United States v. Searan, Jeanettia
Opinion
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH D S
81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB
81,7(' 67$7(6 2) $0(5,&$ ; 3ODLQWLII$SSHOOHH 1RV Y ! $026 6($5$1 DQG s($1(77,$ 6($5$1 'HIHQGDQWV$SSHOODQWV 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH0LGGOH'LVWULFWRI7HQQHVVHHDW1DVKYLOOH 1R n7RGGs&DPSEHOO'LVWULFWsXGJH $UJXHGDQG6XEPLWWHG sXQH 'HFLGHGDQG)LOHG sXO\ %HIRUH *8<%2**6DQG*,/0$1&LUFXLWsXGJHV BBBBBBBBBBBBBBBBB &2816(/ $5*8(' 3DXO s %UXQR 1DVKYLOOH 7HQQHVVHH IRU $SSHOODQW 5REHUW & :DWVRQ $66,67$17 81,7(' 67$7(6$77251(<1DVKYLOOH7HQQHVVHHIRU$SSHOOHH 21%5,() 3DXOs%UXQR1DVKYLOOH7HQQHVVHH'DYLG/ &RRSHU 1DVKYLOOH 7HQQHVVHH IRU $SSHOODQWV 5REHUW &
8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
:DWVRQ $66,67$17 81,7(' 67$7(6 $77251(< GLVWULFWFRXUWjVRUGHUUHYRNLQJsHDQHWWLD6HDUDQjVSUREDWLRQ 1DVKYLOOH7HQQHVVHHIRU$SSHOOHH DQGVHQWHQFLQJKHUWRIRXUPRQWKVRIFRPPXQLW\FRQILQHPHQW IROORZHG E\ WZR \HDUV RI VXSHUYLVHG UHOHDVH LV DOVR BBBBBBBBBBBBBBBBB $)),50(' 23,1,21 BBBBBBBBBBBBBBBBB %2**6&LUFXLWsXGJH2Q0DUFK DJUDQGMXU\ KDQGHG XS D FRXQW LQGLFWPHQW FKDUJLQJ sHDQHWWLD DQG $PRV6HDUDQZLWKRQHFRXQWRIFRQVSLUDF\WRILOHDPDWHULDOO\ IDOVH DSSOLFDWLRQ WR SDUWLFLSDWH LQ WKH (OHFWURQLF )LOLQJ 3URJUDP DYLRODWLRQRI86& DQGFRQVSLUDF\ WRDVVLVWDQGDGYLVHRWKHUVLQWKHSUHSDUDWLRQDQGSUHVHQWDWLRQ RI PDWHULDOO\ IDOVH LQFRPH WD[ UHWXUQV D YLRODWLRQ RI 86& LQ YLRODWLRQ RI 86& DQG WKLUWHHQVHSDUDWHFRXQWVRIDVVLVWLQJDQGDGYLVLQJRWKHUVLQ ILOLQJPDWHULDOO\IDOVHWD[UHWXUQVLQYLRODWLRQRI86& DQG 86& 2Q 0D\ D MXU\ FRQYLFWHGERWKRQWKRVHIRXUWHHQFRXQWV7KHGLVWULFWFRXUW VHQWHQFHG$PRVWRPRQWKVRILPSULVRQPHQWDQGWZR\HDUV RIVXSHUYLVHGUHOHDVH7KHFRXUWVHQWHQFHGsHDQHWWLDWRILYH \HDUVRISUREDWLRQZLWKWKHILUVWWZHOYHPRQWKVWREHVHUYHG LQ KRPH GHWHQWLRQ ZLWK HOHFWURQLF PRQLWRULQJ %RWK GHIHQGDQWVWLPHO\DSSHDOHGLQ&DVH1RV $PRV DQG sHDQHWWLD FKDOOHQJLQJ WKH VXIILFLHQF\ RI WKH HYLGHQFHVXSSRUWLQJWKHLUFRQYLFWLRQVDQGFHUWDLQDVSHFWVRI $PRVjVVHQWHQFH7KHGLVWULFWFRXUWVXEVHTXHQWO\ UHYRNHG sHDQHWWLDjVSUREDWLRQIRUQRQFRPSOLDQFHZLWKLWVFRQGLWLRQV DQGVHQWHQFHGKHUWRIRXUPRQWKVRIFRPPXQLW\FRQILQHPHQW IROORZHG E\ WZR \HDUV RI VXSHUYLVHG UHOHDVH 6KH WLPHO\ DSSHDOHGWKHUHYRFDWLRQRUGHULQ&DVH1R )RUWKH UHDVRQV VHW IRUWK EHORZ ZH DIILUP WKH GLVWULFW FRXUWjV MXGJPHQWVRIFRQYLFWLRQDQGVHQWHQFHDVWRERWKGHIHQGDQWV DQGDOVRDIILUPWKHUHYRFDWLRQRIsHDQHWWLDjVSUREDWLRQ 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
WRRUGHUUHVWLWXWLRQVKHFLWHVm86& D % , lE\ , ZKLFKVKHDSSDUHQWO\PHDQV86& D % L ,, sHDQHWWLD FRQWHQGV WKDW KHU SUREDWLRQ RIILFHU VKRXOG KDYH $PRV6HDUDQDQGKLVPRWKHUsHDQHWWLD6HDUDQRZQHGDQG ZRUNHG ZLWK KHU WR FRPH XS ZLWK D IHDVLEOH SD\PHQW SODQ RSHUDWHG 6HDUDQjV 7D[ 6HUYLFH D GLYLVLRQ RI $PRV EDVHGRQKHUIDPLO\EXGJHWDQGDELOLW\WRSD\ &RPSDQ\ LQ WKH $QWLRFK QHLJKERUKRRG RI 1DVKYLOOH 7HQQHVVHH )URP WR WKH 6HDUDQV SUHSDUHG DQG $VDSUHOLPLQDU\PDWWHUWKHJRYHUQPHQWFRQWHQGHGLQLWV HOHFWURQLFDOO\ ILOHG LQGLYLGXDO LQFRPH WD[ UHWXUQV IRU WKHLU EULHI WKDW WKLV LVVXH ZRXOG EHFRPH PRRW E\ WKH WLPH RI FOLHQWVZKLFKUHWXUQVRPLWWHGLQFRPHLQIODWHGGHGXFWLRQV DUJXPHQW EHFDXVH sHDQHWWLD EHJDQ VHUYLQJ KHU IRXUPRQWK DQGLQFOXGHGIDOVHIRUPV,QYLRODWLRQRI,QWHUQDO5HYHQXH WHUPLQFRPPXQLW\FRQILQHPHQWZKLOHWKLVFDVHZDVSHQGLQJ 6HUYLFH ,56 UHJXODWLRQVWKH6HDUDQVFROOHFWHGDSHUFHQWDJH RQDSSHDODQGKHUUHOHDVHZDVDSSURDFKLQJDVWKHSDUWLHVILOHG RIWKHUHIXQGDPRXQWDVWKHLUIHHLQDGGLWLRQWRZKDWWKH\ WKHLU EULHIV HLJKW PRQWKV EHIRUH RUDO DUJXPHQW 7KH GHVFULEHGDVmORJJLQJlH[SHQVHVRIDSSUR[LPDWHO\SHU JRYHUQPHQW KDV QRW SURYLGHG WKLV FRXUW ZLWK DQ\ WD[SD\HU GRFXPHQWDWLRQRIWKHUHOHDVHLWDQWLFLSDWHGGXULQJEULHILQJ QRU KDV LW DGGUHVVHG KRZ WKH GLVWULFW FRXUWjV VHQWHQFLQJ $W WULDO WKH DGPLQLVWUDWRU RI WKH (OHFWURQLF 7D[ 5HWXUQ sHDQHWWLDWRWZR\HDUVRIVXSHUYLVHGUHOHDVHXQGHUWKHVDPH 3URJUDP LQ 7HQQHVVHH DQG .HQWXFN\ H[SODLQHG KRZ WKH FRQGLWLRQV DV KHU RULJLQDO SUREDWLRQ DIIHFWV LWV PRRWQHVV SURJUDPZRUNV$Q(OHFWURQLF5HWXUQ2ULJLQDWRU m(52l DUJXPHQW 2Q WKH UHFRUG SUHVHQWO\ EHIRUH WKLV FRXUW HQWHUV D WD[SD\HUjV GDWD LQWR D FRPPHUFLDOO\ DYDLODEOH sHDQHWWLDjVDSSHDOLQFDVHQR GRHVQRWDSSHDUWREH FRPSXWHUVRIWZDUHSURJUDPWKHQHOHFWURQLFDOO\WUDQVPLWVWKH PRRW LQIRUPDWLRQ YLD PRGHP WR WKH ,56 IRU SURFHVVLQJ DV D WD[ UHWXUQ:KHQWKH,56UHFHLYHVWKHLQIRUPDWLRQLWFRQGXFWVD 7KHVWDWXWHsHDQHWWLDFLWHVGRHVQRWUHTXLUHFRQVLGHUDWLRQRI VHULHVRIYHULILFDWLRQVWRFKHFNIRUPDWKHPDWLFDOHUURUVDQG ILQDQFLDOUHVRXUFHVLQUHYRNLQJSUREDWLRQIRUIDLOXUHWRSD\IRU DVFHUWDLQZKHWKHUWKHVRFLDOVHFXULW\QXPEHUVFRUUHVSRQGWR HOHFWURQLF PRQLWRULQJ DQG IDLOXUH WR SD\ WKH VSHFLDO WKRVHLQ,56UHFRUGV8SRQFRPSOHWLRQRIWKLVSURFHVVWKH DVVHVVPHQW,WLQVWHDGGHDOVZLWKUHVWLWXWLRQZKLFKGLGQRW ,56VHQGVDQHOHFWURQLFPHVVDJHEDFNWRWKH(52UHSRUWLQJ IDFWRULQWRWKHGLVWULFWFRXUWjVUHYRFDWLRQGHFLVLRQ0RUHRYHU WKDWLWKDVDFFHSWHGWKHUHWXUQ7KHDFNQRZOHGJPHQWLQGLFDWHV DVQRWHGDERYHWKHGLVWULFWFRXUWIRXQGWKDWsHDQHWWLDKDGWKH RQO\ WKDW WKH UHWXUQ KDV VXFFHVVIXOO\ FRPSOHWHG WKH LQLWLDO ILQDQFLDO UHVRXUFHV WR SD\ WKH DVVHVVPHQW DQG FRVW RI VFUHHQLQJSURFHVV LWGRHVQRWVWDWHZKHWKHUWKHGHGXFWLRQV PRQLWRULQJZKLOHLQDGGLWLRQWKHPRQLWRULQJGHYLFHjVFRVW WDNHQRQWKHUHWXUQDUHDOORZDEOHRURWKHUZLVHDSSURSULDWH ZDVQRWWKHSULPDU\UHDVRQLWKDGQRWEHHQLQVWDOOHGsHDQHWWLD $FFRUGLQJWR,56JXLGHOLQHVWKHWD[SD\HUPXVWYHULI\DQG KDVQRWFKDOOHQJHGWKHVHIDFWXDOILQGLQJVRQDSSHDODQGKHU VLJQ,56)RUPDIWHUWKHUHWXUQKDVEHHQSUHSDUHGEXW FODLPRISURFHGXUDOGHIHFWODFNVDEDVLVLQODZ7KHGLVWULFW EHIRUH WKH (52 WUDQVPLWV LW HOHFWURQLFDOO\ )RUP FRXUWFRPPLWWHGQRHUURU FRQWDLQVDVXPPDU\RIILJXUHVRQWKHUHWXUQDQGDVWDWHPHQW DXWKRUL]LQJWKH(52WRILOHWKHUHWXUQHOHFWURQLFDOO\RQWKH ,9 WD[SD\HUjVEHKDOI7KHWD[SD\HUPXVWEHJLYHQDFRS\RIWKH SUHSDUHGUHWXUQDWWKHWLPHRIVLJQDWXUHDVZHOODVDFRS\RI 7KHGLVWULFWFRXUWjVMXGJPHQWVRIFRQYLFWLRQDQGVHQWHQFH WKHVLJQHG)RUPXSRQLWVFRPSOHWLRQ DVWR$PRV6HDUDQFDVHQRDQGsHDQHWWLD6HDUDQ FDVH QR DUH $)),50(' LQ DOO UHVSHFWV 7KH 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
