United States v. Haywood

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 
!

(/0(5 s +$<:22' 
'HIHQGDQW$SSHOODQW 
1
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH1RUWKHUQ'LVWULFWRI2KLRDW7ROHGR
1RnsDPHV*&DUU'LVWULFWsXGJH
6XEPLWWHG6HSWHPEHU
'HFLGHGDQG)LOHG)HEUXDU\
%HIRUH'$8*+75(<*,/0$1DQG*,%621&LUFXLW
sXGJHV
BBBBBBBBBBBBBBBBB
&2816(/
21 %5,()  & 0DUN 3LFNUHOO 1DVKYLOOH 7HQQHVVHH IRU
$SSHOODQW  7KRPDV $ .DURO $66,67$17 81,7('
67$7(6$77251(<7ROHGR2KLRIRU$SSHOOHH

7KH +RQRUDEOH sRKQ 5 *LEVRQ 6HQLRU &LUFXLW sXGJH RI WKH 8QLWHG
6WDWHV &RXUW RI $SSHDOV IRU WKH (LJKWK &LUFXLW VLWWLQJ E\ GHVLJQDWLRQ


 8QLWHG6WDWHVY+D\ZRRG 1R

*,/0$1sGHOLYHUHGWKHRSLQLRQRIWKHFRXUWLQZKLFK
'$8*+75(<sMRLQHG*,%621sSSGHOLYHUHG
DVHSDUDWHGLVVHQWLQJRSLQLRQ
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
521$/' /(( *,/0$1 &LUFXLW sXGJH  (OPHU s
+D\ZRRG ZDV LQGLFWHG DQG FRQYLFWHG RQ RQH FRXQW RI
SRVVHVVLRQ ZLWK WKH LQWHQW WR GLVWULEXWH  JUDPV RI FUDFN
FRFDLQHRQ$XJXVW$VSDUWRILWVSURRIWKDW+D\ZRRG
LQWHQGHG WR GLVWULEXWH WKH FUDFN FRFDLQH DOOHJHGO\ LQ KLV
SRVVHVVLRQRQWKDWGDWHWKHJRYHUQPHQWRIIHUHGHYLGHQFHWKDW
+D\ZRRGZDVVXEVHTXHQWO\DUUHVWHGIRUSRVVHVVLQJJUDPV
RIFUDFNFRFDLQHRQ'HFHPEHU+D\ZRRGREMHFWHG
WRWKH DGPLVVLRQRIWKLVHYLGHQFHDUJXLQJWKDWLWZDVERWK
LUUHOHYDQW DQG XQIDLUO\ SUHMXGLFLDO  7KH GLVWULFW FRXUW
RYHUUXOHGKLVREMHFWLRQ)RUWKHUHDVRQVVHWIRUWKEHORZZH
5(9(56(+D\ZRRGjVFRQYLFWLRQDQG5(0$1'WKHFDVH
IRUDQHZWULDO
,%$&.*5281'
$ )DFWXDOEDFNJURXQG
7KLV FDVH DULVHV IURP +D\ZRRGjV DOOHJHG VDOH RI FUDFN
FRFDLQHWRDJRYHUQPHQWLQIRUPDQWRQ$XJXVW7KH
)HGHUDO%XUHDXRI,QYHVWLJDWLRQ)%,RUFKHVWUDWHGWKHFUDFN
FRFDLQHSXUFKDVHDVSDUWRILWVLQYHVWLJDWLRQLQWRLOOHJDOGUXJ
VDOHV DW DQ DSDUWPHQW FRPSOH[ ORFDWHG DW  6RXWK 6FRWW
6WUHHWLQ/LPD2KLR0LFKDHO/LOHVDIULHQGRI+D\ZRRG
ZDVWKHSULQFLSDOWDUJHWRIWKHLQYHVWLJDWLRQ
'H:D\QH6SHDUVDVVLVWHGWKH)%,LQLWVLQYHVWLJDWLRQE\
VHUYLQJDVDFRQILGHQWLDOLQIRUPDQW6SHDUVZDVVHUYLQJLQ
WKDW FDSDFLW\ ZKHQ RQ $XJXVW   KH VDZ +D\ZRRG
VWDQGLQJRXWVLGHRI$SDUWPHQWDW6RXWK6FRWW6WUHHW
$ZDUH WKDW +D\ZRRG DQG /LOHV ZHUH IULHQGV 6SHDUV WROG
+D\ZRRG WKDW KH ZDQWHG WR SXUFKDVH RQH RXQFH RI FUDFN
1R 8QLWHG6WDWHVY+D\ZRRG 

FRFDLQH IURP /LOHV DQG DVNHG +D\ZRRG WR VHW XS WKH VDOH
+D\ZRRG WROG 6SHDUV WR UHWXUQ WR $SDUWPHQW  LQ 
PLQXWHV
 6SHDUV VXEVHTXHQWO\ LQIRUPHG )%, $JHQWV'DYLG'XVWLQ
DQG&DUO6SLFRFFKLRIWKHSHQGLQJFUDFNFRFDLQHVDOH$JHQWV
'XVWLQDQG6SLFRFFKLPHWZLWK6SHDUVDVKRUWWLPHODWHUDQG
HTXLSSHG KLP ZLWK D PRQLWRULQJ ZLUH DQG WDSHUHFRUGLQJ
GHYLFH6SHDUVWKHQGHSDUWHGIRU$SDUWPHQW
0LQXWHV ODWHU 6SHDUV PHW +D\ZRRG LQ IURQW RI WKH
DSDUWPHQW7KH\HQWHUHGDIWHUDEULHIFRQYHUVDWLRQZLWK/LOHV
HQWHULQJVKRUWO\WKHUHDIWHU6SHDUVSURFHHGHGWRGLVFXVVWKH
FUDFN FRFDLQH VDOH ZLWK ERWK +D\ZRRG DQG /LOHV  (LWKHU
+D\ZRRGRU/LOHVWKHQZHQWWRWKHEDVHPHQWRIWKHDSDUWPHQW
DQG UHWULHYHG FUDFN FRFDLQH ZHLJKHG LW RQ D VFDOH LQ WKH
NLWFKHQ DQG SUHVHQWHG LW WR 6SHDUV  6SHDUV SXUFKDVHG WKH
FUDFNFRFDLQHZKLFKWRWDOHGJUDPVIRU
2QFH LQ SRVVHVVLRQ RI WKH FUDFN FRFDLQH 6SHDUV OHIW
$SDUWPHQWDQGPHWDVHFRQGWLPHZLWK$JHQWV'XVWLQDQG
6SLFRFFKL  +H JDYH WKH DJHQWV D GHWDLOHG DFFRXQW RI KLV
HQFRXQWHUZLWK+D\ZRRGDQG/LOHV
+D\ZRRGZDVDUUHVWHGQHDUO\D\HDUODWHUIRUVHOOLQJWKH
JUDPVRIFUDFNFRFDLQHWR6SHDUV,QWKHPHDQWLPH+D\ZRRG
KDG EHHQ DUUHVWHG IRU SRVVHVVLRQ RI FUDFN FRFDLQH RQ
'HFHPEHU7KLVDUUHVWRFFXUUHGDIWHU/LPD3ROLFH
2IILFHUV 0LFKDHO %HDQ DQG %ULDQ /HDU\ VHDUFKLQJ IRU
+D\ZRRGLQUHJDUGWRDPDWWHUXQUHODWHGWRWKHSUHVHQWFDVH
VDZ KLP ULGLQJ LQ D YHKLFOH GULYHQ E\ /LOHV  ,Q VHDUFKLQJ
+D\ZRRGSXUVXDQWWRDODZIXOVWRS2IILFHU%HDQIRXQGDURFN
RI FUDFN FRFDLQH ZHLJKLQJ  JUDPV LQ +D\ZRRGjV MDFNHW
SRFNHW+D\ZRRGZDVFKDUJHGLQVWDWHFRXUWZLWKSRVVHVVLRQ
RI FUDFN FRFDLQH EXW WKH SURVHFXWRU ODWHU GLVPLVVHG WKH
FKDUJH
 8QLWHG6WDWHVY+D\ZRRG 1R 1R 8QLWHG6WDWHVY+D\ZRRG 

