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Associated Press
10-03-2025
- Business
- Associated Press
Cohen & Company Reports Fourth Quarter & Full Year 2024 Financial Results
PHILADELPHIA and NEW YORK, March 10, 2025 (GLOBE NEWSWIRE) -- Cohen & Company Inc. (NYSE American: COHN), a financial services firm specializing in an expanding range of capital markets and asset management services, today reported financial results for its fourth quarter and full year ended December 31, 2024. Summary Operating Results Three Months Ended Twelve Months Ended ($ in thousands) 12/31/24 9/30/24 12/31/23 12/31/24 12/31/23 Net trading $ 8,947 $ 8,816 $ 7,809 $ 36,409 $ 30,926 Asset management 2,067 2,147 1,919 9,009 7,337 New issue and advisory 10,075 22,459 18,722 63,422 28,264 Principal transactions and other revenue (2,548) (1,727) 6,014 (29,242) 16,454 Total revenues 18,541 31,695 34,464 79,598 82,981 Compensation and benefits 12,935 17,915 16,335 56,388 52,092 Non-compensation operating expenses 11,109 6,558 6,680 31,233 24,028 Operating income (loss) (5,503) 7,222 11,449 (8,023) 6,861 Interest expense, net (1,474) (1,256) (1,619) (5,821) (6,526) Income (loss) from equity method affiliates (662) (683) 17,217 21,704 15,609 Income (loss) before income tax expense (benefit) (7,639) 5,283 27,047 7,860 15,944 Income tax expense (benefit) (764) 142 166 (329) 5,545 Net income (loss) (6,875) 5,141 26,881 8,189 10,399 Less: Net income (loss) attributable to the non-convertible non-controlling interest 66 (2,455) 11,054 8,675 19,590 Enterprise net income (loss) (6,941) 7,596 15,827 (486) (9,191) Less: Net income (loss) attributable to the convertible non-controlling interest (4,988) 5,446 11,279 (357) (4,078) Net income (loss) attributable to Cohen & Company Inc. $ (1,953) $ 2,150 $ 4,548 $ (129) $ (5,113) Fully diluted net income (loss) per share $ (1.21) $ 1.31 $ 2.97 $ (0.08) $ (3.38) Adjusted pre-tax income (loss) (1) $ (7,705) $ 7,738 $ 15,993 $ (815) $ (3,646) Fully diluted adjusted pre-tax income (loss) per share $ (1.32) $ 1.34 $ 2.88 $ (0.14) $ (0.66) (1) Adjusted pre-tax income (loss) is not a measure recognized under U.S. generally accepted accounting principles ('GAAP'). See Note 1 below. Lester Brafman, Chief Executive Officer of Cohen & Company, said, 'In 2024, Cohen & Company Capital Markets ('CCM'), our full-service boutique investment bank, continued to grow market share as an advisor and agent, expanding into underwriting initial public offerings. While CCM revenue was down compared to the third quarter of 2024, our actions to strengthen the business throughout the year generated full year CCM revenue of $38.9 million from nearly 50 clients, almost double the full year 2023 CCM revenue of $21.9 million.' Brafman continued, 'Despite continued elevated mortgage rates and lower levels of mortgage origination, we were able to grow our mortgage business in 2024, ending the year with a gestation repo book of $2.7 billion, up more than 30% from December 2023. We remain confident about our future earnings potential and are focused on enhancing long-term, sustained value for our stockholders, including through continued payment of our quarterly dividend.' Financial Highlights Net loss attributable to Cohen & Company Inc. was $2.0 million, or $1.21 per diluted share, for the three months ended December 31, 2024, compared to net income of $2.2 million, or $1.31 per diluted share, for the three months ended September 30, 2024, and net income of $4.5 million, or $2.97 per diluted share, for the three months ended December 31, 2023. Adjusted pre-tax loss was $7.7 million, or $1.32 per diluted share, for the three months ended December 31, 2024, compared to adjusted pre-tax income of $7.7 million, or $1.34 per diluted share, for the three months ended September 30, 2024, and adjusted pre-tax income of $16.0 million, or $2.88 per diluted share, for the three months ended December 31, 2023. Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per diluted share are not measures recognized under GAAP. See Note 1 below. Revenues were $18.5 million for the three months ended December 31, 2024, compared to $31.7 million for the prior quarter and $34.5 million for the prior year quarter. Net trading revenue was $8.9 million for the three months ended December 31, 2024, comparable to the prior quarter and up $1.1 million from the prior year quarter. The increase from the prior year quarter was due primarily to higher trading revenue from our mortgage group. Asset management revenue was $2.1 million for the three months ended December 31, 2024, down slightly from the prior quarter and up $0.1 million