Heston v. Comm Social Security
Heston v. Comm Social Security
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 DS
81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB
58%< ( +(6721 ; 3ODLQWLII$SSHOODQW 1R Y ! &200,66,21(5 2) 62&,$/ 6(&85,7< 'HIHQGDQW$SSHOOHH 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&ROXPEXV 1R n*HRUJH&6PLWK'LVWULFWsXGJH $UJXHG 1RYHPEHU 'HFLGHGDQG)LOHG 0DUFK %HIRUH '$8*+75(<DQG0225(&LUFXLWsXGJHV &$55'LVWULFWsXGJH
7KH +RQRUDEOH sDPHV * &DUU 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH 1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ
+HVWRQY&RPPjURI6RFLDO6HFXULW\ 1R
BBBBBBBBBBBBBBBBB &2816(/ $5*8(' 6XVDQs+DDV=DQHVYLOOH2KLRIRU$SSHOODQW &\QWKLD $ %UDQGHO 2)),&( 2) 7+( *(1(5$/ &2816(/ 62&,$/ 6(&85,7< $'0,1,675$7,21 &KLFDJR,OOLQRLVIRU$SSHOOHH21%5,() 6XVDQs+DDV =DQHVYLOOH2KLRIRU$SSHOODQW&\QWKLD$%UDQGHO2)),&( 2) 7+( *(1(5$/ &2816(/ 62&,$/ 6(&85,7< $'0,1,675$7,21&KLFDJR,OOLQRLVIRU$SSHOOHH BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB s$0(6 * &$55 'LVWULFW sXGJH &ODLPDQW$SSHOODQW 5XE\(+HVWRQ m+HVWRQl ILOHGDQDSSOLFDWLRQIRUGLVDELOLW\ EHQHILWV ZKLFK ZDV GHQLHG DQG QRZ DSSHDOV WKH GLVWULFW FRXUWjV GHFLVLRQ XSKROGLQJ WKH GHQLDO RI EHQHILWV +HVWRQ FKDOOHQJHV WKH GHFLVLRQ RI WKH $GPLQLVWUDWLYH /DZ sXGJH $/s RQ WKUHH JURXQGV IDLOXUH WR VWDWH UHDVRQV IRU UHMHFWLQJ WKH UHSRUW RI 'U sRKQ +DXQ SODLQWLIIjV WUHDWLQJ SK\VLFLDQ ODFNRIVXEVWDQWLDOHYLGHQFHWRVXSSRUWWKH$/sjV ILQGLQJWKDWKHUWHVWLPRQ\ZDVQRWFUHGLEOH DQG ZURQJIXO DSSOLFDWLRQ RI 5XOH RI WKH 0HGLFDO9RFDWLRQDO *XLGHOLQHV LQVWHDGRI5XOH LQWKHGHWHUPLQDWLRQWKDW VKHFDQSHUIRUPVXEVWDQWLDOJDLQIXOZRUN 7KH&RPPLVVLRQHUDUJXHVWKDWLWLVQRWQHFHVVDU\WRUHDFK WKH PHULWV RI +HVWRQjV FODLPV EHFDXVH RI KHU IDLOXUH WR FKDOOHQJHWKHSUHOLPLQDU\ILQGLQJDWVWHSWZRRIWKHVHTXHQWLDO SURFHVV WKDW VKH GRHV QRW KDYH D VHYHUH LPSDLUPHQW ,Q DGGLWLRQWKH&RPPLVVLRQHUDVVHUWVWKDW+HVWRQjVFODLPVDUH ZLWKRXWPHULW )RUWKHIROORZLQJUHDVRQVZH$)),50WKHMXGJPHQWRI WKHGLVWULFWFRXUW +HVWRQY&RPPjURI6RFLDO6HFXULW\ 1R 1R +HVWRQY&RPPjURI6RFLDO6HFXULW\
MREV +HVWRQ FRXOG SHUIRUP E\ UHO\LQJ VROHO\ RQ HLWKHU 352&('85$/$1')$&78$/%$&.*5281' 9RFDWLRQDO5XOHRU +HVWRQZDVERUQRQ)HEUXDU\ DQGODVWZRUNHGRQ 6RFLDO 6HFXULW\ 5XOLQJ DSSOLHV ZKHQ D FODLPDQWjV 1RYHPEHU s$DW +HVWRQFDQUHDGDQGZULWH DELOLWLHVIDOOEHWZHHQWKHUHJXODWRU\JXLGHOLQHVIRUH[HUWLRQDO WKRXJK KHU ZULWLQJ VNLOOV DUH OLPLWHG ,G DW +HVWRQ OLPLWDWLRQV m,Q VLWXDWLRQV ZKHUH WKH UXOHV ZRXOG GLUHFW ZRUNHGPRVWUHFHQWO\IRUDGU\FOHDQHUDVDFRXQWHUDVVLVWDQW GLIIHUHQW FRQFOXVLRQV DQG WKH LQGLYLGXDOjV H[HUWLRQDO DQG SUHVVHU ,G 3UHYLRXVO\ VKH KDG ZRUNHG FDULQJ IRU OLPLWDWLRQV DUH VRPHZKHUH µLQ WKH PLGGOHj LQ WHUPV RI WKH SDWLHQWVLQDQXUVLQJKRPHDQGDVDKRXVHNHHSHU ,GDW UHJXODWRU\ FULWHULD IRU