Free access — add to your briefcase to read the full text and ask questions with AI
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH D S
81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB
81,7(' 67$7(6 2) $0(5,&$ ; 3ODLQWLII$SSHOOHH 1RV Y ! $026 6($5$1 DQG s($1(77,$ 6($5$1 'HIHQGDQWV$SSHOODQWV 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH0LGGOH'LVWULFWRI7HQQHVVHHDW1DVKYLOOH 1R n7RGGs&DPSEHOO'LVWULFWsXGJH $UJXHGDQG6XEPLWWHG sXQH 'HFLGHGDQG)LOHG sXO\ %HIRUH *8<%2**6DQG*,/0$1&LUFXLWsXGJHV BBBBBBBBBBBBBBBBB &2816(/ $5*8(' 3DXO s %UXQR 1DVKYLOOH 7HQQHVVHH IRU $SSHOODQW 5REHUW & :DWVRQ $66,67$17 81,7(' 67$7(6$77251(<1DVKYLOOH7HQQHVVHHIRU$SSHOOHH 21%5,() 3DXOs%UXQR1DVKYLOOH7HQQHVVHH'DYLG/ &RRSHU 1DVKYLOOH 7HQQHVVHH IRU $SSHOODQWV 5REHUW &
8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
:DWVRQ $66,67$17 81,7(' 67$7(6 $77251(< GLVWULFWFRXUWjVRUGHUUHYRNLQJsHDQHWWLD6HDUDQjVSUREDWLRQ 1DVKYLOOH7HQQHVVHHIRU$SSHOOHH DQGVHQWHQFLQJKHUWRIRXUPRQWKVRIFRPPXQLW\FRQILQHPHQW IROORZHG E\ WZR \HDUV RI VXSHUYLVHG UHOHDVH LV DOVR BBBBBBBBBBBBBBBBB $)),50(' 23,1,21 BBBBBBBBBBBBBBBBB %2**6&LUFXLWsXGJH2Q0DUFK DJUDQGMXU\ KDQGHG XS D FRXQW LQGLFWPHQW FKDUJLQJ s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sHDQHWWLDWRILYH \HDUVRISUREDWLRQZLWKWKHILUVWWZHOYHPRQWKVWREHVHUYHG LQ KRPH GHWHQWLRQ ZLWK HOHFWURQLF PRQLWRULQJ %RWK GHIHQGDQWVWLPHO\DSSHDOHGLQ&DVH1RV $PRV DQG sHDQHWWLD FKDOOHQJLQJ WKH VXIILFLHQF\ RI WKH HYLGHQFHVXSSRUWLQJWKHLUFRQYLFWLRQVDQGFHUWDLQDVSHFWVRI $PRVjVVHQWHQFH7KHGLVWULFWFRXUWVXEVHTXHQWO\ UHYRNHG sHDQHWWLDjVSUREDWLRQIRUQRQFRPSOLDQFHZLWKLWVFRQGLWLRQV DQGVHQWHQFHGKHUWRIRXUPRQWKVRIFRPPXQLW\FRQILQHPHQW IROORZHG E\ WZR \HDUV RI VXSHUYLVHG UHOHDVH 6KH WLPHO\ DSSHDOHGWKHUHYRFDWLRQRUGHULQ&DVH1R )RUWKH UHDVRQV VHW IRUWK EHORZ ZH DIILUP WKH GLVWULFW FRXUWjV MXGJPHQWVRIFRQYLFWLRQDQGVHQWHQFHDVWRERWKGHIHQGDQWV DQGDOVRDIILUPWKHUHYRFDWLRQRIsHDQHWWLDjVSUREDWLRQ 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
WRRUGHUUHVWLWXWLRQVKHFLWHVm86& D % , lE\ , ZKLFKVKHDSSDUHQWO\PHDQV86& D % L ,, sHDQHWWLD FRQWHQGV WKDW KHU SUREDWLRQ RIILFHU VKRXOG KDYH $PRV6HDUDQDQGKLVPRWKHUsHDQHWWLD6HDUDQRZQHGDQG ZRUNHG ZLWK KHU WR FRPH XS ZLWK D IHDVLEOH SD\PHQW SODQ RSHUDWHG 6HDUDQjV 7D[ 6HUYLFH D GLYLVLRQ RI $PRV EDVHGRQKHUIDPLO\EXGJHWDQGDELOLW\WRSD\ &RPSDQ\ LQ WKH $QWLRFK QHLJKERUKRRG RI 1DVKYLOOH 7HQQHVVHH )URP WR WKH 6HDUDQV SUHSDUHG DQG $VDSUHOLPLQDU\PDWWHUWKHJRYHUQPHQWFRQWHQGHGLQLWV HOHFWURQLFDOO\ ILOHG LQGLYLGXDO LQFRPH WD[ UHWXUQV IRU WKHLU EULHI WKDW WKLV LVVXH ZRXOG EHFRPH PRRW E\ WKH WLPH RI FOLHQWVZKLFKUHWXUQVRPLWWHGLQFRPHLQIODWHGGHGXFWLRQV DUJXPHQW EHFDXVH sHDQHWWLD EHJDQ VHUYLQJ KHU IRXUPRQWK DQGLQFOXGHGIDOVHIRUPV,QYLRODWLRQRI,QWHUQDO5HYHQXH WHUPLQFRPPXQLW\FRQILQHPHQWZKLOHWKLVFDVHZDVSHQGLQJ 6HUYLFH ,56 UHJXODWLRQVWKH6HDUDQVFROOHFWHGDSHUFHQWDJH RQDSSHDODQGKHUUHOHDVHZDVDSSURDFKLQJDVWKHSDUWLHVILOHG RIWKHUHIXQGDPRXQWDVWKHLUIHHLQDGGLWLRQWRZKDWWKH\ WKHLU EULHIV HLJKW PRQWKV EHIRUH RUDO DUJXPHQW 7KH GHVFULEHGDVmORJJLQJlH[SHQVHVRIDSSUR[LPDWHO\SHU JRYHUQPHQW KDV QRW SURYLGHG WKLV FRXUW ZLWK DQ\ WD[SD\HU GRFXPHQWDWLRQRIWKHUHOHDVHLWDQWLFLSDWHGGXULQJEULHILQJ QRU KDV LW DGGUHVVHG KRZ WKH GLVWULFW FRXUWjV VHQWHQFLQJ $W WULDO WKH DGPLQLVWUDWRU RI WKH (OHFWURQLF 7D[ 5HWXUQ sHDQHWWLDWRWZR\HDUVRIVXSHUYLVHGUHOHDVHXQGHUWKHVDPH 3URJUDP LQ 7HQQHVVHH DQG .HQWXFN\ H[SODLQHG KRZ WKH FRQGLWLRQV DV KHU RULJLQDO SUREDWLRQ DIIHFWV LWV PRRWQHVV SURJUDPZRUNV$Q(OHFWURQLF5HWXUQ2ULJLQDWRU m(52l DUJXPHQW 2Q WKH UHFRUG SUHVHQWO\ EHIRUH WKLV FRXUW HQWHUV D WD[SD\HUjV GDWD LQWR D FRPPHUFLDOO\ DYDLODEOH sHDQHWWLDjVDSSHDOLQFDVHQR GRHVQRWDSSHDUWREH FRPSXWHUVRIWZDUHSURJUDPWKHQHOHFWURQLFDOO\WUDQVPLWVWKH PRRW LQIRUPDWLRQ YLD PRGHP WR WKH ,56 IRU SURFHVVLQJ DV D WD[ UHWXUQ:KHQWKH,56UHFHLYHVWKHLQIRUPDWLRQLWFRQGXFWVD 7KHVWDWXWHsHDQHWWLDFLWHVGRHVQRWUHTXLUHFRQVLGHUDWLRQRI VHULHVRIYHULILFDWLRQVWRFKHFNIRUPDWKHPDWLFDOHUURUVDQG ILQDQFLDOUHVRXUFHVLQUHYRNLQJSUREDWLRQIRUIDLOXUHWRSD\IRU DVFHUWDLQZKHWKHUWKHVRFLDOVHFXULW\QXPEHUVFRUUHVSRQGWR HOHFWURQLF PRQLWRULQJ DQG IDLOXUH WR SD\ WKH VSHFLDO WKRVHLQ,56UHFRUGV8SRQFRPSOHWLRQRIWKLVSURFHVVWKH DVVHVVPHQW,WLQVWHDGGHDOVZLWKUHVWLWXWLRQZKLFKGLGQRW ,56VHQGVDQHOHFWURQLFPHVVDJHEDFNWRWKH(52UHSRUWLQJ IDFWRULQWRWKHGLVWULFWFRXUWjVUHYRFDWLRQGHFLVLRQ0RUHRYHU WKDWLWKDVDFFHSWHGWKHUHWXUQ7KHDFNQRZOHGJPHQWLQGLFDWHV DVQRWHGDERYHWKHGLVWULFWFRXUWIRXQGWKDWsHDQHWWLDKDGWKH RQO\ WKDW WKH UHWXUQ KDV VXFFHVVIXOO\ FRPSOHWHG WKH LQLWLDO ILQDQFLDO UHVRXUFHV WR SD\ WKH DVVHVVPHQW DQG FRVW RI VFUHHQLQJSURFHVV LWGRHVQRWVWDWHZKHWKHUWKHGHGXFWLRQV PRQLWRULQJZKLOHLQDGGLWLRQWKHPRQLWRULQJGHYLFHjVFRVW WDNHQRQWKHUHWXUQDUHDOORZDEOHRURWKHUZLVHDSSURSULDWH ZDVQRWWKHSULPDU\UHDVRQLWKDGQRWEHHQLQVWDOOHGsHDQHWWLD $FFRUGLQJWR,56JXLGHOLQHVWKHWD[SD\HUPXVWYHULI\DQG KDVQRWFKDOOHQJHGWKHVHIDFWXDOILQGLQJVRQDSSHDODQGKHU VLJQ,56)RUPDIWHUWKHUHWXUQKDVEHHQSUHSDUHGEXW FODLPRISURFHGXUDOGHIHFWODFNVDEDVLVLQODZ7KHGLVWULFW EHIRUH WKH (52 WUDQVPLWV LW HOHFWURQLFDOO\ )RUP FRXUWFRPPLWWHGQRHUURU FRQWDLQVDVXPPDU\RIILJXUHVRQWKHUHWXUQDQGDVWDWHPHQW DXWKRUL]LQJWKH(52WRILOHWKHUHWXUQHOHFWURQLFDOO\RQWKH ,9 WD[SD\HUjVEHKDOI7KHWD[SD\HUPXVWEHJLYHQDFRS\RIWKH SUHSDUHGUHWXUQDWWKHWLPHRIVLJQDWXUHDVZHOODVDFRS\RI 7KHGLVWULFWFRXUWjVMXGJPHQWVRIFRQYLFWLRQDQGVHQWHQFH WKHVLJQHG)RUPXSRQLWVFRPSOHWLRQ DVWR$PRV6HDUDQFDVHQRDQGsHDQHWWLD6HDUDQ FDVH QR DUH $)),50(' LQ DOO UHVSHFWV 7KH 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
7KHJRYHUQPHQWGRHVQRWUHJXODWHWD[SUDFWLWLRQHUVZKR 3DPHOD 0DU\ $XEOH ZKR WHVWLILHG H[WHQVLYHO\ DERXW KHU QHHGQRWEHFHUWLILHGSXEOLFDFFRXQWDQWV QRUGRHVLWHYDOXDWH HYDOXDWLRQ RI sHDQHWWLDjV LQWHOOLJHQFH PHPRU\ UHDVRQLQJ WKHLUFRPSHWHQFHWRSUHSDUHUHWXUQVRUWKHLUIDPLOLDULW\ZLWK FDSDFLW\DQGSHUVRQDOLW\'U$XEOHWHVWLILHGWKDWsHDQHWWLDjV WKHWD[FRGH7KH,56GRHVKRZHYHUVFUHHQWD[SUDFWLWLRQHUV UHDVRQLQJ mVHHPHG WR EH SUHWW\ LPSDLUHGl KHU YHUEDO ZKRZDQWWREHFRPH(52VDQGRIFRXUVHUHTXLUHVDSSOLFDQWV UHDVRQLQJ mZDV VLJQLILFDQWO\ EHORZ DYHUDJHl DQG KHU IXOO WRFRPSOHWHDIRUP,WUHTXLUHV(52VWRILOHWKHLURZQWD[ VFDOHDJHDGMXVWHG,4RILQWKHIRXUWKSHUFHQWLOHRIWKH UHWXUQV RQ WLPH DQG ZLOO QRW DOORZ DQ\RQH ZKR KDV EHHQ JHQHUDO SRSXODWLRQ SODFHG KHU LQ WKH ERUGHUOLQH UDQJH RI SHQDOL]HGIRUQHJOLJHQFHLQWKHSUHSDUDWLRQRIWD[UHWXUQVWR IXQFWLRQLQJ )ROORZLQJ WKLV DVVHVVPHQW RI sHDQHWWLDjV SDUWLFLSDWHLQWKHSURJUDP$GGLWLRQDOO\SHRSOHFRQYLFWHGRI LQWHOOLJHQFHZKLFKEDUHO\nLIDWDOOnFDOOHGLQWRTXHVWLRQ PRQHWDU\ FULPHV PD\ QRW SDUWLFLSDWH 7KH ,56 FRQGXFWV ZKHWKHUKHUmUHDVRQDQGPHQWDOSRZHUVDUHVRGHILFLHQW VHPLQDUV IRU WD[ SUDFWLWLRQHUV ZKR ZDQW WR EHFRPH (52V WKDW>V@KHKDVQRZLOOQRFRQVFLHQFHRUFRQWUROOLQJPHQWDO LQIRUPLQJWKHPRIWKHSURJUDPjVEHQHILWVDQGUHTXLUHPHQWV SRZHUl'DYLV86DWWKHJRYHUQPHQWDVNHG'U VXFK DV WKH IRUPV WKDW WKH\ PXVW SURYLGH WR WD[SD\HUV $XEOH WR IXUWKHU H[SODLQ KHU WHVWLPRQ\ &URVVH[DPLQDWLRQ sHDQHWWLD6HDUDQDWWHQGHGRQHVXFKVHPLQDULQ UHYHDOHG WKDW 'U $XEOH ZDV mQRW WHOOLQJ WKH MXU\ WR D UHDVRQDEOHGHJUHHRIPHGLFDODQGSV\FKLDWULFFHUWDLQW\WKDW /DZUHQFH6ZHHQH\HQJDJHG6HDUDQjV7D[6HUYLFHLQ$SULO 0V6HDUDQLVQRWFDSDEOHRIXQGHUVWDQGLQJEDVLFUXOHVlQRU WRSUHSDUHKLVUHWXUQIRUWD[\HDU +HPHWERWK ZDVVKHVD\LQJWKDWsHDQHWWLDGLGQRWNQRZULJKWIURPZURQJ $PRVDQGsHDQHWWLDDQGJDYHWKHPDOLVWRIKLVH[SHQVHVIRU :KHQDVNHGLIsHDQHWWLDZDVmPHQWDOO\IXQFWLRQLQJVRWKDWVKH 7KH6HDUDQVH[SODLQHGWKDWWKH\NQHZRIGHGXFWLRQV FRXOGWHOODOLHl'U$XEOHUHVSRQGHGm:HOOVXUH,VVKH RWKHUSHRSOHGLGQRWNQHZZKDWWKH\GHVFULEHGDVmLQGXVWU\ VPDUWHQRXJKWRWHOODOLH"6XUH$OPRVWDQ\ERG\LVVPDUW VWDQGDUGl GHGXFWLRQV KDG DFFHVV WR ,56 DUFKLYHV HQDEOLQJ HQRXJKWRWHOODOLHl'U$XEOHIXUWKHUDJUHHGWKDWsHDQHWWLD WKHPWRFKHFNUHWXUQVIURP\HDUVSDVWWRDVFHUWDLQZKHWKHUWKH ZRXOGNQRZVKHZDVWHOOLQJDOLHZKHQVKHGLGVR9LHZHGLQ WD[SD\HU KDG DGGLWLRQDO PRQH\ FRPLQJ DQG KDG DOO RI WKH IXOO 'U $XEOHjV WHVWLPRQ\ UDLVHV OLWWOH LI DQ\ GRXEW DV WR UHWXUQV WKH\ SUHSDUHG mSUHDXGLWHGl 7KH\ H[SODLQHG WKHLU sHDQHWWLDjVDELOLW\WRIRUPWKHPHQWDOVWDWHVUHTXLUHGE\ SHUFHQWDJH IHH DQG WKH mORJJLQJl IHHV WKH\ FKDUJHG 7KH\ 86& LHZLOOIXODVVLVWDQFHDQGNQRZOHGJHRI RIIHUHGWKDWLQDGGLWLRQWRSUHSDULQJ6ZHHQH\jV UHWXUQ IDOVHKRRG /HDYLQJ DVLGH WKH SUHVXPSWLRQ RI VDQLW\ VHH WKH\ FRXOG DPHQG KLV UHWXUQ VR KH EURXJKW WKHP KLV 'DYLV86DWWKHMXU\FHUWDLQO\FRXOGKDYHIRXQG UHFHLSWV)RUHDFKRIKLV DQG WD[UHWXUQV 'U$XEOHjVVSDUHWHVWLPRQ\VRRYHUZKHOPHGE\WKHFRQWUDU\ 6ZHHQH\SDLGWKH6HDUDQVDVDQDGYDQFHDJDLQVWRI HYLGHQFH RI sHDQHWWLDjV PHQWDO IXQFWLRQLQJ DV WR OHDYH QR KLVJURVVUHWXUQDPRXQW$IHZZHHNVODWHU6ZHHQH\DQGKLV UHDVRQDEOHGRXEWWKDWsHDQHWWLDSRVVHVVHGWKHUHTXLVLWHPHQWDO ZLIHPHWZLWKWKH6HDUDQVDJDLQWRFRQFOXGHWKHLUWUDQVDFWLRQ VWDWHV7KHGLVWULFWFRXUWWKHUHIRUHSURSHUO\GHQLHGWKHPRWLRQ DQG REWDLQ FRSLHV RI WKHLU FRPSOHWHG UHWXUQV $JDLQ WKH IRUMXGJPHQWRIDFTXLWWDO 6HDUDQVGHVFULEHGWKHLUUHWXUQVDVSUHDXGLWHGDQGEDVHGRQ LQGXVWU\VWDQGDUGGHGXFWLRQV7KH6ZHHQH\VZURWHDQRWKHU )LQDOO\sHDQHWWLDDUJXHVWKDWWKHGLVWULFWFRXUWLPSURSHUO\ FKHFNSD\DEOHWR $PRV &RPSDQ\IRUWRFRYHUWKH UHYRNHG KHU SUREDWLRQ IRU IDLOXUH WR FRPSO\ ZLWK LWV mORJJLQJIHHVlsHDQHWWLDVKRZHGWKH6ZHHQH\VWKHLUUHWXUQ FRQGLWLRQVLQFOXGLQJKHUQRWREWDLQLQJDPRQLWRULQJGHYLFH RQDFRPSXWHUVFUHHQVFUROOLQJGRZQWRWKHERWWRPZKHUHLW ZKHQLWDOOHJHGO\UHIXVHGWRFRQVLGHUKHUDELOLW\WRSD\IRUWKH GLVSOD\HGDUHIXQGDPRXQWRI7KH6HDUDQVH[SODLQHG GHYLFH )RU WKH SURSRVLWLRQ WKDW FRXUWV PXVW FRQVLGHU WKH WKDW WKH UHIXQG ZRXOG EH HOHFWURQLFDOO\ GHSRVLWHG LQ WKH ILQDQFLDOUHVRXUFHVRIWKHGHIHQGDQWLQGHWHUPLQLQJZKHWKHU 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
