标签: Jamaica

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  • VM Investments pushes ahead with diversified earnings strategy despite volatile market conditions

    VM Investments pushes ahead with diversified earnings strategy despite volatile market conditions

    KINGSTON, Jamaica — Against a backdrop of persistent global economic headwinds and shifting financial industry dynamics, VM Investments Limited (VMIL) is ramping up strategic initiatives to build a far more diversified earnings structure, with the dual goals of cutting its vulnerability to volatile market swings and laying a resilient foundation for sustained long-term expansion.

    Addressing shareholders at the firm’s annual general meeting held on June 4, VMIL Chairman Michael McMorris outlined that the investment group is intentionally repositioning its core business lines to prioritize three high-stability segments: recurring fee-based income, holistic wealth management services, and alternative asset classes including private equity and commercial and residential real estate.

    This strategic shift aligns with a widespread transformation across the global financial services sector, where institutions of all sizes are increasingly prioritizing predictable, recurring revenue streams that carry far less sensitivity to cyclical market conditions and fluctuations in trading volume compared to traditional market-dependent revenue models.

    “This strategic repositioning is designed to boost the consistency of our earnings, cut our exposure to broad market volatility, and put VMIL in a strong position to capitalize on high-value opportunities across both local Jamaican and broader Caribbean regional markets,” McMorris explained during the meeting.

    Per the company’s official updates, VMIL made consistent progress throughout 2025 in expanding its wealth management division and growing its footprint in alternative investments, while retaining an active, influential role in regional capital markets via its advisory and transaction service lines.

    As part of its long-term growth enablement efforts, VMIL also allocated substantial capital to upgrades in financial technology, expanded talent acquisition and development, and enhancements to its enterprise risk management systems in 2025. These strategic investments pushed full-year operating expenses 3.7% higher year-over-year, a move company leadership framed as a measured balance between targeted growth spending and disciplined cost oversight.

    The ongoing business transformation is unfolding against what McMorris called an unusually challenging operating landscape, marked by tightened global monetary policy, gradually moderating but still uncertain inflation trajectories, heightened geopolitical instability across major markets, and reduced overall liquidity in regional financial systems. The disruptions caused by Hurricane Melissa also added extra pressure on local market conditions over the past year.

    Even in the face of these overlapping headwinds, VMIL delivered strong financial results by the close of 2025. The firm reported total assets reaching JMD 35.1 billion, up from JMD 30.5 billion at the end of 2024. Adjusted for a one-time gain booked in 2024 from the sale of the group’s private equity stake in Carilend, profit after tax jumped 24.1% year-over-year, signaling robust improvement in the company’s core operating performance.

    That positive momentum has carried over into the first quarter of 2026, according to VMIL’s latest financial disclosures. The firm posted a net profit of JMD 70.1 million for the three-month period, a sharp reversal from the JMD 32.5 million net loss recorded in the same quarter last year. Meanwhile, operating revenue rose 16.8% year-over-year to start the year.

    McMorris confirmed that the VMIL board remains fully confident in the company’s long-term strategic direction. The firm will continue prioritizing expansion of its investment product offerings, deepening personalized client relationships, and pursuing targeted opportunities that drive sustainable growth, all while upholding strict standards for prudent risk and capital management.

    The entire transformation initiative is being carried out under the corporate branding theme “Future Ready”, a label VMIL says captures its commitment to strengthening its operational and financial foundation to capture emerging opportunities as the global and regional financial landscape continues to evolve.

  • Purkiss sounds alarm over falling cruise passenger arrivals

    Purkiss sounds alarm over falling cruise passenger arrivals

    KINGSTON, Jamaica — A simmering political row over Jamaica’s cruise shipping performance has erupted this week, as a first-term opposition parliamentarian has publicly called out the country’s top tourism official for failing to reverse a steep, years-long decline in cruise passenger volumes even as the global industry booms post-pandemic.

    Andrea Purkiss, the opposition’s spokesperson on tourism and linkages and Member of Parliament for Hanover Eastern, delivered the sharp critique during her maiden speech to the House of Representatives during the ongoing Sectoral Debate on Tuesday. Purkiss accuses Tourism Minister Edmund Bartlett of staying “completely silent” on the sector’s struggles, which have seen Jamaica’s cruise passenger numbers drop by more than 28% since 2019, ahead of the COVID-19 pandemic.

