United States v. Kone
United States v. Kone
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
81,7(' 67$7(6 2) $0(5,&$ ; 3ODLQWLII$SSHOOHH 1RV Y ! <$<$ .21( )(5$1%$ .(,7$ 12+$ )2)$1$ 'HIHQGDQWV$SSHOODQWV 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW)OLQW 1R n3DXO9*DGROD'LVWULFWsXGJH $UJXHG $SULO 'HFLGHGDQG)LOHG 2FWREHU %HIRUH 5<$1%2**6DQG&2/(&LUFXLWsXGJHV BBBBBBBBBBBBBBBBB &2816(/ $5*8(' 'DQLHO * 9DQ 1RUPDQ /DSHHU 0LFKLJDQ 7KRPDV 9 :LOKHOP :DWHUIRUG 0LFKLJDQ 1 & 'HGD\ /D5HQH /D5(1( .5,*(5 'HWURLW 0LFKLJDQ IRU $SSHOODQWV 1DQF\ $ $EUDKDP $66,67$17 81,7('
8QLWHG6WDWHVY 1RV .RQHHWDO
67$7(6 $77251(< )OLQW 0LFKLJDQ IRU $SSHOOHH 21 %5,() 'DQLHO * 9DQ 1RUPDQ /DSHHU 0LFKLJDQ 7KRPDV 9 :LOKHOP :DWHUIRUG 0LFKLJDQ 1 & 'HGD\ /D5HQH /D5(1( .5,*(5 'HWURLW 0LFKLJDQ IRU $SSHOODQWV 1DQF\ $ $EUDKDP $66,67$17 81,7(' 67$7(6$77251(<)OLQW0LFKLJDQIRU$SSHOOHH BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB 5<$1 &LUFXLW s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jFRQYLFWLRQVDQGVHQWHQFHV , %$&.*5281' 7KH GHIHQGDQWV UDQ DQGRU ZHUH LQYROYHG ZLWK D VKDP PDUULDJH VFKHPH GHVLJQHG WR HYDGH SURYLVLRQV RI WKH LPPLJUDWLRQODZVUHJDUGLQJUHVLGHQF\DQGFLWL]HQVKLSLQWKH 8QLWHG6WDWHV7KHOHDGHURIWKHFRQVSLUDF\1RKD)RIDQD DUUDQJHG WKH PDUULDJHV DQG KLV FRQWDFW sRKQ 2OLYHU SHUIRUPHGWKHZHGGLQJVLQ)LQGOD\2KLR )RIDQDZRXOGUHFHLYHEHWZHHQDQGIURP LQGLYLGXDOIRUHLJQQDWLRQDOVWRDUUDQJHDPDUULDJHWRD8QLWHG 6WDWHVFLWL]HQ)RIDQDZRXOGSD\WKHVH8QLWHG6WDWHVFLWL]HQV EHWZHHQDQGIRUWKHZHGGLQJDQGDQDGGLWLRQDO 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY .RQHHWDO .RQHHWDO
7KHUHZDVQRVWUXFWXUDOHUURULQWKLVFDVH:HFRQFOXGHWKDW DIWHUWKHLU,16LQWHUYLHZ)RIDQDSURYLGHGDGGLWLRQDO WKLV FDVH LV PRUH DNLQ WR /RYH *UDQW DQG 3ILQJVW WKDQ WR DVVLVWDQFHE\ILOOLQJRXWDQ\QHFHVVDU\SDSHUZRUNDQGZRXOG 0RUWLPHU$Q$UWLFOH,,,MXGJHZDVDYDLODEOHDQGSUHVLGHG SD\ XS WR IRU DQ\RQH ZKR ZRXOG UHFUXLW RWKHU RYHUWKHFRQWHVWHGVWDJHVRIWULDOYLDVSHDNHUSKRQH7KLVLV SURVSHFWLYHVSRXVHVZLOOLQJWRmVSRQVRUlDIRUHLJQQDWLRQDO QRWWKHFDVHRIDMXGJHZKRFRPSOHWHO\DEGLFDWHGKLVMXGLFLDO UHVSRQVLELOLWLHVDVLQ0RUWLPHUEXWUDWKHUWKHFDVHRIDMXGJH 2Q6HSWHPEHU <D\D.RQHDFLWL]HQRIWKH,YRU\ ZKRSUHVLGHGWHOHSKRQLFDOO\DWLPSRUWDQWVWDJHVRIWKHWULDO &RDVW PDUULHG %HYHUO\ &ROOLQV D 8QLWHG 6WDWHV FLWL]HQ LQ %HFDXVH)RIDQDKDVQRWGLUHFWHGRXUDWWHQWLRQWRDQ\SUHMXGLFH )LQGOD\2KLR$IWHUZDUG.RQHVXEPLWWHG,16IRUP, WKDWRFFXUUHGDVDUHVXOWRIWKHWULDOMXGJHjVDEVHQFHIURPWKH D SHWLWLRQ IRU DGMXVWPHQW LQ VWDWXV LQGLFDWLQJ WKDW KH KDG FRXUWKRXVH ZH UHIXVH WR GLVWXUE KLV FRQYLFWLRQ RQ WKHVH QHYHU VRXJKW WR SURFXUH D YLVD E\ IUDXG RU ZLOOIXO JURXQGV6HH/RYH)GDW PLVUHSUHVHQWDWLRQRIDPDWHULDOIDFW ,,, 2QsXO\ )HUDQED.HLWDDFLWL]HQRI6LJLUL*XLQHD PDUULHG7DVKD&ROHPDQD8QLWHG6WDWHVFLWL]HQLQ)LQGOD\ &21&/86,21 2KLR7KHUHDIWHU.HLWDVXEPLWWHG,16IRUP,LQGLFDWLQJ WKDW KH ZDV OLYLQJ DW : <RUN $YH )OLQW 0LFKLJDQ )RUWKHIRUHJRLQJUHDVRQVZH$)),50WKHGHIHQGDQWVj &ROHPDQj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jLPSULVRQPHQWDQG WZR\HDUVRIVXSHUYLVHGUHOHDVH7KHMXU\IRXQG)RIDQDJXLOW\ 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY .RQHHWDO .RQHHWDO