% 3URFHGXUDOEDFNJURXQG 6LQFH LQ P\ YLHZ WKH HYLGHQFH RI WKH VXEVHTXHQW FUDFN
SRVVHVVLRQDOVRHDVLO\PHWWKHDGPLVVLELOLW\UHTXLUHPHQWVRI
,QsXO\RIDIHGHUDOJUDQGMXU\LQGLFWHG+D\ZRRGRQ 5XOHV  UHOHYDQFH DQG  SUREDWLYH YDOXH QRW
RQHFRXQWRISRVVHVVLRQRIFUDFNFRFDLQHZLWKWKHLQWHQWWR VXEVWDQWLDOO\RXWZHLJKHGE\XQIDLUSUHMXGLFHHVVHQWLDOO\IRU
GLVWULEXWHLQYLRODWLRQRI86&†D7KHFRXQWDURVH WKH UHDVRQV GLVFXVVHG DERYH , ZRXOG XSKROG +D\ZRRGjV
IURPWKH$XJXVWFUDFNFRFDLQHVDOH+D\ZRRGSOHG FRQYLFWLRQ,UHVSHFWIXOO\GLVVHQWIURPWKHFRXUWjVRSLQLRQ
QRWJXLOW\WRWKHFRXQW7KHFDVHWKHQSURFHHGHGWRWULDOLQWKH
8QLWHG6WDWHV'LVWULFW&RXUWIRUWKH1RUWKHUQ'LVWULFWRI2KLR
$WWULDOWKHHYLGHQFHIRFXVHGRQZKHWKHULWZDV+D\ZRRGRU
/LOHVZKRVROGWKHFUDFNFRFDLQHWR6SHDUVRQ$XJXVW
7RSURYHWKDW+D\ZRRGZDVWKHRQHZKRVROGWKHFUDFN
FRFDLQH RQ WKDW GDWH WKH JRYHUQPHQW UHOLHG SULPDULO\ RQ
WHVWLPRQ\IURP6SHDUV$JHQW'XVWLQDQG$JHQW6SLFFRFKL
DV ZHOO DV RQ WKH WDSH UHFRUGLQJ RI WKH FUDFN FRFDLQH VDOH
6SHDUVWHVWLILHGWKDW+D\ZRRGUHWULHYHGWKHFRFDLQHIURPWKH
EDVHPHQWZHLJKHGLWDQGSUHVHQWHGLWIRUVDOH+HIXUWKHU
VDLGWKDW+D\ZRRGDFFHSWHGWKHSD\PHQWIRUWKHFUDFN
FRFDLQH
$JHQW'XVWLQjVWHVWLPRQ\IRFXVHGRQEROVWHULQJ6SHDUVjV
FUHGLELOLW\  'XVWLQ VDLG WKDW 6SHDUV YROXQWHHUHG DV D
FRQILGHQWLDOLQIRUPDQWEHFDXVHKHZDVFRQFHUQHGZLWKFULPH
LQ WKH FRPPXQLW\  6SHDUV DFFRUGLQJ WR 'XVWLQ ZDV DOVR
WLPHO\ LQ PHHWLQJ ZLWK WKH )%, DQG QHYHU DSSHDUHG WR EH
XQGHU WKH LQIOXHQFH RI GUXJV RU DOFRKRO  $JHQW 6SLFRFFKL
DGGHG WKDW LQIRUPDWLRQ SURYLGHG E\ 6SHDUV OHG WR WKH
LQGLFWPHQWRILQGLYLGXDOVRQIHGHUDOGUXJFKDUJHVZLWK 2420398 EHIRUH WKH FRQWUROOHG EX\    /LOHV WHVWLILHG WKDW GUXJ
RWKHULQGLYLGXDOVLQGLFWHGRQVWDWHDQGORFDOFKDUJHV WUDQVDFWLRQV FDUULHG RXW DW $SDUWPHQW  ZHUH DWWULEXWDEOH WR (PR
DQ DOLDV XVHG E\ +D\ZRRG )LQDOO\ D UHFRUGLQJ RI WKH GUXJ GHDO
+D\ZRRGRQWKHRWKHUKDQGUHOLHGRQWHVWLPRQ\IURP/LOHV ZDV SOD\HG DW WULDO DQG EHFDXVH ERWK 6SHDUV DQG /LOHV KDG
DQG$JHQW6SLFRFFKLWRSURYHWKDWLWZDV/LOHVZKRVROGWKH WHVWLILHG WKH MXU\ FRXOG SHUIRUP D FRPSDULVRQ RI WKHLU YRLFHV
FUDFNFRFDLQH/LOHVWHVWLILHGRQGLUHFWH[DPLQDWLRQWKDWKH ZLWK WKRVH RI WKH PHQ UHFRUGHG RQ WDSH

ZDV WKH RQH ZKR VROG WKH FUDFN FRFDLQH WR 6SHDUV RQ >6SHDUV@ VWRRG ILUP LQ KLV WHVWLPRQ\ LQ WKH IDFH RI D YLJRURXV
$XJXVW    $JHQW 6SLFFRFKL FRUURERUDWHG /LOHVjV FURVV H[DPLQDWLRQ DW WULDO +H FRQVLVWHQWO\ VWDWHG WKDW KH ERXJKW WKH
WHVWLPRQ\ E\ DFNQRZOHGJLQJ WKDW 6SHDUV LQLWLDOO\ WROG WKH FUDFN IURP +D\ZRRG ,I DQ\WKLQJ WKH SUHVHQFH RI /LOHV LQ
DJHQWVWKDWWKHFUDFNFRFDLQHKDGFRPHIURP/LOHVWKDWWKH $SDUWPHQW  DQG KLV OLPLWHG SDUWLFLSDWLRQ LQ WKH GHDO EHWZHHQ
)%,UHSRUWVXEPLWWHGE\KLPVHOIDQG$JHQW'XVWLQUHJDUGLQJ +D\ZRRG DQG 6SHDUV VXSSRUWV D FRQYLFWLRQ RI ERWK +D\ZRRG ,3/

WKHFUDFNFRFDLQHVDOHVWDWHVWKDW6SHDUVSXUFKDVHGWKHFUDFN /LOHV ,W FHUWDLQO\ GRHV QRW H[RQHUDWH +D\ZRRG RU HVWDEOLVK WKDW
6SHDUV KDV D SRRU PHPRU\
FRFDLQHIURP/LOHVDQGWKDWKHKDGHDUOLHUWROGWKHJUDQGMXU\
WKDW 6SHDUV GHFOLQHG WR SXUFKDVH GUXJV IURP +D\ZRRG $SS  IRRWQRWH RPLWWHG
 8QLWHG6WDWHVY+D\ZRRG 1R 1R 8QLWHG6WDWHVY+D\ZRRG 

,QGHHG +D\ZRRGjV VXEVHTXHQW SRVVHVVLRQ ZDV GRXEO\ EHFDXVH6SHDUVZDQWHGWREX\FUDFNFRFDLQHZKLFKRQO\/LOHV
UHOHYDQW EHFDXVH LW ZDV DOVR HYLGHQFH WKDW +D\ZRRG KDG WR VHOO  (YHQ WKRXJK WKH SHUVXDVLYHQHVV RI /LOHVjV
NQRZLQJO\SRVVHVVHGFUDFNWKDWKHLQWHQGHGWRVHOOWR6SHDUV WHVWLPRQ\RQ6SHDUVjVEHKDOIZDVVXEVWDQWLDOO\ZHDNHQHGRQ
2WKHU FULPHV HYLGHQFH LV DGPLVVLEOH WR VKRZ NQRZOHGJH FURVVH[DPLQDWLRQZLWKFRQFHVVLRQVWKDWKLVUHFROOHFWLRQRI
6HH)HG5(YLGE/RJDQ)GDWmSULRU WKHVDOHZDVYDJXHWKDWKHKDGSOHGJXLOW\WRPDNLQJWKHVDOH
SRVVHVVLRQRIGUXJVLVDGPLVVLEOHWRVKRZVXFKWKLQJVDV ZLWK +D\ZRRG WKDW +D\ZRRG W\SLFDOO\ VROG GUXJV RXW RI
NQRZOHGJHl  .QRZLQJ SRVVHVVLRQ LV DQ HOHPHQW RI WKH $SDUWPHQWDQGWKDWKHGLGQRWZDQW+D\ZRRGWRJRWRMDLO
RIIHQVHIRUZKLFK+D\ZRRGZDVFRQYLFWHG6HH8QLWHG6WDWHV WKHQHWHIIHFWRI/LOHVjVWHVWLPRQ\ZDVDPDWWHUIRUWKHMXU\WR
Y 0DFNH\  )G   WK &LU   $QG GHWHUPLQH
NQRZOHGJHZDVDWLVVXHLQWKHWULDO+D\ZRRGjVFKLHIGHIHQVH
ZDVWRFODLPGHVSLWHRYHUZKHOPLQJHYLGHQFHWKDW+D\ZRRG 1RWDOORIWKHHYLGHQFHDWWULDOKRZHYHUGLUHFWO\UHODWHGWR
ZDVSUHVHQWGXULQJWKHVDOHRIFUDFNWR6SHDUVWKDW/LOHVVROG ZKHWKHU+D\ZRRGRU/LOHVVROGWKHFUDFNFRFDLQHWR6SHDUVRQ
WKHGUXJVWR6SHDUVZLWKRXW+D\ZRRGjVLQYROYHPHQW$JDLQVW $XJXVW7KHJRYHUQPHQWDOVRRIIHUHGHYLGHQFHWKDW
WKDWEDFNJURXQGWKHIDFWWKDW+D\ZRRGDQG/LOHVZHUHIRXQG LWFRQWHQGHGZDVLQGLUHFWO\SUREDWLYHDVWRZKHWKHU+D\ZRRG
WRJHWKHULQ'HFHPEHUDQG+D\ZRRGKDGFUDFNRQKLV LQWHQGHG WR GLVWULEXWH WKH FUDFN FRFDLQH DOOHJHGO\ LQ KLV
SHUVRQDWWKDWWLPHLVVXEVWDQWLDOO\SUREDWLYHRI+D\ZRRGjV SRVVHVVLRQRQWKDWGDWH6SHFLILFDOO\WKHJRYHUQPHQWRIIHUHG
NQRZLQJ SRVVHVVLRQ DW WKH HDUOLHU WLPH DQG KLV LQWHQW WR WKH WHVWLPRQ\ RI 2IILFHUV %HDQ DQG /HDU\ UHJDUGLQJ WKHLU
GLVWULEXWHWR6SHDUV UHFRYHU\RIFUDFNFRFDLQHIURP+D\ZRRGRQ'HFHPEHU