    Purkiss pushed back against Bartlett’s previous claims that the local cruise sector has “lived up to expectations,” arguing that the only expectation the minister has met is that no one would verify his inaccurate public statements. She laid out detailed statistics to back up her critique: in 2019, Jamaica hosted 1,544,233 cruise passengers. By the end of 2025, that number fell to just 1,106,361, marking a 28.4% seven-year decline that equals a loss of nearly 438,000 potential visitors annually.

    These missing visitors do not just translate to lower port activity, Purkiss explained. They represent lost income across Jamaica’s entire tourism ecosystem, from local taxi drivers and craft vendors to owners of tourist attractions across the island. The opposition spokesperson calculated that the Jamaican government’s failure to recapture lost cruise market share has cost the sector more than 3 million missed passenger visits, amounting to an estimated $30 million U.S. dollars (equal to 4.5 billion Jamaican dollars) in lost economic activity, based on a conservative estimate of $10 U.S. in spending per cruise passenger.

    Purkiss emphasized that her critique is not an unfair political attack, noting that the global cruise industry has already fully rebounded from the pandemic — and is in fact seeing record growth. Global cruise passenger volume has surged to an all-time high of 37.2 million, a 25.2% jump compared to 2019 pre-pandemic levels. The Caribbean region is leading this expansion, capturing 44% of all global cruise traffic, and many of Jamaica’s regional neighbors have capitalized on the boom to grow their own cruise sectors, Purkiss pointed out.

    She cited concrete examples of regional success to contrast with Jamaica’s performance: Antigua and Barbuda has grown its cruise sector by 9.9% after opening a new purpose-built terminal; Barbados is reporting all-time record cruise visitor numbers; Mexico’s Cozumel now welcomes 4.73 million cruise passengers annually; and the Bahamas has seen its cruise traffic double since 2019.

    The exchange highlights growing political friction over Jamaica’s tourism strategy, a core driver of the country’s national economy, as the opposition pushes the government to address why the nation has failed to capitalize on a global cruise boom that has benefited its closest competitors.

  • Prod.LoudSpeakr plans 1876 Riddim compilation drop for June 26

    Prod.LoudSpeakr plans 1876 Riddim compilation drop for June 26

    Jamaica-based music producer Prod.LoudSpeakr is gearing up to drop his much-awaited 1876 Riddim compilation, a collaborative project designed to lift up rising musical creators from Jamaica and across the globe, when it launches globally on June 26.

    The 9-track collection brings together a diverse roster of fresh talent spanning multiple regions, with each artist bringing their unique creative vision to the shared rhythmic foundation. Featured tracks include Vybrid’s *Grip*, Di Versatile One’s *Real Good*, DejaMck’s *Love Yuh Body*, J Mari’s *My Love*, Trogad’s *Bubble Fi Me*, Sleepy Landell’s *Life*, Briggy Benz’s *Brawling*, Jayidudu’s *Pressure*, and the project’s namesake original 1876 Riddim instrumental, crafted by Prod.LoudSpeakr himself.

    For the producer, the project grew out of a lifelong passion for rhythm-driven compilation projects, which he says offer a one-of-a-kind space for new artists to showcase their craft alongside their peers. “As a lifelong fan of this style of music, I’ve always had a deep appreciation for well-crafted rhythms,” Prod.LoudSpeakr shared in an interview ahead of the release. “But as a producer, I also know just how much work goes into pulling together a full rhythm compilation from start to finish.”

    The project traces its inspiration back to the hit WFYL rhythm from DJ Mac and CrashDummy, whose work motivated Prod.LoudSpeakr to build his own version of the collaborative format. He added that the compilation also grew out of his own goal to expand his production portfolio and connect with emerging creators he had never collaborated with before.

    To build the project’s diverse lineup, Prod.LoudSpeakr launched the 1876 Riddim Challenge, an open call that invited aspiring artists to showcase their skills for a spot on the compilation and a chance to win a grand prize. The challenge was promoted across major social platforms including TikTok, Instagram, and YouTube, which helped the producer attract talent from a wide range of musical and geographic backgrounds. Nigerian artist Jayidudu, for example, secured his place on the lineup through the open challenge.