from the prior year quarter. The change from the prior year quarter was related primarily to deferred performance fees in one of our European funds. New issue and advisory revenue was $10.1 million for the three months ended December 31, 2024, down $12.4 million from the prior quarter and down $8.6 million from the prior year quarter. Principal transactions and other revenue was negative $2.5 million for the three months ended December 31, 2024, compared to negative $1.7 million in the prior quarter and positive $6.0 million in the prior year quarter. Compensation and benefits expense during the three months ended December 31, 2024 decreased $5.0 million from the prior quarter and decreased $3.4 million from the prior year quarter. The number of Company employees was 113 as of December 31, 2024, compared to 113 as of September 30, 2024, and 118 as of December 31, 2023. Interest expense during the three months ended December 31, 2024 was $1.5 million, including $1.2 million on our trust preferred securities debt, $0.3 million on our senior promissory notes, and $19 thousand on our bank credit facility. During September 2024, the Company restructured two-thirds of its redeemable financial instrument into a promissory note and repaid the remaining one-third in cash. Loss from equity method affiliates for the three months ended December 31, 2024 was $0.7 million, compared to loss from equity method affiliates of $0.7 million for the prior quarter and income from equity method affiliates of $17.2 million for the prior year quarter. Income (loss) from equity method affiliates fluctuates primarily depending on the timing of the closing of the business combinations by the Company's equity method investees that are sponsors of SPACs, which typically results in changes to the value of founder shares allocable to the Company by the SPAC sponsors. Also, certain sponsors of SPACs hold the founder shares for some period after the business combination, which may cause income (loss) for equity method affiliates to further fluctuate. During the fourth quarter of 2023, there were four business combinations that closed, which resulted in that quarter's significant income from equity method affiliates. Income tax benefit for the three months ended December 31, 2024 was $0.8 million, compared to income tax expense of $0.1 million in the prior quarter, and income tax expense of $0.2 million in the prior year quarter. The Company will continue to evaluate its operations on a quarterly basis and may adjust the valuation allowance applied against the Company's net operating loss and net capital loss tax assets. Future adjustments could be material and may result in additional tax benefit or tax expense. Total Equity and Dividend Declaration As of December 31, 2024, total equity was $90.3 million, compared to $91.8 million as of December 31, 2023; the non-convertible non-controlling interest component of total equity was $11.5 million as of December 31, 2024 and $9.6 million as of December 31, 2023. Thus, the total equity excluding the non-convertible non-controlling interest component was $78.8 million as of December 31, 2024, a $3.4 million decrease from $82.2 million as of December 31, 2023. The Company's Board of Directors has declared a quarterly dividend of $0.25 per share, payable on April 9, 2025, to stockholders of record as of March 26, 2025. The Board of Directors will continue to evaluate the dividend policy each quarter, and future decisions regarding dividends may be impacted by quarterly operating results and the Company's capital needs. Conference Call The Company will host a conference call at 10:00 a.m. Eastern Time (ET), today, March 10, 2025, to discuss these results. The conference call will be available via webcast. Interested parties can access the webcast by clicking the webcast link on the Company's homepage at Those wishing to listen to the conference call with operator assistance can dial (877) 524-8416 (domestic) or +1 (412) 902-1028 (international). A replay of the call will be available for three days following the call by dialing (877) 660-6853 or (201) 612-7415, with participant passcode 13752190. About Cohen & Company Cohen & Company is a financial services company specializing in an expanding range of capital markets and asset management services. Cohen & Company's operating segments are Capital Markets, Asset Management, and Principal Investing. The Capital Markets segment consists of fixed income sales, trading, gestation repo financing, new issue placements in corporate and securitized products, underwriting, and advisory services, operating primarily through Cohen & Company's subsidiaries, J.V.B. Financial Group, LLC in the United States and Cohen & Company Financial (Europe) S.A. in Europe. A division of JVB, Cohen & Company Capital Markets ('CCM') is the Company's full-service boutique investment bank that focuses on mergers and acquisitions ('M&A'), capital markets, and SPAC advisory services. The Capital Markets business segment also includes investment returns on financial instruments that the Company has received as consideration for advisory, underwriting, and new issue placement services provided by CCM. The Asset Management segment manages assets through collateralized debt obligations, managed accounts, joint ventures, and investment funds. As of December 31, 2024, the Company had approximately $2.3 billion of assets under management in primarily fixed income assets in a variety of asset classes including U.S. and European bank and insurance trust preferred securities, debt issued by small and medium sized European, U.S., and Bermudian insurance and reinsurance companies, equity interests of SPACs and their sponsor entities, and commercial real estate loans. The Principal Investing segment is comprised primarily of investments the Company holds related to its SPAC franchise and other investments the Company has made for the purpose of earning an investment return rather than investments made to support its trading or other capital markets business activity. For more information, please visit Note 1: Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per share are non-GAAP measures of performance. Please see the discussion under 'Non-GAAP Measures' below. Also see the tables below for the reconciliations of non-GAAP measures of performance to their corresponding GAAP measures of performance. Forward-looking Statements This communication contains certain statements, estimates, and forecasts with respect to future performance and events. These statements, estimates, and forecasts are 'forward-looking statements.' In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as 'may,' 'might,' 'will,' 'should,' 'expect,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' 'seek,' or 'continue' or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this communication are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties, and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance, or achievements expressed or implied in the forward-looking statements including, but not limited to, those discussed under the heading 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition' in our filings with the Securities and Exchange Commission ('SEC'), which are available at the SEC's website at and our website at Such risk factors include the following: (a) a decline in general economic conditions or the global financial markets, including those caused by inflation, raising interest rates, and the current geopolitical situation, (b) unfavorable market conditions may lead to a reduction in revenues from our new issue and advisory revenues, including from underwriting and placement activities, (c) losses caused by financial or other problems experienced by third parties, (d) losses due to unidentified or unanticipated risks, (e) a lack of liquidity, i.e., ready access to funds for use in our businesses, (f) the ability to attract and retain personnel, (g) litigation and regulatory proceedings, (h) reputational harm due to losses or our inability to sell securities we purchase as an underwriter at the anticipated price levels, (i) competitive pressure, (j) an inability to generate incremental income from new or expanded businesses, (k) unanticipated market closures or effects due to inclement weather or other disasters, (l) losses (whether realized or unrealized) on our principal investments, (m) the possibility that payments to the Company of subordinated management fees from its CDOs will continue to be deferred or will be discontinued, (n) the possibility that the Company's stockholder rights plan may fail to preserve the value of the Company's deferred tax assets, whether as a result of the acquisition by a person of 5% of the Company's common stock or otherwise, (o) the Company's reduction in the volume of its investments into SPACs, (p) the difficulty in identifying potential business combinations as a result of increased competition in the SPAC market, (q) the value of the Company's holdings of founders shares in post-business combination companies is volatile and may decline and the possibility that significant portions of the founder shares may remain restricted for a long period of time, (r) the possibility that the Company will stop paying