KDVQRZLOOQRFRQVFLHQFHRUFRQWUROOLQJPHQWDOSRZHURULI 6ZHHQH\VjEDQNDFFRXQWDQGDVNHG5KRQGD6ZHHQH\WROHW WKURXJK WKH RYHUZKHOPLQJ YLROHQFH RI PHQWDO GLVHDVH KLV WKHP NQRZ ZKHQ LW FDPH LQ VR WKH\ FRXOG FROOHFW WKH LQWHOOHFWXDO SRZHU LV IRU WKH WLPH REOLWHUDWHG KH LV QRW D UHPDLQGHURIWKHLUIHH%HIRUHWKH6ZHHQH\VGHSDUWHG UHVSRQVLEOHPRUDODJHQWDQGLVQRWSXQLVKDEOHIRUFULPLQDO sHDQHWWLD UHSRUWHG D FRPSXWHU SUREOHP WKDW SUHYHQWHG KHU DFWVjl 6HH 'DYLV Y 8QLWHG 6WDWHV 86 IURP SULQWLQJ D KDUG FRS\ RI WKH UHWXUQ $IWHU VHYHUDO TXRWLQJDQGDGRSWLQJDVIHGHUDOODZ&RPPRQZHDOWK XQUHTXLWHGFDOOVIRUDSDSHUFRS\/DZUHQFH6ZHHQH\ILQDOO\ Y5RJHUV0HWF 0DVV ,QIHGHUDOODZWKH REWDLQHGRQHE\JRLQJWRWKH6HDUDQVj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sHDQHWWLD VRXJKW DQG ILQDOO\ ZRQ WKH GLVWULFW FRXUWj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m'RXJ0DORQHlFRQWDFWHG6HDUDQjV7D[6HUYLFHWRSUHSDUH sHDQHWWLDjVDSSDUHQWFDSDFLW\WRUHDVRQDQGDZDUHQHVVRIKHU KLV UHWXUQ+HSUHVHQWHGIDEULFDWHG:IRUPVDQGRWKHU DFWVDQGVXUURXQGLQJVDQGsHDQHWWLDFDOOHGDQH[SHUWZLWQHVV VXSSRUWLQJGRFXPHQWDWLRQWKDWLISURSHUO\UHSRUWHGZRXOG 7KHGLVWULFWFRXUWLQVWUXFWHGWKHMXU\WKDWm0UV6HDUDQVD\V KDYH UHVXOWHG LQ D VPDOO DPRXQW RI WD[ GXH 7KH 6HDUDQV WKDW VKH LV QRW JXLOW\ RI WKHVH FKDUJHV EHFDXVH KHU PHQWDO SURGXFHGDUHWXUQVKRZLQJDUHIXQGRI2Q$SULO GHILFLHQF\SUHYHQWHGKHUIURPDFWLQJLQDZLOOIXODQGNQRZLQJ DJHQWVH[HFXWHGDVHDUFKZDUUDQWDWWKH$QWLRFKRIILFH PDQQHU6LQFHLWZDVQRWKHULQWHQWLRQWRGRVRPHWKLQJ RI6HDUDQjV7D[6HUYLFHVHL]LQJUHFRUGVUHODWLQJWR IDOVH ZKLFKWKHODZIRUELGV0UV6HDUDQVXEPLWVVKHLVQRWJXLOW\ UHWXUQVSUHSDUHGIRUFOLHQWVPDQ\RIZKRPZHUHDXGLWHG RI WKHVH FKDUJHVl %HFDXVH WKH PHQWDO GLVHDVH RU GHIHFW DVDUHVXOWRIWKHLQYHVWLJDWLRQDQGKDGWRSD\XQH[SHFWHGWD[ DUJXPHQWZHQWWRWKHMXU\DQGWKHJRYHUQPHQWKDVQRWDUJXHG OLDELOLW\VRPHWLPHVLQODUJHDPRXQWV WKDW sHDQHWWLD IDLOHG WR SUHVHQW LW SURSHUO\ EHORZ ZH ZLOO FRQVLGHUKHUFRQWHQWLRQWKDWWKHJRYHUQPHQWIDLOHGWRSURYH ,56 5HYHQXH $JHQW 5RELQ %DOGZLQ SDUWLFLSDWHG LQ WKH WKDWVKHKDGWKHPHQWDOFDSDFLW\WRIRUPWKHLQWHQWWRZLOOIXOO\ DXGLWVDQGLQWHUYLHZHGDOORIWKHWD[SD\HUVZKRVHIDOVHUHWXUQV DLGDQGDVVLVWWKHSUHSDUDWLRQRUSUHVHQWDWLRQRIWD[UHWXUQV IRUPWKHEDVLVRIWKHLQVWDQWFULPLQDOFKDUJHV6KHUHYLHZHG VKHNQHZWREHIDOVH WKH GRFXPHQWV FRQQHFWHG ZLWK HDFK RI WKH WD[SD\HUV ZKR WHVWLILHG LQ WKLV FDVH DQG H[SODLQHG WKH DSSURSULDWH WD[ sHDQHWWLD FDOOHG 9DQGHUELOW 8QLYHUVLW\ 0HGLFDO &HQWHU FDOFXODWLRQV7KHWKLUWHHQWD[UHWXUQVIRUPLQJWKH EDVLVRI QHXURSV\FKRORJLVW DQG SUDFWLFLQJ FOLQLFDO SV\FKRORJLVW 'U &RXQWV7ZRWKURXJK)RXUWHHQDOOFODLPHGVXEVWDQWLDOUHIXQGV 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
WKDWZKHQFRPSDUHGWRWKHSURSHUFDOFXODWLRQVUHVXOWHGLQ UHYLHZ WKH GLVWULFW MXGJHjV GLVFUHWLRQDU\ UHIXVDO WR GHSDUW VXEVWDQWLDO WD[ GHILFLWV SURSHUO\ RZHG WR WKH JRYHUQPHQW GRZQZDUG DFFRUG8QLWHG6WDWHVY&ROHPDQ)G UDQJLQJIURP WR 7KHDJJUHJDWHWD[GHILFLHQF\ WK&LU HQEDQF RZHG WR WKH JRYHUQPHQW E\ WKH WD[SD\HUV IRU ZKRP WKH 6HDUDQVSUHSDUHGDQGILOHGUHWXUQVFDPHWR2YHU ,,,sHDQHWWLD6HDUDQ &DVH1RV WKH \HDUV WKH\ RSHUDWHG 6HDUDQjV 7D[ 6HUYLFH WKH 6HDUDQV UHFHLYHG DW OHDVW IURP WD[SD\HUV ZKLFK WKH\ VSOLW sHDQHWWLD 6HDUDQ DUJXHV WKDW WKH GLVWULFW FRXUW HUUHG LQ HYHQO\ GHQ\LQJKHUPRWLRQIRUMXGJPHQWRIDFTXLWWDO7KHHOHPHQWV RIsHDQHWWLDjVRIIHQVHVDUHVHWIRUWKDERYHLQ3DUW,,$DVLV $PRVjV EDVH RIIHQVH OHYHO ZDV SXUVXDQW WR 866* WKH VWDQGDUG RI UHYLHZ DSSOLHG E\ WKLV FRXUW $OWKRXJK 7 D ZKLFKGLUHFWHGDSSOLFDWLRQRIWKH7 sHDQHWWLDjV DSSHOODWH EULHI LV FU\SWLF LQ LWV EUHYLW\ VKH WDEOHIRUWKHFRUUHVSRQGLQJWD[ORVVWRWKHJRYHUQPHQWKHUH VXPPDUL]HG KHU SULPDU\ FRQWHQWLRQ +HU ODFN RI IRUPDO VHH 866* 7 , %HFDXVH $PRV WUDLQLQJLQWD[SUHSDUDWLRQVXSSRVHGSUREOHPVVKHKDGLQWKH FRPPLWWHGWKHRIIHQVHDVSDUWRIDSDWWHUQRUVFKHPHIURP SDVWZLWKSURSHUFRPSOHWLRQRIWD[UHWXUQVDQGKHUmUHODWLYHO\ ZKLFK KH GHULYHG D VXEVWDQWLDO SRUWLRQ RI KLV LQFRPH WZR ORZl,4RIUDLVHmVRPHGRXEWDVWRZKHWKHU>VKH@IXOO\ OHYHOV ZHUH DGGHG VHH 866* 7 E DQG XQGHUVWRRG WKH QDWXUH RI KHU DFWLRQV ZKLOH SUHSDULQJ DQG DQRWKHU WZR ZHUH DGGHG EHFDXVH $PRV HQJDJHG LQ WKH ILOLQJWD[UHWXUQVIRUWKHYDULRXVWD[SD\HUVZKRVHLQDFFXUDWH EXVLQHVVRISUHSDULQJWD[UHWXUQVVHH866*7 E UHWXUQVOHGWR>KHU@LQGLFWPHQWLQWKLVFDVHl $OO FRXQWV ZHUH JURXSHG SXUVXDQW WR 866* ' G UHVXOWLQJLQDFRPELQHGWRWDORIIHQVHOHYHO :LWKRXW FLWDWLRQ WR DXWKRULW\ sHDQHWWLD FODLPV WKDW KHU RI ZKLFK LQ &ULPLQDO +LVWRU\ &DWHJRU\ , FDUULHV D mLQIHULRUPHQWDOFDSDFLW\DQGLQDELOLW\WRUHDVRQOLNHDQRUPDO VHQWHQFHUDQJHRIPRQWKV7KHFRXUWRYHUUXOHG$PRVjV SHUVRQLQDQGRILWVHOIFDVWV>VLF@DELJVKDGRZRIGRXEWRQ REMHFWLRQWRWKHVXEVWDQWLDOSRUWLRQRILQFRPHHQKDQFHPHQW WKH HOHPHQW ZKLFK UHTXLUHV WKDW WKH FULPH ZDV FRPPLWWHG DQG GHQLHG KLV PRWLRQ IRU D PLQRU RU PLQLPDOSDUWLFLSDQW NQRZLQJO\DQGZLOOIXOO\l7KXVVKHVHHPVWRFODLPWKDWKHU DGMXVWPHQWVHH866*% ILQGLQJWKDWKHVKDUHG PHQWDO IXQFWLRQLQJ ZDV VR ORZ WKDW VKH GLG QRW KDYH WKH WKHSURFHHGVRIWKHIUDXGHTXDOO\ZLWKKLVPRWKHUDQGZDV FDSDFLW\WRNQRZWKHWD[UHWXUQVFRQWDLQHGIDOVHKRRGVDQGWKDW mGHHSO\ LQYROYHGl LQ WKH RIIHQVH FRQGXFW 7KH FRXUW DOVR VKH FRXOG QRW IRUP WKH LQWHQW WR ZLOOIXOO\ DLG RU DVVLVW WKH GHQLHG KLV PRWLRQ IRU D GRZQZDUG GHSDUWXUH ILQGLQJ WKDW WD[SD\HUVLQSUHSDULQJDQGSUHVHQWLQJWKHP6KHPDNHVWKHVH $PRVjVVLWXDWLRQZDVQRWXQXVXDOHQRXJKWRWDNHLWRXWRIWKH FRQWHQWLRQVGHVSLWHYROXPHVRIUHFRUGWHVWLPRQ\E\YLFWLPV KHDUWODQG RI JXLGHOLQHV FDVHV LQ WKH FRQWUROOLQJ VHQWHQFH WKDW VKH VHHPHG TXLWH DOHUW DQG NQRZOHGJHDEOH RI KHU UDQJH7KHFRXUWDGGLWLRQDOO\QRWHGm,QDQ\HYHQWWKH&RXUW VXUURXQGLQJVDQGDFWLYLWLHVZKHQVKHSUHSDUHGWKHWD[UHWXUQV FRQWDLQLQJPDWHULDOIDOVHKRRGV (YLGHQFH RI D PHQWDO GLVHDVH RU GHIHFW LV DGPLVVLEOH WR SURYHWKDWWKHGHIHQGDQWGLGQRWKDYHWKHVWDWHRIPLQGWKDW 7KH GLVWULFW FRXUW XVHG WKH YHUVLRQ RI WKH 8QLWHG 6WDWHV 6HQWHQFLQJ WKHVWDWXWHPDNHVDQHOHPHQWRI WKH FULPHmµ>,@QRUGHUWR *XLGHOLQHV HIIHFWLYH 1RY LQ VHQWHQFLQJ $PRV EHFDXVH FKDQJHV WR WKH JXLGHOLQHV HIIHFWLYH DIWHU FRPSOHWLRQ RI WKH RIIHQVH FRQGXFW UDLVHG FRQVWLWXWH D FULPH D SHUVRQ PXVW KDYH LQWHOOLJHQFH DQG H[ SRVW IDFWR FRQFHUQV 6HH 866* % E FUHDWLQJ DQ FDSDFLW\HQRXJKWRKDYHDFULPLQDOLQWHQWDQGSXUSRVH DQGLI H[FHSWLRQ WR WKH UXOH RI XVLQJ WKH YHUVLRQ RI WKH JXLGHOLQHV HIIHFWLYH DW WKH KLVUHDVRQDQGPHQWDOSRZHUVDUHHLWKHUVRGHILFLHQWWKDWKH WLPH RI VHQWHQFLQJ 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