$WDPLQLPXPWKHGLVWULFWFRXUWjV GHFLVLRQWRDGPLWWKH
HYLGHQFHGLGQRWULVHWRWKHOHYHORIDQDEXVHRIGLVFUHWLRQDV +D\ZRRG REMHFWHG WR WKH DGPLVVLRQ RI DQ\ HYLGHQFH
UHTXLUHGIRUUHYHUVDO$Q\QHHGWRH[FOXGHZDVHPLQHQWO\ UHJDUGLQJKLV'HFHPEHUFUDFNFRFDLQHSRVVHVVLRQ+H
GHEDWDEOH  7KHUH ZDV WKXV QR UHYHUVLEOH HUURU XQGHU 5XOH DUJXHGWKDWVXFKHYLGHQFHKDGmQRWKLQJWRGRZLWKWKLVFDVHl
E DQG ZRXOG FDXVH mXQIDLU SUHMXGLFHl  7KH JRYHUQPHQW
FRXQWHUHGWKDWWKHHYLGHQFHZDVDGPLVVLEOHXQGHU5XOHE
RIWKH)HGHUDO5XOHVRI(YLGHQFHWRSURYH+D\ZRRGjVLQWHQW

(YHQ VXSSRVLQJ WKH GLVWULFW FRXUWjV GHFLVLRQ WR DGPLW WKH HYLGHQFH
RQ $XJXVW    $JUHHLQJ WKDW WKH WHVWLPRQ\ ZDV
RI WKH ODWHU FUDFN SRVVHVVLRQ ZDV DQ DEXVH RI GLVFUHWLRQ , WKLQN WKH WULDOjV
DGPLVVLEOH XQGHU 5XOH E WKH GLVWULFW FRXUW RYHUUXOHG
RXWFRPH ZDV QRW mVXEVWDQWLDOO\ VZD\HGl E\ WKH VXSSRVHG HUURU $00 8:57, +D\ZRRGjVREMHFWLRQ
DW S TXRWLQJ .RWWHDNRV Y 8QLWHG 6WDWHV  86   
7KH HYLGHQFH RI +D\ZRRGjV JXLOW ZDV SRZHUIXO ZLWKRXW WKH VXEVHTXHQW 2IILFHU%HDQWKHQWHVWLILHGWKDWKHUHFRYHUHGJUDPVRI
FUDFN SRVVHVVLRQ ,W LV ZHOO VXPPDUL]HG LQ WKH GLVWULFW FRXUWjV RUGHU FUDFN FRFDLQH IURP +D\ZRRG RQ 'HFHPEHU    +H
GHQ\LQJ +D\ZRRGjV PRWLRQ IRU DFTXLWWDO
GHVFULEHGWKHFUDFNFRFDLQHDVDVLQJOHURFNVOLJKWO\VPDOOHU
6SHDUV WHVWLILHG WKDW KH ERXJKW FUDFN IURP D PDQ QDPHG (PR
WKDQDJROIEDOO7KHGLVWULFWFRXUWJDYHDFRQWHPSRUDQHRXV
7KLV SXUFKDVH WRRN SODFH LQ $SDUWPHQW  RI WKH >DSDUWPHQWV@ LQVWUXFWLRQ WKDW WKH MXU\ FRXOG FRQVLGHU 2IILFHU %HDQjV
ZKHUH (PRjV VLVWHU OLYHG  6SHDUV SLFNHG +D\ZRRG RXW RI D WHVWLPRQ\ RQO\  mZLWK UHJDUG WR WKH LVVXH RI LQWHQW WR WKH
SKRWRJUDSKLF OLQHXS DV (PR WKH YHU\ ZHHN WKHVH HYHQWV H[WHQWWKDWLWLVUHOHYDQWLQWKLVFDVHl$IWHUWKLVLQVWUXFWLRQ
RFFXUUHG DQG ODWHU LGHQWLILHG +D\ZRRG LQ RSHQ &RXUW
2IILFHU/HDU\WRRNWKHVWDQGDQGHVVHQWLDOO\FRUURERUDWHGWKH
,Q DGGLWLRQ WR WKLV LGHQWLILFDWLRQ PRUH WKDQ RQH ZLWQHVV
IDFWVDVUHODWHGE\%HDQ$FDXWLRQDU\LQVWUXFWLRQVLPLODUWR
WHVWLILHG WKDW +D\ZRRG XVHG WR ZHDU KLV KDLU LQ DQ $IUR )%,
DJHQWV REVHUYHG 6SHDUV WDONLQJ ZLWK D PDQ ZLWK DQ $IUR MXVW
 8QLWHG6WDWHVY+D\ZRRG 1R 1R 8QLWHG6WDWHVY+D\ZRRG 

WKDWJLYHQIROORZLQJ%HDQjVWHVWLPRQ\ZDVQHLWKHUUHTXHVWHG 7KH )LIWK &LUFXLW UHFRJQL]HV WKDW GLVWLQFWLRQ  /LNH D
E\+D\ZRRGQRUJLYHQE\WKHGLVWULFWFRXUW QXPEHURIVLEOLQJFLUFXLWVLWIROORZVDUXOHRIDGPLVVLELOLW\
WKDWGLFWDWHVDUHVXOWRSSRVLWHWRWKHFRXUWjVUHVXOWWRGD\RWKHU
7KHMXU\VXEVHTXHQWO\IRXQG+D\ZRRGJXLOW\RQWKHGUXJ DFWVRIGUXJSRVVHVVLRQUHJDUGOHVVRITXDQWLW\DUHURXWLQHO\
WUDIILFNLQJFRXQW+HZDVODWHUVHQWHQFHGE\WKHGLVWULFWFRXUW DGPLVVLEOH XQGHU 5XOH E WR SURYH LQWHQW WR GLVWULEXWH
WRDPRQWKWHUPRILPSULVRQPHQWZLWKDQDGGLWLRQDO GUXJVDWDQRWKHUWLPH6HH8QLWHG6WDWHVY*DGLVRQ)G
\HDUVRIVXSHUYLVHGUHOHDVH+D\ZRRGQRZDSSHDOVDUJXLQJ WK&LU8QLWHG6WDWHVY/RJDQ)G
WKDW WKH GLVWULFW FRXUW FRPPLWWHG UHYHUVLEOH HUURU ZKHQ LW   WK &LU  KROGLQJ WKDW ZLWK D SURSHU
DGPLWWHGWKHHYLGHQFHRIKLV'HFHPEHUSRVVHVVLRQRI OLPLWLQJLQVWUXFWLRQRWKHUDFWVRISRVVHVVLQJGUXJVmHYHQLQ
FUDFNFRFDLQH DQ DPRXQW FRQVLVWHQW RQO\ ZLWK SHUVRQDO XVHl DUH SHU VH
DGPLVVLEOH WR SURYH LQWHQW WR GLVWULEXWH 8QLWHG 6WDWHV Y
,,$1$/<6,6 %XWOHU)GWK&LUmHYLGHQFH
RISULRUSHUVRQDOGUXJXVH>LVDGPLVVLEOH@WRSURYHLQWHQWLQD
$ )UDPHZRUNIRUDQDO\]LQJWKHDGPLVVLRQRIHYLGHQFH VXEVHTXHQWSURVHFXWLRQIRUGLVWULEXWLRQRIQDUFRWLFVl
RIRWKHUDFWVXQGHU5XOHE
7KLVUXOHLVHVSHFLDOO\SODXVLEOHLILWLVQDUURZHGWRFDVHV
5XOH E SURYLGHV WKDW HYLGHQFH RI RWKHU DFWV LV mQRW VXFKDV+D\ZRRGjVZKHUHWKHGUXJLQWKHSULRURUVXEVHTXHQW
DGPLVVLEOHWRSURYHWKHFKDUDFWHURIDSHUVRQLQRUGHUWRVKRZ SRVVHVVLRQ DQG WKH GUXJ WKH GHIHQGDQW LV FKDUJHG ZLWK
DFWLRQ LQ FRQIRUPLW\ WKHUHZLWK    l  6XFK HYLGHQFH GLVWULEXWLQJDUHWKHVDPH(YLGHQFHWKDWDGHIHQGDQWFDUULHV
KRZHYHU PD\ EH DGPLVVLEOH IRU RWKHU SXUSRVHV LQFOXGLQJ D FHUWDLQ NLQG RI GUXJ ZLWK KLP VXJJHVWV D GHJUHH RI
SURRI RI mPRWLYH RSSRUWXQLW\ LQWHQW SUHSDUDWLRQ SODQ LQYROYHPHQWLQWKHWUDGHWKDWWHQGVWRVXSSRUWDQLQIHUHQFHRI
NQRZOHGJHLGHQWLW\RUDEVHQFHRIPLVWDNHRUDFFLGHQWl LQWHQW WR GLVWULEXWH WKDW GUXJ DW DQRWKHU WLPH  &I 8QLWHG
,G 6WDWHV Y 7HPSOHPDQ  )G   WK &LU 
m(YLGHQFHRI7HPSOHPDQ
VSHUVRQDOXVHRIFRFDLQHLQGLFDWHV
7KLVFRXUWKDVVHWIRUWKDWKUHHVWHSSURFHVVIRUGHWHUPLQLQJ SRWHQWLDOPRWLYHVIRUKLVGLVWULEXWLRQRIFRFDLQHWRILQDQFHKLV
WKHDGPLVVLELOLW\RIHYLGHQFHRIRWKHUDFWVXQGHU5XOHE RZQXVHRIWKHGUXJDQGWRDVVXUHKLPVHOIRIDUHDG\VXSSO\
8QLWHG 6WDWHV Y *HVVD  )G   WK &LU (YLGHQFHWKDW7HPSOHPDQXVHGGUXJVZLWKRWKHUVLQGLFDWHV
HQEDQF7KHILUVWVWHSUHTXLUHVWKHGLVWULFWFRXUWWR WKDWKHKDGRSSRUWXQLW\WRGLVWULEXWHGUXJVEHFDXVHKHNQHZ
GHFLGHZKHWKHUWKHUHLVVXIILFLHQWHYLGHQFHWKDWWKHRWKHUDFW ZKR ZRXOG EH SRWHQWLDO FXVWRPHUVl  7KH FRXUW IDLOV WR
LQTXHVWLRQDFWXDOO\RFFXUUHG,GDW,IVRWKHGLVWULFW UHFRJQL]HWKLVSUREDWLYHYDOXH
FRXUW PXVW GHFLGH ZKHWKHU WKH HYLGHQFH RI WKH RWKHU DFW LV
mµSUREDWLYHRIDPDWHULDOLVVXHRWKHUWKDQFKDUDFWHUjl8QLWHG (YHQLIZHKROGWKDWDUXOHVXFKDVWKH)LIWK(LJKWKDQG
6WDWHV Y sRKQVRQ  )G   WK &LU  (OHYHQWK&LUFXLWVjLVLQDSSURSULDWHZHVKRXOGKROGWKDWWKH
TXRWLQJ +XGGOHVWRQ Y 8QLWHG 6WDWHV  86   OHJLWLPDWHSUREDWLYHYDOXHRI+D\ZRRGjVSRVVHVVLRQZDVQRW
)LQDOO\LIWKHHYLGHQFHLVSUREDWLYHRIDPDWHULDO RXWZHLJKHGE\WKHXQGXHSUHMXGLFLDOHIIHFWRIWKHHYLGHQFH
LVVXH RWKHU WKDQ FKDUDFWHU WKH GLVWULFW FRXUW PXVW GHFLGH
ZKHWKHUWKHmSUREDWLYHYDOXHRIWKHHYLGHQFHLVVXEVWDQWLDOO\
RXWZHLJKHGE\LWVSRWHQWLDOSUHMXGLFLDOHIIHFWlsRKQVRQ 
)GDW (YHQ WKRVH FRXUWV WKDW GLVDJUHH ZLWK WKH EURDG UXOH RI DGPLVVLELOLW\
LQ LQWHQWWRGLVWULEXWH FDVHV JDXJH WKH DGPLVVLELOLW\ RI SULRU RU ODWHU
SRVVHVVLRQV RQ D FDVHE\FDVH EDVLV 6HH HJ 8QLWHG 6WDWHV Y 0RQ]RQ
 )G   WK &LU 
 8QLWHG6WDWHVY+D\ZRRG 1R 1R 8QLWHG6WDWHVY+D\ZRRG 