quarterly dividends to its stockholders, and (s) the impacts of rising interest rates and inflation. As a result, there can be no assurance that the forward-looking statements included in this communication will prove to be accurate or correct. In light of these risks, uncertainties, and assumptions, the future performance or events described in the forward-looking statements in this communication might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. Cautionary Note Regarding Quarterly Financial Results Due to the nature of our business, our revenue and operating results may fluctuate materially from quarter to quarter. Accordingly, revenue and net income in any particular quarter may not be indicative of future results. Further, our employee compensation arrangements are in large part incentive-based and, therefore, will fluctuate with revenue. The amount of compensation expense recognized in any one quarter may not be indicative of such expense in future periods. As a result, we suggest that annual results may be the most meaningful gauge for investors in evaluating our business performance. COHEN & COMPANY INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share data) Three Months Ended Twelve Months Ended 12/31/24 9/30/24 12/31/23 12/31/24 12/31/23 Revenues Net trading $ 8,947 $ 8,816 $ 7,809 $ 36,409 $ 30,926 Asset management 2,067 2,147 1,919 9,009 7,337 New issue and advisory 10,075 22,459 18,722 63,422 28,264 Principal transactions and other revenue (2,548) (1,727) 6,014 (29,242) 16,454 Total revenues 18,541 31,695 34,464 79,598 82,981 Operating expenses Compensation and benefits 12,935 17,915 16,335 56,388 52,092 Business development, occupancy, equipment 2,018 1,567 1,317 6,617 5,204 Subscriptions, clearing, and execution 2,645 2,691 2,088 9,639 8,965 Professional services and other operating 6,283 2,156 3,145 14,421 9,296 Depreciation and amortization 163 144 130 556 563 Total operating expenses 24,044 24,473 23,015 87,621 76,120 Operating income (loss) (5,503) 7,222 11,449 (8,023) 6,861 Non-operating income (expense) Interest expense, net (1,474) (1,256) (1,619) (5,821) (6,526) Income (loss) from equity method affiliates (662) (683) 17,217 21,704 15,609 Income (loss) before income tax expense (benefit) (7,639) 5,283 27,047 7,860 15,944 Income tax expense (benefit) (764) 142 166 (329) 5,545 Net income (loss) (6,875) 5,141 26,881 8,189 10,399 Less: Net income (loss) attributable to the non-convertible non-controlling interest 66 (2,455) 11,054 8,675 19,590 Enterprise net income (loss) (6,941) 7,596 15,827 (486) (9,191) Less: Net income (loss) attributable to the convertible non-controlling interest (4,988) 5,446 11,279 (357) (4,078) Net income (loss) attributable to Cohen & Company Inc. $ (1,953) $ 2,150 $ 4,548 $ (129) $ (5,113) Earnings per share Basic Net income (loss) attributable to Cohen & Company Inc. $ (1,953) $ 2,150 $ 4,548 $ (129) $ (5,113) Basic shares outstanding 1,631 1,631 1,522 1,615 1,513 Net income (loss) attributable to Cohen & Company Inc. per share $ (1.20) $ 1.32 $ 2.99 $ (0.08) $ (3.38) Fully Diluted Net income (loss) attributable to Cohen & Company Inc. $ (1,953) $ 2,150 $ 4,548 $ (129) $ (5,113) Net income (loss) attributable to the convertible non-controlling interest (4,988) 5,446 - (357) - Income tax and conversion adjustment 62 (17) - 33 - Net income (loss) attributable to Cohen & Company Inc. for fully diluted net income (loss) per share calculation $ (6,879) $ 7,579 $ 4,548 $ (453) $ (5,113) Basic shares outstanding 1,631 1,631 1,522 1,615 1,513 Unrestricted Operating LLC membership units exchangeable into COHN shares 4,063 4,062 - 4,061 - Additional dilutive shares - 98 9 - - Fully diluted shares outstanding (1) 5,694 5,791 1,531 5,676 1,513 Fully diluted net income (loss) per share $ (1.21) $ 1.31 $ 2.97 $ (0.08) $ (3.38) Reconciliation of adjusted pre-tax income (loss) to net income (loss) attributable to Cohen & Company Inc. and calculations of per share amounts Net income (loss) attributable to Cohen & Company Inc. $ (1,953) $ 2,150 $ 4,548 $ (129) $ (5,113) Addback (deduct): Income tax expense (benefit) (764) 142 166 (329) 5,545 Addback (deduct): Net income (loss) attributable to the convertible non-controlling interest (4,988) 5,446 11,279 (357) (4,078) Adjusted pre-tax income (loss) $ (7,705) $ 7,738 $ 15,993 $ (815) $ (3,646) Adjusted fully diluted shares outstanding (2) 5,852 5,791 5,546 5,758 5,533 Fully diluted adjusted pre-tax income (loss) per share $ (1.32) $ 1.34 $ 2.88 $ (0.14) $ (0.66) (1) When the fully diluted net income (loss) per share is anti-dilutive, the basic shares outstanding are presented on this