Securities and Exchange Commission v. Amerindo Investment Advisors Inc.
Opinion
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -V- No. 05-cv-5231 (RJS) AMERINDO INVESTMENT ADVISORS INC., et al., Defendants. ORDER UNITED STATES OF AMERICA
-\V-
ALBERTO WILLIAM VILAR, ef al., Rin e-arO2] (RIB)
Defendants,
RICHARD J. SULLIVAN, Circuit Judge: The Court in receipt of the attached petition from Angelika Jordan, dated October 23, 2019, and the two attached petitions from Laurie Christov, dated November 15, 2019. The Clerk of the Court is respectfully requested to docket these petitions. IT IS HEREBY ORDERED THAT the government shall submit a letter to the court responding to these most recent petitions and outlining its proposed next steps in this matter no later December 6, 2019. SO ORDERED. Dated: November 27, 2019 New York, New York RICHARD J. SULLIVAN UNITED STATES CIRCUIT JUDGE Sitting by Designation
Angelika Jordan 1009 Springfield Drive Millbrae, California 94030
Judge Richard |. Sullivan US District Court SDNY 500 Pearl Street New York, New York 10007 RE: Case Number 05 Cr. 621 {RIS} 1. NAME OF CLAIMANT: This claim is being presented by Angelika Jordan, a US citizen and California resident with an address of 1009 Springfield Drive, Millbrae, California 94030. Any written communications in connection with this claim should be copied to this address. |, Angelika Jordan, do not have an email address. You may email Michael Baldwin-Sotomayor on my behalf at msotomayor333 @gmail.com. 2. TIME, CIRCUMSTANCES OF ACQUISITION OF, AND RIGHT, TITLE OR INTEREST IN, THE PROPERTY: My husband and | invested in Amerindo beginning in the 1980s. My husband passed away in 2001. The account has been in my name since his death. | had sole interest in those investments supporting this claim, and today | have sole interest in this claim. 3. HOW THIS CLAIM WAS GENERATED: After reviewing the cases involving Amerindo, Alberto William Vilar and Gary Alan Tanaka, Geoffrey S. Berman, United States Attorney for the Southern District of New York, and Alexander J. Wilson, Co-Chief, Money Laundering and Transnational Criminal Enterprises Unit, and Assistant United States Attorney, sent me a letter via Michael Baldwin-Sotomayor dated August 16, 2019, but received much later, about three weeks ago. Berman and Wilson notified me to petition for a hearing to adjudicate the validity of my interest in the property. 4. ACCOUNT NUMBER: The account number is D886-D1F-152. Kenneth Riffle, who was the marketing director of Amerindo Investment Advisors from 1982 to 1995, indicates that this account number was always used, whether the account was domiciled in San Francisco, London or Panama. Mr. Rifile told me, Angelika Jordan, that Alberto William Vilar and Alan Tanaka verified to him, Mr. Riffle, that this was the account number used for me, Angelika Jordan, as well as my husband. Mr. Riffle indicates that both founders of Amerinda also maintained accounts in Panama. Alberto William Vilar told me, Angelika Jordan, and my husband that the account was moved to Panama because Alberto William Vilar and Gary Alan Tanaka had full discretionary trading authority in Panama. 5. AMOUNT OF CLAIM: The amount of this claim is for $13,586,784.29, representing the February 1, 2014 value of the equities account of $3,741,575, if this portfolio {i) held all stocks that still traded as of February 1, 2014, (ii} held all stocks still trading as of February 1, 2014, into which they were exchanged (at any time between March 31, 2002 and February 1, 2014) due to subsequent merger and acquisition activity, OR {iii} reinvested proceeds of cash distributions
into the QQQ, the ETF that mirrors the 100 largest nenfinancial companies in the NASDAQ. Amerindo specialized in the tech sector, and the QQQ is aligned with the sectors in which Amerindo participated. In other words, the claim is rolling forward the $3,741,575 from March 31, 2014, to February 1, 2014, which we understand is the cutoff date for valuation. No attempt was made to add and reinvest dividends, as these positions are in companies which typically do not pay dividend (JNPR being a current exception), nor was any attempt made to subtract the impact of Federal and state taxes on realized gains. For this latter reason, an award under this claim should withhold Federal and state taxes, and Angelika Jordan can provide her social security number prior to the distribution of such award. 6. AMOUNT NOT CLAIMED: As disclosed on the March 31, 2002 statement, there was an amount for the investment in the Amerindo Guaranteed Fixed income Fund (AGFIIF) with an 8% per annum coupon (it appears as $665,359.19 plus $23,539.94 in interest for the then first quarter of 2002). Carried forward to May 25, 2605, that amount was $884,123,41 and $1,675,533.49 at September 20, 2013. See Sec. & Exch Comm'n v Amerinde Inv. Advisers Inc, UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORKJul 14, 2017No. 05-cv-5231 (RIS) (S.D.N.Y. Jul 14, 2017. 7. KEY DOCUMENTS: Presented herewith are the following documents jn support of the claim: a) A new spreadsheet named Angelica Jordan which brings forward to February 1, 2014 the value of her equities account of $3.741,575 as of March 31, 2002, using the decision rules outlined above in paragraph 3. You will note that the spreadsheet uses borders for key numbers that either relate to the §3.741,575 valuation or which cell in the soreadsheet contains a fermula for adjustment in cases where there was a stock split, merger/acquisition or some other corporate activity. b) An old spreadsheet prepared by Kenneth Riffle upon which the foregoing spreadsheet was based. The new spreadsheet (i) corrects one error {AMZN split BEFORE 3/31/2002, not after that date), (ii} corrects the valuation of each stack holding and total portfolio value as of 3/31/2002 in new column H, and adds borders to key cells where adjustments are necessary as indicated above. c} The last statement issued by Amerindo to Angelika Jordan dated March 31, 2002. d} in addition to these documents, Michael Baldwin-Sotomayor has in his possession some Amerindo statements for this account that are older than March 31, 2002. These statements are not germane to substantiating the amount of this claim. In the event the court desires to review all of the available statements in order to substantiate the documentable history of this account, Michael Baldwin- Sotormayor is prepared to forward such statements promptly when requested. 8. WHY MORE RECENT STATEMENTS ARE NOT SUBMITTED: Across many years, requests were made of Alberto William Vilar, Gary Alan, and Renata Tanaka for statements. Alberta William Vilar at ane point said to Angelika Jordan that he was not aware Renata Tanaka had not been sending out statements. The fact pattern of Amerindo failing to prepare and issue statements is well known to this Court.
5. PERSONS ASSISTING WITH THIS FILING: The persons who prepared this claim and/or a separate, successful claim for fixed income are: Roel Campos, former Securities and Exchange Commissioner from 2002 to 2007, has been a partner at Hughes, Hubbard and Reed. Kenneth Riffle was the director of marketing for Amerindo Advisors fram 1982 to 1995. Angelika Jordan and her deceased husband were among the first clients Kenneth Riffle brought to Amerinda. Michael Baldwin-Sotomayor was a broker/dealer representative in the 1980’s-1990’s, primarily at Bear Stearns & Ca., where he was one of the persons who handled the commercial relationship with Amerindo. Mr. Baldwin is the person te whom any verbal and written communications about this claim should be addressed. 10. ATTESTATION: i, Angelike Jordan, certify under penalty of perjury that the foregoing is true and correct, | have relied on Roel Campos, Kenneth Riffle and Michael Baldwin-Sotomayor to prepare this and a prior successful claim. ady ANGELIKB JORDAN
& DATED: October 23, 2019
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UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK SECURITIES AND EXCHANGE COMMISSION, Plaintiff, -V- No. 05-cv-5231 (RJS) AMERINDO INVESTMENT ADVISORS INC., et al., Defendants. ORDER UNITED STATES OF AMERICA
-\V-
ALBERTO WILLIAM VILAR, ef al., Rin e-arO2] (RIB)
Defendants,
RICHARD J. SULLIVAN, Circuit Judge: The Court in receipt of the attached petition from Angelika Jordan, dated October 23, 2019, and the two attached petitions from Laurie Christov, dated November 15, 2019. The Clerk of the Court is respectfully requested to docket these petitions. IT IS HEREBY ORDERED THAT the government shall submit a letter to the court responding to these most recent petitions and outlining its proposed next steps in this matter no later December 6, 2019. SO ORDERED. Dated: November 27, 2019 New York, New York RICHARD J. SULLIVAN UNITED STATES CIRCUIT JUDGE Sitting by Designation
Angelika Jordan 1009 Springfield Drive Millbrae, California 94030
Judge Richard |. Sullivan US District Court SDNY 500 Pearl Street New York, New York 10007 RE: Case Number 05 Cr. 621 {RIS} 1. NAME OF CLAIMANT: This claim is being presented by Angelika Jordan, a US citizen and California resident with an address of 1009 Springfield Drive, Millbrae, California 94030. Any written communications in connection with this claim should be copied to this address. |, Angelika Jordan, do not have an email address. You may email Michael Baldwin-Sotomayor on my behalf at msotomayor333 @gmail.com. 2. TIME, CIRCUMSTANCES OF ACQUISITION OF, AND RIGHT, TITLE OR INTEREST IN, THE PROPERTY: My husband and | invested in Amerindo beginning in the 1980s. My husband passed away in 2001. The account has been in my name since his death. | had sole interest in those investments supporting this claim, and today | have sole interest in this claim. 3. HOW THIS CLAIM WAS GENERATED: After reviewing the cases involving Amerindo, Alberto William Vilar and Gary Alan Tanaka, Geoffrey S. Berman, United States Attorney for the Southern District of New York, and Alexander J. Wilson, Co-Chief, Money Laundering and Transnational Criminal Enterprises Unit, and Assistant United States Attorney, sent me a letter via Michael Baldwin-Sotomayor dated August 16, 2019, but received much later, about three weeks ago. Berman and Wilson notified me to petition for a hearing to adjudicate the validity of my interest in the property. 4. ACCOUNT NUMBER: The account number is D886-D1F-152. Kenneth Riffle, who was the marketing director of Amerindo Investment Advisors from 1982 to 1995, indicates that this account number was always used, whether the account was domiciled in San Francisco, London or Panama. Mr. Rifile told me, Angelika Jordan, that Alberto William Vilar and Alan Tanaka verified to him, Mr. Riffle, that this was the account number used for me, Angelika Jordan, as well as my husband. Mr. Riffle indicates that both founders of Amerinda also maintained accounts in Panama. Alberto William Vilar told me, Angelika Jordan, and my husband that the account was moved to Panama because Alberto William Vilar and Gary Alan Tanaka had full discretionary trading authority in Panama. 5. AMOUNT OF CLAIM: The amount of this claim is for $13,586,784.29, representing the February 1, 2014 value of the equities account of $3,741,575, if this portfolio {i) held all stocks that still traded as of February 1, 2014, (ii} held all stocks still trading as of February 1, 2014, into which they were exchanged (at any time between March 31, 2002 and February 1, 2014) due to subsequent merger and acquisition activity, OR {iii} reinvested proceeds of cash distributions
into the QQQ, the ETF that mirrors the 100 largest nenfinancial companies in the NASDAQ. Amerindo specialized in the tech sector, and the QQQ is aligned with the sectors in which Amerindo participated. In other words, the claim is rolling forward the $3,741,575 from March 31, 2014, to February 1, 2014, which we understand is the cutoff date for valuation. No attempt was made to add and reinvest dividends, as these positions are in companies which typically do not pay dividend (JNPR being a current exception), nor was any attempt made to subtract the impact of Federal and state taxes on realized gains. For this latter reason, an award under this claim should withhold Federal and state taxes, and Angelika Jordan can provide her social security number prior to the distribution of such award. 6. AMOUNT NOT CLAIMED: As disclosed on the March 31, 2002 statement, there was an amount for the investment in the Amerindo Guaranteed Fixed income Fund (AGFIIF) with an 8% per annum coupon (it appears as $665,359.19 plus $23,539.94 in interest for the then first quarter of 2002). Carried forward to May 25, 2605, that amount was $884,123,41 and $1,675,533.49 at September 20, 2013. See Sec. & Exch Comm'n v Amerinde Inv. Advisers Inc, UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORKJul 14, 2017No. 05-cv-5231 (RIS) (S.D.N.Y. Jul 14, 2017. 7. KEY DOCUMENTS: Presented herewith are the following documents jn support of the claim: a) A new spreadsheet named Angelica Jordan which brings forward to February 1, 2014 the value of her equities account of $3.741,575 as of March 31, 2002, using the decision rules outlined above in paragraph 3. You will note that the spreadsheet uses borders for key numbers that either relate to the §3.741,575 valuation or which cell in the soreadsheet contains a fermula for adjustment in cases where there was a stock split, merger/acquisition or some other corporate activity. b) An old spreadsheet prepared by Kenneth Riffle upon which the foregoing spreadsheet was based. The new spreadsheet (i) corrects one error {AMZN split BEFORE 3/31/2002, not after that date), (ii} corrects the valuation of each stack holding and total portfolio value as of 3/31/2002 in new column H, and adds borders to key cells where adjustments are necessary as indicated above. c} The last statement issued by Amerindo to Angelika Jordan dated March 31, 2002. d} in addition to these documents, Michael Baldwin-Sotomayor has in his possession some Amerindo statements for this account that are older than March 31, 2002. These statements are not germane to substantiating the amount of this claim. In the event the court desires to review all of the available statements in order to substantiate the documentable history of this account, Michael Baldwin- Sotormayor is prepared to forward such statements promptly when requested. 8. WHY MORE RECENT STATEMENTS ARE NOT SUBMITTED: Across many years, requests were made of Alberto William Vilar, Gary Alan, and Renata Tanaka for statements. Alberta William Vilar at ane point said to Angelika Jordan that he was not aware Renata Tanaka had not been sending out statements. The fact pattern of Amerindo failing to prepare and issue statements is well known to this Court.
5. PERSONS ASSISTING WITH THIS FILING: The persons who prepared this claim and/or a separate, successful claim for fixed income are: Roel Campos, former Securities and Exchange Commissioner from 2002 to 2007, has been a partner at Hughes, Hubbard and Reed. Kenneth Riffle was the director of marketing for Amerindo Advisors fram 1982 to 1995. Angelika Jordan and her deceased husband were among the first clients Kenneth Riffle brought to Amerinda. Michael Baldwin-Sotomayor was a broker/dealer representative in the 1980’s-1990’s, primarily at Bear Stearns & Ca., where he was one of the persons who handled the commercial relationship with Amerindo. Mr. Baldwin is the person te whom any verbal and written communications about this claim should be addressed. 10. ATTESTATION: i, Angelike Jordan, certify under penalty of perjury that the foregoing is true and correct, | have relied on Roel Campos, Kenneth Riffle and Michael Baldwin-Sotomayor to prepare this and a prior successful claim. ady ANGELIKB JORDAN
& DATED: October 23, 2019
Ce: U.S, District Court SDNY Pro Se Intake Unit Room 105 40 Foley Square New York, New York 10007
AMUEL LEWIS, AMERINDO INVESTMENT ADVISORS, INC. EDIFICIO PLAZA OBARRIO . APARTADO $215 : PANAMAS PANAMA . TEL: (507) 264-9673 . FAX: (507) 264-9667 STATEMENT OF ACCOUNT
Mrs A. Jordan _ Opening 01.01.02 Closing 03,313.02 1009 Springfield Drive USA Cash Equities : $19,097.69 peananns Fixed Deposits External $665,259.19 $2,637,071.45 Client Account Number Reference Financial Account Summary D886-DIF-152 F $3 ,321,427.73 FIXED DEPOSIT ACCOUNTS . , AMERINDC INTERNATIONAL VENTURE FUND I : : (GUARANTEED @ 8% P.A, VALUE DATE 09.21.01) $665,259, 19 INTEREST 09.21.01 TO 03.31.02 . $ 23,539.94 EQUITIES - PORTFOLIO $2,637,071.45 . \ EXTERNAL CUSTODY ACCOUNTS
MISCELLANEOUS / CASH CASH $19,097.09 i . “ . : TOTAL $3,321,427,73 }
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‘ EL LEWIS, AMERINDO INVESTMENT ADVISORS, INC. EOIFICIO PLAZA OBARRIO : ‘ APARTADO 5215 . FANAMA 5 PANAMA THL: (507) 264-9673 FAX: (507) 264-9667 STATEMENT OF ACCOUNT Mrs A. Jordan Closing 03.31.02 1009 Springfield Drive Choinz A 1 USA Cash Equities : $19,097.09 annuenawne Fixed Deposits External $665,259,19 $2,637,071.45 . Client Account Number Reference Financial Account Summary D886-D F-152 F $3 321,427.73 { BIXED DEPOSIT ACCOUNTS , AMERINDO INTERNATIONAL VENTURE FUND I . (GUARANTEED @ 8% B.A. VALUE DATE 09.21.01) $665,259,19 INTEREST 09.21.01 TO 03,3102 . $ 23,539.94
PORTFOLIO $2,637,071.45
EXTERNAL CUSTODY ACCOUNTS
MISCELLANEOUS / CASH CASH 319,097.09 i . TOTAL $3,321,427.73 j .