RI FRQVSLUDF\ WR GHIUDXG WKH 8QLWHG 6WDWHV LQ YLRODWLRQ RI WKDWLQRUGHUWRSUHYDLO)RIDQDLVUHTXLUHGWRVKRZWKDWWKH 86&DQGWKHGLVWULFWFRXUWVHQWHQFHG)RIDQDWR SURFHGXUHVXVHGUHVXOWHGLQDFWXDOSUHMXGLFH PRQWKVj LPSULVRQPHQW DQG WZR \HDUV RI VXSHUYLVHG UHOHDVH ,Q/RYHWKH)RXUWK&LUFXLWFRQVLGHUHGZKHWKHUDMXGJHjV DEVHQFHIURPWKHFRXUWURRPGXULQJGHIHQVHFRXQVHOjVFORVLQJ $OOWKUHHGHIHQGDQWVILOHGWLPHO\DSSHDOVUDLVLQJLQWRWDO DUJXPHQWVUHVXOWHGLQVWUXFWXUDOHUURU7KHFRXUWUHDVRQHG ILYHLVVXHVIRURXUUHYLHZ m:KLOH DEVHQW IURP WKH FRXUWURRP GXULQJ SRUWLRQV RI WKH FORVLQJDUJXPHQWWKHGLVWULFWMXGJHZDVLQKLVFKDPEHUVDQG ,, DYDLODEOHWRH[HUFLVHKLVGLVFUHWLRQZLWKUHVSHFWWRREMHFWLRQV PDGHE\HLWKHUVLGHl/RYH)GDW%HFDXVHWKH $1$/<6,6 GHIHQGDQWV GLG QRW REMHFW EHORZ DQG GLG QRW SRLQW WR DQ\ VSHFLILFFRPPHQWVPDGHGXULQJWKHGLVWULFWMXGJHjVDEVHQFH $ WKDWDIIHFWHGWKHWULDOjVIDLUQHVVWKH6HFRQG&LUFXLWVXVWDLQHG WKHMXGJPHQWVRIFRQYLFWLRQ,G 0RWLRQVIRUsXGJPHQWRI$FTXLWWDO ,Q *UDQW WKH 6HFRQG &LUFXLW FRQVLGHUHG ZKHWKHU D WULDO .RQHDQG.HLWDFRQWHQGWKDWWKHGLVWULFWFRXUWHUUHGZKHQ MXGJHjVDEVHQFHIURPWKHFRXUWURRPGXULQJWKHUHDGEDFNRI LWGHQLHGWKHLUPRWLRQVIRUMXGJPHQWRIDFTXLWWDOSXUVXDQWWR ZLWQHVVWHVWLPRQ\YLRODWHGWKHGHIHQGDQWjVULJKWWRDIDLUWULDO )HGHUDO5XOHRI&ULPLQDO3URFHGXUH 7KH6HFRQG&LUFXLWFRQFOXGHG m:KLOHZHGRQRWHQFRXUDJH :H UHYLHZ GH QRYR D GLVWULFW FRXUWjV UHIXVDO WR JUDQW D WULDO MXGJHV WR DEVHQW WKHPVHOYHV IURP WKH EHQFK DQG PRWLRQIRUMXGJPHQWRIDFTXLWWDO8QLWHG6WDWHVY.HHWRQ UHFRJQL]H WKDW DEVHQFH XQGHU PDQ\ FLUFXPVWDQFHV ZRXOG )G WK &LU 7KH UHOHYDQW LQTXLU\ mLV LQYROYH HUURU SUDFWLFDO GLVWLQFWLRQV PXVW EH REVHUYHGl ZKHWKHU DIWHU YLHZLQJ WKH HYLGHQFH LQ WKH OLJKW PRVW *UDQW)GDW LQWHUQDOFLWDWLRQVRPLWWHG 7KHFRXUW IDYRUDEOHWRWKHSURVHFXWLRQDQ\UDWLRQDOWULHURIIDFWFRXOG FRQFOXGHG WKDW DEVHQW D VKRZLQJ RI SUHMXGLFH QR HUURU KDYH IRXQG WKH HVVHQWLDO HOHPHQWV RI WKH FULPH EH\RQG D H[LVWHG,G UHDVRQDEOHGRXEWlsDFNVRQY9LUJLQLD86 )LQDOO\LQ3ILQJVWWKH6HFRQG&LUFXLWFRQVLGHUHGZKHWKHU 7KLVUXOHDSSOLHVZKHWKHUWKHHYLGHQFHLVGLUHFWRU D WULDO MXGJHjV DEVHQFH IURP WKH FRXUWKRXVH GXULQJ MXU\ FLUFXPVWDQWLDO 8QLWHG 6WDWHV Y 6WRQH )G GHOLEHUDWLRQVZKLOHKHZDVGHOLYHULQJDVSHHFKDWWKH)LIWK WK &LU 0RUHRYHU m>L@W LV QRW QHFHVVDU\ WKDW &LUFXLW sXGLFLDO &RQIHUHQFH FRQVWLWXWHG UHYHUVLEOH HUURU FLUFXPVWDQWLDOHYLGHQFHUHPRYHHYHU\UHDVRQDEOHK\SRWKHVLV :KLOH DZD\ WKH WULDO MXGJH UHPDLQHG LQ FRQVWDQW H[FHSWWKDWRIJXLOWl,G FRPPXQLFDWLRQZLWKKLVODZFOHUNYLDWHOHSKRQHUHJDUGLQJDQ\ 7RFRQYLFWIRUYLVDIUDXGLQYLRODWLRQRI86& MXU\ TXHVWLRQV 3ILQJVW )G DW 7KH FRXUW KHOG WKHJRYHUQPHQWPXVWSURYHWKDW WKHGHIHQGDQWPDGHD m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l,GDW HPSKDVLVDGGHG 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY .RQHHWDO .RQHHWDO
YHUGLFWZDVWDNHQDQGZKHQWKHMXU\ZDVSROOHGUHVXOWHGLQ VWUXFWXUDOHUURUWKHUHE\GHQ\LQJ)RIDQDWKHULJKWWRDIDLUWULDO <D\D.RQH $IWHUWKHMXURUVUHWLUHGWRGHOLEHUDWH8QLWHG6WDWHV'LVWULFW sXGJH 3DXO *DGROD ZKR SUHVLGHG RYHU WKH WULDO LQ )OLQW .RQHFRQWHQGVWKDWRQKLV,16SHWLWLRQIRUDGMXVWPHQWLQ 0LFKLJDQGHSDUWHGWKHFRXUWKRXVHWRDWWHQGWKH6L[WK&LUFXLW VWDWXVKHWUXWKIXOO\VWDWHGWKDWKHZDVQRWVHHNLQJWRSURFXUH sXGLFLDO&RQIHUHQFHLQ&LQFLQQDWL2KLR%HFDXVHWKHWULDO DYLVDE\IUDXGRUZLOOIXOPLVUHSUHVHQWDWLRQ7KHJRYHUQPHQW ZDVQRWFRPSOHWHGEHIRUHKHZDVUHTXLUHGWROHDYHIRUWKH FRQWHQGVWKDW.RQHDWWHPSWHGWRSURFXUHDYLVDE\ZD\RID FRQIHUHQFHsXGJH*DGRODDUUDQJHGIRU8QLWHG6WDWHV'LVWULFW VKDPPDUULDJH sXGJH%HUQDUG)ULHGPDQWRKDQGOHMXU\TXHVWLRQVWKDWPLJKW DULVH GXULQJ GHOLEHUDWLRQV DQG WR UHFHLYH WKH YHUGLFW YLD :HDUHSHUVXDGHGE\WKHIROORZLQJHYLGHQFHWKDWWKHGLVWULFW VSHDNHUSKRQH IURP sXGJH )ULHGPDQjV 'HWURLW FKDPEHUV FRXUWGLGQRWHUUZKHQLWGHQLHG.RQHjVPRWLRQIRUMXGJPHQW 1HLWKHUSDUW\REMHFWHGWRWKLVDUUDQJHPHQW2QsXQH RI DFTXLWWDO %HYHUO\ &ROOLQVjV WHVWLPRQ\ WKDW VKH ZDV