line item. (2) Adjusted fully diluted shares outstanding includes (a) weighted average unrestricted and restricted Operating LLC units exchangeable into COHN shares and (b) weighted average unrestricted and restricted shares, even during periods when the corresponding GAAP calculation of fully diluted shares outstanding above does not include them. The Operating LLC units are always included because the non-GAAP measure of performance, adjusted pre-tax income (loss), always includes net income (loss) attributable to the corresponding convertible interest. COHEN & COMPANY INC. CONSOLIDATED BALANCE SHEETS (in thousands) December 21, 2024 (unaudited) December 31, 2023 Assets Cash and cash equivalents $ 19,590 $ 10,650 Receivables from brokers, dealers, and clearing agencies 45,650 66,801 Due from related parties 941 772 Other receivables 6,526 5,373 Investments - trading 148,332 181,328 Other investments, at fair value 35,262 72,217 Receivables under resale agreements 668,259 408,408 Investment in equity method affiliates 23,430 14,241 Deferred income taxes 2,257 1,580 Goodwill 109 109 Right-of-use asset - operating leases 15,540 7,541 Other assets 5,253 3,741 Total assets $ 971,149 $ 772,761 Liabilities Payables to brokers, dealers, and clearing agencies $ 66,655 $ 111,085 Accounts payable and other liabilities 10,913 8,115 Accrued compensation 17,770 17,268 Trading securities sold, not yet purchased 36,432 65,751 Other investments sold, not yet purchased, at fair value 1,651 24,742 Securities sold under agreements to repurchase 695,966 408,203 Operating lease liability 16,575 8,216 Redeemable financial instruments - 7,868 Debt 34,904 29,716 Total liabilities 880,866 680,964 Equity Voting non-convertible preferred stock 27 27 Common stock 20 19 Additional paid-in capital 76,704 74,594 Accumulated other comprehensive loss (1,007) (944) Accumulated deficit (34,016) (32,014) Total stockholders' equity 41,728 41,682 Non-controlling interest 48,555 50,115 Total equity 90,283 91,797 Total liabilities and equity $ 971,149 $ 772,761 Non-GAAP Measures Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per diluted share Adjusted pre-tax income (loss) is not a financial measure recognized by GAAP. Adjusted pre-tax income (loss) represents net income (loss) attributable to Cohen & Company Inc., computed in accordance with GAAP, excluding income tax expense (benefit), plus the net income (loss) attributable to the convertible non-controlling interest. Income tax expense (benefit) has been excluded because a pre-tax measurement of enterprise earnings that includes net income (loss) attributable to the convertible non-controlling interest is a useful and appropriate measure of performance. Furthermore, our income tax expense (benefit) has been, and we expect it will continue to be, a substantially non-cash item for the foreseeable future, generated from adjustments in our valuation allowance applied to the Company's gross deferred tax assets. Convertible non-controlling interest is added back to adjusted pre-tax income (loss) because the underlying Cohen & Company, LLC equity units are convertible into Cohen & Company Inc. shares. Adjusted pre-tax income (loss) per diluted share is calculated by dividing adjusted pre-tax income (loss) by diluted shares outstanding, both of which include adjustments used in the corresponding calculation in accordance with GAAP. We present adjusted pre-tax income (loss) and related per diluted share amounts in this release because we consider them to be useful and appropriate supplemental measures of our performance. Adjusted pre-tax income (loss) and related per diluted share amounts help us to evaluate our performance without the effects of certain GAAP calculations that may not have a direct cash or recurring impact on our current operating performance. In addition, our management uses adjusted pre-tax income (loss) and related per diluted share amounts to evaluate the performance of our enterprise operations. Adjusted pre-tax income (loss) and related per diluted share amounts, as we define them, are not necessarily comparable to similarly named measures of other companies and may not be appropriate measures for performance relative to other companies. Adjusted pre-tax income (loss) should not be assessed in isolation from or construed as a substitute for net income (loss) attributable to Cohen & Company Inc. prepared in accordance with GAAP. Adjusted pre-tax income (loss) is not intended to represent and should not be considered to be a more meaningful measure than, or an alternative to, measures of operating performance as determined in accordance with GAAP.