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rs if ea || oa 2080 0 0 t/eI collm Ny wo PIN MWA OS O Og mH alld 9 | 825 College Blvd, #327 Oceanside, CA 92057 Ph 310 503-0224 ernail: laurie.christov@yahoo.com VIA CERTIFIED RETURN RECIEPT November, 15, 2019 Judge Richard J. Sullivan Unites States District Court Southern District of New York Clerk’s Office 500 Pearl Street New York, NY 10007 Re: United States v. Alberto Vilar and Gary Alan Tanaka 05 Cr, 621(RJS) Dear Judge Sullivan, !am writing you today in regards to the above referenced case to request that my name be added to the list and placed on the Docket of # 05 Cr. 621 (RJS) as a legal interested party to the property that has been ordered forfeited to the United States pursuant to Federal Statute Title 21, United States Code 853, Section N3. | am the surviving spouse of Latchezar Christov, one of the claimants of the above referenced case who is now deceased. Enclosed is a copy of my marriage certificate and my husband’s death certificate for your file. | also have enclosed a copy of the Amended Proof of Claim Form that was sent to the Receiver, lan Gazes, dated July 7, 2015. This request was to amend the list (Claimant 27) and be put in my name Lauranne Christov, after the death of my husband on January 16, 2015. Enclosed you will find a copy of the letter of the Preliminary Order of Forfeiture as to Substitute Assets sent by the U.S. Department of Justice, United States Attorney, Southern District of New York dated November 1, 2019, According to the letter | have the right to petition for a hearing to adjudicate the validity of my interest in the property with the Court within 30 days of the receipt of the notice Alternatively, a petition is now being filed as a legal interested party through the Pro se Intake Unit, United States District Court, Room 105, 40 Foley Square, New York, New York, 10007. | appreciate your prompt attention in this matter as time is of the essence. ne rely, 4 . faunanns Onwsta \Lauranne Christov RD CERISE SEE LN DETTE ESE □ AAG Se TES WEE Muh ob PETERS gE Bae EYEE OER 1 ae asa | □□ □□□□ See □□□ 22 he ve a oan Ve oer SG SERS □□□□ □□ □□□ ‘COUNTY OFSANDIEGO = ss 2 aisz0isoi779.. 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SIME RCABION GOUT □ □□□ ee a, “OCEANSIDE: cee Sk SAN DIEGO Pee SEP |9208%e fend . 30 CA TUEab PR NFOOMUNTS RNAE/ RELATIONS 200g agp ARIE AGES nga: sod rR of nfo to pba af Ie alt ee TL □□□ 2 LAURANNE CHRISTOV, WIFE foe? 4825 COLLEGE BLVD APY 327, OCEANSIDE, CA S067, eee on Z | 2% BAHT Ce SURVINS SACUEESCR iNET — Pa WIBDCE CAS ae □□□ IBIRAL OMB Soo Cyd SE ee oe mel □□ map cage LAURANNE cee ICHRISTINE Ee) YOUNG □□□ Se neg? □□ □□□ Be CRUE TAWEREMENTI AED: a ORME ce — THEE RNSIE □□ ve CEs AG BPLUBEN® cio □ usiget obs Ge) RIESE ce. | GHRISTOV ee: ‘|BULGARIA iB bes. RAE EE MGTERTABLIIFIRSS | PS WEERE EN URES DSR LASTBRRH RAM, SF SL BETH STE OS RBTUUANNA pe oe PRISILENCHEV tin, 9 SIBULGARIAR □□□ [eansronrosour mrankey | RAE REOESETOTT | RES LAURANNE CHRIGIOV Go) ce Rte GE 01/23/2015 □ 825 COLLEGE BLVD APT 327, OCEANSIDE, CA-92057"" 22. 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S08 □□□□□ □□□ □ a she ae US nah OBES wh GEE OT ous □□□ SO, fy [RRO EISMNRIRE GF COREA CERCA TE EME Seay ep □□ SE cusce pees uk SE meg ween Sage A ee) UPB RS (De TE anpeayy JERI ea [Re 2 TE] ARTE GTAP eeu □□□□ □□ pees 2 Rag Boe PES) AEEp REDS MOOOG2BOMT IR ne ps VER Gk □□□□□ County of San Diego -Health & Human Services Agerity ~ 385 E Roscérans Stréct. This is to cextify that,.if beating the OFFICIAL □□ □□ □□ sua. SEAL OF THE STATE OF CALIFORNIA, the OFFICIAL SEAL OF SAN DIEGO COUNTY-AND THEIR DEPARTMENT OF |: □□ □□□ ES 8 By dno osu, HEALTH SERVICES EMBOSSED SEAL, this is a trae copy of the ORIGINAL DOCUMENT FILED: Required fee paid. 2.5.0" □□□□ HER □□ DEP gue" hes deo PR ee SS es er USES □□□ Be Re Wb rw Wedtins MD. SUSIE □ OF AE” DATRISSUED: Jatiuary 27,2018) 2 Se) AWLEMA J WOQTRN, MD 285: BES ot SSR Foy LEED OD toy ae CREGISTRAR GF VIFAL RECORDS: Aor Sees BNOVES □□ MONG = SPER -EeeCounbtyaf San Diegos: 0 ke LAT BIS □□□ We This copy not valid uuiless prepared on engraved border displaying seal and ‘signatere of Registrar: ” Pe oe dee A oe □□□ ESPAADIMIB gC ES Be . EE BS See coats or □□□□ Bs oe Eee es Bok col BI OPPS can □□□□□ Jie ws 8 DAS SRST) Ga ki oa, ge □ □□ □□□ SEE SEE ge 9. VE 8 “a os iin Sy ays Lt TON □□□□ □□□ □□□ Be eS det UA. Eee Ain Oe ASIA 9 Bod eoren ae CeCe □□ □□ □□ Ne DER □□ □□ COUNTY OF LOS ANGELES ® REGISTRAR-RECOR Ve □□□□ +, □□□ es : . □□□ 4 kh i Doe, ee hes ae, cecrdyeny ais ‘tah a toy vs a fl “he . □ □□□ aes □ □□□ Aa we Ta. Oo) 5D eines tues nRldaenR te | “ton nad tintin □□□□□□□□□□□□□□□□□□□□□□□ □□ □□□□□□ LICENSE AND CERTIFICATE OF MARRIAGE _ SRRer,. □□ SATE FRE MELA MiS¥ BE LEGIBLE—MAKE NO SRALRES WHITEOUTS, OR OFHER ALTERATIONS □ STS ARRON INGER □ □□ 1A NAME OF GROOM— rast avery 1:8 MIDDLE 1. LAST (FAMILY) : > DATE OF BIRTH monte Dav, vean 4 □□ LATCHEZAR CURT SIOV MAR_22, 1939 □□ SA HESOENCE—ctR2i1 Axo NUWOER [38 city 130, ZIP CODE COUN TY— pa caw oneat 4. STATE OF GATH □□ □ □□ 607 SKYLINE TRAIL | TOPANGA |90290 | LOS ANGELES BULGARIA’ _ □□□ (GROOM MAUING ADOAESS—0 ovrunent DUMBER OF ary | 7A ABT MAAMIAGE ENDED Ov, DATE=MONtH, DAY, YLAR _. 1 © DEATH 4 ovsoLUTON aNMULMeNT | MAR 7, 1972 _ □□ □ DATA BA USUAL OCCUPATION 2 UBUAL XING OF BUSINESS OR INDUBTAY RUMBER OF HOHERT GAADE COMPLETED □□□ Wey" ray. INVESTMENTS j_ SECURITIES {i7'f meow □□ TOA FULL NAME OF FATHER . {108 STATE OF BATH TFA. FULL MAIDEN NAME OF MOTHER {118 STATE OF BIATH □□ □□ □□□ LUBEN CHRISTOV | BULGARIA __{KISSELINCHEN, LILLIANA | BULGARIA □□□ □□ \2A NAME OF GAIDE—rasy toners {128 MIDDLE 12G. CURAENY LAST (FAMILY) 120. MAIDEN LABT FAMILY) DATE OF BIRTH 4 □□ □□□ □ TDAURANNE | CHRISTINE eee ONG pen APRIL 27, 1961 □ 144 HESOENCE—STRLET AND MUMBER jie. ony ie ap cope} 540. COUNTY nrors #8. STATE OF BATH □□ □□□ nen 607 SKYLINE TRAIL TOPANGA 190290 i LOS ANGELES CA □□□ □□ BRIDE 16. MAILING AODDAESS—w owrenEnT 17. RUMBER GF WA LAST MARRIAGE ENDED BY: {48B. GATE—uowTH Dav, YEAR | □□ PERSONAL PEMA nmsaes Bg he | ene nee an □□ □□□ ata DEATH 0 LISSOLUTION ANNULMENT □□□ □□□ □ 1A USUAL OCCUPATION co” [WEL BSBAL KIND OF BUBINAS OF INDUSTRY: 20 NUMBEA OF HIGHEST SADE □□□ INTERIOR DESIGN os INTERIOR DESIGN y TP PIEPED (1-12 omcouaer 19-17") □□□ 21K Full NAME OF FATHER LENO STATE OF BATH [p24 FULL-MAIDEN'RAME OF MOTHER [228. STATE OF GARTH □□ □□□ □□□ EDWARD PARK YOUNG, JR." [CA |’ SACQULINE JAY CURRIE | MICHIGAN WE, THE UNDERSIGNED, AN UNMARAIEG MAH ANO UNMARRIED WONAH, BTATE THAT FORE aDuva Rit ORAL hon, #2 CORRECT AND TRUS TO THE BEST OF OUR KNOWLEDGE AND BELIEF, □□□□ THAT ROAEGAL OBJECTION 79) THE MARAAGE NCA TO THE ISAUANCE OF A LICENSE 18 KNCW2 FO UB AND Hie FAY APPLY FOR A UCENSS AND CERTINCATE OF MARAIAOE. □□□□□ □□□□ AFFIDAVIT p~t— fy - = - f+ of re □□□ ve EE Gd Sg aah Lae LA □□□ □□□ □□□□□ AUTHORIZATION ANO LICANSA HERESY GIVEN TO ANY PEREON DULY FUTHORIZED BY THE AWE do BTATR OF CALMORIHA TO PEREO ‘ah O8 CUREUONY VATION THE BTATE □□ □□□ OF GAUFORNOCTO BOLEMHIZE THE MARAE OF THE ASOVE NAMED PERSONS. REQUIRED CONSEWE FORTHE ISSUANCE OF THES LICENSE AGRON FRE. □ □ [tsa issue DATE 1280 ICENSE EXPIRES AFTER 1260, UCENSE NUMBER, 7. cont 1280, COUNTY OF SUE, □□ □□ TO MARRY MONT DAY YEAR mo coy PWE 43270 -rte oe | TOs 4 □ i Pe FL ed SONATURE OF COUNTY CLERK “te fase. Ci vy Ip patie □□□ □□ ——|_EY 10, aucusT 8, 1990 | FRANKS. ZOLIN.. 1 CA LT i ROA SIGNATURE OFA TINY OMA ADORESS —oTaaeT om puMEER oe de CITY, BTATE AND DP CODE | a □□ □□□ i od gs PE Br tae bff eps 5 ue ty } □□□ □□□□□□ [PB WO AINX = = Ae NY: ARE OD oT PASADENA 1 CRrAEI0S □ (ONE REQUIRED) I {R78 ADORESS— greet avo wuusen Cay, BYATE AND BP GOGH i □□□□□ Meg “a a fo te Lo g rf i iy □ □□□□ LGA LHAMUES. BSB HEKNO ROE □ #8. | HEREBY THAT THE $6Q¢8- ED BROE OROOM □□ Ho piberehiNis mod 0 NOAA! □□ □□ □□ □□□□□ WERE HONED BY ME WN Uanaled oF AoeOPENNGE Ter wee ao ag (hb ey oman me □□ | LAWS OF THE STATE OF CAUFORMA cna We oreeatl\ heb Lina Greek Orthodox □ tuNe 290 fav nase andbenoae mx oF Paheon wotuwame Waseda □□ ere ee ee ii □□ Se ee □□□ □□□□ SOLEMMZNG Bowne “ Te Ve Rey, James”’ 1 OURS, Dean St. Sonia Cathedral _ □□ □□ Los Angeles, Los’ Angeles CAP ORMA.. #00, MALING ADDRESE AND ZP GOOE! age □□□ □□□□ □ scene ete neat 124 SO, Normandie Ave, Les'Angales, CA 9000S □ OF beranTitict OF MEALIN BUMACLE □□ □□ OF aPATE ReGa ee aa 7 Som OE on Lik ai ~ — "a eed Tay vem □ □□ □□ mee eb Ges cctgee, ees y penne peterpan ro meray Hie . ee a □□ tiene en ping EERE REET ieee EBay . | □□ BO or os Sea” RET REET ag tad eh aha ren eer te ne mean I aerate gnats, Sa i Registrar-Aecorder. i i this document is a true copy of the official racord fied with the This Is to certify that this doc □□ Wat BEC 06 t9c9 FSA RE Bh □□□□□□□□□ □□ □□ CHARLES WEISSBURD 1 9 oa 6 9 3 3 1 8 Be □□□□ | ACE □□□ □□□ □□ □□ □□ Pensaresn eae : i i f Los Angeles Bune □□ Ble This copy not valid unless prepared on engraved border displaying the County of Los Ang Gi Neel Co og na adn SEREONE Oe United States Attorney Southern District of New York Te The Silvio J, Moilo Building One Saint Andrew's Plaza New York, New York [0007 November 1, 2019 VIA CERTIFIED RETURN RECEIPT Estate of Latchezar Christov c/o Lauranne Christov . 826 College Boulevard, #327 Oceanside, CA 92057 Re: United States v. Alberto William Vilar and Gary Alan Tanaka 05 Cr, 621 (RJS) Dear Ms. Christov: Enclosed is a copy of the Preliminary Order of Forfeiture as to Substitute Assets that has been filed in the above-captioned case in the Southern District of New York. Please note that this is being sent as a substitute for the notice previously mailed on August 22, 2019 to Mr. Latchezar Christov at 360 Lexington Avenue, New York, New York 10017, which was subsequently returned to our office for insufficient address on September 17, 2019. Pursuant to Title 21, United States Code, Section 853(n), persons other than the defendant who wish to assert a legal interest in property that has been ordered forfeited to the United States must file a petition for a hearing to adjudicate the validity of their alleged interest in the property with the Court within thirty days (30) of the final publication of notice, or receipt of actual notice, whichever is earlier. In addition, the petition must be signed by the petitioner under penalty of perjury and must set forth the nature and extent of the petitioner’s right, title, or interest in the property, the time and circumstances of the petitioner’s acquisition of the right, title, or interest in the property, any additional facts supporting the claim, and the relief sought. Very truly yours, GEOFFREY 8. BERMAN United States Attorney Southern District of New York By: Coe . Alexander J, Wilson Co-Chief, Money Laundering and Transnational Criminal Enterprises Unit Assistant United States Attorney Tel. (212) 637-2453 Enclosure WD LOR Nr ME NE Me he ee Ae □□ Pores cer ey il Hoe moda □ cw Ue □ UNITED STATES DISTRICT COURT | Wah age □ SOUTHERN DISTRICT OF NEW YORK pe es, - wa penitgn tured cemeteries cetera ream Seerenaintabad tanennantsa min BE 1 pip tens as rel UNITED STATES OF AMERICA : : PRELIMINARY ORDER OF “Ver : FORFEITURE AS TO SUBSTITUTE ASSETS ALBERTO WILLIAM VILAR and GARY ALAN TANAKA, : : 05 Cr. 621 (RJS) Defendanis.. : At miner int tl ed nn co RICHARD J. SULLIVAN, Cireuit Judge: WHEREAS, on ot about August 15, 2006, ALBERTO WILLIAM VILAR and GARY ALAN TANAKA (collectively, the “Defendants”) were charged in.a twelve-count Superseding Indictment, $3 05 Cr, 621 (KMK) (the “Indiciment”), with engaging ina conspiracy to commit secittities fraud, investment adviser fraud, mail fraud, wire fraud, and rhoney laundering, in violation of Title 18, United States Code Section 371 (Count One); securities fraud, in violation of Title 15, United States Code, Sections 78j(b) and 78ff, Title 17, Code of Federal Regulations, Section 240.10b-5, and Title 18, United States Code, Section 2 (Counts Two and Three); investment adviser fraud, in violation of Title 15, United States: Code, Sections 806-6 and 80b-17 and Title 18, United States Code, Section 2. (Count Four); mail fraud, in violation of Title 18, United States Code, Sections 1341 and 2 (Counts Five); wire fraud, in violation of Title 18, United. States Code, Sections 1343 and 2. (Counts Six arid Seven); money laundering, in violation of Title 18, United States Code, Sections 1957 and 2. (Counts Eight through Eleven); and making false statements in violation.of Title 18, United States Code, Sections 1001(a) and 2 (Count Twelve); WHEREAS, the Indictment contained.a forfeiture allegation seeking; pursuant to Title 18, United States Code, Section 981 (a)(1)(C).and Title 28, United States Code, Section Nat CA a NE me □□ Nr TN NEN Nh ENED NA Bag Ble BE Om 2461, the forfeiture of any and all property, veal and personal, that constitutes or is derived from proceeds traceable to the commission of the offenses, including but not limited to.at least $19,706,363.74 in United States currency, representing the proceeds obtained as a result of the charged securities, mail, and wire fraud offenses charged in the Indictment (Counts 1 through 7); afd seeking, pursuant to Title 18, United States Code, Section 982, the forfeiture of any and all properiy, real and personal, involved in the charged money laundering offenses, including all property traceable to-such property, including but-not limited to at least $5,000,000 in United States currency (Counts 8 through 11); WHEREAS, the Indictment also included a substitute asset provision providing that if, as a result of the Defendant’s actions or omissions, forfeitable property is unable to be located or obtained, the United States will seek, pursuant to Title 21, United States Code, Section 853(p), the forfeiture of any other property of the Defendant, . WHEREAS, on or about November 19, 2008, a jury returned a guilty verdict against Defendant Vilar on all twelve counts of the Indictment and against Defendant Tanaka on Counts Oné, Thiee and Four of the Indictment; WHEREAS, on or about April 25, 2014, the Court.entered Preliminary Orders of Forfeiture/Money Judgment, which made final as to each Defendant.a money judgment in the amount of $20,578,855.28 representing the amount of proceeds obtained as a result of the offenses charged in the Indictment, for which the Defendants were found guilty (the “Money Judgments”); WHEREAS, the Court finds that, due.to the acts or omissions of each Defendant, the proceeds of the offenses cannot be located upon the exercise of due diligence, have been 2. transferred, sold to or deposited with a third party, have been placed beyond jurisdiction of the Court, ot have been commingled with other property which cannot be divided without difficulty; WHEREAS, the Government has identified the following assets in which the Deferdarits have an ownership interest: . a, LLP. Morgan Chase brokerage account numbers: i. 102-17995 MOL, held in the name of Techno Raauia, S.A., Ian Gazes. Receiver c/o Gazes LLC; if, 1002-01485 MOL, held in the name of Amerindo Management Inc., . sub-Accouint M26, lan Gazes Receiver c/o Gazes LLC: iti, 102-01495 MOL, held in the name-of Amerindo Technology Growth Fund IL, Inc., lan Gazes. Receiver c/o Gazes LLC; iv. 102-15833, held in the name of Olafson, Inc., Ian Gazes Receiver c/o Gazes LLC. iii, 102-25612, held in the name of Ametindo Investment Advisors, Inc. Money Putchase Plan aiid Trust Alberto Vilar TTEE DTD 5/1/94 c/o Gazes LLC Jan Gazes; and b. Approximately $273,611.89 in funds formerly held by @Ventures Management, LLC for the benefit of Amerindo Technology Growth Fund. Il, Inc. (collectively, the “Substitute. Assets”). IT IS HEREBY ORDERED THAT: 1, All of the Defendants’ tight, title aid interest in the Substitute Assets. are. hereby forfeited to the United States-of America, for disposition in accordance with the law, subject to the provisions of Title 21, United States Code, Section 853(n). 4. Pursuatit to Title 21, United States Code, Section 853(n)(1), Rule 32.2(b)(6) of the Federal Rules of Criminal Procedure, and Rules G(4)(a)(iv)(C) and Gi5)(a)Gi) of the Supplernental Riiles for Certain Admiralty and Maritime Claims and Asset Forfeiture Actions, the United States is permitted. to publish. forfeiture notices on the government internet site, www.forfeiture.gov. This site incorporates the forfeiture notices. that have been traditionally published in. newspapers. The United States forthwith shall publish notice of this Preliminary Order of Forfeiture of Substitute Assets for at least thirty (30) consecutive days. Any person, other than the Defendant, claiming interest in the Substitute Assets must file a Petition within sixty (60) days from the first day of publication of the notice on this official government internet web site, or tio later than thirty-five (35) days froni. the mailing of actual notice, whichever is earlier. 3. The published notice of forfeiture shall state that the petition (i) shall be for a heating to-adjudicate the validity of ihe petitioner’s alleged interest'in the Substitute Assets, (ii) shall be signed by the petitioner under penalty of perjury, and (ii) shall set forth the nature and extent of the petitioner's right, title or interest in the Substitute Assets, the time and circurnstances of the petitioner's acquisition of the right, title and interest in the Substitute Assets, any: additional facts supporting the petitioner’s claim, and the relief sought, pursuant to Title 21, United States Code, Section. 853(n), 4. Pursuant to 32.2 (b)(6)(A) of the Federal Rules of Criminal Procedure, the Govetninent shall.send notice to any person who reasonably appears to be a potential claimant with standing to contest the forfeiture the ancillary proceeding. 5. Upon adjudication of all third-party interests, this Court will entet a Final Order of Forfeiture with respect to the Substitute Assets pursuant to Title 21, United States Codé, Section: 853(n), in which all interests will be addressed. All Substitute Assets forfeited to. the United States urider a Final Order of Forfeiture shall be applied towards. the satisfaction of the Money Judgment. 6. Pursuant to. Rule 32.2(b)(3) of the Federal Rules af Criminal Procedure, the United States Attorney’s Office is authorized to conduct any discovery needed to identify, locate Meet BAe a re ee FN a et be Ee ee oe EN Net Sere Bet we or dispose of forfeitable property, including depositions, interrogatories, requests for production of documents and the issuance of subpoenas. 7.. The Court shall retain jurisdiction to enforce this Preliminary Order of Forfeiture as to Substitute Assets, and to amend it as riecessary, pursuant to Rule 32.2 of the Federal Rules of Criminal Procedure, 8. The Clerk of the Court is respectfully directed to forward three certified copies of this Preliminary Order of Forfeiture as to Substitute Assets to Assistant United States Attorney Alexander J. Wilson, Chief of the Money Laundering and Asset Forfeiture Unit, United States Attorriey’s Office, Orie St. Andrew’s Plaza, New York, New York 10007. SO ORDERED. "Dated: August 2019 New York, New York gf ae RI@HARD J. SULLIVAN UNITED STATES CIRCUIT JUDGE Sitting by Designation Transmitted via Federal Express July 7, 2015 lan J. Gazes, Receiver Gazes LLC 151 Hudson Street New York, New York 10013 RE: SEC v. Amerinde Investment Advisors Inc., USDC Case No. 05 Civ, 5231 Claimant: LatchezarChristov, Claim No. 27 Amendment to Claim Mr, Gazes, { am the surviving spouse of Latchezar Christov who is a claimant in the above referenced receivership. Mr. Christov died on January 16, 2015. Enclosed is a certified copy of Decedent’s death certificate for your file. I] am a successor in interest to this claim, referenced as Claim 27 on the Receiver’s Claims Register, also enclosed. - This letter is sent for the purpose of amending the claim to substitute in as Claimant in light of Mr. Christov’s passing. A copy of the claim submitted on September 19, 2013 is also enclosed for your reference. My address and phone number are: Lauranne Christine Christov 825 College Blvd #327 Oceanside, CA 92057 310-503-0224 Please advise what if any other information is required to perfect amendment of this claim in the respects stated above. 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o a ct 4 wiOTOlOlajo □□ x ale 3 □□ BIS (S/S □□ teen @ Sis fs □□□ □□ g As 3 mn utr _ $ & oO ot @o & UNTITLED STATES MISTRICY COURT SOVWUTAERN PISTRICT OF NEW YORK SECURITIES AND EXCHANGE COMINLISSION, Plamalt, 05 Civ, S234 (BSS) ¥. BECK CAST AMERINDO {NVESETMENT ADVISORS INC., AMERINDO INVEST MENT ADVISORS, IN AMERINDO A DVISORS UK LIMITED, AMERINDO M ANAGEMENT IKC,, AMERINDO TECHNOLOGY GROWTH FUND, INC., AMERINDO TECHNOLOGY GROWTH YUND OD, INC, | TECHNO RAQUIA, S.A, ALBERTO W. VILAR, and GARY ALAN TANAKA, Defendants. AMENDED PROOF OF CLAIM FORM Please fill in the Information balow and supply the supporting documents requested as an attachment to this proof of claim form. This should be recelved in hand by the Court appolnted Receiver for Amerindo Investment Advisors {Panama} et al, whose name and address is below, sa as to be received in hand on or before September 20, 2013, 5:00 P.M, (Eastern Standard Time} by (a) certified mall, return receipt requested, or (b} overnight courier, of thand delivery}: lan J. Gazes, Esq, Gazes ELC 4151 Hudson Street New York, New York 10013 _ Debtar means one or more of the Amerindo entities captioned above In which you gave Principal Fuadis. Principal Funds meanzatl funds given to the Debtaris) and NOT returned to you. Profits mean the appreciated vaiue of the Principal Funds. @y way of oxample only, earned uiterest if you held promissary notes and NOT paid to you. Hf you are not sure of a fact, please $0 state the fact you are not sure about, and provide the best documentation you have including copies of Amerindo & statements for at least three rnonths prior to and after the dates indicated below. . . PART A Please answer the questions below and submit togethar with this completed form any writter agreemants hetween you and the Debtor{s} as concerns the astablishient and/or operting of an arcount with the Debtor(s} {include Amerinde statements far three {3} mantis prior to the date indicated and after} and Profits prior to May 25, 2005, THIS PORTION OF THE PROOF OF CLAIM ONLY COVERS PRINCIPAL FUNDS AND PROFITS AS OF MAY 25, 2005 4. Your name, addruss, email address and phane aumber, including the namie of any antity inrough which you provided Principal runds with the Debtor(s}. your name oF address had changed, please specify. LAURANNE CHRISTINE CHRISTOV bddress: Ba 5 college (Sivd. ef Be-7 OCeandle CA □□□ 0 Phone: 3 ipf98-Oe7+ 2 Nate and address of Debtor(s! (Amerindo entity) in which you gave the Principal Funds and the intended Amerinco entity if the recipient entity is different. See a i ; . ttached claim referenced as Claim 27 on Receiver's Claim Register Please specify and provide documents reflecting the transmittal of Principal Funds to ihe xt i 8 j . . Dehtor{s). ee attached claim referenced as Claim 27 on Receiver's Claim Register 3 Details Including the amount and supporting documentation related to Princloal Funds you clairn as of May 25, 2005 including any Amerinda statements for three (3) months prior te May 5 daftagr iF : . 25, 2605 and after, any: $2,100,000 - See attached claim referenced as Claim 27 on Receiver's Claim Register 4, Details including the amount and supporting documentation related to any Profits you claim as of May 25, 2005: $2,100,000 - See attached claim referenced as Claim 27 on Receiver's Claim Register 5. Did you receive any distributions from the Debtor on account of your Principal Funds you □□□□□ as of May 25, 20052 NO If yes please specify any and ail distributions and include any payments to third parties by the Debtor(s) on your behalf. a Please attach three (3) statements you racaived from the Debtor(s). Please provide copies of all documents that support your claim as of May 23, 2005. Documents could inctude but are limited to promissary notes, itemized statements of your accounts, cancelied checks, veire transfer confirmations, letters, contracts, judgments, and security agreements. lf the claire ts secured please attaches all document supporting same. Please answer the questions below and submit together with this completed form any yirttlan agreements between you and the Debtor(s] as cancers the establishment and/or opening of at account with the Debtor and appreciated vaiue after May 25, 2005. & PART B THIS PROOF OF CLAIM ONLY COVERS PRINCIPAL CUNDS AND PROFITS AFTER MAY 25, 2005 L. Your name, address, phone number, and emai address inctuding the name of any entity through whieh you gave Principal Funds to the Debtor(s) after May 25,2005. If your name or address had changed, please specify. 2, Name and address of Debtor(s} (Amerindo en tity) In which you gave the Principal Funds and the intended Arserinda entity if the recipient entity is different. . Please specify and provide documents reflecting the transmittal of Principal Funds to the Debtor(s}. 3. Details including the amount end supporting documentation related to Principal Funds you claim after May 25, 2005 (please attach any staterrents you received alter May 25, 200%): 4. Details including the amount and supporting documentation related to any Profits you claim after May 25, 2005: 5. Did you recalve any distributions from the Debtor an account of your Principal Funds you claim after May 25, 2005? if ves please specify any and all distributions and include any payments to third parties by the Mebior(s) on your behalf. please attach the fast three (3) sta tements you received frorn the Debtor{s). Please provide copies of all documents that support your claim after May 25, 2008. Document could include but are limited to promissory notes, itemized statements of your accounts, cancelled checks, wice transfer confirmations, letters, contracts, judaments, and security agreemants. fiche claim is secured please attached all document supporting same. Please redact all account numbers other than the last 4 digits on the statement including personal identification numbers such as social security numbers and business EIN numbers. DO NOT SEND ORIGINAL DOCUMENTS. Signature: _ lam thr accou nt owner __ fam the account owner's authorized agent Please note that, although you may make a claim through an agent, you DO NOE NEED TO HAVE AN AGENT to take this claim, and pay or offer to pay an agent merely te make this claim or obtain payrient oh your account. Your claim will not be reduced if you do not have an agent. Print Name: eet . Tithe: ene Comparry: een ematl: een nee Telephone Number: __. cn Signature : , Date if claim has been assigned please provide the following information: Nang of Assignee: . eee eee Address of Assignee: __. eee trail of Assignee: on en ‘fel Mo, OF Assigned: ee Date of Assignment: eee Laue Carsioy 825 Colfege Blvd. #327 Oceanside, CA 92057 Ph 310 503-0224 email: laurie.christov@yahoo.com VIA CERTIFIED RETURN RECIEPT November, 15, 2019 Pro Se Intake Unit Unites States District Court Room 104 40 Foley Square New York, NY 10007 Re: United States v. Alberto Vilar and Gary Alan Tanaka O5 Cr. 621(RIJS} Dear Pro Se Intake Unit, | am writing you today to petition the court for a hearing in regards to the above referenced case as a legal interested party to the property that has been ordered forfeited to the United States pursuant to Federal Statute Title 21, United States Code 853, Section N3. 1am the surviving spouse of Latchezar Christov, one of the claimants of the above referenced case who is now deceased. Enclosed is a copy of my Marriage Certificate and my husband’s Death Certificate for your file. [have asked Judge Richard J. Sullivan in a letter dated November 15, 2019 to have my name Lauranne Christov added to the list and put on the Docket 05 Cr. 621(RJS). | also have enclosed a copy of the Amended Proof of Claim Form that was sent to the Receiver, lan Gazes, dated July 7, 2015. This request was to amend the list (Claimant 27) and be put in my name Lauranne Christov, after the death of my husband Latchezar Christov on january 16, 2015. The claim amount at the time was for approximately $2,100,000. Enclosed you will find a copy of the letter of the Preliminary Order of Forfeiture as to Substitute Assets sent to me by the U.S. Department of Justice, United States Attorney, Southern District of New York dated November 1, 2019. According to the letter | have the right to petition for a hearing to adjudicate the validity of my interest in the property with the Court within 30 days of the receipt of the notice. . Enclosed you will also find supporting documents prepared by my husband’s lawyer David Richman, who is also now deceased, the original Proof of Claim dated September 19, 2013 sent to jan Gazes, the Receiver, regarding the Securities and Exchange Commission (SEC) v. Amerindo Investment Advisors Inc, (Amerindo}), et al 05 Civ, 5321 (RJS). If f could speak to Judge Sullivan, | would say, your Honor, dating back over two decades my husband was tirelessly trying to seek justice from Alberto Vilar and Amerindo for fees that were rightfully owed to him. His case against Amerindo and notably, his longtime friend, Alberto Vilar had proof of such. He was given an “Interim” award in 2002 by the American Arbitration Association against Amerindo investment Advisors Inc., for approximately $1,206,000 or 30% of the fees under management with Litton Industries at the time of the award. The relief my husband sought was put under one condition by the Arbitrator, that he acquire a “no action” letter from the SEC in order to collect. This would require the cooperation of Amerindo Investment Advisors Inc., which of course they did not do. Why should they? They were getting off without paying the award with no jegal ramifications. This, your Honor, was not justice. It was a case of the bad guys winning even though they lost. It was an example of the worst case of unjust enrichment. The letter | am writing today is to ask that you consider these facts carefully so that justice might finally be served in this case. Now, in signing this letter, | attest and declare under penalty of perjury that my petition is not frivolous and the information and statements provided in support of my petition are true and correct to the best of my knowledge and belief, so heip me, God. Sincerely, 0 h, lular omnes Lauranne Christov November 15, 2019 D cccgectin, PV Bes Armes y 2g nee 825 College Blvd. #327 Oceanside, CA 92057 Ph 310 503-0224 email: laurie.christov@yahoo.com VIA CERTIFIED RETURN RECIEPT November, 15, 2019 Judge Richard J. Sullivan Unites States District Court Southern District of New York Clerk’s Office 500 Peart Street New York, NY 10007 Re: United States v. Alberto Vilar and Gary Alan Tanaka OS Cr. 621(RJS) Dear Judge Sullivan, lam writing you today in regards to the above referenced case to request that myname ~~ be added to the list and placed on the Docket of # 05 Cr, 621 (RJS) as a legal interested party to the property that has been ordered forfeited to the United States pursuant to Federal Statute Title 21, United States Code 853, Section N3. | am the surviving spouse of Latchezar Christov, one of the claimants of the above referenced case who is now deceased. Enclosed is a copy of my marriage certificate and my husband’s death certificate for your file. | also have enclosed a copy of the Amended Proof of Claim Form that was sent to the Receiver, lan Gazes, dated July 7, 2015. This request was to amend the list (Claimant 27} and be put in my name Lauranne Christov, after the death of my husband on January 16, 2015. Enclosed you will find a copy of the letter of the Preliminary Order of Forfeiture as to Substitute Assets sent by the U.S. Department of Justice, United States Attorney, Southern District of New York dated November 1, 2019. According to the letter | have the right to petition for a hearing to adjudicate the validity of my interest in the property with the Court within 30 days of the receipt of the notice Alternatively, a petition is now being filed as a legal interested party through the Pro se Intake Unit, United States District Court, Room 105, 40 Foley Square, New York, New York, 10007. | appreciate your prompt attention in this matter as time is of the essence. Ohpes fir auranne Christov Ne POE ee Eee on, SRN ee OR UM ue Set on Soe snes □□ □□ SES UES ue BOS2G1SO12ZT7TG ee. CERTIFICATE OF DEATH ee S2OTS STOO 156. □□ GES ES, TT )RMARECRCEG@SENE PRET Ger Soe PR MRA TET ast parang “eel Tg LATCHEZAR: cogke sy UPR ge! 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PAROXYSMAL ATRIAL FIBRILLATION: es BE foe gee Ae eee □□□□□ AE S U1 GRERATION TARTCHIMED TER AY COAEITION SRCTENE 1? GA 1177 (8 yo, ted □□ Giewdn dca]. 7 . TES Lo = : > = zal THULE FUE PINT LIS? □□□□ □ in eo NOE: wee WEP SU OT . Be OES cele | Cpe) yee □□ RRR ear GRRE RE | EMRE Fy | eNnae GRE emery | ce ee ieee ame PERANKLINGALEEMD. BE | casate _low2iz015 CGE pr emer [a ey) MSRM NENTS OEERANKEINGALERMD. □□□ zh O302/2007 — + G105/2015 :}430 CEDAR: RD STE 2207 VISTA, CA §2083: us" i □□ □□ □□ . ws VAL UGHITAT THAT BMY OF POW CEA EGC URED AY AE HV, OTE, AAD RACE SAED ATER PAP CAGES DEBS 0 NUPED AD WORET 8 OPI ADATE meqsaecey “MGA □□ □□□□ □□ □□ oi 8D | anttorbeatifi] naws [] erate [7] soe □□ eetiem (fewer | pe Eels [efecb FS_LEF □□□□□ pgp ee Ge Sa ed “He DESCHEE HOW MAURY GUOLATED (esecie'atich remufad nye eT TE GED GIRS 0 GIS) WMS ee RB Pa one tae A GE ate: bs ait 8 wa Aa 8 oe Tel Say □□□□□ □□□□ & [tes cAON □□□ road twTber or ecabon, ars HeRANARI ee The hn ee? ip Gen pe EES □□ eo Ble mes ce Gh gay Ge? ED OR pag □□ □□□□ REST OFTEN TBE ERSESY — [TATE NRT SEATPOST REESE DRES Ons fe we “Es TA! APB Cay cle Bee PBS OSU) pea rane tilde PTET rH i . TA BPE TANGER ALTE EARVR | FA | SRARMS □□□□□ SS TA GRTEGSE RED Pees ESD NNCOMOOJHO □□ 2 oe eke □□ MUN, Se □□□□ County of San Diego —flealth & Human Services Agency" 3851 Roseerans Street. This is to certify that, if beatifie the OFFICIAL “= □□□ □□□ □□□ MEN nee. SEAL OF THE STATE OF CALIFORNIA, tie OFFICIAL SEAL OF SAN-DIEGO COUNTY: AND THEIR DEPARTMENE-OF □□ □□□ □□□ fae Bioouse HEALTH SERVICES EMBOSSED SEAL, this is a true copy of the OREGINAL BOCUMENT-FILED, Reqnired fee paid. 2-003" □□□ □□□ Gee EP BY Be ee Ute Wb nae: Naetes At. dD. . □□□ Eo meta ES SBA □□ □□□ My DATE ISSUED: Jnwwary2, 2018 28 WILMA J: WOOTEN, oe ee Sty EN UGRE Abn Senate ‘ai REGISTRAR OF VITAL RECORDS: OR ONT BREST □□□ □□ Yo, ve Mant iCoumijof SanDiego OS Oe Sa Ars BSS, □□□ □ NO □□ Sune ne mae Es ed ay J □□ □□□ BEN Pe 2m This copy not valid unless prepared on engraved border displaying seal arid'signature of Registrar: ...- Poe coe Bi [Sal ce □□□□ BbIT Be EEO SES Be Eee . Full ge □ Seay Bos CSE SEP Sehr. SEAS TEE SUS teas SENS As □□□ □□ □□□□□ 7 Jol JES GP Ss BLS ip SHES UME pat □□□ Ele □□ Co ree Ee UY SPONGE lag ME Gg ge oN ne " □□□ oREE BE OEE hel NE GPMes ahs ee eee at ee mae ge CRORE □□ □□□ □□ i. a a te □□ a ee ee ee RRO RECN Ee □□ On Tee EEE CEPT PEPE TT □□ PIULTIrelirerire ag ae □□ □□□ □□□ □□□ Fe ERTS HT DEPRES SER □□ | □ □ □□ COUNTY OF LOS ANGELES ¢ REGISTRAR-RECOR ‘Ore ee . webs, □□ re ae : . Sa a ei □□ | LICENSE AND CERTIFICATE OF MARRIAGE 4 9594 □□ oR MUBT BE LEdIOLE—MAKE NO EAASURES, WHITEGUTS, OR OTHER ALTERATIONS tigen tA NAME OF GROOM—rinst avant 118 MIDOLE AC, LAST (FAMILY) 2. DATE OF BIRTRR. MONTH, DAY, YEAA □ □□ LATCHEZAR CHRISTOV, MAR 22, 1939 45.708 SA RESIDENCE—StREE □□□ RUM@ER □□ city 16. ZIP CODE {%: COUNTY BUee CAM Ome, 4, STATE OF SATH ae □ □□ 607 SKYLINE TRAIL | TOPANGA 190290 _j LOS ANGELES BULGARIA, GROOM = — [5 MAKING ADDHEGS—W" ovvencnt 6 MBER OF oy FPA LAST MARRIAGE ENDED BY, |" DATE—WoNTH, OAY, YEAR _. 1 0 DEATH 4 bidBoLUTION 4 annutMenr | MAR 7, 1972 __ 4 . DATA 34. UBUAL OCCUPATION ye UBUAL Kidd? OF BUBINESS OF INCUBTAY @ NUMBER OF HOM EET GAuee COMPLETED □□ 44 INVESTMENTS | SECURITIES _ {7h memati □□ □ JOA FULL NAME OF FATHER . (108. STATE OF BIATH M14. FULL MAIDEN NAME OF MOTHER 138. STATE OF BIRTH □□ oil LUBEN CHRISTOV | BULGARIA KISSELINCHEN, LILLIANA i BULGARIA □□□□ □□□ 12 NAME OF BAIOE—FiAst {onviny |128 MIDDLE 120. MAIDEN LAST (FAMILY) | 13. OATE OF BATH hi □ i LAURANNE | CHRISTINE _YOUNG. APRIL 27, 1961 □□ {4A RESIDENCE—STREET Ano NUMBER, : ony i 140, 2p cope| 140. COUN TY— cus Oren. 10, STATE OF BATH □□ □□□ IDE 607 SKYLINE TRAIL TOPANGA 190290 | LOS ANGELES CA □ □□ BA 16. MAING ADDRESS—6 OFFERENT 47, HULIBER OF 1A. LAST MARRIAGE ENDED BY: | 148. DATE— MONTH, DAY, YEAR 3 ei ng PERSONAL reo ears os □ oS | __ __ □□□□ □□□ —___-——= 0 DEATH 0 CISSOLUTION ANNULMENT : □□□□□□□ 19A. USUAL OCCUPATION 0 NOB USUAL KIND OF BUBIVE OR NDUSTRY 0” 20. NUMBER OF HQHEST SADE □□□ INTERIOR DESIGN —"_» [INTERIOR DESIG( (7 2 | POYRHETEO 0-17 onemune try \ □□ 1A FULL MAME OF FATHER oot 5 /20B, STATE OF BATH ~~ [920 FULL MAIDEN NAME OF. MOTHER {#28 STATE OF BIRTH 7 □□□□ EDWARD PARK YOUNG, JR...” i CA ** JACQULINE JAY CURRIE |_ MICHIGAN □□□ WE, THE UNOEREAANED, AN UNMARRIED MAN AND UNMARMIED WOMAN, STATE THAT THE FOREOGWG IAF DAMASIO ISCOPMECT AND TRUE 10 THEMEET OF KHOWLEDGE ANOREUEE, □ □□ □□□□□ THAT NOLEGAL ORMJECTION TQ Hf MARALLOE HOA TO THE ISUANCE OF A LICENSE LE KNOWN TO LE, O HEFOBY APPLY FOR A LICENSE AND CHATIICATE OF MARRLAGE □ □□□□ AFFIDAVIT ca i □□ pd Siete Coane DAA, kph lr A wpe □□□□ □□ AUTHORLZA bf so ucenania fnEpy oWven 70 airy Panact DULY /UTHOraTED BY THE LAWS dp THE STATE OF cauron¥aA To Fame af GR CEREMONY VATION THE STATE □□□ OF GALFOANINTO BOLEMIAZE THE MARMUAGE GF THE ASOVE HAMED PERSONS. RECKNAED CONSENIAFOR THE ISSUANCE OF THA LICENSE Ag ON PRE. : □ □□ {275A ISSUE DATE (268. UGENSE EXPIRES AFTER 1286. LICENSE NUMBERS. ois 26D. COUNTY OF IBLE 4 □□ □ Tomanny | “amour by MMVI oss 43270 | Tos : □□ 4 po Pe Ge [286 GONATURE OF COUNTY tage, OL SS, ib □□ MAY 10, 1999. AUGUST 8, 1990 | FRANKS. ZOLIN 2°" ev ONS PM bef DEPUTY □ □□ et STAN hea ADDRESS—GTAOT AMO MMA 2 Pe CITY, STATE AND DP COE Lf □□□ We ANY ge BN BEPOND OND PASADENA OUNQUIOS □□ □□ (ONE eee, □□□ ‘ fee S8—§1ALET AND MOEA). | RTC, CATV, BTATE ANO ZIP GOOE □□□□ □ . □□ Me > beg rs . a □□□ 2 LEILA CL * “De a ALK, . LL (HELD, cf} G/10S □ □□ □ 7%. 1 HERESY CER THAT THE (SOVE-NAMED BRIDE GROOM #0 5 DN BO pain DENCHANA, □□ □□ WERE JOWED BY MEW MARHade I ACCOMDANES THT Ta LESA (deb ie? Ic eat me bg □□ | ‘AWE OF THE BTATE OF CAUFORMA T° me nt LATS Phd □□ 1 Abit na? Greek Orthodox i □ OF PERSON | June Now. 90 Oe B00, NAMA AHO/OFICIAL TITLE OF PRRGOH SOLEMMING MARRIAGE” □□□ □□ Te Ve Rev ATes 2 AGAMms, Lean Onna athnedcs □□□ |, Los Angetes, {.os ADDIS causonen [200 MMUNG ADORE □□□ BP COO Ge □□ ‘ jo 11324 Normandia Ave. Los’ Angsies, CA 90006 □ □□□ 9 SMMATURE OF LOCAL niGioTIAn 9 MG etn Rissa a1. OATE “FN PS FES" □□ p> —, | on = - □ w OF DERARTITAT OF HELL TH BUPA OFC OF MATE REGAL Ree 4 bora + OR : cee fa Lt eee t= □□ a □ Te ete CTS rs enema □□□ if paueype Kaine eee ees □ □ □□ □□ tenn ED Copia □□ RTL er ee ae reise □□ RC ia ancl ener TPR ora yA SEAT Eps ote □□ = . This fs to certify that this document is a true copy of the official racord filed with the Registrar-Recorder. □ oy 6 □□ Warne D DEC 06 {999 □□ ty, lw □□□ □□□ 4 □□□ □□□ _ 1 Bhs □□□□□□ □□□□□ a CHARLES WEISSBUAD □□ □□□ □ □□ ANS Registrar-Recorder □□ □□□ □□ ial 2 □□ □□□□ □ eg Thin nee od cat pnee mranarad an enoraved border displaying the County of Los Angeies gO □□ □□ (rae Gd. PPCPALUMCHe UF FUSrNY ee United States Attorney Southern District of New York a . The Silvio J. Mollo Building One Saint Andrew's Plaza New York, New York 10007 November 1, 2019 VIA CERTIFIED RETURN RECEIPT Estate of Latchezar Christov c/o Lauranne Christov . 826 College Boulevard, #327 Oceanside, CA 92057 Re: United States v. Alberto William Vilar and Gary Alan Tanaka 05 Cr. 621 (RJS) Dear Ms. Christov: Enclosed is a copy of the Preliminary Order of Forfeiture as to Substitute Assets that has been filed in the above-captioned case in the Southern District of New York, Please note that this is being sent as a substitute for the notice previously mailed on August 22, 2019 to Mr. Latchezar Christov at 360 Lexington Avenue, New York, New York 10017, which was subsequently returned to our office for insufficient address on September 17, 2019. Pursuant to Title 21, United States Code, Section 853(n), persons other than the defendant who wish to assert a legal interest in property that has been ordered forfeited to the United States must file a petition for a hearing to adjudicate the validity of their alleged interest in the property with the Court within thirty days (30) of the final publication of notice, or receipt of actual notice, whichever is earlier. In addition, the petition must be signed by the petitioner under penalty of perjury and rust set forth the nature and extent of the petitioner’s right, title, or interest in the property, the time and circumstances of the petitioner’s acquisition of the right, title, or interest in the property, any additional facts supporting the claim, and the relief sought. Very truly yours, GEOFFREY 8S. BERMAN United States Attorney Southern District of New York Afexander J. Wilson Co-Chief, Money Laundering and Transnational Criminal Enterprises Unit Assistant United States Attorney Tel. (212) 637-2453 Enclosure Case 1:05-cr-00621-RJS Document 802 □□ eee ee Ora pyere Ss \ eR □ ge UNITED STATES DISTRICT COURT Pi ie SOUTHERN DISTRICT OF NEW YORE Ve ge nee ere ecco Semen geese 4 pip my vi Se : UNITED STATES OF AMERICA : PRELIMINARY ORDER OF “Ver : FORFEITURE AS TO SUBSTITUTE ASSETS ALBERTO WILLIAM VILAR and. + GARY ALAN TANAKA, : : 05 Cr. 621 (RIS) Defendants. : □ ere ini en ied mee RICHARD. SULLIVAN, Circuit Judge: WHEREAS, on. ot about August 15,2006, ALBERTO WILLIAM VILAR and GARY ALAN TANAKA (collectively, the “Defendants”) were charged in a twelve-count Superseding Indictment, S3 05 Cr. 621 (KMK) (the “Indictment”), with engaging in a conspiracy to comamit securities fraud, investment adviser fraud, mail fraud, wire fraud, and money laundering, in violation of Title 18, United States Code Section 371 (Count One); securities fraud, in violation-of Title 15, United States Cade, Sections 78j(b) and 78ff, Title 17, Code of Fedéral Regulations, Section 240.10b-5, and Nile 18, United States Code, Section 2 (Counts Twa and Three); investment adviser. fraud, in violation of Title 15, United States Code, Sections 806-6 and 80b-17 and Title 18, United States Code, Section 2 (Count Four); mail fraud, in violation of Title 18, United States Code, Sections 1341 and 2 (Counts Five); wire-fraud, in violation of Title 18, United States Code, Sections 1343 and.2. (Counts Six and Seven); money laundering, in violation of Title 18, United States Code, Sections 1957 and 2:(Counts Eight through Eleven); and imaking false statements in violation of Title 18, United States Code, Sections 1001 and 2 (Count Twelve); WHEREAS, the Indictment contained.a forfeiture allegation seeking; pursuant to Title 18, United States Code, Section 981 (a)(1)(C).and Title 28, United States Code, Section Case 1:05-cr-00621-RJS Document 802 Filed 08/02/19 Page 2 of 5 2461, the forfeiture of any and all property, real and personal, that constitutes or is derived from proceeds traceable to the commission of the offenses, including but not limited to at least $19, 706,363.74 in United States currency, representing the proceeds obtained as.a result of the charged securities, mail, and. wire fraud offenses charged in the Indictment (Counts 1 through 7); and seeking, pursuant to Title 18, United States Code, Section 982, the forfeiture of any and all property, real and personal, involved in the charged money laundering offenses, including all property fraceable to such property, including but not limited to at least $5,000,000 in United States eurrency (Counts 8 through 11); WHEREAS, the Indictment also included a substitute asset provision providing that if, as a result of the Defendant’s actions ot omissions, forfeitable property is unable to be located or obtained, the United States will seek, pursuant to Title 21, United States Cede, Séetion 853(p), the forfeiture of any other property of the Defendant, _ WHEREAS, on or about November 19, 2008, a jury returned a guilty verdict agaitist Defendant Vilar on all twelve counts of the Indictment arid against Defendant Tanaka □□ Counts One, Three and Four of the Thdictment; WHEREAS, on or about April 25, 2014, the Court.entered Preliminary Orders of Forfeiture/Money Judgment, which made final as to each Defendant.a money judgment in the amount of $20,578,855.28 representing the amount.of proceeds obtained asa result of the offenses charged in the Indictment, for which the Defendants were found guilty (thé “Money Judgments”); WHEREAS, the Court finds that, due to the acts or omissions of each Defendant, the proceeds of the offenses:cannot be located upon the exercise of due diligence, have been Case 1:05-cr-00621-RJS Document riled valcily Page o Ole transferred, sold to or deposited with a third party, have been placed beyond jurisdiction of the Court, ot have been commingled with other property which cannot be divided without difficulty; WHEREAS, the Government has identified the following assets in which the Deferidants have an ownership interest:. a, J.P. Morgan Chase brokerage account numbers: i. 102-17995 MOL, held in the name of Techno Raquia, S.A., Ian Gazes Reééiver c/o Gazes LLC;: ii. 102-01485 MOL, held in the name of Amerindo Management Inc., sub-Agcount M26, fan Gazes Reéeiver c/o Gazes LLC; iii; 10201495 MOL, held in the name. Amerindo Technology Growth Fund IL, Inc., lan Gazes Receiver c/o Gazes LLC; jv, 102-15833, held in the name of Olafson, Inc., lan Gazes Receiver c/o Gazes LLC;, iii, 102-25612, held in the name of Amerindo Investment Advisors, Inc. Money Purchase Plan atid Trust Alberto Vilar TTEE DTD 5/1/94 c/o Gazes LLC Tan Gazes; and b. Approximately $273,611.89 in funds formerly held by @Ventures Management, LLC for the benefit of Amerindo Technology Growth Fund. IL, Inc. (collectively, the “Substitute. Assets”). IT IS HEREBY ORDERED THAT: 1, Allof the Defendants? right, title and interest in the Substitute Assets are hereby forfeited 10 the United States of America, for disposition in accordance with the law, subject to the provisions of Title 21, United States Code, Section 853(n). Pursuant to Title 21, United States Code, Section 853(n)(1), Rule 32.2(b)(6) of the Federal Rules of Criminal Procedure, and Rules G(4)(aiv\(C) and G(5)(a)Gii) of the Supplemental Rules for Certaiti Admiralty and Maritime Claims and Asset Forfeiture Actions, the United States is permitted. to publish forfeiture notices on the government internet □□□□□ Case 1:05-cr-00621-RJS Document 802 Filed 08/02/19 Page 4075 www.forfeiture.gov. This site incorporates the forfeiture notices that have been traditionally published in, newspapers. The United States forthwith shall publish notice of this Preliminary Order of Forfeiture of Substitute Assets for at least thirty (30) consecutive days. Any person, other than the Defendant, claiming interest in the Substitute Assets must file a Petition within sixty (60) days from the first day of publication of the notice on this official government internet web site, or tio later than thirty-five (35) days. from. the mailing of actual notice, whichever is earlier. 3, ‘The published notice of forfeiture shall state that the petition (i) shall be for a heating to adjudicate the validity of the petitioner's alleged interest in the, Substitute. Assets, (i) shall be signed by the petitioner under penalty of perjury, and (il) shall set forth the nature and extent of the petitioner's right, title or interest in the Substitute Assets, the' time and circumstances of the petitioner's acquisition of the right, title and-interest in the Substitute Assets, any additional, facts supporting the petitionet’s claim, and the relief sought, pursuant.to Title 21, United States Code, Section 853(n). 4. Pursuant to 32.2 (b)(6)(A) of the Federal Rules of Criminal Procedure, the Governmetit shall send notice to any person who reasonably appears to be a potential claimant with standing to contest the forfeiture in the ancillary proceeding. 5, Upon adjudication of all third-party interests, this Coutt will enter a Final Order of Forfeiture with respect to the Substitute Assets pursuant to Title 21, United States Code, Section 853(n), in which all interests will be addressed, All Substitute Assets forfeited to. the United States under a Final Order of Forfeitue shall be applied towards the satisfaction of the Money Judgment. 6. Pursuant to. Rule 32.2(b)(3). of the Federal Rules of Criminal Procedure, the United States Attorney’s Office is authotized to conduct any discovery needed to identify, locate Case 1:05-cr-00621-RJS Document 802 Filed Os/O4/19 Page o 01s or dispose. of forfeitable property; including depositions, interrogatories, requests for -production of documents and the issuance of subpoenas. 7. The Court shall retain jurisdiction to enforce this Preliminary Order of Forfeiture as to Substitute Assets, and to amend it as necessary, pursuant to Rule 32.2 of the Federal Rules of Criminal Procedure. 8. The Clerk of the Court is respectfully directed to forward three certified copies of this Preliminary Order of Forfeiture as to Substitute. Assets to Assistant United States Attorney Alexander J. Wilson, Chief of the Money Laundering and Asset Forfeiture Unit, United States Attorney’s Office, Orie St. Andrew's Plaza, New York, New York 10007. SO ORDERED.. 