sXGJH)ULHGPDQWRRNWKHYHUGLFWDQGSROOHGWKHMXURUVZKR UHFUXLWHGWRSDUWLFLSDWHLQ)RIDQDjVPDUULDJHVKDPVFKHPHDQG XQDQLPRXVO\IRXQGGHIHQGDQW)RIDQDJXLOW\RIFRQVSLUDF\WR SURPLVHGDWRWDORIWRPDUU\.RQH &ROOLQVjVWHVWLPRQ\ GHIUDXGWKH8QLWHG6WDWHVLQYLRODWLRQRI86& WKDWVKHKDGVSHQWOHVVWKDQRQHKRXUZLWK.RQHSULRUWRWKHLU PDUULDJHLQ6HSWHPEHU DQGWHVWLPRQ\LQGLFDWLQJWKDW )RIDQDXUJHVXVWRFRQVLGHUWKH7KLUG&LUFXLWjVGHFLVLRQLQ DIWHU WKH 2KLR ZHGGLQJ FHUHPRQ\ WKH JURXS UHWXUQHG WR 8QLWHG6WDWHVY0RUWLPHU)G G&LU DQG 0LFKLJDQDQG&ROOLQVUHFHLYHGDSDUWLDOSD\PHQWZDV WR FRQFOXGH WKDW WKH SURFHGXUHV XVHG FRQVWLWXWHG VWUXFWXUDO GURSSHGRIIDWKHUKRXVHDQGVSHQWKHUZHGGLQJQLJKWDORQH HUURU WKDW LV D mGHIHFW>@ LQ WKH FRQVWLWXWLRQ RI WKH WULDO $OWKRXJK&ROOLQVDGPLWWHGWRKDYLQJVH[XDOUHODWLRQVRQRQH PHFKDQLVP ZKLFK GHI>LHV@ DQDO\VLV E\ µKDUPOHVVHUURUj RFFDVLRQZLWK.RQHVKHDFNQRZOHGJHGWKDWWKH\QHYHUOLYHG VWDQGDUGVl$UL]RQDY)XOPLQDQWH 86 WRJHWKHU $GGLWLRQDOO\ .RQHjV HPSOR\PHQW UHFRUGV ,Q 0RUWLPHU WKH WULDO MXGJH DEVHQWHG KLPVHOI GXULQJ WKH FRUURERUDWHWKDWKHPDLQWDLQHGDVHSDUDWHUHVLGHQFHLQ1HZ GHIHQVH FRXQVHOjV VXPPDWLRQ DQG FRQVHTXHQWO\ ZDV <RUNDIWHUWKHPDUULDJH$OVRDIWHUWKHPDUULDJH.RQHGLG XQDYDLODEOH WR UXOH RQ WKH SURVHFXWLRQjV REMHFWLRQV QRWSURYLGHILQDQFLDODVVLVWDQFHWR&ROOLQVRWKHUWKDQKH 0RUWLPHU)GDW)LQGLQJVWUXFWXUDOHUURUWKH7KLUG OHIW LQ D MRLQW EDQN DFFRXQW *DLO sRKQVRQ ZKR PDUULHG &LUFXLW UHDVRQHG m$ WULDO FRQVLVWV RI D FRQWHVW EHWZHHQ 0RKDPHG%DPEDRQWKHVDPHGD\WKDW.RQHPDUULHG&ROOLQV OLWLJDQWV EHIRUH D MXGJH :KHQ WKH MXGJH LV DEVHQW DW D FRUURERUDWHG&ROOLQVjVVWRU\0RUHRYHU0RKDPHG%DPED µFULWLFDOVWDJHjWKHIRUXPLVGHVWUR\HGl,G FLWLQJ*RPH]Y 1j*XDQRXKR %DPED DQG 0DPDGRX &DPDUD WHVWLILHG WKDW 8QLWHG6WDWHV 86 .RQH WROG WKHP WKDW )RIDQD KDG DUUDQJHG KLV PDUULDJH WR &ROOLQV IRU DQG WKDW EHFDXVH RI SRWHQWLDO SUREOHPV 7KHJRYHUQPHQWRQWKHRWKHUKDQGXUJHVXVWRFRQVLGHU ZLWKKLV,16SDSHUZRUNKHPRYHGIURP1HZ<RUNEDFNWR 8QLWHG6WDWHVY/RYH)G WK&LU 8QLWHG 0LFKLJDQ 6WDWHVY*UDQW)G G&LU DQG8QLWHG6WDWHV Y3ILQJVW)G G&LU DQGWRFRQFOXGHWKDW :KHQYLHZLQJWKHHYLGHQFHLQDOLJKWPRVWIDYRUDEOHWRWKH EHFDXVH DQ $UWLFOH ,,, MXGJH PDLQWDLQHG FRQWURO RYHU WKH JRYHUQPHQW ZH FRQFOXGH WKDW WKH JRYHUQPHQW PHW WKH SURFHHGLQJVE\WHOHSKRQHVWUXFWXUDOHUURUGLGQRWRFFXUDQG VWDQGDUGDVVHWIRUWKLQsDFNVRQsDFNVRQ86DW 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY .RQHHWDO .RQHHWDO
7KHGLVWULFWFRXUWGLGQRWHUUZKHQLWUHIXVHGWRJUDQW.RQHjV 7HVWLPRQ\IURPsHUUHOO:\QQWKDWsHVVLH:\QQ PRWLRQIRUMXGJPHQWRIDFTXLWWDO WROGKLPKHZDVJHWWLQJSDLGWRJHWPDUULHGDQG mIRUFLWL]HQVKLSl DQG 7HVWLPRQ\ IURP 0RKDPHG %DPED WKDW )HUDQED.HLWD mIULHQGVlKDGSRLQWHG1RKD)RIDQDRXWWRKLP DVDSHUVRQZKRFRXOGJHWKLPDZLIH .HLWDFRQWHQGVWKDWWKHDOOHJHGO\IUDXGXOHQWVWDWHPHQWOLVWHG RQ KLV , DSSOLFDWLRQ IRU VWDWXV DV D SHUPDQHQW UHVLGHQW 5HJUHWWDEO\WKHGLVWULFWFRXUWGLGQRWPDNHVSHFLILFILQGLQJV WKDWKHZDVOLYLQJDW :<RUN$YH)OLQW0LFKLJDQ ZDV WR VXSSRUW KRZ LQ LWV YLHZ WKH JRYHUQPHQW KDG PHW LWV QRWDPDWHULDOIDFWDQGWKHUHIRUHWKHGLVWULFWFRXUWHUUHGZKHQ EXUGHQ DV WR HDFK RI WKH 5XOH G ( HOHPHQWV ZLWK LW GHQLHG KLV PRWLRQ IRU MXGJPHQW RI DFTXLWWDO SXUVXDQW WR UHVSHFWWRHDFKRIWKHFRQWHVWHGVWDWHPHQWV:KLOHZHKDYH )HGHUDO5XOHRI&ULPLQDO3URFHGXUH QRWKHUHWRIRUHPDQGDWHGDSDUWLFXODUGHJUHHRIVSHFLILFLW\ZLWK UHVSHFWWRWKH(QULJKWILQGLQJVLQ&XUUR)GDW ZH 7KH SDUWLHV DJUHH WKDW PDWHULDOLW\ LQ WKH FRQWH[W RI D KHOG mWKDW D PHUH FRQFOXVRU\ VWDWHPHQW ZLOO QRW DOZD\V 6HFWLRQSURVHFXWLRQLVGHILQHGDVmDQDWXUDOWHQGHQF\WR VXIILFHlZKHQWKHJRYHUQPHQWKDVQRWPHWLWVEXUGHQRISURRI