Miami Herald
26-02-2025
- Politics
- Miami Herald
Hate crime enhancer attached to charges against Miami Beach man after double shooting
Miami-Dade prosecutors put a hate crime enhancement on the charges against a Miami Beach man charged in the Feb. 15 shooting of two Israeli tourists. Monday's action turns the two counts of second-degree attempted murder against 27-year-old Mordechai Brafman into first-degree attempted murder counts. The charges will be formally filed and Brafman will enter a plea at his Mar. 10 arraignment. Miami-Dade State Attorney's Office spokesman Ed Griffith said in an email that the office 'reviews every criminal offense that has the potential of being motivated by hate, to see if Florida's hate crime enhancement statute is applicable to the specific situation.' Brafman, police say in the arrest report, 'spontaneously stated' to them that 'while he was driving his truck, he saw two Palestinians and shot and killed both.' READ MORE: Why were 2 people shot in Miami Beach? The suspect said he 'saw 2 Palestinians,' cops say Brafman didn't kill Ari Rabi and father Yaron Rabi, Israelis who were fellow members of the Jewish faith. Social media posts by the Rabis back up police statements that Ari was shot in the left shoulder and a bullet grazed Yaron in a forearm. Police say Brafman and the Rabis didn't know each other, and surveillance video shows Brafman firing 17 shots at the Rabis' Hyundai as it passed in the 4800 block of Pine Tree Drive. The Council of American-Islamic Relations (CAIR) Florida chapter released a statement Tuesday in praise of the hate crime enhancement. Miami Beach City Commissioner Alex Fernandez and Miami-Dade Mayor Daniella Levine Cava came out last week in favor of the hate crime enhancement, but CAIR-Florida spokesman Wilfredo Amr Ruiz wanted to see more. 'To date, we have not heard or read any statement from Miami Beach Mayor Steven Meiner or Miami-Dade County Mayor Daniella Levine Cava assuring the safety and security of Palestinian and Arab residents and visitors. 'We find their silence appalling and an affront to their constituents, residents, and visitors — Muslims and Christians of Arab or Palestinian descent. Mayor Meiner and Mayor Levine Cava must publicly assure these communities and their families that they are safe on the streets of Miami Beach and throughout the county.' Brafman is being held on no bond at Miami-Dade Corrections' Turner Guilford Knight Correctional Center. 'Mr. Brafman is forced to spend the majority of his time in custody in isolation, and without proper mental health treatment and support,' his attorney, Dustin Tischler, said in a text message. In an email last week, Tischler said Brafman was having 'a severe mental health emergency' at the time of the shooting and 'his ability to make sound judgments was significantly compromised.' Tischler said Wednesday that 'Mr. Brafman is currently being evaluated by several medical professionals to determine his competency to proceed as well as his mental capacity at the time of the incident.'
