Der KI-Arbeitsbereich für Juristen
- Rechtsrecherche mit Zugriff auf über 1 Million Quellen
- Dokumentenautomatisierung
- Mandatsverwaltung
- Gehostet in der EU und der Schweiz
14 Tage kostenlos testen (10 Fragen/Tag während der Testphase)
Der KI-Arbeitsbereich für Juristen
14 Tage kostenlos testen (10 Fragen/Tag während der Testphase)
01-1444•03a0079p.06
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$SSHOOHH
Y
521$/' '835((
'HIHQGDQW$SSHOODQW
;!
1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH:HVWHUQ'LVWULFWRI0LFKLJDQDW*UDQG5DSLGV
1R²*RUGRQ-4XLVW'LVWULFW-XGJH
$UJXHG'HFHPEHU
'HFLGHGDQG)LOHG0DUFK
%HIRUH.583$16.<6,/(5DQG&2/(&LUFXLW
-XGJHV
BBBBBBBBBBBBBBBBB
&2816(/
$5*8('$QWKRQ\&*UHHQH*UDQG5DSLGV0LFKLJDQIRU
$SSHOODQW-RDQ(0H\HU$66,67$1781,7('67$7(6
$77251(< *UDQG 5DSLGV 0LFKLJDQ IRU $SSHOOHH
21%5,()$QWKRQ\&*UHHQH*UDQG5DSLGV0LFKLJDQ
IRU $SSHOODQW -RDQ ( 0H\HU $66,67$17 81,7('
67$7(6 $77251(< *UDQG 5DSLGV 0LFKLJDQ IRU
$SSHOOHH
-- 1 of 14 --
8QLWHG6WDWHVY'XSUHH 1R
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
6,/(5&LUFXLW-XGJH'HIHQGDQW5RQDOG'XSUHHDSSHDOV
KLV FRQYLFWLRQ DQG VHQWHQFH IRU UDFNHWHHULQJ FRQVSLUDF\
DUPHGUREEHU\DQGXQODZIXOSRVVHVVLRQDQGXVHRIDILUHDUP
LQWKHFRPPLVVLRQRIDFULPHRIYLROHQFH+HZDVVHQWHQFHG
WRPRQWKVRQWKHILUVWWZRFKDUJHVDQGPRQWKVRQWKH
WKLUGWRUXQFRQVHFXWLYHO\WRWKHSUHYLRXVVHQWHQFH$VVHW
IRUWKEHORZZHDIILUPWKHGHFLVLRQRIWKHGLVWULFWFRXUW
%$&.*5281'
,Q DQ DUPHG JXDUG IRU WKH :ROYHULQH $UPRUHG
'LVSDWFK6HUYLFHZDVUREEHGDWJXQSRLQWZKLOHPDNLQJKLV
UHJXODU SLFNXS RI FDVK DQG FKHFNV DW WKH 9DOXH &LW\
'HSDUWPHQW6WRUH ³9DOXH&LW\´ LQ:\RPLQJ0LFKLJDQ$W
WKHWLPHRIWKHUREEHU\'XSUHHZDVHPSOR\HGDW9DOXH&LW\
DV D ORVV SUHYHQWLRQ RIILFHU DQG ZDV DW WKH VWRUH ZKHQ WKH
UREEHU\RFFXUUHG7ZRPHQHQWHUHGWKHVWRUHVKRUWO\DIWHUWKH
DUPRUHG WUXFN JXDUG 6WHYHQ 6KRRN DUULYHG DQG IROORZHG
KLPWRWKHEDFNRIWKHVWRUH6KRRNKDGMXVWWDNHQGHOLYHU\RI
WZREDJVRIPRQH\ RQHFRQWDLQLQJDQGWKHRWKHU
FRQWDLQLQJ DQGSODFHGWKHEDJVLQWRRQHFDQYDV
EDJZKHQKHZDVFRQIURQWHGE\%ULDQ7XIQHOO7XIQHOOKHOG
DJXQWR6KRRN¶VFKHVWKLVDFFRPSOLFH5HJLQDOG&ORSWRQ
WRRNWKHFDQYDVEDJDQGWKHWZRUDQRXWRIWKHVWRUH7XIQHOO
DQG&ORSWRQZHUHXOWLPDWHO\DUUHVWHG7XIQHOOSOHGJXLOW\WR
UDFNHWHHULQJFRQVSLUDF\DUPHGUREEHU\DQGEHLQJDIHORQLQ
SRVVHVVLRQ RI D ILUHDUP DQG UHFHLYHG D VHQWHQFH RI
PRQWKV&ORSWRQSOHGJXLOW\WRUDFNHWHHULQJFRQVSLUDF\DQG
DUPHGUREEHU\DQGZDVVHQWHQFHGWRPRQWKV
'XSUHHZDVLQGLFWHGRQFKDUJHVRIUDFNHWHHULQJFRQVSLUDF\
DUPHGUREEHU\DQGXQODZIXOSRVVHVVLRQDQGXVHRIDILUHDUP
LQ WKH FRPPLVVLRQ RI D FULPH RI YLROHQFH $W WULDO ERWK
7XIQHOO DQG &ORSWRQ WHVWLILHG WKDW 'XSUHH KHOSHG SODQ WKH
UREEHU\ XVLQJ NQRZOHGJH JDLQHG DV 9DOXH &LW\¶V ORVV
SUHYHQWLRQRIILFHUDQGIURPIRUPHUHPSOR\PHQWDVDJXDUGIRU
1R 8QLWHG6WDWHVY'XSUHH
7KH WHVWLPRQ\ ZDV WKDW HPSOR\HHV VXFK DV 'XSUHH ZHUH VXSSRVHG
WR ³FORFN LQ´ DV LQ +RVNLQV EXW WKDW 'XSUHH GLG QRW GR VR WKH GD\ RI WKH
UREEHU\ DQG QHYHU DVNHG WR EH SDLG IRU ZRUN WKDW GD\
DQGWKHSDUWLHVKDYHQRWFDOOHGLWWRWKHFRXUW¶VDWWHQWLRQWKDW
KH ZDV UHSULPDQGHG IRU WKLV LQ DQ\ ZD\ 0RUHRYHU +XQW
WHVWLILHGWKDWVKHUHFRPPHQGHG'XSUHHLQSDUWIRUKLVYLGHR
H[SHUWLVH ZKLOH KH DSSDUHQWO\ GLG QRW FKDQJH WKH
FRQILJXUDWLRQRIUHFRUGHUVWKDWGD\LQWKHFRQWUROURRP+XQW
UHDIILUPHG KHU WHVWLPRQ\ WKDW WKH GLUHFWLRQ RI DW OHDVW RQH
FDPHUD KDG EHHQ FKDQJHG ,QGHHG 'XSUHH¶V JUHDWHU
IOH[LELOLW\ LQ KLV MRE LV HYLGHQFHG E\ WKH LQGLFDWLRQ LQ WKH
JRYHUQPHQW¶VEULHIWKDWKHPD\QRWHYHQKDYHEHHQVFKHGXOHG
WRZRUNWKHGD\RIWKHUREEHU\EXWFDPHLQDQ\ZD\7KH
OHYHORIGLVFUHWLRQ'XSUHHHQMR\HGLQKLVMREDVHYLGHQFHGE\
WKHQDWXUHRIKLVMREIXQFWLRQVWKHH[SHUWLVHKHSRVVHVVHGDQG
KLVLQYROYHPHQWLQWKHLQYHVWLJDWLRQRIWKHUREEHU\LQGLFDWH
WKDWWKHGLVWULFWFRXUWGLGQRWHUULQDSSO\LQJWKLVHQKDQFHPHQW
$)),50('
-- 2 of 14 --
8QLWHG6WDWHVY'XSUHH 1R
WR DQDO\]H ZKHWKHU KLV SRVLWLRQ ZDV FKDUDFWHUL]HG E\ WKH
UHTXLVLWH PDQDJHULDO RU SURIHVVLRQDO GLVFUHWLRQ FRQFOXGLQJ
WKDWLWZDVQRW
+HZDVVXEMHFWWRVXSHUYLVLRQDQGKLVGXWLHVDVDVHFXULW\
JXDUG ZHUH TXLWH FLUFXPVFULEHG +RVNLQV¶V SULPDU\
UHVSRQVLELOLW\ZDVVLPSO\WRPRQLWRUYLGHRVXUYHLOODQFH
RIWKHVWRUHDQGWRFDOOLQWKHFDVHRIDQ\VXVSLFLRXV
DFWLYLW\$QDGGLWLRQDOUHVSRQVLELOLW\ZDVWRORRNIRUDQG
UHFWLI\ PLQRU VDIHW\ SUREOHPV 1RWKLQJ LQ WKH UHFRUG
VXJJHVWV WKDW KH HQMR\HG DQ\ VRUW RI PHDQLQJIXO
GLVFUHWLRQLQFDUU\LQJRXWWKRVHUHVSRQVLELOLWLHV,WZDV
QRWGLIILFXOWIRU.0DUW¶VPDQDJHPHQWWRREMHFWLYHO\DQG
H[SHGLHQWO\GHWHUPLQH+RVNLQV¶VKRQHVW\RUREVHUYHKLV
ZKHUHDERXWV$TXLFNFKHFNRIWKHVHFXULW\ERRWKZDVDOO
WKDWZDVUHTXLUHGWRVHHLI+RVNLQVZDVRQGXW\+RVNLQV
ZDVVXSSRVHGWREHVLWWLQJLQWKHVHFXULW\URRPZDWFKLQJ
VHFXULW\PRQLWRUVEHWZHHQDQGDP+HZDV
UHTXLUHG WR FORFNLQ ,QGHHG +RVNLQV¶V VXSHUYLVRU
ZDUQHG +RVNLQV WKDW . 0DUW QHDUO\ ILUHG DQRWKHU
HPSOR\HH IRU OHDYLQJ WKH VHFXULW\ RIILFH WR XVH WKH
UHVWURRP *HQHUDOO\ WKRVH RFFXS\LQJ SRVLWLRQV
FKDUDFWHUL]HG E\ SURIHVVLRQDO RU PDQDJHULDO GLVFUHWLRQ
ZRXOGQRWEHVXEMHFWHGWRVXFKKDUVKFRQVHTXHQFHVIRU
WDNLQJDEDWKURRPEUHDN
,QVKRUW+RVNLQVZDVDQRUGLQDU\HPSOR\HHZKRKDGQR