2EYLRXVO\ DSSOLFDWLRQ RI WKLV JXLGHOLQH UHTXLUHV GHFOLQHVWRH[HUFLVHLWVGLVFUHWLRQWRGHSDUWGRZQZDUGRQ>WKH FRPSDULVRQRIKLVWD[IUDXGLQFRPHWRKLVLQFRPHIURPRWKHU SURIIHUHG@JURXQGVEDVHGRQWKHIDFWVLQWKLVFDVHl VRXUFHV$PRVILOHGQRWD[UHWXUQVIRUWKH\HDUV DQG +HFDOOHGDFKDUDFWHUZLWQHVVDWKLVVHQWHQFLQJZKR sHDQHWWLDjVRIIHQVHOHYHOFDOFXODWLRQWUDFNHGKHUVRQjVEXW H[SODLQHGWKDWKHZRUNHGZLWK$PRVLQDFRUSRUDWLRQWKDWGLG KHU FULPLQDO KLVWRU\ VFRUH SXW KHU LQ &ULPLQDO +LVWRU\ EXVLQHVV LQ 7HQQHVVHH DQG 1HZ
,,$PRV6HDUDQ &DVH1R WKH(OHFWURQLF)LOLQJ3URJUDP+HIXUWKHUFLWHVWHVWLPRQ\E\ VRPHYLFWLPVWKDWWKH\ZHUHUHIHUUHGWRKLVPRWKHUQRWKLP $6XIILFLHQF\RIWKH(YLGHQFH IRUWD[VHUYLFHV WKDWKHZDVQRWSUHVHQWRUQRWLQYROYHGZKHQ WKH\JDYHWKHLUWD[LQIRUPDWLRQWRKLVPRWKHU WKDWKLVPRWKHU $VWRHDFKRIWKHIRXUWHHQFRXQWV$PRV6HDUDQFKDOOHQJHV QRWKHSUHSDUHGWKHLUUHWXUQV DQGWKDWKLVPRWKHUjVVLJQDWXUH WKHVXIILFLHQF\RIWKHHYLGHQFHRQZKLFKWKHMXU\FRQYLFWHG UDWKHU WKDQ KLV DSSHDUHG RQ WKHLU WD[ GRFXPHQWV $PRVjV KLP 2Q DSSHDO WKLV FRXUW PXVW GHFLGH mZKHWKHU DIWHU RZQGHVFULSWLRQRIWKHHYLGHQFHLPSOLFLWO\DFNQRZOHGJHVWKDW UHYLHZLQJ WKH HYLGHQFH LQ WKH OLJKW PRVW IDYRUDEOH WR WKH VRPH YLFWLPV FDPH WR KLP IRU WD[ VHUYLFHV WKDW KH ZDV SURVHFXWLRQDQ\UDWLRQDOWULHURIIDFWFRXOGKDYHIRXQGWKH SUHVHQW DFWXDOO\KHZDVTXLWHDFWLYHO\LQYROYHGDV5KRQGD HVVHQWLDOHOHPHQWVRIWKHFULPHEH\RQGDUHDVRQDEOHGRXEWl 6ZHHQH\jVWHVWLPRQ\LQGLFDWHG ZKHQVRPHYLFWLPVVXSSOLHG s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mGHHSO\LQYROYHGLQWKH $YHU\)G WK&LU 8QLWHG6WDWHVY RIIHQVHFRQGXFWl )UHQFK )G WK&LU $PRV QH[W REMHFWV WR WKH GLVWULFW FRXUWjV ILQGLQJ WKDW KH &RXQW &RQVSLUDF\WR$LGRU$VVLVWWKH)LOLQJRI SDUWLFLSDWHGLQWKHWD[IUDXGFRQVSLUDF\DVSDUWRIDSDWWHUQRU )DOVH5HWXUQV VFKHPHIURPZKLFKKHGHULYHGDVXEVWDQWLDOSRUWLRQRIKLV LQFRPH ZKLFK UHVXOWHG LQ D WZRSRLQW RIIHQVHOHYHO $FULPLQDOFRQVSLUDF\H[LVWVZKHQmWZRRUPRUHSHUVRQV HQKDQFHPHQWSXUVXDQWWR866*7 E 7KLV FRQVSLUH HLWKHU WR FRPPLW DQ\ RIIHQVH DJDLQVW WKH 8QLWHG FRXUWUHYLHZVDILQGLQJRIWKLVVRUWIRUFOHDUHUURU6HH8QLWHG 6WDWHVRUWRGHIUDXGWKH8QLWHG6WDWHVRUDQ\DJHQF\WKHUHRI 6WDWHVY/XVWHU )G WK&LU 7KH LQDQ\PDQQHURUIRUDQ\SXUSRVHDQGRQHRUPRUHRIVXFK JRYHUQPHQWjV HYLGHQFH VKRZHG WKDW KH HDUQHG LQ SHUVRQVGRDQ\DFWWRHIIHFWWKHREMHFWRIWKHFRQVSLUDF\l JURVVLQFRPHIURPWKHWD[VHUYLFHRYHU DQHLJKWHHQPRQWK 86&&RQFHSWXDOO\WKHIHGHUDOFULPHRIFRQVSLUDF\ SHULRG$PRVFODLPVWKDWWKLVILJXUHZKLFKDYHUDJHVRXWWR UHTXLUHVSURRIRIVSHFLILFLQWHQWDFWXDORULPSOLHGWRYLRODWH SHUPRQWKLQHDUQLQJVIURPWD[IUDXGmLQDQGRILWVHOILV IHGHUDOODZ6HH8QLWHG6WDWHVY*DUDIROD)G LQVXIILFLHQW WR FRQVWLWXWH D ILQGLQJ WKDW >KH@ GHULYHG D WK&LU VHHDOVR8QLWHG6WDWHVY&DQJLDQR )G VXEVWDQWLDOSRUWLRQRIKLVLQFRPHIURPWKHWD[EXVLQHVVl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s H[SODLQLQJ WKDW RQH PD\ EH JXLOW\ RI WKH VWULFW 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
DOWKRXJKWKHUHLVHYLGHQFHWRVXSSRUWLWWKHUHYLHZLQJFRXUW OLDELOLW\FULPHRIUXQQLQJDWUDIILFOLJKWZLWKRXWNQRZOHGJHRI RQ WKH HQWLUH HYLGHQFH LV OHIW ZLWK WKH GHILQLWH DQG ILUP WKH OLJKWjV SUHVHQFH LQ WKH URDG EXW RQH PD\ EH JXLOW\ RI FRQYLFWLRQWKDWDPLVWDNHKDVEHHQFRPPLWWHGj8QLWHG6WDWHV FRQVSLUDF\WRUXQWKHOLJKWRQO\LIKHNQRZVWKHOLJKWLVWKHUH Y8QLWHG6WDWHV*\SVXP&R86 l VHHDOVR,QJUDPY8QLWHG6WDWHV86 7KHJXLGHOLQHSURYLGHV m%DVHGRQWKHGHIHQGDQWjVUROHLQ 7KHODZSURKLELWVDVVLVWLQJRWKHUVWRILOHIDOVHWD[UHWXUQV WKHRIIHQVHGHFUHDVHWKHRIIHQVHOHYHODVIROORZV D ,IWKH m$Q\ SHUVRQ ZKRn :LOOIXOO\ DLGV RU DVVLVWV LQ RU GHIHQGDQWZDVDPLQLPDOSDUWLFLSDQWLQDQ\FULPLQDODFWLYLW\ SURFXUHVFRXQVHOVRUDGYLVHVWKHSUHSDUDWLRQRUSUHVHQWDWLRQ GHFUHDVH E\ OHYHOV E ,I WKH GHIHQGDQW ZDV D PLQRU XQGHUWKHLQWHUQDOUHYHQXHODZVRIDUHWXUQZKLFKLV SDUWLFLSDQWLQDQ\FULPLQDODFWLYLW\GHFUHDVHE\OHYHOV,Q IUDXGXOHQWRULVIDOVHDVWRDQ\PDWHULDOPDWWHUZKHWKHURUQRW FDVHV IDOOLQJ EHWZHHQ D DQG E GHFUHDVH E\ OHYHOVl VXFKIDOVLW\RUIUDXGLVZLWKWKHNQRZOHGJHRUFRQVHQWRIWKH 866*% 7KLVJXLGHOLQHmSURYLGHVDUDQJHRI SHUVRQUHTXLUHGWRSUHVHQWVXFKUHWXUQVKDOOEHJXLOW\ DGMXVWPHQWVIRUDGHIHQGDQWZKRSOD\VDSDUWLQFRPPLWWLQJ RIDIHORQ\l86& 7KHHOHPHQWVRIWKLV WKHRIIHQVHWKDWPDNHVKLPVXEVWDQWLDOO\OHVVFXOSDEOHWKDQWKH FULPHDUH ZLOOIXOO\DLGLQJDVVLVWLQJSURFXULQJFRXQVHOLQJ DYHUDJHSDUWLFLSDQWl866*%FRPPHQW EDFNJjG DGYLVLQJRUFDXVLQJ WKHSUHSDUDWLRQRUSUHVHQWDWLRQRID VHHDOVR8QLWHG6WDWHVY0LOOHU)G WK IHGHUDOLQFRPHWD[UHWXUQ WKDWFRQWDLQVDVWDWHPHQWRIDQ\ &LU m>$@PLQRUSDUWLFLSDQWPHDQVDQ\SDUWLFLSDQWZKR PDWHULDO PDWWHU NQRZQ E\ WKH GHIHQGDQW WR EH IDOVH 6HH LVOHVVFXOSDEOHWKDQPRVWRWKHUSDUWLFLSDQWVEXWZKRVHUROH 8QLWHG6WDWHVY6DVVDN)G WK&LU FI FRXOG QRW EH GHVFULEHG DV