    Prod.LoudSpeakr also partnered with Di Versatile One, a member of the Future Squad Music collective who hosts the popular TikTok series *High Voltage Wednesdays*—a program dedicated to highlighting underrated emerging artists. Di Versatile One leveraged his extensive industry network to connect the producer with a cohort of Jamaican talents, including Briggy Benz, Sleepy Landell, DejaMck, Trogad, and J Mari, all of whom wound up featured on the final tracklist. An additional introduction through industry connection Toya Famous brought Vybrid of 1neMission onto the project.

    Every track on the compilation was mixed and mastered by CheekyDon Music, whose work helped pull the diverse collection of songs into a cohesive, polished final project. All in all, the entire process from initial concept to final master took roughly four months to complete, and Prod.LoudSpeakr says the June 26 launch date lines up perfectly with the project’s energetic, warm sound. “This felt like the perfect time to drop it, because the whole compilation has such a strong summer vibe,” he explained. “It’s a well-rounded project with a track that every listener can connect with.”

    Musically, Prod.LoudSpeakr describes the core 1876 Riddim as energetic, melodic, and versatile, clocking in at 95 BPM and composed in the key of E.

    DejaMck, a Jamaican artist originally from Savanna-la-Mar, Westmoreland who has pursued music professionally since 2020, called the 1876 Riddim an exciting opportunity for all the artists involved. He was introduced to the project through Di Versatile One, and immediately jumped at the chance to contribute his track *Love Yuh Body*, which adds a distinct new layer to the compilation. “When I heard the rhythm, I knew it was fire right away,” DejaMck said. “My track fit perfectly, and the engineer did such an amazing job with the mastering. The whole project is really promising, full of quality content. The biggest strength of this whole thing is just how much team work went into it.” As release day approaches, DejaMck says he’s optimistic the project will get the recognition it deserves from listeners and industry alike.

    Even as he wraps up work on the 1876 Riddim, Prod.LoudSpeakr is already looking ahead to upcoming projects, including a full EP for featured artist Vybrid expected to drop later in 2024. For now, though, his core goal for the compilation is simple: to create lasting, meaningful opportunities for every artist involved.

    “Our ultimate hope is that the 1876 Riddim becomes a launchpad that lifts up every artist on the project, and introduces their work to whole new audiences,” he explained. “Beyond streams and chart numbers, we want this project to create new opportunities, spark genuine connections between creators and fans, and show what collaboration can do. If listeners walk away finding a new favorite artist, feeling inspired by the music, or gaining a deeper appreciation for Caribbean culture, then this project has accomplished everything we set out to do.”

  • Convicted FTX founder Sam Bankman-Fried seeking Trump pardon

    Convicted FTX founder Sam Bankman-Fried seeking Trump pardon

    Convicted cryptocurrency fraudster and disgraced FTX founder Sam Bankman-Fried has formally submitted a pardon petition to U.S. President Donald Trump, official government records confirm. The 34-year-old, who is currently serving a 25-year federal prison sentence after being found guilty on multiple corruption and fraud charges, has his request listed as pending in the public database of the Department of Justice’s Office of the Pardon Attorney.

    The development comes months after Trump made his position clear in a January interview with *The New York Times*, where he stated he had no intention of granting a pardon to Bankman-Fried. Despite this early refusal hint, the convicted founder moved forward with the formal clemency application, marking the latest chapter in a high-profile financial scandal that shook the global crypto industry.

    Since his inauguration for his second term last year, the Republican president has exercised his clemency power repeatedly in favor of white-collar offenders, drawing ongoing public and media attention. Most recently, he pardoned a former Republican U.S. representative from Indiana who had been convicted of insider trading, a decision that fueled speculation about what cases he may prioritize for clemency going forward.

    Once hailed as a wunderkind of the digital finance space, Bankman-Fried built his empire at a staggering pace. After co-founding FTX as a small startup crypto trading platform in 2019, he grew the exchange into the world’s second-largest player in the sector, amassing a multi-billion dollar personal fortune before he turned 30. That meteoric ascent collapsed spectacularly in November 2022, when a massive bank run of customer withdrawals exposed that roughly $8 billion in client funds had been secretly and illegally diverted from FTX to Bankman-Fried’s private hedge fund, Alameda Research.