PDQDJHPHQWIXQFWLRQDQGYLUWXDOO\QRGLVFUHWLRQLQWKH
H[HUFLVHRIKLVGXWLHV+RVNLQVRIIHUHG.0DUWQRVSHFLDO
VNLOORUNQRZOHGJH7KHIDFWWKDWKHZDVDVVRFLDWHGZLWK
VWRUHVHFXULW\LVLQVXIILFLHQWWRRYHUFRPHWKHDEVHQFHRI
WKHVHNH\FULWHULD
,GDW
&HUWDLQ IDFWV UHDGLO\ GLVWLQJXLVK WKLV FDVH IURP+RVNLQV
)RUH[DPSOHWKHUHLVQRLQGLFDWLRQWKDW'XSUHHZDVUHTXLUHG
WRVWD\LQRQHSDUWLFXODUSODFHIRUDQ\VHWWLPHLQVWHDGKHZDV
DEOHWRZDONDURXQGWKHVDOHVIORRU DQRUPDORFFXUUHQFH DQG
DSSDUHQWO\FRPHDQGJRLQWKHVHFXULW\URRPDVKHZLVKHG
,QGHHGKHZDVLQWKHEDWKURRPZKHQWKHUREEHU\RFFXUUHG
1R 8QLWHG6WDWHVY'XSUHH
DQDUPRUHGWUXFNVHUYLFH DQGWKDWKHVXSSOLHGWKHJXQXVHG
LQLWVFRPPLVVLRQ'XSUHHZDVFRQYLFWHGRIDOOFKDUJHVDQG
ZDVVHQWHQFHGWRDWRWDORIPRQWKV
67$1'$5'2)5(9,(:
7RWKHH[WHQW'XSUHHPDNHVDFRQVWLWXWLRQDOFKDOOHQJHWR
KLVFRQYLFWLRQXQGHUWKH+REEV$FWWKLVLVVXHLVYLHZHGDVD
TXHVWLRQRIODZDQGLVUHYLHZHGGHQRYR6HH8QLWHG6WDWHV
Y6PLWK)G WK&LU 7RWKHH[WHQWKH
DUJXHV WKDW WKH HYLGHQFH ZDV LQVXIILFLHQW WR VXSSRUW WKLV
FRQYLFWLRQ WKLV FRXUW PXVW GHWHUPLQH ³ZKHWKHU DIWHU
UHYLHZLQJ WKH HYLGHQFH LQ WKH OLJKW PRVW IDYRUDEOH WR WKH
SURVHFXWLRQDQ\UDWLRQDOWULHURIIDFWFRXOGKDYHIRXQGWKH
HVVHQWLDOHOHPHQWVRIWKHFULPHEH\RQGDUHDVRQDEOHGRXEW´
8QLWHG 6WDWHV Y :DQJ )G WK &LU
LQWHUQDOTXRWDWLRQPDUNVRPLWWHG HPSKDVLVLQRULJLQDO ,Q
UHYLHZLQJ WKH GHQLDO RI 'XSUHH¶V PRWLRQ WR VXSSUHVV WKLV
FRXUWXSKROGVWKHGLVWULFWFRXUW¶VILQGLQJVRIIDFWXQOHVVWKH\
DUHFOHDUO\HUURQHRXVDQGUHYLHZVLWVOHJDOFRQFOXVLRQVGH
QRYR8QLWHG6WDWHVY$WNLQ)G WK&LU
7KHFRXUWUHYLHZVWKHWULDOFRXUW¶VGHQLDORI'XSUHH¶V
PRWLRQIRUDQHZWULDOXQGHUDQDEXVHRIGLVFUHWLRQVWDQGDUG
8QLWHG6WDWHVY*DLWDQ$FHYHGR)G WK&LU
$OWKRXJK'XSUHHDVVHUWVZLWKRXWDXWKRULW\WKDWWKLV
FRXUWVKRXOGUHYLHZKLVFODLPRISURVHFXWRULDOYLQGLFWLYHQHVV
GHQRYRRUGLQDULO\VXFKFODLPVDUHUHYLHZHGIRUFOHDUHUURU
6HH8QLWHG6WDWHVY6DPPRQV)G WK&LU
2IFRXUVHWKHUHLVQRORZHUFRXUWILQGLQJWRUHYLHZ
DV'XSUHHKDVUDLVHGWKLVFODLPIRUWKHILUVWWLPHRQDSSHDO
)LQDOO\ ZLWK UHJDUG WR 'XSUHH¶V FKDOOHQJHV WR KLV YDULRXV
VHQWHQFHHQKDQFHPHQWV³>W@KLVFRXUWUHYLHZVDGLVWULFWFRXUW¶V
DSSOLFDWLRQ RI WKH 6HQWHQFLQJ *XLGHOLQHV GH QRYR DQG WKH
GLVWULFW FRXUW¶V ILQGLQJV RI IDFW WKHUHXQGHU IRU FOHDU HUURU´
8QLWHG 6WDWHV Y &RZDQ )G WK &LU
-- 3 of 14 --
8QLWHG6WDWHVY'XSUHH 1R
,Q /RSH] WKH 6XSUHPH &RXUW IRXQG WKDW &RQJUHVV¶V HQDFWPHQW RI WKH
*XQ)UHH 6FKRRO =RQHV $FW RI H[FHHGHG WKH VFRSH RI LWV DXWKRULW\
XQGHU WKH &RPPHUFH &ODXVH LQ WKDW ³SRVVHVVLRQ RI D JXQ LQ D ORFDO VFKRRO
]RQH LV LQ QR VHQVH DQ HFRQRPLF DFWLYLW\ WKDW PLJKW WKURXJK UHSHWLWLRQ
HOVHZKHUH VXEVWDQWLDOO\ DIIHFW DQ\ VRUW RI LQWHUVWDWH FRPPHUFH´ /RSH]
86 DW 0RUH UHFHQWO\ LQ 0RUULVRQ WKH &RXUW LQYDOLGDWHG WKH
FLYLO UHPHG\ SURYLVLRQ RI WKH 9LROHQFH $JDLQVW :RPHQ $FW ILQGLQJ WKDW
LW GLG QRW UHJXODWH DFWLYLW\ WKDW VXEVWDQWLDOO\ DIIHFWHG LQWHUVWDWH FRPPHUFH
,Q -RQHV WKH &RXUW UHYHUVHG D GHIHQGDQW¶V FRQYLFWLRQ XQGHU WKH IHGHUDO
DUVRQ VWDWXWH DUVRQ RI DQ RZQHURFFXSLHG SULYDWH UHVLGHQFH ZKLFK ZDV QRW
XVHG IRU DQ\ FRPPHUFLDO SXUSRVH GLG QRW FRQVWLWXWH ³FRPPHUFHDIIHFWLQJ
DFWLYLW\´ -RQHV 86 DW
',6&866,21
$ +REEV$FW
'XSUHH ZDV FRQYLFWHG RI UDFNHWHHULQJ FRQVSLUDF\ DQG
DUPHGUREEHU\LQYLRODWLRQRIWKH+REEV$FWZKLFKSURYLGHV
:KRHYHU LQ DQ\ ZD\ RU GHJUHH REVWUXFWV GHOD\V RU
DIIHFWV FRPPHUFH RU WKH PRYHPHQW RI DQ\ DUWLFOH RU
FRPPRGLW\ LQ FRPPHUFH E\ UREEHU\ RU H[WRUWLRQ RU
DWWHPSWVRUFRQVSLUHVVRWRGRRUFRPPLWVRUWKUHDWHQV
SK\VLFDOYLROHQFHWRDQ\SHUVRQRUSURSHUW\LQIXUWKHUDQFH
RIDSODQRUSXUSRVHWRGRDQ\WKLQJLQYLRODWLRQRIWKLV
VHFWLRQVKDOOEHILQHGXQGHUWKLVWLWOHRULPSULVRQHGQRW
PRUHWKDQWZHQW\\HDUVRUERWK
86& D 7KLV³EURDGMXULVGLFWLRQDOODQJXDJH´KDV
KLVWRULFDOO\EHHQFRQVWUXHGDVUHTXLULQJRQO\DGHPLQLPXV
HIIHFWRQLQWHUVWDWHFRPPHUFH6HH8QLWHG6WDWHVY0LOOV
)G WK&LU 'XSUHHKRZHYHUDUJXHVWKDW
LQOLJKWRIUHFHQWSUHFHGHQWVDEURJDWLQJWKHEURDGFRQVWUXFWLRQ
RIWKH&RPPHUFH&ODXVH±LQFOXGLQJ8QLWHG6WDWHVY/RSH]
86 8QLWHG6WDWHVY0RUULVRQ86
DQG-RQHVY8QLWHG6WDWHV86 ±
WKH JRYHUQPHQW IDLOHG WR PHHW LWV EXUGHQ RI VKRZLQJ D
VXIILFLHQW HIIHFW RQ LQWHUVWDWH FRPPHUFH WR PHHW WKH
MXULVGLFWLRQDOSUHGLFDWHIRUKLVSURVHFXWLRQXQGHUWKH+REEV
$FW
1R 8QLWHG6WDWHVY'XSUHH
LPSRUWDQWO\WKHIDFLOLWDWLRQDUJXPHQWHPSKDVL]HVRQO\RQH
UHTXLVLWHHOHPHQW$VWKLVFRXUWKDVPRUHUHFHQWO\KHOG
$FFRUGLQJWRRXURZQSUHFHGHQWDQGWRWKHDSSOLFDWLRQ
QRWHVLQWKH6HQWHQFLQJ*XLGHOLQHVWKHPVHOYHVWKHOHYHO
RIGLVFUHWLRQDFFRUGHGDQHPSOR\HHLVWREHWKHGHFLVLYH
IDFWRULQGHWHUPLQLQJZKHWKHUKLVSRVLWLRQZDVRQHWKDW
FDQEHFKDUDFWHUL]HGDVDWUXVWSRVLWLRQ7KHFLWHGFDVHV
KDYHWRRRIWHQHPSKDVL]HGZHEHOLHYHHUURQHRXVO\WKH
VXSHUYLVLRQDQHPSOR\HHUHFHLYHV7KHH[DPSOHVJLYHQ
LQ WKH DSSOLFDWLRQ QRWHV SK\VLFLDQ DWWRUQH\ DQG
ILGXFLDU\ LPSO\WKDWWKHLQKHUHQWQDWXUHRIWKHZRUNLWVHOI
VKRXOGQDWXUDOO\FRQYH\DVXEVWDQWLDOGHJUHHRIGLVFUHWLRQ
WRWKHGHIHQGDQWFRQFHUQLQJKRZWRSURSHUO\DGPLQLVWHU
WKH SURSHUW\ RI DQRWKHU RU RWKHUZLVH DFW LQ WKHLU EHVW
LQWHUHVW
8QLWHG6WDWHVY7ULEEOH)G WK&LU
7XUQLQJWRWKHQDWXUHRI'XSUHH¶VZRUNZHQRWHDIDFWXDOO\
VLPLODUFDVHIURPDQRWKHU&LUFXLW8QLWHG6WDWHVY+RVNLQV
)G WK&LU FHUWGHQLHG6&W
,QWKDWFDVH+RVNLQVZKRKDGEHHQZRUNLQJDVD.