H[HUWLRQDO UDQJHV RI ZRUN PRUH 6KHVWRSSHGZRUNLQJLQ1RYHPEHU EHFDXVHVKH GLIILFXOWMXGJPHQWVDUHLQYROYHGDVWRWKHVXIILFLHQF\RIWKH FRXOGQRORQJHUEUHDWKHWKHGU\FOHDQHUjVIXPHV ,GDW UHPDLQLQJ RFFXSDWLRQDO EDVH WR VXSSRUW D FRQFOXVLRQ DV WR +HVWRQjVGLVDELOLW\SHULRGWKXVUXQVIURP1RYHPEHU GLVDELOLW\$FFRUGLQJO\>YRFDWLRQDOVSHFLDOLVW@DVVLVWDQFHLV WKHGDWHVKHVWRSSHGZRUNLQJWRsXQH WKHGDWH DGYLVDEOH IRU WKHVH W\SHV RI FDVHVl VKHZDVODVWLQVXUHG ,GDW 6RF6HF5HS6HU :/ 66$ $3URFHGXUDO%DFNJURXQG 7KH$/sGLVFXVVHG+HVWRQjVOLPLWDWLRQVZLWKWKHYRFDWLRQDO H[SHUW s$DW 7KH $/s SRVHGDK\SRWKHWLFDOZLWKD +HVWRQILOHGIRUGLVDELOLW\EHQHILWVRQsXO\ ,GDW SHUVRQ ZKR ZDV QRW DEOH WR OLIW DERYH ILIW\ SRXQGV RQ 6KHFODLPVWREHGLVDEOHGGXHWRVKRUWQHVVRIEUHDWK RFFDVLRQ RU QRW DEOH WR OLIW WZHQW\ILYH SRXQGV IUHTXHQWO\ DVWKPD H[FHVVLYH KHDUWEHDW GLYHUWLFXOLWLV KLJK EORRG 7KH YRFDWLRQDO H[SHUW FRQFOXGHG WKDW WKHUH ZHUH SUHVVXUHSDQFUHDWLWLVDQGFXUYDWXUHRIWKHVSLQH ,GDW DSSUR[LPDWHO\MREVDYDLODEOH7KH$/sWKHQDVNHGWKH +HVWRQjV RULJLQDO DSSOLFDWLRQ IRU EHQHILWV ZDV GHQLHG RQ YRFDWLRQDOH[SHUWDERXWMRERSSRUWXQLWLHVIRUVRPHRQHZKR 2FWREHU RQ JURXQGV WKDW +HVWRQ GLG QRW SUHVHQW FRXOG OLIW XS WR WKLUW\ SRXQGV KDG SUREOHPV FOLPELQJ HQRXJK PHGLFDO HYLGHQFH WR VKRZ WKH VHYHULW\ RI KHU FURXFKLQJ NQHHOLQJ DQG FUDZOLQJ 7KH YRFDWLRQDO H[SHUW FRQGLWLRQ ,G +HVWRQILOHGDUHTXHVWIRUUHFRQVLGHUDWLRQ VWDWHGWKDWWKHUHZHUHDERXWMREVDYDLODEOHIRUVRPHRQH ZKLFKZDVDOVRGHQLHG ,GDW ZLWKWKRVHOLPLWDWLRQV ,GDW +HVWRQ UHTXHVWHG D KHDULQJ EHIRUH DQ $/s )ROORZLQJ D 7KH $/s EDVHG KLV ILQGLQJ RI IDFWV RQ WKH YRFDWLRQDO KHDULQJ RQ $SULO WKH $/s LVVXHG D GHFLVLRQ RQ H[SHUWjVGHWHUPLQDWLRQWKDWWKHUHZHUHMREVDYDLODEOHIRU sXQH LQZKLFKKHIRXQGWKDW+HVWRQKDGQRmVHYHUH VRPHRQHZLWK+HVWRQjVFDSDELOLWLHV ,GDW +HVWRQjV LPSDLUPHQWl DV RI sXQH WKH GDWH VKH ZDV ODVW DUJXPHQWWKDWWKH$/sLPSURSHUO\UHOLHGRQ9RFDWLRQDO5XOH LQVXUHG ,G DW )XUWKHU WKH $/s IRXQG WKDW HYHQ LI LQ OLJKW RI WKH $/sjV FRQVLGHUDWLRQ RI +HVWRQjV +HVWRQFRXOGGHPRQVWUDWHDVHYHUHLPSDLUPHQWVKHZRXOGEH VSHFLILFYRFDWLRQDOSURILOHDQGUHVLGXDOIXQFWLRQLQJFDSDFLW\ SUHFOXGHG IURP UHFHLYLQJ GLVDELOLW\ EHQHILWV EHFDXVH WKH LVZLWKRXWPHULW ,G WHVWLPRQ\RIDYRFDWLRQDOH[SHUWVKRZHGWKDWVKHFRXOGVWLOO SHUIRUPDVLJQLILFDQWQXPEHURIMREVLQWKHORFDOHFRQRP\ &21&/86,21 ,GDW )RUWKHIRUHJRLQJUHDVRQVZH$)),50WKHMXGJPHQWRI +HVWRQ ILOHG D m/HWWHU RI &RQWHQWLRQVl ZLWK WKH $SSHDOV WKHGLVWULFWFRXUW &RXQFLORIWKH6RFLDO6HFXULW\$GPLQLVWUDWLRQFRQWHVWLQJWKH $/sjVGHFLVLRQ ,GDW ,QWKHOHWWHU+HVWRQDUJXHG WKDW QHLWKHU WKH $/sjV ILQGLQJ WKDW VKH ZDV QRW VHYHUHO\ +HVWRQY&RPPjURI6RFLDO6HFXULW\ 1R 1R +HVWRQY&RPPjURI6RFLDO6HFXULW\
