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 D S 81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB 52%(57 &$03%(// ; 3ODLQWLII$SSHOODQW 1R Y ! *5$1' 7581. :(67(51 5$,/52$' &203$1< 'HIHQGDQW$SSHOOHH 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW$QQ$UERU 1R n*HRUJH&6WHHK'LVWULFWsXGJH $UJXHG 1RYHPEHU 'HFLGHGDQG)LOHG sDQXDU\ %HIRUH :(//)25'6,/(5DQG%$7&+(/'(5 &LUFXLWsXGJHV BBBBBBBBBBBBBBBBB &2816(/ $5*8(' 3DWULFNs+DJHUW\*5$< 5,77(56W/RXLV 0LVVRXUL IRU $SSHOODQW 3DWULFN . 0RRUH '85.,1 0F'211(//&/,)721'$9,6 2j'211(//'HWURLW 0LFKLJDQIRU$SSHOOHH21%5,() 3DWULFNs+DJHUW\ *5$< 5,77(56W/RXLV0LVVRXULIRU$SSHOODQW0DU\ &DPSEHOOY*UDQG7UXQN:55&R 1R &2j'RQQHOO'85.,10F'211(//&/,)721'$9,6 2j'211(//'HWURLW0LFKLJDQIRU$SSHOOHH BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB +$55< : :(//)25' &LUFXLW sXGJH 5REHUW ( &DPSEHOO KDV VXHG KLV IRUPHU HPSOR\HU *UDQG 7UXQN :HVWHUQ5DLOURDG&RPSDQ\ m*UDQG7UXQNl SXUVXDQWWRWKH )HGHUDO (PSOR\HUV /LDELOLW\ $FW 86& HW VHT m)(/$l IRU LQMXULHV KH FODLPHG WR KDYH VXVWDLQHG ZKLOH ZRUNLQJDVDUDLOFDUUHSDLUPDQIRU*UDQG7UXQN7KHGLVWULFW FRXUWJUDQWHGVXPPDU\MXGJPHQWEDVHGXSRQWKHGHIHQGDQWjV DUJXPHQWWKDW&DPSEHOOjVFODLPLVEDUUHGE\)(/$jVWKUHH \HDU VWDWXWH RI OLPLWDWLRQV 7KH GLVWULFW FRXUW JUDQWHG WKH PRWLRQILQGLQJWKDWWKHIDFWVZKHQYLHZHGLQDOLJKWPRVW IDYRUDEOHWR&DPSEHOOVXSSRUWHGLWVFRQFOXVLRQWKDWWKHFDXVH RIDFWLRQEHJDQWRDFFUXHVRPHWLPHSULRUWR6HSWHPEHU WKUHH\HDUVEHIRUHWKHGDWHRIILOLQJRIWKHODZVXLW7KH GLVWULFWFRXUWDOVRGHQLHG&DPSEHOOjVPRWLRQIRUDGGLWLRQDO GLVFRYHU\DQGDQDPHQGHGVFKHGXOLQJRUGHU&DPSEHOOILOHG WKLV DSSHDO LQ D WLPHO\ IDVKLRQ :H VKDOO $)),50 WKH GHFLVLRQRIWKHGLVWULFWFRXUW 3ODLQWLII&DPSEHOOZRUNHGDVDUDLOFDUUHSDLUPDQIRU*UDQG 7UXQNLQLWV3RUW+XURQ 0LFKLJDQ &DU6KRSIURP WR %HWZHHQ DQG KH ZRUNHG LQ WKH mWUXFN JDQJl+LVODVWGD\RIZRUNZDV2FWREHU MXVWZHHNV EHIRUH*UDQG7UXQNFORVHGLWV3RUW+XURQVKRSZKLFKZDV VROG WR 3'6 5DLO &DU 6HUYLFHV &RUSRUDWLRQ m3'6l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l 2FWREHURI KHVXVWDLQHGLQMXULHVWRKLVEDFNDQGQHFN DQGWKDWKHGHYHORSHGFDUSHOWXQQHOV\QGURPH m&76l ZKLOH )ULHV )GDW TXRWHGLQ$SDULFLR)GDW ZRUNLQJ IRU *UDQG 7UXQN &DPSEHOO ZDV GLDJQRVHG ZLWK &76LQ$SULORI DIWHUDOOHJDWLRQVRIKDYLQJFRQVWDQWO\ ZRUNHG LQ DZNZDUG SRVLWLRQV EHQHDWK UDLOURDG FDUV DQG &DPSEHOODOVRDSSHDOVWKHGHQLDORIKLV5XOH I PRWLRQ KDYLQJXVHGDZHOGLQJWRUFKDQGVOHGJHKDPPHU&DPSEHOO IRU MXGJPHQW +H FRQFHGHV KRZHYHU WKDW mDGGLWLRQDO DOOHJHGWKDW*UDQG7UXQNZDVQHJOLJHQWLQIDLOLQJWRSURYLGH GLVFRYHU\ SUREDEO\ ZRXOG QRW KDYH FKDQJHG WKH FRXUWjV VDIHZRUNPHWKRGVWRROVDQGHTXLSPHQWDGHTXDWHDVVLVWDQFH RSLQLRQRQWKHVWDWXHRIOLPLWDWLRQVlWKHGLVSRVLWLYHLVVXHZH DQGLQUHTXLULQJHPSOR\HHVWRZRUNLQDZNZDUGSRVLWLRQVIRU KDYHGLVFXVVHG&DPSEHOOFRPSODLQVQRQHWKHOHVVWKDWGHQLDO H[WHQGHG SHULRGV RI WLPH &DPSEHOO VRXJKW VXEVWDQWLDO RI &DPSEHOOjV PRWLRQ ZDV SUHMXGLFLDO WR KLV DELOLW\ WR GDPDJHV SURVHFXWH KLV QHFN DQG EDFN LQMXU\ FODLPV :H DUH QRW SHUVXDGHG E\ &DPSEHOOjV DUJXPHQW FRQFHUQLQJ DGGLWLRQDO *UDQG7UXQNPRYHGIRUVXPPDU\MXGJPHQW3ULRUWRWKH GLVFRYHU\ DQG ZH FRQFOXGH WKDW WKH GLVWULFW FRXUW GLG QRW KHDULQJ GDWH RQ WKH PRWLRQ &DPSEHOO PRYHG WKH FRXUW WR DEXVHLWVGLVFUHWLRQLQGHQ\LQJWKLVPRWLRQ FRQWLQXHWKHKHDULQJDQGWRLVVXHDQHZVFKHGXOLQJRUGHUIRU WULDODQGSUHWULDOSURFHGXUHV+HDUJXHGWKDWEHFDXVH*UDQG +DYLQJFDUHIXOO\H[DPLQHGWKHUHFRUGZHDUHVDWLVILHGWKDW 7UXQN KDG GHOD\HG SURGXFLQJ ZLWQHVVHV DQG GRFXPHQWV LQ WKHGLVWULFWFRXUWGLGQRWHUULQKROGLQJWKDW&DPSEHOOjVFODLP UHVSRQVHWRD5XOH E QRWLFHLWZDVSUHPDWXUHWRGHFLGH ZDVEDUUHGE\WKHVWDWXWH RI OLPLWDWLRQV+HKDGDGXW\WR WKHVXPPDU\MXGJPHQWPRWLRQ$OVR&DPSEHOOUHTXHVWHGWKH LQYHVWLJDWH KLV NQRZQ SK\VLFDO SUREOHP ZKLOH ZRUNLQJ IRU FRXUWWRDOORZKLPWRWDNHIXUWKHUGHSRVLWLRQVRIKLVPHGLFDO *UDQG7UXQNDQGUHDVRQDEO\VKRXOGKDYHNQRZQWKHEDVLVRI SURYLGHUVWRDGGUHVVWKHLVVXHRIPHGLFDOFDXVDWLRQDQLVVXH KLVSUREOHPSULRUWR6HSWHPEHU 6HH)ULHV )GDW LQWKHFRQWURYHUV\ VHH DOVR 8QLWHG 6WDWHV Y .XEULFN 86 7KH GLVWULFW FRXUW GHQLHG &DPSEHOOjV PRWLRQ IRU D FRQWLQXDQFHDQGJUDQWHG*UDQG7UXQNjVPRWLRQIRUVXPPDU\ $FFRUGLQJO\ZH$)),50WKHMXGJPHQWIRU*UDQG7UXQN MXGJPHQW 7KH GLVWULFW FRXUW KHOG WKDW &DPSEHOOjV FODLPV EDVHGRQKLV&76ZHUHEDUUHGE\)(/$jVWKUHH\HDUVWDWXWH RI OLPLWDWLRQV 