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SIO EUAN DRS □□ ee EES OI ASS SE Rane Ghana LIB NS ee HRS OSs ee ee □□ oe ee □□ PERO WAL SERN Patt ESSENSE aR De DE es □□ □□ ee PE EPs Ras eas ER teins soit ane Ee Ss es BE ORAS rhage aes aa ‘ne aE, Ug ge ee EES OE □□ □□□□□ □□□ ee □□□ a Hae ee ee a hi ae ee See Bie Epes □□ ee CEES REE □□ oo ee ey ON EGS rr aes Es EE Es EE ae ee Be OE □□ a □□ SEE: Oe ES HOS OR ce A SA OS es GES SS Oe) eS PC □□□ □□ SBS □□ San egress LSE Sa □□ □□ □□ □□□□ es, □□□ meus pS ae Oe oe as □□ | eS ee 0 □□ □□ ee Ee ees PRO ant ge ee pie ai eee SERS Ea arias OS ae "Se ES EE ee a a EEG: □□ □□ □□ ee COT a aes es oes Se oe FU EE SOS SES Rs IO IRE EE OSE ees LOE eas a SECS ER □ Ee ae □□ EE ee SE AUST SSH Sao REE Oe EES SE OY Bigs ORIG □□□ ee oo Se LOB aE □□ Eis Fe ees ae SG RE ee Cee, OG as Bi □□ □□□□ □ □□ □□□ ee OIE ee Ce ee A BE BRIE CESS URE DD es es CR Nes lee 2 □□ □□ □□ ee Hae BD SNE ees Se a URE Bee LEE, EES Eee BESS □□ ae Be se Ss ras ce es Rg ea AO Gaon ae □□ □□ □□□ □□□ □□□ ee! se eee Os, Soe i ae ee Ge. we (ES a es ee □□ SS CEI es OA Gs SE EES a es Sie □□□ □ PSUS asin Sabena) EAS aA Ss OE SATA a ia ere i RE PEEL eta ate Ee os ee □□ EES ES he Ge EE ee Ss ee ees Se oo ee Eg aes cee ye _ oe REE ee Tee □□ AES aes Oe Re □□ soe esol Ge Es a Oe CS EOS ee □□□ □□□ Se Cee, Pe OA Hees ea HIE EES REL EMA ERR NEE □□□ CIN Se GSAS SDL Ue Sa eR EES aN □□ □□ □□□ ee Te ees 8 Pee, 2 eC Re See Leg ee □□□ SEES POLS Be BEE es SERS ne Hig □□□ in Cutie ied a OES SLES GE ERE Paes i ae CE ES □□□ BERS Soe □□ Le EEE □□ ye ed Las Cues ED SEES es Ea, eS □□□ Ee AAs ae CELT □□□ ges ae ee Deg □□ EI Se □□ ee □□ Ae ADA Sci SOE VAG SS iets ESSE DES, SS SEE ge Te pir □□ □□ ae RE a IE SS Sit ESSE eS □□□ Sie, BRUCE ieee EES Beeps site sta eee Ge LR eran ON anit armen ES EB □□ Ns oS area ae Eagles □□□ □□□ □□ BEES □□ ire OU eA EE LR MaRS Es i ae Eas ae SG □□□ □□□ Cou ee Ee Ee Hs □□ Bae oy a aE Bi es Baan tani EE Troe Gena FG SE BOSE □□ □□□□ SOs cues He es eee eae Hi □□□ aE Ste RE Eis Re SE TSE, OS oie ee ee ESE ees: CD eT, LES SY is □□□ □□ EDS Se es: A Oe PEO gee Beane es oe ee □□ Be ee □□ □□ □□□ □□□ SEE NG, race ae Ss □□□ GS Bis, es ie □ □□□□□ □□□ □□□□ ee pa BS A □□□□ □□□ Transmitted via Federal Express July 7, 2015 lan J. Gazes, Receiver Gazes LLC 151 Hudson Street. New York, New York 10013 RE: SECv. Amerindo Investment Advisors Inc., USDC Case No. 05 Civ. 5231 Claimant: LatchezarChristev, Claim No. 27 Amendment to Claim Mr. Gazes, I am the surviving spouse of Latchezar Christov who is a claimant in the above referenced receivership. Mr. Christov died on January 16, 2015. Enclosed is a certified copy of Decedent’s death certificate for your file. Iam a successor in interest to this claim, referenced as Claim 27 on the Receiver’s Claims Register, also enclosed. This letter is sent for the purpose of amending the claim to substitute in as Claimant in light of Mr. Christov’s passing. A copy of the claim submitted on September 19, 2013 is also enclosed for your reference. My address and phone number are: Lauranne Christine Christov 825 College Blvd #327 Oceanside, CA 92057 310-503-0224 Please advise what if any other information is required to perfect amendment of this claim in the respects stated above. 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ECE CASE AMERINDO {NVESIMENT ADY JSORS INC, AMBERINDO INVESTMENT ADVISORS, ING, AMERINDO ADVISORS UK LIMITED, AMERINDO MM ANAGEMENT INC, AMERINDO TECHNOLOGY GROWTH FUND, INC., . AMERINDO TECHNOLOGY GROWTH OU, INC. | TECHNO RAQUIA □□□ ALBERTO W, VILAR, and GARY ALAN T ANAKA, Defendants. AMENDED PROOF OF CLAHVI FORM Please fil in the information below and supply the supporting documents requested as an attachment to this proof of claim form. This should be recelved in hand by the Court appointed Receiver for Amerindo Investment Advisors (Panama} et al., whose name and address is below, sa as to be received in hand on or before September 20, 2013, 5:00 P.M, (Eastern Standard Time) by {a) certified malt, return receipt requested, or (b) overnight courier, or (hand delivery}: lan |. Gazes, Esq, Gazes LLC 451 Hudson Street New York, New York 10033 Debtor means one or more of the Amerinda entivies captioned above in which you gave Principal Funds. Principal Funds meanstall funds given to the Gebtar(s}) and NOT retuned TO yOu. Profits mean the appreciated value of the Principal Funds. By way of oxaraple only, earncd interest if you held promissory notes and NOT paid to you. if you are not sure of a fact, please so state the fact you are rot sure about, and provide the best documentation you have including copies of Amerindo & statements for at least three months prior to and after the dates indicated below. PART A Djease answer the questions below and submit tage thar with this completed form any wirltter: agreements betwen you and the Debtor(s} as concerns the establishuiment and/or opening of an account with the Debtor(s) (include Amerinds stalements for three (3) montis prior ta the date indicared and afler} and Profits priar to May 25, 2005, THIS PORTION OF THE PROGE OF CLAIM ONLY COVERS PRINCIPAL FUNDS AND PROFITS AS OF MAY 25, 2005 4. Your name, sddrass, email address and phone qumber, including the name oF any entity through which you provided Principal Funds with che Debtor{s). WH your aame oF address had changed, please specify. LAURANNE CHRISTINE CHRISTOV ‘ □ Address: 4-3 Coliege lua 0ee0 tA CA THOS ® Phone: 449 6035-0 wot 9 Name and address of Debtor{s} {Amerinda entity) in which you gave the Principal Funds and the intended Amerinco entity if the recipient antity is different. See attached claim referenced as Claim 27 on Receiver's Claim Register Please specify and provide docaments reflecting the transmittal of Principal Funds to the Le f 7 - Dehtar{s). See attached claim referenced as Claim 27 on Receiver's Claim Register 4 Details including the emount and supporting docuntentation relalad to Principal Funds you clalrn as of May 25, 2005 including any Amerinda statements for three (3) months prior to □□□□ 95, 2005 and after, iFany: $2,100,000 - See attached claim referenced as Claim 27 on Receiver's Claim Register 4, Details including the amount and supporting documentation related to any Profits you clalra as of May 25, 2005. $2,100,000 - See attached claim referenced as Claim 27 on Receiver's Claim Register 5. Did you receive any distributions fram the Debtor on account of your Principal Funds you claim as of May 25,2008? NO if yes pigasé specify any and ail distributions and include any payments to third parties by the Dabtor{s] on your behalf. s Please attach three (3) statements you received from the Debtor(s). Please provide copies of all docurnents that support your claim as of May 25, 2005. Documents could ractude but are limited to promissory notes, itemized statements af your accounts, canceled checks, wire transfer confirmations, letters, contracts, judgments, and security agreements. if the clair ts cocured ploase attachee all document scpporting same. Please answer the questions below and submit together with dis completed form any written agheements between you and the Debtor(s} as cancerits the establishment and/or opening of an account with the Debtor ard appreciated vaiue after May 25, 2005, THIS PROOF OF CLAIM ONLY COVERS PRINCIPAL FUNDS AND PROFITS AFTER MAY 25, 2005 4. Your name, address, ghone number, and email address including the name of any entity through which you gave Principal cunds to the Debtor(s) after May 25, 2005. tH your name or address had changed, please specity, 2, Name end address of Debtor(s} (Amerindo antity) in which you gave the Principal Funds and the intended Amerindo entity if the recipient entity is different. . Please specify and provide documents reflecting the transmittal of Principal Funds to the Debtor(s}. 3, Details including the amount and supporting documentation related te Principal Funds you claim after May 25, 2005 (please attach acy staterrents you received after May 25, 2005): 4. Details including the arnount and supporting documentation related to aby Profits you cairn after May 25, 2005; 5, Did you receive any distributions frore the Debtor an account of your Principal Funds you claim atter May 25, 2005? If yes piaase specify ary and al) distriputions and include any payments to third parties by the Rebior(s) on your behalf, Please atiach the last three (2) statements you received frarn the Bebtor{s). Please provide copies of all documents that support your claim after May 25, 2005. Documents could include but are limited to promissory notes, itemized statements of your accaunts, caricelled checks, wire transfer confirmations, letters, contracts, judgments, and security agreements. if the claim is secured please attached sf document supporting same, Please redact all account numbers other than the tast 4 digits on the statement including personal identification numbers such as social security numbers and business EIN numbers. DO NOT SEND ORIGINAL DOCUMENTS, Signature: __. dam the account owner __. Fam the account owner’s authorized agent Please note that, although you may make a claim through an agent, you DO NGI NEED TO HAVE AN AGENT to make this claim, and pay or offer to pay en agent merely te make this claim or obtain payment on your account. Your claim will not-be reduced if you do not have an age nt. Print Name: ue Title: cnc Compasty! frill: een en Telephone Number: _ Signature : . Date lf claim has been assigned please provide the fallowing information: Name of Assignee: ee Address of Assignee: __. ee Emall of Assignee: . tel No. OF Assignee: □ we Gate of Assignment: ee ONES ee Oe TSE EGE ON □□ oe ee □□ # = □□ —r—“———S =e —~—ereese a ey —hheheheM □ Se r—“‘CC es Oe cS es, a Ee oe oe □□ = es Se ee □ SS ee ae oe eo oe pee □□ □□□□□□□□□□□□□□□□□□□□□□□□□ eee ee LAW OFFICES RM, RIicHMAN . es 260 LEXINGTON AVENUE FRED 1. SONNENFELD . NEW YORK, N.Y. 10017 JUDITH &.AIGHMAN . (212) 687-1425 MARVIN W, WHINSTEDT FAGSIMELE (212) 682-a425 BEAD EVAN SERLEN E-Man.: drichman@sonnrichlewcom OF QOUNSEL . □ September 19, 2013 fan J. Gazes, Receiver Gazes LLC 151 Hudson Street New York, New York 10013 Re: Securities and Exchange Commission (SEC) v. Amerindo Investment Advisors Inc. (Amerindo), et al 05 Civ. 5231 (RIS) Dear Mr. Gazes: On behalf of Mr. Latchezar (“Lucky”) Christov I submit this “Finder Fee Claim” for your consideration. As it does not track the parameters you set for “Investor claims, I have prepared a chronology and a narrative that set forth the details of Mr. Christov’s claim. Tn a nutshell, the claim dates back to the mid 1980’s when Alberto Vilar, Amerindo’s founder and CEO approached Mr. Christov and asked him to introduce Amerindo to his customers for its investment advisory services, A compensation agreement was reached in which Amerindo agreed to pay Mr. Christov a finder’s fee commission of 30% of all fees Amerindo collected from clients Mr. Christov brought in (Exh'4\ ), After several years of marketing Amerindo to Christov’s customers, on or about June 30, 1994 Litton Industries (Litton), retained Amerindo as one of its investment advisors. However, Amerindo failed to inform Litton of its fee sharing arrangement with Mr. Christov as required by . the Solicitor’s Rule in Investment Advisors Act of 1940 (°40 Act) particularly by the “Solicitor’s Rute, 206(4)-3 which required Amerindo to tell Litton of its fee sharing arrangement with Mr. Christov. When Mr. Christov told Amerindo that he believed he could cure their mistake his “offer” was rejected. Amerindo, instead, instructed their lawyers to deal with the problem instead of complying with the ‘40 Act. Amerindo’s lawyers concocted a phony, false and utterly disingenuous “contract” which purported to pay Mr. Christov for introducing Amerindo to various unions (Exh Mr. Christov failed completely in this union endeavor. Despite trying to cover up its mistake(s) Amerindo paid him over $1.2 million dollars under the guise of success with the unions. Coincidentally, this tracked precisely to the amount Amerindo owed to Mr. Christov for Litton’s business. DAVID M, RICHMAN In the latter 90’s Mr. Christov learned that two Litton affiliates became customers of Amerindo, The stock market also heated up and the Litton account grew to about $650 million. Yet, Amerindo stopped its payments to Mr. Christov relying on an “illegality” agreement ensuing out of the failure of Amerindo to comply with its duties under the Solicitor’s Rule. In April, 2000 Mr. Vilar cut off all payments to Mr. Christov claiming they were illegal and Mr. Christov should have known this (Exh € ). In August, 2000, Mr. Christov commenced an arbitration proceeding, Amerindo trial to stay the proceeding. Its motion was denied. The hearing began in February 2002. It resulted in an interim award on May 14, 2002 (Exh “4 ). In a showing of utter “chutzpah” despite offering a variety of disingenuous □ arguments to avoid paying Mr. Christov. Amerindo brazenly “concedejd] that ... (if) .... could have taken the steps necessary to make payment to Christov lawful...” but it did not (Exh'}=4. Yet, even though the Arbitrator directed Amerindo to provide “cooperation” to Mr. Christov in seeking “no action” relief from the SEC (Exh &Y Amerindo’s lawyers argued, disingenuously, that it did not “refuse” to provide Christov with the cooperation noted in the interim award, rather, since it was “not” aware of any cooperation that was, “necessary” (for Christov to seek relief from the SEC) it did not “refuse” to cooperate with him.(Exh‘¢)” This was utter nonsense. Very truly yours, then — David M. Richman DMR:ea enclesure ps: We respectfully request that you consider the annexed exhibits be incorporated by Reference to this submission. ce: Lucky Christov ABRIDGED CHRONOLOGY 1960's Alberto Vilar (“AV”) and Lucky Christov (“LC”) met in New York City. 1970's LC moves to California and becomes an “Institutional Broker”. 1970's AV works at Citibank with former roommate of LC (Reid thru Thompson), In 1980’s AV calls LC seeking introductions to LC’s 1980's clients for his investment advisory business. LC agrees. He introduces some clients to AV. LC asks AV for wriften agreement setting forth his share of commissions. On May 5, 1990 AV complies (Exh A ). During this period LC pursues Litton for Amerindo — never provides investment advice, merely follows up on Amerindo’s efforts. July 1, 1994 Litton retains Amerindo as one of its money managers. However Amerindo fails to disclose its fee sharing arrangement with LC. Mid 1995 LC calis Amerindo about Litton related payment...he speaks to CFO Joaquin Garcia Larrieu (JGL) who expresses surprise — JGL says LC’s deal with Amerindo violates ’40 Act — JGL speaks to AV who directs JGL to pay LC.... AV directs JGL to speak to (their lawyer) — Rick Cohen Esq. He drafts a letter and back dates it to August 15, 1994(Exh-y % — Cohen testified the letter was to “blow up” the May 3, 1990 fee sharing letter .. (Exh ¥ ff Mid 90's When JGL told LC of Amerindo’s failure to disclose to Litton their fee sharing arrangement LC asks for documents needed for parties io comply with the ’40 Act -so he would “give them” to Litton — his request was refused. JGL told him although it was “too late” for SEC compliance Amerindo was dealing with the problem. Mid to At AV’s direction Rick Cohen drafts letters to cover up the false Late 90’s mechanism Amerindo would use to pay LC ~ LC did not know of these legal problems. In a letter dated January 1, 1998 (Exh was to get irregular amounts as retainers for allegedly providing _ “Taft Hartley” consulting services — Instead of so called even numbers (eg. $100,000 or $250,000 etc... Amerindo calculated what is owed to LC for the previous years coramissions for Litton. Amerindo never asked LC for Taft Hartley reports — yet Amerindo paid LC almost $1 million dollars just for 1996, 1997 and 1998... Conveniently the retainer letters used payments that matched the 30% LC was promised for his customer introductions... the money had nothing to do with labor unions. 1998-1999 LC leams that Amerindo was introduced to two of Litton’s affiliates. Since Amerindo previously paid LC when an associate of a customer he introduced to Litton became a customer of Amerindo he demanded to be paid for these new Litton accounts. LC’s request was rejected. Moreover Amerindo admitted its illegal behavior (“we readily concede that Amerindo failed to take the steps necessary to make payment to Christov lawful”) (Exh ). 2000 — The arbitration hearing took place in February 2002 resulting 2002 in an interim award on May 14, 2002 (Exh 2). e The arbitrator directed Amerindo to provide LC all “necessary cooperation” to enable him to try to obtain a “no action” letter from the SEC which would permit an award to LC of some $2.3 million (Exh. — ). Amerindo claimed disingenuously that LC did not “need” its cooperation. It never provided any. e Therefore Amerindo claimed, it had “no duty” to help Mr. Christov. Gixh # Heller letter to arbitrator ) In the absence of Amerindo’s cooperation the SEC rejected LC’s request for “no action” relief, UNETED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. 05 Civ, 5231 (RJS) AMERINDO INVESTMENT ADVISORS INC., ECF CASE AMERINDO ADVISORS UK LIMITED, AMERINDO MANAGEMENT INC., AMERINDO TECHNOLOGY GROWTH FUND, INC., PROOF OF CLAIM OF AMERINDO TECHNOLOGY GROWTH FUND IL, INC., | LATCHEZAR CHRISTOV TECHNO REQUIA, 8.A., ALBERTO W. VILAR, and GARY ALAN TANAKA, Defendants. CLAIM OF LATCHEZAR CHRISTOV This claim is submitted on behalf of Latchezar (“Lucky”) Christov (sometimes “Claimant” or “Mr. Christov”), against Amerindo Investment Advisors Inc. (“Amerindo”), arising out of Amerindo’s refusal to pay Mr. Christov a finder’s fee for having introduced it to Litton Industries as a client for whom Amerindo managed “money”. At all times relevant Amerindo was an “investment” advisor subject to the requirements of (both) the Investment Company Act of 1940 and the Investment Advisors Act of 1940 (15 U.S.C.A. §80b-1, e#. seq.) (the “40 Act’) while Mr. Christov was an institutional stock brokes/financial advisor. DISCUSSION OF CHRISTOV’S CLAIM The material facts are not in dispute. Amerindo was a duly registered investment advisor subject to the statutory requirements of the Investment Company Act of 1940 and the Investment Advisers Act of 1940 (15 U.S.C.A, §80b-1, ef. seq.) (the “40 Act”). Alberto Vilar was a friend of Mr. Christov, having met him through Mr. Christov’s college roommate. In the mid-1980’s, Mr. Vilar called Mr. Christov, secking to have him introduce his network of clients to Mr. Vilar to see if they were interested in investing with Mr. Vilar. Between the 1980’s and early 1990's, Mr. Christov was able to solicit only Mr, John Sweetland to invest with Amerindo; who paid Mr. Christov a 30% (of 1%) finder’s fee. When Mr. Sweetland introduced his friend Dude Crain to Amerindo it paid Mr. Christov a finder’s fee. They continued to pay hima for both clients for years. On May 3, 1990 Amerindo gave Mr. Christov a contract in which it promised to pay him 30% of the fees it received from accounts he brought to them (the “1990 Agreement”) (Exh. A). Mr. Christov’s activities for Amerindo were informal, sporadic and rendered exclusively for Amerindo, Mr. Christov never held himself out as a 40 Act solicitor. It was Amerindo’s statutory duty to “supervise” Mr. Christov’s activities but, the record shows, it failed to supervise Mr. Christov in any manner at all. Although, Mr. Christov first intcoduced Amerindo to Litton Industries, Inc. (“Litton”) sometime in the late 1980’s it was not until 5 to 6 years later that Litton decided to employ Amerindo as one of its money managers. When Litton announced this arrangement Mr. Christov told his Litton contact, Ms. Elizabeth Guasti, that he would share in Amerindo’s fees. She was pleased for Mr. ; Christov but she asked if this fee sharing would increase Litton’s costs. She was assured it would not. In late 1994 or early 1995, Mr. Christov asked Amerindo about getting paid his (30 %) share of the fees it was collecting from Litton. During conversations with Litton’s Chief Financial Officer, Mr. Joaquin Garcia-Larieu (“Mr. Garcia”), Mr. Christov discovered for the first time that Amerindo had not complied with the disclosure requirements of the “Solicitor’s Rule”, (206(4)-3 of the ‘40 Act), In fact Mr. Christov was completely unaware of the 40 Act. Mr. Christov asked Mr. Garcia to ict him give Litton the required documents. He was told “it was too late.” Instead of approaching Litton with proper disclosure documents, Amerindo used a series of phony “consulting agreements” drafted by Rick Cohen, Esq. one of their attomeys, using a “Taft Hartley” scheme (ixh B Jas a device to cover up their problem of paying Mr. Christov.”* Commencing in mid-1995 and until 2000, Amerindo paid Mr. Christov about $1 Million it owed him for Litton but on the basis of the 90 Agreement not the Taft Hartley documents. Moreover, due to the stock market’s extraordinary performance in 1999, the parties stipulated at the arbitration hearing that, Amerindo would owe Mr. Christov over $2.2 Million for Litton from 1999 -2007 (Exh H)} In response, Amerindo stopped payments to Mr.Christov. as of April 13, 2013 (Exh D ). The first of these agreements which was back dated to August 15, 1994 (Exhibit J) purported to contain a release whose purpose was to “blow up” the 90 Agreement although Amerindo (Exhibit August 15, 1994 letter) never disclosed this directly to Mr. Christov through Mr. Vilar or Mr. Richard Cohen, Esq. the companies lawyer see Mr. Cohen’s testimony (Exhibit J - p. 549-568). MR. CHRISTOV’S CLAIM During the arbitration hearing the parties stipulated that a sum of $2,282,838 would be paid to Mr. Christov for the years 1999 through 2001 based on a finding that Amerindo was liable to him (Exh H). Applying the hedge funds industries’ typical billing formula (“1/10%") 1% of the net asset value Amerindo managed for Litton in 1999 Amerindo earned it a fee of approximately $7 Million, 30% of which added up to about $2.1 Million for Mr. Christov. The formula worked like this: the advisor earns 1% of the net asset value of the assets under its management and another 10% of the profits earned by the advisor. Rather than become enmeshed in a mind numbing exercise the parties stipulated to use the 1% figure to simplify things. Using $700 million as a starting point Amoerindo’s fee to Litton would be approximately $7.0 million. This would cause Amerindo to owe Mr. Christov some $2.1 million ($7.0 million x 30% = $2.1 million). An arbitration demand was served by Christov in mid-August, 2000 (Exh “p” ). The parties proceeded to mediation even though counsel for both parties had been engaged unsuccessfully in settlement talks for more than sixty days. After mediation failed, Amerindo moved in Supreme Court to stay the arbitration proceeding. This motion was denied. The arbitration hearing was held in February 2, 2002. Amerindo’s failure to comply with the Solicitor’s Rule coupled with its decision to use the phony Taft Hartley maneuver (Exh B ) estops it from relying on an “illegality” defense to Mr. Christov’s claim. Moreover, Amerindo Jacks standing to use the 40 Act as its defense because the Supreme Court has held that the ’40 Act relates only to “investment advisory” contracts and, since this matter does not involve an investment advisory contract (between Amerindo and Mr. Christov) Amerindo must look elsewhere for a defense. Had Amerindo provided Litton with disclosure documents — it conceded it could have done so (Exh F ) and had it timely sought “no-action” relief from the SEC there is reason to conclude that Amerindo could have protected Mr. Christov’s right to be paid. Instead, it deceived Mr. Christov into believing their scheme was a lawful way for it to pay him. It should now be estopped from arguing that its contracts are unlawful. To do less will unjustly enrich Amerindo by some $3 Million Dollars. A. AMERINDO CANNOT RELY ON THE ’40 ACT FOR ITS DEFENSE This is not a case between an investment advisor and one of its clients. Therefore, Amerindo cannot invoke an “investment advisor’ s” argument and therefore it should be barred from employing the ‘40 Act in its flawed attempt to assert a defense to Mr. Christov’s claim. The Supreme Court so held in Trans America Mortgage Advisors, Inc. (“TAMA”) v. Lewis, 444 U.S. 11, 62 L.Ed. 2d 146 (1979), when it determined the *40 Act‘*...was intended to benefit (only) the clients of investment advisors (not the advisor itself). Since the contracts in this case are between Amerindo and Mr. Christov and, moreover, since no one is seeking a rescission of those contracts “...