5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH (/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH DS 81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB 81,7(' 67$7(6 2) $0(5,&$ ; 3ODLQWLII$SSHOOHH 1R Y ! 5248(/ $//(1 &$57(5 'HIHQGDQW$SSHOODQW 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH0LGGOH'LVWULFWRI7HQQHVVHHDW1DVKYLOOH 1R nsRKQ71L[RQ'LVWULFWsXGJH $UJXHG $XJXVW 'HFLGHGDQG)LOHG sDQXDU\ %HIRUH 0225(DQG&/$<&LUFXLWsXGJHV +22' 'LVWULFWsXGJH BBBBBBBBBBBBBBBBB &2816(/ $5*8(' &'RXJODV7KRUHVHQ$66,67$17)('(5$/ 38%/,&'()(1'(51DVKYLOOH7HQQHVVHHIRU$SSHOODQW 6 'HON .HQQHG\ sU $66,67$17 81,7(' 67$7(6 7KH +RQRUDEOH 'HQLVH 3DJH +RRG 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ 8QLWHG6WDWHVY&DUWHU 1R $77251(< 1DVKYLOOH 7HQQHVVHH IRU $SSHOOHH 21%5,() &'RXJODV7KRUHVHQ$66,67$17)('(5$/ 38%/,&'()(1'(51DVKYLOOH7HQQHVVHHIRU$SSHOODQW 6 'HON .HQQHG\ sU $66,67$17 81,7(' 67$7(6 $77251(<1DVKYLOOH7HQQHVVHHIRU$SSHOOHH BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB .$5(11(/6210225(&LUFXLWsXGJH$MXU\IRXQG 'HIHQGDQW$SSHOODQW5RTXHO$OOHQ&DUWHUJXLOW\RIDUPHG EDQNUREEHU\LQYLRODWLRQRI86& G 7KHGLVWULFW FRXUWGHQLHG&DUWHUjVPRWLRQVIRUMXGJPHQWRIDFTXLWWDODQG D QHZ WULDO DQG VHQWHQFHG KLP WR HLJKW\IRXU PRQWKV RI LPSULVRQPHQWIROORZHGE\ILYH\HDUVRIVXSHUYLVHGUHOHDVH $OWKRXJK &DUWHU QRZ DSSHDOV KLV FRQYLFWLRQ RQ IRXU JURXQGVZHIRFXVSULPDULO\RQKLVFODLPWKDWWKHSURVHFXWLRQ GHSULYHGKLPRIKLVULJKWWRGXHSURFHVVDQGDIDLUWULDOXQGHU WKH )LIWK $PHQGPHQW ZKHQ WKH SURVHFXWRU FRPPLWWHG SURVHFXWRULDO PLVFRQGXFW GXULQJ FORVLQJ DUJXPHQWV E\ PLVVWDWLQJPDWHULDOHYLGHQFHDQGDFFXVLQJGHIHQVHFRXQVHORI O\LQJ %HFDXVH ZH EHOLHYH WKDW WKH SURVHFXWRU FRPPLWWHG PLVFRQGXFW WKDW ZDV VXIILFLHQW WR FRQVWLWXWH SODLQ HUURU ZDUUDQWLQJ UHYHUVDO ZH 5(9(56( WKH MXGJPHQW RI WKH GLVWULFWFRXUWDQG5(0$1'IRUDQHZWULDO ,%$&.*5281' 2Q 2FWREHU WKH &RPPXQLW\ )LUVW %DQN RI +DUWVYLOOH7HQQHVVHH KHUHLQDIWHUm+DUWVYLOOH%DQNlRUmWKH EDQNl RSHQHGDW DPZLWKIRXUEDQNWHOOHUVLQFOXGLQJ 7HUUL /\QQ +DOOLEXUWRQ ZRUNLQJ DW LWV FXVWRPHU ZLQGRZV 6KHLOD&RUQZHOOZDVWKHEDQNjVILUVWFXVWRPHU:KLOHSXOOLQJ DZD\IURPDFDUZDVKED\DFURVVWKHVWUHHWEHIRUHHQWHULQJWKH EDQN &RUQZHOO VDZ D EODFN PDOH VWDQGLQJ QH[W WR mD ELJ JUHHQ ROGHU PRGHO FDUl sRLQW $SSHQGL[ ms$l DW &RUQZHOOWHVWLILHGWKDWWKLVPDQZDVZHDULQJFRYHUDOOVDQG DSSHDUHGWREHDERXWmILYHVHYHQVOHQGHUEXLOG>ZLWK@ 8QLWHG6WDWHVY&DUWHU 1R 1R 8QLWHG6WDWHVY&DUWHU SURFHHGLQJVZH5(9(56(WKHGLVWULFWFRXUWjVMXGJPHQWLQ KLV KDLU EUDLGHG ZLWK VSULJV VSULJJO\ EUDLGHG KDLU WKLVFDVHDQG5(0$1'IRUDQHZWULDO VWLFNLQJXSDERXWDQLQFKPD\EHKDOILQFKWRDQLQFKls$ DW :KLOHWHOOHU+DOOLEXUWRQZDVDVVLVWLQJWKHVHFRQGFXVWRPHU .HQQHWK .HOOHU ZLWK KLV EDQN GHSRVLW VKH QRWLFHG D EODFN PDQ LQ FRYHUDOOV HQWHU WKH EDQN DQG DSSURDFK WKH GHVN 6KRUWO\DIWHU.HOOHUKDGDUULYHG'ZLJKW+ROGHUHQWHUHGWKH EDQN DQG QRWLFHG WKH PDQ LQ FRYHUDOOV ZKR E\ WKHQ ZDV DSSURDFKLQJ +DOOLEXUWRQjV ZLQGRZ +ROGHU GHVFULEHG WKH PDQDVDEODFNPDQZKRZDVZHDULQJmEURZQFRYHUDOOVRU WDQORRNLQJFRORUFRYHUDOOVDEDVHEDOOFDSlDQGmSUHWW\ QHZORRNLQJERRWVlDQGZKRZDVmEHWZHHQDQGVL[IRRW WDOOls$DW :KHQWKHPDQ LQFRYHUDOOVILQDOO\UHDFKHG+DOOLEXUWRQjV ZLQGRZKHKDQGHGKHUDQRWHWKDWmVDLGDDQGDDQG Dl WKHRWKHUVLGHRIWKHQRWHVDLGmµZLWK@NLQGRIDGDUNLVKJUHHQFRORUlDQGmDQ,QGLDQDWDJlSXOO DZD\s$DW$V+ROGHUZDWFKHGWKHFDUSXOODZD\ KH VFUHDPHG IRU VRPHRQH WR ZULWH WKH FDUjV OLFHQVH SODWH QXPEHUVDVKHFDOOHGWKHPRXW WKHQXPEHUVKHFDOOHGZHUH mHLWKHU RU ls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m%H RQ WKH /RRNRXWl m%2/2l $IWHU FORVH RI WULDO ZLWK QR RSSRUWXQLW\ IRU DQ DUJXPHQWDWLYH KHDULQJ WKH %2/2 2IILFHU sHUU\ +LFNPDQ RI WKH *DOODWLQ UHVSRQVH DQG ZKHQ KH PDGH SHUVRQDO DWWDFNV RQ RSSRVLQJ 3ROLFH 'HSDUWPHQW FRQWDFWHG &KLHI +DQN 6FUXJJV RI WKH FRXQVHOWKDWPD\KDYHDIIHFWHGWKHMXU\jVYLHZRIFRXQVHOjV +DUWVYLOOH 3ROLFH 'HSDUWPHQW