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$SSHOOHH 1R Y ! 6+(,/$ .$<( &$175(// 'HIHQGDQW$SSHOODQW 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH(DVWHUQ'LVWULFWRI.HQWXFN\DW3LNHYLOOH 1RnsRVHSK0+RRG'LVWULFWsXGJH 6XEPLWWHG2FWREHU 'HFLGHGDQG)LOHG'HFHPEHU %HIRUH6,/(5DQG&2/(&LUFXLWsXGJHV67$))25' 'LVWULFWsXGJH 7KLV GHFLVLRQ ZDV RULJLQDOO\ LVVXHG DV DQ mXQSXEOLVKHG GHFLVLRQl ILOHG RQ 'HFHPEHU 2Q sDQXDU\ WKH FRXUW GHVLJQDWHG WKH RSLQLRQ DV RQH UHFRPPHQGHG IRU IXOOWH[W SXEOLFDWLRQ 7KH +RQRUDEOH :LOOLDP 6WDIIRUG 6HQLRU 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH 1RUWKHUQ 'LVWULFW RI )ORULGD VLWWLQJ E\ GHVLJQDWLRQ 8QLWHG6WDWHVY&DQWUHOO 1R BBBBBBBBBBBBBBBBB &2816(/ 21 %5,() 6WHSKHQ : 2ZHQV 2:(16 :5,*+7 3LNHYLOOH .HQWXFN\ IRU $SSHOODQW .HQQHWK 5 7D\ORU &KDUOHV 3 :LVGRP sU sRKQ 3DWULFN *UDQW $66,67$17 81,7('67$7(6$77251(<6/H[LQJWRQ.HQWXFN\IRU $SSHOOHH BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB 67$))25'6HQLRU'LVWULFWsXGJH $SSHOODQW6KHLOD.D\H&DQWUHOODSSHDOVKHUFRQYLFWLRQVIRU FRQVSLUDF\ WR FRPPLW PDLO IUDXG PDLO IUDXG DQG PRQH\ ODXQGHULQJ:HDIILUP ,%$&.*5281' &DQWUHOOjVFRQYLFWLRQVDURVHIURPDSODQWRPLVDSSURSULDWH KHU GHFHDVHG VLVWHUjV OLIH LQVXUDQFH SURFHHGV +HU VLVWHU 6XVDQ7DFNHWWm7DFNHWWlZDVDQHPSOR\HHZLWKWKH8QLWHG 6WDWHV3RVWDO6HUYLFHDWWKHWLPHRIKHUGHDWK$VDIHGHUDO HPSOR\HH VKH KDG D )HGHUDO (PSOR\HHVj *URXS /LIH ,QVXUDQFHm)(*/,lSROLF\ZKLFKZDVDGPLQLVWHUHGE\WKH 0HWURSROLWDQ/LIH,QVXUDQFH&RPSDQ\m0HWOLIHl7DFNHWW VKRWKHUVHOILQWKHKHDGRQ$SULODQGGLHGWZRGD\V ODWHU $ IHZ GD\V DIWHU 7DFNHWWjV GHDWK D GHVLJQDWLRQ RI EHQHILFLDU\IRUPZDVILOHGZLWK0HWOLIH7KHIRUPSXUSRUWHG WRFKDQJHWKHEHQHILFLDULHVRI7DFNHWWjVSROLF\IURP0LFKDHO 7DFNHWWZKRP7DFNHWWVXHGIRUGLYRUFHLQHDUO\$SULO WR &DQWUHOO DQG $PDQGD 'R\OH &DQWUHOOjV PRWKHU 7KH GHVLJQDWLRQIRUPZDVGDWHG$SULO2QHRI&DQWUHOOjV