(Amerindo)... cannot use the Investment Advisers Act to avoid payment to Mr. Christov under the independently valid agreement (the □□□ Agreement). □ B. AMERINDO IS ESTOPPED FROM RELYING ON AN “ILLEGALITY” DEFENSE BECAUSE ITS OWN CONDUCT CREATED THE SITUATION IT NOW SEEKS TO IMPROPERLY EXPLOIT Amerindo has acknowledged that it was, aware of the consiraints of the Solicitor’s Rule Exh F). Amerindo either consciously or negligently breached its duty to Mr. Christov. It should not be permitted to enrich itself by its failure to protect his rights to share in fees from Litton. By inducing Mr, Christov to accept payment under the phony Taft Hartley agreements about which (their lawyer) Rick Cohen, admitted were created so Amerindo could hide its sloppy and unlawful business practices from the SEC (Exh J). The New York’s Court of Appeals has held that where a wrong (such as Mr. Christov’s (ignorant) failure to deliver disclosure docuients is merely malum prohibitum, and does not endanger the protected party (Litton - not Amerindo), Mr, Christov is entitled to recover when confronted by an inappropriate “illegality” defense. In Rosasco Creameries v. Cohen, N.Y. 214 (1937), an unlicensed milk dealer could recover the reasonable value of milk it sold to licensed dealers when the court declared: [egal contracts are generally unenforceable except where contracts which violate statutory provisions are merely malum prohibitum, the general rule does not always apply. If the statute does not provide expressly that its violation will deprive the parties of their right to sue on the contract and the denial of relief is wholly out of proportion to fhe requirements of public policy or appropriate individual punishment, the tight to recovery will not be denied (citation omitted). (emphasis added) Rosasco has been followed in the following cases: (a) Charlebois v. .M. Weller Associates, Inc., 72 N.Y.2d 587, 535 N.Y.S.2d 356 (1988), where the Court of Appeals upheld a builder’s right to recovery in the face of an “illegality” defense because, “...forfeitures by operation of law are strongly disfavored as matters of public policy’ (emphasis added). The defendant’s effort to use 2 licensing statute as_a “sword for personal gain rather than as a shield for the public good will not be countenanced in the name of...public policy slavishly applied”. Particularly where the defendants’ attorney prepared the contract and the defendants “reaped the fruits of the contract”, . (b) Lloyd Capital Corp. v. Henchar, 80 N.Y.2d 124, 589 N-Y.S.2d 396 (1992), the plaintiff lender loaned $60,000 to the defendant who refused to repay the loan relying on an “illegality” defense. This decision affirmed the“overtiding general policy” designed to prevent “neople (like Amerindo) from getting other people’s (Mr. Christov’s) property for nothing...”; and (c) InBenjamin v. Koeppel, 85 N.Y.2d 549, 626 N_Y.S.2d 982 (1998), the Court of Appeals permitted an attorney, who had failed to comply with a statutory registration requirement, to recover payments from a Jaw firm pursuant to a fee sharing agreement, The Court refused to permit the defendant law firm from using “public policy” as a ‘sword’ for personal gain...” stating that to deny recovery would produce a remedy that is “wholly out of proportion with requirements of public policy (citing Rosasco).” Moreover, the Court said that it “...ill-becomes the defendants, who ate bound by the Code of Professional Responsibility, to seek to avoid, on ‘ethical’ grounds the obligations of an agreement to which they freely assented and from which they reaped the benefits.” Amerindo cannat atgue honestly that its 1990 agreement to pay Mr. Christov for introducing it to Litton (xh. A) was “unlawful on its face.” Nor can Amerindo argue properly that for Mr. □ Christov to earn his share of their fees he had to “engage in unlawful conduct.” The anti-fraud content of the “Solicitor’s Rule” was enacted to protect Litton from Amerindo — not Amerindo from Mr. Christov. The only illegality that might be charged to Mr. Christov concerned his mere failure to give Litton a disclosure document, a failing that is the direct result of Amerindo’s “being asleep at the wheel” then Mr, Christov’s ignorance of the law. If anything, the Act’s “Solicitor’s Rule’s” emphasis on an advisor’s supervisory responsibility supports a finding that it was Amerindo’s failure to discharge its supervisory duties that led. to (try to) “blow up” Amerindo’s May 1990 agreement with Mr. Christov. Amerindo was not trying to protect Christov’s contractual rights under the Agreement, rather Mr. Cohen woe conceded he was trying to protect Amerindo from its own “schlocky” practices (ih a ). Under the circumstances, Mr. Christov should not suffer a “forfeiture by operation of law” that is “wholly out of proportion to the requirements of public policy.” That would unjustly enrich Amerindo. HAVING PAID MR. CHRISTOV FOR LITTON FOR FIVE YEARS — AMERINDO SHOULD BE BARRED FROM ASSERTING IT HAS NO LAWFUL OBLIGATION TO MR. CHRISTOV. Equitable estoppel precludes one from: “Denying or asserting the contrary of a material fact which by its words or conduct, affirmatively or negatively, intentionally or through culpable negligence, induces another excusably ignorant of the true facts and who has a right to rely upon the words or conduct in question and in so doing changes his position in a way that he will suffer an injury in the inducing party’s denial or belatedly asserted contrary position was allowed to stand.” See, 57, N.Y Jur.2d, Estoppel, Ratification and Waivers, §13 et. seq. {at p. 17). The inducing party (Amerindo) “may not, (even) innocently, mislead another and then (try to) claim the benefit of its deception.” See, Triple Cities Construction Co. v. Maryland Casualty Co., 4 NY.2d 443, 448, 176 N.Y.A.2d 292 (1958) (“Actual intent to mislead or defraud” is not essential. It is more than sufficient to establish that the party to be estopped “knows or has reason to believe that its words or conduct will cause injury” to the other. MR. CHRISTOV DID NOT RELEASE AMERINDO WHEN HE SIGNED THE TAFT-HARTLEY AGREEMENTS Having “engineered” the deception that induced Mr, Christov to believe that Amerindo’s Taft-Hartley agreements created a lawful means to pay him for “finding” Litton, Amerindo cannot be allowed to relying on its own unlawful conduct to defeat Mr. Christov’s claim. Mr. Cohen testified that he crafted the “Taft-Hartley” agreements to do “what the boss ordered me to do” (pay Lucky) while “blowing up” the '90 Agreement (Exh J ). Although Amerindo never disclosed his motives to Mr. Christov, it was under a duty to. Mr. Garcia conceded this when he delivered the first Taft-Hartley agreement to Mr. Christov for signature. Amerindo told Mr. Christov that by signing the “Taft-Hartley” agreements he would be forfeiting his contractual right to receive Litton payments “for as long as” Amerindo maintained the account in exchange for a mere $75,000. The manipulation of the fiduciary relationship between Ametindo and Christov is a valid reason to permit payment to Mr. Christov. In short, Amerindo’s superior economic position imposed a duty to deal with Mr. Christov in “good faith” when trying to blow up their 90 Agreement. Amerindo knew this because it enjoyed the “superior and influential” position. After all, it collected the money and it - alone - decided when and how much it would pay. It had a duty to be honest with Mr. Christov. It did not discharge that duty. it produced “a false impression” by burying Mr. Christov’s arcane “release language” in its proposals by deliberately using that language to “convince” Mr. Christov that it was honestly seeking his consent to rescind their 90 Agreement although it knew Mr. Christov would never knowingly give up millions for a mere $75,000, Having elected to be vague and ambiguous, Amerindo cannot take advantage of its duplicitous acts.” Mr. Christov testified at the arbitration hearing that he“trusted Mr. Garcia...because he told me he was going to do something and take care of it. I took that to mean exactly that. 1 couldn’t imagine him setting up a sham payment scheme, why would he?” Ammerindo’s real concern about paying Mr. Christov for 1999 resulted from the stock market’s “hot” performance in 1999. When Mr. Vilar wrote the April 13, 2000 e-mail, (Exh C ) he had to be aware that Amerindo had just finished its best quarter ever. The Litton account had grown to over $650 Million. Litton’s advisory fee (just for the 1 quarter) was almost 2.0 Million. At30%, Amerindo “owed” Mr. Christov over $600,000 for that quarter alone. MR. CHRISTOV WAS NOT REQUIRED TO BE LICENSED AS A SOLICITOR 3 The following illustrates how courts often refuse to enforce releases that are the product of deception or misunderstanding: In Cahill y. Regan, 5 N.Y.2d 292, 299, 184 N.¥.S,2d 348 (1959), the Court rejected a release because the parties were “not concerned with the same issues.” In Stone v. Aronwaid & Pykett, 275 A.D.2d 706, 713 N.Y.S.2d 198 (2 Dept. 2000), the Appellate Division refused to enforce a release where the parties “continued to litigate” after the release was executed, In New Again Construction v, City of New York, 351 N.Y.S.2d 895, 899 (Kings, 1974), the court estopped the City from relying on a release obtained as a result of “unconscionable conduct” where the City’s agent insisted on an abandonment of the (plaintiff's) claim. (“An intent to release a claim gratuitously will not be inferred unless the intent ...is clearly and unequivocally expressed and where unilateral mistake is present.”) (emphasis added). i0 At the hearing, Mr. Cohen testified that California “required” Mr. Christov to be a “Ficensed” solicitor to legitimize his role in securing the Litton account for Amerindo.* Respectfully, this appears not to be the law and it serves merely to confuse the situation. Mr. Cohen failed to identify any statute that proved his point. Mr. Christov was only a “part time” solicitor and (we believe) that neither federal nor state statutes require the licensing of these (types of) solicitors because the registered advisor must supervise their activities. In fact, Mr. Christov was duly “licensed” by the NASD. He had a Seties 2A license which in turn required him to have a Series 7 license. All Amerindo need do (in 1994) was give Mr. Christov the requested (’40 Act) disclosure documents for Litton. It never did and it now seeks to shift blame to Mr. Christov for its malfeasance.(Exh K, Letter to SEC re: Amerindo refusal to cooperate with Mr. Christov and it’s ridiculous rationale for its refusal-i.e, since “counsel did not see the necessity” for Amerindo’s cooperation there was” no reason” for Amerindo to adhere to the arbitrators directive). In point of fact SEC addressed this issue: “Tp,..Release (No. 615), the Commission expressed the view that a solicitor who engaged in solicitation activities in accordance with paragraph (a)(3)...would be a person associated with an investment advisor and therefore would not be required to register as an advisor under the Advisers Act solely as a result of those activities. The Commission’s view that such solicitors would be associated persons of an advisor was based upon the investment advisor’s responsibility to supervise the activities of the solicitors.” (emphasis added) 3 * we need...to make Lucky our associated person for purposes of the California corporate securities law...or Lucky will have to demonstrate that he is or become registered as an investment adviser under the California statute” (599). | 11 Clearly, the SEC’s view is that the investment advisor’s responsibility is to gversee the activities of third-party solicitors. This eliminates the need for a solicitor to register. Because California follows federal law, it recognizes too, for instance, that attorneys, CPA’s and (other) “persons associated” with an investment advisor” need not register where investment advice is given “incidentally” and where it is clear that the person is not doing so “as part of a regular business.” No one could conclude that Mr. Christov held himself out to Litton as the source of investment advice that was being given as part of bis business. In short, because there is no rule or regulation that requires a solicitor to register, Mr. Christov’s claim is not diminished by this argument. CONCLUSION For the foregoing reasons, Mr. Christoy is entitled to an award for 30% of the fees Amerindo has collected from Litton. Dated: New York, New York September 19, 2013 Respectfully submitted, DAVID M. RICHMAN, ESQ(K - . Atterney for the Claimant LATCHEZAR CHRISTOV 360 Lexington Avenue New York, New York 10017 Telephone: (212) 687-1425 Facsimile ; (212) 682-6425 e-mail: drichman@sonnrichlaw.com VERIFICATION STATE OF CALIFORNIA } ) s8.t COUNTY OF SAN DIEGO ) LATCHEZAR CHOUSTOY, being duly sworn, deposes and says: Lam the claimant in this matter, and [have read the foregoing claim and know the factual contents thereof, and I believe the matters stated therein to be true, Dated: San Disge, California September 17, 2013 <7 □□ □□ em LATCHHZAR CHRISTOV Sworn to before me this day of September, 2013 Notary Public CALIFORNIA ALL-PURPOSE CERTIFICATE OF ACKNOWLEDGMENT State of California County of ¢ VAN) WienK« . ' □ on ttt] 201% _betoreme, KOMEN. Stein mere jNotacy Public. (Flere insert nan) ane he of the atficer} ' personally appeared LOM CMe CMS ON ee who proved to me on the basis of satisfactory evidence to be the personés) whose name(s} is/are-subseribed □ the within instrument and acknowledged to me that heArre/they executed the same in his/herAthetr authorizec capacity(ies), and that by hisAhentheir signatureés) on the instrument the persongs, or the entity upon behalf o: which the person} acted, oxecuted the instrument. { certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragrap is true and correct, KAT 4 □□□ STEINMETZ □ 21 GE £fietlal ee of cee §«—«ConWnintion # □□□□□□□ WITNESS my hand and official seal. HiewaeNie) Ntotmy Pubie ~ □□□□□□□□□□ □ A) > . jay San tings County (Notary Seal) _ My Comm, Expires □□□□ 10, 2016 8 Lier ofary Ser , are Signature of Notacy Public ADDITIONAL OPTIONAL INFORMATION INSTRUCTIONS FOR COMPLETING THIS FORM oe Any achunvledement completed in Catifornta must contain □□□□□□□□ □□□□□□□ | DESCRIPTION OF THE ATTACHED DOCUMENT appem's above if ihe noki'p section or a separate achaowledgment □□□□□ inet | . 5 praperly completed and attached ta tet document. The only exeeption is if \ - C\ C ont ON O docnment ix to be recorded outside of Catlfornta, le such fnstances, □□□ □□□□□□□□□ i ten ecdtcas erteet sunnier achirowdedcanens verbiage cs aap be priated on such a docnment vo fong as □ (Title or description of alached document) vertiage does nod require Hie notary ta de senetiting thet ix □□□□ for a □□□□□□ Clea YY) Caitfornia (Le. certifying the authorized capacity of the signer). Please chook □ “"Flie'or description of attached Tooiment continged) document carefully for proper notaral warding and ets farm □ □□□□□□□□ oy * State and County information must be the State and County where the docume Nainber of Pages LL Dooument ae UM gigner(s) personglly appeared before the setary publi¢ for acknowledgnicnt, eI * Date oF notarization must bo the date that the signer{s) personally appeared whi nnn ncaa pgp mint also be (he same daie the acknowledgment is completed. {Additional information) ® ‘The notary public must print Hig or her pame gs it appears □□□□□□□ his or h comfisaion followed by a comma and then your Gtke (notary public), * Print the name(s) of document signer(s) who persomily appear at the time holivianenn. CAPACITY CLAIMED BY THE SIGNER © fncliente the correct singuler or plural forma by ¢rossing off □□□□□□□□□ Forms ( Cl Indi 4 dual havshedthoy, ip fare } or gireting the correct forms, Fallurg to □□□□□□□□□ indicate i MCIVECI (s)_ information may Lend to rejection of document secording. E] Corporate Officer + The nolary seal impression must be clear and phatographically reprodueld finpression must nat daver doxt ay Lines. EP seul impression smudges, □□□□□□□ ee) sa(icignt aren permits, elherwise complete a dilferent acknowledgment □□□□□□ Partner(s) © Sipnutoce of the nowey public must miatoll thy signature on file wilh the affies oF the eounty olerk. Attomey-in-Fact © Additional information is rat required but could hetp □□ ensure U C1 'Trustee(s) auknowdedgiment is not misused or allached atifferent □□□□□□□□□ Ol Other % indiguie title or type of attached document, number of pages and □□□□□ serene acer tt Jadiente the capacity chimed by the signer Hf the claimed □□□□□□□□ is corporale offices, indicate the (ile (Lo. CHO, CFO, Seeretary}, ~~ Securely ediach hig dosument to the signed document css □□□ i pti gue enema gues ab to eis aga aca ca Mt ERC □□□□□ a” 1 - □ □ ' . 95424/1999° ga:a8 = J e.aeyEegS L CHRISTOV — PAGE 93 AMERINDO INVES rMewT ApvIsoKs INc.- Lo CONFIDENTIAL , May 3, 1980 Mr, Latchezar Christay Managing Partner The Western Group, Ina. 456 Nexth Caden Drive Reverly Hilis, ca 90210 Daar Lucky: : i am indeed pleased toe confien the compensation scheme ye discussed relating to the amount we Ling to pay you for accounts yon bring us. . We will pay you 30% of ail fees, wanagenent and incentive, wa celiect for as long\as we maintain tha account, Management fees are ca t erly in arrears; inoentive fees aré payable annually in arrears. We greatly appreciate your continued, long established Support for . our firm, @ strongly encourags you to teke advantage of our excellant leng term wacord (30.5% ovar 10 yerrs, without = down year) plus the ongqeing bull market in our Specialty technology Hectar to introduag Pproépective clients to Our service. Best regards. . Sincerely, □ 3 r . (bide Alnert W. Vilar | . B PETMIONER’S i EXHIBIT □□ AMER000390 + AMERIND O . 399 Park Avene, 22nd Floor INVESTMENT ADVISORS INC. New York, N'Y 10022 . Tel (212) □□□□□□□□ Fax (212) 371-8988 January 1, 1998 Mr, Latchezar Christov CONFI DENTIAL 607 Skyline Trail Topanga, CA 90290 Re: Client Solicitation . Amaerindo wishes to confirm tha terms by which it would engage you to, and be willing to compensate yau further should you, refar new clients to us as set forth below. You shall be entitled as. set forth herein to receive fees and commissions as set forth below for your services in soliciting New Clients for us, as follows: 1. Betziner. Amerindo hereby engages you, far a term ending on December 31, 1997, to attempt to identify for sollcitation and thereafter, upon authorized placement of a potential New Cllent's name on Exhibit 1 as provided below, to soticit, New Clients aa such term is defined below, and agrees to pay you a retainer of $348,000, payable as follows: and $87,000 upon each of April 1, 1998, July 1, 1998, October 1, 1998, and December 31, 1998: with it being understood and agreed, however, that this retainer shall be fully racoupable from and against the first monies -which would othenvise be due you as commissions under Section 2, below, so that no such commissions shall accrue or become payable until the full amount af the foregaing retainer has been recouped. 2, Commissions. (a) As used herein, the term “Naw Clent" means and refers only to the fallowing persons or firms: {i} Those firms or persons who {a} are tisted in Exhibit 1 attached hereto, (b} are introduced to us by you, and (¢} pursuant to written-investment advisory contracts executed on or before July 1, 1999, become clients of ours substantially with your aesistance and without substantial assistance from any of other representatives of employees engaged to solicit new clients, with it being understood that the term “New Client" for purposes of this clause {i} does not mean or refar to any person or firm not meating all of the criteria sat forth fn this clause {ij; and ii) Any other firms or persons who {a} you propose in writing to us to add to Exhibit 1, (b} we, Amerindo, agree (in the exercise of our sole and absolute discretion) in writing to add te that fist, (c} are introduced to us by you, and (d) pursuant te written investment advisory contracts executed on cr before the first anniversary of thelt being added to such Exhibit with Amerinde's written consent, become clients of ours substantially with your assistance and without substantial assistance from any of our other representatives or amployees engaged te solicit new clients, with it being understood that the term "New Cliant" for purposes of this clause {ii} does not mean or refer toe any person or firm not masting all of the criteria set forth in this clause il), is also understood and agreed that FP) □□□ AMEROGO15 (QD) . i: 47 Mr. Latchezar Christay . January 1, 1998 Page 2 : even if we, Amerinda, agree to add a person or firtti to the aforesaid list, Amerindo may arid | shall be permitted, If it chooses, to add such person ar firm to the list based on a reduced achedule of commissions, which reduced schedule Amerindo shali set farth oh such list, ib} it is expressly understood and agreed that you shall have absolutely no authority to contact any person by any means for the putposes of exploring the possibility of such person's besaming a client of ours unless You fave first obtained the prior written consent of the Chief Operating Officer of Amerinde to contact that specific persan, dnd you shall have no right ta represent to any person that you are our agent fur any purpose whatseaver unless the prior written censent of the Chief Operating Officer of Ametindo is obtained with respect to the person as to which you desire to make any such representation. . tis also expressly understood and agresd that, notwithstanding anything. contained to the contrary herein, the tarrn “New Client" shall only mean and refer to persons or firms whd . become seperate discretionary eccount cliente of Amerinda itself, and not to any persons or firms who become cilants of or investors in any affiliate of Amerindo, inaluding any investment company or investment partnership organized or sponsored by Amerindo (with the term "company" having, for such purposes, the meaning ascribed to it In the Investment Company Act of 79840}. As used in this agreement, references to "Amerinda" are to Amerindo Investment Advisors Inc., a California corporatian, (c) With respect to each New Client, you shall receive {i} an amount equal to 20% of the Notional Fees (as such term is hereinatter defined} earned with respect te such Client for the three (3) year period commericing an the tnitial Funding Date {as defined below) - and (i}} an atmount equal to 10% of the Notlonal Fees (as such term is hereinafter defined} earned with respect to such Cllent for the three (3} year period thereafter, and your entitlament to any commissions or other payments in respect of any euch Client shail theraafter cease, , . . (d} For purposes of computing the amount of commissions which you will he entitied to be paid pursuant hereto, Notional Fees shall be considered earned for the period with respect to the actual fees to which they relate are sarhed, regardless of when payment of such actual fees is actually made (with it being understoed that the timing of payment of Such commissions shall be calculated ard paid, with respect to each appticahie Client, within _ thirty (30) days after the receipt by us of fees from such Client). {a} The term "Notional Fees" means the amount which would have bean eatned by us with respect to that Client for a given period based on the fee structure actually in place with that Client had the value of the assets under management for that Client for the period in question bean equal to the value of the assets under Management by us far that Client as at the date on which we are first funded with such Cllent's account ("the tnitlal Funding Date") (which value is herein referred to as the “initial Funding Date Value"), as adjusted on the first day of each calandar month fallowing the calendar month in which the Funding Oate occurred, as follaws: . {ii down (a) to reflect withdrawals by the Cllent subsequent to the initial Funding Date of any assets under managerent in the account, other than withdrawals of net (ep *) . AMEROO016 Mr. Latchezar Christov January 1, 1998 Paga 3 . assets added to the account in question by reason of Managed account growth during the period commencing an the Initial Funding Date, and/or {b} to reflect diminution in value attributable to depreciation of assets under Management other than by reason of withdrawals by the client, and : fil) up to reflect the amount of any increase in the value of assats under management which is attributable to any additional Client funding of the account which is □ □ effectad during the 18 month period which cormmences upon the earlier of (a) the Initial □ Funding Date and (b) execution by the Client of its advisory agreement, : if} All valuations of client assets for purposes of this paragraph shall be made in the same manner as they are made for the client in question and such determinations shail be binding, Except as set forth above, you shall not be entitled to any compensation of any kind whatsoever, including by way of reimbursement of expenses, □□□ {g) You expressly agree to obtain and maintain any and all registrations, licenses