DQG WROG WKH &KLHI WKDW KH HQWLUHGHIHQVH7RKROGWKDWVXFKDFWLRQGRHVQRWVHULRXVO\ WKRXJKWKHKDGUXQDFKHFNRQWKHWDJQXPEHURIDFDUWKDWILW DIIHFW WKH LQWHJULW\ RI MXGLFLDO SURFHHGLQJV ZRXOG EH WKH%2/2GHVFULSWLRQMXVWWKHQLJKWEHIRUH2IILFHU+LFNPDQ WDQWDPRXQWWRH[FXVLQJWKHSURVHFXWRUjVGHOLEHUDWHGLVUHJDUG KDGDSUDFWLFHRIUXQQLQJFKHFNVRQFDUVZLWKRXWRIVWDWHWDJV RIKLVGXW\WRXSKROGWKH*RYHUQPHQWjVLQWHUHVWLQHQVXULQJ LQ WKH /DFNH\ &LUFOH DUHD ZKLFK LV D JRYHUQPHQW KRXVLQJ WKDWmMXVWLFHVKDOOEHGRQHlQRWWKDWmLWVKDOOZLQDFDVHlDQG SURMHFWWRVHHLIWKH\ZHUHVWROHQ2IILFHU+LFNPDQWHVWLILHG ZRXOGUHQGHUDSURIRXQGEORZWRRXUMXGLFLDOV\VWHPj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m5RTXHO GHIHQVHFRXQVHORIO\LQJ&DUWHUKDV DOVRVKRZQWKDWVXFK +DOFRPElGURYHWKHFDU%HFDXVH'HWHFWLYH+LOJDGLFNKDG PLVFRQGXFWDIIHFWHGWKHRXWFRPHRIWKHWULDO6SHFLILFDOO\ NQRZQ%DUEDUD+DOFRPE&DUWHUjVDXQWIRUVHYHUDO\HDUVKH &DUWHUKDVVKRZQWKDWWKHSURVHFXWRUjVLPSURSHUFRPPHQWV ZHQWWRKHUKRPHWRDVNKHULIVKHNQHZm5RTXHO+DOFRPEl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jVVXEVWDQWLDOULJKWV YLGHRWDSHs$DW 0V+DOFRPEKRZHYHU E\FOHDUO\PLVVWDWLQJDNH\ZLWQHVVjVWHVWLPRQ\DQGUHSHDWHGO\ WHVWLILHGWKDWVKHGLGQRWLGHQWLI\&DUWHULQWKHYLGHRWDSHs$ DVVHUWLQJWKDWGHIHQVHFRXQVHOOLHGGXULQJFORVLQJDUJXPHQWV DW2QFURVVH[DPLQDWLRQGHIHQVHFRXQVHOHOLFLWHG ZRXOG SRVH D FOHDU WKUHDW WR WKH LQWHJULW\ RI MXGLFLDO 8QLWHG6WDWHVY&DUWHU 1R 1R 8QLWHG6WDWHVY&DUWHU IOHHLQJEHFDXVHRIKLVZDUUDQWLQ,QGLDQDZKHQKHIOHGIURP IXUWKHU LQIRUPDWLRQ IURP 2IILFHU 5XVV 3XOOH\ DERXW 0V ERWK6HUJHDQW/DQLHUDQG2IILFHU2OLYHUDQGQRWEHFDXVHKH +DOFRPEjVDOOHJHGLGHQWLILFDWLRQRI&DUWHULQWKHYLGHRWDSH FRPPLWWHG WKH EDQN UREEHU\ LQ +DUWVYLOOH $GGLWLRQDOO\ 2IILFHU 3XOOH\jV WHVWLPRQ\ UHYHDOHG WKDW FRQWUDU\ WR D 6HUJHDQW/DQLHUj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jVDXQWLGHQWLILHGKLPDVWKHSHUVRQ0V)RUGGHVFULEHG RIKLVIDPLO\PHPEHUVLQ,QGLDQDSROLV,QGLDQD7KH%2/2 LQWKH&LWJRVWDWLRQRQ2FWREHU WKHHYLGHQFHVKRZV DOVRVWDWHGWKDW&DUWHUZDVDVXVSHFWLQWZRUREEHULHVDQGD WKDW FRQWUDU\ WR D IUHTXHQWO\ XVHG SROLFH SURFHGXUH 0V VKRRWLQJDQGKDGIDLOHGWRDSSHDUIRUDZDUUDQWDJDLQVWKLPLQ +DOFRPE GLG QRW VLJQ RU DIILUP DQ\ ZULWWHQ VWDWHPHQW ,QGLDQDSROLV YHULI\LQJWKLVLGHQWLILFDWLRQ )XUWKHULQWRWKHLULQYHVWLJDWLRQWKHSROLFHUHFHLYHGPRUH ,Q VXP LQOLJKWRIWKHHYLGHQFHVXJJHVWLQJWKDWs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jVURRPZKHUHKH SURVHFXWRULDO PLVFRQGXFW ZKHUH mWKH WHVWLPRQ\ RI WKH IRXU VWD\HGIRUILIWHHQWRWZHQW\PLQXWHV OHDYHWKHVWRUHZLWKRXW µYRXFKHGjZLWQHVVHVZDVFUXFLDOWRWKHJRYHUQPHQWjVFDVHDQG SXUFKDVLQJDQ\WKLQJ JHWLQWRDQROGPRGHOJUHHQFDU DQG WKH SURVHFXWRUjV DUJXPHQWl DQG m>R@QO\ LQGLUHFW HYLGHQFH EHJLQ WR GUHVV LQ JROG FRYHUDOOV 5HFRUGLQJV IURP D FRQQHFWHG>WKHGHIHQGDQW@WRWKH>FULPH@l &I%R\OH VXUYHLOODQFHFDPHUDLQWKH&LWJRPDUNHWFRUURERUDWHG)RUGjV )GDW UHYHUVLQJIRUSURVHFXWRULDOPLVFRQGXFWHYHQ WHVWLPRQ\VKRZLQJDEODFNPDQZKRZDVZHDULQJDGDUN FRORUHG MDFNHW ZLWK OHWWHUV RQ LWV IURQW HQWHU DQG OHDYH WKH &LWJRPDUNHWDVGHVFULEHG KLPVHOI 7KLV LQVWUXFWLRQ ZKLFK FRPHV IURP WKH 6L[WK &LUFXLW 3DWWHUQ $FKHFNZLWKWKH,QGLDQDDXWKRULWLHVUHYHDOHGWKDWWKHJUHHQ sXU\ ,QVWUXFWLRQV GRHV QRW DSSHDU WR VXJJHVW JXLOW RQ WKH SDUW RI &DUWHU FDU ZLWK OLFHQVH QXPEHU 6 ZDV UHJLVWHUHG WR 5RVH EHFDXVH RI KLV GHFLVLRQ QRW WR WHVWLI\ RU H[SODLQ LQFLGHQWV RI IOLJKW 6HH &ROZHOOIURP,QGLDQDSROLVZKRWHVWLILHGDWWULDOWRVHOOLQJKHU &200,77(( 21 $77(51 5,0,1$/ 85< 16758&7,216 3 & s , 3$77(51 FDUWRm5RFN&DUWHUlRQ$XJXVW s$DW 6KH &5,0,1$/ 85< 16758&7,216 s , HG 5DWKHU WKH LQVWUXFWLRQ DOVRWHVWLILHGWKDWVKHOHWm5RFN&DUWHUlERUURZKHUWDJVZKLOH VWDWHV WKDW HYLGHQFH RI IOLJKW PD\ RU PD\ QRW LQGLFDWH D GHIHQGDQWjV JXLOW\ FRQVFLHQFH RU LQWHQW WR DYRLG SXQLVKPHQW 6HH ,OOLQRLV Y :DUGORZ KHUHSDLUHG WKHFDUDQGWKDWKHSURPLVHGWREULQJWKHWDJV 86 BB 6 &W QRWLQJ WKDW DOWKRXJK IOLJKW EDFNEXWQHYHUGLG PD\ EH