VLVWHUV&KDUOHQH&KDSPDQm&KDSPDQlLGHQWLILHG&DQWUHOOjV KDQGZULWLQJRQWKHGHVLJQDWLRQIRUP&KDSPDQWHVWLILHGWKDW 1R 8QLWHG6WDWHVY&DQWUHOO DIWHU 7DFNHWW VKRW KHUVHOI &DQWUHOO DVNHG KHU LI VKH ZRXOG mOLNHWRJRLQKDOYHUVRQDOLIHLQVXUDQFHSROLF\ZLWK6XVLH >7DFNHWW@EHFDXVHVKHjVDOUHDG\GHDGl 2QHRIWKHZLWQHVVHVZKRVLJQHGWKHGHVLJQDWLRQIRUP7HUL (SOLQJm(SOLQJlWHVWLILHGWKDWVKHVLJQHGWKHGHVLJQDWLRQ IRUP DW &DQWUHOOjV UHTXHVW DIWHU 7DFNHWWjV GHDWK (SOLQJ DGPLWWHG WKDW VKH GLG QRW ZLWQHVV 7DFNHWW VLJQLQJ WKH GHVLJQDWLRQIRUP$VHFRQGZLWQHVVVLJQDWXUHm&O\GH6WDF\l ZDV SXUSRUWHGO\ WKDW RI :LOOLDP &O\GH 6WDFH\ m6WDFH\l 6WDFH\WHVWLILHGWKDWKHGLGQRWUHPHPEHUVLJQLQJWKHIRUP DOWKRXJKKHFRQFHGHGWKDWKHmZDVXQGHUDORWRIDOFRKRODW WKDWWLPHDQGLWjVDSRVVLELOLW\WKDW,GLGEXW,GRXEWLWl/LNH (SOLQJ6WDFH\GLGQRWUHFDOOVHHLQJ7DFNHWWVLJQWKHIRUP $Q)%,GRFXPHQWVH[DPLQHUZKRLQVSHFWHGWKHVLJQDWXUHVRQ WKH GHVLJQDWLRQ IRUP WHVWLILHG WKDW &DQWUHOO PD\ KDYH SUHSDUHG WKH KDQG SULQWLQJ DERYH WKH m:LWQHVVHV WR 6LJQDWXUHlVHFWLRQRQWKHIRUPWKHUHZHUHFKDUDFWHULVWLFV LQWKHm6XVDQ$OFD]DU7DFNHWWlVLJQDWXUHWKDWZHUHFRQVLVWHQW ZLWK&DQWUHOOjVNQRZQZULWLQJWKHUHZHUHFKDUDFWHULVWLFV LQ 7DFNHWWjV NQRZQ ZULWLQJ WKDW ZHUH QRW SUHVHQW LQ WKH m6XVDQ$OFD]DU7DFNHWWlVLJQDWXUHDQGWKHUHZHUHZULWLQJ FKDUDFWHULVWLFV LQ 6WDFH\jV NQRZQ ZULWLQJ WKDW ZHUH QRW SUHVHQWLQWKHm&O\GH6WDF\lVLJQDWXUH 0HWOLIH UHFHLYHG D FODLP IRU 7DFNHWWjV OLIH LQVXUDQFH SURFHHGVRQ$XJXVW0HWOLIHSURPSWO\SURFHVVHGWKH FODLPV FUHDWLQJ WZR WRWDO FRQWURO DFFRXQWV HDFK ZLWK D EDODQFH RI LQ WKH QDPHV RI 6KHLOD 'R\OH &DQWUHOOjVPDLGHQQDPHDQG$PDQGD'R\OHm'R\OHl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j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mUDWLRQDOWULHURIIDFWFRXOGKDYHIRXQGWKHHVVHQWLDO HOHPHQWVRIWKHFULPHEH\RQGDUHDVRQDEOHGRXEWl8QLWHG 6WDWHV Y