://docs.fcc.gov/public/attachments/DA-25-1017A1.pdf
FCC Enforcement Bureau Issues Letter on Quadrant Holdings Group, Jenner & Block
WASHINGTON, Dec. 6 -- The Federal Communications Commission Enforcement Bureau issued the following letter (File No. EB-IHD-24-00037459) on Dec. 5, 2025:
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To: Mr. Issa Asad, Owner, Quadrant Holdings Group LLC (for Q Link Wireless, LLC), 499 E Sheridan St., Ste 400, Dania, FL 33004, issa@quadrantholdings.com
Samuel L. Feder, Esq., Jenner & Block LLP, 1099 New York Avenue, NW, Suite 900, Washington, DC 20001, SFeder@jenner.com
Re: Notice of Debarment, File No. EB-IHD-24-00037459
Dear Messrs. Asad and Feder:
The Enforcement Bureau (Bureau) of the Federal Communications Commission (Commission
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WASHINGTON, Dec. 6 -- The Federal Communications Commission Enforcement Bureau issued the following letter (File No. EB-IHD-24-00037459) on Dec. 5, 2025:
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To: Mr. Issa Asad, Owner, Quadrant Holdings Group LLC (for Q Link Wireless, LLC), 499 E Sheridan St., Ste 400, Dania, FL 33004, issa@quadrantholdings.com
Samuel L. Feder, Esq., Jenner & Block LLP, 1099 New York Avenue, NW, Suite 900, Washington, DC 20001, SFeder@jenner.com
Re: Notice of Debarment, File No. EB-IHD-24-00037459
Dear Messrs. Asad and Feder:
The Enforcement Bureau (Bureau) of the Federal Communications Commission (Commissionor FCC) hereby notifies you that, pursuant to Section 54.8 of the Commission's rules, Issa Asad is prohibited from participating in activities associated with or related to the federal Lifeline program (Lifeline program) and any other program funded by federal universal service support mechanisms, commencing on either the date of Mr. Asad's receipt of this Notice of Debarment or of its publication in the Federal Register, whichever comes first (Debarment Date)./1 Furthermore, as a condition of the administrative settlement between the FCC and Mr. Asad, Q Link Wireless LLC (Q Link) and Q Link's parent company, Quadrant Holdings Group, LLC (Quadrant), which was entered into on January 17, 2025 (Administrative Settlement),/2 Mr. Asad and Q Link ceased participating in any program administered by the FCC (in addition to the universal service programs) and agreed to debarment from participation in all such programs in the future./3
On November 8, 2024, the Bureau sent Mr. Asad a notice of suspension and initiation of debarment proceeding (Notice of Suspension) that was published in the Federal Register on December 12, 2024./4 The Notice of Suspension suspended Mr. Asad from participating in or receiving any benefit associated with the Lifeline program as well as any other program funded by federal universal service support mechanisms./5 It also described the basis for initiating the debarment proceeding against Mr. Asad, the applicable debarment procedures, and the effect of debarment./6
As discussed in the Notice of Suspension, on October 15, 2024, Mr. Asad pleaded guilty to a two count information./7 Count 1 consisted of Mr. Asad pleading guilty to conspiring to commit offenses against the United States, specifically, a violation of 18 U.S.C. Sec. 1343 (wire fraud) and a violation of 18 U.S.C. Sec. 641 (theft of government funds), and conspiring to defraud the United States, all in violation of 18 U.S.C. Sec. 371./8 Count 2 consisted of Mr. Asad pleading guilty to one count of money laundering, in violation of 18 U.S.C. Sec. 1957, all in connection with the intentional submission of fraudulent claims for reimbursement from the federal Lifeline program./9 Specifically, Mr. Asad and Q Link pleaded guilty to "purposely defraud[ing] two critical federal programs helping individuals and businesses suffering financial hardship, unlawfully taking hundreds of millions of dollars for [his] own use and profit, while obstructing the United States' ability to help people who. . . needed it."/10 Mr. Asad served as the Chief Executive Officer of Q Link beginning in 2012./11 From 2013 to 2021, Mr. Asad personally amassed over $15,000,000 through fraudulent Lifeline schemes./12 Pursuant to section 54.8(c) of the Commission's rules, Mr. Asad's conviction of criminal conduct in connection with the Lifeline program forms a key the basis for this debarment./13
Furthermore, on January 17, 2025, Mr. Asad entered into the Administrative Settlement, paragraph 15 of which provides as follows:
Q Link and Mr. Asad warrant that consistent with the Suspension Notices and the Commission's suspension rules (47 CFR Sec. 54.8), Q Link and Mr. Asad have ceased participation in any program administered by the FCC, and the Companies agree that Q Link and Mr. Asad will not participate in any such programs administered by the Commission in the future. Consistent with this representation, Q Link and Mr. Asad agree not to contest their suspensions and proposed debarments under the Suspension Notices and agree to waive all rights under the Commission's Rules to challenge the suspensions and proposed debarments. The Companies also warrant that upon execution of this Agreement, Quadrant, and all other related companies, affiliates or subsidiaries, and any other company in which Mr. Asad has a controlling ownership interest will have ceased participating in any program administered by the FCC (including the receipt of any benefit associated with any such programs) and will not participate in such any programs administered by the FCC in the future./14
In accordance with the Commission's debarment rules, Mr. Asad was required to file with the Commission any opposition to the suspension or its scope, or to the proposed debarment or its scope, no later than 30 calendar days from either the date of Mr. Asad's receipt of the Notice of Suspension or of its publication in the Federal Register, whichever date occurred first./15 The Commission received no opposition from Mr. Asad and in fact Mr. Asad agreed in the Administrative Settlement not to contest the suspension or debarment./16
For the above reasons, Mr. Asad is debarred from involvement with the Lifeline program and any other program funded by federal universal service support mechanisms, as well as any other program administered by the FCC, as of the Debarment Date./17 Mr. Asad is excluded from participating in any activities associated with or related to the Lifeline program or any other program administered by the FCC, including the receipt of funds or discounted services through the Lifeline program or any other program administered by the FCC, or consulting with, assisting, or advising applicants or service providers regarding any such programs./18 After review of the record (including the terms of the Administrative Settlement) and due to the egregious nature of the fraudulent activities that led to Mr. Asad's criminal conviction, the Commission has determined that this debarment will be permanent.
Sincerely yours,
Christopher J. Sova, Chief, Investigations and Hearings Division, Enforcement Bureau
cc: Fred Theobald, Universal Service Administrative Company (via e-mail)
Matthew Menchel, Esq., Kobre & Kim LLP (via e-mail)
Michael Sherwin, Esq., Kobre & Kim LLP (via e-mail)
Evelyn Sheehan, Esq., Kobre & Kim LLP (via e-mail)
Michele Ellison, Deputy General Counsel, FCC
Karen Onyeije, Deputy General Counsel, FCC
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Footnotes:
1/ 47 CFR Sec. 54.8 (e), (g); 47 CFR Sec. 0.111 (delegating to the Bureau authority to resolve universal service suspension and debarment proceedings). In 2007, the Commission extended the debarment rules to apply to all federal universal service support mechanisms, including the Lifeline program. See Comprehensive Review of the Universal Service Fund Management, Administration, & Oversight, Report and Order, 22 FCC Rcd 16372, 16410-12 (2007) (Program Management Order) (renumbering Section 54.521 of the universal service debarment rules as Section 54.8 and amending subsections (a)(1), (a)(5), (c), (d), (e)(2)(i), (e)(3), (e)(4), and (g)).
2/ Settlement Agreement, Federal Communications Commission, Q Link Wireless LLC, Issa Asad, and Quadrant Holdings Group LLC (Jan. 17, 2025) (on file in EB-IHD-24-00037459) (Administrative Settlement).
3/ United States v. Issa Asad, Criminal Docket No. 1:24-cr-20363-RAR, Issa Asad's Sentencing Memo, at 23 (S.D. Fla., filed Jul. 17, 2025) (referencing Asad and Q Link's agreement in the Administrative Settlement to cease being federal telecommunication providers).
4/ Letter from Christopher J. Sova, Chief, Investigations and Hearings Division, FCC Enforcement Bureau, to Issa Asad, Chief Executive Officer, Q Link Wireless LLC, Notice of Suspension and Initiation of Debarment Proceeding, 89 Fed. Reg. 100485 (Dec. 12, 2024).
5/ Id.
6/ Id.
7/ United States v. Issa Asad, Criminal Docket No. 1:24-cr-20363-RAR, Plea Agreement (S.D. Fla., filed Oct. 15, 2024) (Plea Agreement).
8/ See id..
9/ Any further reference in this letter to "conviction" refers to Q Link's guilty plea agreement and factual proffer. See id.; see also Lifeline and Link Up Reform and Modernization, WC Docket No. 11-42, CC Docket No. 96-45, WC Docket No. 03-109, Report and Order and Further Notice of Proposed Rulemaking, 27 FCC Rcd 6656 (2012).