PLQLPDOl 866* % 8QLWHG6WDWHVY0RUULV)G WK&LU FRPPHQW Q $V WKLV FRXUW KDV H[SODLQHG m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l0LOOHU)G SUHSDUDWLRQ RU SUHVHQWDWLRQ RI D IHGHUDO LQFRPH WD[ UHWXUQ DW HPSKDVLV LQ RULJLQDO FLWLQJ 8QLWHG 6WDWHV Y FRQWDLQLQJDVWDWHPHQWRIDPDWHULDOPDWWHU$PRVNQHZWR %XUURXJKV)G WK&LU DQG3HUU\ EHIDOVHDQG DPHPEHURIWKHFRQVSLUDF\WRRNDQRYHUWDFW )GDW LQ IXUWKHUDQFH RI WKH DJUHHPHQW 3RLQWLQJ WR ZKDW KH GHVFULEHGDVHYLGHQFHWKDWPRVWRIWKHWD[SD\HUVZHQWWRKLV $PRVDUJXHVWKDWm>L@WLVFOHDUIURPWKHUHFRUGWKDW>KH@LV PRWKHUIRUDVVLVWDQFHLQSUHSDULQJWKHLUUHWXUQVDQGWKDWKHGLG VXEVWDQWLDOO\ OHVV FXOSDEOH WKDQ KLV PRWKHUl VXFK WKDW KH QRW SHUVRQDOO\ ILOH WKH UHWXUQV $PRV FODLPV WKDW WKH GHVHUYHV DW OHDVW D WZROHYHO PLQRUUROH UHGXFWLRQ LQ KLV JRYHUQPHQWIDLOHGWRSURYHWKDWKHLQWHQWLRQDOO\HQWHUHGLQWR RIIHQVHOHYHO+HDGGVWKDWWKHmUHFRUGIXUWKHULQGLFDWHVWKDW DQDJUHHPHQWWREUHDNWD[ODZVRUWKDWKHKDGNQRZOHGJHRI >KH@ODFNHGWKHNQRZOHGJHDQGXQGHUVWDQGLQJRIWKHVFRSHDQG WKHUHWXUQVjIDOVLW\ VWUXFWXUHRIWKHHQWHUSULVHEHLQJFRQGXFWHGE\KLVPRWKHUl PHDQLQJKHGHVHUYHVDIRXUSRLQWPLQLPDOUROHUHGXFWLRQ,Q 7RVXSSRUWDFRQVSLUDF\FRQYLFWLRQWKHGHIHQGDQWmQHHG VXSSRUW RI WKHVH JUDQG FRQWHQWLRQV KH SRLQWV RXW WKDW KLV QRWEHDQDFWLYHSDUWLFLSDQWLQHYHU\SKDVHRIWKHFRQVSLUDF\ PRWKHUILOHGWKH,56)RUPDSSOLFDWLRQWRSDUWLFLSDWHLQ VRORQJDVKHLVSDUW\WRWKHJHQHUDOFRQVSLUDWRULDODJUHHPHQWl 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
8QLWHG6WDWHVY&KULVWLDQ)G WK&LU SODFHVVRPXFKHPSKDVLVPHUHO\GHVFULEHVEDFNJURXQGIDFWV 7KHDJUHHPHQWLQWHQWWRMRLQLWDQGSDUWLFLSDWLRQFDQDOOEH EHOLHYHGE\WKHJUDQGMXU\WREHWUXH7KHFULPHFKDUJHGLQ LQIHUUHGIURPDFWVGRQHZLWKDFRPPRQSXUSRVH6HH8QLWHG WKHLQGLFWPHQWQRZKHUHVSHFLILHGWKDW$PRVPXVWKDYHILOHG 6WDWHVY+XJKHV )G WK&LU m3URRI UHWXUQV mGLUHFWO\l ZLWK WKH ,56 ,QVWHDG LW FKDUJHG $PRV RIDIRUPDODJUHHPHQWLVQRWUHTXLUHG LWPXVWRQO\EHSURYHQ ZLWK FRQVSLUDF\ WR mZLOOIXOO\ DLG DQG DVVLVW LQ WKH WKDW WKH PHPEHUV RI WKH FRQVSLUDF\ KDG DW OHDVW D WDFLW RU SUHSDUDWLRQDQGSUHVHQWDWLRQWRWKH,56l1RWKLQJLQWKH PDWHULDO XQGHUVWDQGLQJ WR WU\ WR DFFRPSOLVK DQ XQODZIXO LQGLFWPHQWFDOOHGIRUSURRIWKDWKHGLUHFWO\ILOHGDQ\WKLQJZLWK JRDOl)UHQFK )GDW WKH,56$QGQRWKLQJLQWKHVWDWXWHFDOOVIRUVXFKSURRIDVWKH HOHPHQWV RI WKH FULPH GHVFULEHG DERYH PDNH FOHDU 7KH $PRVjV GHSLFWLRQ RI WKH SURRI SUHVHQWHG DW WULDO LV QRW GLVWULFWFRXUWSURSHUO\UXOHGWKDWSURRIRIZKHWKHUWKHUHWXUQV FRPSOHWH0RVWRIWKHWD[SD\HUVWHVWLILHGWKDWKLVQDPHRUKLV ZHUHGLUHFWO\RULQGLUHFWO\ILOHGZLWKWKH,56ZDVLUUHOHYDQWWR EXVLQHVVjV QDPH $PRV &RPSDQ\ DSSHDUHG RQ WKHLU WKHFKDUJHGRIIHQVH7KHSURRIDWWULDOGLGQRWYDU\IURPWKH VHUYLFHDJUHHPHQWVRUIHHFRQWUDFWV6HYHUDOWD[SD\HUVUHFDOO FULPHFKDUJHGLQWKHLQGLFWPHQW HLWKHU$PRVRUsHDQHWWLDWHOOLQJWKHPWRPDNHWKHLUFKHFNV SD\DEOHWR$PRV &RPSDQ\2WKHUYLFWLPVUHPHPEHUERWK &6HQWHQFLQJ GHIHQGDQWV EHLQJ SUHVHQW GXULQJ PHHWLQJV ZLWK WKHP DQG /DZUHQFH 6ZHHQH\ WHVWLILHG WKDW $PRV KLPVHOI FODLPHG WR $PRVFKDOOHQJHVWZRDVSHFWVRIKLVVHQWHQFH WKHGLVWULFW NQRZRIFHUWDLQGHGXFWLRQVPRVWSHRSOHGLGQRWNQRZEHFDXVH FRXUWjV GHQLDO RI KLV PRWLRQ IRU D PLQRU RU PLQLPDO KLVEXVLQHVVZDVVLPLODUWR6ZHHQH\jV5KRQGD6ZHHQH\DOVR SDUWLFLSDQW UHGXFWLRQ LQ KLV RIIHQVH OHYHO DQG WKH FRXUWjV PHWZLWK$PRVDQGKHDVVXUHGKHURIKLVFRPSHWHQFHLQWKH FRQFOXVLRQWKDWKHGHULYHGDVXEVWDQWLDOSRUWLRQRIKLVLQFRPH WD[SUHSDUDWLRQ EXVLQHVV E\ FODLPLQJ WKDW KH KDG SUHSDUHG IURPKLVWD[IUDXG UHWXUQV IRU ODZ\HUV DQG RWKHUV DVVRFLDWHG ZLWK 1DVKYLOOHjV 0XVLF 5RZ :KLOH 5KRQGD DQG sHDQHWWLD 6HDUDQ VDW DW D $ GHIHQGDQW PXVW SURYH HQWLWOHPHQW WR D PLQRU RU FRPSXWHU WHUPLQDO SUHSDULQJ KHU UHWXUQ 5KRQGD DVNHG D PLQLPDOUROHUHGXFWLRQE\DSUHSRQGHUDQFHRIWKHHYLGHQFH YDULHW\RITXHVWLRQVDQGRQWKHRFFDVLRQVZKHQsHDQHWWLDZDV 6HH8QLWHG6WDWHVY3HUU\ )G WK&LU XQVXUH RI WKH DQVZHU VKH WXUQHG WR $PRV IRU KHOS EHIRUH 7KHFXOSDELOLW\GHWHUPLQDWLRQLVmKHDYLO\GHSHQGHQWXSRQWKH SURFHHGLQJ :KHQ /DZUHQFH YLVLWHG WKH 6HDUDQV DIWHU IDFWVl866*%FRPPHQW EDFNJjG DQGWKLV EHFRPLQJVXVSLFLRXVsHDQHWWLDUHIXVHGWRSURYLGHKLPDFRS\ FRXUWUHYLHZVIRUFOHDUHUURUWKHGLVWULFWFRXUWjVILQGLQJVRI RIKLVUHWXUQEHFDXVH$PRVZDVQRWWKHUHDQGKHmZRXOGQjW IDFW UHJDUGLQJ ZKHWKHU D GHIHQGDQW LV HQWLWOHG WR VXFK OLNHWKLVl6LPLODUO\ZKHQ7DPP\*DU]DFDOOHGDVNLQJIRU UHGXFWLRQ6HH8QLWHG6WDWHVY0RVV )G WK FRSLHVRIKHUUHWXUQsHDQHWWLDH[SODLQHGWKDWVKHZRXOGKDYH &LU 8QLWHG6WDWHVY1DJL )G WK WRFRQVXOW$PRV$IWHUWKH,56LQIRUPHGKHUWKDWLWZRXOG &LU )RULWVSDUWWKHJRYHUQPHQWGUDZVDWWHQWLRQWRD FRQGXFWDQDXGLW0HOLVVD*UD\FRQWDFWHGWKH 6HDUDQVDQG FRORUIXO GHVFULSWLRQ RI WKH FOHDUO\ HUURQHRXV VWDQGDUG mD $PRVWROGKHUWKDWnIRUDQDGGLWLRQDOIHHnKHZRXOGH[SODLQ GHFLVLRQPXVWVWULNH>WKHFRXUW@DVPRUHWKDQMXVWPD\EHRU ZKDWWKH\KDG GRQHZLWKKHUUHWXUQ $PRVODWHUVHQWKHUD SUREDEO\ZURQJ LWPXVWVWULNH>WKHFRXUW@DVZURQJZLWK OHWWHUFRQILUPLQJWKHVXEVWDQFHRIWKHLUFRQYHUVDWLRQsDQHW WKHIRUFHRIDILYHZHHNROGXQUHIULJHUDWHGGHDGILVKl3HUU\ 'RGGDOVRFRQWDFWHGWKH6HDUDQVDIWHUEHLQJLQIRUPHGRIDQ )GDW EXWVHH$QGHUVRQY&LW\RI%HVVHPHU&LW\ DXGLW GHPDQGLQJ WKDW WKH\ SURYLGH KHU FRSLHV RI KHU 86 UHDIILUPLQJDQGH[SODLQLQJWKHDJH UHWXUQ$PRVUHIXVHGWRGRVREHFDPHLQFUHDVLQJO\DQJU\RQ ROGSULQFLSOHWKDWmµ>D@ILQGLQJLVmFOHDUO\HUURQHRXVlZKHQ 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