and similar authority necessary to conduct your activities pursuant to this _ agreement, to comply fully with all applicable laws, rules and regulations pertinent ta your + activities hereunder and, without limiting the generality of the foregaing: (i) To deliver @ copy of our current "brochure’ which is required by Section 275.204-3 of the Regulations of the Securities and Exchange Commission promulgated pursuant te the Investment Advisors Act to each prospective client on yo □ meeting with such prospect, and theteafter fro 8 to deliver such prospect, on the □ first meeting after any changs in-the brochure, a copy of the new ‘ fii) To deliver to each prospective client on your first meeting with □ SUch praspect, a copy, in the form attached hereto as Exhibit 2, of the written disclosure document required undar Paragraph 206(4}-3{b) of the Investment Advisers Act {the "Solicitors Rule"), and thereafter from time to the to deliver to such prospect, on the fire meeting after any change in that disclosure documant,a-eepy-ct the naw document (iti) fo obtain, in connection with each and every dalivery of 2 brochure or disclosure document, a signed and dated acknowledgement of the receipt theract the prospect, and promptly to furnish copies of all such acknowledgernents to us; and. {iv} To maintain sufficient written decuments and records ag may appear reasonably necassary to demonstrate your compliance with the foregoing. (h} You represent that you are not a person described in Paragraph (ale □□□□ of the Solicitors Aule, You agree that you shall not, for so long as you have the potential to earn any compensation hereunder, make use of any of our Proprietary customer sts to solicit any business or clients for any other person of firm, You furthsr agree that you shall pre-clear with us actual copies of any marketing materials which you Propose to present to any person (Ci) ‘ AMPEPINNA7 Mr, Latchezar Christav : January 1, 1998 Page 4 : in corinection with your marketing the services or products of Amerindo, as well as captes of any other materials which may be-deamed to be "advertising" under the Investment Advisors Act and the Regulations thereunder, and yau shail provide us with @ written quarterly report on the last day of each calendar quarter setting forth the names of sny person to whom such material has been given and describing the material dalivered, This letter represents the entire agreement between us pertaining to the subject matter hereof, There are no warranties, téprasentations or other agreements between us in connection with the subject matter hereof except as set forth or referred to herein. The agreement contained herein shall bind and enure te the benefit of the Siiccessors, assigns, personal representatives, heirs and legatees of the respective partios. The agreament contained hergin may be amended or medified only by the written agreement of each of us, □ You and we agree that this document has been exeauted and delivered in the State of California and shall ba construed, enforced and governed by the lawe thereof, in the event of any action, sult or proceeding brought under er in connection with this agreement, the prevailing party therein shail be entitled to recover, and the other party hereto agrees to pay, the prevailing party's costs and expenses in connection therewith, including reasonable attorneys faes, Your contact at Amerindo for purposes of this arrangement shell be its Chief Operating Officer. Very truly yours, . "AMERINDO INVESTMENT ADVISORS INC. Alberto W. Vilar ‘ Presidant . TS LT ai repr ok AFL Laichezar Christov / Dated: , 1997, □ A AMERGO018 □ . ‘ . . OBINPAIPO,0,127,1279C0,75,0,75, ONU10A | Subj: Letter fram Alberto Vilee ID EN I Al Date: 4719/00 8:37:57 AM Pacific Daylight Time , From: jateher@AMERINDO.com (Johanne Olsher) To: LChristov@aal.com (LChdatev@anl.cam') . April 73, 2000 : Lusky Chriatoy . . : □□ . 07 Skyline Teall Topanga, CA S0250 Baar Luckey: fern raspernding Gafy fo tha matter of yOur fees. □ Way beck whan, we agreed te pay’you a fee for John Sweetland, bagasse he in our offshore fund, SEC does not coguitte finders’ fron with reapaot to offshore fundswhich leaves ua free to do what we want, ‘The issue of paying foot an Linton is entirely different. ‘the SEC is axtrermaly apecific about-how this can be dena. There is only ane way in which we are pernittad fo pay o fee ana US eccaunt, We have ta ger Utten to sign a SEC industry in whieh they eutherize out oxyment ! to you, Inciuding the amount of the payment, the thre the payment will : : be mada, ani tha percentage of our commission. Unfarsunately, there are □ axceptions to this rule, We probably tock » casual, If not outright . arroneous Wow of thig matter, in the interest of compensating 4 gcod fiend, nainaly you, bur you shoud have knewn thie toe, Now tha situation fe very different. Liteon is vary visible fame account and we afa a very Usible investinant advisor. “I don’t have to tell you thet . any werlous Infraction af SEC regulations ooidd close us dawn. We ate Het going te compromise cur ficense for arrything of anyone, One way of luoking at tha situation is that you banofitad enormously ‘ from what we were not pemmitzed to do by few, We auld have you talk te Rick Cohan, aur tongtime trusted counsel in Los Angeles, about thes danger we fece in proceading with thls arrangamient, In fact, your compensation adds further walt to the wound, a4 cur atendend □□□ party femuneration agreement spacifies that tha egreed upon carniseion is - based on ortgital funds contributed end not oi any capital sppreciacian, we pay ail the fese In full for three years, which In then by half for the next five years, at which time it ends, # t had an esey solution, | would communicate (t-t¢ you, You'complain about the pain of being pul ivk-we-teak-of. EC sanctions, and the aw¢eption wa made at our: you really mise the point. We stuck our necks out for you, ‘ hich in reatreapect wag extremely foolish on our part, We alec gave you . batever morsi support we could during your SEC ardaal, Tam.happy te consider suggantlons that you hen,-promdad they fall . fr PE TIONER'S it! t + . a z tose i EXHIBIT a: BO AlbeROOBLTLAT .ALA1,2SP1PW1ZPE< =f WA KOK-L 17U1462,98PMOREIy'y 4 1 Gia 9 it LIPM2ACO,IAFIS,6 0, ¢ Q AMEROQO21 ~ em - '" . : oy . . □ : Commercial Arbitration Rules ae i £ this demand and the mbitration agreement, with the filing fee jnanite oceedings, please gend two copies of f ided in the rules, to the AAA, Send the original demand to the respondent. DEMAND FOR ARBISEATION po . . | parm apauee ago Name AMERINDO INVESU AEN. AD ORS EN a 2 gman □□□ J 4 . 399 Park ‘Avenue . . . memecr nner □□□□ Address Taf the Banty on Wham the Dembad Is Mads) wy022 City and State Wew York, New York : oem Cade . Teluphore (22,3712 6360 | ern val (212) 371-6988 Name of Representative —ALRSzis ilar. ere ‘ident. Representatives Address—322. park Avenue, NeW York. YU Name of Firm gtApplicable) AMERINDO INVESTM Bt} COR iN . City and State New York, NY. wip Code 0022 Le . See Above. See Above: Telephone (Se F ppmed dlaisnent, 4 to an arbitration, agreement contained in a written contract, deied_SEaUSS Be □ eovtding for arbitration under the Commernial Arbitration Rules of the American Arbitration Association, hereby demands arbitration thereunder. “a BREACH OF CONTRACT; U t,t ‘Tas NATORE 08 THE DISPUTE BREACH GE com CraRy D INIUST ENRICHMENT (Exhibit “A") Tae Clan on Retias Soucer (he Amount, ifAny): Accounting to determine the true ‘amount of gommissions due claimant both presently and in the future and, pursuant to Rule 23, as published in the Commercial Dispute Resolution Procedures (as Amended .and Effective January 1, 1999), an Order directing Amerindo Investment Advisors Inc. to produce all documents in its files regarding the calculation, billing and collection of jis fees to the accounts involved in this dispute dating backto 1990.” Tes DISPUTE Aust: OUT OF AN EMPLOYMENT RBLATIONSE? . : + "Types oF BUSINESS: Claimant eee oe Rysvonden investment □□□□□□□□□ Prarina LOCALE REQUESTED: New York, New Sow aa □ - { You are hereby notified that copies of our arbitration agreement and this demand are being fled with & Amarican Arbitration Association at its New Yorks Clty office, with a request that it commence adn □□□□□□□□□□ of the axbiiration, Undge’tre riiles, you may file an answering eralement within fifteen days after notice Horn □ AAA. ‘ . ‘ Signe 4 (ty tile Attorney ta □ □□□□ (Moy Ba Signed! fa Reprazantative) : □ of Claimant: LATCHEZAR CHRISTOV i Adldrese (te Ba Used ix Connection with Tab Care) 607 Skyline Trai City and Sthte Topanga. California. ZIP Code 90290 Telephone (310 )—4555=2056 —_-»-—--—= Fax (310) 455-08 . ‘Name of Rep. resentative David M. Richman, Esq. Namne of Firm. qtppliable N/A Representative’s Address 360 Lexington Avene □□ City and Stata New York ———— ap Code. 0017 ‘Telephone (21 687-1425 Fax{212). 6827642 . MEDLATION is a nonbinding process, The mediates nasisis the parties in working outa solution that is acceptable to the . [| you wish fox the AAA to contact the ather parties to ascertais. whether thay wish to madlate this matter, please □□□□ this Whave is no additional administrative fee for this cervice). . Fort © EXHIBIT A NATURE OF THE DISPUTE The claimant, Mr. Latchezar Christov (sometimes, "Mr. Christov'), is California resident who, at all times relevant, was engaged in the investment business. His activities, as they pertain to this dispute, involved his employment by the respondent, Amerindo Investment Advisors Inc. ("Ametindo"), to act as a solicitor to introduce Amerindo to clients who would utilize Amerindo’s investment advisory services. ‘The respondent, Amerindo, upon information and belief, was, at all times relevant, a California corporation licensed to do business in New York. Amerindo maintains its "headquartet” offices at 399 Park Avenue in New York City. Its Chairman, Alberto W. ~ Vilar (sometimes, "Mr. Vilat"), jointly owns, Amerindo; with Gary Tanaka (sometimes, we Tanaka"). lis Chief” Financial Gfficer. ("CFO") is Mr. Joaquin GarcinLarien □□ (sometimes "Mr. Garcia-Larieu"). Amerindo is a licensed investment advisor, as defiried in the Investment Companies and Advisers Act of 1940 (see, 15 U.S.C.A. §80a-1, et seg. (“Investment Company Act’) and 15 U.S.C.A. §80b-1 (“Investrnent Advisers Act” or "IAA-40")).” Its business activities are regulated by the Securities and Exchange Commission ("SEC") pursuant to miles and regulations promulgated by the SEC (see, 17 C.F.R. Part 275-"Rules and Regulations, Investment Advisers Act of 1940"- Exhibit “A"). A Amerinde is both a domestic and "off-shore" investment advisor that manages "money" for high net worth individuals (who sometimes elect to have their "money" managed in "off shore" hedge funds) and corporations who (as in this case) are responsible for their employees’ pension finds. THE NATURE OF THE DISPUTE. Mr. Christov and Amerindo’s senior management (Messrs. Vilar and Tanaka) have known each other since the 1970's. During the later part of the 1980's, the parties concluded that Mr. Christov could play a role as a “solicitor” for Amerindo that would inure to their mutual benefit. The parties agreed that Mr. Christov would fonction as an Ametindo "solicitor," primarily in California, where he had been living and had been working formany yeats as a stock broker and financial consultant to institutional and personal clients. In May, 1990, Amerindo entered into a fee-commission "splitting" arrangement with . Mr. Christov in which it agreed to pay him a commission of "...thirty percent of all fees, management and incentive, ...[it]...collect[ed]...for as long as...{it]...maintained...accounf[s]...." that Mr, Christov introduced to it. (The "May “00 agreement") (Exhibit "B"). "Despite this promise - and despite having: paid Mr. Christov more than $1.2 million in commissions between 1990 and 1999 - Amerindo,.in May, 2000, without □□ .. prior notice to Mr. Christov, informed him that it would no longer make commission payments to him even though if was (and continues) to collect fees from clients introduced to it by Mr. Christov. These "Christov accounts" have grown from (approximately) $1 million dollars (in 1990) to a sum believed to exceed $300 million dollars (in 1999). In a nutshell, Amerindo’s decision to stop paying Mr. Christov commissions was due to two factors; the first was that the accounts became so large that Amerindo would owe him aillions of dollars which sum would continue to grow "for as long as (Amerindo) maintained the accounts" and, secondly, Amerindo recently admitted to Mr. Christov that the method it employed to compensate him violated SEC regulations. (Exhibit °C"). □ The May ‘90 agreement requires an accounting of Amerindo’s records to determine the fees it collected from the accounts in this case, Litton Industries and two of its affiliates, Western Atlas and Unova (hereinafter collectively "the Litton accounts"), and the account of Mz, John Sweetland, from 1990 trough the present, to determine if Amerindo has correctly compensated Mr. Christov to date and how much they shall owe Mr. Christov going forward. "JHE SWEETLAND ACCOUNT . Within months of signing the May “90 agreement, Mr. Christov introduced Mr. John Sweetland to Amerindo. At the time, Mr. Sweetland transferred a sum believed to be $1 million dollars for Amerindo to manage in one of its "off shore” accounts. □ During these past nine years, and pursuant to its obligations in the May ‘90 apreement, Amerindo has paid Mr. Christov, without fail, an annual commission, for the. Sweetland account, from one of its "off-shore" bank accounts. The amounts paid should equal 30% of all of the "fees" Amerindo collected from Mr. Sweetland. However, Amerindo has never provided Mr. Christov with an "accounting" of the Sweetland account; therefore, he cannot be certain he has been paid all that is rightfully due him. The commissions paid to Mr. Christov for the Sweetland account were paid in two □ segments - the first, which. was paid in the first half of each year supposedly represented the "management" segment of. Amerindo’s fee; the second sepment supposedly representing the "incentive" portion of Amerindo’s fee, was paid to Mr. Christov daring the second half of the (same) year. This year, despite paying Mr. Christov the first segment of his "Sweetland” commission, Amerindo refused to pay the second (or incentive) portion after Mr. Christov’s -3- repeated demands claiming that Mr. Christov "released" his claim to these commissions in 1994. (See Exhibit "H"). Although it refused to pay Mx. Christov the "incentive" segment, Amerindo ignores the fact that it has regularly paid Mr.’ Christov commissions for this account ranging between $25,000 and $50,000 per year since 1990. Amerindo hada “habit" of not only failing to timely notify Mr. Christov of the amount of commissions due him each year, it would fail to pay him timely the commissions due him. Mr. Christov complained repeatedly to Messrs. Vilar, Tanaka and Garcia-Larieu. Consequently, in January of this year Mr. Christov went to New York City to meet with Amerindo’s CFO, Mr. Garcia-Larien, specifically to discuss alternatives to the parties” commission formula. These discussions ranged from such ideas as making offshore payments to a "buy out" of Mr. Christov’s May “90 agreement. He was asked to develop "suggestions" fo enable Amerindo to deal with the issue because Amerindo knew that it had failed to comply with the SEC’s rules regarding this fee splitting arrangement, which failure (Amerindo believed) jeopardized its SEC license. □ "Jn fact, Amerindo knew that it was obliged to obtain Litton’s consent to share its fees with Mr. Chitistov. It repeatedly ignored this requirement and only when its May .1990 arrangement obligated it to pay Mr. Christov millions of dollars did it, for the first time, rely on its own misfeasance to avoid discharging its debt to Mr, Christov. OVER $300 MULILTON rere In 1994, Litton “Industries became a client of Ametindo when it transferred approximately $30 million dollars of its employees’ pension funds to Amerindo for it to -4- manage after Mr. Christov introduced Ms. Elizabeth Maes-Guasti - then a senior Litton executive responsible for managing Litton’s employee pension funds - to Mr. Vilar. The first "piece" (of Litton money) was delivered in mid-1994: the second "piece" was delivered several months later. Between 1995 and 1997, Amerindo was introduced to two other "Litton accounts,“ Western Atlas and Unova, who delivered (on information and belief) millions of dollars of □ their employees’ pension funds to Amerindo foritto manage. The precise amounts delivered to Amerindo by these Litton affiliates is presently incapable of being estimated. because Amerindo refused to comply with Mr. Christov’s repeated requests for a full accounting of che Litton accounts. : Upon information and belief, Amerindo has failed to pay Mr. Christov any commissions (management or incentive) for the Wester Ailas and Unova accounts. We helieve it also has-failed to pay him any commissions for the "incentive" fees it collected from Litton. Moreover, Mr. Christov also alleges that the amounts paid to him since 1995 do not reflect 30% of the management portion of the fees collected from Litton. Only a full accounting will properly determine what is owed him. . □□□ EE □ raktoy Amerindo charges its clients a 1% "management fee" as well as an "incentive" fee when agreed upon. Upon information and belief, all three Litton accounts agreed to pay Amerindo both a “management” and an "incentive" fee for its services. Thus, on the assumption that Amerindo was managing $100,000,000 of "Litton money" in 1996, Mr, Christov should’ have received a commission of at least $300,000 in 1997 since . -5~ Amerindo’s fees are paid by its clients "in arrears" (i.c., it would "receive" its 1996 fees from Litton in 1997). In fact, Amerindo paid Mr. Christov $356,000 in.1997. Rather than disclose this arrangement to Litton and report it to the SEC,” Amerindo elected to describe this sum as a "setainer payment" to Mr. Christov and paid it to him ("in arrears”) supposedly to obiain "new customers" for Amerindo in 1997. (See Exhibit "D"). Although Mr, Christov was unable to "solicit" new clients for Amerindo in 1997, in 1998 Amerindo paid Mr. Christov a $348,000 "retainer" (Exhibit "E"). Upon information and belief, this sum represented approximately 30% of the "management" fees Amerindo . collected from Litton for 1997. . This "scenario" was repeated in 1999. However, Amerindo reduced Mr. Christov’s $999 "retainer" to $248,000. Gixhibit "F"). When he asked about this, Mr. Christov was told by Mr, Garcia-Larieu that the $100,000 reduction was based on Ametindo’s decision to pay him, in 1997 and 1998, suas that were actually due him in 1995 and 1996, respectively, based on fees Amerindo received from the Litton accounts in 1995 and 1996, in other words, Amerindo had failed to pay Mr. Christov. in 1995-96 what it owed him for those years, making up the difference in 1997-98. Thus, the $100,000 downward "adjustment" m 1999, according to Mr. Garcia-Larieu, was designed to reflect Amerindo’s belief that the *catch up" payments for 1995-96 were finished. In the aforementioned January 2000 meeting, Mr. Christov requested an accounting from Mr, Garcia-Larieu to confirm this. It has not occurred. —_——_———- The SEC "solicitor rule" requires an investment adviser not only to furnish a client with a written disclosure statement regarding allfee splitting arrangementsit has with the account’s solicitor, it requires the adviser te retain the isclosure documents in its files, Upon information and belief, -6- AS SET FORTH □□ TAA-40 SEC regulations require investment advisers, such as Amerindo, to report fee sharing arrangements with its solicitors. C.F.R. §275-206(4)-3 specifically regulates “cash payments" for client solicitations. (See Exhibit "A" at p. 770). Amerindo recently admitted to having committed aserious legal mistake in this context (see Exhibit "C"- the e-mail from Mr. Vilar to Mr. Christov, dated April 13, 2000)° and now relies on its “mistake” to support its decision not to pay Mr. Christov. Where there is a lawful fee sharing arrangement, an investment adviser is obliged to do three things: first, it nmst provide the client a disclosure document which describes the fee arrangement with the solicitor, It must then obtain the client’s written consent to the disclosed fee artangements, and, third, it must make a bona fide effort to ascertain whether _ solicitor has complied with the fee arrangement by his disclosure of the arrangement = to the clientin a document that, per industry standards, is typically provided to the solicitor by the investment adviser. Amerindo did none of these things, although it acknowledged its obligations ia Exhibits D, E, and F. ae Since SEC Regulations require Amerindo to retain copies of both the client acknowledgment and ihe solicitor disclosure document, Amerindo also has violated C-P.R. §275.204-2(a)(15). (Exhibit "A" at p. 758). a in te allo Jixhibit "G". 4. CORRESPONDENCE REGARDING PAYMENTS TO MR. CHRISTOV _. In response to Mr. Christov’s persistent requests for an "accounting" of the Litton accounts, and despite paying him more than $1.2 million dollars throughout the 1990's (some $1,000,000 for "Litton" and, a sum believed to exceed, $250,000 for the "Sweetland” account), Amerindo will surely claim it does not owe Mr, Christov commissions for either account, In fact, nothing is further from the truth. Tn 1994, about the time Litton became a client of Amerindo’s, Mr. Christov was presented with a letter agreement regarding an “idea” the parties had been. discussing. Amerindo wanted Mr. Christov to introduce it to labor unions for Amerinde to try fo manage "Tafi-flartley” accounts, The letter, dated August 15, 1994 (Exhibit “H"), purportedly deflected an agreement to pay Mr. Christov $75,000 to prepare a survey of the "Taft-Hartley tnarket” and a’ "strategy for " Tits)...entry into that market and thoreafter to provide continuous consulting services in that regard through and until August 14, 1996." a ® At page "2" of Exhibit "HL", Amerindo inserted the following language: "You apres that this Agreement is in full and final release and settlement of any and ail claims, charges and the like which you may have against Ainerindo or its iated entities or persons for conipensation of any kind. In that regard, you waive any and all rights or benefits which you may have under the terms of the California Civil Code Section 1542, which provides as follows: ‘A general release does not extend to claims which the creditor does not: know or suspect to exist in his favor at the time of executing the release, which if known. by him must have materially affected bis settlement with the debtor,’ This letter represents the entire agreement between uspertaining to the subject matter hereof. There are no warranties, representations or other agreements between us in connection. with the subject matter hereof except as set forth or referred to erein." . ae . AMERICAN ARBITRATION ASSOCIATION Arbitration Tribunal □ Re: 13 181 00762 00 . LATCHEZAR CHRISTOV AMBRINDO INVESTMENT ADVISORS INC. I, THE UNDERSIGNED ARBITRATOR, having been designated in accordance with the arbitration agreement. entered into between the above-named parties and dated August 15, 1994, and having been duly swom, and having duly heard the proofs and allegations of the Parties, do hereby, render this INTERIM AWARD, as follows; in view of the nature of this matter, and the fact that this is an Interim Award, it is appropriate to address a number of the issues raised by counsel, and explain the reasons for the result reached: . □ 1. The prior conduct of the parties and the history of payments by Amerindo Invesiement Advisors Inc. (hereinafter referred to as “Amerindo”) io Lutchezar Christov (hereinaficr referred to as “Christnv”) _Cloarly establish that Amerindo recognized an obligation to Christov pursuant to the May 3, 1990 letier with respect to the Litton Account, Accordingly, I reject Arnerindo’s contention that Christov did not “bring” the Litton account toAmerindo, 2. With respect to the Western Atlas (or Unova) account, the evidence does not support Christov's olaim to 1 commission. 