10/ Press Release, United States Attorney's Office, Southern District of Florida, Nationwide Telecommunications Provider and its CEO Plead Guilty to Massively Defrauding Federal Government Programs Meant to Aid the Needy (Oct. 15, 2024), https://www.justice.gov/usao-sdfl/pr/nationwide-telecommunications-provider-and-its-ceo-pleadguilty-massively-defrauding.
11/ We note that as of January 17, 2025 and simultaneously with entering into a settlement of administrative claims with the FCC, Mr. Asad resigned as CEO of Q Link, but retained his ownership interest in Q Link's parent company, Quadrant Holdings Group LLC. Mr. Asad is the Manager and Sole Member of Quadrant Holdings, of which Q Link is a wholly owned subsidiary. See Administrative Settlement, Section 12(f).
12/ United States v. Issa Asad, Criminal Docket No. 1:24-cr-20363-RAR, Factual Proffer, at 5 (S.D. Fla., filed Oct. 15, 2024).
13/ 47 CFR Sec. 54.8(c).
14/ Administrative Settlement at 13-14, para 15.
15/ 47 CFR Sec. 54.8 (e)(3)-(4). Any opposition had to be filed no later than January 13, 2025.
16/ Administrative Settlement at 13-14, para 15.
17/ 47 CFR Sec. 54.8(g). Pursuant to the Administrative Settlement, as noted, Q Link voluntarily agreed to be debarred permanently from involvement in any program administered by the FCC. Administrative Settlement at 13-14, para 15.
18/ 47 CFR Sec.Sec. 54.8(a)(1), (d), (g).
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Original text here: https://docs.fcc.gov/public/attachments/DA-25-1008A1.pdf
CPSC Issues Recall Alert Involving INIU BI-B41 Power Banks
WASHINGTON, Dec. 6 -- The Consumer Product Safety Commission issued the following recall alert on Dec. 5, 2025:
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Name of Product: INIU BI-B41 Power Banks
Hazard: The lithium-ion battery in the recalled power banks can overheat and ignite, posing fire and burn hazards to consumers.
Remedy: Refund
Recall Date: December 05, 2025
Units: About 210,000
Consumer Contact: INIU toll-free at 888-886-3606 from 8 a.m. to 5 p.m. ET Monday through Friday, email at recall@iniu.shop, or online at https://iniushop.com/pages/recall-b41# or https://iniushop.com and click "Product Recalls" at the top of
... Show Full Article
WASHINGTON, Dec. 6 -- The Consumer Product Safety Commission issued the following recall alert on Dec. 5, 2025:
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Name of Product: INIU BI-B41 Power Banks
Hazard: The lithium-ion battery in the recalled power banks can overheat and ignite, posing fire and burn hazards to consumers.
Remedy: Refund
Recall Date: December 05, 2025
Units: About 210,000
Consumer Contact: INIU toll-free at 888-886-3606 from 8 a.m. to 5 p.m. ET Monday through Friday, email at recall@iniu.shop, or online at https://iniushop.com/pages/recall-b41# or https://iniushop.com and click "Product Recalls" at the top ofthe page for more information.
Recall Details
Description: This recall involves INIU 10,000mAh portable power banks, model BI-B41. The recalled power banks have a black or blue case and the INIU logo and a paw-print LED light are on the front. The model and serial number are printed on the back of the power bank at the bottom. Only portable power banks with serial numbers 000G21, 000H21, 000I21 and 000L21 are included in this recall.
Note: Do not throw this recalled lithium-ion battery or device in the trash, in the general recycling stream (e.g., street-level or curbside recycling bins), or in used battery recycling boxes found at various retail and home improvement stores. Recalled lithium-ion batteries must be disposed of differently than other batteries, because they present a greater risk of fire. Your municipal household hazardous waste (HHW) collection center may accept this recalled lithium-ion battery or device for disposal. Before taking your battery or device to a HHW collection center, contact that office ahead of time and ask whether it accepts recalled lithium-ion batteries. If it does not, contact your municipality for further guidance.
Remedy: Consumers should stop using the recalled power banks immediately and visit INIU's recall page at https://iniushop.com/pages/recall-b41# to verify the product serial number and register for a full refund.
Incidents/Injuries: INIU has received 15 reports of power banks overheating, including 11 reports of fires that resulted in three minor burn injuries and property damage totaling over $380,000.
Sold Online At: Amazon.com from August 2021 and April 2022 for about $18.
Manufacturer(s): Shenzhen Topstar Industry Co., Ltd., of China
Retailer: INIU, of Seattle, Washington
Manufactured In: China
Recall number: 26-135
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Original text here: https://www.cpsc.gov/Recalls/2026/INIU-Recalls-Power-Banks-Due-to-Fire-and-Burn-Hazards-Sold-on-Amazon