LPSDLUHG QRU KLV ILQGLQJ WKDW VKH FRXOG VWLOO SHUIRUP WKH 6HFUHWDU\ GHWHUPLQHV WKDW WKH SODLQWLII LV LQFDSDEOH RI VXEVWDQWLDO JDLQIXO DFWLYLW\ ZDV VXSSRUWHG E\ VXEVWDQWLDO SHUIRUPLQJ SDVW UHOHYDQW ZRUN WKHVH JULGV DUH XVHG WR HYLGHQFH ,G 7KH$SSHDOV&RXQFLOGHQLHG+HVWRQjVUHTXHVW GHWHUPLQH ZKHWKHU SODLQWLII FDQ SHUIRUP RWKHU MREV LQ WKH IRUUHYLHZ ,GDW QDWLRQDO HFRQRP\ 7KH JULG DOORZV WKH 6HFUHWDU\ WR WDNH mDGPLQLVWUDWLYHQRWLFHlWKDWSODLQWLIIKDVPHWWKHUHTXLUHPHQWV +HVWRQWKHQILOHGKHUFRPSODLQWLQWKH6RXWKHUQ'LVWULFWRI WRSHUIRUPFHUWDLQMREVLQWKHHFRQRP\,G 2KLR,QWKDWFRPSODLQW+HVWRQUDLVHGWKHVDPHWKUHHFODLPV WKDWVKHDVVHUWVRQDSSHDO6KHGLGQRWFKDOOHQJHWKH$/sjV 7KH$/sPDGHWKHIROORZLQJILQGLQJVRIIDFW SUHGLFDWH ILQGLQJ WKDW VKH GRHV QRW VXIIHU D VXEVWDQWLDO LPSDLUPHQW 7KH &RPPLVVLRQHUjV DQVZHU WR WKH FRPSODLQW 6HFWLRQ RI 5HJXODWLRQV 1R DQG DQGEULHILQVXSSRUWRILWVPRWLRQIRUVXPPDU\MXGJPHQWGLG 9RFDWLRQDO5XOHGLUHFWVDFRQFOXVLRQWKDW QRW UDLVH WKH LVVXH RI +HVWRQjV IDLOXUH WR FKDOOHQJH WKDW FRQVLGHULQJWKHFODLPDQWjVUHVLGXDOIXQFWLRQLQJFDSDFLW\ SUHGLFDWHILQGLQJDVJURXQGVIRUQRWFRQVLGHULQJKHUFODLPVRQ DJH HGXFDWLRQ DQG ZRUN H[SHULHQFH VKH ZDV mQRW WKHLU PHULWV 7KH 0DJLVWUDWH sXGJH ILOHG D 5HSRUW DQG GLVDEOHGl 5HFRPPHQGDWLRQ DIILUPLQJ WKH $/sjV GHFLVLRQ %ULHI RI $SSHOODQWDW $SSO\LQJWKHDERYHFLWHGUXOHDVDIUDPHZRUNIRU GHFLVLRQPDNLQJ DQG FRQVLGHULQJ WKH FODLPDQWjV +HVWRQILOHG2EMHFWLRQVWRWKH0DJLVWUDWHjV5HSRUWEDVHG YRFDWLRQDOSURILOHDQGUHVLGXDOIXQFWLRQDOFDSDFLW\VKH RQ WKH VDPH WKUHH FODLPV 2QFH DJDLQ WKH &RPPLVVLRQHU FRXOG KDYH SHUIRUPHG DSSUR[LPDWHO\ PHGLXP IDLOHGWRUDLVHWKHLVVXHRI+HVWRQjVIDLOXUHWRFKDOOHQJHWKH UDQJH MREV VXFK DV UHQWDO FOHUN SKRWRFRS\ PDFKLQH SUHGLFDWHILQGLQJRIQRVXEVWDQWLDOLPSDLUPHQW7KHGLVWULFW RSHUDWRU DQG PDUNHU 7KH MREV LGHQWLILHG H[LVW LQ FRXUWDGRSWHGWKHGHFLVLRQRIWKH0DJLVWUDWHsXGJHjV5HSRUW SURSRUWLRQDWHQXPEHUVWKURXJKRXWWKHQDWLRQDOHFRQRP\ DQG5HFRPPHQGDWLRQ ,GDW DVZHOO s$DW %+HVWRQjV0HGLFDO+LVWRU\ +HVWRQ DUJXHV WKDW WKH $/s LPSURSHUO\ DSSOLHG WKH 9RFDWLRQDO5XOHIRUGHWHUPLQLQJWKHQXPEHURIMREV ,Q 'U+DXQH[DPLQHG+HVWRQDQGGHWHUPLQHGVKH +HVWRQFRXOGSHUIRUP9RFDWLRQDO5XOHLVUHOLHGXSRQ KDG EURQFKLHFWDVLV ,G DW 'U +DXQ UHFRPPHQGHG LI LW LV GHWHUPLQHG WKDW FODLPDQW LV FDSDEOH RI SHUIRUPLQJ VXUJHU\DQG+HVWRQKDGRQHWKLUGRIKHUOHIWOXQJUHPRYHG PHGLXPZRUN$FODLPDQWLVFDSDEOHRISHUIRUPLQJPHGLXP ,G 'U+DXQUHPDLQHG+HVWRQj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jV s$DW 'U+DXQjVUHSRUWDOVRVWDWHGWKDW+HVWRQKDVD PHGLFDO KLVWRU\ RQ D IRUP SURYLGHG E\ WKH %XUHDX RI OLPLWHG DELOLW\ WR OLIW EXW KH GRHV QRW SURYLGH D VSHFLILF 'LVDELOLW\ 'HWHUPLQDWLRQ 7KH WKUHHSDJH VXPPDU\ LV WKH ZHLJKW OLPLW +HVWRQjV DELOLW\ WR OLIW WKLUW\ SRXQGV IDOOV RQO\HYLGHQFHIURP'U+DXQLQWKHDGPLQLVWUDWLYHUHFRUG ,G EHWZHHQWKHGHILQLWLRQVRIOLJKWDQGPHGLXPZRUN7KHUHIRUH DW ,Q WKH TXHVWLRQQDLUH 'U +DXQ LQGLFDWHG WKDW WKH$/sFRXOGQRWDFFXUDWHO\PDNHDGHWHUPLQDWLRQRIZKLFK +HVWRQY&RPPjURI6RFLDO6HFXULW\ 1R 1R +HVWRQY&RPPjURI6RFLDO6HFXULW\