LQIOXHQFHRU>@FDSDE>LOLW\@RILQIOXHQFLQJWKHGHFLVLRQRIWKH 2XU UHYLHZ RI WKH UHFRUG GRHV QRW VDWLVI\ XV WKDW WKH GHFLVLRQPDNLQJERG\WRZKLFKLWZDVDGGUHVVHGl.XQJ\VY JRYHUQPHQWFDUULHGLWVEXUGHQZLWKUHVSHFWWRSURYLQJHDFKRI 8QLWHG6WDWHV86 LQWHUQDOTXRWDWLRQ WKH(QULJKWHOHPHQWVZLWKUHVSHFWWRVRPHRIWKHFKDOOHQJHG PDUNV DQG FLWDWLRQV RPLWWHG 8QGHU D VHW RI YLUWXDOO\ WHVWLPRQ\ ,Q IDFW PRVW LI QRW DOO RI WKH FKDOOHQJHG LQGLVWLQJXLVKDEOH IDFWV WKH )LIWK &LUFXLW GHWHUPLQHG WKDW VWDWHPHQWVDUHPDGHE\QRQFRQVSLUDWRULDOGHFODUDQWVDQGDUH OLVWLQJDIUDXGXOHQWDGGUHVVRQDGHIHQGDQWjV,SHWLWLRQ FRQVHTXHQWO\ FOHDUO\ LQDGPLVVLEOH XQGHU G ( ,Q ZDVDPDWHULDOIDFWEHFDXVHmLWZDVFDSDEOHRIDIIHFWLQJWKH DGGLWLRQ ZH DUH QRW VDWLVILHG WKDW DOO RI WKH FKDOOHQJHG IXQFWLRQLQJRIDJRYHUQPHQWDODJHQF\LQWKLVFDVHWKH,16l VWDWHPHQWV ZHUH PDGH mLQ IXUWKHUDQFHl RI WKH FRQVSLUDF\ 8QLWHG 6WDWHV Y $O.XUQD )G WK &LU DOOHJHG 1HYHUWKHOHVV ZH DUH VDWLVILHG WKDW WKH UHFRUG FRQWDLQV 7KH IDFW WKDW .HLWDjV DSSOLFDWLRQ ZDV LQFRPSOHWH LV RYHUZKHOPLQJ HYLGHQFH RI )RIDQDjV JXLOW LQFOXGLQJ WKH LPPDWHULDO WR ZKHWKHU KH YLRODWHG 86& D GLUHFWXQLPSHDFKHGQRQKHDUVD\WHVWLPRQ\RIVRPHRIKLV 1RZKHUH GRHV WKH VWDWXWH UHTXLUH WKDW WKH DJHQF\ DFWXDOO\ FRFRQVSLUDWRUV 7KHUHIRUH WR WKH H[WHQW WKH GLVWULFW FRXUW PDNHDGHWHUPLQDWLRQEDVHGRQWKHIUDXGXOHQWPLVVWDWHPHQWV DEXVHGLWVGLVFUHWLRQLQLWVXOWLPDWHGHWHUPLQDWLRQWRDGPLWWKH UDWKHUWKHVWDWHPHQWQHHGRQO\EHFDSDEOHRILQIOXHQFLQJWKH VWDWHPHQWVDQ\UHVXOWLQJHUURUZDVKDUPOHVV GHFLVLRQPDNLQJ ERG\ KHUH WKH ,16 &OHDUO\ .HLWDjV VWDWHPHQW WKDW KH ZDV OLYLQJ DW D FHUWDLQ DGGUHVV ZLWK KLV ( mZLIHl 7DVKD &ROHPDQ LV PDWHULDO WR WKH ,16jV GHWHUPLQDWLRQRIZKHWKHUWRJUDQW.HLWDSHUPDQHQWUHVLGHQFH 7ULDOsXGJHjV3K\VLFDO$EVHQFH 6WUXFWXUDO(UURU VWDWXV EDVHG RQ D OHJLWLPDWH PDUULDJH WR D 8QLWHG 6WDWHV FLWL]HQ )RIDQD FRQWHQGV WKDW WKH WULDO MXGJHjV DEVHQFH IURP WKH FRXUWKRXVHGXULQJMXU\GHOLEHUDWLRQVDWWKHWLPH WKH MXU\jV 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY .RQHHWDO .RQHHWDO
IXUWKHUDQFHRIWKHDOOHJHGFRQVSLUDF\DQGDVDFRQVHTXHQFH :H FRQFOXGH WKDW WKH GLVWULFW FRXUW GLG QRW HUU ZKHQ LW WKHVWDWHPHQWVGRQRWILWXQGHUWKHFRFRQVSLUDWRUH[FHSWLRQWR GHQLHG.HLWDjVPRWLRQIRUMXGJPHQWRIDFTXLWWDOEHFDXVHWKH WKHKHDUVD\UXOH VWDWHPHQWRQKLV,DSSOLFDWLRQIRUVWDWXVDVDSHUPDQHQW UHVLGHQWnWKDW KH ZDV OLYLQJ DW : <RUN $YH )OLQW 7HVWLPRQ\ IURP sR\FH 0XOOLQV WKDW sHUUHOO 0LFKLJDQnZDV D PDWHULDO IDFW WKDW KDG WKH FDSDELOLW\ RI :\QQWROGKHUWKDWKHZDVSDLGPRQH\WRPDUU\ DIIHFWLQJ WKH GHFLVLRQ RI WKH ,16 LQ JUDQWLQJ .HLWDjV 0DWLDQJXH.DPDUD SHUPDQHQWUHVLGHQFHVWDWXV 7HVWLPRQ\ IURP .HLVKD sDFNVRQ WKDW KHU % KXVEDQG +DPLGRX.DQWH WROGKHUWKDWWKH,16 ZDVFKHFNLQJRQWKHPDUULDJHVDERXWFRYHULQJ s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jV LQWHUSUHWDWLRQ RI WKH ODZ ZDV HUURQHRXV RXU UHYLHZ IRFXVHV RQ ZKHWKHU WKH HUURQHRXV 7HVWLPRQ\IURP0DPDGRX&DPDUDWKDW0RXVVD LQWHUSUHWDWLRQ ZDV SUHMXGLFLDO ,G :H ZLOO UHYHUVH D MXU\ 6RPDKRUR WROG KLP KH SDLG 1RKD )RIDQD WR YHUGLFW RQO\ ZKHQ WKH MXU\ LQVWUXFWLRQV mDV D ZKROH DUH PDNHKLVPDUULDJHDUUDQJHPHQWV FRQIXVLQJPLVOHDGLQJDQGSUHMXGLFLDOl,G 7HVWLPRQ\ IURP 7DPDUD 0DORQH WKDWDQ .HLWD DVNV XV WR FRQVLGHU ZKHWKHU WKH GHILQLWLRQ RI XQLGHQWLILHGEULGHWROGKHUWKDWmZHjUHJHWWLQJ PDWHULDOLW\JLYHQWRWKHMXU\LPSHUPLVVLEO\VKLIWHGWKHEXUGHQ SDLGWRJHWPDUULHGDQGVWXIIl WR.HLWDWRSURYHDGLVTXDOLI\LQJIDFWWKXVUHTXLULQJUHYHUVDO RI KLV FRQYLFWLRQ DQG VHQWHQFH 7KH GLVWULFW FRXUW GHILQHG 7HVWLPRQ\ IURP 1j*XDQRXKR %DPED WKDW PDWHULDOLW\DV 0DPDGRX'LDE\WROGKLPWKDWERWKKHDQGKLV FRXVLQ <D\D 'LDE\ SDLG 1RKD )RIDQD WR $ VWDWHPHQW RU UHSUHVHQWDWLRQ >WKDW@ KDV D QDWXUDO DUUDQJHPDUULDJHV WHQGHQF\ WR LQIOXHQFH RU LV FDSDEOH RI LQIOXHQFLQJ D GHFLVLRQRUDFWLRQRIWKHIHGHUDODJHQF\7REHPDWHULDO 7HVWLPRQ\ IURP 1j*XDQRXKR %DPED WKDW LWLVQRWQHFHVVDU\WKDWWKHVWDWHPHQWRUUHSUHVHQWDWLRQLQ +DPLGRX.DQWHWROGKLPWKDWKHKDGSDLG1RKD IDFWLQIOXHQFHGRUGHFHLYHG )RIDQDWRDUUDQJHKLVPDUULDJH .HLWDFRQWHQGVWKDWWKHGLVWULFWFRXUWHUUHGZKHQLWGLGQRWDGG WKHIROORZLQJODQJXDJHWRLWVPDWHULDOLW\GHILQLWLRQ 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY .RQHHWDO .RQHHWDO
>7@KHSURVHFXWRUKDVWKHEXUGHQRISURYLQJPDWHULDOLW\ VWDWHPHQWVZHUHQRWVKRZQWRKDYHEHHQPDGHLQIXUWKHUDQFH EH\RQGDUHDVRQDEOHGRXEWDQGWKHGHIHQGDQWGRHVQRW RIWKHFRQVSLUDF\ KDYHWRVKRZWKDWWKHVWDWHPHQWVRUUHSUHVHQWDWLRQVFRXOG >QRW@KDYHLQIOXHQFHGWKHGHFLVLRQRUDFWLRQRIWKHIHGHUDO $ VWDWHPHQW LV QRW KHDUVD\ LI m>W@KH VWDWHPHQW LV RIIHUHG DJHQF\ DJDLQVWDSDUW\DQGLVDVWDWHPHQWE\DFRFRQVSLUDWRURID SDUW\ >PDGH@ GXULQJ WKH FRXUVH DQG LQ IXUWKHUDQFH RI WKH 7R VXSSRUW WKH DSSOLFDWLRQ RI WKLV VXSSOHPHQWDO ODQJXDJH FRQVSLUDF\l)(' 5 (9,' G ( $SDUW\DWWHPSWLQJ .HLWDUHOLHVRQWZR6XSUHPH&RXUWGHFLVLRQV 8QLWHG6WDWHV WRRIIHUWKHVWDWHPHQWRIDFRFRQVSLUDWRUPXVWVKRZWKDW Y*DXGLQ86 DQG.XQJ\VY8QLWHG6WDWHV DFRQVSLUDF\H[LVWHG WKHGHIHQGDQWZDVDPHPEHURIWKH 86 FRQVSLUDF\ DQG WKHFRFRQVSLUDWRUj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sXVWLFH 6WHYHQVjV FRQFXUULQJ RSLQLRQ LQ VWDWHPHQWV VXEMHFW WR D ODWHU GHWHUPLQDWLRQ RI WKHLU .XQJ\VnWKDW WKH GHILQLWLRQ RI PDWHULDOLW\ VLPLODU WR WKH DGPLVVLELOLW\7KHXOWLPDWH G ( UXOLQJLVUHYLHZHG GHILQLWLRQXVHGKHUHLPSHUPLVVLEO\VKLIWVWKHEXUGHQWRWKH IRUDQDEXVHRIGLVFUHWLRQ8QLWHG6WDWHVY&XUUR)G GHIHQGDQWWRUHEXWWKHH[LVWHQFHRIDGLVTXDOLI\LQJIDFW)LUVW WK&LU RYHUUXOHGRQRWKHUJURXQGV8QLWHG ZHQRWHWKDWsXVWLFH6WHYHQVjVFRQFXUULQJRSLQLRQGRHVQRW 6WDWHVY*RPH]/HPRV )G WK&LU UHSUHVHQW WKH PDMRULW\ KROGLQJ .XQJ\V 86 DW 6HFRQGZHUHDG*DXGLQWRKROGPHUHO\WKDWZKHQPDWHULDOLW\ 'XULQJWKHWHVWLPRQ\RIsR\FH0XOOLQVnRQHRIWKHLQLWLDO LVDQHOHPHQWRIWKHFKDUJHGRIIHQVHWKHLVVXHRIPDWHULDOLW\ JRYHUQPHQWZLWQHVVHVnGHIHQVHFRXQVHOPDGHZKDWKHFDOOHG PXVWEHVXEPLWWHGWRWKHMXU\*DXGLQ86DW mD VWDQGLQJ REMHFWLRQl WR 0XOOLQVjV KHDUVD\ WHVWLPRQ\ 1RWKLQJ LQ *DXGLQ VXJJHVWV WKDW WKH PDWHULDOLW\ GHILQLWLRQ DQWLFLSDWLQJ WKDW WKH JRYHUQPHQW ZRXOG IDLO WR SURYH WKH JLYHQLQWKDWFDVHLPSHUPLVVLEO\VKLIWVWKHEXUGHQRISURRIWR UHTXLUHG(QULJKWHOHPHQWVZLWKUHJDUGWRFHUWDLQSRUWLRQVRI WKH GHIHQGDQW ,QWHUHVWLQJO\ LQ 8QLWHG 6WDWHV Y %ODVLQL 0XOOLQVjVWHVWLPRQ\DQGVLPLODUWHVWLPRQ\FRXQVHODQWLFLSDWHG /OXEHUDV )G VW&LU WKH)LUVW&LUFXLW ZRXOGEHIRUWKFRPLQJIURPRWKHUJRYHUQPHQWZLWQHVVHV7KH KHOG WKDW D GLVWULFW FRXUWjV FRPSOHWH IDLOXUH WR GHILQH GLVWULFWFRXUWFRQGLWLRQDOO\DGPLWWHGWKHFRQWHVWHGVWDWHPHQWV PDWHULDOLW\GLGQRWUHVXOWLQSODLQHUURU,G VXEMHFWWRDODWHUGHWHUPLQDWLRQRIWKHLUDGPLVVLELOLW\$WWKH FORVH RI SURRIV WKH GLVWULFW FRXUW FRQFOXGHG mE\ D $V WR WKLV FDVH ZH KROG WKDW WKH GLVWULFW FRXUW SURSHUO\ SUHSRQGHUDQFH RI WKH HYLGHQFH WKDW >WKH (QULJKW@ HOHPHQWV VXEPLWWHGWKHLVVXHRIPDWHULDOLW\WRWKHMXU\DVUHTXLUHGE\ KDYHEHHQVDWLVILHGLQWKLVFDVHl *DXGLQ3ULRUWRJLYLQJWKHPDWHULDOLW\LQVWUXFWLRQWKHGLVWULFW FRXUW UHPLQGHG WKH MXU\ m\RX PXVW EH FRQYLQFHG WKDW WKH 2QDSSHDO)RIDQDDUJXHVWKDWWKHGLVWULFWFRXUWDEXVHGLWV *RYHUQPHQWKDVSURYHGHDFKDQGHYHU\RQHRIWKHIROORZLQJ GLVFUHWLRQ ZKHQ LW DGPLWWHG WKH IROORZLQJ WHQ VWDWHPHQWV HOHPHQWV EH\RQG D UHDVRQDEOH GRXEW ,I \RX KDYH D EHFDXVHWKHVWDWHPHQWVZHUHQRWVKRZQWRKDYHEHHQPDGHLQ 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY .RQHHWDO .RQHHWDO