3. The releases found in the “consulting” letters do not serve to terminate the future obligations arising under the May 3, 1990 letter agreement. Nothing in those dovumments, which were drafted by Amerindo's counsel, terminates the letter agreement. Ido not accept Amerindo’s argument that the releases extinguish future rights arising under the existing letter agreament, since they do not specifically so provide. Further, each consulting agreement was intended to compensate Christov for the payment due for a prior year. T read the release language only as extinguishing the claim for that prior year. 4. Itis my view, however, that Christov may not recover ary suns due with respect to the Litton account because payment would viglate one or more of the applicable Investment Advisors Rules. Since there has nat becn compliance with the applicable Rules, Christoy may not compel payment, (reject Amerindo’s argument that the California Rule also bars payment to Christov.) Inthe Matter of the Arbitration between: To Re: 13 181 00762 00 : LATCHEZAR CHRISTOV AMERINDO INVESTMENT ADVISORS INC. a tA A AR I □□□ 5. There appears ta be some possibility that the bar of the applicable Rule may be lifted by a “no action” letter or waiver obtained from the SEC or other regulatory body, sither by Christov or Amerindo. If this were to occur, I would then hold that Christov is entitled to payment. Absent such a waiver, however, Christov is like any other unlicensed yendor of services, who cannot recover because of a lack of licensure. 6. Christoy should be afforded an opportunity to obtain relief from the disability he now suffers - by making an application to the appropriate regulatory agency. In order to enable him to do so, I direct that Amerindo provide him with all necessary cooperation and that Amerindo file the application in its name, if that is so , 9. Should the application be successful, payment should be made to Christov. Whether the payment would be retroactive or prospective only will depend on the terms of the regulatory agenoy’s ruling, if any. 8. Hither party may apply for appropriate supplemental relief, if necessary, with respect to any application, or to determine the amount due if Christov is sucoessful. $, Christov is entitled to payment in full on the Swoulland Account, The unpaid amount is $44,422.15, ata minimum. There appears to be an issue as to whether there are “incentive fees” which would increase this amount. Siice incentive fees clearly are covered, the amount set forth above should be increased by 30% of those fees, if any. The parties are to canfer as to this issue and try fo reach an agreement as fo the amount. If they cannot, upion application to me I will cither determine the matier on written submission or schedule a hearing. 10, Interest on the amount owing on the Sweetland account shall be computed at nine percent per commencing 30 days after the date each payment of a fee was received by Amerindo. ‘The parties should agree on those amounts. If they are unable to do so, the procedure set forth in paragraph 9 will gover. 11. Jurisdiction is retained for the purposes set forth above. 12, Bach party shall bear ite own atiomeys fees and expenses, Tn the Matter of the Arbitration between: ° ~ “ ~ — Re; 13 181 00762 00 LATCHEZAR CIIRISTOV and . AMERINDO INVESTMENT ADVISORS INC, The filing fee of the American Arbitration Association ("the Association") in the amount of $2,000.00 shail be borne as incurred and all other administrative fees and expenses of the Association totaling $1,689.34 and the sompensation of the Arbitrator totaling $5,900.00 up to the point of the Interim Award shall be borne equally by the purties, Shall there be any additional costs of the arbitration, the Arbitrator will assess at that time. This Award will stay in full force and effect until such time as a fina) Award is rendersd. . Yr i+ i ae Date . ” Jogeoh H. Einstein ON State of Pheer Zoele SS: County of jew Yorks . J, Joseph H. Kinstein, do hereby affirm upon my oath as Arbitrator that | am the individual deserthed in and who this instrument which is my Award, . Date / /sogeph HL. Einstein (7) + □ holding applies fully here -- equity does not intervene to permit an illegal act. of course, is also the teaching of the California cases discussed above that hold that will not grant an unlicensed person compensation made illagal by statute, b) Christov js Hardly Entitled to Equitable Relief . □ Christov's actions do not entitle him to seek equity. Although we readily concede □ a . true of Christov as well and he, after all, was the one seeking and claiming a right to Christov's own admissions reveal that he was, among other things, 2 solicitor for advisors. He was a seasoned and licensed securities professional who knew investment advisers were regulated by the SEC. He disp ensed investment advice for Nevertheless, he took no steps whatsoever io determine the requirements an investment adviser’s solicitor to be paid or the regulatory demands on his activities s an adviser. Since he could have solved the legal compensation issue himself by a conforming contract and providing Litton with 2 disclosure statement, his lack of diligence and, indeed, negligence, is one cause of his dilemma. Equity does ot intervenc to Save a party from his own negligence. . Moreover, Christov’s disability from September 1995 onward arises from his own conduct. Equity has no place intervening to shield a party from his own The doctrine of unclean hands precludes equitable relief in these circumstances. : 46 . @ ‘ 1 . . - □ OR ATLAS FAX RDS AELLER ENRHAN WHITE woo . Hellerkhrman wf? aN AY A Dscenber 9, 2002 Koln! Tamer Sharcboider dager eer. . wo + . Lunedt (220 147-8735 □ Y ied Facsimile ck tad, Adaié Mata (z19) 432.8300 Fave (202) 189-7408 Joseph Einstein, Esq. Goodkind Labaten Rudotf & Susharow 10G Park Avene New York, NY 10017-5563 Re: Chrigtoy vs, Amerinde Inressment Advisers, Ine. (Agrerinda'} Doar Mr. Einstein: , Mt. Richman's Decomber 3, 20072, wstter subsioanally miacharacierizes the facts and Amerindo's position. Your Interim Award directs Amerinda to provide « Christev such cooperation as might be “noouasary” fox lita 10 seek whatever yegulatory relief deema enpraptriats and to file az applicetion in is namie “if thet is oo requized." Amer:ndo has not fisied to comply with that directive, norhas it reficed to do se. When Mx. Richman inquired about Amorinde’s cooperation, I did por state that Amerindo not caoperste, Rather, □ told Mr. Richman shat Amerinds's chiigation was to provide “necessary” cocpecation and that} was not aware of any cooperation that way, in fact, necessary for Christoy ta sock regulatory relief Liadioated to him that simple research revealed that solicitors sucht as Christoy had sought "so-action" vehef from the SEC Soliciter Rule in the pant. Indestd, nome of those cases had been cited in the brief§ in the arbitration. Accordingly, Amurindo's cocperationwas not neotsaary Lor Christo to seek reling, and un applization ip its ame was nok "vacuired.* Mr. Richman did net dispure Ameriaido's position al the Ome umd did not indicate thar any cooperation from Amserindo was necessary. His-Desember 3 letter still frils to set forth any reason why Amerinde’s couperation is nesnysary for Christe lo.seek whatever relief he deers approgriate, A‘ for Ms, Sinythe, my iefter te her ie quite cloar-she too fatled 10 set forth any reason why Amoriado's cooperation was noceysiry fo Mr. Chrisiova “exsmptive applicatiom! ta the SEC. To ite convary, Ma. Smythe's letter reveals on its face that Mr. Christoy oru)d and would seek exemptive reuef fram the SEC without ccoperation or assistance Som Amienndoa, Once again, neither Mr. Smythe nor Mr, Richmen suggest any revsan why that analyst is incetrres. As for the remainder of my letter, itrespanded to the hostile, ascusutory and threa‘ening tenor of Ms. Synythe's Jorer, . Atmorinds belleves that Ms. Smythe's proposed letter to tan SEC was substantially araccurare and mis|oadimg, a8 well os de fumatery. Tt was evitire) proper for Amerinds 4o call her attention te thors Ahacalracies. eoltys dhe White dt Meta tlte □□ 4120 eVost Cie Siroel Mow Yaa YY LDdbAgA vw, benm.com Tork Wapapigion i 0. Magia 1 Sa vaancdsep = Sullran Vaiey LosAnicios San tmoo Sealigy Poriang nveage. Mung dan Singapore Atlin Oteer: Mies Bane Fore ag/O0/02 17180 Far ate 280 8537 0. ELLER ERRMAN WHITE meas Josegh Cinudla, Esq. Darema 9, 2092 Fags 2 Amerinda is thus in full corphance with the frtetim Award. The failure of Mr, Richman's letter to set forth any abon why Acnodndo's cooperation or any specific act is noocstary to Christov's app lication iy a telling admission that there are a0 such teasons or acts. Christov has his own tactical reasons why not yet sought regulatory relief, end is unfairly acovsing Amerinde in order to garner further — unjustified -- relief from the AAA.’ . Respectinly yours, Lo A □ | (ontabe Kevin J. Boner Sharsholder 1unndd 467 PMO Although Amerindo is in Aull compliance with tae Latena; Award, we respectfully observe that this letter us mol an admission that the Interim Awacd is valid and cnforceable, In uiat regard, we nots shat the )994 releaye agreement was the sole basis for Chrlstev's wsertion of arbitrability, “Yer, wie inedin Avare fords that the 1994 Asreement did pes epply be the cluiina al issue, Having found that Christov's ulaims were got within the scope of the only achitreble agreement, thers wayne longar a bois for requiring Amerindo ta arbitrate thom. i t : □ ' : ; ‘ 510 1 GARCIA-LARRIEU-DIRECT 2 became solicitor agreements. 3 You didn't really care what 4 they said as long as you were advised they 5 were legal and you could pay Mr. Christov, 6 would that be a fair summary of your 7 position? 8 THE WITNESS: Well, I think I 9 cared as far as it was something that 10 would be of substance and benefit to the 11 Firm. , 12 THE ARBITRATOR: The purpose of 13 these agreements was to get the money to 14 Mr. Christov that Mr. Vilar told you to 15 get to him? . 16 THE WITNESS: Mr. Vilar wanted 17 to take care of Lucky, but at the same 18 time we can put him to work for us and do 19 some things which would benefit us. 20 THE ARBITRATOR: Thank you. a1 Why dontt we take about seven 22 or eight minutes. 23 (Recess taken.) 24 MR. RICHMAN: Amerindo and . 25 Mr. Christov will stipulate based on fees VERITEXT 212-267-6868 516-608-2400 □□□ L GARCIA-LARRIEU-DIRECT 2 collected by Amerindo for the Litton 3 account for the years 1999 through 2001, 4 if liable, Amerindo would owe Mr. Christov 5 the sum of $2,282,838 at a 30 percent rate 6 ef its collections. 7 With respect to the Western 8 Atlas/Unova account, that being the same 9 account with a name change, based upon collections from 1995 through that part of 11 20021, that they remained a customer of 12 Amerindo, based upon the fees it 13 collected, if found liable, it would pay 14. |Mr. Christov the sum of $927,679 at the 30 15 percent collection rate. 16 The two numbers when added 17 together would add up to the sum of 18 3,210,517. 19 THE ARBITRATOR: You are going 20 to give me a similar calculation as to 21. Sweetland? - □ 22 MR. RICHMAN: I don't have that 23 here, but, yes. 24 THE ARBITRATOR: But would you 25 be able to do that and the other fellow? , VERITEXT 212-267-6868 516-608-2400 512 1 GARCIA-~LARRIEU-DIRECT 2 MR. RICHMAN: Crain, as it 3 turns out, is not an issue in the case, A because we didn't know this until we saw 5 the discovery, he redeemed his stock 6 around December 1998, so it turns out if 7 the calculations are correct on the 8 percentages, we got paid, we wouldn't get 9 anything for '99 or 2000. 10 THE ARBITRATOR: Okay. 11 MR. TONER: We will attempt to 12 do go and I anticipate we will be able to 13 do that. 14 THE ARBITRATOR: ‘Thank you. 15 CROSS-EXAMINATION 16 BY MR. RICHMAN: 17 Q. Is it your testimony that this 18 notional commission rate is an industry 19 standard? 20 A. rE think it is. 21 Q. And it is based upon an . 22 original amount invested by a client? 23 A. Original amount, and in some 24 cases, consideration given for additional 25 funds added to the account. : VERITERT 212-267-6868 516-608-2400 © * EER ENT AO YGGORS INC, . San Francisce, CTH telsy □□□□□□ . FAX (415) □□□□ August 18, 1994. CONFIDE Latchecur Christov 100 Wilshire Blvd. Suite 1620 Santa Monica, CA 90401 ‘Dear Lucky: a . Amerinde wishes to confirm that you have agreed to provide certain consulting Survices ta us a8 specified herein, and you nave agréed to render such services. Specifically, you heve agreed ta reseersh and prepare tor usa survey of the Taft-Hartiey market for moray Managqumiant services‘and a strategy fer our entry into that market, and thereafter to pravide ug WILK continuing consulting in that ragard through and until August 14,1998. Your Witton Survey sligil be presented to us on of before the first anniversary of the date of Une Agroemant, end you shall tnereafter be required to aonsuit with us at Our request for up (9 hours per month but no more then that in ANY one month. As full compensation te you for your consulting services hergundar, you shall ryceive fren 75,000 fes, payable $15.000 on Marsh 15, 1995, $10,000 on March 31, 1995, CEi8.009 Dresentation of yaur written survay and in a final installment $25,000 on 1996. You shali not be antitied to any compensation of any kind whataceva for ihe taregoung and except that you shell also Se antitled to raimbursemenc of your fuasonable expenses which are approved by us in writing in advence, in performance hereunder you are an Independent contractor. You shall perforn nll services Mereunder according ta your awn means and methods of work and to the best of your abiliues, vwhich shall be in your @xclusive charge ang control and shall not be subject tq Gorntroal Of supervision Bxcapting 8s to the results of Work of ag otherwise requirgd ny applicaiie law, You shalinet have, nor shall you hold yourself out as having, any right. powar Or authority to create any contract or obligation, either express or implied, on behalf af; in the af, or binging UDON Us, arid the ga: fapreserted hereby shatl not constituce you @ parttier or shaz for yoint-vanturer with us, Hors confer Upon you right ta became such, You shail not undertake any sollatation activitirs colperchended within the scopa of Rule 204-9 under the Investment Advisors Act. You will Nat Grivy ta our investment decisions or recommendations until those-ecistis pad faconwirndations ara made available to the ouble.generaty- PETMIONER'S . . @ ‘ AMEROO008 . Latehozar Crristay August 75, 1984 . Page 2 . We shall not make any deduction from the fees to be paid you, including. but not limited to, sacral security, withholding taxes, unemployment insurance and other such - deductions. You assume full responsibikty for afl such Taxes, Contributions end assessments and far worke/s' campensation insurance, agree to indemnify vs with respect therato and agree ip ail requiraments which may be specified under regulat.ens of administrgtive officals or bodies charged witn enforcement of sny relevent stata or Federal act. Yau also nares to furrush us, upon request, a cartificete or other evidence of compliance with the stute of Federal laws governing contributions, taxes and assessments on peyroils. . You agres that this Agreement is in full and final release and settlement of any and all clams, charges and the like which you may have against Amerindo or ita affiliated entities or parsons for compengatan af any kind. In that regard you waive any and all rights or penafits whieh you may have under the terms of tha California Civil Coda Section 1542, which □ provides as follows: . “A general release does not extend to claims which the creditor does not know ar SUSpeCt to exist ih his favor at tne time of executing the release, which if known by hin must have materially attected his settiement with the debtor.” Ths letter represents the entire agreement between us pertaining to the subject matter hereof. There are no warrantues, reprdgentstions or other agreements between us in connechen whine subjaat matter hareolfexcent 2S Bet forth or referred to herein, Trg Tigracmont coniamed herein shal! bind ang erure to the benefit of the successors, assigiis, . parsenal rspeeseutatives heirs and legataes of the respective parties. The agreemont comaned herain may be arended or modifiad only by tha written agreement of each of us. You and we agree that this document has been delivers in the State af Celifomia and shall be consirved, enforced and governed by the laws thereof. You and we agree to vse all taasarable efforts to resolve amicably any controversy or claim arising out ef or relating ca \his Agruement, apsin that regard agree that wa shall initiallyubmit any controversy ar claim which hus vonatcholved for more than thirty (30} days 36 a mutually satislactary New York or San Franci€es mediation service tor gne-time mediatién. in tha event any controversy ar claim cannot be resolved by agreement or-such mediation, of in the event that 4 madation □ service carat be agreed upon, the pyrties mutually agiee to arbitration in San Francisco, California, of New York, New York, in accordance with the rules of the American Arbrration Assocation in atfect ag of the date of this Agreement (which are incorporated by reference hercink, and judgment upen the awerd randerad by the Arbitratoris) may bea entared in any court haviig jurisdiction. The arbitration shall proceed tf thé absance of any party witch, after due natice, fails te be present or tals to obtain an adjournment. The Parties shall have the ngnit to conduct disca, UfsLamt to the previsions of tha California Code of Civil Procedure, and the Gioreaaid aroitretion requirament shall not operate to preclude either party fram seeking at obtaining injunctive rehet in a court of compatent jurisdiction. In the cvent af any gation, sum or proceeding brought under or in connection with this duLecinent, the prevailing party therein shal! be entitled ts Tedover, and the other party teltto @ AMEROCO0S Catehuvar Ohristey August 18, [Bod . a retin wee Te □ j raae to pay, the prevalling ce cont And éxpansea ih sunneetion arew!tn, including —~ oasonabls ottormaye fees, j ee ee Very truly yours! AMEHINDO INVESTMENT ADVI5 ORSING. . By . ante re ee eng Agiasd, confirmed ead accepted as of this 18th day of August, 1994. □□□ tnoaa . aS, @) , AMERGN0010 eo ‘ ? □□□ 1 . COHEN-DIR#HCT 2 did you come to represent Amerindo 3 Investment Advisors? 4 A. Yes. 5 T came to represent them in 6 A985. 7 I had first met Alberto Vilar 8 in 1983, late 1983, when he was introduced 9 to me by a mutual friend of Mr. Christov 10 and mine, and he was reintroduced to me by |, 12 this gentleman, Mr. Krieger, in 1984. 12 . He was looking to have my 13 system, the California State Teachers 14 Retirement System, engage him for money 15 Management and IT explained to him on both 16 those occasions that we could not engage 17 him because he was not registered as an 18 investment advisor in the United. States 19 and that was a precondition to our hiring 20 him. 21 He met that with disbelief, he 22 asked if he could talk to somebody who 23 really knew and had authority to make 24 these decisions, and I told him that that 25 is kind of why they called me chief 550 1 . COHEN-DIRECT 2 executive officer. 3 He continued meeting that with 4 disbelief through all of 1984 and in the 5 winter, beginning of 1985, he called me up 6 when I was back in private practice and he 7 asked if 2 would be interested in 8 registering him ag an investment advisor 9 ‘in the United States because there were 10 apparently some other folks who shared the view that I had shared with him about the 12 necessity of registration. 13 I had suggested before I was 14 [suceinet, that answer probably wasn't 15 leuccinct, but.at least amusing. 16 QO. You mentioned that you had met 17 Mr. Vilar through, at least as I 18 understood it, a common associate of 19 Mr. Christov's. 20 Apart Erom that introduction, 21 when wag the next time you aqame to be 22 aware of Mr. Christov? 23 A. Oh, I don't even know for saure 24 whether t& knew Lucky before that first 25 introduction. VERITEXT 212-267-6868 516-608-2400 551 1 . COHEN-DIRECT 2 I had certainly heard Lucky's 3 name before that first introduction, but 4 what I do remember clearly is that I knew 5 Lucky personally sometime during my tenure 6 at California Teachers, because typicaily 7 I would join Mr. Krieger for lunch on 8 Friday afternoons at the Bistro Gardens 9 and Lucky would be either sitting at our 10 table or some very attractive women at a iL nearby table and at some point he would 12 come ovet and we would all be drinking 13 Crystal together. 14 MR. RICHMAN: Christov or 15 Crystal? 16 THE WITNESS: Crystal; we never 17 imbibed Lucky himself. 18 What was thea nature of your. 19 professional involvement with Amerindo 20 from the 1985 period onward after you 21 registered them as a domestic investment 22 advisor? . 23 A. It was an evolving involvement 24 as Amerindo's presence in this country 25 evolved. 552 1 . COHEN-DIRECT 2 That involvement now, for 3 instance, it has culminated with my firm's 4 being essentially international outside 5 general counsel. 6 But it began in 1985, and ft 7 believe that year, 1985, I may have billed 8 Amerindo 4,000 or $5,000, perhaps even 9 less, because my only invoivement that I 10 actually recall that year with them was 12 the actual act of registering them, which 12 is quite simple, it is filling out a Eorm., 13 By the next year, 1986, I 14 believe I consulted with them in the 15 review of a solicitors agreement which had 16 been proposed to them. 17 Also, I also consulted with ig |them, there was some other question that 19 came up, there were two issues that year, 20 and so 1986 wasn't much either. 24 By 1987 I think that they 22 Finally got their first U.S. client, at 23 which point I actually got to review a 24 contract for them, an advisory agreement, 25 and from there, in 1987, gradually I got □ VERITEXT 212-267-6868 516-608-2400 553 1 COHEN-DIRECT 2 more and more work. 3 The work really took of£ for 4 them probably in 19 -- began really □ 5 taking off in 1994 and reached a crescendo |. 6 |in 1997 through 1999, because at that time □ 7 I was doing more venture capital 8 investments for them than ] can even 9 recount at this point. 10 So it was an evolving involvement that took on all kinds of 12 forms and transtormations throughout the 13 years. . 14 Q. Did you come to know that 15 Mr. Christov was asserting an entitlement 16 to fees as a solicitor for Amerindo in or 17 about 1994 or '35? 18 "A. of would- not deseribe it as my 19 coming to know that he was asserting an 20 entitlement to fees. 21 I will tell you what happened. 22 QO. Please do, 23. A. And then you can try to put 24 another label on it, but I don't think 25 your label isf accurate. VERITEXT 212-267-6868 516-608-2400 554 1 . COHEN-DIRECT 2 T was sitting in my office one 3 morning early, as is my want, I aliways get 4 there early to start drafting agreements 5 because it is very hard for me to draft 6 ‘and review agreements when the phone is 7 ringing and so forth, so I was there early 8 before my secretary got there, this is 9 when Iohad my own firm, and my partners 10 were located in San Francisco and I wad 11 Located in Santa Monica, so I was all by 12 myself. 13 The phone rang and it wag 14 | Joaquin, that would be Joaquin Garcia whom 15 everyone here got. to meet the other day. 16 Joaquin said to me, "Alberto 17 wants to pay bucky on Litton,*® and I said, 18 -tWPhatk do you mean Alberto wants to pay □ 19 Lucky on Litton, " and he said, "He wants . 20 to pay him on Litton," and I said, "Well, 21 is there some kind of agreement," and he 22 said, "Oh, Alberto says that he agreed to 23 pay bucky on Litton." 24 I said, “Well, does the 25 agreement comply with 2064-3 and did Lucky VERITEXT 212-267-6868 516-608-2400 555 1 . COHEN-DIRECT 2 deliver a disclosure statement. 3 Now, it may seem a little weird 4 .;/to you that I would ask Joaquin a section 5 number like that, but it just so happens 6 that at this time we had recentiy both of 7 us cause to become very, very Eamiliar 8 with this particular statutory section, 9 which is why I suspect Soaquin was calling 10 me in the first place, he knew all about iL the deal, about what you have to do if you 12 want to pay a solicitor and he called me 13 because he was worried about it, he -- 14 so, anyway, Joaquin says, "We can't pay 15 him, can we," and I said, “No, we canit 16 |pay him,* and as a matter of fact, when 17 Toaquin called me and said Alberto wants 18 to pay him on Litton and I said -- my 19 first reaction was, pardon my French, 20 "oh, shit," because I surmised 21 immediately, knowing the score, the way 22 Albarto would do things, that, A, there 23 would be no agreement that complied with 24 2064-3, and, 8B, I doubted very geriously 25 whether anybody had complied with the . VERITEAT 212-267-6868 516-608-2400 556 1 - COHEN+-DIRECT 2 disclosure datatement delivery requirement 3 of 2064-3. 4, So I surmised immediately that 5 I had a problem, Joaguin confirmed for ma 6 “in our conversation that we had just the 7 problem I suspected we were going to have, 8 because here ia what the problem was. 3 The problem was two things; 10 First of all, as I surmised, in my view, 11 payment "on Litton" would be illegal, and 12 problem No. 2, my boss, if you will, i.e., 13 the big deal at Amerindo, wanted to pay . 