    A federal jury in New York convicted him on seven counts of fraud, embezzlement, and criminal conspiracy in November 2023. In addition to his pardon petition, Bankman-Fried has also filed an appeal challenging the guilty verdict, marking the next step in his ongoing legal battle.

  • Country reggae singer Wesrok finds faith, purpose with ‘God Knows Me Better’

    Country reggae singer Wesrok finds faith, purpose with ‘God Knows Me Better’

    For genre-blending singer Wesrok, country music has always been a medium for raw, authentic storytelling. But with his latest release, *God Knows Me Better*, the country-reggae crooner opens up about his most intimate narrative yet: a gradual, deeply personal journey of growing Christian faith, self-reflection, and the quiet conviction that life’s deepest answers come from a relationship with God.

  • Gin N Juice kicks off summer on June 20

    Gin N Juice kicks off summer on June 20

    Summer party season in Jamaica is about to get a heavy dose of nostalgia, as one of the island’s most beloved retro social gatherings, Gin N Juice, is preparing to make its highly anticipated comeback on June 20. This year’s edition will be hosted at the stunning, scenic Cherry Garden Great House in St Andrew, a venue that organizers say sets the perfect stage for a night of throwback fun and warm connection that harkens back to the golden era of Caribbean nightlife.

    At its core, Gin N Juice is built around celebrating the unmistakeable vibrant energy of three decades that shaped modern social culture: the 1980s, 1990s, and early 2000s. These eras were defined by spontaneous, in-person gatherings that brought whole communities together, where memories were forged over infectious music, energetic dance floors, and shared moments that strengthened lifelong bonds. In an age of increasing digital connection, the event aims to recreate that authentic, face-to-face magic that made retro social events so special.

    Gregg Smith, co-promoter of Gin N Juice, shared that the event’s core mission goes far beyond just throwing a party: it’s about creating space for people to reconnect. “We’ve always called Gin N Juice the party of friends,” Smith explained in an interview with the Jamaica Observer. “So many of us have friendships that get stretched thin by distance, busy schedules, and life changes. This event gives people a reason to carve out time to meet face to face, something we only get to do a few times a year for many groups. It’s a platform to reignite old friendships that may have faded and build on the bonds that already exist, cutting through the barriers of time and distance to create real, meaningful interactions.”

    No retro party would be complete without a standout lineup of skilled selectors, and this year’s Gin N Juice is no exception. Headlining the musical offerings will be three well-regarded Jamaican DJs: Bambino, Gabby, and Narity, who will take turns spinning the iconic hits that defined the 80s, 90s, and early 2000s, keeping the dance floor packed from start to finish.

    Smith noted that music is the backbone of the entire Gin N Juice experience, so the team only brings in DJs with a proven track record of keeping crowds moving. “We’ve worked with Bambino and Narity many times over the years, so we know exactly the high-energy, crowd-pleasing sets they’re going to deliver,” Smith said. “This year, we’re really excited to have Gabby joining the lineup – she’s the wild card that I think is going to steal the entire show. She’s more than proven she can hold her own alongside any established selector, and this event is going to be her big moment where everyone sees what we already know: a new superstar is emerging. Don’t miss it.”

    To make the event even more accessible and enjoyable for groups of friends coming together to celebrate, organizers are rolling out a brand new ticketing option this year: the crew deal. Designed specifically for long-time friend groups looking for a hassle-free, value-packed experience, the new package caters to the current economic climate where guests are looking to maximize their spending without sacrificing fun.

    “The new crew deal is built for groups who want to enjoy the night together, with everything taken care of up front,” Smith explained. “For one price, you get five entry tickets, a choice of liquor that can be upgraded to a 750ml bottle, a dedicated bistro table for your group, and VIP parking. It’s the best value for money on the market right now, at a time when every dollar counts for people. We wanted to make it easier than ever for friend groups to come together and have a great night without breaking the bank.”

  • UN rights chief urges US to lift tough Cuba sanctions

    UN rights chief urges US to lift tough Cuba sanctions

    On a Monday in the US capital Washington, the United Nations’ top human rights official issued an urgent call for the Biden administration to roll back harsh new sanctions imposed on Cuba this year, issuing a stark warning that the restrictive measures have already triggered widespread public suffering and put countless civilian lives at direct risk.