MXVWLILHGRUQRWWKH\ZRXOGUHDOL]HDEHQHILWIURPWHVWLI\LQJ UHDVRQDEOHGRXEWDERXWDQ\RQHRIWKHVHHOHPHQWVWKHQ\RX IRUWKHJRYHUQPHQW PXVWILQGWKHGHIHQGDQW>@QRWJXLOW\RIWKHVHFKDUJHVl7KH FRXUW WKHQ SURFHHGHG WR GHILQH PDWHULDOLW\ YHUEDWLP IURP 7KH GLVWULFW FRXUW ZDV JLYHQ YHU\ OLWWOH KHOS E\ GHIHQVH 2j0$//(< )('(5$/ s85< 35$&7,&( $1' ,16758&7,21 FRXQVHOLQXQGHUVWDQGLQJFRXQVHOjVLPSHDFKPHQWWKHRU\DQG WK HG DQG LQ DFFRUG ZLWK WKH 6XSUHPH ZDV JLYHQ QR KHOS DW DOO E\ WKH $VVLVWDQW 8QLWHG 6WDWHV &RXUWjVPDQGDWHLQ.XQJ\V7KHGLVWULFWFRXUWUHPLQGHGWKH $WWRUQH\ZKRDSSDUHQWO\WKRXJKWFRXQVHOjVLPSHDFKPHQWZDV MXU\ ERWK EHIRUH LW JDYH WKH PDWHULDOLW\ LQVWUXFWLRQ DQG RQ IRU EDG FKDUDFWHU SULRU FRQYLFWLRQ UDWKHU WKDQ IRU ELDV VHYHUDORFFDVLRQVGXULQJWKHMXU\FKDUJHWKDWWKHJRYHUQPHQW +RZHYHU ZHOO DUWLFXODWHG RU QRW GHIHQVH FRXQVHO ZDV PDLQWDLQHGWKHEXUGHQRISURRI.HLWDjVUHOLDQFHRQ*DXGLQ DWWHPSWLQJ WR VKRZ WKDW WKH ZLWQHVVHV KDG DW PRVW DQ DQG.XQJ\VLVPLVSODFHGLQWKDW*DXGLQPHUHO\VWDQGVIRUWKH H[SHFWDWLRQDQGDWOHDVWDKRSHRIODWHUIDYRUDEOHWUHDWPHQW SURSRVLWLRQWKDWZKHQPDWHULDOLW\LVDQHOHPHQWRIWKHRIIHQVH E\WKHJRYHUQPHQWZLWKUHVSHFWWRWKHLURZQFULPLQDOWURXEOHV LWPXVWEHVXEPLWWHGWRWKHMXU\sXVWLFH6WHYHQVjVFRQFHUQV $OWKRXJKWKHIRUFHRIWKLVVRUWRILPSHDFKPHQWnWRVKRZELDV LQ.XQJ\VWKDWWKH&RXUWjVGHILQLWLRQLPSHUPLVVLEO\VKLIWVWKH EDVHGXSRQDQH[SHFWDWLRQRIODWHUIDYRUDEOHWUHDWPHQWE\WKH EXUGHQWRWKHGHIHQGDQWWRUHEXWWKHH[LVWHQFHRIDSUHVXPHG JRYHUQPHQWnLV H[WUHPHO\ ZHDN LW LV QHYHUWKHOHVV D GLVTXDOLI\LQJIDFWGLGQRWJDUQHUDPDMRULW\ OHJLWLPDWHUDWLRQDOHIRULPSHDFKPHQWRQFURVVH[DPLQDWLRQ )RUWKHVHUHDVRQVZHFRQFOXGHWKDWWKHGLVWULFWFRXUWjVMXU\ 7KDWKDYLQJEHHQVDLGZHWKLQNGHIHQVHFRXQVHOKDGWKH LQVWUXFWLRQ UHJDUGLQJ PDWHULDOLW\ IDLUO\ DQG DGHTXDWHO\ EXUGHQRIPDNLQJFOHDUWRWKHWULDOFRXUWLQDQDUWLFXODWHDQG VXEPLWWHGWKHLVVXHVDQGDSSOLFDEOHODZWRWKHMXU\ SODLQO\VWDWHGIDVKLRQWKHQDWXUHDQGSXUSRVHRIKLVFURVV H[DPLQDWLRQDQGWKDWKHIDLOHGWRGRVR&RQVHTXHQWO\ZH & FDQQRWFRQFOXGHWKDWWKHGLVWULFWFRXUWDEXVHGLWVGLVFUHWLRQLQ IDLOLQJWRXQGHUVWDQGWKHGHIHQVHFRXQVHOjVUDWKHUDEVWUXVHDQG /LPLWDWLRQRI&URVV([DPLQDWLRQVRQ%LDV SRRUO\H[SODLQHGLPSHDFKPHQWWKHRU\0RUHRYHUJLYHQWKH RYHUZKHOPLQJZHLJKWRIWKHGLUHFWHYLGHQFHRI)RIDQDjVJXLOW )RIDQDFRQWHQGVWKDWWKHGLVWULFWFRXUWDEXVHGLWVGLVFUHWLRQ ZH WKLQN WKDW WKH GLVWULFW FRXUWjV IDLOXUH WR SHUPLW WKHVH ZKHQLWOLPLWHGWKHFURVVH[DPLQDWLRQRIFHUWDLQSURVHFXWLRQ ZLWQHVVHVWRDFNQRZOHGJHnLILQGHHGWKH\ZRXOGKDYHnWKDW ZLWQHVVHVDVWRZKHWKHUWKH\KDGDQH[SHFWDWLRQRIIDYRUDEOH WKH\ H[SHFWHG IDYRUDEOH WUHDWPHQW IURP WKH JRYHUQPHQW WUHDWPHQW IURP WKH JRYHUQPHQW LQ H[FKDQJH IRU WKHLU DOWKRXJK QRQH ZDV SURPLVHG ZRXOG KDYH EHHQ RI VXFK WHVWLPRQLHV 7KH JRYHUQPHQW GLVDJUHHV FRQWHQGLQJ ILUVW PLQLPDO EHQHILW WR WKH GHIHQGDQW WKDW WKH GLVWULFW FRXUWjV )RIDQD GLG QRW SURSHUO\ SUHVHUYH WKLV LVVXH IRU UHYLHZ UXOLQJVSUHFOXGLQJVXFKLPSHDFKPHQWGLGQRWUHVXOWLQDQ\ VHFRQGDQ\OLPLWDWLRQRQWKHZLWQHVVHVjWHVWLPRQ\ZDVQRWDQ XQIDLUSUHMXGLFH DEXVHRIGLVFUHWLRQ DQGILQDOO\HYHQLIWKHFRXUWDEXVHGLWV GLVFUHWLRQDQ\HUURULQWKLVUHJDUGZDVKDUPOHVV ' :KHQDWULDOFRXUWOLPLWVWKHVFRSHRIFURVVH[DPLQDWLRQ $GPLVVLELOLW\RI&RFRQVSLUDWRU6WDWHPHQWV WKLV FRXUW UHYLHZV WKDW GHWHUPLQDWLRQ IRU DQ DEXVH RI GLVFUHWLRQ6WHYHQVY%RUGHQNLUFKHU)G WK )RIDQDFRQWHQGVWKDWWKHWULDOFRXUWFRPPLWWHGUHYHUVLEOH &LU ,QDVVHVVLQJZKHWKHUWKHGLVWULFWFRXUWDEXVHGLWV HUURU ZKHQ LW DGPLWWHG WHQ KHDUVD\ VWDWHPHQWV SXUVXDQW WR GLVFUHWLRQDUHYLHZLQJFRXUWPXVWGHFLGHmµZKHWKHU>GHVSLWH )HGHUDO 5XOH RI (YLGHQFH G ( EHFDXVH WKH WKHOLPLWDWLRQRIFURVVH[DPLQDWLRQ@WKHMXU\ZDVRWKHUZLVH 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY .RQHHWDO .RQHHWDO