$OWKRXJK WKH $/s VKRXOG KDYH LQFOXGHG D UHIHUHQFH WR WKH DOWKRXJKKHKDGQRFXUUHQWLQIRUPDWLRQKHEHOLHYHG+HVWRQ UHSRUWLQLWVILQGLQJVWKHIDLOXUHWRGRVRLQWKLVFDVHZDV ZRXOGKDYHWURXEOHEHQGLQJOLIWLQJDQGFDUU\LQJ ,GDW KDUPOHVVHUURU $IWHU 'U +DXQ UHWLUHG +HVWRQ EHFDPH D SDWLHQW RI 'U &7KH$/sjV)LQGLQJ7KDW+HVWRQjV7HVWLPRQ\:DV &ROE\'XULQJWKHSHULRGRIDOOHJHGGLVDELOLW\UHOHYDQWWRWKLV 1RW&UHGLEOH:DV%DVHGRQ6XEVWDQWLDO(YLGHQFH OLWLJDWLRQ 'U &ROE\ WUHDWHG +HVWRQ VHYHUDO WLPHV IRU EURQFKLWLV ,GDW +HVWRQDUJXHVWKDWWKH$/sLQFRUUHFWO\GHWHUPLQHGWKDWKHU WHVWLPRQ\UHJDUGLQJOLPLWDWLRQVEDVHGRQVKRUWQHVVRIEUHDWK ,Q 'HFHPEHU +HVWRQ FRPSODLQHG RI ZHDNQHVV DQGIDWLJXHZDVQRWVXSSRUWHGE\HYLGHQFHLQWKHUHFRUG$ IDWLJXHDQGKHDUWSDOSLWDWLRQV%HFDXVH+HVWRQKDGDKLVWRU\ FLUFXLW FRXUW KRZHYHU PD\ QRW UHYLHZ D GHWHUPLQDWLRQ RI RIDUUK\WKPLD'U&ROE\DGPLQLVWHUHGDVWUHVVWHVWZKLFKZDV FUHGLELOLW\m,W>L@VIRUWKH6HFUHWDU\DQGKLVH[DPLQHUDVWKH WHUPLQDWHGDIWHUVL[DQGDKDOIPLQXWHVEHFDXVHRI+HVWRQjV IDFWILQGHUVWRSDVVXSRQWKHFUHGLELOLW\RIWKHZLWQHVVHVDQG VKRUWQHVVRIEUHDWKDQGIDWLJXH ,GDW 7KHWHVWUHYHDOHG ZHLJKDQGHYDOXDWHWKHLUWHVWLPRQ\l0\HUVY5LFKDUGVRQ QRUPDO FDUGLDF DFWLYLW\ DQG DIWHU WKH WHVW 'U &ROE\ )G WK &LU FLWLQJ &HOHEUH]]H Y GLVFRQWLQXHG+HVWRQjVDUUK\WKPLDPHGLFDWLRQEHFDXVHVKHKDG 6XWWRQ)G WK&LU SHUIRUPHG VR ZHOO +H DOVR ILWWHG +HVWRQ ZLWK D +ROWHU PRQLWRU IRU WZHQW\IRXU KRXUV ZKLFK GLG QRW UHYHDO DQ\ 7KH$/sjVGHWHUPLQDWLRQWKDWWKHV\PSWRPVGLGQRWUHQGHU VLJQLILFDQWDUUK\WKPLD+HVWRQFRQWLQXHGWRVHH'U&ROE\ +HVWRQGLVDEOHGLVDOVRVXSSRUWHGE\VXEVWDQWLDOHYLGHQFHLQ SHULRGLFDOO\IRUV\PSWRPVRIFKHVWFRQJHVWLRQDQGEURQFKLWLV WKH UHFRUG 7KH $/s FRQVLGHUHG +HVWRQjV WHVWLPRQ\ DQGIRUUHFXUUHQWERXWVRISDQFUHDWLWLV ,GDW FRQFHUQLQJIDWLJXHDQGVKRUWQHVVRIEUHDWKLQOLJKWRIRWKHU HYLGHQFH WKDW +HVWRQ UHJXODUO\ ZDONV DURXQG KHU \DUG IRU +HVWRQjVODVWYLVLWZLWK'U&ROE\ZDVLQ0DUFKRI H[HUFLVHULGHVDQH[HUFLVHELF\FOHJRHVWRFKXUFKJRHVRQ ,Q UHVSRQVH WR D %XUHDX RI 'LVDELOLW\ 'HWHUPLQDWLRQ YDFDWLRQFRRNVYDFXXPVDQGPDNHVEHGV ,GDW 7KH TXHVWLRQQDLUH 'U &ROE\ LQGLFDWHG WKDW KH FRXOG QRW $/sFRXOGSURSHUO\GHWHUPLQHWKDWKHUVXEMHFWLYHFRPSODLQWV GHWHUPLQH LI +HVWRQ ZRXOG KDYH WURXEOH ZLWK DQ\ RI WKH ZHUHQRWFUHGLEOHLQOLJKWRIKHUDELOLW\WRSHUIRUPRWKHUWDVNV SK\VLFDODFWLYLWLHVLQGLFDWHGRQWKHIRUP ,GDW +HVWRQ EHFDPH D SDWLHQW RI 'U 6WHSKHQ 6WDQVEXU\ LQ '7KH$/s'LG1RW,PSURSHUO\5HO\RQ5XOHRI sDQXDU\ 7KRXJK'U6WDQVEXU\GLGQRWWUHDW+HVWRQ WKH0HGLFDO9RFDWLRQDO*XLGHOLQHVLQ'HWHUPLQLQJ GXULQJ WKH GLVDELOLW\ SHULRG DW LVVXH KH GLG FRQWLQXH KHU +HVWRQjV9RFDWLRQDO3URILOH WUHDWPHQW IRU FKURQLF EURQFKLWLV ,G DW ,Q 'HFHPEHU 'U 6WDQVEXU\ RUGHUHG D &7 VFDQ RI 7R GHQ\ +HVWRQjV DSSOLFDWLRQ IRU GLVDELOLW\ EHQHILWV WKH +HVWRQjV OXQJ WR GHWHUPLQH ZKHWKHU VKH DJDLQ KDG &RPPLVVLRQHUPXVWVKRZWKDWWKHFODLPDQWFDQQRWSHUIRUP EURQFKLHFWDVLV ,G DW 7KH VFDQ LQGLFDWHG WKDW WKH DQ\VXEVWDQWLDOJDLQIXOZRUNWKDWH[LVWVLQVLJQLILFDQWQXPEHUV VFDUULQJ RI +HVWRQjV OHIW OXQJ KDG QRW FKDQJHG VLQFH D HLWKHULQWKHUHJLRQZKHUHVXFKLQGLYLGXDOOLYHVRULQVHYHUDO SUHYLRXV H[DPLQDWLRQ DQG WKDW WKHUH ZDV QR HYLGHQFH RI UHJLRQVRIWKHFRXQWU\&)5 D UHQHZHGEURQFKLHFWDVLV ,G 0HGLFDO9RFDWLRQDO*XLGHOLQHV mJULGVl DUHXWLOL]HGE\WKH 2Q 2FWREHU 'U 5DM 7ULSDWKL FRQGXFWHG DQ 6HFUHWDU\ GXULQJ WKH ILQDO VWHS RI WKH GLVDELOLW\ GHFLVLRQ H[DPLQDWLRQRI+HVWRQDWWKHUHTXHVWRIWKH$/s'U7ULSDWKL $EERWY6XOOLYDQ )G WK&LU $IWHU QRWHG+HVWRQKDGERXWVRIXSSHUUHVSLUDWRU\WUDFWLQIHFWLRQ +HVWRQY&RPPjURI6RFLDO6HFXULW\ 1R 1R +HVWRQY&RPPjURI6RFLDO6HFXULW\
ZKLFKKDGEHHQWUHDWHGVXFFHVVIXOO\H[HUWLRQDOG\VSQHDKLJK $UHYLHZRI'U+DXQjVUHSRUWGRHVQRWPDQGDWHDUHYHUVDO EORRG SUHVVXUH FRQWUROOHG E\ PHGLFDWLRQ RFFDVLRQDO KHDUW RIWKH$/sjVGHFLVLRQWKDW+HVWRQLVQRWGLVDEOHG)LUVWLQWKH SDOSLWDWLRQVDQGDKLVWRU\RIDUWKULWLFV\PSWRPV ,GDW UHSRUWZULWWHQRQ$XJXVW 'U+DXQDGPLWVWKDWKH KDGQRFXUUHQWLQIRUPDWLRQRQ+HVWRQ'U+DXQSURYLGHG QRQHRI+HVWRQjVPHGLFDOUHFRUGV ZKLFKKHDGPLWVDUHQR 'U 7ULSDWKL FRQFOXGHG WKDW +HVWRQjV KHDUW KDG m30, ORQJHUZLWKLQKLVFRQWURO DQGGRHVQRWSURYLGHDQ\REMHFWLYH SDOSDEOH LQ WKH WK LQWHUFRVWDO VSDFH PHGLDO WR WKH EDVLV IRU KLV FRQFOXVLRQV $FFRUGLQJ WR WKH UHJXODWLRQV D PLGFODYLFXODU OLQH 1R SDOSDEOH WKULOO 6 DQG 6 QRUPDO WUHDWLQJ SK\VLFLDQjV RSLQLRQ ZLOO QRW EH JLYHQ FRQWUROOLQJ TXDOLW\1RPXUPXUVQRUXEVDQGQRJDOORSVl ,GDW ZHLJKWXQOHVVLWLVmZHOOVXSSRUWHGE\PHGLFDOO\DFFHSWDEOH ([DPLQLQJ +HVWRQjV OXQJV 'U 7ULSDWKL IRXQG mPLQLPDO FOLQLFDO DQG ODERUDWRU\ GLDJQRVWLF WHFKQLTXHVl &)5 FUHSLWDWLRQDWWKHEDVHVl'U7ULSDWKLFRQGXFWHGH[WHQVLYH G UDQJHRIPRWLRQVWXGLHVLQZKLFKKHIRXQG+HVWRQjVDELOLWLHV WREHQRUPDO ,GDW +HIRXQGWKDW+HVWRQFRXOGOLIW 0RUH LPSRUWDQW 'U +DXQjV UHSRUW ZDV EDVHG RQ D WKLUW\SRXQGVRFFDVLRQDOO\ ,GDW +HIRXQGWKDWVKH VXPPDU\RI+HVWRQjVPHGLFDOKLVWRU\DVKLVODVWH[DPLQDWLRQ FRXOGVWDQGIRUIRXUWRILYHKRXUVLQDHLJKWKRXUZRUNGD\ RI+HVWRQZDVLQ)HEUXDU\RI +HVWRQjVPHGLFDOVWDWXV VWDQGIRUWKLUW\PLQXWHVZLWKRXWLQWHUUXSWLRQDQGVLWIRURQH IRUGLVDELOLW\LQWKLVFDVHLVEHWZHHQ1RYHPEHU DQG KRXU ZLWKRXW LQWHUUXSWLRQ ,G DW 'U 7ULSDWKL sXQH $OWKRXJK PHGLFDO KLVWRU\ LV UHOHYDQW WR D GHWHUPLQHGWKDW+HVWRQFRXOGQHYHUFOLPENQHHORUFUDZO FODLPDQWjVFRQGLWLRQ+HVWRQjVPHGLFDOKLVWRU\VKRXOGQRWEH DQGFRXOGEDODQFHDQGVWRRSRQO\RFFDVLRQDOO\ ,G )LQDOO\ JLYHQPRUHZHLJKWWKDQWKDWRIDGRFWRUREVHUYLQJSODLQWLII KH QRWHG WKDW +HVWRQjV H[SRVXUH WR KHLJKWV PRYLQJ GXULQJ WKH UHOHYDQW SHULRG RI GLVDELOLW\ $V WKH UHFRUG PDFKLQHU\WHPSHUDWXUHH[WUHPHVGXVWIXPHVKXPLGLW\DQG GHPRQVWUDWHV DQG WKH $/s REVHUYHG 'U &ROE\ H[DPLQHG YLEUDWLRQVKRXOGEHUHVWULFWHG ,GDW +HVWRQGXULQJWKHUHOHYDQWSHULRGDQGFRQFOXGHGWKDW+HVWRQ ZDVQRWVXIIHULQJIURPDQ\VHULRXVLPSDLUPHQW s$DW 'U7ULSDWKLDOVRFRQGXFWHGDSXOPRQDU\IXQFWLRQVWHVWIURP ZKLFK KH FRQFOXGHG WKDW +HVWRQ KDG mPLQLPDO REVWUXFWLYH OXQJGLVHDVHl ,GDW 'U +DXQjV UHSRUW DOVR LQGLFDWHV +HVWRQ ZRXOG KDYH GLIILFXOW\VWDQGLQJEHQGLQJOLIWLQJRUFDUU\LQJREMHFWVLQDQ &+HVWRQjV+HDULQJ%HIRUHWKH$/s HPSOR\PHQWVHWWLQJ ,GDW 'XULQJWKHDGPLQLVWUDWLYH KHDULQJWKHK\SRWKHWLFDOSRVHGE\WKH$/sWRWKHYRFDWLRQDO 2Q$SULO +HVWRQWHVWLILHGEHIRUHWKH$/sDQGD H[SHUWGHVFULEHGDSHUVRQZKRFRXOGQRWOLIWPRUHWKDQWKLUW\ YRFDWLRQDO H[SHUW DERXW KHU PHGLFDO KLVWRU\ DQG GDLO\ SRXQGVZKRVKRXOGQRWUHSHDWHGO\EHQGRUFRQVWDQWO\VWDQG DFWLYLWLHV+HVWRQWHVWLILHGWKDWDVDQHPSOR\HHRI7\VRQ'U\ DQGZKRFRXOGQRWFOLPEFURXFKNQHHORUFUDZO ,GDW &OHDQHUVVKHKDGVHUYHGDVDSUHVVHUDQGGU\FOHDQHUDQGKDG 7KH$/sWKHUHIRUHFRQVLGHUHG+HVWRQj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jVUHSRUWGRHVQRWPDQGDWHDUHYHUVDO KHUEUHDWKLQJSUREOHPVKDGZRUVHQHGVLQFH ,GDW RI WKH $/sjV GHWHUPLQDWLRQ WKDW +HVWRQ ZDV QRW GLVDEOHG +HVWRQY&RPPjURI6RFLDO6HFXULW\ 1R 1R +HVWRQY&RPPjURI6RFLDO6HFXULW\
WZR :H FRQVLGHU DFFRUGLQJO\ +HVWRQjV FODLPV RQ WKHLU +HVWRQ WROG WKH $/s WKDW VKH FRXOG ZDON IRU RQH EORFN PHULWV EHIRUH mSXIILQJlDQGFRXOGVLWIRUWZHQW\WRWKLUW\PLQXWHV ZLWKRXWLQWHUUXSWLRQ ,GDW 6KHVWDWHGWKDWVKHmGLGQjW %7KH$/s'LG1RW&RPPLW5HYHUVLEOH(UURU%\1RW ZDQWWROLIWlPRUHWKDQWHQWRILIWHHQSRXQGV ,G $URXQG ([SOLFLWO\&RQVLGHULQJ'U+DXQjV5HSRUW WKH KRXVH +HVWRQ VWDWHG WKDW VKH ORDGV WKH GLVKZDVKHU VZHHSVZLWKDYDFXXPFOHDQHUGRHVODXQGU\LQKHUZDVKHU +HVWRQDUJXHVWKDWWKH$/sFRPPLWWHGUHYHUVLEOHHUURUE\ DQGGU\HUJRHVJURFHU\VKRSSLQJDQGPDNHVKHUEHG ,GDW IDLOLQJWRGLVFXVV'U+DXQjVWKUHHSDJHVXPPDU\RI+HVWRQjV 6KHDOVRULGHVDQH[HUFLVHELF\FOHRQWKHm]HURlVHWWLQJ PHGLFDOKLVWRU\LQWKHGHFLVLRQ+HVWRQDUJXHVWKDWEHFDXVH IRU ILYH WR WHQ PLQXWHV mQRW TXLWH HYHU\ GD\l WR KHOS KHU WKH$/sIDLOHGWRSURYLGHDQH[SODQDWLRQRIWKHZHLJKWJLYHQ DUWKULWLV ,GDW WR'U+DXQjVRSLQLRQWKH$/sjVGHFLVLRQPXVWEHYDFDWHG $OWKRXJK WKH &RPPLVVLRQHU PXVW SURYLGH D VWDWHPHQW 'XULQJWKHKHDULQJDYRFDWLRQDOH[SHUWEULHIO\HYDOXDWHG GLVFXVVLQJWKHHYLGHQFHDQGUHDVRQVRQZKLFKWKHGHFLVLRQLV +HVWRQjVHPSOR\PHQWKLVWRU\7KHH[SHUWFODVVLILHG+HVWRQjV EDVHG86& E ZHILQGWKDWWKH$/sjVRPLVVLRQ ZRUN DV D GU\ FOHDQLQJ FRXQWHU FOHUN DV mOLJKW DQG RIDQ\GLVFXVVLRQRI'U+DXQjVUHSRUWZDVKDUPOHVVHUURU VHPLVNLOOHGl KHU ZRUN DV D FORWKHV SUHVVHU DV mOLJKW DQG XQVNLOOHGlDQGKHUZRUNDV D GU\FOHDQHUDVmPHGLXPDQG sXGLFLDOUHYLHZRIWKH6HFUHWDU\ VILQGLQJVPXVWEHEDVHGRQ VHPLVNLOOHGl ,GDW 7KH$/sSURSRVHGDK\SRWKHWLFDOVHW WKH UHFRUG DV D ZKROH %RWK WKH FRXUW RI DSSHDOV DQG WKH RIZRUNOLPLWDWLRQVWRWKHYRFDWLRQDOH[SHUWIRUHYDOXDWLRQ GLVWULFW FRXUW PD\ ORRN WR DQ\ HYLGHQFH LQ WKH UHFRUG 7KH$/sGHVFULEHGWKHK\SRWKHWLFDOSHUVRQDVSRVVHVVLQJ mD UHJDUGOHVV RI ZKHWKHU LW KDV EHHQ FLWHG E\ WKH $SSHDOV