s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mWKURXJKWKHPRQHWDU\WUDQVDFWLRQVWDWXWH&RQJUHVV &URVVOH\ )GDW&LUFXPVWDQWLDOHYLGHQFHWKDWD LQWHQGHG WR VHSDUDWHO\ SXQLVK D GHIHQGDQW IRU PRQHWDU\ UHDVRQDEOHSHUVRQFRXOGLQWHUSUHWDVVKRZLQJSDUWLFLSDWLRQLQ WUDQVDFWLRQV WKDW IROORZ LQ WLPH WKH XQGHUO\LQJ VSHFLILHG DFRPPRQSODQPD\EHXVHGWRHVWDEOLVKWKHH[LVWHQFHRID XQODZIXO DFWLYLW\ WKDW JHQHUDWHG WKH FULPLQDOO\ GHULYHG FRQVSLUDF\DJUHHPHQW,G SURSHUW\LQWKHILUVWSODFHlFHUWGHQLHG86 6&W/(GG :HWKLQNLQWKLVFDVHWKDWWKHUHZDVDPSOHHYLGHQFHIURP ZKLFKDUDWLRQDOMXURUFRXOGKDYHIRXQGWKHHVVHQWLDOHOHPHQWV :HDJUHHWKDW&RQJUHVVLQWHQGHGVHSDUDWHSXQLVKPHQWVIRU RI HDFK RI WKH WKUHH FULPHV EH\RQG D UHDVRQDEOH GRXEW VHFWLRQ RIIHQVHV DQG IRU WKH mVSHFLILHG XQODZIXO $PRQJRWKHUWKLQJVWKHMXU\KHDUGWHVWLPRQ\WKDW&DQWUHOO DFWLYLW\l XQGHUO\LQJ WKH VHFWLRQ RIIHQVH :H WULHGWRFRQYLQFHRQHRIKHUVLVWHUV&KDUOHQH&KDSPDQWR DFFRUGLQJO\ILQGWKDWWKHUHZDVDQGLVQRGRXEOHMHRSDUG\EDU SDUWLFLSDWHLQDVFKHPHWRVKDUHLQWKHLUGHFHDVHGVLVWHUjVOLIH 8QLWHG6WDWHVY&DQWUHOO 1R 1R 8QLWHG6WDWHVY&DQWUHOO LQVXUDQFHSURFHHGVWKDWDIWHUKHUVLVWHUjVGHDWK&DQWUHOO 7KH DSSOLFDEOH UXOH LV WKDW ZKHUH WKH VDPH DFW RU FRQYLQFHGWZRSHUVRQVWRZLWQHVVWKHSXUSRUWHGVLJQLQJRID WUDQVDFWLRQ FRQVWLWXWHV D YLRODWLRQ RI WZR GLVWLQFW GHVLJQDWLRQRIEHQHILFLDU\IRUPFKDQJLQJWKHEHQHILFLDULHVRI VWDWXWRU\SURYLVLRQVWKHWHVWWREHDSSOLHGWRGHWHUPLQH KHUVLVWHUjVOLIHLQVXUDQFHSROLF\WKDW&DQWUHOONQHZRU ZKHWKHUWKHUHDUHWZRRIIHQVHVRURQO\RQHLVZKHWKHU VKRXOGKDYHNQRZQWKDWXVHRIWKHPDLOVZRXOGIROORZLQWKH HDFKSURYLVLRQUHTXLUHVSURRIRIDQDGGLWLRQDOIDFWZKLFK ZDNHRIKHUDFWLRQVWRIUDXGXOHQWO\REWDLQWKHSURFHHGVRIKHU WKHRWKHUGRHVQRW VLVWHUj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jVFKHFNVWR&DQWUHOOKHUPRWKHUDQGYDULRXVVLEOLQJV DQG WKDW &DQWUHOO UHFHLYHG RI WKH WRWDO DPRXQW :KHUH DV KHUH D OHJLVODWXUH VSHFLILFDOO\ DXWKRUL]HV ZLWKGUDZQIURPWKHWZRWRWDOFRQWURODFFRXQWV*LYHQRXU FXPXODWLYHSXQLVKPHQWXQGHUWZRVWDWXWHVUHJDUGOHVVRI UHYLHZRIWKHUHFRUGZHILQGWKDW&DQWUHOOjVFKDOOHQJHWRWKH ZKHWKHUWKRVHWZRVWDWXWHVSURVFULEHWKHVDPHFRQGXFW VXIILFLHQF\RIWKHHYLGHQFHLVZLWKRXWPHULW XQGHU %ORFNEXUJHU D FRXUW V WDVN RI VWDWXWRU\ FRQVWUXFWLRQLVDWDQHQGDQGWKHSURVHFXWRUPD\VHHNDQG % WKHWULDOFRXUWRUMXU\PD\LPSRVHFXPXODWLYHSXQLVKPHQW XQGHUVXFKVWDWXWHVLQDVLQJOHWULDO &DQWUHOODOVRDUJXHVWKDWKHUVLPXOWDQHRXVFRQYLFWLRQVIRU PDLOIUDXGDQGPRQH\ODXQGHULQJZHUHEDUUHGE\WKH'RXEOH 0LVVRXULY+XQWHU86DWVHHDOVR$OEHUQD]Y sHRSDUG\ &ODXVH ZKLFK SURYLGHV WKDW QR SHUVRQ VKDOO mEH 8QLWHG6WDWHV866&W/(G VXEMHFWIRUWKHVDPHRIIHQFHWREHWZLFHSXWLQMHRSDUG\RIOLIH GH[SODLQLQJWKDWWKH%ORFNEXUJHU DQDO\VLVLV RU OLPEl 86 &RQVW DPHQG 9 &DQWUHOO FRQWHQGV WKDW FRQWUROOLQJ RQO\ ZKHUH WKHUH LV QR LQGLFDWLRQ RI FRQWUDU\ VLPXOWDQHRXV FRQYLFWLRQV IRU PDLO IUDXG DQG PRQH\ OHJLVODWLYHLQWHQW,QGHHGWKH6L[WK&LUFXLWKDVUHSHDWHGO\ ODXQGHULQJ ZHUH SURKLELWHG EHFDXVH mWKHUH ZDV QR ZD\ WR VDLGWKDWWKHILUVWVWHSLQWKHDQDO\VLVLVWRGHWHUPLQHZKHWKHU SURYHPRQH\ODXQGHULQJXQGHU86&LQWKLVFDVH &RQJUHVV LQWHQGHG WR SXQLVK HDFK VWDWXWRU\ YLRODWLRQ ZLWKRXWDOVRSURYLQJWKHIDFWVIRUWKHXQGHUO\LQJRIIHQVHRI VHSDUDWHO\8QLWHG6WDWHVY+HEHND)GWK&LU PDLO IUDXGl ,Q VXSSRUW RI KHU DUJXPHQW &DQWUHOO FLWHV FHUWGHQLHG866&W/(GG %ORFNEXUJHUY8QLWHG6WDWHV866&W 3DQGHOOL Y 8QLWHG 6WDWHV )G WK &LU / (G ,Q %ORFNEXUJHU WKH 8QLWHG 6WDWHV 6XSUHPH&RXUWDQQRXQFHGWKHIROORZLQJWHVWIRUGHWHUPLQLQJ ZKHWKHUWZRFRQYLFWLRQVDUHEDUUHGE\WKH'RXEOHsHRSDUG\ :KLOHLWDSSHDUVWKDWWKH6L[WK&LUFXLWKDVQRWDGGUHVVHGD &ODXVH GRXEOH MHRSDUG\ FKDOOHQJH WR FRQYLFWLRQV IRU VHFWLRQ PRQH\ODXQGHULQJDQGWKHVHSDUDWHXQGHUO\LQJRIIHQVHRIPDLO IUDXG WKH FLUFXLW FRXUW KDV DGGUHVVHG D GRXEOH MHRSDUG\ FKDOOHQJHWRFRQYLFWLRQVIRUVHFWLRQPRQH\ODXQGHULQJ