6HH 86& m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l 7KHGLVWULFWFRXUWFRQVLGHUHG&DPSEHOOjVGHSRVLWLRQ WHVWLPRQ\WKDWKHH[SHULHQFHGWLQJOLQJDQGSDLQLQKLVKDQGV 5HMHFWLQJWKHDUJXPHQWWKDWDQ\DJJUDYDWLRQRIDQLQMXU\ RQ D GDLO\ EDVLV ZKHQ KH ZRUNHG ZLWK WKH SRZHU WRROV DW LVDVHYHUDEOHFDXVHRIDFWLRQLQD)HGHUDO(PSOR\HUVj *UDQG 7UXQN IURP DQG LQWR ODWHU \HDUV WR EH FULWLFDO /LDELOLW\ $FW FDVH WKH GLVWULFW FRXUW UXOHG WKDW mLI 7KHGLVWULFWFRXUWKHOGVSHFLILFDOO\ 3ODLQWLIIjVFDUSDOWXQQHOV\QGURPHFRQGLWLRQLQ ZDV DQ DJJUDYDWLRQ RI WKH FRQGLWLRQ LQ WKHQ WKH >5@HDVRQDEOHPLQGVFRXOGQRWGLIIHUWKDWSODLQWLIIZDVLQ OLPLWDWLRQVSHULRGZRXOGEDUWKHFODLPl,QVRKROGLQJ SRVVHVVLRQ RI FULWLFDO IDFWV RI ERWK KLV FDUSDO WXQQHO WKHGLVWULFWFRXUWUHMHFWHGWKHSRVLWLRQRIWKH7KLUG&LUFXLW V\QGURPHLQMXU\DQGWKHJRYHUQLQJFDXVHRIWKHLQMXU\LQ LQ.LFKOLQHY&RQVROLGDWHG5DLO&RUS)G G 3ODLQWLIIjVGHSRVLWLRQWHVWLPRQ\HVWDEOLVKHVWKDWLQ &LU KROGLQJWKDWD)HGHUDO(PSOR\HUVj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jVQHJOLJHQFHLVQRWD 3RVVHVVLQJWKHVHIDFWVUHDVRQDEOHGLOLJHQFHRQSODLQWLIIjV VHYHUDEOHDFWLRQXQGHUWKH)HGHUDO(PSOR\HUVj/LDELOLW\ SDUWZRXOGKDYHOHGSODLQWLIIWRFRQFOXGHWKDWKHKDGEHHQ $FW LQMXUHG DV WKH UHVXOW RI XVLQJ >*UDQG 7UXQNjV@ SRZHU WRROV $SDULFLR)GDW&DPSEHOOKDVWKHDGGLWLRQDOEXUGHQ LQWKLVUHVSHFWXQGHU$SDULFLRRISURYLQJWKDWWKHUDLOURDGZDV ,QDGGLWLRQWKHGLVWULFWFRXUWFRQFOXGHGWKDW&DPSEHOOKDG QHJOLJHQWFDXVLQJKLPLQGHSHQGHQWDQGQRWDJJUDYDWHGLQMXU\ mIDLOHGWRFRPHIRUZDUGZLWKDVFLQWLOODRIHYLGHQFHWKDWFRXOG DIWHU6HSWHPEHU SRVVLEO\EHFRQVWUXHGE\DUHDVRQDEOHMXU\DVSURYLQJDFDXVDO FRQQHFWLRQEHWZHHQSODLQWLIIjVDOOHJHGQHFNLQMXU\DQG>*UDQG 7KHSDUWLHVDOVRFLWH)ULHVY1RUWKZHVWHUQ7UDQVS&R 7UXQNjV@QHJOLJHQFHl )G WK&LU ZKLFKLVTXRWHGLQ$SDULFLR )GDW 7KHGLVWULFWFRXUWDOVRGHQLHG&DPSEHOOjVPRWLRQIRUDQHZ WULDORUUHFRQVLGHUDWLRQ&DPSEHOOILOHGWKLVWLPHO\DSSHDO ,Q)ULHVWKH6HYHQWK&LUFXLWREVHUYHGWKDWWKHIDFWWKDW FKDOOHQJLQJ RQO\ WKH GLVWULFW FRXUWjV GHWHUPLQDWLRQ ZLWK DQLQMXU\mKDVQRWUHDFKHGLWVPD[LPXPVHYHULW\EXW UHVSHFW WR WKH VWDWXWH RI OLPLWDWLRQV DQG LWV GHQLDO RI WKH FRQWLQXHVWRSURJUHVVlGRHVQRWUHOLHYHWKHSODLQWLIIRIWKH