EHFDXVH $PRVjV UHDGLQJ RI WKH LQGLFWPHQW LV IODZHG +H WKH SKRQH DQG XOWLPDWHO\ VHQW KHU D TXHVWLRQDQGDQVZHU SRLQWVWRWKHGRFXPHQWjVILUVWSDUDJUDSKZKLFKGHFODUHV m$W IRUPOHWWHUnXQGHU$PRV &RPSDQ\OHWWHUKHDGVLJQHGE\ DOO WLPHV PDWHULDO KHUHLQ sHDQHWWLD 6HDUDQ DQG $PRV $PRV6HDUDQnRQZKLFKVKHZDVWRGHVFULEHDQ\LWHPVWKDW 6HDUDQRSHUDWHGDEXVLQHVVRISUHSDULQJDQGILOLQJWD[UHWXUQV UDLVHGTXHVWLRQVLQKHUPLQG:KHQ/LQGD)UHHPDQFRQWDFWHG IRU WD[SD\HUV XWLOL]LQJ WKH (OHFWURQLF )LOLQJ 3URJUDP WKH6HDUDQVWRREWDLQDFRS\RIKHUUHWXUQEHLQJDXGLWHGE\WKH ZKHUHE\ WKH\ HOHFWURQLFDOO\ ILOHG WD[ UHWXUQV RQ EHKDOI RI ,56$PRVDVVXUHGKHUWKDWDOOZDVZHOODV$PRVjVDWWRUQH\ WD[SD\HUVGLUHFWO\ZLWKWKH,QWHUQDO5HYHQXH6HUYLFH ,56 ZDVVXSSRVHGO\JLYLQJWKH,56DKDUGWLPHDQGPDNLQJWKHP 7KH GHIHQGDQWV RSHUDWHG XQGHU WKH QDPHV RI $PRV PDG &RPSDQ\,QFDQGRU6HDUDQ7D[6HUYLFHDQGRU6HDUDQV7D[ 6HUYLFH DQGRU 6HDUDQjV 7D[ 6HUYLFHl 2EYLRXVO\ $PRV 5REHUW'RZHOOWHVWLILHGWKDWZKHQsHDQHWWLDJDYHKLPDWRXU DWWDFKHVJUHDWVLJQLILFDQFHWRWKHZRUGGLUHFWO\+LVHUURUOLHV RI WKH 6HDUDQVj DSDUWPHQW $PRV ZDV LQ D EDFN URRP DW D LQWKHVLPSOHEXWVLJQLILFDQWSRLQWWKDWWKLVSDUDJUDSKGRHVQRW FRPSXWHUWHUPLQDOSUHSDULQJRUWUDQVPLWWLQJDUHWXUQ7LIIDQ\ GHVFULEHDFULPHRUDFULPLQDOFKDUJH 'RZHOOUHPHPEHUHGsHDQHWWLDVKRZLQJKHUWKHURRP$PRV ZRUNHGLQDQGDOVRUHFDOOHG$PRVSUHSDULQJKHUIHHFRQWUDFW 7KH LQGLFWPHQW GHVFULEHG KLV FULPH LQ WKH VXFFHHGLQJ %RWKGHIHQGDQWVZHUHSUHVHQWZKHQDJHQW0F(ZHQSRVLQJDV SDUDJUDSKVZKHUHLQWKHJUDQGMXU\FKDUJHG 'RXJ 0DORQH PHW ZLWK WKHP DW WKHLU DSDUWPHQW $W WKDW PHHWLQJ $PRV H[SODLQHG WKDW KH QHHGHG WR JDLQ DQ )URPRQRUDERXWWKH WKGD\RI1RYHPEHU XSWR XQGHUVWDQGLQJRI0DORQHjVEXVLQHVVLQRUGHUWRSUHSDUHKLVWD[ DQGLQFOXGLQJ0D\ LQWKH0LGGOH'LVWULFWRI UHWXUQV'DQLHO+DUWOHGHDOWRQO\ZLWK$PRVZKRH[SODLQHG 7HQQHVVHHsHDQHWWLD6HDUDQDQG$PRV6HDUDQWKH WKDWKHKDGWDNHQRYHUKLVPRWKHUjVEXVLQHVV GHIHQGDQWV KHUHLQ GLG FRPELQH FRQVSLUH FRQIHGHUDWH DQGDJUHHWRJHWKHUZLWKHDFKRWKHUDQGZLWKGLYHUVHRWKHU 7KHVHIDFWVSURYLGHPRUHWKDQHQRXJKHYLGHQFHIURPZKLFK SHUVRQV WR WKH *UDQG s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jRYHUWDFWVLQIXUWKHUDQFHRI 'XULQJ WKH SHULRG RI WKH FRQVSLUDF\ WKH GHIHQGDQWV WKHFRQVSLUDF\7KHJRYHUQPHQWKDYLQJSUHVHQWHGSURRIIURP SUHSDUHG DQG FDXVHG WR EH ILOHG QXPHURXV WD[ UHWXUQV ZKLFKDMXU\FRXOGFRQFOXGHWKDWDOORIWKHHOHPHQWVRIWKH LQFOXGLQJEXWQRWOLPLWHGWRWKRVHUHWXUQVOLVWHGLQWKH FULPHKDGEHHQSURYHGEH\RQGDUHDVRQDEOHGRXEWWKHGLVWULFW RYHUWDFWVZKLFKFRQWDLQHGIDOVHLWHPV FRXUWGLGQRWHUULQGHQ\LQJ$PRVjVPRWLRQIRUMXGJPHQWRI DFTXLWWDORQWKHFRQVSLUDF\FRXQW 7KHVHSDUDJUDSKVVWDWHWKHFULPHWKHJUDQGMXU\FKDUJHG$PRV ZLWKFRPPLWWLQJ7KHSUHFHGLQJSDUDJUDSKRQZKLFK$PRV 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
&RXQWV $LGLQJRU$VVLVWLQJWKH3UHVHQWDWLRQRI %9DULDQFH )DOVH5HWXUQV m2EWDLQLQJDUHYHUVDORIDFRQYLFWLRQEHFDXVHRIDYDULDQFH 7KH JUDQG MXU\ FKDUJHG $PRV ZLWK ERWK WKH VXEVWDQWLYH EHWZHHQWKHLQGLFWPHQWDQGWKHHYLGHQFHUHTXLUHVVDWLVIDFWLRQ RIIHQVHRIDLGLQJRUDVVLVWLQJWKHSUHVHQWDWLRQRIIDOVHUHWXUQV RI D >WZRSDUW@ WHVW µWKH YDULDQFH LWVHOI PXVW EH DQGWKHDFFRPSOLFHFULPHRIDLGLQJDQGDEHWWLQJDQRWKHUWRDLG GHPRQVWUDWHG DQG WKH YDULDQFH PXVW DIIHFW VRPH RUDVVLVWWKHSUHVHQWDWLRQRIIDOVHUHWXUQV3UHVHQWHGZLWKD VXEVWDQWLDOULJKWRIWKHGHIHQGDQWjl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m6XEVWDQWLDOULJKWVDUH SXQLVK WD[ SUHSDUHUV DQG RWKHUV ZKR ZLOOIXOO\ SUHSDUH RU DIIHFWHGRQO\ZKHQDGHIHQGDQWVKRZVµSUHMXGLFHWRKLVDELOLW\ SUHVHQWIDOVHWD[UHWXUQVRQEHKDOIRIWD[SD\HUVUHJDUGOHVVRI WRGHIHQGKLPVHOIDWWULDOWRWKHJHQHUDOIDLUQHVVRIWKHWULDORU WKHWD[SD\HUjVNQRZOHGJHRIWKHIDOVHKRRGWKLVVWDWXWHUHOLHV WR WKH LQGLFWPHQWjV VXIILFLHQF\ WR EDU VXEVHTXHQW RQDWKHRU\RIOLDELOLW\DNLQWRFRPSOLFLW\ LWFULPLQDOL]HVDQ SURVHFXWLRQVl8QLWHG6WDWHVY+DWKDZD\ )G DFW WKDW IDFLOLWDWHV DQRWKHU SHUVRQjV FULPH ZKHQ WKH DFW LV WK&LU TXRWLQJ8QLWHG6WDWHVY0LOOHU86 XQGHUWDNHQZLOOIXOO\DQGZLWKNQRZOHGJHRIWKHFLUFXPVWDQFHV Q 5HYHUVDOLVQRWQHFHVVDU\LIWKHYDULDQFHLV WKDWPDNHWKHRWKHUSHUVRQjVDFWLOOHJDO KDUPOHVVLQVRIDUDVWKHLQGLFWPHQWIXOO\DQGIDLUO\LQIRUPHG WKHGHIHQGDQWRIWKHFKDUJHVKHKDGWRDQVZHUDWWULDO6HH 7KLVFRXUWORQJDJRUHFRJQL]HGWKDWWKHmZLOOIXOO\DLGLQJ 8QLWHG 6WDWHV Y +XQVWPDQ )G WK &LU DVVLVWLQJ SURFXULQJ FRXQVHOLQJ DGYLVLQJ RU FDXVLQJl 7KLV FRXUW UHYLHZV GH QRYR ZKHWKHU WKHUH ZDV DQ ODQJXDJHRI HIIHFWLYHO\LQFRUSRUDWHVLQWRWKLVVWDWXWH DPHQGPHQWWRRUYDULDQFHIURPWKHLQGLFWPHQW6HH8QLWHG WKHWKHRU\EHKLQGDFFRPSOLFHOLDELOLW\,Q6DVVDNWKLVFRXUW 6WDWHVY3ULQFH)G WK&LU REVHUYHG WKDW m>W@KHRUHWLFDOO\ DQ\RQH ZKR FDXVHV D IDOVH UHWXUQWREHILOHGRUIXUQLVKHVLQIRUPDWLRQZKLFKOHDGVWRWKH $PRVFODLPVWKDWWKHLQGLFWPHQWFKDUJHGKLPZLWKILOLQJ ILOLQJRIDIDOVHUHWXUQFRXOGEHJXLOW\RIYLRODWLQJ86& WD[UHWXUQVGLUHFWO\ZLWKWKH,567KHWKHRU\RIKLVGHIHQVH l6DVVDN)GDW,QRUGHUWRDYRLGWKH KHFODLPVZDVWRGHPRQVWUDWHKLVLQQRFHQFHE\VKRZLQJWKDW KDUVKDQGSUREDEO\XQLQWHQGHGFRQVHTXHQFHVRIVXFKVWULFW KHQHYHUILOHGDWD[UHWXUQGLUHFWO\ZLWKWKH,56+HLVFRUUHFW OLDELOLW\6DVVDN IROORZHG WKH 7KLUG &LUFXLW LQ KROGLQJ WKDW LQDVVHUWLQJWKDWQRSURRIDWWULDOVKRZHGWKDWKHILOHGDWD[ mRQHPXVWHQJDJHLQµVRPHDIILUPDWLYHSDUWLFLSDWLRQZKLFKDW UHWXUQRQEHKDOIRIDQ\RQHOLVWHGLQWKHLQGLFWPHQWGLUHFWO\ OHDVW HQFRXUDJHV WKH SHUSHWUDWRUj LQ RUGHU WR EH JXLOW\ RI ZLWK WKH ,56 %XW WKLV IDFW LV RI QR OHJDO FRQVHTXHQFH 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY 6HDUDQHWDO 6HDUDQHWDO