0DUW VHFXULW\ JXDUG IRU DERXW D PRQWK KHOSHG SODQ DQG
H[HFXWHDUREEHU\RIWKHVWRUH$OWKRXJKKLVMREUHTXLUHGKLP
WR VLW LQ WKH VWRUH¶V VHFXULW\ URRP DQG ZDWFK WKH VHFXULW\
PRQLWRUVEHWZHHQDPDQGDPHDFKPRUQLQJRQ
WKHPRUQLQJRIWKHUREEHU\+RVNLQVVWDWLRQHGKLPVHOIRQWKH
VDOHVIORRU,GDW$IWHUUHFHLYLQJDVLJQDOIURP+RVNLQV
WKHUREEHU*UHJJHIROORZHG+RVNLQVWRWKHFDVKURRPDQG
ZLWK D JXQ RUGHUHG WKH FDVK URRP DWWHQGDQW WR RSHQ WKH
³FDJH´ZKHUHWKHFDVKZDVNHSWDQGWROLHGRZQRQWKHIORRU
QH[W WR +RVNLQV *UHJJH KDG WKH FDVK URRP DWWHQGDQW
KDQGFXII KHUVHOI WR +RVNLQV DQG LQVWUXFWHG WKHP WR VWD\
GRZQ +H WKHQ FROOHFWHG WKH PRQH\ DQG OHIW ,G ,Q
UHYLHZLQJWKHVHQWHQFLQJMXGJH¶VLPSRVLWLRQRIWKH%
HQKDQFHPHQWWKHFRXUWQRWHGWKDWWKHUHZDVQRTXHVWLRQWKDW
+RVNLQVKDGXVHGKLVSRVLWLRQWRKHOSFRPPLWWKHUREEHU\
HYHQSOD\LQJWKHYLFWLP EXWWKDWWKLVZDVQRWWKHVDPHDV
KDYLQJDEXVHGDSRVLWLRQRIWUXVW7KHFRXUWWKHQSURFHHGHG
-- 4 of 14 --
8QLWHG6WDWHVY'XSUHH 1R
6LPLODUO\ ZH VKRXOG UHMHFW VXFK LPSOLFDWLRQ E\ 'XSUHH ZKR
UHSHDWHGO\ QRWHV WKDW KH ZDV QRW DQ HPSOR\HH RI WKH DUPRUHG FDU FRPSDQ\
LQ WKLV FDVH
&LU ,Q'XHUVRQWKHHQKDQFHPHQWZDVKHOGWRDSSO\
WR D PDQDJHULDO HPSOR\HH RI WKH 8QLWHG 3DUFHO 6HUYLFH
³836´ ZKRUREEHGD836GLVSDWFKHUDQGDUPRUHGWUXFN
FRXULHU RI PRUH WKDQ 7KH FRXUW DIILUPHG WKH
GLVWULFWFRXUW¶VILQGLQJWKDW'XHUVRQKDGH[SORLWHGKLVSRVLWLRQ
DVDPDQDJHULQDZD\WKDWVXEVWDQWLDOO\IDFLOLWDWHGWKHFULPH
E\
FXWWLQJ WKURXJK WKH VHFXULW\ UHVWULFWLRQV DSSOLFDEOH WR
ORZHUOHYHO HPSOR\HHV VR WKDW KH FRXOG OHDUQ ZKHUH
HYHU\WKLQJ ZDV ORFDWHG LQFOXGLQJ WKH GHSRVLW YDXOW
WDNLQJDGYDQWDJHRIKLVDFFHVVWRWKHNH\VWRWKHWZR
836 YHKLFOHV XVHG LQ WKH JHWDZD\ UHYLHZLQJ WKH
WHOHSKRQH V\VWHP VR WKDW KH FRXOG GLVDEOH LW DQG
TXHVWLRQLQJ D 836 WUXFN PDQDJHU DERXW WKH )HGHUDO
$UPRUHGFRXULHU¶VVFKHGXOH
,GDW7KHFRXUWREVHUYHGWKDW³>L@WZRXOGKDYHEHHQIDU
PRUH GLIILFXOW IRU WKH GHIHQGDQW WR FRPPLW WKH FULPH DQG
PDNHJRRGKLVHVFDSHLIKHKDGQRWKHOGDSRVLWLRQRIWUXVW
RU KDG QRW SRVVHVVHG VSHFLDO VNLOOV LQ FRPSXWHUV DQG
HOHFWURQLFV´,G7KHPDMRULW\RIWKHFRXUW¶VGLVFXVVLRQRIWKH
HQKDQFHPHQWKRZHYHUZDVGHYRWHGWRUHMHFWLQJ'XHUVRQ¶V
DUJXPHQWWKDWWKHYLFWLPRIWKHUREEHU\ZDVWKHDUPRUHGWUXFN
VHUYLFHZLWKZKRPKHKHOGQRSRVLWLRQRIWUXVWUDWKHUWKDQ
836,GDW
'XHUVRQ KRZHYHU SODFHV D JUHDW GHDO RI HPSKDVLV RQ
IDFLOLWDWLRQRIWKHFULPHDQGLQWKDWDVSHFWLVGLVWLQJXLVKDEOH
LQGHJUHHIURPWKHLQVWDQWFDVH+HUH'XSUHHGLGQRWDFWXDOO\
FRPPLWWKHUREEHU\(YHQLIKHIDFLOLWDWHGLWWKLVIDFLOLWDWLRQ
GLGQRWULVHWRWKHOHYHORIDFWLYLW\LQ'XHUVRQ6WLOO'XSUHH¶V
UHOLDQFH RQ WKH IDFW WKDW WKH FDPHUDV KH LV DOOHJHG WR KDYH
PRYHG ZHUH QRW UHFRUGLQJ LV PLVSODFHG HYHQ ZLWKRXW
DIIHFWLQJ WKH UHFRUGLQJ WKHUH ZHUH RWKHU ZD\V 'XSUHH¶V
DOOHJHG DFWLRQV FRXOG KDYH IDFLOLWDWHG WKH FULPH 0RUH
1R 8QLWHG6WDWHVY'XSUHH
'XSUHHUHOLHVSULPDULO\RQ8QLWHG6WDWHVY:DQJ)G
WK&LU IRUVXSSRUW,QWKDWFDVHWKLVFRXUWKHOG
WKDW WKH UREEHU\ RI D FRXSOH LQ WKHLU KRPH GLG QRW KDYH D
VXEVWDQWLDO HIIHFW RQ LQWHUVWDWH FRPPHUFH UHTXLULQJ WKH
UHYHUVDO RI :DQJ¶V FRQYLFWLRQ XQGHU WKH +REEV $FW
6SHFLILFDOO\ZHREVHUYHGWKDW³RXUSUHFHGHQWVKDYHLQYROYHG
UREEHULHVLQZKLFKWKHYLFWLPVZHUHEXVLQHVVHVHQJDJHGLQ
LQWHUVWDWHFRPPHUFH%XWZKHUHDVKHUHWKHFULPLQDODFWLV
GLUHFWHG DW D SULYDWH FLWL]HQ WKH FRQQHFWLRQ WR LQWHUVWDWH
FRPPHUFHLVPXFKPRUHDWWHQXDWHG´,GDW3URFHHGLQJ
IURP:DQJ'XSUHHFKDUDFWHUL]HVWKHFULPHLQWKHLQVWDQWFDVH
DVWKHUREEHU\RIDQLQGLYLGXDOQRWHVWKDWWKHDUPRUHGFDU
VHUYLFH IRU ZKLFK WKDW LQGLYLGXDO ZRUNHG GLG QRW RSHUDWH
RXWVLGHRI0LFKLJDQDQGFRQWHQGVWKDWWKHJRYHUQPHQWKDV
QRWVKRZQDVXIILFLHQWLQWHUVWDWHQH[XV7KLVDUJXPHQWLVQRW
SHUVXDVLYH7KHUREEHU\LQWKLVFDVHWDUJHWHGDQDUPRUHGFDU
PHVVHQJHUHQJDJHGLQWKHSHUIRUPDQFHRIKLVGXWLHVLQVLGH
DGHSDUWPHQWVWRUHRQKLVUHJXODUURXWH6KRRNKDGMXVWWDNHQ
SRVVHVVLRQ RI LQ FDVK DQG FKHFNV ± QRW DQ
LQVLJQLILFDQWVXP±ZKHQKHZDVUREEHG7KLVVLWXDWLRQLV
FOHDUO\GLVWLQJXLVKDEOHIURPWKHUREEHU\RISULYDWHFLWL]HQVLQ
WKHLUUHVLGHQFHLQ:DQJ
,Q8QLWHG6WDWHVY6PLWK)G WK&LU WKLV
FRXUWKHOGWKDWWKHWUDGLWLRQDOGHPLQLPXVVWDQGDUGIRU+REEV
$FWYLRODWLRQVVXUYLYHG/RSH]VRWKDW³LIDVWDWXWHUHJXODWHV
DQDFWLYLW\ZKLFKWKURXJKUHSHWLWLRQLQ>WKH@DJJUHJDWHKDVD
VXEVWDQWLDO HIIHFW RQ LQWHUVWDWH FRPPHUFH WKH GH PLQLPXV
FKDUDFWHURILQGLYLGXDOLQVWDQFHVDULVLQJXQGHUWKHVWDWXWHLVRI
QR FRQVHTXHQFH´ ,G DW LQWHUQDO TXRWDWLRQ PDUNV
RPLWWHG :DQJUHFRJQL]HGWKLVKROGLQJEXW³VWDWHGWKDWWKH
UHTXLUHGVKRZLQJμLVRIDGLIIHUHQWRUGHU¶ZKHQWKHYLFWLPLV
D SULYDWH FLWL]HQ UDWKHU WKDQ D EXVLQHVV HQWLW\ HQJDJHG LQ
LQWHUVWDWHFRPPHUFH´8QLWHG6WDWHVY*DUFLD)6XSS
G ('0LFK TXRWLQJ:DQJ)GDW
7KHLQVWDQWFDVHGRHVQRWIDOOZLWKLQWKLVH[FHSWLRQ
$OWKRXJK WKH PRQH\ LQ WKH UREEHU\ ZDV WDNHQ IURP DQ
DUPRUHGWUXFNJXDUGLWKDGMXVWEHHQSLFNHGXSIURPD9DOXH
&LW\'HSDUWPHQW6WRUH9DOXH&LW\LVHQJDJHGLQLQWHUVWDWH
FRPPHUFH DQG WKH PRQH\ DOWKRXJK LQ WKH FXVWRG\ RI WKH
-- 5 of 14 --
8QLWHG6WDWHVY'XSUHH 1R
7KH JRYHUQPHQW GLVSXWHV WKH H[LVWHQFH RI DQ\ LQIRUPDO DJUHHPHQW