BBBBBBBBBBBBBB ,QWKHSUHVHQWFDVH+D\ZRRGFRQFHGHVWKDWWKHRWKHUDFWDW
LVVXHnKLV SRVVHVVLRQ RI FUDFN FRFDLQH RQ 'HFHPEHU 
',66(17 nDFWXDOO\ RFFXUUHG  7KH DQDO\VLV WKXV IRFXVHV RQ
BBBBBBBBBBBBBB  ZKHWKHU WKH HYLGHQFH RI +D\ZRRGjV FUDFN FRFDLQH
SRVVHVVLRQRQWKDWGDWHLVSUREDWLYHRIDPDWHULDOLVVXHRWKHU
s2+1 5 *,%621 &LUFXLW sXGJH GLVVHQWLQJ  , WKDQKLVFKDUDFWHUDQGZKHWKHUWKHSUREDWLYHYDOXHRIWKH
UHVSHFWIXOO\ GLVVHQW  7KH GLVWULFW FRXUW GLG QRW DEXVH LWV HYLGHQFH LV VXEVWDQWLDOO\ RXWZHLJKHG E\ LWV SRWHQWLDO
GLVFUHWLRQ LQ DGPLWWLQJ +D\ZRRGjV 'HFHPEHU  FUDFN SUHMXGLFLDOHIIHFW
SRVVHVVLRQXQGHU)HG5(YLG E7KHHYLGHQFHZDV
DGPLVVLEOHWRVKRZ+D\ZRRGjVLQWHQWWRGLVWULEXWHFUDFNLQ % 6WDQGDUGRIUHYLHZ
WKHVDOHWR6SHDUVDWLVVXHKHUHDQGKLVNQRZLQJSRVVHVVLRQRI
FUDFNDWWKDWWLPH :H UHYLHZ D GLVWULFW FRXUWjV UXOLQJV UHJDUGLQJ ERWK WKH
VHFRQG DQG WKLUG VWHSV RI WKH 5XOH E DGPLVVLELOLW\
8QGHU 5XOH E HYLGHQFH RI RWKHU FULPHV LI PRUH DQDO\VLV WR GHWHUPLQH ZKHWKHU WKH GLVWULFW FRXUW DEXVHG LWV
SUREDWLYHWKDQSUHMXGLFLDOLVDGPLVVLEOHWRSURYHNQRZOHGJH GLVFUHWLRQ8QLWHG6WDWHVY0DFN)G Q
RULQWHQW6HH8QLWHG6WDWHVY'DELVK)G WK&LU$QDEXVHRIGLVFUHWLRQRFFXUVZKHQZHDUH
WK &LU  SHU FXULDP  6LPLODULW\ RI WKH SULRU RU OHIWZLWKWKHmGHILQLWHDQGILUPFRQYLFWLRQWKDWWKH>GLVWULFW@
VXEVHTXHQWDFWWRWKHFKDUJHG DFWLVRQHRIWKHNH\IDFWRUV FRXUW    FRPPLWWHG D FOHDU HUURU RI MXGJPHQW LQ WKH
VXSSRUWLQJDGPLVVLELOLW\XQGHU5XOHE,GDW FRQFOXVLRQLWUHDFKHGXSRQDZHLJKLQJRIWKHUHOHYDQWIDFWRUVl
7RGD\WKHFRXUWFLWHVQRUHOHYDQWDXWKRULW\IRULWVFRQFOXVLRQ RUmZKHUHLWLPSURSHUO\DSSOLHVWKHODZRUXVHVDQHUURQHRXV
WKDWSRVVHVVLRQRIDPRGHUDWHTXDQWLW\RIGUXJVVXFKDVWKH OHJDOVWDQGDUGl+XH\Y6WLQH)GWK&LU
QHDUO\ JROI EDOOVL]HG FUDFN URFN WKDW +D\ZRRG KDG ZKHQ FLWDWLRQVDQGLQWHUQDOTXRWDWLRQPDUNVRPLWWHG
VWRSSHGLQ'HFHPEHULVWRRGLVVLPLODUWREHDGPLVVLEOH
XQGHU5XOHEWRVKRZLQWHQWWRGLVWULEXWHWKHVDPHGUXJ +D\ZRRG KRZHYHU FRQWHQGV WKDW ZH VKRXOG UHYLHZ GH
DWDQHDUOLHUWLPH7KH)LIWK&LUFXLWFDVHFLWHG8QLWHG6WDWHV QRYRWKHGLVWULFWFRXUWjVKROGLQJZLWK UHJDUGWRWKHVHFRQG
Y6NLSSHU)GWK&LUGRHVQRWVXSSRUW VWHS LQ WKH 5XOH E DQDO\VLV  $V VXSSRUW IRU WKLV
WKDWSURSRVLWLRQ6NLSSHUPHUHO\KHOGWKDWWKHSRVVHVVLRQRI SURSRVLWLRQ+D\ZRRGUHOLHVRQWKLVFRXUWjVGHFLVLRQLQ8QLWHG
JUDPVRIFUDFNZDVQRWVXIILFLHQWHYLGHQFHWRSHUPLWD 6WDWHVY:HOOV)GWK&LUUHYLHZLQJ
FRQYLFWLRQIRUSRVVHVVLRQRIFUDFNZLWKLQWHQWWRGLVWULEXWH GH QRYR WKH GLVWULFW FRXUWjV GHWHUPLQDWLRQ UHJDUGLQJ WKH
7KDW KDV OLWWOH WR GR ZLWK ZKHWKHU VXFK HYLGHQFH LV VHFRQGVWHSRIWKH5XOHEDQDO\VLV
DGPLVVLEOHIRUWKDWSXUSRVH
%XW WKLV FRXUW FRQFOXGHG LQ7UHSHO Y 5RDGZD\ ([SUHVV
,QF)GWK&LUWKDWDOOHYLGHQWLDU\
UXOLQJV DUH VXEMHFW WR WKH DEXVH RI GLVFUHWLRQ VWDQGDUG RI
UHYLHZ,GFLWLQJ*HQHUDO(OHFWULF&RYsRLQHU86

,Q DQDO\]LQJ ZKHWKHU WKH FRQGXFW ZDV VXEVWDQWLDOO\ VLPLODU WKH FRXUW     7R WKH H[WHQW WKDW :HOOV FRQIOLFWV ZLWK
ZRUNV WR GLVWLQJXLVK WKUHH XQSXEOLVKHG RSLQLRQV RI WKLV FLUFXLW HDFK RI 7UHSHOZHDUHERXQGE\7UHSHO'DUUDKY&LW\RI2DN3DUN
ZKLFK IRXQG D SULRU GUXJ SRVVHVVLRQ DGPLVVLEOH WR VKRZ LQWHQW WR )GWK&LUm>:@KHQDODWHUGHFLVLRQ
GLVWULEXWH $00 8:57, SS  RSLQLRQ RI WKH &RXUW 7KH SURSHU
RI WKLV FRXUW FRQIOLFWV ZLWK RQH RI RXU SULRU SXEOLVKHG
DSSURDFK WR WKLV FDVH LV RSHQ LQ DQ\ HYHQW VLQFH mXQSXEOLVKHG RSLQLRQV
DUH QHYHU FRQWUROOLQJ DXWKRULW\l4380., Y &RQVROLGDWHG 5DLO &RUS 
GHFLVLRQV ZH DUH VWLOO ERXQG E\ WKH KROGLQJ RI WKH HDUOLHU
)G   WK &LU  *LOPDQ s FDVHl
 8QLWHG6WDWHVY+D\ZRRG 1R 1R 8QLWHG6WDWHVY+D\ZRRG 