LQ SRVVHVVLRQ RI VXIILFLHQW LQIRUPDWLRQ WR PDNH D >'()(1'$17j6 &2816(/@ ,W ZRXOG EH P\ mGLVFULPLQDWLQJDSSUDLVDOlRIDZLWQHVVjPRWLYHVDQGELDVjl SRVLWLRQ <RXU +RQRU WKDW DFWLRQV VSHDN ORXGHU WKDQ ,G TXRWLQJ8QLWHG6WDWHVY7RXFKVWRQH)G ZRUGV$QGLIWKHVH WK&LU ,ILWLVGHWHUPLQHGWKDWWKHWULDOFRXUWDEXVHG LWV GLVFUHWLRQ WKH UHYLHZLQJ mFRXUW PXVW WKHQ FRQVLGHU 7+(&2857 ,jPVRUU\EXWWKDWjVQRWDSSURSULDWH ZKHWKHU WKH FRQVWLWXWLRQDO HUURU LV KDUPOHVV EH\RQG D UHDVRQDEOHGRXEWl,G FLWLQJ&KDSPDQY&DOLIRUQLD >'()(1'$17j6&2816(/@ 2ND\7KDQN\RX 86 +DUPOHVV HUURU LV m>D@Q\ HUURU GHIHFW <RXU+RQRU LUUHJXODULW\ RU YDULDQFH ZKLFK GRHV QRW DIIHFW VXEVWDQWLDO ULJKWVl)HG5&ULP3 D :KLOHWKHUHLVVHULRXVTXHVWLRQZKHWKHU)RIDQDjVDWWRUQH\ DGHTXDWHO\ LQIRUPHG WKH WULDO MXGJH RI KLV SXUSRVH IRU 7KH6L[WK$PHQGPHQWWRWKH8QLWHG6WDWHV&RQVWLWXWLRQ SXUVXLQJ WKLV OLQH RI TXHVWLRQLQJ GXULQJ WKH FURVV SURYLGHVWKDWDFULPLQDOGHIHQGDQWKDVWKHULJKWWRFRQIURQW H[DPLQDWLRQV RI 3DJH DQG s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jVDWWRUQH\DQGWKHWULDOFRXUW D ZLWQHVVjV mWHVWLPRQ\ >LV@ ELDVHG EHFDXVH JLYHQ XQGHU ZHUH mDV VKLSV SDVVLQJ LQ WKH QLJKWl LQ WKDW WKH DWWRUQH\jV SURPLVHRUH[SHFWDWLRQRILPPXQLW\l,GDW HPSKDVLV REMHFWLRQZDVEDVHGRQRQHWKHRU\RILPSHDFKPHQWDQGWKH DGGHG 7KH 6L[WK &LUFXLW KDV GHYHORSHG D OLQH RI FDVHV WULDOFRXUWjVXQGHUVWDQGLQJZDVWKDWFRXQVHOZDVSXUVXLQJD DSSO\LQJ WKH UXOH VHW IRUWK LQ $OIRUG 6HH HJ :ULJKW Y GLIIHUHQWWKHRU\RILPSHDFKPHQW 'DOOPDQ )G WK&LU %RUGHQNLUFKHU )GDW 7RXFKVWRQH)GDW 8QLWHG6WDWHV $VEHVWZHFDQGHWHUPLQHQRZWKDWZHKDYHWKHEHQHILWRI Y/HMD)G WK&LU DSSHOODWHEULHILQJDQGFODULI\LQJRUDODUJXPHQWWKHSXUSRVHRI FRXQVHOj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jVUXOLQJVOLPLWLQJ)RIDQDjVFURVVH[DPLQDWLRQ MXVWLI\LQJ VXFK XQGHUVWDQGLQJ UDWKHU KH ZDQWHG WR OHDUQ RI VHYHUDO ZLWQHVVHV IRU ELDV VSHFLILFDOO\ UHJDUGLQJ WKHLU ZKHWKHU GHVSLWH WKH DEVHQFH RI DQ\ H[SOLFLW SURPLVH RI H[SHFWDWLRQRIIDYRUDEOHWUHDWPHQWE\WKHJRYHUQPHQW,QRXU IDYRUDEOHWUHDWPHQWE\WKHJRYHUQPHQWWKHZLWQHVVHVPHUHO\ YLHZWKHWULDOFRXUWjVVWDWHPHQWWRZKLFK)RIDQDUHIHUVLQQR E\WHVWLI\LQJIDYRUDEO\WRWKHJRYHUQPHQWXQGHUVWRRGWKH\ ZD\ LPSOLHV WKDW DQ REMHFWLRQ ZLWK UHVSHFW WR RQH ZLWQHVV ZRXOGEHJLYHQVRPHUHZDUG7KHLQTXLU\WKHQZDVZKHWKHU ZRXOGEHWUHDWHGWKHVDPHIRUDQRWKHUZLWQHVV,QRUGHUWR WKHZLWQHVVHVjVWDWHRIPLQGZDVWKDWWKH\EHOLHYHGZKHWKHU 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY .RQHHWDO .RQHHWDO
PDWWHUWKDWFRXOGJRWRKHUFUHGLELOLW\%XW,GRQjWVHHWKH SUHVHUYHDQLVVXHIRUDSSHDOWKHUHIRUH)RIDQDjVDWWRUQH\ZDV SXUSRVHRISXUVXLQJWKLVPDWWHUIUDQNO\ REOLJDWHG WR REMHFW HDFK WLPH WKH WULDO MXGJH OLPLWHG WKH DWWRUQH\jVHIIRUWVWRFURVVH[DPLQHDSDUWLFXODUZLWQHVV$ (PSKDVLVDGGHG FROORTX\EHWZHHQ)RIDQDjVDWWRUQH\DQGWKHFRXUWLOOXVWUDWHV WKLVSRLQW7KHFRXUWVWDWHG m,jPQRWJRLQJWRUHFRJQL]HD E.HLVKDsDFNVRQ VWDQGLQJ REMHFWLRQ WR WKLV VLWXDWLRQ :HjOO WUHDW HDFK VLWXDWLRQDVLWDULVHVl 7KHUHOHYDQWFROORTX\GXULQJsDFNVRQjVFURVVH[DPLQDWLRQ LVDVIROORZV 1RWZLWKVWDQGLQJ RXU UHYLHZ RI WKH UHFRUG LQGLFDWHV WKDW )RIDQDjV DWWRUQH\ GLG UDLVH VSHFLILF REMHFWLRQV GXULQJ WKH 4 0V sDFNVRQ GR \RX KDYH GLG WKH *RYHUQPHQW FURVVH[DPLQDWLRQV RI WKUHH