LQGLFDWLYH RI RQJRLQJ FULPLQDO DFWLYLW\ WKHUH DUH DOVR LQQRFHQW UHDVRQV IRU IOLJKW IURP SROLFH 8QLWHG6WDWHVY&DUWHU 1R 1R 8QLWHG6WDWHVY&DUWHU 2Q2FWREHU 6HUJHDQWsDPHV/DQLHUZDVSDWUROOLQJ VXJJHVWLQJWKDW7HUU\s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sRKQVRQ DV WKH UREEHU\ VXVSHFW $GGLWLRQDOO\ HYLGHQFH DW WKH GULYHU DW D JDV VWDWLRQ 7KH PDQ KRZHYHU IOHG IURP WULDOUHYHDOHGWKDW7HUU\sRKQVRQKDGHVFDSHGIURPDSULVRQ /DQLHU DQG VXFFHVVIXOO\ HVFDSHG LQ KLV JUHHQ FDU $W WULDO ZKHUHKHZDVVHUYLQJWLPHIRUDFRQYLFWLRQRIUREEHU\DQG 6HUJHDQW/DQLHULGHQWLILHG&DUWHUDVWKHPDQKHKDGFKDVHGLQ FDUMDFNLQJRQ2FWREHU DQGWKDW7HUU\sRKQVRQZDV :KLWH+RXVH2QWKHQLJKWRIWKHFKDVHKRZHYHU6HUJHDQW DUUHVWHG LQ /HEDQRQ D WRZQ QHDU *DOODWLQ DQG +DUWVYLOOH /DQLHULGHQWLILHG7HUU\sRKQVRQQRW&DUWHUDVWKHPDQZKR 7HQQHVVHHMXVWWZRGD\VDIWHUWKH+DUWVYLOOH%DQNUREEHU\ KDGIOHGIURPKLP6HUJHDQW/DQLHUKDGLGHQWLILHGsRKQVRQ (YLGHQFHDOVRVKRZHGWKDW7HUU\sRKQVRQDQG&DUWHUERWKKDG IURPDSKRWRJUDSKWKDWZDVSURYLGHGWRKLPE\WKHDXWKRULWLHV WKHLUKDLULQEUDLGVGXULQJWKHUHOHYDQWSHULRG LQ6LPSVRQ&RXQW\.HQWXFN\DIWHUKHKDGFDOOHGLQWRUHSRUW KLVFKDVHLQ:KLWH+RXVHs$DW$GGLWLRQDOO\ ,Q DGGLWLRQ WR WKH HYLGHQFH LQGLFDWLQJ WKDW sRKQVRQ PD\ 6HUJHDQW/DQLHUjVZULWWHQUHSRUWRIWKHFKDVHIDLOHGWRPHQWLRQ KDYHEHHQWKHUREEHUWKHUHDOVRDUHVRPHZHDNQHVVHVLQWKH WKDW KH KDG REVHUYHG DQ ,QGLDQD OLFHQVH SODWH RU D OLFHQVH RWKHUHYLGHQFHSUHVHQWHGDJDLQVW&DUWHU)RULQVWDQFHHYHQ QXPEHUDQGGLGQRWLGHQWLI\ 6DVDQREVHUYHGOLFHQVH DVVXPLQJWKDWLWZDV&DUWHUDQGQRWsRKQVRQZKRIOHGIURP QXPEHUs$DW 2IILFHU 2OLYHU DQG 6HUJHDQW /DQLHU WKH QHJDWLYH LQIHUHQFH ZKLFKFDQEHGUDZQIURPWKLVHYLGHQFHLVZHDNHQHGE\WKH 2Q2FWREHU DIWHUUHFHLYLQJDmVXVSLFLRXVSHUVRQl IDFW WKDW &DUWHU PD\ KDYH KDG DQRWKHU UHDVRQ WR IOHH IURP FDOO IURP WKH %HVW :HVWHUQ +RWHO LQ 5LYHUVLGH $ODEDPD RIILFHUV KLVIDLOXUHWRDSSHDUIRUDZDUUDQWDJDLQVWKLPLQ 2IILFHU5LFN2OLYHUZHQWWRWKHKRWHOZKHUHKHIRXQGD\RXQJ ,QGLDQDSROLV 7KHUHIRUH LW LV SRVVLEOH WKDW &DUWHU ZDV EODFNPDQDVOHHSLQDJUHHQFDU$IWHUVRPHFRQYHUVDWLRQ ZLWK WKH \RXQJ PDQ 2IILFHU 2OLYHU EHJDQ D SDWGRZQ IRU ZHDSRQV,QWKHPLGGOHRIWKHSDWGRZQKRZHYHUWKHPDQ 7KH GLVWULFW FRXUW LQFOXGHG WKH IROORZLQJ LQVWUXFWLRQ RQ IOLJKW LQ LWV IOHGZLWKKLVJXQnLQLWLDOO\RQIRRWDQGWKHQHYHQWXDOO\LQD FKDUJH WR WKH MXU\ VWROHQSLFNXSWUXFN$WWULDO2IILFHU2OLYHULGHQWLILHG&DUWHU ,16758&7,21 DVWKHPDQKHKDGVWRSSHGLQ5LYHUVLGH+HDOVRWHVWLILHGWKDW )OLJKW VKH@ MXVW GLGQjW IHHO FRPIRUWDEOH KH FRPPLWWHG WKH UREEHU\ DW WKH +DUWVYLOOH %DQN ,Q VXP D UDWLRQDO IDFW ORRNLQJDWDZKROHEXQFKRISLFWXUHVlDQGEHFDXVHVKHmGLGQjW ILQGHU FRXOG GHFLGH WKDW &DUWHU ZDV WKH PDQ ZKR UREEHG +DUWVYLOOH %DQN ZDQWWRORRNDWDQ\WKLQJHOVHWKDWPLJKWFRQIXVH>KHU@ls$ RQ 2FWREHU 6HH HJ 8QLWHG 6WDWHV Y %RQG )G DW$GGLWLRQDOO\DWWULDO+DOOLEXUWRQH[SODLQHGWKDW WK &LU KROGLQJ WKDW WKHUH ZDV VXIILFLHQW HYLGHQFH IRU D UREEHU\ ZKHQVKHDUULYHGWRWHVWLI\DW&DUWHUjVWULDOVKHVWLOOEHOLHYHG FRQYLFWLRQ ZKHUH WKH JHWDZD\ FDU D UHG )LUHELUG ZDV LGHQWLILHG E\ DQ LQGLYLGXDO ZKR IROORZHG WKH YHKLFOH DQG ZURWH GRZQ WKH OLFHQVH SODWH WKH )LUHELUG KDG EHHQ VWROHQ IURP D JDV VWDWLRQ LQ D QHDUE\ FLW\ VHYHUDO ZHHNV HDUOLHU WKH )LUHELUG KDG D GHIHQGDQWjV ILQJHUSULQWV ERWK RQ LWV LQVLGH DQG 7HUU\ sRKQVRQ ZDV DUUHVWHG RQ 2FWREHU LQ /HEDQRQ RXWVLGH RQ WKH GULYHUjV VLGH D IULHQG RI RQH GHIHQGDQW WHVWLILHG WKDW KH KDG 7HQQHVVHH ZKLFK LV QHDU ERWK *DOODWLQ DQG +DUWVYLOOH 7HQQHVVHH +H KDG VHHQ KLP GULYLQJ D UHG )LUHELUG WZR RU WKUHH ZHHNV EHIRUH WKH UREEHU\ D HVFDSHG IURP 6LPSVRQ &RXQW\ sDLO RQ 2FWREHU ZKHUH KH ZDV PXVLF WDSH UHSRUWHG PLVVLQJ E\ WKH RZQHU RI WKH )LUHELUG ZDV IRXQG LQ VHUYLQJ WLPH IRU FDUMDFNLQJ DQG UREEHU\ $W WKH WLPH RI KLV DUUHVW RQH GHIHQGDQWjV KRXVH DPPXQLWLRQ IRU KDQGJXQV D VSHQW VKRWJXQ VKHOO sRKQVRQ KDG EUDLGV LQ KLV KDLU $V QRWHG DERYH 6HUJHDQW /DQLHU DOVR DQG VWDFNV RI FDVK VRUWHG E\ GHQRPLQDWLRQ ZHUH IRXQG LQ RQH GHIHQGDQWjV LQLWLDOO\ LGHQWLILHG 7HUU\ s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sXU\ WHVWLPRQ\RQO\DIWHU$JHQW:KLWWHQZKRZDVVLWWLQJDWWKH SURVHFXWLRQjV WDEOH GXULQJ WULDO WROG KHU mLW ZDV WKH ULJKW 7KHWKLUGUHTXLUHGIDFWRUXQGHUWKH&DUUROOWHVWLVWKDWWKH QDPH5RTXHO&DUWHUEXWWKHZURQJIDFHlRQWKH79QHZV LPSURSHUFRPPHQWVEHGHOLEHUDWHO\SODFHGEHIRUH WKHMXU\ FOLSs$DW $IWHU FDUHIXO UHYLHZ ZH FRQFOXGH WKDW WKH SURVHFXWRU NQRZLQJO\ DQG GHOLEHUDWHO\ PDGH KLV LPSURSHU FRPPHQWV $IWHU GHIHQVH FRXQVHO ILQLVKHG KLV FORVLQJ DUJXPHQW LQ EHIRUHWKHMXU\,Q"@6KHGLGQRWVD\mGHIHQVHFRXQVHO@6KHQHYHU FODLPHGWKDWGHIHQVHFRXQVHODPDQZKRPDVWKHSURVHFXWRU VDLGWKDW7KDWLVDOLHDEROGIDEULFDWLRQ6KHVDLGm, QRWHGGXULQJDSSHOODWHRUDODUJXPHQWKHKDGNQRZQIRUPDQ\ ZDV WROG WKDW WKH PDQ LQ WKH SLFWXUH LV QRW 5RTXHO \HDUV DQG ZKRP KH KHOG LQ KLJK UHJDUG ZDV WHOOLQJ D &DUWHUl 6KH GLGQjW VD\ m, ZDV WROG \RX KDYH JRW WKH mFRORVVDOOLHl,QRWKHUZRUGVUDWKHUWKDQSURSHUO\REMHFWWR ZURQJJX\2QWKDWTXHVWLRQVKHDQVZHUHGm,ZDVWROG ZKDWKHEHOLHYHGZHUHLPSURSHUVWDWHPHQWVPDGHE\GHIHQVH WREHKRQHVWl FRXQVHOWKHSURVHFXWRUVLPSO\FRPPLWWHGDQRWKHUFOHDUZURQJ DQGWKHUHE\HOLPLQDWHGDQ\SRVVLELOLW\WKDWWKHGLVWULFWFRXUW FRXOG FRUUHFW GHIHQVH FRXQVHOjV ZURQJV ZLWK D FXUDWLYH LQVWUXFWLRQ :KHQ VXFK DFWLRQ LV YLHZHG LQ OLJKW RI WKH $QGLWLVDQDEVROXWHO\ZKROHOLHWKDWVKHZDVWROGWKDW SURVHFXWRUjV IDPLOLDULW\ ZLWK GHIHQVH FRXQVHO LW PXVW EH VKHKDGWKHZURQJJX\RQWKHEDQNUREEHU\6KHZDV FRQVLGHUHGGHOLEHUDWHDQGFDOFXODWHG WROGWRJLYHKHUKRQHVWDQVZHUSHULRG'RQjWOHWWKHP VQHDNWKDWRQHRYHURQ\RX(YDOXDWHWKHFDVHHYDOXDWH ,QGHHGWKHYHU\UHSHWLWLRQZLWKZKLFKWKHSURVHFXWRUVWDWHG ZKDWLWLVGR\RXUMRE%XWGRQjWOHWWKDWFXUYHVQHDN WKDW GHIHQVH FRXQVHO KDG OLHG LQ DQG RI LWVHOI UHYHDOV WKDW DFURVVWKHSODWH,WjVDOLH VXFKFRPPHQWVZHUHQRWDFFLGHQWDOO\SODFHGEHIRUHWKHMXU\ 6HH8QLWHG6WDWHVY6PLWK )G WK&LU m7KH UHSHDWHG FRPPHQWV DOVR GHPRQVWUDWH WKDW WKH HUURUV ZHUH QRW LQDGYHUWHQW FOHDUO\ ZH DUH QRW GHDOLQJ ZLWK D +DOOLEXUWRQjV LQWHUYLHZ ZLWK $JHQW :KLWWHQ RQ 'HFHPEHU WRRN SODFH LQ WKH SUHVHQFH RI WKH SURVHFXWRU LQ WKLV FDVH s$ DW 8QLWHG6WDWHVY&DUWHU 1R 1R 8QLWHG6WDWHVY&DUWHU WKHPDQZKRUREEHG+DUWVYLOOH%DQNRQ2FWREHU s$ DW HPSKDVLV DGGHG 'HIHQVH FRXQVHO QHYHU DQG ZKR FKDQJHG KHU LGHQWLILFDWLRQ WHVWLPRQ\ RQO\ DIWHU D REMHFWHGGXULQJWKHSURVHFXWRUjVUHEXWWDODUJXPHQW IHGHUDODJHQWLQIRUPHGKHUWKDWmLWZDVWKHULJKWQDPHEXW WKHZURQJIDFHlRQWKH79QHZVFOLSs$DW 2QFHFORVLQJDUJXPHQWVFRQFOXGHGWKHGLVWULFWFRXUWJDYH LWVJHQHUDOFKDUJHWRWKHMXU\DQGWKHMXU\EHJDQGHOLEHUDWLRQV )LQDOO\ZHGRQRWEHOLHYHWKDWWKHSUHMXGLFLDOHIIHFWVRIWKH 2Q WKH PRUQLQJ RI 'HFHPEHU WKH VHFRQG GD\ RI SURVHFXWRUjV LPSURSHU FRPPHQWV ZHUH DQ\ OHVV H[WHQVLYH GHOLEHUDWLRQVWKHMXU\VHQWWKHGLVWULFWFRXUWDPHVVDJHDVNLQJ EHFDXVHWKHSURVHFXWRUODWHUWROGWKHMXU\WKDWLWFRXOGTXHVWLRQ ZKHWKHULWFRXOGEDVHLWVYHUGLFWXSRQFLUFXPVWDQWLDOHYLGHQFH WKHFUHGLELOLW\RI+DOOLEXUWRQ7KHSURVHFXWRUVWDWHG ZLWKRXWEDVLQJLWXSRQH\HZLWQHVVLGHQWLILFDWLRQs$DW 7KHGLVWULFWFRXUWWKHQUHVSRQGHGE\SURYLGLQJWKHIROORZLQJ m, GRQjW NQRZ ZKDW PRUH , FDQ VD\ WR WKDW +DOOLEXUWRQ@IRUVXUH>6HHLQJ@KHUOLYHDQG HYLGHQFHEXWRQO\LIWKDWFLUFXPVWDQWLDOHYLGHQFHFRQYLQFHV LQSHUVRQORRNDW&DUWHUORRNDWWKHVHSLFWXUHVDQG \RXEH\RQGDUHDVRQDEOHGRXEWWKDWWKH'HIHQGDQWLVJXLOW\RI WHOO \RX ZKDW KHU KRQHVW DQVZHU LV WR WKH EHVW RI KHU WKHFULPHFKDUJHGLQWKH,QGLFWPHQWls$DW $ERXW DELOLW\ DV \RX ZDWFKHG KHU JR WKURXJK WKH WKRXJKW DQ KRXU ODWHU WKH MXU\ FDPH EDFN ZLWK D JXLOW\ YHUGLFW SURFHVVIRUWKHYHU\ILUVWWLPHDQGDQVZHUWKHTXHVWLRQV 'HIHQVHFRXQVHOLPPHGLDWHO\DVNHGWKHGLVWULFWFRXUWWRSROO 7KDWLVWR\RXUEHQHILWDVMXGJHVRIWKHIDFWVRIWKLVFDVHl WKH MXU\ WR DVN LI LWV PHPEHUV GLVFRXQWHG H\HZLWQHVV WHVWLPRQ\DQGEDVHGWKHLUYHUGLFWRQFLUFXPVWDQWLDOHYLGHQFH s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jV FRPPHQWV GXULQJ FORVLQJ DUJXPHQWVDVZHILQGVXFKFRQGXFWWREHUHYHUVLEOHHUURU &DUWHUDUJXHVWKDWKLVFRQYLFWLRQVKRXOGEHUHYHUVHGDQGWKDW WKLV FDVH VKRXOG EH UHPDQGHG IRU D QHZ WULDO EHFDXVH WKH 4 $QG \RX WROG 0V .LQJ \RX ZHUH FHUWDLQ >WKDW 7HUU\ sRKQVRQ WKH PDQ \RX VDZ RQ WKH 79 QHZV FOLS ZDV WKH :H QRWH KRZHYHU WKDW RXU DQDO\VLV RI &DUWHUjV SURVHFXWRULDO UREEHU@ ZKHQ VKH LQWHUYLHZHG \RX" PLVFRQGXFW FODLP LQGLUHFWO\ LQYROYHV DQ DQDO\VLV RI &DUWHUjV UHPDLQLQJ $ RI WKH VDPH D MXU\ FRXOG FRQVWLWXWLRQDOO\ ILQG &DUWHU JXLOW\ WKDW WKH GLVWULFW FRXUW WKLQJ@ ZKHQ KH LQWHUYLHZHG \RX LQ 1RYHPEHU RI D DEXVHG LWV GLVFUHWLRQ LQ JLYLQJ D IOLJKW LQVWUXFWLRQ LQ LWV FKDUJH WR WKH MXU\ VKRUW WLPH DIWHU WKH EDQN UREEHU\ LV WKDW ULJKW" DQG WKDW WKH GLVWULFW FRXUW DEXVHG LWV GLVFUHWLRQ E\ GHQ\LQJ ERWK KLV $ sRKQVRQ@ LV WKH PDQ FRXUW PXVW WKHQ FRQVLGHU DQG ZHLJK IRXU IDFWRUV LQ GHWHUPLQLQJZKHWKHUWKHLPSURSULHW\ZDVIODJUDQWDQGWKXV $QG EHIRUH >+DOOLEXUWRQ@ ZDV WROG WKLV WKHUH ZDV RQH ZDUUDQWV UHYHUVDO 7KHVH IRXU IDFWRUV DUH DV IROORZV SHUVRQ >ZKRP@ VKH KDG LGHQWLILHG DV EHLQJ WKH EDQN UREEHU DQG ZKHWKHUWKHFRQGXFWDQGUHPDUNVRIWKHSURVHFXWRUWHQGHG LW ZDVQjW 5RTXHO &DUWHU LW ZDV WKLV PDQ >s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jV EHKDYLRU RI ZKDW WKH\ KDYH :KHQ UHYLHZLQJ FKDOOHQJHV WR D SURVHFXWRUjV UHPDUNV DW VSHFLILFDOO\ GRQH LQ WHOOLQJ ZLWQHVVHV WKLQJV DQG QRW WHOOLQJ WKHP WULDO ZH H[DPLQH WKH SURVHFXWRUjV FRPPHQWV ZLWKLQ WKH WKLQJV DQG QRW SURYLQJ WKLV FDVH ,WjV WKH UHVXOW RI D FORVHG FRQWH[W RI WKH WULDO WR GHWHUPLQH ZKHWKHU VXFK FRPPHQWV PLQG WKDW ZDV FORVHG DW WHQ RjFORFN RQ WKH PRUQLQJ RI 2FWREHU DPRXQWHGWRSUHMXGLFLDOHUURU8QLWHG6WDWHVYsRKQVRQ@ DV EHLQJ WKH SHUVRQ ZKR UREEHG KHU 7KDW LV D IDOVH WUDLO 6LQFH ZKHQ LV LW D IDOVH WUDLO IRU D ZLWQHVV WR D FULPH HUURUDQDO\VLV)LUVWWKHGHIHQGDQWPXVWVKRZWKDWWKHUHZDV WR PDNH DQ LGHQWLILFDWLRQ RI D >SHUSHWUDWRU@" 7KLV >sRKQVRQ@ LV DQHUURU,GDW(UURULVGHILQHGDVm>G@HYLDWLRQIURP ZKR>P@ VKH LGHQWLILHG 7KH QDPH 5RTXHO &DUWHU ZDV XVHG DQG DOHJDOUXOHXQOHVVWKHUXOHKDVEHHQZDLYHGlDQGZDLYHU VR WKH *RYHUQPHQW DVVXPHG n WKH *RYHUQPHQW DVVXPHG WKDW LVGHILQHGDVWKHmµLQWHQWLRQDOUHOLQTXLVKPHQWRUDEDQGRQPHQW WKH SLFWXUH VKRZQ RQ &KDQQHO DQG WKH SLFWXUH VKRZQ RQ RIDNQRZQULJKWjl,GDW TXRWLQJsRKQVRQY=HUEVW &KDQQHO ZDV UHDOO\ 5RTXHO &DUWHU $QG WKDW DVVXPSWLRQ VWD\HG WKHUH ZLWK WKH *RYHUQPHQW IRU WZR \HDUV $QG ZKHQ 86 6HFRQGWKHGHIHQGDQWPXVWVKRZWKDW 7HUUL +DOOLEXUWRQ JRW KHU VXESRHQD WR WHVWLI\ LQ WKLV FDVH VKH VWLOO WKHHUURUZDVSODLQRUREYLRXVXQGHUFXUUHQWODZ,GDW KDG LGHQWLILHG WKH SHUVRQ ZKR UREEHG WKLV EDQN DV >sRKQVRQ@ )LQDOO\ WKH GHIHQGDQW PXVW HVWDEOLVK WKDW WKH SODLQ HUURU $QG ZKHQ VKH FDPH WR 1DVKYLOOH ZKDW KDSSHQHG" :DV WKH DIIHFWHG KLV VXEVWDQWLDO ULJKWV 7KLV PHDQV WKDW mWKH HUURU UHVSHFW JLYHQ WKHVH FLUFXPVWDQFHV E\ OHWWLQJ KHU GHWHUPLQH PXVW KDYH EHHQ SUHMXGLFLDO ,W PXVW KDYH DIIHFWHG WKH ZKHWKHU RU QRW VKH KDG PDGH D PLVWDNH ZKHWKHU RU QRW WKLV ZDV RXWFRPH RI WKH GLVWULFW FRXUW SURFHHGLQJVl ,G ,I WKHVH LQ IDFW WKH SHUVRQ ZKR UREEHG WKH EDQN" :DV WKHUH D OLQHXS FRQGXFWHG" 'LG DQ\RQH VD\ m*RVK ZH QHHG WR JHW WKLV UHTXLUHPHQWVDUHVDWLVILHGWKHQWKHFRXUWRIDSSHDOVVKRXOG UHFWLILHG ZH QHHG WR VHH UHDOO\ ZKDW LV JRLQJ RQ KHUHl ,QVWHDG H[HUFLVH LWV GLVFUHWLRQ WR UHPHG\ WKH HUURU mLI WKH HUURU RI WKDW KDSSHQLQJ ZKDW KDSSHQHG ZDV WKH VWDWHPHQW ZDV PDGH µVHULRXVO\DIIHFW>V@WKHIDLUQHVVLQWHJULW\RUSXEOLFUHSXWDWLRQ m+DOOLEXUWRQjV@ PRXWK QRW IURP WKH FULPH YLFWLP QRW IURP WKH SHUVRQ ZKR VDZ ZKDW KDG KDSSHQHG LW FDPH IURP WKH WKH2ODQRWHVWLQYROYHVIRXUVWHSV6HHsRKQVRQ Y 8QLWHG *RYHUQPHQWjV PRXWK $QG IURP WKDW PRPHQW RQ , WHOO \RX WKDW 6WDWHV86 m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jV FRUUHFW RU QRW ZKHWKHU \RX FDQ UHO\ XSRQ LW ZKHWKHU \RX FDQ JR KRPH ZLWK WKH VDPH GHJUHH RI FHUWDLQW\ WKDW \RX ZRXOG DSSO\ WR \RXU RUGLQDU\ DIIDLUV WR PDNH SXEOLF UHSXWDWLRQ RI MXGLFLDO SURFHHGLQJVl TXRWDWLRQV LPSRUWDQW GHFLVLRQV WR UHVW HDVLO\ DV WR D UHDVRQDEOH GRXEW WKDW RPLWWHG 8QLWHG6WDWHVY0RQXV)G WK&LU WKLV ZDV WKH SHUVRQ ZKR UREEHG WKH EDQN ,QVWHDG RI VRPH &DUUROOSURYLGHVDVQRWHGDERYHIRXUVSHFLILFIDFWRUV *RYHUQPHQW DJHQW VD\LQJ mWKDW@ D KXJH FRQGXFWRUUHPDUNVZDUUDQWUHYHUVDO $QG DIWHU WKDW NQRZLQJ WKDW WKDW ZDV WKHLU RSLQLRQ OHWWLQJ WKLV ZLWQHVV FRPH LQ KHUH DQG VHH WKH RQO\ EODFN PDQ LQ WKLV URRP NQRZLQJ WKDW WKDW LV WKH SHUVRQ ZKR WKH *RYHUQPHQW WKRXJKW ZDV JRLQJ WR EH WKH SHUVRQ DQG PDNH DQ LGHQWLILFDWLRQ 8QLWHG6WDWHVY&DUWHU 1R 1R 8QLWHG6WDWHVY&DUWHU $(UURU3ODLQ(UURU DFNQRZOHGJHG mHYHQ D µVLQJOH PLVVWHS RQ WKH SDUW RI WKH SURVHFXWRUPD\EHVRGHVWUXFWLYHRIWKHULJKWRIWKHGHIHQGDQW :HFRQFOXGHWKDWWKHSURVHFXWRUjVFRQGXFWGXULQJFORVLQJ WRDIDLUWULDOWKDWUHYHUVDOPXVWIROORZjl6PLWK)GDW DUJXPHQWVQRWRQO\FRQVWLWXWHGHUURUEXWDOVRZDVSODLQHUURU TXRWLQJ3LHUFHY8QLWHG6WDWHV)G WK 7KHODZLVFOHDUWKDWZKLOHFRXQVHOKDVWKHIUHHGRPDWWULDOWR &LU DUJXH UHDVRQDEOH LQIHUHQFHV IURP WKH HYLGHQFH FRXQVHO FDQQRW PLVVWDWH HYLGHQFH RU PDNH SHUVRQDO DWWDFNV RQ :H DOVR GR QRW EHOLHYH WKDW WKH SURVHFXWRUjV FRPPHQWV RSSRVLQJFRXQVHO6HH$JHQW:KLWWHQ@WROG\RXWKDW\RXKDGPDGH WKH MXU\ SDQHO DERXW FRQQHFWLRQV WR 7DOODGHJD &RXQW\ $ODEDPD :KDW LV DPLVWDNHLVWKDWULJKW" LQWHUHVWLQJ DERXW WKH SURVHFXWRUjV TXHVWLRQV KRZHYHU LV WKDW MXVW LPPHGLDWHO\ DIWHU WKH FRXUW SRLQWHG RXW WKDW WKH SDQHO ZDV QRW DZDUH RI $ ZKR@ UREEHG WKH +DUWVYLOOH EDQN WKDW \RX KDG FRPPHQWV GXULQJ YRLU GLUH E\ PDNLQJ D UHIHUHQFH WR D mVKRRWRXWl ,Q SUHYLRXVO\ LGHQWLILHG DIWHU $JHQW :KLWWHQ RQ WKH DGGLWLRQ WR WKLV FRPPHQW WKH SURVHFXWRU DOVR DUJXDEO\ PDGH DQRWKHU PRUQLQJWKLVWULDOZDVVXSSRVHGWRVWDUWWROG\RX LPSURSHU FRPPHQW ZKHQ KH DVNHG D TXHVWLRQ WKDW LPSOLHG &DUWHU ZDV LQGHHG LQYROYHG LQ D VKRRWRXW 8QLWHG6WDWHVY&DUWHU 1R 1R 8QLWHG6WDWHVY&DUWHU UHPDUNV LQFDSDEOH RI LQIHFWLQJ WKH HQWLUH WULDO ,I D WKDW \RX KDG PDGH D PLVWDNH LQ LGHQWLI\LQJ WKH SURVHFXWRUjVFRPPHQWVZHUHVLPSO\LVRODWHGUHPDUNVPDGH SHUVRQ" GXULQJWKHFRXUVHRIDORQJWULDOWKHQWKHHUURUFDXVHGE\VXFK PLVFRQGXFWPD\EHKDUPOHVV8QLWHG6WDWHVY/HRQ)G $ 7KDWjVFRUUHFW WK&LU 4 $QGZKHQ\RXNQHZRUFDPHLQWRWKLVURRPDIWHUQRW $IWHU FRQVLGHULQJ WKH SURVHFXWRUjV LPSURSHU FRPPHQWV KDYLQJVHHQWKHSKRWRVSUHDG\RXNQHZWKDW5RTXHO ZLWKLQWKHFRQWH[WRIWKHHQWLUHWULDOZHFRQFOXGHWKDWVXFK &DUWHUZRXOGEHLQWKLVURRP" FRPPHQWVZHUHQRWPHUHO\KDUPOHVVLVRODWHGFRPPHQWVEXW LQVWHDG ZHUH SUHMXGLFLDO VWDWHPHQWV WKDW LQIHFWHG WKH HQWLUH $ LQFOXGLQJ WKH 79 QHZV FOLS VKRZLQJ 7HUU\ QRWVKDNHRXUIDLWKLQWKHMXU\jVYHUGLFW0RUHRYHUZHGRQRW sRKQVRQjVSLFWXUH@LVQjWWKDWWUXHDVWKHPDQ>ZKR@ EHOLHYH WKDW WKH IDFW WKH SURVHFXWRU PDGH WKHVH LPSURSHU UREEHG\RX" FRPPHQWVRQO\GXULQJFORVLQJDUJXPHQWVDOWHUVWKHH[WHQWRI WKH SUHMXGLFH FDXVHG E\ WKHP $V ZH KDYH SUHYLRXVO\ $ ZKRP@,KDGLGHQWLILHGRQ&KDQQHO1HZVZDVQRW IULHQGV LQ 7DOODGHJD $ODEDPD" 3HOO &LW\" $OO ULJKW 0V 4XDOOV :RZ , GLGQjW WKLQN , ZRXOG ULQJ D EHOO RQ WKDW RQH KLVQDPHZDVQRW5RTXHO&DUWHU $ , KDYH D JRRG IULHQG ZKR OLYHV LQ 7DOODGHJD $ODEDPD %XW , KDYHQjW VHHQ KLP LQ D ORQJ WLPH 4 :KRWROG\RXWKDW" 4 :HOO OHW PH SXW LW WKLV ZD\ KDYH \RX KDG DQ\ RFFDVLRQV WR KHDU DERXW n WKLV LV QRZ n DQ\ERG\ DQ\ IULHQGV $ >$JHQW@:KLWWHQ GRZQ WKHUH ZKR ZRUN LQ ODZ HQIRUFHPHQW" $ 1R s$DW HPSKDVLVDGGHG 4 +DG DQ\ RFFDVLRQ WR KHDU DERXW D VKRRWRXW ZLWK SROLFH EDFN LQ 2FWREHU RI GRZQ WKHUH" 'RHV WKDW ULQJ D EHOO" $ 1R 7KHWUDQVFULSWDOVRUHDGV s$ DW )ROORZLQJ WKLV OLQH RI TXHVWLRQLQJ GHIHQVH FRXQVHO DVNHG WR DSSURDFK 8QLWHG6WDWHVY&DUWHU 1R 1R 8QLWHG6WDWHVY&DUWHU 4 WKH GHIHQGDQWVj@ EXWWKHZURQJIDFH7KDWZDVWKHPLVWDNHWKDW,ZDV VLOHQFHl &I8QLWHG6WDWHVY&UX]3DGLOOD)G WROGWKH\KDGPDGHRQWKHQHZV WK &LU SUHMXGLFH FDXVHG E\ SURVHFXWRULDO PLVFRQGXFWGXULQJFORVLQJDUJXPHQWZDVQRWFXUHGEHFDXVH