& 7KHGLVWULFWFRXUWDEXVHGLWVGLVFUHWLRQLQKROGLQJWKDW ,,,&21&/86,21
WKH HYLGHQFH RI +D\ZRRGjV 'HFHPEHU  FUDFN
FRFDLQHSRVVHVVLRQZDVSUREDWLYHRIDPDWHULDOLVVXH )RU DOO RI WKH UHDVRQV VHW IRUWK DERYH ZH 5(9(56(
RWKHUWKDQFKDUDFWHU +D\ZRRGjV FRQYLFWLRQ DQG 5(0$1' WKH FDVH IRU D QHZ
WULDO
(YLGHQFHRIRWKHUDFWVLVSUREDWLYHRIDPDWHULDOLVVXHRWKHU
WKDQFKDUDFWHULIWKHHYLGHQFHLVRIIHUHGIRUDQDGPLVVLEOH
SXUSRVHWKHSXUSRVHIRUZKLFKWKHHYLGHQFHLVRIIHUHGLV
PDWHULDORUmLQLVVXHlDQGWKHHYLGHQFHLVSUREDWLYHZLWK
UHJDUGWRWKH SXUSRVHIRUZKLFKLWLVRIIHUHGsRKQVRQ
)GDW
7KHLQTXLU\WKHUHIRUHEHJLQVZLWKWKHTXHVWLRQRIZKHWKHU
WKHJRYHUQPHQWRIIHUHGWKHHYLGHQFHRI+D\ZRRGjV'HFHPEHU
 FUDFN FRFDLQH SRVVHVVLRQ IRU DQ DGPLVVLEOH SXUSRVH
$FFRUGLQJWRWKHJRYHUQPHQWWKLVHYLGHQFHZDVRIIHUHGDV
SURRIRI+D\ZRRGjVDOOHJHGLQWHQWWRGLVWULEXWHFUDFNFRFDLQH
RQ$XJXVW5XOHEH[SOLFLWO\LQFOXGHVLQWHQWDV
DSURSHUSXUSRVHIRUZKLFKWRRIIHUHYLGHQFHRIRWKHUDFWV
7KHHYLGHQFHZDVWKHUHIRUHRIIHUHGIRUDQDGPLVVLEOHSXUSRVH
1H[WWKHLQTXLU\WXUQVWRZKHWKHU+D\ZRRGjVLQWHQWZDV
PDWHULDORUmLQLVVXHlGXULQJKLVWULDO7KLVFRXUWKDVKHOGWKDW
m>Z@KHUH WKHUH LV WKUXVW XSRQ WKH JRYHUQPHQW    WKH
DIILUPDWLYHGXW\WRSURYHWKDWWKHXQGHUO\LQJSURKLELWHGDFW
ZDVGRQHZLWKDVSHFLILFFULPLQDOLQWHQWRWKHUDFWVHYLGHQFH
PD\EHLQWURGXFHGXQGHU5XOHElsRKQVRQ)GDW
  ,Q WKH SUHVHQW FDVH +D\ZRRG ZDV FKDUJHG ZLWK
SRVVHVVLRQRIFUDFNFRFDLQHZLWKWKHLQWHQWWRGLVWULEXWHnD
VSHFLILFLQWHQWFULPH8QLWHG6WDWHVY6SLNHV)G
WK&LUm0RUHRYHUWKLVFRXUWKDVKHOGWKDW5XOH
EHYLGHQFHLVDGPLVVLEOHWRSURYHLQWHQWLIVSHFLILFLQWHQW
LVDVWDWXWRU\HOHPHQWRIWKHRIIHQVH3RVVHVVLRQZLWKWKH
LQWHQWWRGLVWULEXWHLVVXFKDQRIIHQVHlFLWDWLRQVRPLWWHG
,QWHQWZDVWKHUHIRUHmLQLVVXHlGXULQJ+D\ZRRGjVWULDO
7KH LQTXLU\ WKXV VKLIWV WR ZKHWKHU WKH HYLGHQFH RI
+D\ZRRGjV 'HFHPEHU  FUDFN FRFDLQH SRVVHVVLRQ LV
SUREDWLYHRIKLVLQWHQWWRGLVWULEXWHFUDFNFRFDLQHRQ$XJXVW
7RGHWHUPLQHLIHYLGHQFHRIRWKHUDFWVLVSUREDWLYHRI
LQWHQWZHORRNWRZKHWKHUWKHHYLGHQFHUHODWHVWRFRQGXFWWKDW
 8QLWHG6WDWHVY+D\ZRRG 1R 1R 8QLWHG6WDWHVY+D\ZRRG 

JURXQGV  7KH JRYHUQPHQW FRQFHGHV WKDW +D\ZRRGjV LVmVXEVWDQWLDOO\VLPLODUDQGUHDVRQDEO\QHDULQWLPHlWRWKH
REMHFWLRQ SUHVHUYHG KLV DUJXPHQW UHJDUGLQJ WKH UHOHYDQF\ VSHFLILFLQWHQWRIIHQVHDWLVVXH8QLWHG6WDWHVY%ODQNHQVKLS
FRPSRQHQWRIWKH5XOHEDGPLVVLELOLW\DQDO\VLVWKDWLV )GWK&LU
+D\ZRRGjVDUJXPHQWWKDWWKHHYLGHQFHZDVQRWSUREDWLYHRI
D PDWHULDO LVVXH RWKHU WKDQ FKDUDFWHU  %XW WKH JRYHUQPHQW :HPXVWILUVWGHFLGHZKHWKHUWKHHYLGHQFHRI+D\ZRRGjV
FRQWHQGV WKDW +D\ZRRGjV REMHFWLRQ GRHV QRW SUHVHUYH KLV 'HFHPEHU  FUDFN FRFDLQH SRVVHVVLRQ LV mVXEVWDQWLDOO\
DUJXPHQW WKDW WKH SUREDWLYH YDOXH RI WKH HYLGHQFH ZDV VLPLODUlWRWKHRIIHQVHDWLVVXHnSRVVHVVLRQRIFUDFNFRFDLQH
VXEVWDQWLDOO\ RXWZHLJKHG E\ LWV SRWHQWLDO SUHMXGLFLDO HIIHFW ZLWKWKHLQWHQWWRGLVWULEXWH7KHGLVVHQWDSSDUHQWO\EHOLHYHV
7KXVLIZHKROGWKDWWKHHYLGHQFHLVLQDGPLVVLEOHRQWKHEDVLV WKDWLWLVUHO\LQJRQFDVHVIURPWKH)LIWK(LJKWKDQG(OHYHQWK
RI EDODQFLQJ UHOHYDQF\ YHUVXV SUHMXGLFH WKH JRYHUQPHQW &LUFXLWVWKDWKDYHKHOGWKDWDGHIHQGDQWjVSRVVHVVLRQRIGUXJV
LQVLVWV WKDW ZH PXVW UHYLHZ WKH LPSURSHU DGPLVVLRQ RI WKH IRUSHUVRQDOXVHLVUHOHYDQWWRSURYHKLVLQWHQWWRGLVWULEXWH
HYLGHQFH XQGHU WKH SODLQ HUURU VWDQGDUG RI UHYLHZ  8QLWHG GUXJVIRXQGLQKLVSRVVHVVLRQRQDQRWKHURFFDVLRQ8QLWHG
6WDWHVY/XFDV1RV:/DW 6WDWHVY/RJDQ)GWK&LU8QLWHG