SURVHFXWLRQ ZLWQHVVHV sR\FH PDNH DQ\ NLQG RI SURPLVHV WR \RX LQ FRQQHFWLRQ ZLWK 0XOOLQV 0RQLFD 3DJH DQG .HLVKD sDFNVRQ :H OLPLW RXU \RXUFRRSHUDWLRQ" UHYLHZWRZKHWKHUWKHGLVWULFWFRXUWDEXVHGLWVGLVFUHWLRQZKHQ LWOLPLWHGWKHFURVVH[DPLQDWLRQVRIWKHVHWKUHHZLWQHVVHV $ 1R 4 %XW\RXKDYHQjWEHHQFKDUJHGKDYH\RX" sR\FH0XOOLQV >3526(&8725@ <RXU+RQRU,jPJRLQJWRREMHFW DJDLQ6DPHOLQHRITXHVWLRQLQJDVZLWKWKHODVWZLWQHVV 7KHUHOHYDQWFROORTX\GXULQJ0XOOLQVjVFURVVH[DPLQDWLRQ VWDWHG >'()(1'$17j6&2816(/@ <RXU+RQRUPD\ ,UHVSRQG" 4 2ND\1RZZHUH\RXHYHULQGLFWHGIRUWKH 7+(&2857 <HV >3526(&8725@ <RXU+RQRU,jPJRLQJWRREMHFW WKLVLVLUUHOHYDQW >'()(1'$17j6 &2816(/@ 2ND\ ,WjV P\ SRVLWLRQWKDWWKHDJUHHPHQWGRHVQjWKDYHWREHLQZULWLQJ 7+(&2857 :KDWjVWKHUHOHYDQFHRIWKDW" 7KHDJUHHPHQWGRHVQjWKDYHWREHHYHQYHUEDOO\VWDWHG $Q DJUHHPHQW E\ DFWLRQV FDQ EH DV VWURQJ DV DQ >'()(1'$17j6&2816(/@ <RXU+RQRU,GRQjW DJUHHPHQWLQZRUGV NQRZLILWjVLUUHOHYDQWRUQRW,WPD\JRWRKHUPRWLYDWLRQ RU ELDV RU WHVWLI\LQJ LQ WKLV FDVH LI VKH ZDV SURPLVHG 7+(&2857 2K,GRQjW,GRQjWWKLQNVRWKHUH VRPHWKLQJ RQ WKDW FDVH WKDW VKH ZRXOG QRW KDYH EHHQ QRQR7KHUHKDVWREHDQDJUHHPHQW<RXjUHDVNLQJ SURVHFXWHGRQFOHDUO\WKLVLQGLFDWHGKHULQYROYHPHQWLQ ZKHWKHUWKH*RYHUQPHQWKDVSURPLVHGKHUVRPHWKLQJRU WKHUH WKHUH KDV EHHQ DQ DJUHHPHQW QRW WR FKDUJH KHU 7KH\ FDQjWWKHDJUHHPHQWFDQjWEHMXVWRXWRIWKLQDLU >3526(&8725@ 7KH*RYHUQPHQWKDVLQGLFDWHG WKDWWKLVZLWQHVVKDVEHHQSURPLVHGLPPXQLW\DQGWKDW VKHZDVSDLGPRQH\DVDFRQILGHQWLDOLQIRUPDQWLQERWK LQYHVWLJDWLRQV7KHIDFWWKDWVKHPD\KDYHKDGEHHQ 8QLWHG6WDWHVY 1RV 1RV 8QLWHG6WDWHVY .RQHHWDO .RQHHWDO
FKDUJHG LQ WKH SDVW LV LUUHOHYDQW &KDUJHV DUH QRW 4 7KDWjVQRW\RXUXQGHUVWDQGLQJ" DSSURSULDWHTXHVWLRQV $ 1R 7+(&2857 ,jOOVXVWDLQWKHREMHFWLRQ6KHKDV WHVWLILHGWKDWVKHKDVEHHQSURPLVHGLPPXQLW\DQGWKDW >3526(&8725@ 2EMHFWLRQ<RXU+RQRUVKHjV VKHDOVRUHFHLYHGVRPHFRPSHQVDWLRQ WKLVKDVEHHQDVNHGDQGDQVZHUHG6KHVDLGWKHUHZHUH QRSURPLVHVPDGHWRKHU :LWKUHVSHFWWR0XOOLQVZHFRQFOXGHWKHWULDOFRXUWGLGQRW DEXVH LWV GLVFUHWLRQ LQ OLPLWLQJ )RIDQDjV DWWRUQH\jV FURVV 7+( &2857 6KHjV DQVZHUHG \RXU TXHVWLRQ , H[DPLQDWLRQ EHFDXVH WKH MXU\ SRVVHVVHG VXIILFLHQW EHOLHYH LQIRUPDWLRQnWKDW0XOOLQVKDGEHHQJLYHQLPPXQLW\DQGKDG EHHQSDLGFRPSHQVDWLRQLQH[FKDQJHIRUKHUWHVWLPRQ\nWR 4 'R\RXWKLQNWKDW\RXZLOOEHFKDUJHG" PDNHDmGLVFULPLQDWLQJDSSUDLVDOlRI0XOOLQVjVPRWLYHVDQG ELDV%RUGHQNLUFKHU)GDW >3526(&8725@ <RXU +RQRU REMHFWLRQ 6KH FDQQRWDQWLFLSDWHZKDWWKH*RYHUQPHQWjVJRLQJWRGR >'()(1'$17j6&2816(/@ <RXU+RQRU,WKLQN 0RQLFD3DJH .HLVKDsDFNVRQ KHUXQGHUVWDQGLQJLVLPSRUWDQW
D0RQLFD3DJH >3526(&8725@ $QGKHUXQGHUVWDQGLQJ>LV@<RXU +RQRUWKDWWKHUHDUHQRSURPLVHVIURPWKH*RYHUQPHQW 7KHUHOHYDQWFROORTX\GXULQJ3DJHjVFURVVH[DPLQDWLRQLV LQH[FKDQJHIRUKHUWHVWLPRQ\ DVIROORZV 7+( &2857 , WKRXJKW VKH DQVZHUHG \RXU 4 0V3DJHKDYHDQ\KDYHDQ\SURPLVHVEHHQPDGH TXHVWLRQ6KHVDLGWKDWVKHKDVQjWEHHQVKHKDVQjWEHHQ WR\RXLQFRQQHFWLRQZLWK\RXUWHVWLPRQ\WRGD\RU\RXU PDGHDQ\SURPLVHV FRRSHUDWLRQ" >'()(1'$17j6&2816(/@ &DQ,DVNKHULIVKH KDVEHHQFKDUJHG" 4 'LGWKH*RYHUQPHQWSURPLVH\RXDQ\WKLQJ" >3526(&8725@ <RXU +RQRU ,jP JRLQJ WR FRQWLQXHWKLVREMHFWLRQ&KDUJHVDUHLQDSSURSULDWH $ 1R >'()(1'$17j6&2816(/@ <RXU+RQRU 4 +DYH\RXQRZ\RXjUH>VLF@XQGHUVWDQGLQJKDYH LVLW\RXUXQGHUVWDQGLQJWKDWLI\RXFRRSHUDWHZLWKWKH >3526(&8725@ 6KHjVWHVWLILHGDERXWKHUSULRU *RYHUQPHQWWKH\ZLOOQRWEHFKDUJLQJ\RXLQFRQQHFWLRQ FRQYLFWLRQV ZLWKWKLVPDUULDJH" 7+( &2857 <HDK WKH FKDUJH ZRXOG RQO\ EH $ 1R UHOHYDQWLIVKHjGEHHQFRQYLFWHGDQGWKHQLWZRXOGEHD
Reference
- Status
- Published