WKHSURFHHGVZLWKKHU7KHVHDFWVZLOOIXOO\XQGHUWDNHQE\ DLGLQJ LQ WKH SUHSDUDWLRQ DQG SUHVHQWDWLRQ RI IDOVH WD[ $PRV FRQWULEXWHG WR WKH H[HFXWLRQ RI WKH FULPHV 6HH UHWXUQVl,ELG TXRWLQJ8QLWHG6WDWHVY*UDKDP)G 3KLOOLSV)GDW)URPWKLVHYLGHQFHDMXU\FRXOG G&LU 6DVVDNH[SODLQHG FRXUWVVKRXOG WKHUHIRUHSURSHUO\FRQFOXGHWKDWKHE\DIILUPDWLYHRYHUWDFWV mDQDO\]H YLRODWLRQ RI 86& LQ WHUPV RI DQ ZLOOIXOO\DLGHGDVVLVWHGSURFXUHGFRXQVHOHGRUFDXVHGHLWKHU DFWRUjVDFWXDOZLOOIXOQHVVDQGNQRZOHGJHRIWKHIDOVLW\RIWKH KLVPRWKHURUWKHWD[SD\HUVWRSUHSDUHRUSUHVHQWHDFKRIWKH UHWXUQWKDWLVSUHSDUHGl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jV FULPLQDO µDLGLQJDVVLVWLQJSURFXULQJjODQJXDJHLQ86& DFWLYLW\DQGRFFDVLRQDOO\HQJDJHGLQKLVRZQFULPLQDODLGLQJ DQG DVVLVWLQJ $GGLWLRQDOO\ $PRVjV NQRZOHGJH RI DQG 7KHUHFRJQLWLRQWKDWWKHILUVWHOHPHQWRID FKDUJH SDUWLFLSDWLRQLQWKHFRQVSLUDF\WRDVVLVWRWKHUVLQILOLQJIDOVH HIIHFWLYHO\ LQFRUSRUDWHV mDLGLQJ DQG DEHWWLQJl FRPSOLFLW\ UHWXUQVDQGKLVDLGLQJKLVPRWKHUWRILOHUHWXUQVWKDWVKHNQHZ OLDELOLW\ PHDQV WKDW FKDUJLQJ D GHIHQGDQW ZLWK mDLGLQJ DQG FRQWDLQHG IDOVHKRRGV SURYLGH HYLGHQFH IURP ZKLFK D MXU\ DEHWWLQJl XQGHU 86& WKH mDLG>LQJ@ DVVLVW>LQJ@ FRXOGFRQFOXGHWKDW$PRVHQJDJHGLQKLVFRQWULEXWLQJDFWV SURFXU>LQJ@ l RI IDOVH WD[ UHWXUQV XQGHU 86& ZKLOHNQRZLQJWKDWWKHUHWXUQVXOWLPDWHO\ILOHGZRXOGFRQWDLQ LV D UHGXQGDQF\ &RQFHSWXDOO\ D FRPSOLFLWRXV IDOVHVWDWHPHQWVRIPDWHULDOIDFWm7KHIDFWWKDWVRPHRIWK>LV@ GHIHQGDQWOLNH$PRVFRXOGmDLGDQGDEHWlDSULQFLSDOOLNHKLV HYLGHQFHPD\KDYHVHUYHGGRXEOHGXW\E\DOVRVXSSRUWLQJWKH PRWKHULQKHUHQGHDYRUWRmDLGDVVLVWSURFXUHl
FDXVHVDQDFWWREHGRQHZKLFKLIGLUHFWO\SHUIRUPHGE\KLP FRQYLFWDSULQFLSDORIWKHRIIHQVH6HH8QLWHG6WDWHVY/RGHU RUDQRWKHUZRXOGEHDQRIIHQVHDJDLQVWWKH8QLWHG6WDWHVLV )G VW&LU FROOHFWLQJFDVHV SXQLVKDEOH DV D SULQFLSDOl 86& D E sXGJH /HDUQHG+DQGUHDGWKLVFRPSOLFLW\VWDWXWHWRUHTXLUHWKDWWKH 7KHJRYHUQPHQWjVWKHRU\RI$PRVjVOLDELOLW\LQWKLVFDVH GHIHQGDQWmLQVRPHVRUWDVVRFLDWHKLPVHOIZLWKWKHYHQWXUH KROGVWKDWKHDLGHGRUDVVLVWHGHLWKHUWD[SD\HUVRUKLVPRWKHU WKDWKHSDUWLFLSDWHLQLWDVLQVRPHWKLQJWKDWKHZLVKHVWREULQJ WRILOHWD[UHWXUQVWKDWKHNQHZFRQWDLQHGDIDOVHVWDWHPHQWRI DERXWWKDWKHVHHNE\KLVDFWLRQWRPDNHLWVXFFHHGl8QLWHG PDWHULDOIDFW7KHUHIRUHWKHJRYHUQPHQWKDGWRSURYHWKDW 6WDWHV Y 3HRQL )G G &LU sXGJH $PRV E\VRPHDIILUPDWLYHRYHUWDFW LQWHQWLRQDOO\DLGHG +DQGjV IRUPXODWLRQ EHFDPH WKH DFFHSWHG VWDQGDUG IRU DVVLVWHGSURFXUHGFRXQVHOHGRUFDXVHG KLVPRWKHURUD LPSRVLQJDFFRPSOLFHOLDELOLW\XQGHU86&6HH1\H WD[SD\HU WRSUHSDUHRUSUHVHQWDIHGHUDOLQFRPHWD[UHWXUQ 1LVVHQY8QLWHG6WDWHV86 8QLWHG FRQWDLQLQJ D VWDWHPHQW RI D PDWHULDO PDWWHU WKDW $PRV 6WDWHV Y 0RUURZ )G WK &LU HQ NQHZ WR EH IDOVH $V WR HDFK RI WKH WKLUWHHQ VXEVWDQWLYH EDQF m,QRUGHUWRSURYHDVVRFLDWLRQWKHUHPXVWEHHYLGHQFH FRXQWV$PRVFODLPVWKDWWKHJRYHUQPHQWLQWURGXFHGQRSURRI WKDWWKHGHIHQGDQWVKDUHGWKHFULPLQDOLQWHQWRIWKHSULQFLSDO WKDWKHDLGHGDQGDVVLVWHGWKHILOLQJRIIDOVHWD[UHWXUQVFLWLQJ ZKLOHLQRUGHUWRSURYHSDUWLFLSDWLRQWKHUHPXVWEHHYLGHQFH HYLGHQFH WKDW sHDQHWWLD SUHSDUHG DQG VLJQHG PRVW RI WKH WKDWWKHGHIHQGDQWFRPPLWWHGVRPHRYHUWDFWGHVLJQHGWRDLG UHWXUQVLQTXHVWLRQDQGVRPHWLPHVVSRNHWRWKHWD[SD\HUVRXW LQWKHVXFFHVVRIWKHFULPLQDOYHQWXUH$LGLQJDQGDEHWWLQJ RI KLV SUHVHQFH $V WR &RXQWV DQG WKH UHWXUQV RI WKH KDVWZRFRPSRQHQWV DQDFWRQWKHSDUWRIDGHIHQGDQWZKLFK %DUDEDVKHV $PRV FODLPV WKH JRYHUQPHQW SURGXFHG QR FRQWULEXWHVWRWKHH[HFXWLRQRIDFULPHDQGWKHLQWHQWWRDLGLQ HYLGHQFH WKDW KH NQHZ WKH %DUDEDVKHVj UHWXUQ FRQWDLQHG D LWV FRPPLVVLRQl 8QLWHG 6WDWHV Y 3KLOOLSV )G IDOVH VWDWHPHQW KH PDNHV HVVHQWLDOO\ WKH VDPH FODLP DV WR WK&LU8QLW%'HF LQWHUQDOTXRWDWLRQRPLWWHG &RXQW UHWXUQ RI 0V )UHHPDQ &RXQW UHWXUQ RI 0U DFFRUG 8QLWHG 6WDWHV Y 'ROW )G WK &LU %DJJHWW &RXQW UHWXUQ RI 0V 0LQWRQ DQG &RXQW 0RUHLY8QLWHG6WDWHV)G WK&LU UHWXUQRIm'RXJ0DORQHl $VWR&RXQWV DQG UHWXUQV H[SODLQLQJWKHIRUPHUGLVWLQFWLRQEHWZHHQDLGHUVDQG RI0U+DUWOH $PRVDGPLWVSUHSDULQJWD[GRFXPHQWVODWHU DEHWWRUVnWKRVHSUHVHQWDQGDVVLVWLQJLQFRPPLVVLRQRIWKH DXGLWHGE\WKH,56EXWGLVFODLPVNQRZOHGJHRIDQ\IDOVHKRRG FULPHnDQGDFFHVVRULHVEHIRUHWKHIDFWnWKRVHFRXQVHOLQJ DSSHDULQJRQWKHP HQFRXUDJLQJRULQFLWLQJLWVFRPPLVVLRQEXWQRWSUHVHQW EXW VHH&RORVDFFRY8QLWHG6WDWHV )G WK&LU 7KH HYLGHQFH GHVFULEHG DERYH ZLWK UHVSHFW WR WKH UHFRJQL]LQJ WKDW XQGHU WKH UHYLVHG 86 &RGH WKH FRQVSLUDF\FKDUJHLQGLFDWHVWKDW$PRVZDVQRWPHUHO\SUHVHQW GLVWLQFWLRQZDVDEDQGRQHG DW WKH VFHQH RI KLV PRWKHUjV DFWLYLWLHV DVVLVWLQJ WD[SD\HUV 5DWKHU KH DFWLYHO\ SDUWLFLSDWHG LQ KHU FULPLQDO DFWV E\ mµ.QRZOHGJHWKDWDFULPHLVEHLQJFRPPLWWHGHYHQZKHQ DVVXULQJYLFWLPVRIKLVDQGKLVPRWKHUjVFRPSHWHQF\WRILOH FRXSOHGZLWKSUHVHQFHDWWKHVFHQHLVJHQHUDOO\QRWHQRXJKWR WD[UHWXUQVSDUWLFXODUO\UHWXUQVFRQWDLQLQJDOOHJHGO\OHJLWLPDWH VXSSRUWDFRQYLFWLRQRQWKHEDVLVRIDLGLQJDQG DEHWWLQJjl mGHGXFWLRQVl NQRZQ WR IHZ RWKHU SHRSOH +H SHUVRQDOO\ 8QLWHG6WDWHVY%U\DQW)G WK&LU SUHSDUHGFHUWDLQWD[UHWXUQVIRU6HDUDQjV7D[6HUYLFHDQGDW TXRWLQJ8QLWHG6WDWHVY*DUJXLOR)G G YDULRXVWLPHVKHOGKLPVHOIRXWDVDSDUWQHULQSURSULHWRURI &LU 7KH JRYHUQPHQW PXVW SURYH WKDW WKH DQGVXFFHVVRUWRKLVPRWKHUjVWD[SUHSDUDWLRQRSHUDWLRQ$QG DLGHUDEHWWRUKDGWKHVDPHPHQWDOVWDWHDVWKDWQHFHVVDU\WR KH UHFHLYHG SD\PHQW IURP WKH YLFWLPV RQ EHKDOI RI WKH EXVLQHVVKHMRLQWO\RSHUDWHGZLWKKLVPRWKHUHYHQO\VSOLWWLQJ
United States v. Searan, Jeanettia (United States v. Searan, Jeanettia) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.