    Cuba has operated under a sweeping US trade embargo for more than six decades, dating back to 1962, but the Trump administration has dramatically escalated economic and political pressure on the island nation in recent months. The ramped-up actions have included crippling cuts to the country’s critical fuel supplies, alongside open rhetoric suggesting the US is prepared to take control of the island.

    In an official public statement, UN High Commissioner for Human Rights Volker Turk laid out the cumulative human cost of the new policy: “The fuel restrictions implemented from early 2025, paired with the recent tightening of extraterritorial sanctions, are directly harming ordinary Cubans, above all the most vulnerable groups in the population.”

    Turk emphasized the deadly consequences of the current restrictions, noting, “Children are dying because doctors lack access to essential medical supplies and life-saving medicines. This situation is unacceptable. These sanctions must be lifted immediately.”

    Washington has justified its sustained pressure campaign against Cuba by claiming the island’s communist government poses a direct national security threat to the United States. Trump has repeatedly suggested Cuba could be the next regime to fall, following the January ouster of Venezuela’s socialist leader Nicolas Maduro and the ongoing US pressure campaign against Iran.

    Adding to escalating tensions, US prosecutors recently unsealed an indictment against Cuba’s former president Raul Castro connected to a 1996 incident, a move that fueled widespread speculation that the Trump administration was laying groundwork to attempt to topple the Cuban government.

    Turk’s statement detailed the tangible disruptions caused by the new measures. The oil blockade, he confirmed, has left the island coping with daily blackouts that regularly stretch beyond 20 hours. Additional sanctions rolled out last month, many of which carry extraterritorial penalties that impact private third-party entities including commodity traders, insurance firms and shipping companies, have only deepened the crisis for ordinary Cubans.

    “Taken together, these coercive measures are significantly undermining the Cuban population’s ability to exercise basic human rights,” the statement read. It underlined that life-sustaining medical services are already operating under extreme strain, with stockpiles of essential medications facing what it called “critical short supply.”

    Citing recent public health data collected on the island, the statement confirmed that infant mortality rates have doubled since the fuel restrictions took effect, and survival rates for children diagnosed with cancer have dropped sharply. Beyond the health crisis, the statement noted a reported 60 percent decline in domestic food production alongside dramatic spikes in the price of basic staple goods, pushing more low-income Cuban households into food insecurity.

    Turk closed by challenging the legality of the US policy under international norms: “Such severe, broad-based sanctions packages that target entire sectors of a national economy and create widespread, indiscriminate, devastating harm to civilian populations are incompatible with the core principles of international human rights law.”

  • OpenAI makes move to go public one week after rival Anthropic

    OpenAI makes move to go public one week after rival Anthropic

    SAN FRANCISCO – In a landmark move signaling a coming shift in the artificial intelligence industry, ChatGPT developer OpenAI announced Monday it has confidentially submitted an S-1 registration statement to U.S. securities regulators, taking the first formal step toward an initial public offering. The announcement comes just seven days after its top competitor, Anthropic—creator of the Claude AI chatbot—disclosed that it had completed the same confidential filing, as two of the sector’s highest-profile players race to unlock billions in new capital to fuel their rapid expansion.

  • Right Move

    Right Move

    Even as the early favorite to land the permanent head coaching role for Jamaica’s senior men’s national football team, the Reggae Boyz, interim boss Rudolph Speid has openly thrown his support behind the Jamaica Football Federation’s (JFF) decision to open a broad, extended search for the full-time position. Speaking after Jamaica’s 1-1 draw with South Africa in a recent international friendly held in Pachuca, Mexico, Speid emphasized that casting a wide net for candidates is the correct approach to finding the best fit for the program.

    The top job has sat vacant for seven months, ever since former England manager Steve McClaren stepped down last November. McClaren’s departure came after a 0-0 draw against Curacao left Jamaica unable to secure automatic qualification for the 2025 FIFA World Cup, co-hosted by the United States, Canada, and Mexico. Speid, who also serves as head coach of domestic side Cavalier, stepped into the interim role immediately after McClaren’s exit. He led the Reggae Boyz through the final interconfederation playoff round last March, but a defeat to DR Congo in the playoff final extended Jamaica’s 28-year drought without a World Cup appearance.