Yahoo
26-02-2025
- Yahoo
Man charged with hate crime after shooting Israeli tourists he thought were Palestinians: police
MIAMI BEACH, Fla. (WFLA) — A man accused of shooting two Israeli tourists in Miami Beach who he assumed were Palestinians is now charged with a hate crime. Mordechai Brafman, 27, faces up to life in prison on hate crime related charges connected to the Feb. 15 incident, according to a report from NBC affiliate WTVJ. Florida DoorDash driver mauled by 2 dogs, airlifted to Tampa Police said Brafman shot at a car carrying Yaron Rabi and Ari Rabi, a father and son visiting South Florida from Israel. Ari Rabi was shot in the shoulder and his father's forearm was grazed by a bullet. After the shooting, which police said was unprovoked, Brafman 'spontaneously stated that while he was driving his truck, he saw two (2) Palestinians and shot and killed both,' according to a police report. Brafman's attorney Dustin Tischler told WTVJ the father and son were reaching for a weapon and Brafman was simply defending himself. A doctor declared Brafman incompetent to stand trial, but a second opinion is needed before a judge can weigh in. Tischler denied the shooting was motivated by hate. Brafman pleaded not guilty to the charges and remained in jail on Tuesday. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Miami Herald
19-02-2025
- Miami Herald
‘Hate crime': Muslim groups call for probe into Miami Beach shooting targeting ‘Palestinians'
After two men targeted as 'Palestinians' were shot on Miami Beach, national and local Muslim organizations are calling on political leaders to condemn the attack and prosecute it as a hate crime. They point to the weekend incident as the latest example in a surge of anti-Arab and anti-Muslim incidents, including in South Florida. 'There is no place for hate in this community, and we definitely are looking for some kind of investigation from the federal, state and local law enforcement to consider this a hate crime. It is a hate crime,' said Shabbir Motorwala, who is a founding member of the Coalition Of South Florida Muslim Organizations or COSMOS. 'It is not an isolated incident, because our children in the schools are being called Hamas,' Motorwala told the Miami Herald on Wednesday. Miami Beach police say Mordechai Brafman fired seventeen shots at a vehicle with two men inside, striking one man in the shoulder and grazing the other. He later told police, unprompted, that he saw 'two Palestinians and shot and killed both,' according to his arrest form. But in an ironic twist, the men Brafman mistook for Palestinians were actually Israelis. The victims, Ari Rabey and his father, were vacationing in Miami Beach at the time of the shooting. Both suffered minor wounds but survived. Brafman, 27, is now being held without bond on two counts of attempted second degree murder at Miami-Dade Corrections Turner Guilford Knight Correctional Center. The day after the Saturday night attack, the Council on American-Islamic Relations (CAIR), a national Muslim civil rights organization, also called for the charges to be classified as a hate crime — which would escalate the penalties. 'This just the latest example of the hate targeting the Palestinian-American community in this country and Palestinians in their homeland,' said CAIR National Executive Director Nihad Awad. READ MORE: Why were 2 people shot in Miami Beach? The suspect said he 'saw 2 Palestinians,' cops say Miami-Dade prosecutors are currently reviewing the case, according to an email from State Attorney Katherine Fernandez Rundle's office, to see if it meets the requirements for a hate crime, which would trigger a penalty enhancement on the charges. Aside from the hate crime designation — which may not come until mid-March when Brafman's arraignment is — some Muslim advocacy groups are looking for public statements from elected officials. They say they want the incident to be condemned by leaders and to hear support for protecting the safety of Arab Americans. 'They owe an explanation for the silence all these days after the incident,' Wilfredo Amr Ruiz, CAIR-Florida's communications director, told the Miami Herald, referring to local elected officials. 'Don't you think a pronouncement in this case is important after someone shot 17 shots on the streets of Miami Beach?' Samir Kakli, president of the South Florida Muslim Federation, an umbrella organization that represents dozens of the region's mosques, Islamic schools and community organizations, echoed the same sentiments. 'Anti-Arab hatred hurts, even hurts non-Arabs,' said Kakli. 'City and county officials must publicly condemn this act of hate and reaffirm their commitment to combating all forms of bigotry including Islamophobia.' Arab community 'suffering already' Dustin Tischler, Brafman's attorney, said in a statement to the Herald on Monday night that his client 'was experiencing a severe mental health emergency' when he opened fire. But the shooting has still rattled the Arab-American community, according to CAIR. Palestinians and Muslims in Florida have reached out, asking the organization if it's safe to be in Miami Beach — to shop at the bakeries they frequent, for example. 'Families are calling us afraid, legitimately afraid,' said Ruiz. 