WR WKLV HIIHFW WKRXJK FRXQVHO IRU WKH 8QLWHG 6WDWHV UHFRXQWHG WR WKH WULDO
MXGJH WKDW KH KDG WROG 'XSUHH¶V FRXQVHO WKDW KH ZRXOG EH ³SUHGLVSRVHG´
WR JLYLQJ KLP QRWLFH DQG DQ RSSRUWXQLW\ IRU 'XSUHH WR WXUQ KLPVHOI LQ
SULRU WR DQ\ DUUHVW &RXQVHO DOVR VWDWHG KRZHYHU WKDW LQ WKH LQWHULP WKH
JRYHUQPHQW OHDUQHG WKDW WKH ZHDSRQ XVHG LQ WKH UREEHU\ ZDV KLGGHQ LQ
'XSUHH¶V KRXVH VR WKDW LW IHDUHG GHVWUXFWLRQ RI HYLGHQFH LI DQ\ DGYDQFH
ZDUQLQJ RI 'XSUHH¶V DUUHVW ZDV JLYHQ
*LOOLJDQ WHVWLILHG DW WULDO WKDW 'XSUHH WROG KHU LQ WKLV LQWHUYLHZ WKDW
KH NQHZ &ORSWRQ DQG 7XIQHOO ZDQWHG PRQH\ ZHUH VHULRXV DERXW WKH
UREEHU\ DQG KDG YLVLWHG 9DOXH &LW\ SULRU WR WKH UREEHU\ WR IDPLOLDUL]H
DUPRUHGWUXFNFRPSDQ\ZDVGHVWLQHGIRUDGHSRVLWRQEHKDOI
RI9DOXH&LW\DQGZDVQRWWKHSURSHUW\RIWKHDUPRUHGWUXFN
FRPSDQ\7KHDUPRUHGWUXFNFRPSDQ\DOVRKDGLQVXUHGWKH
SURFHHGVZLWKDQRXWRIVWDWHLQVXUDQFHFRPSDQ\7KHIDFWV
RIWKLVFDVHGRQRWUHTXLUH³ORQJFKDLQVRIFDXVDOLQIHUHQFH
WRDUULYHDWDVXEVWDQWLDOHIIHFWRQLQWHUVWDWHFRPPHUFH´QRU
WKHW\SHRI³μEXWWHUIO\HIIHFW¶WKHRU\RIFDXVDWLRQ´HVFKHZHG
LQ :DQJ 6HH :DQJ )G DW 7KH JRYHUQPHQW
VXIILFLHQWO\ HVWDEOLVKHG WKH MXULVGLFWLRQDO SUHGLFDWH IRU
'XSUHH¶VSURVHFXWLRQXQGHUWKH+REEV$FW
% 0RWLRQWR6XSUHVV
'XSUHHQH[WFRQWHQGVWKDWVWDWHPHQWVKHPDGHWRWKHSROLFH
IROORZLQJKLVDUUHVWVKRXOGQRWKDYHEHHQDGPLWWHGDWWULDO
6SHFLILFDOO\ KH FRQWHQGV WKDW KLV FRXQVHO KDG DQ LQIRUPDO
DJUHHPHQWZLWKWKHJRYHUQPHQWZKHUHE\FRXQVHOZRXOGEH
QRWLILHGLI'XSUHHZDVWREHDUUHVWHGDQG'XSUHHZRXOGWXUQ
KLPVHOILQ:KHQKHZDVDUUHVWHGKRZHYHUKLVFRXQVHOZDV
QRWQRWLILHGDQGZDVQRWSUHVHQWZKHQ'XSUHHVSRNHZLWK)%,
$JHQW 5REHUWD *LOOLJDQ ZKR NQHZ KH ZDV UHSUHVHQWHG E\
FRXQVHO IRU DSSUR[LPDWHO\ DQ KRXU DQG D KDOI 7KRXJK
'XSUHHVLJQHGWZRZULWWHQZDLYHUV RQHZDLYLQJKLVULJKWV
XQGHU0LUDQGDY$UL]RQD86 DQGDQRWKHU
FRXQVHOVSHFLILF ZDLYHU EHIRUH VSHDNLQJ ZLWK *LOOLJDQ KH
FRQWHQGVWKDWWKHVHVWDWHPHQWVZHUHREWDLQHGLQYLRODWLRQRI
KLVULJKWVXQGHUWKH)LIWKDQG6L[WK$PHQGPHQWVDQGWKDW
WKHLUDGPLVVLRQIRUFHGKLPWRWHVWLI\DWWULDO
1R 8QLWHG6WDWHVY'XSUHH
'XSUHHFRQWHQGVWKDWWKHGLVWULFWFRXUWHUUHGE\GHHPLQJKLV
MRED³SRVLWLRQRIWUXVW´+HFLWHVWKH$SSOLFDWLRQ1RWHVWR
% ZKLFK SURYLGH WKDW D SRVLWLRQ RI WUXVW LV
³FKDUDFWHUL]HGE\SURIHVVLRQDORUPDQDJHULDOGLVFUHWLRQ LH
VXEVWDQWLDO GLVFUHWLRQDU\ MXGJPHQW WKDW LV RUGLQDULO\ JLYHQ
FRQVLGHUDEOH GHIHUHQFH 3HUVRQV KROGLQJ VXFK SRVLWLRQV
RUGLQDULO\DUHVXEMHFWWRVLJQLILFDQWO\OHVVVXSHUYLVLRQWKDQ
HPSOR\HHV ZKRVH UHVSRQVLELOLWLHV DUH SULPDULO\ QRQ
GLVFUHWLRQDU\ LQ QDWXUH´ 7KH $SSOLFDWLRQ 1RWHV JR RQ WR
GLVWLQJXLVKIRUH[DPSOHWKHHPEH]]OHPHQWRIDFOLHQW¶VIXQGV
E\DQDWWRUQH\VHUYLQJDVJXDUGLDQ DVLWXDWLRQLQZKLFKWKH
HQKDQFHPHQWZRXOGDSSO\ IURPHPEH]]OHPHQWRUWKHIWE\DQ
RUGLQDU\EDQNWHOOHURUKRWHOFOHUN VLWXDWLRQV WRZKLFKWKH
HQKDQFHPHQWZRXOGQRWDSSO\EHFDXVHWKHVHSRVLWLRQVDUHQRW
FKDUDFWHUL]HG E\ WKH UHTXLVLWH GLVFUHWLRQ 'XSUHH DOVR
FRQWHQGV WKDW WKH UHTXLUHPHQW WKDW WKH XVH RI WKH SRVLWLRQ
VLJQLILFDQWO\ IDFLOLWDWH HLWKHU WKH FRPPLVVLRQ RU WKH
FRQFHDOPHQWRIWKHRIIHQVHLVQRWPHWLQKLVFDVHEHFDXVHWKH
VWRUHVXUYHLOODQFHFDPHUDVKHLVDOOHJHGWRKDYHPRYHGZHUH
QRWUHFRUGLQJ'XSUHHDQDORJL]HVKLV FDVHWR5DJODQG
)G DW LQ ZKLFK D EDQN¶V FXVWRPHU VHUYLFH
UHSUHVHQWDWLYHZKRHQJDJHGLQDIUDXGVFKHPHE\IRUJLQJWKH
VLJQDWXUHV RI EDQN RIILFHUV DQG WDNLQJ IXQGV GHSRVLWHG E\
FXVWRPHUVZDVKHOGQRWWRKDYHRFFXSLHGDSRVLWLRQRIWUXVW
IRUSXUSRVHVRIWKHHQKDQFHPHQW
7KH JRYHUQPHQW KRZHYHU DFNQRZOHGJHV 5DJODQG DQG
RWKHU SUHFHGHQWV ILQGLQJ GHIHQGDQWV QRW WR KDYH RFFXSLHG
SRVLWLRQVRIWUXVWEXWDWWHPSWVWRGLVWLQJXLVKWKHPE\DUJXLQJ
WKDW'XSUHHKDGD³ILGXFLDU\OLNH´UHODWLRQVKLSZLWKWKHVWRUH
PDUNHG E\ JUHDW GLVFUHWLRQ ZKLFK LQFOXGHG ³LQWLPDWH
NQRZOHGJH RI WKH FDVK WUDQVIHU RI VWRUH VDOHV UHFHLSWV
DFFHVV WR VWRUH VXUYHLOODQFH FDPHUDV DQG
LQYROY>HPHQW@LQDQ\LQYHVWLJDWLRQRIZURQJGRLQJDWWKH
VWRUH LQFOXGLQJ WKH LQYHVWLJDWLRQ RI WKLV FULPH´ 7KH
JRYHUQPHQWIXUWKHUQRWHV'XSUHH¶VDWWHPSWVWRFDVWVXVSLFLRQ
RQ D VWRUH PDQDJHU DQG WKH DUPRUHG WUXFN JXDUG LQ WKH
DIWHUPDWKRIWKHUREEHU\ZKLOHDWZRUN7KHVHDVSHFWVRI
'XSUHH¶VFRQGXFWWKHJRYHUQPHQWDUJXHVUHQGHUWKLVFDVH
PRUHVLPLODUWR8QLWHG6WDWHVY'XHUVRQ)G WK
-- 6 of 14 --
8QLWHG6WDWHVY'XSUHH 1R
+HZDVWKHJX\ZKRZDVKLUHGEHFDXVHRIKLVH[SHULHQFH
DQG VSHFLDO H[SHUWLVH LQ WKH DUHD RI VHFXULW\ +H KDG
NQRZOHGJH WKDW RWKHUV GLG QRW KDYH DQG KH DOVR KDG
DFFHVVWKDWRWKHUVGLGQRWKDYH)RUH[DPSOHKHNQHZ
WKHORFDWLRQDQGVLJKWOLQHVRIWKHFDPHUDVKHPRYHGWKH
FDPHUDV +H NQHZ WKH WLPH DQG GD\ RI DUULYDO RI WKH
DUPRUHGFDUVDQGZKHQWKHUHZRXOGEHPRUHPRQH\+H
KDG DFFHVV WR WKH PRQLWRU URRP VR SHRSOH FRXOG QRW
REVHUYHKLVFRGHIHQGDQWV1RWDOOHPSOR\HHVKDGWKDW
NLQGRIWUXVWDQGUHVSRQVLELOLW\SODFHGLQWKHP
+H¶VOLNH,VDLGQRWDVDOHVFOHUN+HZDVWKHSHUVRQ
HQWUXVWHGZLWKVHFXULW\$QGKHYLRODWHGWKHWUXVWSODFHG
LQ KLP LQ WKDW KH VHW XS DQG SHUPLWWHG WKLV SDUWLFXODU