    JFF officially opened applications for the permanent position last Thursday, laying out clear criteria for candidates: applicants must hold a Concacaf A coaching license or its global equivalent, have elite-level coaching experience at either the club or international level, and demonstrate a proven ability to perform in high-pressure competitive environments. The JFF aims to appoint a new permanent head coach before August, giving the successful candidate ample time to build tactics and squad cohesion ahead of the Concacaf Nations League A campaign, which kicks off on September 21.

    Speid was widely regarded as the front-runner for the role after turning in solid interim performances, even earning a public endorsement from JFF President Michael Ricketts, who named Speid and assistant coach Miguel Coley as ideal candidates to lead the program moving forward. A final decision on the appointment was originally scheduled for the end of April, but the process stalled when the JFF board failed to reach a unanimous agreement on hiring Speid permanently. The federation’s technical committee subsequently recommended extending the search through the summer, asking Speid to remain in the interim post for the recently concluded Unity Cup in London and last Saturday’s friendly against South Africa.

    To date, early applicants include former Reggae Boyz players Darren Moore and Michael Johnson, both born in England, alongside Speid and Coley. In recent weeks, the applicant pool has grown to include multiple international coaches from Europe and North America, expanding the range of options for the JFF selection body.

    Despite being the presumed leading candidate, Speid says he holds no resentment over the extended search process. “I don’t know if I’ll be the person — if I’m selected I’ll continue. But it’s the right way to go about it, get other people to apply and see if they can get the person that fits what they’re trying to do,” he said.

    In the friendly against South Africa, a warm-up match for the World Cup-bound South Africans ahead of their opening clash with tournament hosts Mexico, Speid’s young Jamaican side earned a credible 1-1 draw. Winger Dwayne Atkinson scored a stoppage-time equalizer in the second half to cancel out a first-half goal from South Africa’s Oswin Appolis.

    With Jamaica entering a new rebuilding phase following their March World Cup qualification failure, Speid noted that the recent friendly and Unity Cup fixtures have served as critical development time for a young, emerging squad. Both rosters for the recent matches carried an average age of under 22, with a large contingent of homegrown Jamaican-based players getting valuable senior international minutes. “We have the Nations League coming up in September, so this was a good way for us to get some games,” Speid explained. “Clearly we have to rebuild the team after failing to go to the World Cup last March. We have carried a lot of young players, this is probably the youngest national team ever, and we are trying to see what these players are made of.”

  • 37 y-o Brazilian woman accused of posing as 12-y-o child to be adopted

    37 y-o Brazilian woman accused of posing as 12-y-o child to be adopted

    A shocking case of elaborate identity fraud has emerged in Brazil, where a 37-year-old woman stands accused of deceiving an entire community by pretending to be a pre-teen to gain adoption. Law enforcement officials have confirmed that Amanda Maria Souza de Oliveira constructed a false persona as ‘Gabriela’, a 12-year-old child fleeing a violent, abusive home. According to investigative details first reported by Yahoo News, Oliveira first approached a local church pastor with her fabricated story, winning the sympathy of the congregation. Moved by her supposed plight, church members pooled financial support for the young-looking imposter and facilitated an introduction to a local couple open to welcoming a child into their home.

    After moving in with the prospective adoptive family, Oliveira maintained her 12-year-old facade consistently: she participated in age-appropriate family activities, took the weight-loss drug Mounjaro to maintain a smaller physique, and even marked a staged 12th birthday with the household. The family proceeded with formal adoption paperwork, and the ruse might have continued indefinitely if a family relative had not grown suspicious of inconsistencies in her behavior and physical appearance. When confronted about her noticeably mature features, Oliveira spun a convincing explanation, claiming that childhood hormone therapy and prolonged abuse at the hands of her biological father had caused her to age prematurely.

    The relative’s distrust prompted an independent online search, which uncovered multiple public records connecting Oliveira to a string of nearly identical impersonation schemes across Brazil. Armed with this evidence, the relative contacted law enforcement, whose investigation confirmed that Oliveira had carried out this con in at least seven different Brazilian states. Following her arrest, Oliveira reportedly confessed to the deception during police interrogation. She is currently being held in preventive custody at the Joinville Women’s Prison as the legal process moves forward.

    At the request of Oliveira’s defense team, a judge has granted approval for a full psychiatric evaluation to be conducted. Her legal counsel has argued that undiagnosed, underlying psychological conditions may have driven her actions, a factor that could potentially mitigate any criminal responsibility she faces for the alleged fraud.