Dr. Benjamin Ballout

Diplomatic Trade Ltd

Date Written: September 28, 2025

Abstract

This article explores the intersection of intelligence-linked state media, U.S. financial regulation, and large-scale international infrastructure projects. Using the case of Radio Free Europe/Radio Liberty (RFE/RL)-a broadcaster originally established under CIA auspices in 1947 but now overseen by the U.S. Agency for Global Media (USAGM)-the paper analyzes how narratives produced for foreign policy objectives can spill into domestic regulatory actions. The Securities and Exchange Commission (SEC), tasked with protecting investors, has in several high-profile matters appeared to rely on unverified media reporting rather than direct shareholder evidence. This reliance creates procedural risks, undermines due process, and threatens the integrity of U.S. companies engaged in sensitive foreign markets such as Ukraine.

Keywords: Securities and Exchange Commission (SEC), Radio Free Europe/Radio Liberty, U.S. Agency for Global Media, CIA, Ukraine, Infrastructure, Shareholder Protection, FOIA, Administrative Procedure Act

Declaration of Interest

The author declares no personal or financial conflicts of interest related to this research. The views expressed are those of the author in his academic and professional capacity as a scholar-practitioner in international law, governance, and finance.

Ethics Approval

This research does not involve human participants or patient data and therefore did not require ethics approval.

Funder Statement

This research was conducted independently and did not receive external funding.