UREEHU\WRWDNHSODFH2IDOOWKHSODFHVWKDW7XIQHOO
DQG&ORSWRQFRXOGKDYHUREEHGZK\ZRXOGWKH\SLFN
WKH RQO\ VWRUH ZKHUH WKH SHUVRQ LQ FKDUJH RI VHFXULW\
FRXOGUHFRJQL]HWKHP"7KDWZDVWKH9DOXH&LW\6WRUH
,PHDQWKH\NQHZ1RRQHGLVDJUHHVZLWKWKHIDFWWKDW
WKH\NQHZ0U'XSUHH:K\ZRXOGWKH\SLFNWKHRQH
VWRUHZLWKRXWZHDULQJPDVNVZKHUHWKHVHFXULW\JXDUG
ZRXOGUHFRJQL]HWKHP"$QGWKDWVKRZVWKDWWKH\SLFNHG
DVWRUHEHFDXVHWKH\NQHZWKDWLWZDVVHWXSIRUWKHPDQG
WKDWWKHHPSOR\HURI0U'XSUHHWUXVWHG0U'XSUHHDQG
SXWWKDWNLQGRIWUXVWLQKLP
,W¶VQRWDSRVLWLRQRIWUXVWLQWKHVDPHVHQVHSHUKDSV
WKDWDEDQNYLFHSUHVLGHQWKDVDVGLVWLQJXLVKHGIURPD
ERRNNHHSHURUDWHOOHUDWDEDQN,GRQ¶WWKLQNDWHOOHUKDV
DSRVLWLRQRIWUXVW,WKLQNDYLFHSUHVLGHQWGRHV%XW
KHUH\RXKDYHWKHVSHFLILFSHUVRQLQFKDUJHRIVHFXULW\
ZKRLVWUXVWHGWRHQIRUFHVHFXULW\QRWWRFRPSURPLVHWKH
VHFXULW\RUEHWUD\LWDFWXDOO\
6R ,¶P JRLQJ WR JLYH KLP WZR SRLQWV IRU EUHDFK RI
SRVLWLRQRIWUXVW
2XUUHYLHZRIWKHGLVWULFWFRXUW¶VGHWHUPLQDWLRQWKDW'XSUHH
KHOGDSRVLWLRQRIWUXVWIRUSXUSRVHVRIWKHHQKDQFHPHQWLVGH
QRYR8QLWHG6WDWHVY5DJODQG)G WK&LU
1R 8QLWHG6WDWHVY'XSUHH
WKHPVHOYHV ZLWK LWV OD\RXW DQG WR REVHUYH WKH DUPRUHG FDU PHVVHQJHU
'XSUHH KDG WROG 7XIQHOO DQG &ORSWRQ WKDW KH KDG IRUPHUO\ ZRUNHG DV D
PHVVHQJHU IRU DQ DUPRUHG FDU FRPSDQ\ *LOOLJDQ DOVR VDLG WKDW 'XSUHH
NQHZ WKDW 7XIQHOO KDG JRQH LQWR WKH VWRUH SUHYLRXVO\ LQWHQGLQJ WR URE WKH
JXDUG EXW GLG QRW EHFDXVH WKHUH ZHUH WRR PDQ\ SHRSOH DURXQG )LQDOO\
*LOOLJDQ UHFRXQWHG 'XSUHH¶V DGPLVVLRQ WKDW WKUHH RU IRXU GD\V EHIRUH WKH
UREEHU\ KH KDG JLYHQ KLV JXQ WR &ORSWRQ DQG JRW LW EDFN D GD\ RU WZR
DIWHU WKH UREEHU\ 'XSUHH SXUSRUWHGO\ WROG *LOOLJDQ WKDW KH VXVSHFWHG
7XIQHOO KDG FRPPLWWHG WKH UREEHU\
'XSUHH FLWHV WKH SURSRVLWLRQ HQXQFLDWHG LQ (GZDUGV Y
$UL]RQD86 WKDWRQFHDQDFFXVHGLQYRNHV
KLV ULJKW WR FRXQVHO GXULQJ FXVWRGLDO LQWHUURJDWLRQ WKDW
LQWHUURJDWLRQ PXVW FHDVH XQWLO FRXQVHO LV PDGH DYDLODEOH
XQOHVVWKHDFFXVHGLQLWLDWHVIXUWKHUFRPPXQLFDWLRQZLWKWKH
SROLFH6HHLGDW)XUWKHU(GZDUGVVWDWHGWKDWHYHQ
LQDPHHWLQJLQLWLDWHGE\WKHDFFXVHG
LWLVOLNHO\WKDWWKHRIILFHUVZLOOVD\RUGRVRPHWKLQJWKDW
FOHDUO\ ZRXOG EH ³LQWHUURJDWLRQ´ ,Q WKDW HYHQW WKH
TXHVWLRQZRXOGEHZKHWKHUDYDOLGZDLYHURIWKHULJKWWR
FRXQVHO KDG RFFXUUHG WKDW LV ZKHWKHU WKH SXUSRUWHG
ZDLYHUZDVNQRZLQJDQGLQWHOOLJHQWDQGIRXQGWREHVR
XQGHU WKH WRWDOLW\ RI WKH FLUFXPVWDQFHV LQFOXGLQJ WKH
QHFHVVDU\IDFWWKDWWKHDFFXVHGQRWWKHSROLFHUHRSHQHG
WKHGLDORJXHZLWKWKHDXWKRULWLHV
,GDWQ'XSUHHDUJXHVWKDWKHZDVUHSUHVHQWHGDIDFW
ZKLFKZDVNQRZQE\WKH)%,DQGGHVSLWHWKHH[LVWHQFHRIWKH
LQIRUPDODJUHHPHQWKLVFRXQVHOZDVQHYHUFRQWDFWHGWKXV
XQGHUWKHWRWDOLW\RIWKHFLUFXPVWDQFHVKLVZDLYHUZDVQRW
NQRZLQJDQGLQWHOOLJHQW
(GZDUGV KRZHYHU LV LQDSSOLFDEOH DV 'XSUHH GRHV QRW
DVVHUWWKDWKHDVNHGIRUFRXQVHO7KHUHTXHVWIRUFRXQVHOPXVW
EHH[SUHVVDQGXQDPELJXRXVLQRUGHUWRUHTXLUHWKHFHVVDWLRQ
RITXHVWLRQLQJ6HH'DYLVY8QLWHG6WDWHV86
0RUHRYHU³>W@KHPHUHIDFWWKDWWKHJRYHUQPHQWLV
DZDUHWKDWDVXVSHFWKDVDQDWWRUQH\RULVVRRQWRKDYHRQH
GRHV QRW XQDPELJXRXVO\ DVVHUW WKH VXVSHFW¶V ULJKW WR GHDO
H[FOXVLYHO\ZLWKWKHSROLFHWKURXJKFRXQVHOGXULQJFXVWRGLDO
-- 7 of 14 --
8QLWHG6WDWHVY'XSUHH 1R
*LYHQ WKLV FRQFOXVLRQ LW LV XQQHFHVVDU\ WR DGGUHVV WKH SDUWLHV¶
GLVSXWH DV WR ZKHWKHU DQ\ HUURU LQ DGPLWWLQJ WKH VWDWHPHQWV ZRXOG EH
KDUPOHVV
+XQW KDG SUHYLRXVO\ ZRUNHG ZLWK 'XSUHH DV D PHVVHQJHU IRU WKH
%ULQNV DUPRUHG FDU FRPSDQ\ VKH FRQVLGHUHG KLP D IULHQG DQG KDG
UHFRPPHQGHG KLP IRU WKH MRE LQ ORVV SUHYHQWLRQ DW 9DOXH &LW\ GXH WR KLV
H[WHQVLYH NQRZOHGJH RI FDPHUD V\VWHPV
LQWHUURJDWLRQ´8QLWHG6WDWHVY6XDUH])G
WK&LU FHUWGHQLHG86 *LOOLJDQ
WHVWLILHGWKDWZKHQVKHLQWHUYLHZHG'XSUHHKHGLGQRWDSSHDU
WREHXQGHUWKHLQIOXHQFHRIDQ\GUXJVRUDOFRKRODQGKHZDV
FRKHUHQWDQGDUWLFXODWH6KHWROGKLPWKDWVKHZDVQRWWKHUH
WRTXHVWLRQKLPDQGLQVWUXFWHGKLPWRUHDGWKHFRPSODLQW
*LOOLJDQIXUWKHUWHVWLILHGWKDWZKHQ'XSUHHLQGLFDWHGWKDWKH
ZDQWHGWRWDONVKHDGYLVHGKLP³<RXPDNHVXUHWKDW¶VUHDOO\
ZKDW\RXZDQWWRGR<RXGRQ¶WKDYHWRGRWKLV%XW\RX
UHDOO\KDYHWREHVXUHLIWKDW¶VZKDW\RXZDQWWRGR´'XSUHH
VLJQHG WZR VHSDUDWH ZDLYHUV LQLWLDOLQJ HDFK SDUDJUDSK
ZKLFKZHUHZLWQHVVHGE\DQRWKHUGHWHFWLYHDQGSURGXFHGDW
WULDO7KRXJKFRXQVHOIRU'XSUHHDVVHUWVWKDW³>W@KHUHFRUGLQ
WKLVFDVHLVQRWVRFOHDU´UHJDUGLQJZKHWKHUWKHZDLYHUVZHUH
YROXQWDULO\ VLJQHG 'XSUHH GRHV QRW FKDOOHQJH *LOOLJDQ¶V
WHVWLPRQ\RUSUHVHQWDQ\IDFWVZKLFKZRXOGOHDGWKHFRXUWWR
FRQFOXGHRWKHUZLVH8QGHUWKHWRWDOLW\RIWKHFLUFXPVWDQFHV
WKHVWDWHPHQWVZHUHSURSHUO\DGPLWWHG
& 0RWLRQIRUD1HZ7ULDO
$W WULDO -HDQ +XQW WKH PDQDJHU RI WKH ORVV SUHYHQWLRQ
GHSDUWPHQWDW9DOXH&LW\WHVWLILHGWKDWVWRUHSROLF\GLFWDWHG
WKDWDVWRUHVXUYHLOODQFHFDPHUDEHGLUHFWHGWRZDUGWKHIURQW
GRRUVRIWKHVWRUHDWDOOWLPHV$SHUVRQFRXOGRQO\FKDQJH
WKHGLUHFWLRQRIWKHFDPHUDVIURPWKHORVVSUHYHQWLRQRIILFH
WR ZKLFK RQO\ XSSHU PDQDJHPHQW DQG WKH ORVV SUHYHQWLRQ
GHSDUWPHQW VKHDQG'XSUHH KDGDFFHVV6KHIXUWKHUWHVWLILHG
WKDW ZKHQ VKH OHIW WKH ORVV SUHYHQWLRQ RIILFH WR JR WR D