PRWLRQ IRU D FRQWLQXDQFH &DPSEHOO GRHV QRW FKDOOHQJH GXW\WRXVHUHDVRQDEOHGLOLJHQFHWRGLVFRYHUWKHRULJLQDO GLUHFWO\ WKH GLVWULFW FRXUWjV GHFLVLRQ WKDW QR HYLGHQFH LQMXU\DQGLWVFDXVH )GDW :HDOVRDJUHHZLWKWKLVODQJXDJHLQ)ULHV 7KH6HYHQWK&LUFXLWFRQFOXGHGWKDWmDFDXVHRIDFWLRQ DFFUXHVIRU>)HGHUDO(PSOR\HUVj/LDELOLW\$FW@VWDWXWHRI 7KH QHFN LQMXU\ FODLP LV QRW EHIRUH XV RQ WKLV DSSHDO OLPLWDWLRQVSXUSRVHVZKHQDUHDVRQDEOHSHUVRQNQRZVRU &DPSEHOOY*UDQG7UXQN:55&R 1R 1R &DPSEHOOY*UDQG7UXQN:55&R DZDNHQLQJVWKURXJK DQGWKDWKHZDVQjWHYHQVXUHDWWKDW VXSSRUWHGKLVFODLPWKDW*UDQG7UXQNQHJOLJHQWO\FDXVHGKLV SRLQWLIKHHYHQKDGDSUREOHP$OVR&DPSEHOOVWDWHGWKDW QHFNLQMXU\ SULRUWR0DUFKRI DQ\WLQJOLQJLQKLVDUPVRUKDQGVZDV mLQFRQVHTXHQWLDOl$WDQRWKHUSRLQW&DPSEHOOZDVDVNHGLI :HUHYLHZWKHGLVWULFWFRXUWjVJUDQWRIVXPPDU\MXGJPHQW KH UHFDOOHG mZKHQ >KH@ ILUVW VWDUWHG WR H[SHULHQFH WLQJOLQJ GHQRYRYLHZLQJDOOWKHHYLGHQFHDQGLQIHUHQFHVWKHUHIURPLQ ZKHQ>KHZDV@ZRUNLQJZLWK*UDQG7UXQNlDQGKHVWDWHGWKDW DOLJKWPRVWIDYRUDEOHWRWKHQRQPRYLQJSDUW\6HH0RXQWVY KHGLGQRWUHFDOODWDOO:KHQDVNHGZKHQKHILUVWVXVSHFWHG *UDQG7UXQN:55 )G WK&LU 7KH KHPLJKWKDYH&76KHUHVSRQGHGm,QWKHµ WRµ UDQJH PRYLQJSDUW\PXVWVKRZWKHDEVHQFHRIDJHQXLQHLVVXHRI ,ZDVQjWVXUHl&DPSEHOOUHDVRQVWKDWWKHHYLGHQFHVKRZV PDWHULDO IDFW DQG WKH QRQPRYLQJ SDUW\ PXVW WKHQ FRPH WKDW KLV PHPRU\ ZDV mIRJJ\l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jVFDXVHRIDFWLRQ 3ODLQWLII VDZ D SK\VLFLDQ LQ ZKHQ WKHVH VDPH DFFUXHG6HH)ULHVY&KLFDJR 1RUWKZHVWHUQ7UDQVS&R V\PSWRPV DSSDUHQWO\ ZRUVHQHG DQG KH UHFHLYHG SK\VLFDO )G WK&LU %HFDXVHWKHVWDWXWHRI WKHUDS\7KHGRFWRUjVUHSRUWVWDWHGWKDWKLVFRQGLWLRQmKD>G@ OLPLWDWLRQV LV DQ DIILUPDWLYH GHIHQVH WKH EXUGHQ LV RQ WKH EHHQSURORQJHGLQQDWXUHDQGZRUVHQLQJlWKURXJKWKH\HDUV GHIHQGDQWWRVKRZWKDWWKHVWDWXWHRIOLPLWDWLRQVKDVUXQ,I ,Q 0DUFK RU $SULO RI &DPSEHOO ZDV GLDJQRVHG ZLWK WKHGHIHQGDQWPHHWVWKLVUHTXLUHPHQWWKHQWKHEXUGHQVKLIWVWR &76:HEHOLHYHLWZDVGLVLQJHQXRXVWRDVVHUWDVSODLQWLII WKH SODLQWLII WR HVWDEOLVK DQ H[FHSWLRQ WR WKH VWDWXWH RI GLGLQKLVPHPRUDQGXPLQRSSRVLWLRQWRGHIHQGDQWjVPRWLRQ OLPLWDWLRQV6HH'UD]DQY8QLWHG6WDWHV)G