14 the man under cireumstances where it was 15 not Lawful to pay the man, geo that was a 16 problem, because Amerindo was become more 17 and more important to every single time I. had to tell Alberto, who tends to 19 jpbe a very willful person, no, you canit do 20 thus and such, it would develop into a big al pain in my professional neck. 22 Okay, 30, anyway, as I had 23 surmised, it was a problem, it was a big 24 problem, and IT didntt know what to do and 25 I was particularly concerned about it 557 1 . COHEN-DIRECT 2 because Amerindo started out with a very, 3 very small presence and conducting itself 4 a little sloppily vis-a-vis regulatory 5 issues. 6 □□ As they grew bigger and 7 bigger -~ and at this point they had 8 lachieved some pretty considerable 9 notoriety, very considerable notoriety, f 10 anticipated. that they were going to be il more and more in the regulatory spotlight 12 and I had thought that I had recently baen 13 successful in ¢clearing up all of these 14 2064-3 issues and here { was suddenly with 15 another pile of the same Kind of issue in 16 my lap and I was really at that point 17 trying to stay ahead of the curve, so that ‘18 was the first conversation. So, as I gay, and this is why I . 20 corrected you, I did not learn that hucky □ 21 was asserting an entitlement to be paid, I 22 think is the way you put it; what f 23 learned was that the boss was telling me a4 that Lucky needed to be paid. 25 Q. What happened next. □ VERITEXT 212-267~6868 516-608-2400 5458 1 COHEN-DIRECT 2 A. What happened next was I sent 3 Joaquin off telling him we couldn't pay 4 and Joaquin had -- so Joaquin goes off 5 and I get another call, similar 6 circumstances, early morning in my office, Ipiah, blah, blah, and he says, "Well, 8 Alberto says figure out a way £0 get him 9 paid." 10 So I had a conversation with 11 Joaquin trying to atructure a theory 12 whereby we could pay Lucky the amount that 13 Alberto was wishing to pay him. 14 So I said, "Joaquin, look, Tf 15 can't pay him" --_. 16 MR. RICHMAN: I just want to 17 object for the record that the operation 18 of this witness! mind --~ 19 THE ARBITRATOR: It ag ail 20 right, we will take it. 21 “MR, RICHMAN: Okay. 22 A. Iosaid, "Joaquin, here is what 23 we can do, I cantt pay him," and when I 24 say I can't pay him, I don't mean like I 25 was going to pay him, I as Amerindo in 559 1 . COHEN-DIRECT 2 this context, I said, "Y can't pay him on 3 that contract, but what I can do is I can 4 pay him if we can figure out something 5 going forward that he can provide us 6 without too much effort that will be worth 7 this amount that Alberto wants to get to 8 him, but what can he provide ua." 9 I do not remember if it was 10 this call or whether yet another telephone 11 call From Joaquin came, but IL do remember 12 thig; either on that call or on another 13 telephone call Joaquin says we can pay him 14 For Taft-Hartley, and I said, "What do you 15 mean we can pay him for Taft-Hartley," and 16 Joaquin said, “We can pay him for 17 consulting with us on Taft-Hartley 18 business." 19 Now, this was a very helpful . 20 thing for me to hear, because I knew 21 independently that Amerindo and Alberto 22 wanted to pursue Taft~Hartley business, 23 because we were getting really neat 24 business, we were getting governmental 25 business, we were getting private pengion VERITERT 212-267-6968 516-608-2400 560 1 - COHEN-DIRECT 2 plan business, but we had not penetrated 3 the Taft-Hartley market at ali and Alberto 4 had expressed to me that he was interested 5 in that kind of business, I had even joked 6 with him, I said earlier before we went on 7 the record, that I donitt know why Alberto B keeps me around, because we are sort of 9 Like Patty Duke and her cousin, the other 10 one, who was the one who Liked ballet, but ii |r told Alberto I couldn't imagine the 12 union pension plans hiring him because he 13 was a big republican and he came of f like 14 a republican. 15 But, anyway, he really wanted 16 to pursue this business, S80 as Soon ad 17 Joaquin said the Taft-Hartley thing, I 18 said, "You know what, that ig a great 19 jdea, let's think about that." » 20 So I told Joaquin what we 21 wanted was, and I would draw this up, was 22 a real contract that required real stuff, 23 and we created, tf think, and this is what 24 we have been referring to as the Eirst 25 Taft-Hartley gontract, we created what I 561 1 . COHEN-DIRECT 2 think is a real contract requiring real 3 duties that had a real world reference, 4 vis avis Amerindo'ga needs and desires. 5 The contract consisted of two 6 ‘components that were very important to me 7 in its ¢erafting; one component was that 8 bucky would actually have to write us a 9 report so that at the end of the day if 10 people asked me what was this payment for 11 I would say it was Eor the Taft-Hartiey, 1.2 he had to write me a report and we needed 13 a veport, this is real life. 14 And the other thing was that 15 Lucky had to gommit to us a designated 16 amount of time, because J] didn't want to 17 be making a significant payment so the guy 18 writes a report and then it doesn't 19 require any particular level of service, 20 so IT think I put in there that he had to 21 work for ug at our call up to but no more 22 than 15 hours a month. 23 And then the third component of 24 the agreement that I proposed was that I 25 was going to -- and this is the word f VERITEAT 212-267-6868 516-608-2400 562 1 _ COHEN-DIRECT 2 uged with Joaquin -- I needed to blow up 3 the old agreement, and the reason why I 4 needed to blow up the old agreement was, 5 as I just testified to this a few minutes 6 ‘ago, EF thought that I had cleared up all 7 of this 2064-3 crap, sorry, but anyway, 8 what I was trying to do wag -- in 1992 9 the SEC egame in and we got -- 10 MR. RICHMAN: '927? 11 A. In 1992 the SEC came in for a 12 routine audit, they came in in 1989, they 413 dame in again in 1992, and each time we 14 got what I considered to be longish 15 deficiency letters, mostly dealing with 16 kind of picayune stuff that was dumb and 17 could easily be corrected, and I felt a 18 lot Like not only did those deficiencies 19 lreflect on Amerindo, but they reflected on □ . 20 me professionally, so I was taking a 21 personal pride kind of interest in this 22 stuff and I didn't want this other thing 23 hanging out there. 24 So ~ wanted to blow up the old 25 agreament and I also wanted to do what 563 1 . COHEN-DIRECT 2 Alberto needed me to do, which was to get 3 Lucky the payment that Alberto said he 4 wanted toe get to Lucky. 5 Q. Did you have a discussion with 6 Mr. Vilar on -- 7 A. May I interrupt you? 8 QO. . Sure. 9 A. When I say I wanted to blow it 10 up, =r don't know if I specified or not, that my mechanism for blowing it up was 12 the release that appears in the agreement. 13 The reason why I wanted toa 144 |interrupt you was that this is an 15 important point, at least in my mind; that 16 release happens not to be the longest 17 release that I ever read in the whole 18 world, but what I didn't want to do -- in 19 crafting the release, Tf wanted to make 20 sure I blew up the agreement, but on the al ether hand, I didn't want to draw that 22 much attention to the rest of the world to 23 any infirm agreement, because I wanted 24 this next GEC review to be a good one and 25 I wanted to blow up the agreement with an □ VERITERT 212-267-6868 516-608-2400 564 1 COHEN-DIRECT 2 agreement that I could show to the SEC 3 which wouldn't attract a whole bunch of 4 new questions about this whole old infirm 5 aqreement. 6 . And I want to say one more 7 thing, too -- I got a lot to say -- the 8 one thing more that I want to say is this; 9 as I say, I don't know whether the theory LO of the Yaft-Hartley engagement came up on iL the second telephone call or the third, 12 but there was a third telephone call, and 13 by the time of the third telephone call 14 with Joaquin, when he came back to me and 15 he said, "Yeah, you know, this agreement 16 will work,* I said, "Joaquin, T want to be 17 very clear about something, did you do 18 what I told you to do, did you explain to. 19 Lucky what we were doing here, did you 20 tell Bucky what the deal was, that this al was new services, did you tell Lucky that 22 we were blowing up the old agreement and 23 did he understand it," and Joaquin said, 24 "Yes, IL specifically told him ail that," 25 and I said, "Because, Joaquin, T don't VERI TEXT 212-267-6868 516-608-2400 565 1 _ COHEN-~DIRECT 2 want ever Lucky" -- and this is me saying 3 it, I never spoke to Lucky personally 4 about this -- "I don't want Lucky coming 5 back ever and complaining to me or you 6 that he didn't understand what is going on 7 here," and Joaquin said it was taken care 8 of. THE ARBITRATOR: At the time 10 you drafted the first Taft-Hartley 11 agreement dated in 1994, you had in front 12 of you this May 3, 19990 agreement, which If 13 guess is Respondent's Exhibit 3? . 14 THE WITNESS: Joaquin had faxed 15 that to me; I said, "Joaquin, is there a 16 written agreement,* and he said, "Yes," 17 and I said, "Send it to me." 18 THE ARBITRATOR: So when you 19 drafted the first of the Taft-Hartley 20 lagreements and obviously the subsequent 21 one, you had this? 22 THE WITNESS: Yes, and that is 23 what I meant specifically when I told 24 Joaquin about blowing up the old 25 agreement. 566 1 . COHEN-DIRECT 2 THE ARBITRATOR: I understand. 3 BY MR. TONER: 4 QO. Did you have any discussions 5 with Mr. Vilar at around this time with 6 respect to these matters? 7 THE ARBITRATOR: Let me ask one 8 other question; did you have any 9 discussion with Mr. Christov concerning □ 10 any of these agreements? THE WITNESS: Eoemever spoke 12 with Mr. Christov about any of these 13 agreements or his relationship with 14 Amerindo. 15 THE ARBITRATOR: I'm sorry, go 16 ahead. 17 QO. The question I asked is whether 18 you discussed these matters -~ □ 19 THE WITNESS: Tim sorry, can I 20 just tell you one more followup to that question, Mr. Einstein. 22 It was because I was not 23 speaking with Mr. Christov directly and 24 knew I wouldn't be, because I don't fEeeal 25 as though it is appropriate for a lawyer 567 1 _ COHEN-DIRECT 2 to speak to the other guy directly, it is 3 because of that that I was very insistent 4 with Joaquin about the need for him to 5 tell hlucky what it was we were doing with 6 this new Taft-Hartley agreement. . 7 THE ARBITRATOR: Okay, 8 continue. 9 oO. Did you have any conversations 10 with Mr. Vilar about what was going on 11 with respect to the first Taft-Hartley 12 agreement at around the time of that 13 agreement? 14 A. I have got asthma going on, soa 15 ZT oam trying to propel air; I am not 16 talking too Loud, I am? 17 THE ARBITRATOR: You can speak 18 lower if you want to, it is not necessary, 19 or you can talk as loud as you want. 20 A, Again, can't answer your 21 question yes, simply because I am not gure a2 I would frame what happened exactly the 23 way you asked it. 24 Vilar called me on something 25 unrelated, again, same old situation, me 568 1 COHEN-DIRECT 2 in the office about 7:30 one morning, and 3 lhe called, I don't even remember what it 4 was he was calling about. 5 At the end of the conversation 6 he gaid to me --+ because this is the way 4 he always talks -- "T don't know iff you 8 know about this, but I wanted to be able 9 to pay Lucky Christov," and I interrupted 10 him and I said, "It is already taken care 11 ‘lof, Joaquin and I have worked it out," and 12 he said, "Good, EF am glad to hear that," 13 and = said, "Yes, Lucky is going to write 14 a Tatt-Hartley report and he is going to i5 consult with us on YTaft-Hartley business, 16 that is how we are going to get him the 17 payment," and then I said to him, and I 18 apologizé for this, Lucky, “it is not that 19 T don’t like you, but it was my job, I 20 said to him, "Before you go, just let me 21 ask you one thing, why in the world are we 22 paying thie guy," and he said, "Because 23 Lucky has been a very good friend to this 24 Firm for a long time and he is having some 25 difficulties now," and I interrupted him . ‘ VERITERT 212-267-6868 516-608~2400 ‘ ‘ . : . paworrrers 00 ne Pe RICHMAN = ©. |. . : — mo, aE oe, .. □□□ LEKINGDON AVER VE FRED 1 GONNENFEID || Met toe NEW YORK, □□□□ 106: SUDICE BLIOHMAN - wo tot mo (22) □□□□□□□□□ □ ip eweouneee 5 ee oe oe uo Lo FACSIMILE □□□ □□□□□□□□ a oe Oo 1 > Mare $,2003.0 Nadya B. Roytblat,Esq 0 2 □ 0 a □□ Assistant Director er eo of Investment Company Regulation.. © 0 . - U.S. Securities and Exchange Commission ~~. oe . 450 Fifth Street, N.W., Mail Stop 05065 - Washington, D.C. 20549 es, Se, Rep ReguestforMeetiig ~~.) Dear Ms.-Royiblat: . oe mn : Goes a writing io request’ a rriecting with you and «your staff regarding an application exemption (the “Application”) ftom the provisions of rule. 206(4)-3 of the Investment Advisers . Actof1940 (the “Advisers Act”) that I intend to file on behalf of my client, Mr. Latchezar Christov. As detailed more fully below, Mr. Christov’s Application is necessitated solely by the actions ofa SEC registered investment adviser who seeks to avoid its contractizal obligations through reliance on its failure to comply. with the requirements of the Advisers Act. I believe a meeting would be - helpful in“ explaining to you and your ‘staff the complex history and circumstances behind Mr. Christov’s Application and the reasons why exemptive Telief should be granted. L Bac o a . . . . : . . : . oa . . Amerinde Investment: Advisors Inc. (“Amerindo”), arn investment adviser registered with □ the SEC under the Advisers Act, is utilizing the requirements of rule 206(4)-3 of the Advisers Act -. as both a sword and‘as a shield regarding its liability to Mr. Chaistov for certain finder’s fees. For _ example, beginning in the mid-1980’s, Amerindo:. .. , . oO, ‘Engaged Mr. Cristov to’ infroducé clients.-to Amerindo’ for a fee despite. the fact that Amerindo, by, its own admission, “failed to take the steps necessary to. make payment to [Mr.] Christov lawful’; ee Readily entered into a lucrative investment advisory arrangement with a large, sophisticated institutional client, Litton Industries, Inc. (“Litton”), that was introduced to Amerindo: by "Mr. Christov despite Amerindo’s knowing failure to.comply with the requirements of □□□□ 206(4)-3; DAVID M. RICHMAN Ut, □ Nadya B. Roytblat, Esq, Assistant Director 5 Securities-and Exchange Comniission 60 Page a oe ee 35,2008, 7 . Refused to remedy or disclose.to Litton its failure to comply with the requirements of rule - . 206(4)-3, despite Mr. Christow’s offer to remedy the situation by delivering disclosure | - documents: to. Litton on a timely basis, but, .rather, structured -alternative payment . mechanisms to Mr, Christov the specific amounts of which were tied to the Litton’account; - Now, despite five years of prior payments to Mr. ‘Christov, refuses to fulfill its contractual - gbligations to Mr, Cristov on the theory ‘that it is ‘somehow prohibited from making such payments to Mr. Cristov-by virtue of its own failure to comply with the requirements of rule □ g64BE oR "These facts wererecently considered by Mr. Joseph Einstein, an arbitrator with the American - _ Arbitration Association, who rejected Amerindo’s claim that it had no contractual obligations to Mr. Christov with respect to the Litton account (the “Arbitration”). In finding for Mr. Christov □□ an Interim Award entered on May -14,.2002, Arbitrator Einstein held that Amerindo’s “prior □ conduct.,.and [its] history of payments......to [Mr.] Christov established that Amerindo □□□□□□□ _ + “recognized an obligation to [Mr,] Christov....;with respect tq the Litton account.” However, □ _ Arbitrator Einstein stated that he could not-compel Amerindo to fulfill the contractual obligations to Mr. Christov because payment with regards te the Litton account could violate “one or more provisions.of the Investment Adviser Rules.” ‘Recognizing that Mr. Christov should be “afforded - opportunity to obtain relief from the disability he now suffers,” Mr. Einstein required Amerindo to provide Mr. Christov with “all necessary cooperation” in obtaining relief from the SEC, including “making an application to the appropriate regulatory agency” in Amerindo’s name. Amerindo has . mnotdoneso.. - a a Rule 206(4)-3 makes it unlawful, except under specific circumstances and subject □□□□□□□ conditions, for a tegistered investment adviser to make.cash payments toa solicitor who directly or solicits for or on behalf of the investment adviser.” Rule 206(4)-3 under the Advisers Act During an arbitration hearing conducted duxing February, 2002, Amerindo relied on a 1995 plea agreement between Mr, Christov and the U.S. Government, charging Mr, Christov with participation in 4 money laundering conspiracy, as one of the reasons for non-payment with regards to the Litton account. This-argument is without merit, however; because both Mr. Christov’s □□ golicitation activities and the appointment by Litton of Amerindo took place before the 1995 plea agreement was entered into by Mr. Christov and the U.S. Goverment. □□ 2 - Advisers Act Release No. 688,-1978 SEC LEXIS 1103 (Jul. 12,-1979) (adopting release). DAVID M. RICHMAN ©0007 . Nadya B: Roytblat, Esq., Assistant Director = - oo US. Securities and Exchange Commission.) °°, □□ 5,2003 7 □□ - was promulgated by the Securities and Exchange Commisgion (“SEC”) pursuant to the specific . authority of the SEC in section 206(4) of the Advisers Act to “prescribe means reasonably designed - to. prevent, such acts, practices, and courses of business as’ are fraudulent, deceptive, or - manipulative.” It was not promulgated to enable investment, advisers to avoid their contractual . obligations; 0 7 re ee - On May 3, 1990, Mr. Alberto Vilar, president of Amerindo, sent Mr, Christov aletier (the - “T-etier”). promising.to-pay Mr, Christov “30%. of all fees, managerhent aid incentive” for all accounts introduced by Mr, Christov. ‘However, Mr. Vilat failed ta ativise Mr. ‘Christov that Mr. Christov would be acting as a solicitor for Amerindo pursuant to rule 206(4)-3 of the Advisers Act nor did Mr. Vilar instruct Mr. Christov to comply with the requirements of rule 206(4)-3. According to both Arbitrator Binstein and Ms. Elizabeth Maes-Guasti, Litton’s institutional administrator from 1975-1995, Mr. Christov was responsible for bringing the Litton account: __ toAmerindo. Ms. Maés-Guasti testified at the Arbitration hearing that from the mid-1980's to 1994 - when Litton hired Amerindo, Mr. Christov regularly (i) arranged for meetings between Ms. Maes- _ Guasti and Mr: Vilar, (ii) provided Ms. Maes-Guasti with brochures regarding Amerindo and .. Amerindo’s philosophy, style.and performance, and (iii) contacted Ms. Maes-Guasti regularly with Amerindo related developments and updates. In May 1994, the Litton Investment Committee voted to appoint Amerindo as ore of its money managers and Litton and Amerindo entered into □□ ‘advisory contract as of July 1, 1994. ‘Shortly after Litton appointed Amerindo, Mr. Christovorally -_ . . disclosed-to Ms. Maes-Guasti that he would be compensated for bringing the Litton account to Amerinds. Ms. Maes-Guasti was not surprised of alarmed. by this arrangement but, rather, told Mr, Christov that she was “happy” forhim: = | So Direct testimony at the arbitration hearing from Rick Cohen, Esq., counsel for Amerindo, that Amerindo- was well aware of the fact that it had failed to take measures to make payments to Mr. Christov for the solicitation of Litton lawful under the Advisets Act.4 When | Mr. Cohen was first told that Mr. Vilar “wanted to pay [Mr. Christoy] on Litton” he was □□□□□ concerned” because “knowing ... the way [Mr. Vilar] would do things,” Mr. Cohen “doubted very seriously whether anybody had complied-with the disclosure staternent delivery requirement of 3 Section.206(4). of the Advisers Act, 15 U.S.C. 80b-6(4).. □ 4 In fact, Amerindo conceded this particular “point” in one of its post-hearing Briefs. DAVID M, RICHMAN 0000000. ce eT Nadya B. Royiblat, Esq., Assistant Director... □ . U.S. Securities and Exchange Commission (0 0° . “Paged os ae EM March 320030 0 206(4)-3.".. Mr. Cohen stated that he immediately recognized that this failure’ was “abig problem” and thathe was “‘particularly concerned about it because Amerindo .. . [was] conducting itselfa □□□□□ -sloppily vis-a-vis regulatory issues.” Mr. Cohen noted that, despite“‘clearing up” several prior □□□□ 206(4)-3 issues for Amerindo, the problem with Mr. Christov was yet “anotherpile ofthe samekind _.. *Amerindo and ‘its attorney made no-effort to address directly the known rule 206(4}3 . deficiencies. Rether,, Amerindo and its’ counsel’ structured creative altemative vehicles to pay Mr: Christov for his solicitation services. Mr. Vilar,-in his direct testimony, acknowledged that, □ despite Amerindo’s knowing failure to comply with □□□ requirements of rule 206(4)-3, he □□□□□□□ _ to “come up with some way. in which [Amerindo] could givé some compensation”. to Mr. Christoy □ ‘in connection with the Litton account. Mr..Garcia-Carrieu, Amerindo’s former Chief Financial . Officer,-explained in his testimony at the hearing. that Amerindo paid Mr. Christov through a series of service contracts (Consulting Agreements”) that ‘were structured by Amerindo between 1996-1999, Under these Consulting Agreements, Mr, Cliristov performed very nominal consulting ' services in exchange for fees totaling some $975,000 that were directly “tied to the Litton Account.” Mr. Garcia-Larrieu calculated the fees by starting with ari “estimate or..... knowledge of fees - collected from Litton” and lie would then “apply the rate, 30 percerit” (the “30% Calculation”) agreed to by Mr, Vilar’ in his: (May.3, 1990) Letter. . These fees started’ at $75,000 per year □□□ increased to as high.as $348,000 per year as performance in the Litton account increased, □ . Between 1994 and 2000, the Litton account grew from approximately $35-million to approximately $600: million in asséts undér management. In an April 13, 2000 e-mail to Mr.. Christov, Mr. Vilar stated that Amerindo would no longer pay'Mr. Christov any fees with _ respect to the Litton account. In this e-mail, Mr. Vilar admitted that Amerindo bad takena “casual, □ □ if not outright erroncous view ‘of the matter” in the past and had made an “exception” for Mr..Chtistov that could expose Amerindo “SEC. sanctions.” However, because Amerinde no - longer desired to share with Mr. Christov the substantial fees it collected from the Litton account, Mr. Vilar conveniently. cited to its non-compliance with rule 206(4)-3 as-an excuse for future non- . Arbitrator Einstein found Amerindo’s arguraents unperguasive and stated that the “prior □ of the parties” as well as the “history of payments by Amerindo” to Mr. Christov clearly - established that "Amerindo recognized an obligation to Mr. Christov.” □ As noted in the release adopting Rule 206(4)-3, and in subsequent requests for no-action _ relief under the Rule, the Commission’s intention in adopting Rule 206(4)-3 was to create a □□□□□□ DAVID MM. RICHMAN | oo, Pg es a B. Roytblat, Esq,, Assistant Dirsetor. . : oe □□ Securities and Exchange Commission, 0 □ Feasonably designed to ‘protect [investors from] fraudulent practices” in donnéction with referral arrangements. I do’ not believe thai. the rule was promilgated to serve as avehicle forregistered ‘investment advisers to. avoid their coritractual obligations to individuals who provide them with _ Valuable business and services. 0°) 801) 0: mo So □ Ewould:Jike the. opportunity to discuss the merits of Mr. Christov’s Application: Although _ seek to excuse Amerindo’s failure to comply with the requirements of 206(4)-3, itis patently to allow. Amerindp to profit from its non-compliance. -In that vein, however, Lurgethe SEC notte initiate enforcement proceedings against Anierindo seeking disgorgement of the advisory fees __xeceived from the Litton arratigement.. In this case, because Litton was ahighly sophisticated = knowledgeable institutional investor, ofal disclosure of the solicitation arrangement was provided and Litton received the services paid for by its advisory fees, I believe the most equitable result □□ would be to grant an exemption that would allow’ Arbitrator Einstein to enforce the terms My. Christov’s solicitation arrangement. Se . Iwill call your office ta discuss scheduling the proposed meeting. In the iriterim, ifyouhave questions, please donothesitatetocall 2 Mr.Latchezar Christov 3.00 0 oe bee: Marianne K. 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Securities and Exchange Commission v. Amerindo Investment Advisors Inc. (Securities and Exchange Commission v. Amerindo Investment Advisors Inc.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.