UHJXODUO\VFKHGXOHGPDQDJHPHQWPHHWLQJ GXULQJZKLFKWKH
UREEHU\ZDVFRPPLWWHG DFDPHUDZDVIRFXVHGRQWKHIURQW
1R 8QLWHG6WDWHVY'XSUHH
GLUHFWFRQWURORUXOWLPDWHGHFLVLRQPDNLQJDXWKRULW\LVQRW
UHTXLUHGIRUOHDGHUVKLSHQKDQFHPHQW´8QLWHG6WDWHVY&UX]
1R:/DW WK&LU$SU
)LQDOO\LQDYHU\UHFHQWDQGVWULNLQJO\VLPLODUFDVHWKLVFRXUW
DIILUPHG WKH IROORZLQJ ILQGLQJV RI WKH GLVWULFW FRXUW DV
VXIILFLHQWWRVXSSRUWDQHQKDQFHPHQW
:LWK UHVSHFW WR WKH 5HG =RQH >1LJKWFOXE@ >WKH
GHIHQGDQW@KDGLQVLGHLQIRUPDWLRQHVVHQWLDOO\+HZDV
WKHGLUHFWRURIVHFXULW\KHNQHZWKHLQWHUQDORSHUDWLRQV
RIWKH5HG=RQHKHSURYLGHG>WKHUREEHU@QRWRQO\ZLWK
WKHLQWHUQDOSODQVRIWKHOD\RXWRIWKH5HG=RQHEXWKH
WROG KLP DERXW \RX NQRZ WKH WLPH WKDW HYHU\WKLQJ
FUXFLDOWRWKHUREEHU\WRRNSODFH+HJDYH>WKHUREEHU@
WKHWRROVQHFHVVDU\WRFRPSOHWHWKHUREEHU\KHDUUDQJHG
IRU >WKH UREEHU@ WR WUDYHO LQWR WRZQ WR FRPPLW WKH
UREEHU\KHVKRZHGKLPZKHUHWREUHDNLQDQGGHWDLOHG
KRZLWZRXOGEHEHVWWREUHDNLQDQGDGYLVHGKLPDVWR
ZKHUHWKHPRQH\ZDVVWRUHG>7KHGHIHQGDQW@SURYLGHG
>WKHUREEHU@ZLWKWKHNQLIHGXFWWDSHDQGWZRZD\UDGLR
WR XVH $QG VR ZKHQ \RX ORRN DW DOO WKRVH WKLQJV
WRJHWKHULW¶VIDLUO\FOHDUWKDWDWZROHYHOHQKDQFHPHQWLV
DSSURSULDWHDVKHZDVWKHOHDGHUDQGRUJDQL]HU
8QLWHG6WDWHVY7DQLJXFKL1RV:/
DW WK&LU2FW *LYHQWKLVFRXUW¶V
UHFHQWUHIHUHQFHWRDPRUHGHIHUHQWLDOVWDQGDUGRIUHYLHZZH
XSKROGWKHHQKDQFHPHQWEDVHGRQWKHGLVWULFWFRXUW¶VILQGLQJV
$EXVHRID3RVLWLRQRI7UXVW
)LQDOO\ 'XSUHH FRQWHQGV WKDW WKH GLVWULFW FRXUW HUUHG E\
DSSO\LQJWKHWZROHYHOHQKDQFHPHQWDUWLFXODWHGLQ%RI
WKH6HQWHQFLQJ*XLGHOLQHVZKLFKDSSOLHV³>L@IWKHGHIHQGDQW
DEXVHGDSRVLWLRQRISXEOLFRUSULYDWHWUXVWRUXVHGDVSHFLDO
VNLOOLQDPDQQHUWKDWVLJQLILFDQWO\IDFLOLWDWHGWKHFRPPLVVLRQ
RUFRQFHDOPHQWRIWKHRIIHQVH´7KHGLVWULFWFRXUWKHOG
0U'XSUHHZDVWKHSHUVRQDW9DOXH&LW\DWWKHWLPH
RIWKHUREEHU\±ZKRZDVHQWUXVWHGZLWKVHFXULW\DWWKH
VWRUH+HZDVQRWDVDOHVFOHUNDVWRFNHURUERRNNHHSHU
-- 8 of 14 --
8QLWHG6WDWHVY'XSUHH 1R
,Q :LOOLDPV KRZHYHU WKH FRXUW IRXQG WKDW WKH DSSOLFDWLRQ RI WKH
HQKDQFHPHQW ZRXOG EH DIILUPHG XQGHU HLWKHU D GHIHUHQWLDO RU GH QRYR
VWDQGDUG GXH WR WKH GLVWULFW FRXUW¶V ILQGLQJ WKDW WKH GHIHQGDQW VXSHUYLVHG
DQRWKHU SDUWLFLSDQW GXULQJ WKH RIIHQVH ,G DW
(YHQ PRUH UHFHQWO\ KRZHYHU LQ DQ XQSXEOLVKHG
RSLQLRQWKLVFRXUWLQGLFDWHGWKDWWKH³VWDQGDUGRIUHYLHZIRU
HQKDQFHPHQWVXQGHU%LVQRZRSHQWRTXHVWLRQ´GXHWR
WKH6XSUHPH&RXUW¶VGHWHUPLQDWLRQLQ%XIRUGY8QLWHG6WDWHV
86 WKDW D GLVWULFW FRXUW¶V DSSOLFDWLRQ RI
866* % VKRXOG EH UHYLHZHG XQGHU D GHIHUHQWLDO
VWDQGDUGUDWKHUWKDQGHQRYR8QLWHG6WDWHVY:LOOLDPV1R
:/DW WK&LU2FW
REVHUYLQJWKDW³>D@VLQJOHFOHDUHUURUVWDQGDUGLVFRQVLVWHQW
ZLWKWKH6XSUHPH&RXUW¶V%XIRUGKROGLQJ
,QWKHLQVWDQWFDVHLWDSSHDUVWKDWWKHGLVWULFWFRXUWDSSOLHG
WKHHQKDQFHPHQWRI%UDWKHUWKDQXSZDUGO\GHSDUWLQJ
)XUWKHU WKRXJK WKH GLVWULFW FRXUW FOHDUO\ HQXPHUDWHG LWV
IDFWXDO ILQGLQJV UHJDUGLQJ WKLV HQKDQFHPHQW LW GLG QRW
H[SOLFLWO\ ILQG WKDW 'XSUHH OHG RUJDQL]HG PDQDJHG RU
VXSHUYLVHGDQ\RIWKHRWKHUSDUWLFLSDQWV:HFDQLQIHUWKLV
ILQGLQJKRZHYHUIURPWKHGLVWULFWFRXUW¶VHQXPHUDWHGIDFWV
7KH NH\ LV WKDW 'XSUHH VXSSOLHG WKH JXQ DQG LQVLGHU
LQIRUPDWLRQDERXWWKHVWRUHDQGWKHDUPRUHGWUXFNVHUYLFHLQ
WKLVVHQVHKHVXSHUYLVHG7XIQHOODQG&ORSWRQ$QRWKHUUHFHQW
FDVHTXRWHVWKHEDFNJURXQGQRWHVWR% F ZKLFKVWDWH
WKDW
,Q UHODWLYHO\ VPDOO FULPLQDO HQWHUSULVHV WKDW DUH QRW
RWKHUZLVHWREHFRQVLGHUHGDVH[WHQVLYHLQVFRSHRULQ
SODQQLQJ RU SUHSDUDWLRQ WKH GLVWLQFWLRQ EHWZHHQ
RUJDQL]DWLRQDQGOHDGHUVKLSDQGWKDWRIPDQDJHPHQWRU
VXSHUYLVLRQ LV RI OHVV VLJQLILFDQFH WKDQ LQ ODUJHU
HQWHUSULVHVWKDWWHQGWRKDYHFOHDUO\GHOLQHDWHGGLYLVLRQV
RIUHVSRQVLELOLW\7KLVLVUHIOHFWHGLQWKHLQFOXVLYHQHVVRI
% F
8QLWHG6WDWHVY&RZKHUG1R:/
DW WK&LU6HSW $GGLWLRQDOO\³HYLGHQFHRI
1R 8QLWHG6WDWHVY'XSUHH
7KH OHWWHU ZDV VHQW IRU XVH DW 'XSUHH¶V VHQWHQFLQJ EHIRUH KH
GHFLGHG WR ZLWKGUDZ KLV SOHD DQG JR WR WULDO WKH GLVWULFW FRXUW KRZHYHU
GLG QRW UHDG WKH OHWWHU XQWLO DIWHU WKH WULDO
RIWKHVWRUHZKHQVKHUHWXUQHGLPPHGLDWHO\DIWHUWKHUREEHU\
WKDW FDPHUD ZDV IRFXVHG WRZDUG WKH EDFN RI WKH VWRUH LQ
KRXVHZDUHV+XQWVWDWHGWKDWVKHKDGQRWPRYHGWKHFDPHUD
DQGWKDWWKHUHZDVQRRQHRWKHUWKDQ'XSUHHZKRKDGDNH\WR
WKHORVVSUHYHQWLRQRIILFHDQGZDVDWZRUNWKDWGD\EXWZDV
QRWDWWKHPDQDJHPHQWPHHWLQJ
)ROORZLQJ WKH WULDO LQ SUHSDUDWLRQ IRU VHQWHQFLQJ WKH
GLVWULFWFRXUWUHDGDOHWWHULWKDGUHFHLYHGIURP+XQWSULRUWR
WKHWULDO7KHOHWWHUVWDWHGLQSDUW
, NQRZ RQH RI WKH WKLQJV WKH\ ZHUH VD\LQJ ZDV 5RQ
PRYHGWKHFDPHUDVWKHFDPHUDVDUHIRUVXUYHLOODQFHRQ
VKRSOLIWHUVLQWKHVWRUHWKHRQO\WLPHWKHUH>VLF@RQDGRRU
LVZKHQ\RXU>VLF@QRWZDWFKLQJVRPHRQH,ZDVXVLQJ
WKHUHFRUGHUWRUHFRUGDFDVKLHUZKRZDVVXVSHFWHGRI
VWHDOLQJ5RQZRXOGQRWKDYHNQRZQWKDWXQWLOKHFDPH
LQ WKDW GD\ :H RQO\ KDG RQH UHFRUGHU KRRNHG WR D
FDPHUD7KDWV>VLF@WKHRQH,ZDVXVLQJ
7KH GLVWULFW FRXUW UHFRJQL]LQJ WKH SRWHQWLDO LQFRQVLVWHQF\
ZLWK +XQW¶V WHVWLPRQ\ DW WULDO IRUZDUGHG WKH OHWWHU WR WKH
SDUWLHV'XSUHHILOHGDPRWLRQIRUDQHZWULDODQGWKHFRXUW
KHOGDQHYLGHQWLDU\KHDULQJ$WWKDWKHDULQJ+XQWUHDIILUPHG
KHU WULDO WHVWLPRQ\ WKDW WKH FDPHUD KDG EHHQ PRYHG EXW
FODULILHGWKDWDQ\FDPHUDGLUHFWHGDWWKHGRRUZRXOGQRWKDYH
EHHQUHFRUGLQJDFWLYLW\RQWDSH7KHFRXUWGHQLHG'XSUHH¶V
PRWLRQIRUDQHZWULDOILQGLQJWKDWWKHOHWWHUGLGQRWLPSHDFK
+XQW¶VWHVWLPRQ\DVWKHUHZHUHUHDVRQV'XSUHHPLJKWKDYH
PRYHG WKH FDPHUD IURP WKH IURQW GRRUV HYHQ LI LW ZDV QRW
UHFRUGLQJ IRUH[DPSOHWRDYRLGWKHSRVVLELOLW\WKDWVRPHRQH
ZRXOGZDONLQWRWKHORVVSUHYHQWLRQGHSDUWPHQWDQGREVHUYH
WKH UREEHUV RQ WKH PRQLWRU 7KH FRXUW DOVR IRXQG WKDW D
UHDVRQDEOHMXU\FRXOGKDYHIRXQGWKHWHVWLPRQ\RI7XIQHOODQG
&ORSWRQFUHGLEOHDQGFRPELQHGZLWKWKHREMHFWLYHHYLGHQFH
OLQNLQJ'XSUHHWRWKHFULPH³FRXOGOHDGWRDFRQFOXVLRQE\D
-- 9 of 14 --
8QLWHG6WDWHVY'XSUHH 1R
&ORSWRQ KDG WHVWLILHG DW WULDO WKDW KH ZDV FRQFHUQHG DERXW EHLQJ
YLGHRWDSHG E\ WKH 9DOXH &LW\ VXUYHLOODQFH FDPHUDV SDUWLFXODUO\ WKH RQH
WUDLQHG RQ WKH IURQW GRRU EXW WKDW 'XSUHH WROG KLP QRW WR ZRUU\ EHFDXVH
KH KDG DFFHVV WR ³WDNH FDUH RI´ WKH FDPHUDV
UHDVRQDEOH MXU\ WKDW WKH GHIHQGDQW ZDV JXLOW\ EH\RQG D
UHDVRQDEOHGRXEW´
'XSUHHDUJXHVWKDWWKHUHYHODWLRQWKDWWKHFDPHUDZKLFKKDG
EHHQIRFXVHGRQWKHIURQWGRRUFRXOGQRWUHFRUGJUHDWO\DIIHFWV
WKHJRYHUQPHQW¶VHIIRUWVWROLQNKLPWRWKHFRQVSLUDF\LQWKDW
LWXQGHUPLQHVWKHQHFHVVLW\RIKLVEHLQJSUHVHQWDWZRUNWKDW
GD\ WR HQVXUH WKDW WKH FDPHUD SRLQWHG DW WKH IURQW GRRUV
ZRXOGQRWUHFRUGWKHUREEHUV +HIXUWKHUDVVHUWVWKDWWKLV
IDFWZDVSUHVHQWHGLQDFRQIXVLQJIDVKLRQ³ZKLFKOLNHO\OHIW
WKHRSSRVLWHLPSUHVVLRQIURPZKDWWKHUHDOIDFWVZHUH´DQG
HQWLWOHVKLPWRDQHZWULDO7KLV&LUFXLWUHFRJQL]HVDIRXUSDUW
WHVW LQ GHWHUPLQLQJ ZKHWKHU QHZO\GLVFRYHUHG HYLGHQFH
ZDUUDQWVDQHZWULDO WKHHYLGHQFHZDVGLVFRYHUHGDIWHUWKH
WULDO LWFRXOGQRWKDYHEHHQGLVFRYHUHGHDUOLHUZLWKGXH
GLOLJHQFH WKHQHZHYLGHQFHLVPDWHULDODQGQRWPHUHO\
FXPXODWLYHRULPSHDFKLQJDQG WKHHYLGHQFHZRXOGOLNHO\
SURGXFHDQDFTXLWWDOLIWKHFDVHZHUHUHWULHG8QLWHG6WDWHVY
*ORYHU)G WK&LU 7KHGLVWULFWFRXUW
IRXQGWKHILUVWWZRIDFWRUVVDWLVILHGEXWXOWLPDWHO\FRQFOXGHG
WKDW+XQW¶VOHWWHUGLGQRWLPSHDFKKHUWULDOWHVWLPRQ\DQGWKDW
WKHHYLGHQFHZDVVXFKWKDWLWZRXOGQRWKDYHSURGXFHGDQ
DFTXLWWDO
³>0@RWLRQV IRU D QHZ WULDO EDVHG RQ QHZO\GLVFRYHUHG
HYLGHQFHDUHGLVIDYRUHGDQGVKRXOGEHJUDQWHGZLWKFDXWLRQ´
*ORYHU )G DW 7KRXJK +XQW¶V OHWWHU PLJKW EH
YLHZHG DV LPSHDFKLQJ KHU WULDO WHVWLPRQ\ WKDW LW ZDV VWRUH
SROLF\ WR KDYH D FDPHUD IRFXVHG RQ WKH IURQW GRRUV DW DOO
WLPHV VKH UHDIILUPHG KHU WHVWLPRQ\ WKDW WKH FDPHUD ZDV
PRYHG7KHUHPD\KDYHEHHQVRPHFRQIXVLRQDWWULDODVWR
ZKHWKHUWKHFDPHUDIRFXVHGRQWKHIURQWGRRUZDVUHFRUGLQJ
EXWWKHWULDOFRXUWZDVFRUUHFWLQQRWLQJWKDW'XSUHHZRXOG
KDYH KDG UHDVRQV IRU EHLQJ DW WKH VWRUH WKDW GD\ DQG IRU
PRYLQJWKHFDPHUDDSDUWIURPLWVDELOLW\WRUHFRUGWKHUREEHUV¶
1R 8QLWHG6WDWHVY'XSUHH
ZLWKGHIHQVHFRXQVHOWKDWLWZDVQRWZDUUDQWHG,GDW
2Q DSSHDO WKLV FRXUW QRWHG WKDW DV 9DQGHEHUJ KDG SOHG
JXLOW\ WKH GLVWULFW FRXUW ³ODFNHG WKH DGYDQWDJH RI KDYLQJ
REVHUYHGDWULDO´,GDW0RUHRYHUZHUHYLHZHGWKH
UHFRUGDQGGHWHUPLQHGWKDW
$OWKRXJK 9DQGHEHUJ SURYLGHG >WKH EXUJODU@ KLV FR
FRQVSLUDWRULQIRUPDWLRQFUXFLDOWRKHOSLQJ>WKHEXUJODU@
EXUJODUL]H WKH KRXVH WKHUH LV QR LQGLFDWLRQ WKDW
9DQGHEHUJHLWKHUUHFUXLWHG>WKHEXUJODU@RUH[HUFLVHGDQ\
DXWKRULW\RYHUKLP9DQGHEHUJQHLWKHUFODLPHGDULJKW
WRDODUJHU VKDUHRIWKHIUXLWVRIWKHFULPHQRUWRRND
OHDGHUVKLS UROH LQ SODQQLQJ WKH GHWDLOV RI WKH RIIHQVH
5DWKHULWDSSHDUVWKDW>WKHEXUJODU@LQLWLDWHGWKHFULPLQDO
DFWLYLW\ H[HUFLVHG KLV RZQ GHFLVLRQPDNLQJ DXWKRULW\
DQGUHWDLQHGSRVVHVVLRQRYHUPDQ\RIWKHVWROHQLWHPV
,GDW7KLVFDVHVXJJHVWVDORZHUOHYHORILQYROYHPHQW
WKDQ H[LVWV LQ RXU FDVH EHFDXVH 'XSUHH SURYLGHG WKH JXQ
XVHGPRYHGWKHVXUYHLOODQFHFDPHUDVDQGZDVDWZRUNDWWKH
WLPHRIWKHUREEHU\
,Q8QLWHG6WDWHVY&DVHVORUHQWH)G WK&LU
WKLV FRXUW UHFRXQWHG WKH KLVWRU\ RI WKH %
HQKDQFHPHQWQRWLQJWKDWSULRUWRWKH6L[WK&LUFXLWKHOG
WKDW ³LW ZDV VXIILFLHQW WR VKRZ PHUHO\ WKDW D GHIHQGDQW
H[HUFLVHG VRPH PHDVXUH RI OHDGHUVKLS RYHU WKH FULPLQDO
DFWLYLW\´IRUWKHHQKDQFHPHQWWRDSSO\,GDW7KLVYLHZ
FRQWUDVWHG ZLWK WKDW RI RWKHU &LUFXLWV ZKLFK UHTXLUHG D
VKRZLQJWKDWWKHGHIHQGDQWH[HUFLVHGFRQWURORYHUDWOHDVWRQH
SDUWLFLSDQWLQWKHFULPLQDOVFKHPH,G,QKRZHYHU
$SSOLFDWLRQ 1RWH RI WKH FRPPHQWDU\ WR % ZDV
DPHQGHGWRFODULI\WKDWZKLOHWKHGHIHQGDQWPXVWKDYHOHG
RUJDQL]HGPDQDJHGRUVXSHUYLVHGDQRWKHUSDUWLFLSDQWLQRUGHU
WRTXDOLI\IRUDVHQWHQFHHQKDQFHPHQWDQXSZDUGGHSDUWXUH
PLJKWEHMXVWLILHGZKHUHWKHGHIHQGDQWH[HUFLVHGPDQDJHPHQW
UHVSRQVLELOLW\ RYHU WKH FULPLQDO RUJDQL]DWLRQ¶V SURSHUW\
DVVHWV RU DFWLYLWLHV 7KLV GLVWLQFWLRQ ZDV FRQILUPHG LQ
VXEVHTXHQWFDVHV6HH&DVHVORUHQWH)GDW FLWLQJ
8QLWHG 6WDWHV Y *RUW'L'RQDWR )G WK &LU
-- 10 of 14 --
8QLWHG6WDWHVY'XSUHH 1R
KDGVHOHFWHGWKHEDQNWRUREUHFUXLWHGWKHPWRDVVLVWUHQWHG
D FDU DQG D PRWHO URRP LQ SUHSDUDWLRQ IRU WKHLU IOLJKW
SURYLGHGWKHZHDSRQDVZHOODVPDWHULDOVWRUHVWUDLQWKHEDQN