 WK &LU 2FW   KROGLQJ WKDW WKH GHIHQGDQWjV 6WDWHVY%XWOHU)GWK&LU8QLWHG
IDLOXUHWRREMHFWWRWKHDGPLVVLRQRIHYLGHQFHRIIHUHGSXUVXDQW 6WDWHVY*DGLVRQ)GWK&LU
WR5XOHEUHTXLUHGWKLVFRXUWWRXWLOL]HWKH SODLQHUURU
VWDQGDUGRIUHYLHZFLWLQJ)HG5&ULP3E8QLWHG %XWZHDUHXQDEOHWRGLVFHUQDFRPSHOOLQJUDWLRQDOHIRUWKLV
6WDWHVY6HJLQHV)GWK&LUKROGLQJ DSSURDFKZKLFKIDLOVWRUHFRJQL]HWKDWm>D@FWVUHODWHGWRWKH
WKDWWKHSODLQHUURUVWDQGDUGUHTXLUHVWKHFRXUWWRGHWHUPLQH SHUVRQDO XVH RI D FRQWUROOHG VXEVWDQFH DUH RI D ZKROO\
ZKHWKHU DQ REYLRXV HUURU KDV RFFXUUHG WKDW ERWK DIIHFWV GLIIHUHQW RUGHU WKDQ DFWV LQYROYLQJ WKH GLVWULEXWLRQ RI D
VXEVWDQWLDOULJKWVDQGVHULRXVO\DIIHFWVWKHIDLUQHVVLQWHJULW\ FRQWUROOHG VXEVWDQFH  2QH DFWLYLW\ LQYROYHV WKH SHUVRQDO
RUSXEOLFUHSXWDWLRQRIMXGLFLDOSURFHHGLQJV DEXVH RI QDUFRWLFV WKH RWKHU WKH LPSOHPHQWDWLRQ RI D
FRPPHUFLDODFWLYLW\IRUSURILWl8QLWHG6WDWHVY2QR
7KH JRYHUQPHQWjV DUJXPHQW KRZHYHU ODFNV PHULW  $Q )GWK&LU+D\ZRRGjVSRVVHVVLRQRID
REMHFWLQJ SDUW\ LV UHTXLUHG WR VWDWH mWKH VSHFLILF JURXQG RI VPDOO TXDQWLW\ RI FUDFN FRFDLQH IRU SHUVRQDO XVH RQ RQH
REMHFWLRQl RQO\ LI WKH JURXQG mZDV QRW DSSDUHQW IURP WKH RFFDVLRQ LQ RWKHU ZRUGV VKHGV QR OLJKW RQ ZKHWKHU KH
FRQWH[Wl)HG5(YLGD+D\ZRRGH[SODLQHG LQWHQGHG WR GLVWULEXWH FUDFN FRFDLQH LQ KLV SRVVHVVLRQ RQ
WRWKHGLVWULFWFRXUWWKDWKHZDVREMHFWLQJWRWKHHYLGHQFHRI DQRWKHURFFDVLRQQHDUO\ILYHPRQWKVHDUOLHU8QLWHG6WDWHVY
KLV'HFHPEHUFUDFNFRFDLQHSRVVHVVLRQEHFDXVHLWZDV 0RQ]RQ)GWK&LUFRQFOXGLQJWKDW
ERWK LUUHOHYDQW DQG SUHMXGLFLDO  7KHVH DUH WKH WZR NH\ WKH GHIHQGDQWjV SULRU SRVVHVVLRQ RI D VPDOO DPRXQW RI
HOHPHQWV LQ WKH DGPLVVLELOLW\ DQDO\VLV XQGHU 5XOH E PDULMXDQD ZDV QRW SUREDWLYH RI KLV LQWHQW WR GLVWULEXWH
sRKQVRQ  )G DW   0RUHRYHU LQ UHVSRQVH WR FRFDLQH DOWKRXJK DQ\ HYLGHQFH RI WKH GHIHQGDQWjV SDVW
+D\ZRRGjV REMHFWLRQ WKH JRYHUQPHQW DUJXHG WKDW WKH GLVWULEXWLRQRIFRFDLQHZRXOGEHUHOHYDQWWRSURYHKLVLQWHQW
HYLGHQFHZDVDGPLVVLEOHXQGHU5XOHE7KHFRQWH[WWKXV 8QLWHG6WDWHVY(QULTXH])GWK&LU
PDGH LW DSSDUHQW WKDW +D\ZRRG ZDV REMHFWLQJ XQGHU 5XOH KROGLQJ WKDW WKH DGPLVVLRQ RI HYLGHQFH UHJDUGLQJ WKH
E UHQGHULQJ SODLQ HUURU UHYLHZ LQDSSOLFDEOH  :H GHIHQGDQWVjSULRUXVHRIPDULMXDQDWRSURYHLQWHQWWRGLVWULEXWH
WKHUHIRUHFRQFOXGHWKDWWKHGLVWULFWFRXUWFRPPLWWHGUHYHUVLEOH KHURLQUHVXOWHGLQDQXQIDLUWULDO
HUURULQDGPLWWLQJWKHHYLGHQFHRI+D\ZRRGjV'HFHPEHU
FUDFNFRFDLQHSRVVHVVLRQ $FFRUGLQJO\ WKH VXEVWDQWLDOVLPLODULW\ DQDO\VLV WXUQV RQ
ZKHWKHU +D\ZRRG LQWHQGHG WR GLVWULEXWH WKH  JUDPV RI
 8QLWHG6WDWHVY+D\ZRRG 1R 1R 8QLWHG6WDWHVY+D\ZRRG 

FUDFNFRFDLQHLQKLVSRVVHVVLRQLQ'HFHPEHURI8QLWHG RYHUZKHOPLQJ&RPSDUH8QLWHG6WDWHVY0XUSK\)G
6WDWHVY:DWVRQ1R:/DW
WK   WK &LU  KROGLQJ WKDW WKH GLVWULFW FRXUWjV
&LU6HSWXQSXEOLVKHGWDEOHGHFLVLRQVWDWLQJWKDW LPSURSHUIDLOXUHWRDQDO\]HWKHDGPLVVLELOLW\RIHYLGHQFHRI
RWKHULQVWDQFHVZKHUHWKHGHIHQGDQWKDGWKHVSHFLILFLQWHQWWR RWKHUDFWVZDVKDUPOHVVHUURULQOLJKWRIWKHRYHUZKHOPLQJ
GLVWULEXWH GUXJV PD\ EH DGPLVVLEOH WR SURYH WKDW KH HYLGHQFH RI WKH GHIHQGDQWjV JXLOW ZLWK 8QLWHG 6WDWHV Y
VSHFLILFDOO\LQWHQGHGWRGLVWULEXWHGUXJVLQKLVSRVVHVVLRQRQ %ODQWRQ)GWK&LUKROGLQJWKDW
DQRWKHURFFDVLRQ7KHGLVWULFWFRXUWFRQFOXGHGWKDW+D\ZRRG WKH GHOLEHUDWH LQMHFWLRQ RI WHVWLPRQ\ FRQFHUQLQJ DQRWKHU
LQWHQGHGWRGLVWULEXWHWKHJUDPVRIFUDFNFRFDLQHLQIHUULQJ ZKROO\XQUHODWHGRIIHQVHLQZKLFKWKHGHIHQGDQWZDVDOOHJHGO\
+D\ZRRGjVLQWHQWIURPWKHTXDQWLW\RIFUDFNFRFDLQHIRXQGLQ LQYROYHG ZDV UHYHUVLEOH HUURU EHFDXVH WKH HYLGHQFH RI WKH
KLV SRVVHVVLRQ  7KLV FRQFOXVLRQ KRZHYHU ODFNV DQ\ GHIHQGDQWjV JXLOW ZDV QRW mVR RYHUZKHOPLQJ WKDW WKH HUURU
HYLGHQWLDU\ VXSSRUW  )LUVW WKH JRYHUQPHQW RIIHUHG QR FRXOG QRW SRVVLEO\ KDYH LQIOXHQFHG WKH MXU\jV GHFLVLRQ RU
HYLGHQFH VKRZLQJ WKDW  JUDPV RI FUDFN FRFDLQH LV DQ DIIHFWHGWKHVXEVWDQWLDOULJKWVRIWKHGHIHQGDQWl
DPRXQW LQFRQVLVWHQW ZLWK SHUVRQDO XVH  7KH )LIWK &LUFXLW
PRUHRYHUKDVKHOGWKDWHYLGHQFHRISRVVHVVLRQRIPRUHWKDQ +D\ZRRGjVJXLOWZDVVLJQLILFDQWO\FRQWHVWHGLQWKHSUHVHQW
WZLFHDVPXFKFUDFNFRFDLQHLQDQGRILWVHOILVLQVXIILFLHQWWR FDVH$OWKRXJKWKHJRYHUQPHQWRIIHUHGVXIILFLHQWSURRIWKDW
SURYHLQWHQWWRGLVWULEXWH8QLWHG6WDWHVY6NLSSHU)G +D\ZRRGZDVWKHRQHZKRVROGWKHFUDFNFRFDLQHWR6SHDUV
WK&LUm%HFDXVHWKLVTXDQWLW\>JUDPV RQ$XJXVWWRUHDFKWKHMXU\WKLVHYLGHQFHZDVQRW
RIFUDFNFRFDLQH@LVQRWFOHDUO\LQFRQVLVWHQWZLWKSHUVRQDOXVH RYHUZKHOPLQJLQOLJKWRIWKHFRQIOLFWLQJHYLGHQFHLQGLFDWLQJ
KRZHYHUZHKROGDVDPDWWHURIODZWKDWWKLVTXDQWLW\DORQH WKDW LW ZDV DFWXDOO\ /LOHV ZKR VROG WKH FUDFN FRFDLQH WR
LVLQVXIILFLHQWWRSURYHLQWHQW>WRGLVWULEXWH@l 6SHDUV0RVWQRWDEO\$JHQW6SLFFRFKLWHVWLILHGWKDW6SHDUV
WROGKLPMXVWDIWHUWKH$XJXVWVDOHWKDW/LOHVZDVWKH
)LQDOO\ WKH JRYHUQPHQW RIIHUHG QR RWKHU FLUFXPVWDQWLDO VHOOHU$JHQW6SLFRFFKLjVUHSRUWRQWKHVDOHDVZHOODVKLV
HYLGHQFH WKDW ZRXOG VXSSRUW WKH FRQFOXVLRQ WKDW +D\ZRRG WHVWLPRQ\ EHIRUH WKH JUDQG MXU\ DOVR UHIOHFW WKDW 6SHDUV
LQWHQGHG WR GLVWULEXWH WKH  JUDPV RI FUDFN FRFDLQH LQLWLDOO\VWDWHGWKDWKHSXUFKDVHGWKHFUDFNFRFDLQHIURP/LOHV
+D\ZRRGIRUH[DPSOHKDGQRWGLYLGHGWKHFUDFNFRFDLQHLQWR UDWKHUWKDQ+D\ZRRG
LQGLYLGXDODOORWPHQWVVXLWDEOHIRUVDOH8QLWHG6WDWHVYsRQHV
1RV:/DW
WK&LUsDQ ,Q WKH DEVHQFH RI RYHUZKHOPLQJ HYLGHQFH HVWDEOLVKLQJ
  XQSXEOLVKHG WDEOH GHFLVLRQ KROGLQJ WKDW WKH +D\ZRRGjV JXLOW ZH FRQFOXGH WKDW WKH DGPLVVLRQ RI WKH
GHIHQGDQWjVVHSDUDWLRQRIJUDPVRIFUDFNFRFDLQHLQWRD KLJKO\ SUHMXGLFLDO HYLGHQFH RI +D\ZRRGjV 'HFHPEHU 
QXPEHURIVPDOOHUSUHFLVHO\ZHLJKHGDOORWPHQWVDOORZHGWKH FUDFNFRFDLQHSRVVHVVLRQZDVQRWKDUPOHVV7KHJRYHUQPHQW
MXU\ WR LQIHU WKH GHIHQGDQWjV LQWHQW WR GLVWULEXWH  1RU GLG KRZHYHU FRQWHQGV WKDW WKLV FRQFOXVLRQ GRHV QRW HQG WKH
+D\ZRRGSRVVHVVHLWKHUDODUJHDPRXQWRIFDVKRUDILUHDUP LQTXLU\ LQWR ZKHWKHU WKH GLVWULFW FRXUWjV DGPLVVLRQ RI WKH
ZKHQKHZDVDUUHVWHGIRUSRVVHVVLRQRIWKHJUDPVRIFUDFN HYLGHQFHLVUHYHUVLEOHHUURU,QVWHDGLWXUJHVWKDWZHPXVW
FRFDLQH  8QLWHG 6WDWHV Y :DGH 1R   :/ UHYLHZWKHGLVWULFWFRXUWjVDGPLVVLRQRIWKHHYLGHQFHXQGHUWKH
 DW
 WK &LU $XJ   XQSXEOLVKHG WDEOH mSODLQHUURUlVWDQGDUG
GHFLVLRQKROGLQJWKDWWKHGHIHQGDQWjVSRVVHVVLRQRIDODUJH
DPRXQWRIFDVKDQGDILUHDUPDOORZHGWKHMXU\WRLQIHUWKDWKH 7KHJRYHUQPHQWEDVHVLWVDUJXPHQWRQ+D\ZRRGjVIDLOXUH
LQWHQGHGWRGLVWULEXWHJUDPVRISRZGHUFRFDLQH WR FLWH 5XOH E ZKHQ REMHFWLQJ WR WKH HYLGHQFH RI KLV
'HFHPEHUFUDFNFRFDLQHSRVVHVVLRQ$FFRUGLQJWRWKH
JRYHUQPHQW +D\ZRRG REMHFWHG RQO\ RQ JHQHUDO UHOHYDQF\
 8QLWHG6WDWHVY+D\ZRRG 1R 1R 8QLWHG6WDWHVY+D\ZRRG 