'The terror that this dude wanted to inspire just by randomly killing people thinking they're Arabs, it landed. It landed strong… We're suffering already.' The shooting reflects a larger increase in anti-Muslim hate, according to CAIR. From January to June 2024, CAIR documented 4,951 bias complaints nationwide, a 69 percent increase over the same period in 2023. In 2024, CAIR received the highest number of complaints it has ever received in its 30-year history. Today, CAIR released a petition and letter urging the FBI to conduct an investigation into the incident. Ruiz said there are still questions about the suspect's affiliations to larger extremist groups. 'Tens of thousands of Palestinian and Arab families across Florida are deeply alarmed by this attack,' the letter reads. 'They do not know whether Brafman acted alone, whether and why he may have been radicalized, or if he was affiliated to any extremist nationalist or Zionist groups operating in Miami Beach, elsewhere in Florida or even abroad.' The letter also points out that Palestinian and Arab families in Florida come from a diverse community, representing Muslim and Christian denominations. Ruiz of CAIR called out Miami Beach Mayor Steven Meiner and Miami-Dade County Mayor Daniella Levine Cava specifically by name, and said he was disappointed in their silence on the issue. 'I still don't hear the words 'extremism'. I don't hear the words 'potential terrorism'. I don't hear the words 'radicalization'. I don't hear the words 'safety and security of Arabs'. I don't hear the words 'safety and security of Palestinians',' he said. The Miami-Dade County and Miami Beach Mayor's offices did not respond to the Herald's requests for comments on this story. Ruiz noted South Florida's strong support for the Israeli and Jewish community, especially in Miami Beach, where leaders have given financial support to the state of Israel. Many public officials have spoken out against the rise in antisemitism after the Hamas attacks on Israel in October of 2023, but are less vocal about the rise in Islamophobia. 'A hate crime, when it targets Arabs and Palestinians, is treated very different when hate crimes are targeting Jews or Christians,' Ruiz said. So far, Miami Beach Commissioner Alex Fernandez is the only public official to speak out publicly against the shooting incident, urging the State Attorney's Office to escalate the charges to a hate crime. 'I strongly condemn any act of violence, especially one driven by bias. No one — regardless of whether they are perceived to be Palestinian or of any other background — should ever feel unsafe in our community,' Fernandez wrote in the post. After Brafman's attorney issued a statement citing mental health issues, Fernandez later updated the post to add a statement about the 'possibility that mental health considerations may be a factor.' Tischler wrote that 'it is believed that his ability to make sound judgments was significantly compromised. We are fully cooperating with law enforcement officials and acknowledge the seriousness of the allegations. 'We are also committed to working with healthcare professionals to ensure Mr. Brafman receives the appropriate and necessary treatment. Finally, we are deeply relieved that the victims are safe.' This story was produced with financial support from Trish and Dan Bell and from donors comprising the South Florida Jewish and Muslim Communities, in partnership with Journalism Funding Partners. The Miami Herald maintains full editorial control of this work.
Yahoo
19-02-2025
- Yahoo
Miami man arrested after shooting 2 men he mistakenly believed were Palestinian
A Florida man has been arrested and charged for shooting 17 times at two men who he mistakenly thought were Palestinian. The victims were actually tourists from Israel, according to police. Mordechai Brafman, 27, has been charged with two counts of second degree attempted murder, according to state records. The Miami State Attorney's Office Hate Crimes unit is reviewing the case to see if it meets that statutory requirements for a penalty enhancement. Florida does not have a hate crime offense, but charges can be enhanced which increases the seriousness of the penalty for a crime if a defendant is convicted, according to the attorney's office. Brafman is accused of stopping his truck in a parallel lane, directly in front of the victim's vehicle before exiting his vehicle on Saturday. As the victims drove past him, Brafman allegedly shot at the vehicle 17 times, "unprovoked," striking both victims, according to an arrest affidavit. While in custody, Brafman allegedly said that he saw two Palestinians while driving his truck and he shot and killed both, according to a police report. MORE: Federal officials sound alarm on anti-Muslim, anti-Arab hate crimes One victim sustained a gunshot wound to the left shoulder while the second victim sustained a graze wound to the left forearm, according to the affidavit. The victims and the defendant do not know each other, according to the affidavit. Brafman is being held in jail without bond. He is scheduled to be arraigned on March 10. Miami man arrested after shooting 2 men he mistakenly believed were Palestinian originally appeared on