WK IRUVXPPDU\MXGJPHQWWKDWmKHKDGQRLGHDlZKDWFDXVHGKLV &LU WLQJOLQJQXPEQHVVSDLQDQGQRFWXUQDODZDNHQLQJVXSXQWLO 7KHSDUWLHVDJUHHWKDWWKHDSSOLFDEOHSHULRGXQGHUWKH)(/$ VWDQGDUGLVDWKUHH\HDUVWDWXWHRIOLPLWDWLRQV7KHSDUWLHVDOVR $FFRUGLQJWRKLVRZQDGPLVVLRQVWKHSODLQWLIIH[SHULHQFHG DJUHHWKDWWKHDSSOLFDWLRQRIWKHVRFDOOHG mGLVFRYHU\lUXOH WKHV\PSWRPVRIKLVGLVRUGHURQDGDLO\EDVLVIRUVHYHUDO\HDUV ZLOOGHWHUPLQHWKHDFWXDODFFUXDOGDWHRI&DPSEHOOj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mLW LV LQFRUUHFW WR VD\ WKDW $SDULFLR WHDFKHV WKDW LI &DPSEHOOjV FRQGLWLRQ DIWHU SODLQWLII LV QRW FKDOOHQJLQJ WKH &RXUWjV UXOLQJ RQ KLV EDFN LQMXU\ FODLPl 6HSWHPEHU ZDVDQDJJUDYDWLRQRIKLVLOOQHVVSULRUWR EHFDXVH KH DUJXHV WKDW WKH DGGLWLRQDO GLVFRYHU\ ZRXOG KDYH ERUQH GLUHFWO\ RQ *UDQG 7UXQNjV QHJOLJHQFH DQG WKXV FRXOG KDYH VDYHG WKDW FODLP IURP WKDW WLPH KLV FODLP ZRXOG EH WLPHEDUUHG LI KH UHDVRQDEO\ VXPPDU\ MXGJPHQW GLVSRVLWLRQ &DPSEHOO GLG QRW FKDOOHQJH WKH FRXUWjV VKRXOGKDYHNQRZQWKDWKHZDVVXIIHULQJIURPWKDWFRQGLWLRQ UXOLQJ KRZHYHU ZLWK UHVSHFW WR KLV QHFNEDFN FODLP RQ WKH HYLGHQFH VXEPLWWHG EHIRUH WKH FRXUW &DPSEHOOY*UDQG7UXQN:55&R 1R 1R &DPSEHOOY*UDQG7UXQN:55&R RI WKDW LQMXU\ 6HH 0RXQWV )G DW $SDULFLR Y $3UREDEO\LQSUREDEO\LQWKHPLG Vµ µ 1RUIRON :HVWHUQ5\&R)G WK&LU IROORZLQJ WKH KROGLQJ LQ)ULHV )G DW VHH 46RLQDSSUR[LPDWHO\WKHPLGµ Vµ RUµ LVWKH DOVR 8QLWHG 6WDWHV Y .XEULFN 86 ILUVWWLPHWKDW\RXjGJRKRPHIURPZRUNDQGWKHWLQJOLQJ VROLGLI\LQJ WKH GLVFRYHU\ UXOH LQ D FDVH EURXJKW XQGHU WKH ZRXOGVWDUWXSDJDLQ,VWKDWDIDLUVWDWHPHQW" )HGHUDO7RUW&ODLPV$FW $,ZRXOGFDOOLWPRUHRIDQXPEQHVV &DPSEHOODUJXHVWKDWWKHGLVWULFWFRXUWFRPPLWWHGUHYHUVLEOH HUURULQIDLOLQJWRFRQVWUXH WKHHYLGHQFHLQKLVIDYRUDWWKH 4 +DV WKDW QXPEQHVV HYHU DZDNHQHG \RX IURP \RXU VXPPDU\MXGJPHQWVWDJH+HFODLPVUDWKHUWKDWWKHGLVWULFW VOHHS" FRXUWVHL]HGRQWKHWHVWLPRQ\WKDWVXSSRUWHG*UDQG7UXQNjV FODLP $S@RVVHVVLQJ WKHVH IDFWV UHDVRQDEOH GLOLJHQFH RQ 4:RXOGWKHWLQJOLQJVXEVLGHDIWHU\RXVWRSSHGXVLQJ SODLQWLIIjVSDUWZRXOGKDYHOHGSODLQWLIIWRFRQFOXGHWKDWKH WKHSRZHUWRROV" KDGEHHQLQMXUHGDVWKHUHVXOWRIXVLQJ>*UDQG7UXQNjV@SRZHU WRROVl $