PLQRUZKHUHm>W@KHJRYHUQPHQWKDGDQGXVHGDQXPEHURI 7KH UHFRUG WKHQ FRQWDLQV QR HYLGHQFH VKRZLQJ WKDW
PHDQVDYDLODEOHWRLWWRSURYH>WKHGHIHQGDQWjV@VSHFLILFLQWHQW +D\ZRRG LQWHQGHG WR GLVWULEXWH WKH  JUDPV RI FUDFN
WRSRVVHVVDQGGLVWULEXWHl$OLPLWLQJLQVWUXFWLRQZLOO FRFDLQH$EVHQWVXFKHYLGHQFH+D\ZRRGjV'HFHPEHU
PLQLPL]HWRVRPHGHJUHHWKHSUHMXGLFLDOQDWXUHRIHYLGHQFHRI FUDFN FRFDLQH SRVVHVVLRQ KDV QR EHDULQJ RQ ZKHWKHU KH
RWKHUFULPLQDODFWVLWLVQRWKRZHYHUDVXUHILUHSDQDFHDIRU LQWHQGHG WR GLVWULEXWH WKH FUDFN FRFDLQH DOOHJHGO\ LQ KLV
WKHSUHMXGLFHUHVXOWLQJIURPWKHQHHGOHVVDGPLVVLRQRIVXFK SRVVHVVLRQRQ$XJXVW
HYLGHQFH8QLWHG6WDWHVY*DUFLD5RVD)G
VW&LUMXGJPHQWYDFDWHGLQSDUWVXEQRPE\5LYHU 7KLV FRQFOXVLRQ UHQGHUV PRRW WKH TXHVWLRQ RI ZKHWKHU
)HOLFLDQRY8QLWHG6WDWHV86KROGLQJWKDW +D\ZRRGjV 'HFHPEHU  FUDFN FRFDLQH SRVVHVVLRQ LV
WKHSUHMXGLFLDOHIIHFWRIWKHHYLGHQFHRIWKHGHIHQGDQWjVRWKHU mUHDVRQDEO\QHDULQWLPHlWRWKHRIIHQVHZLWKZKLFKKHZDV
FULPLQDODFWVZDVVRVHYHUHWKDWLWFRXOG QRW mEHUHPHGLHG FKDUJHG:KHQDQDFWDQGDFKDUJHGRIIHQVHDUHVRGLVVLPLODU
PHUHO\WKURXJKDOLPLWLQJLQVWUXFWLRQlDQGIXUWKHUVWDWLQJWKDW WKDW WKH DFW KDV QR ORJLFDO WHQGHQF\ WR SURYH WKH LQWHQW
m>L@IOLPLWLQJLQVWUXFWLRQVFRXOGUHPHG\DOOVXFKHUURUVWKH HOHPHQW RI WKH FKDUJHG RIIHQVH QR GHJUHH RI WHPSRUDO
JRYHUQPHQWZRXOGHDVLO\EHDEOHWRFLUFXPYHQW5XOHVE SUR[LPLW\ZLOOLQIXVHWKHDFWZLWKSUREDWLYHYDOXH8QLWHG
DQGl 6WDWHVY%DNNH)GWK&LUKROGLQJ
WKDWHYLGHQFHRIWKHGHIHQGDQWjVDUUHVWLQDmWRWDOO\XQUHODWHG
)RUDOORIWKHUHDVRQVVHWIRUWKDERYHZHFRQFOXGHWKDWWKH GUXJWUDQVDFWLRQlWKDWRFFXUUHGVL[PRQWKVDIWHUWKHHQGRIWKH
GLVWULFWFRXUWDEXVHGLWVGLVFUHWLRQLQLPSOLFLWO\KROGLQJWKDW FKDUJHGFRQVSLUDF\GLGQRWWHQGWRSURYHWKDWWKHGHIHQGDQW
WKHSUREDWLYHYDOXHRIWKHHYLGHQFHRI+D\ZRRGjV'HFHPEHU ZDV D PHPEHU RI WKH FRQVSLUDF\ DQG ZDV WKHUHIRUH
 FUDFN FRFDLQH SRVVHVVLRQ ZDV QRW VXEVWDQWLDOO\ LQDGPLVVLEOHXQGHU5XOHE)XUWKHUPRUHDOWKRXJKWKH
RXWZHLJKHGE\LWVSRWHQWLDOSUHMXGLFLDOHIIHFW QHDUO\ ILYH PRQWK JDS EHWZHHQ $XJXVW   DQG
'HFHPEHULVQRWVROHQJWK\DWLPHVSDQDVWRUHQGHU
( 7KH GLVWULFW FRXUW FRPPLWWHG UHYHUVLEOH HUURU LQ mRWKHUDFWVlHYLGHQFHLUUHOHYDQWXQGHUDOOFLUFXPVWDQFHVLWLV
DGPLWWLQJWKHHYLGHQFHRI+D\ZRRGjV'HFHPEHU RIVXIILFLHQWOHQJWKWRUHTXLUHDJUHDWHUVLPLODULW\EHWZHHQWKH
FUDFNFRFDLQHSRVVHVVLRQXQGHU5XOHE WZRHYHQWVWKDQLVSUHVHQWLQWKHFDVHEHIRUHXV6HH8QLWHG
6WDWHVY5XL])GWK&LUVWDWLQJWKDW
:HPXVWQH[WGHFLGHZKHWKHUWKHGLVWULFWFRXUWjVLPSURSHU mLIWKHDFWVDUHVLPLODULQQDWXUHWRWKRVHRIWKHFKDUJHGFULPH
DGPLVVLRQ RI WKH HYLGHQFH RI +D\ZRRGjV 'HFHPEHU  HYHQDVXEVWDQWLDOJDSLQWLPHPD\QRWGHVWUR\WKHUHOHYDQFH
FUDFNFRFDLQHSRVVHVVLRQUHTXLUHVXVWRUHYHUVH+D\ZRRGjV RIWKHDFWVWRWKHGHWHUPLQDWLRQRIWKHGHIHQGDQWjVLQWHQWLQ
FRQYLFWLRQ,QPDNLQJWKLVGHFLVLRQZHH[DPLQHWKHOLNHO\ FRPPLWWLQJWKHFKDUJHGFRQGXFWl
HIIHFWWKDWWKHLQDGPLVVLEOHHYLGHQFHKDGRQWKHMXU\jVYHUGLFW
)RUDOORIWKHUHDVRQVVHWIRUWKDERYHZHFRQFOXGHWKDWWKH
6SHFLILFDOO\ZHZLOOSUHVXPHWKDWWKHGLVWULFWFRXUWjVHUURU GLVWULFWFRXUWDEXVHGLWVGLVFUHWLRQLQKROGLQJWKDWWKHHYLGHQFH
ZDVUHYHUVLEOHXQOHVVZHFDQVD\mZLWKIDLUDVVXUDQFHDIWHU RI+D\ZRRGjVSRVVHVVLRQRIFUDFNFRFDLQHRQ'HFHPEHU
SRQGHULQJDOOWKDWKDSSHQHGZLWKRXWVWULSSLQJWKHHUURQHRXV ZDVSUREDWLYHRIDPDWHULDOLVVXHRWKHUWKDQFKDUDFWHU
DFWLRQIURPWKHZKROHWKDWWKHMXGJPHQWZDVQRWVXEVWDQWLDOO\
VZD\HGE\WKHHUURUl.RWWHDNRVY8QLWHG6WDWHV
86:KHWKHUWKHMXU\ZDVmVXEVWDQWLDOO\
VZD\HGlE\WKHLPSURSHUDGPLVVLRQRIHYLGHQFHRIRWKHUDFWV
LQDFULPLQDOWULDOJHQHUDOO\GHSHQGVRQZKHWKHUWKHSURSHUO\
DGPLVVLEOH HYLGHQFH RI WKH GHIHQGDQWjV JXLOW ZDV
 8QLWHG6WDWHVY+D\ZRRG 1R 1R 8QLWHG6WDWHVY+D\ZRRG 