s$DW HPSKDVLVDGGHG WKH GLVWULFW FRXUW LVVXHG QR FXUDWLYH LQVWUXFWLRQV ZKHUH WKH GHIHQVHIDLOHGWRREMHFWWRWKHPLVFRQGXFW :HEHOLHYHWKDW ,Q VXP WKH SURVHFXWRU FOHDUO\ PLVUHSUHVHQWHG PDWHULDO PHDVXUHV PRUH VXEVWDQWLDO WKDQ D JHQHUDO LQVWUXFWLRQ WKDW HYLGHQFHZKHQKHDVVHUWHGWKDW+DOOLEXUWRQKDGQRWEHHQWROG mREMHFWLRQV RU DUJXPHQWV PDGH E\ WKH ODZ\HUV DUH QRW mLWZDVWKHULJKWQDPHEXWWKHZURQJIDFHlEHIRUHVKHWRRN HYLGHQFH LQ WKH FDVHl ZHUH QHHGHG WR FXUH WKH SUHMXGLFLDO WKHZLWQHVVVWDQGDQGWKDWm>W@KHRQO\SHUVRQZKRKDVHYHU HIIHFW RI WKH SURVHFXWRUjV FRPPHQWV GXULQJ FORVLQJ VDLGWKDWLV'RXJ7KRUHVHQ>GHIHQVHFRXQVHO@ls$DW DUJXPHQWV $VWKH1LQWK&LUFXLWVWDWHGLQ8QLWHG6WDWHVY *LYHQWKDWWKLVFRXUWKDVUHFRJQL]HGWKDWLWLVLPSURSHUIRU .HUUmLWLVYHU\GRXEWIXOWKDWWKHJHQHUDOL]HGREVHUYDWLRQVRI DWWRUQH\V HVSHFLDOO\ SURVHFXWRUV ZKR JHQHUDOO\ KDYH WKH WKH FRXUW UHDOO\ FRQYH\HG D VXIILFLHQW VHQVH RI MXGLFLDO FRQILGHQFHRIMXULHVWRPLVVWDWHHYLGHQFHZHFRQFOXGHWKDW DSSURYDORIERWKFRQWHQWDQGFLUFXPVWDQFHVQHHGHGWRGLVSHOO WKHSURVHFXWRUjVPLVVWDWHPHQWRIWKHHYLGHQFHLQWKLVFDVH >VLF@WKHKDUPLQWKHFRUHRIWKHSURVHFXWRUjVVWDWHPHQWVl VSHFLILFDOO\RI+DOOLEXUWRQjVWHVWLPRQ\ZDVQRWRQO\HUURUEXW )G WK &LU TXRWDWLRQ RPLWWHG ,Q DOVRZDVSODLQHUURU6HH:DVKLQJWRQY+RIEDXHU)G FRQFOXVLRQLQOLJKWRIWKHVXVSHFWFLUFXPVWDQFHVVXUURXQGLQJ WK&LU FLWLQJ'RQQHOO\Y'H&KULVWRIRUR +DOOLEXUWRQjV LQFRXUW LGHQWLILFDWLRQ DQG WKH IDFW WKDW QR 86 VHHDOVR'DYLVY=DQW)G FXUDWLYHLQVWUXFWLRQVZHUHJLYHQVKRUWO\DIWHUWKHSURVHFXWRUjV Q WK&LU m,WLVDIXQGDPHQWDOWHQHW LPSURSHUFRPPHQWVGXULQJFORVLQJDUJXPHQWVZHFRQFOXGH RI WKH ODZ WKDW DWWRUQH\V PD\ QRW PDNH PDWHULDO WKDWWKHSURVHFXWRUjVPLVFRQGXFWVLJQLILFDQWO\LPSDFWHGWKH PLVVWDWHPHQWV RI IDFW LQ VXPPDWLRQl &I $%$ $%$ MXU\jVDELOLW\WRDVVHVV+DOOLEXUWRQjVWHVWLPRQ\ 67$1'$5'6)25 &5,0,1$/ s867,&( 3526(&87,21 )81&7,21 $1' '()(16( )81&7,21 D G HG m7KH :KHWKHU 7KH 3URVHFXWRUjV &RPPHQWV :HUH SURVHFXWRUVKRXOGQRWLQWHQWLRQDOO\PLVVWDWHWKHHYLGHQFHRU ,VRODWHG2U([WHQVLYH PLVOHDGWKHMXU\DVWRWKHLQIHUHQFHVLWPD\GUDZl 7KHVHFRQGUHTXLUHGIDFWRUXQGHUWKH&DUUROOWHVWLVWKDWWKH $GGLWLRQDOO\EHFDXVHWKLVFRXUWDORQJZLWKWKH6XSUHPH LPSURSHU FRPPHQWV PXVW EH PRUH WKDQ PHUH LVRODWHG &RXUWKDVUHSHDWHGO\QRWHGWKDWLWLVLPSURSHUIRUFRXQVHOWR PDNH SHUVRQDO DWWDFNV RQ DQ RSSRVLQJ DGYRFDWH ZH DOVR FRQFOXGH WKDW WKH SURVHFXWRUjV FODLPV WKDW GHIHQVH FRXQVHO :KLOH ZH GR QRW UXOH WKDW LW ZDV HUURU IRU WKH GLVWULFW FRXUW QRW WR ZDV O\LQJ ZHUH QRW RQO\ HUURU EXW DOVR ZHUH SODLQ HUURU EH DEOH@ WR FRSH ZLWK WKH FRQWLQJHQFLHV LQKHUHQW LQ WKH DGYHUVDU\ SURFHVVjl TXRWDWLRQ RPLWWHG DOWHUDWLRQ LQ RULJLQDO m$ WULDO +DOOLEXUWRQjVWHVWLPRQ\DQGWU\LQJWRmVQHDNRQHRYHURQ MXGJH VKRXOG EH DOHUW WR GHYLDWLRQV IURP SURSHU DUJXPHQW DQG WDNH SURPSW >WKHMXU\@ls$DW6SHFLILFDOO\WKHSURVHFXWRUDVVHUWHG FRUUHFWLYH DFWLRQ DV DSSURSULDWHl .HUU )G DW 8QLWHG6WDWHVY&DUWHU 1R 1R 8QLWHG6WDWHVY&DUWHU 6XFKSUHMXGLFHKRZHYHUFRXOGKDYHEHHQFXUHGRUDWOHDVW WKDW GHIHQVH FRXQVHOjV FKDUDFWHUL]DWLRQ RI +DOOLEXUWRQjV PLQLPL]HG E\ FXUDWLYH LQVWUXFWLRQV WR WKH MXU\ WHVWLPRQ\ZDVmRQHWUHPHQGRXVFRORVVDOOLHlmDOLHDEROG &RQVHTXHQWO\ZHPXVWQRZGHWHUPLQHZKHWKHUDQ\SUHMXGLFH IDEULFDWLRQlmDQDEVROXWHO\ZKROHOLHlDQGMXVWSODLQmDOLHl FDXVHG E\ WKH SURVHFXWRUjV PLVFRQGXFW ZDV FXUHG E\ s$ DW ,Q VXP EHFDXVH &DUWHU KDV VXFFHVVIXOO\ LQVWUXFWLRQVJLYHQWRWKHMXU\&DUUROO)GDW m7KH VKRZQWKDWWKHSURVHFXWRUFRPPLWWHGFOHDUHUURUXQGHUFXUUHQW ILUVWIDFWRU>ZKHWKHUWKHUHPDUNVWHQGHGWRPLVOHDGWKHMXU\RU ODZ E\ PLVUHSUHVHQWLQJ PDWHULDO HYLGHQFH DQG DFFXVLQJ WRSUHMXGLFHWKHGHIHQGDQW@LQFOXGHVFRQVLGHUDWLRQRIZKHWKHU GHIHQVHFRXQVHORIO\LQJZHFRQFOXGHWKDW&DUWHUKDVVDWLVILHG WKHWULDOMXGJHJDYHDQDSSURSULDWHFDXWLRQDU\LQVWUXFWLRQWR ERWKWKHILUVWDQGVHFRQGUHTXLUHPHQWVIRUUHOLHIXQGHUDSODLQ WKHMXU\l 2UGLQDULO\DFRXUWVKRXOGQRWRYHUWXUQDFULPLQDO HUURUDQDO\VLV FRQYLFWLRQ RQ WKH EDVLV RI D SURVHFXWRUjV FRPPHQWV