OLIWLQJ OLPLW RI WKLUW\ SRXQGV DOWHUQDWLQJ SRVLWLRQV QRW &RXQFLO:DONHUY6HFUHWDU\RI+HDOWK +XPDQ6HUYV FOLPELQJ FURXFKLQJ NQHHOLQJ FUDZOLQJ 1RW ZRUNLQJ DW )G WK&LU TXHVWLRQHGRQRWKHUJURXQGVE\ KHLJKWVZLWKPRYLQJPDFKLQHU\:LWKDFOHDQHQYLURQPHQW &XWOLSY6HFUHWDU\RI+HDOWK +XPDQ6HUYV)G DQGQRWHPSHUDWXUHH[WUHPHVl ,GDW WK&LU %DVHGRQWKHK\SRWKHWLFDOWKHH[SHUWVWDWHGWKDWWKHUHZHUH 7KH FRXUW PD\ UHYLHZ 'U +DXQjV UHSRUW LQ LWV DSSUR[LPDWHO\MREVLQWKH'D\WRQ&LQFLQQDWLDUHDWKDW FRQVLGHUDWLRQRIWKHUHFRUGDVDZKROHWRGHWHUPLQH LIWKH D SHUVRQ ZLWK WKRVH UHVWULFWLRQV FRXOG SHUIRUP LQFOXGLQJ $/sjVGHFLVLRQZDVEDVHGXSRQVXEVWDQWLDOHYLGHQFHHYHQLI UHQWDOFOHUNSKRWRFRS\LQJPDFKLQHRSHUDWRUDQGPDUNHU ,G WKH$/sIDLOHGWRFLWHWKHUHSRUWLQLWVFRQFOXVLRQ DW 7KH $/s WKHQ DVNHG LI WKH YDULDEOH RI D WKLUW\ SRXQG OLIWLQJ OLPLWDWLRQ VLJQLILFDQWO\ H[WHQGHG WKH K\SRWKHWLFDO LQGLYLGXDOjV MRE RSSRUWXQLWLHV 7KH H[SHUW UHVSRQGHGWKDWVKHKDGRQO\FRQVLGHUHGDOLIWLQJOLPLWDWLRQRI +HVWRQ FLWHV 0RUHKHDG 0DULQH 6HUY Y :DVKQRFN )G WZHQW\ILYHSRXQGVEXWWKDWDWKLUW\SRXQGOLPLWDWLRQZRXOG WK &LU IRU WKH SURSRVLWLRQ WKDW DQ $/sjV IDLOXUH WR SURYLGH DQ H[WHQGWKHLQGLYLGXDOjVUDQJHRISRWHQWLDOMREV ,GDW DGHTXDWH H[SODQDWLRQ IRU KLV ILQGLQJV RI IDFW PDQGDWHV D UHYHUVDO ,Q 0RUHKHDG KRZHYHU WKH $/s H[SOLFLWO\ VWDWHG WKDW KH UHOLHG RQ D GRFWRUjV $1$/<6,6 REVHUYDWLRQ RI ZKLFK WKHUH ZDV QR HYLGHQFH LQ WKH UHFRUG 7KH FRXUW UHPDQGHG IRU DQ H[SODQDWLRQ RI WKH UHFRUG EHFDXVH WKH $/s UHOLHG XSRQ sXGLFLDO UHYLHZ LV OLPLWHG WR GHWHUPLQLQJ ZKHWKHU WKH D VWDWHPHQW QRW SUHVHQW LQ WKH UHFRUG 7KH SURSRVLWLRQ LV QRW DSSOLFDEOH WR WKH SUHVHQW FDVH ,Q WKLV FDVH WKH $/s DOOHJHGO\ IDLOHG WR UHO\ RQ D UHSRUW GLVWULFW FRXUW HUUHG LQ ILQGLQJ WKDW WKH $/sjV UXOLQJ ZDV WKDW ZDV LQ WKH UHFRUG LQVWHDG RI EDVLQJ KLV GHFLVLRQ RQ D GRFWRUjV UHSRUW VXSSRUWHGE\VXEVWDQWLDOHYLGHQFH&RKHQY'HSjWRI+HDOWK WKDW FRXOG QRW EH IRXQG LQ WKH UHFRUG +XPDQ6HUYV )G WK&LU +HVWRQY&RPPjURI6RFLDO6HFXULW\ 1R 1R +HVWRQY&RPPjURI6RFLDO6HFXULW\
7KH 6RFLDO 6HFXULW\ $FW SURYLGHV WKDW ILQGLQJV RI WKH $&URVV:DLYHU &RPPLVVLRQHUDVWRDQ\IDFWVKDOOEHFRQFOXVLYHLIVXSSRUWHG E\ VXEVWDQWLDO HYLGHQFH 86& J 6XEVWDQWLDO +HVWRQUDLVHGLGHQWLFDOFODLPVEHIRUHWKH0DJLVWUDWHsXGJH HYLGHQFH LV mVXFK UHOHYDQW HYLGHQFH DV D UHDVRQDEOH PLQG 'LVWULFWsXGJHDQGWKLVFRXUWFKDOOHQJLQJWKH$/sjVVWHSIRXU PLJKW DFFHSW DV DGHTXDWH WR VXSSRUW D FRQFOXVLRQl DQGVWHSILYHILQGLQJV7KH&RPPLVVLRQHUDUJXHVWKDWEHIRUH 5LFKDUGVRQY3HUDOHV86 +HVWRQjV FKDOOHQJHV WR WKH ILQGLQJV DW WKH IRXUWK DQG ILIWK VWHSVFDQEHFRQVLGHUHGVKHPXVWKDYHDOVRFKDOOHQJHGWKH +HVWRQ FDQ UHFHLYH EHQHILWV RQO\ LI VKH LV GHHPHG ILQGLQJRIQRVHYHUHLPSDLUPHQWDWVWHSWZR%HFDXVHVKHKDV mGLVDEOHGl XQGHU WKH 6RFLDO 6HFXULW\ $FW 86& QRWGRQHVRWKH&RPPLVVLRQHUDUJXHVVKHLVIRUHFORVHGIURP G $ DQG F D $ $ SHUVRQ LV UHYLHZ RQ WKH PHULWV E\ WKLV FRXUW RI KHU FKDOOHQJH WR WKH mGLVDEOHGlXQGHUWKH6RFLDO6HFXULW\$FWLImKLVSK\VLFDORU ILQGLQJVDWVWHSVIRXUDQGILYH PHQWDOLPSDLUPHQWRULPSDLUPHQWVDUHRIVXFKVHYHULW\WKDWKH LVQRWRQO\XQDEOHWRGRKLVSUHYLRXVZRUNEXWFDQQRW :HKROGWKDWWKH&RPPLVVLRQHUFDQQRWUHO\RQDQ\ZDLYHU HQJDJHLQDQ\RWKHUNLQGRIVXEVWDQWLDOJDLQIXOZRUNl E\ +HVWRQ WR IRUHFORVH FRQVLGHUDWLRQ RI KHU FODLPV RQ WKH 86& G PHULWVEHFDXVHWKH&RPPLVVLRQHUIDLOHGWREULQJ+HVWRQjV ZDLYHUWRWKHDWWHQWLRQRIWKH0DJLVWUDWHsXGJHRUWKH'LVWULFW 7KH6RFLDO6HFXULW\$FWUHTXLUHVWKH6HFUHWDU\WRIROORZD sXGJH $V D UHVXOW QHLWKHU WKH 0DJLVWUDWH sXGJH QRU WKH mILYHVWHSVHTXHQWLDOSURFHVVlIRUFODLPVRIGLVDELOLW\$EERW 'LVWULFW sXGJH KDG WKH RSSRUWXQLW\ WR FRQVLGHU WKH Y6XOOLYDQ )G WK&LU )LUVWSODLQWLII &RPPLVVLRQHUjVDUJXPHQWWKDW+HVWRQjVIDLOXUHWRFKDOOHQJH PXVW GHPRQVWUDWH WKDW VKH LV QRW FXUUHQWO\ HQJDJHG LQ WKH VWHS WZR GHWHUPLQDWLRQ IRUHFORVHG KHU FKDOOHQJH WR WKH mVXEVWDQWLDOJDLQIXODFWLYLW\lDWWKHWLPHVKHVHHNVGLVDELOLW\ $/sjVILQGLQJVDWVWHSVIRXUDQGILYH EHQHILWV ,G FLWLQJ &)5 E DQG E 6HFRQG SODLQWLII PXVW VKRZ WKDW VKH 7KH &RPPLVVLRQHUjV FODLP RI ZDLYHU YLRODWHV WKH VXIIHUV IURP D mVHYHUH LPSDLUPHQWl LQ RUGHU WR ZDUUDQW D IXQGDPHQWDOSULQFLSOHWKDWWKHWULDOFRXUWPXVWEHSUHVHQWHG ILQGLQJRIGLVDELOLW\$mVHYHUHLPSDLUPHQWlLVRQHZKLFK ZLWKDQRSSRUWXQLW\WRUHYLHZDQDUJXPHQWEHIRUHLWPD\EH mVLJQLILFDQWO\OLPLWVSK\VLFDORUPHQWDODELOLW\WRGREDVLF UDLVHGRQDSSHDO(J0XUUY8QLWHG6WDWHV)G ZRUNDFWLYLWLHVl,G FLWLQJ&)5 F DQG WK&LU SDUWLHVPD\QRWUDLVHQHZDUJXPHQWVRU F 7KLUG LI SODLQWLII LV QRW SHUIRUPLQJ LVVXHVDWWKHGLVWULFWFRXUWVWDJHWKDWZHUHQRWSUHVHQWHGWRWKH VXEVWDQWLDOJDLQIXODFWLYLW\KDVDVHYHUHLPSDLUPHQWWKDWLV 0DJLVWUDWHsXGJH &XSLWY:KLWOH\)G WK H[SHFWHG WR ODVW IRU DW OHDVW WZHOYH PRQWKV DQG WKH &LU UHVSRQGHQWZDLYHGUHYLHZRILVVXHRISHWLWLRQHUjV LPSDLUPHQWPHHWVDOLVWHGLPSDLUPHQWSODLQWLIILVSUHVXPHG SURFHGXUDO GHIDXOW E\ QRW REMHFWLQJ WR SHWLWLRQHUjV RULJLQDO WR EH GLVDEOHG UHJDUGOHVV RI DJH HGXFDWLRQ RU ZRUN FODLPEHIRUHWKH0DJLVWUDWHsXGJH 3DWHUVRQ/HLWFK&R,QF H[SHULHQFH&)5 G DQG G Y0DVVDFKXVHWWV0XQ:KROHVDOH(OHF&R)G )RXUWKLIWKHSODLQWLIIjVLPSDLUPHQWGRHVQRWSUHYHQWKHUIURP VW&LU SDUW\mKDVDGXW\WRSXWLWVEHVWIRRW GRLQJKHUSDVWUHOHYDQWZRUNSODLQWLIILVQRWGLVDEOHG)RUWKH IRUZDUGlEHIRUHWKH0DJLVWUDWHsXGJHLQRUGHUWRSUHVHQWWKH ILIWKDQGILQDOVWHSHYHQLIWKHSODLQWLIIjVLPSDLUPHQWGRHV LVVXHDWDVXEVHTXHQWDSSHDO SUHYHQWKHUIURPGRLQJKHUSDVWUHOHYDQWZRUNLIRWKHUZRUN H[LVWV LQ WKH QDWLRQDO HFRQRP\ WKDW SODLQWLII FDQ SHUIRUP $V D UHVXOW RI LWV RZQ ZDLYHU WKH &RPPLVVLRQHU LV SODLQWLIILVQRWGLVDEOHG$EERW )GDW SUHFOXGHGIURPDUJXLQJWKDW+HVWRQjVFKDOOHQJHVWRWKH$/sjV ILQGLQJVDWVWHSVIRXUDQGILYHFDQQRWEHFRQVLGHUHGGXHWRKHU IDLOXUHWRDVVHUWDFKDOOHQJHWRWKHSUHGLFDWHILQGLQJDWVWHS
Reference
- Status
- Published