' 7KHGLVWULFWFRXUWDEXVHGLWVGLVFUHWLRQLQLPSOLFLWO\ 6SHFLILFDOO\WKHHYLGHQFHZDVERWKXQIDLUO\SUHMXGLFLDODQG
KROGLQJ WKDW WKHSUREDWLYH YDOXHRIWKHHYLGHQFHRI XQQHFHVVDU\
+D\ZRRGjV'HFHPEHUFUDFNFRFDLQHSRVVHVVLRQ
ZDV QRW VXEVWDQWLDOO\ RXWZHLJKHG E\ LWV SRWHQWLDO )LUVW WKH HYLGHQFH RI +D\ZRRGjV 'HFHPEHU  FUDFN
SUHMXGLFLDOHIIHFW FRFDLQH SRVVHVVLRQ mXQTXHVWLRQDEO\ >KDG@ D SRZHUIXO DQG
SUHMXGLFLDO LPSDFWl  sRKQVRQ  )G DW   %\
(YHQ LI ZH ZHUH WR GHWHUPLQH WKDW WKH HYLGHQFH RI mEUDQGLQJl+D\ZRRGDVDFULPLQDOSRVVHVVLQJFUDFNFRFDLQH
+D\ZRRGjV 'HFHPEHU  FUDFN FRFDLQH SRVVHVVLRQ ZDV WKLV HYLGHQFH KDG mWKH QDWXUDO WHQGHQF\ WR HOLFLW WKH MXU\jV
SUREDWLYHRIDPDWHULDOLVVXHRWKHUWKDQFKDUDFWHURXULQTXLU\ RSSUREULXP IRU >+D\ZRRG@l 8QLWHG 6WDWHV Y 6SLNHV 
UHJDUGLQJWKHDGPLVVLELOLW\RIWKHHYLGHQFHZRXOG QRWHQG )GWK&LU7KHHYLGHQFHIXUWKHULQYLWHG
3UREDWLYHmRWKHUDFWVlHYLGHQFHLVQHYHUWKHOHVVLQDGPLVVLEOH WKHMXU\WRFRQFOXGHWKDW+D\ZRRGmLVDEDGSHUVRQDQG
LIWKHYDOXHRIWKHHYLGHQFHLVVXEVWDQWLDOO\RXWZHLJKHGE\LWV WKDWLIKHµGLGLW>RQFH@KHSUREDEO\GLGLWDJDLQjlsRKQVRQ
SRWHQWLDO SUHMXGLFLDO HIIHFW  sRKQVRQ  )G DW  )GDW
7KLV EDODQFLQJ PXVW EH SHUIRUPHG EHIRUH WKH HYLGHQFH RI
RWKHUDFWVLVDGPLWWHG8QLWHG6WDWHVY0HUULZHDWKHU)G 6HFRQG WKHUH ZDV RWKHU HYLGHQFH UHJDUGLQJ +D\ZRRGjV
WK&LUUHFRJQL]LQJWKLVUHTXLUHPHQWLQ LQWHQW0\HUV)GDWVWDWLQJWKDWDUHOHYDQWIDFWRU
UHYLHZLQJWKHGLVWULFWFRXUWjVDGPLVVLRQRIHYLGHQFHUHJDUGLQJ LQWKHEDODQFLQJSURFHVVmLVWKHDYDLODELOLW\RIRWKHUPHDQVRI
WKHGHIHQGDQWjVSDUWLFLSDWLRQLQDQHDUOLHUFRFDLQHGLVWULEXWLRQ SURRI ZKLFK ZRXOG UHGXFH WKH QHHG IRU WKH SRWHQWLDOO\
FRQVSLUDF\ FRQIXVLQJ HYLGHQFHl  7R VWDUW ZLWK WKH JRYHUQPHQW KDG
6SHDUVjV WHVWLPRQ\ WR HVWDEOLVK +D\ZRRGjV LQWHQW  6SHDUV
,Q WKH SUHVHQW FDVH KRZHYHU WKH GLVWULFW FRXUW GLG QRW WHVWLILHGWKDW+D\ZRRGVROGKLPFUDFNFRFDLQHRQ$XJXVW
H[SOLFLWO\SHUIRUPWKLVUHTXLUHGEDODQFLQJ7KHGLVWULFWFRXUW   ,I WKH MXU\ DFFHSWHG 6SHDUVjV WHVWLPRQ\ LW FRXOG
WKXV RYHUORRNHG WKLV FRXUWjV SUHIHUHQFH mIRU DQ H[SOLFLW REYLRXVO\LQIHUIURPWKHVDOHWKDW+D\ZRRGKDGWKHLQWHQWWR
ILQGLQJ UHJDUGLQJ WKH >UHTXLUHG@ EDODQFLQJl LQ OLJKW RI WKH GLVWULEXWHFUDFNFRFDLQH0RUHRYHUWKHJRYHUQPHQWFKDUJHG
mSRWHQWLDOIRUFRQIXVLRQPLVXVHDQGXQIDLUSUHMXGLFHIURP +D\ZRRG ZLWK SRVVHVVLQJ  JUDPV RI FUDFN FRFDLQH DQ
RWKHUDFWHYLGHQFHl8QLWHG6WDWHVY0\HUV)G DPRXQWVXIILFLHQWWRSHUPLWWKHMXU\WRLQIHU+D\ZRRGjVLQWHQW
 WK &LU   %XW E\ DGPLWWLQJ WKH HYLGHQFH RI WRGLVWULEXWH8QLWHG6WDWHVY3D\QH1R:/
+D\ZRRGjV 'HFHPEHU  FUDFN FRFDLQH SRVVHVVLRQ WKH  DW
 WK &LU )HE   XQSXEOLVKHG WDEOH
GLVWULFW FRXUW LPSOLFLWO\ KHOG WKDW WKH SRWHQWLDO SUHMXGLFLDO GHFLVLRQ KROGLQJ WKDW WKH GHIHQGDQWjV SRVVHVVLRQ RI 
HIIHFWRIWKHHYLGHQFHGLGQRWSUHFOXGHLWVDGPLVVLRQ8QLWHG JUDPVRIFUDFNFRFDLQHZLWKDVWUHHWYDOXHRIDOORZHG
6WDWHVYsRKQVRQ1R:/DW
WK WKHMXU\WRLQIHUWKDWKHKDGWKHLQWHQWWRGLVWULEXWH
&LU0D\XQSXEOLVKHGWDEOHGHFLVLRQKROGLQJWKDW
WKH GLVWULFW FRXUWjV FRQFOXVLRQ ZLWK UHJDUG WR WKH UHTXLUHG )LQDOO\WKHDGPLVVLRQRIWKLVSUHMXGLFLDOHYLGHQFHZDVQRW
EDODQFLQJZDVmLPSOLHGE\WKH>GLVWULFW@FRXUWjVGHFLVLRQWR UHPHGLHGE\WKHGLVWULFWFRXUWjVLQVWUXFWLRQWRWKHMXU\WKDWWKH
DGPLWWKHHYLGHQFHl HYLGHQFHFRXOGEHFRQVLGHUHGRQO\DVLWUHODWHGWR+D\ZRRGjV
LQWHQW  8QLWHG 6WDWHV Y 6HLEHU 1R   :/
:HFRQFOXGHWKDWWKHGLVWULFWFRXUWDEXVHGLWVGLVFUHWLRQE\  DW
 WK &LU $SULO   XQSXEOLVKHG WDEOH
LPSOLFLWO\GHWHUPLQLQJWKDWWKHSUREDWLYHYDOXHRIWKHHYLGHQFH GHFLVLRQKROGLQJWKDWGHVSLWHJLYLQJDOLPLWLQJLQVWUXFWLRQ
RI+D\ZRRGjV'HFHPEHUFUDFNFRFDLQHSRVVHVVLRQZDV WKHGLVWULFWFRXUWDEXVHGLWVGLVFUHWLRQLQDGPLWWLQJHYLGHQFH
QRWVXEVWDQWLDOO\RXWZHLJKHGE\LWVSRWHQWLDOSUHMXGLFLDOHIIHFW RIWKHGHIHQGDQWjVLQYROYHPHQWLQXQFKDUJHGGUXJVDOHVWRD