DORQH HVSHFLDOO\ ZKHUH WKH GLVWULFW FRXUW KDV JLYHQ WKH MXU\ DQ % :KHWKHU 7KH 0LVFRQGXFW 6XEVWDQWLDOO\ $IIHFWHG LQVWUXFWLRQWKDWPD\FXUHWKHHUURU6HHQ@RFXUDWLYHLQVWUXFWLRQVZHUHJLYHQDW VHHDOVR8QLWHG6WDWHVY6ROLYDQ )G WKH WLPH RI GHIHQVHjV REMHFWLRQVl DQG WKH mMXGJH GLG QRW WK &LU %HFDXVH MXURUV DUH OLNHO\ WR mSODFH JUHDW PHQWLRQ WKH SURVHFXWRUjV LPSURSHU FRPPHQWVl GXULQJ KLV FRQILGHQFHLQWKHIDLWKIXOH[HFXWLRQRIWKHREOLJDWLRQVRID JHQHUDOFKDUJHWRWKHMXU\ VHHDOVR6PLWK)GDW SURVHFXWLQJDWWRUQH\LPSURSHULQVLQXDWLRQVRUVXJJHVWLRQV>E\ WKH SURVHFXWRU@ DUH DSW WR FDUU\ >JUHDW@ ZHLJKW DJDLQVW D 8QLWHG6WDWHVY&DUWHU 1R 1R 8QLWHG6WDWHVY&DUWHU GHIHQGDQWlDQGWKHUHIRUHDUHPRUHOLNHO\WRPLVOHDGDMXU\ $GGLWLRQDOO\ GHIHQVH FRXQVHOjV FURVVH[DPLQDWLRQ RI 8QLWHG6WDWHVY6PLWK)G WK&LU +DOOLEXUWRQ UHYHDOHG WKDW +DOOLEXUWRQ KDG QR LQWHQWLRQ WR 0RUHLPSRUWDQWO\WKHSURVHFXWRUjVPLVUHSUHVHQWDWLRQLQWKLV FKDQJH KHU SUHYLRXV LGHQWLILFDWLRQ RI sRKQVRQ XQWLO DIWHU FDVH KHOG DQ HYHQ JUHDWHU SRWHQWLDO IRU PLVOHDGLQJ WKH MXU\ $JHQW :KLWWHQ WROG KHU VKH KDG PDGH D PLVWDNH WKDW EHFDXVHWKHPLVVWDWHGHYLGHQFH+DOOLEXUWRQjVWHVWLPRQ\ZDV +DOOLEXUWRQ NQHZ &DUWHU ZDV VLWWLQJ DW WKH GHIHQVH WDEOH FHQWUDOWRWKH*RYHUQPHQWjVFDVH%HFDXVH+DOOLEXUWRQZDV EHIRUHVKHWRRNWKHZLWQHVVVWDQGDQGWKDW&DUWHUZDVWKHRQO\ WKHRQO\SHUVRQZKRZDVDWWKHEDQNGXULQJWKHUREEHU\WR EODFN SHUVRQ LQ WKH FRXUWURRP DW WKH WLPH +DOOLEXUWRQ LGHQWLI\&DUWHUDVWKHUREEHUKHULGHQWLILFDWLRQWHVWLPRQ\ZDV WHVWLILHG,QRWKHUZRUGVGHIHQVHFRXQVHOSRLQWHGRXWFULWLFDO RIFULWLFDOLPSRUWDQFHWRWKHSURVHFXWLRQ SUREOHPVFRQFHUQLQJWKHUHOLDELOLW\RI+DOOLEXUWRQjVLQFRXUW LGHQWLILFDWLRQ DQG LPSRUWDQW LVVXHV FRQFHUQLQJ SRVVLEOH 'HIHQVH FRXQVHO UHFRJQL]HG WKH VLJQLILFDQFH RI DWWHPSWV E\ WKH SURVHFXWLRQ WR LQIOXHQFH +DOOLEXUWRQjV +DOOLEXUWRQjV WHVWLPRQ\ DQG UDLVHG VHYHUDO VLJQLILFDQW DQG WHVWLPRQ\EHIRUHVKHWRRNWKHZLWQHVVVWDQG UHOHYDQW LVVXHV IRU WKH MXU\ WR FRQVLGHU GXULQJ KLV FURVV H[DPLQDWLRQRI+DOOLEXUWRQ6SHFLILFDOO\KHUDLVHGLPSRUWDQW 7KHSURVHFXWRUKRZHYHUWDLQWHGWKHMXU\jVDELOLW\WRZHLJK TXHVWLRQVUHJDUGLQJWKHSURSULHW\RI$JHQW:KLWWHQjVWHOOLQJ +DOOLEXUWRQjV DYHUPHQWV RI KRQHVW\ GXULQJ KHU LQFRXUW +DOOLEXUWRQWKDWmLWZDVWKHULJKWQDPH5RTXHO&DUWHUEXWWKH LGHQWLILFDWLRQRI&DUWHUDJDLQVWWKHVHVXVSLFLRXVFLUFXPVWDQFHV ZURQJ IDFHl MXVW SULRU WR +DOOLEXUWRQjV WDNLQJ WKH ZLWQHVV ZKHQKHUHSHDWHGO\DVVHUWHGWKDWGHIHQVHFRXQVHOZDVO\LQJ VWDQG$VGHIHQVHFRXQVHOjVFURVVH[DPLQDWLRQRI+DOOLEXUWRQ DQG PLVWDNHQO\ FODLPHG WKDW +DOOLEXUWRQ GLG QRW DGPLW WR UHYHDOHG+DOOLEXUWRQGLGQRWHYHQNQRZWKHQDPHRIWKHPDQ EHLQJWROGVKHKDGPDGHDPLVWDNHLQKHULQLWLDOLGHQWLILFDWLRQ VKRZQRQWKH&KDQQHO79QHZVFOLSXQWLODIHZGD\VEHIRUH :LWKWKHVHDFWLRQVWKHSURVHFXWRUPD\YHU\ZHOOKDYHFDXVHG WULDODQGGLGQRWUHFDOOWHOOLQJWKHSROLFHWKHQDPHRIWKHPDQ WKH MXURUV VRPH RI ZKRP UHOLHG RQ +DOOLEXUWRQjV LQFRXUW RQWKHFOLSZKHQVKHLGHQWLILHGKLPDVWKHUREEHUQHDUO\WZR LGHQWLILFDWLRQRI&DUWHULQPDNLQJWKHLUGHFLVLRQWRFRQYLFWWR \HDUVEHIRUH7KHUHIRUHGHIHQVHFRXQVHOKLJKOLJKWHGVHULRXV TXHVWLRQZKHWKHUWKH\UHPHPEHUHG+DOOLEXUWRQjVWHVWLPRQ\ TXHVWLRQVUHJDUGLQJZKHWKHUWKHQDPHRIWKHPDQLQWKHFOLS FRUUHFWO\+HDOVRPD\KDYHIXUWKHUFDXVHGWKHVHMXURUVWR HYHQ PDWWHUHG WR +DOOLEXUWRQ EHIRUH VKH WHVWLILHG TXHVWLRQRWKHUDUJXPHQWVSUHVHQWHGE\GHIHQVHFRXQVHOZKR ZDV SRUWUD\HG E\ WKH SURVHFXWRU DV O\LQJ ,Q VXP WKH SURVHFXWRU DGYHUVHO\ LQIOXHQFHG WKH MXU\jV DELOLW\ WR DVVHVV +DOOLEXUWRQjV FUHGLELOLW\ DQG WR HYDOXDWH KHU LQFRXUW $V WKH 6XSUHPH &RXUW VWDWHG LQ %HUJHU Y 8QLWHG 6WDWHV LGHQWLILFDWLRQ RI &DUWHU DV WKH UREEHU LQ FRQWUDVW WR KHU 7KH 8QLWHG 6WDWHV $WWRUQH\ LV WKH UHSUHVHQWDWLYH QRW RI DQ SUHYLRXVLGHQWLILFDWLRQRI7HUU\s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jV WHVWLPRQ\ HDUQHVWQHVV DQG YLJRU n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jV WULDO ZDV D ZRPDQ DQG mVKH >ZDV@ SDUW RI WKH %HUJHU 86 FRXUW SHUVRQQHOl s$ DW