HPSOR\HHV GLVDEOHG WKH VXUYHLOODQFH FDPHUD DQG WRRN WKH
WDSH3DUNHU:/DW 7KHGHIHQGDQWKDG
DOVRGLVSRVHGRILQFULPLQDWLQJHYLGHQFHDQGWDNHQDODUJHU
VKDUHRIWKHSURFHHGVIURPWKHFULPHSXUSRUWHGO\WRSD\RII
DQ³LQVLGHU´DWWKHEDQN,G7KHVHFDVHVDUHPDUNHGE\D
KLJKHU OHYHO RI OHDGHUVKLS RU FRQWURO WKDQ LV DOOHJHG LQ WKH
LQVWDQWFDVH
)XUWKHUWKHJRYHUQPHQW¶VDVVHUWLRQWKDW7RFFRFRPSHOVWKH
DSSOLFDWLRQRIWKLVHQKDQFHPHQWWR'XSUHHGXHWRLWVKROGLQJ
WKDW ZKHUH FRFRQVSLUDWRUV FDQQRW HQJDJH LQ H[WRUWLRQDWH
DFWLYLWLHVZLWKRXWWKHGHIHQGDQW¶VSHUPLVVLRQLWLVUHYHUVLEOH
HUURU QRW WR DSSO\ WKH HQKDQFHPHQW IRU WKH GHIHQGDQW¶V
VXSHUYLVRU\UROHLVQRWSHUVXDVLYH6HH7RFFR)GDW
7KHFRXUW¶VILQGLQJLQ7RFFRLQYROYHGDQDOOHJHGPDILD
ERVVZKRVHFRQWURORYHUFRFRQVSLUDWRUVZDVHVWDEOLVKHGE\
ZLUHWDSSHG FRQYHUVDWLRQV ,G 'XSUHH¶V ³FRQWURO RYHU
H[WRUWLRQDWHDFWLYLW\´DOOHJHGKHUHE\WKHJRYHUQPHQWFRQVLVWV
RIKLVDFWLRQVLQDOOHJHGO\WDNLQJ7XIQHOODQG&ORSWRQWKURXJK
WKH VWRUH SRLQWLQJ RXW WKH FDVK ZLQGRZ DQG IDPLOLDUL]LQJ
WKHPZLWKWKHOD\RXW7KLVFRQGXFWKRZHYHULVPRUHDNLQWR
WKDW KHOG QRW WR ZDUUDQW D VXSHUYLVRU\ HQKDQFHPHQW LQ
9DQGHEHUJ)GDW,QWKDWFDVHDQDFTXDLQWDQFHRI
9DQGHEHUJEXUJODUL]HGWKHKRPHRI9DQGHEHUJ¶VHPSOR\HU
9DQGHEHUJKDGUHOD\HGLQIRUPDWLRQUHJDUGLQJWKHORFDWLRQRI
WKH KRPH WKH DODUP V\VWHP DQG WKH ORFDWLRQ RI D VDIH
FRQWDLQLQJLWHPVRIYDOXH,GDW1HYHUWKHOHVVWKLVFRXUW
IRXQG WKDW 9DQGHEHUJ¶V DFW RI SURYLGLQJ WKLV ³FUXFLDO
LQIRUPDWLRQ´ WR WKH EXUJODU ZDV QRW HQRXJK WR WULJJHU WKH
HQKDQFHPHQWDQGFODULILHGWKDW³>P@HUHO\SOD\LQJDQHVVHQWLDO
UROHLQWKHRIIHQVHLVQRWHTXLYDOHQWWRH[HUFLVLQJPDQDJHULDO
FRQWURORYHURWKHUSDUWLFLSDQWVDQGRUWKHDVVHWVRIDFULPLQDO
HQWHUSULVH´,GDW
9DQGHEHUJ WKRXJK LV OLNHZLVH GLVWLQJXLVKDEOH ,Q WKDW
FDVHWKHGLVWULFWFRXUWVXPPDULO\LPSRVHGWKHHQKDQFHPHQW
IRU OHDGHUVKLS GHVSLWH WKH IDFW WKDW WKH JRYHUQPHQW DJUHHG
1R 8QLWHG6WDWHVY'XSUHH
7KH JRYHUQPHQW FRQWHQGV &ORSWRQ ZDV QHYHU FKDUJHG ZLWK WKLV
&RXQW
HQWU\0RUHRYHU+XQWDSSDUHQWO\QHYHUVWDWHGDWWULDOWKDW
WKH FDPHUD IRFXVHG RQ WKH IURQW GRRUV ZDV UHFRUGLQJ VKH
WHVWLILHGWKDWRQO\WZRFDPHUDVFRXOGUHFRUGDWDWLPHEXWWKDW
D SHUVRQ FRXOG VZLWFK ZKLFK FDPHUD ZDV UHFRUGLQJ E\
SXVKLQJDEXWWRQ*LYHQWKHVHFLUFXPVWDQFHVWKHWULDOFRXUW
GLGQRWDEXVHLWVGLVFUHWLRQLQGHQ\LQJ'XSUHH¶VPRWLRQIRUD
QHZWULDOEDVHGRQ+XQW¶VOHWWHU6HHHJ*ORYHU)GDW
WHVWLPRQ\RIFRQYLFWHGGUXJGHDOHUWKDWKHQRWWKH
GHIHQGDQWKLGFRFDLQHLQUHVLGHQFHZDVXQOLNHO\WRSURGXFH
DQDFTXLWWDOLIFDVHZHUHUHWULHG
' 3URVHFXWRULDO9LQGLFWLYHQHVV
'XSUHHFRQWHQGVWKDWWKHIDFWWKDWKHZDVFKDUJHGZLWKDQG
FRQYLFWHG RI YLRODWLQJ 86& F $ LL ±
EUDQGLVKLQJ D ILUHDUP GXULQJ DQG LQ UHODWLRQ WR D FULPH RI
YLROHQFH ± GHVSLWH WKH NQRZOHGJH WKDW RQO\ 7XIQHOO
SRVVHVVHGDQGEUDQGLVKHGWKHILUHDUPDQG WKLVFKDUJHZDV
GURSSHG DJDLQVW ERWK 7XIQHOO DQG &ORSWRQ FRQVWLWXWHV
SURVHFXWRULDO YLQGLFWLYHQHVV 7R HVWDEOLVK YLQGLFWLYH
SURVHFXWLRQ'XSUHHPXVWVKRZ
H[HUFLVH RI D SURWHFWHG ULJKW WKH SURVHFXWRU¶V
³VWDNH´ LQ WKH H[HUFLVH RI WKDW ULJKW WKH
XQUHDVRQDEOHQHVV RI WKH SURVHFXWRU¶V FRQGXFW DQG
SUHVXPDEO\ WKDWWKHSURVHFXWLRQZDVLQLWLDWHGZLWK
WKHLQWHQWWRSXQLVKWKHSODLQWLIIIRUWKHH[HUFLVHRIWKH
SURWHFWHG ULJKW 7KXV D SHUVRQ FODLPLQJ WR EH
YLQGLFWLYHO\SURVHFXWHGPXVWVKRZWKDWWKHSURVHFXWRU
KDGVRPH³VWDNH´LQGHWHUULQJWKHSHWLWLRQHU¶VH[HUFLVHRI
KLV ULJKWV DQG WKDW WKH SURVHFXWRU¶V FRQGXFW ZDV
VRPHKRZXQUHDVRQDEOH
1DW¶O(QJ¶J &RQWUDFWLQJ&RY+HUPDQ)G
WK &LU LQWHUQDO TXRWDWLRQ PDUNV DQG FLWDWLRQV
RPLWWHG 7KHUHDUHWZRDSSURDFKHVWRVKRZLQJSURVHFXWRULDO
YLQGLFWLYHQHVV D GHIHQGDQW FDQ VKRZ ³DFWXDO
-- 11 of 14 --
8QLWHG6WDWHVY'XSUHH 1R
$FFRUGLQJ WR WKH JRYHUQPHQW 7XIQHOO VWLOO SOHG JXLOW\ WR EHLQJ D
IHORQ LQ SRVVHVVLRQ RI D ILUHDUP
YLQGLFWLYHQHVV´ E\ SURGXFLQJ ³REMHFWLYH HYLGHQFH WKDW D
SURVHFXWRUDFWHGLQRUGHUWRSXQLVKWKHGHIHQGDQWIRUVWDQGLQJ
RQ KLV OHJDO ULJKWV´ RU ³D UHDOLVWLF OLNHOLKRRG RI
YLQGLFWLYHQHVV´E\XWLOL]LQJWKHIUDPHZRUNRXWOLQHGDERYH
IRFXVLQJRQWKHSURVHFXWRU¶V³VWDNH´LQGHWHUULQJWKHH[HUFLVH
RIDSURWHFWHGULJKWDQGWKHXQUHDVRQDEOHQHVVRIKLVDFWLRQV
%UDJDQY3RLQGH[WHU)G WK&LU
$WWHPSWLQJ WR VKRZ DFWXDO YLQGLFWLYHQHVV KDV EHHQ
FKDUDFWHUL]HG DV ³H[FHHGLQJO\ GLIILFXOW´ DQG DQ ³RQHURXV
EXUGHQ´,GDW
5HJDUGOHVVRIZKHWKHUWKLVFRXUWUHYLHZV'XSUHH¶VFODLPGH
QRYRRUIRUFOHDUHUURULWIDLOV+HDUJXHVWKDWWKHSURVHFXWRU
IDLOHG WR GURS WKH ILUHDUPV FKDUJH DJDLQVW KLP EHFDXVH KH
H[HUFLVHGKLVSURWHFWHGULJKWWRDMXU\WULDODQGIXUWKHUDVVHUWV
WKDWWKHSOHDRIIHUZDVGHVLJQHGWRGHWHUKLPIURPJRLQJWR
WULDO,WLVVLJQLILFDQWWRQRWHKRZHYHUWKDW'XSUHHLVQRW
DVVHUWLQJWKDWWKHSURVHFXWRUDGGHGDQ\DGGLWLRQDORUPRUH
VHYHUHFKDUJHVWRWKHLQGLFWPHQWDIWHUKHHOHFWHGWRJRWRWULDO
KHPHUHO\DUJXHVWKDWWKHSURVHFXWRUIDLOHGWRGURS&RXQW,,,
DJDLQVWKLPDVKHGLGIRU7XIQHOOZKHQ7XIQHOOSOHGJXLOW\
7KH SURVHFXWRU¶V FRQGXFW LQ SURFHHGLQJ ZLWK WKH IXOO
LQGLFWPHQWKRZHYHUFDQQRWEHYLHZHGDVXQUHDVRQDEOH7KH
6XSUHPH&RXUWKDVUHFRJQL]HGWKDW³LQWKHμJLYHDQGWDNH¶RI
SOHDEDUJDLQLQJWKHUHLVQRVXFKHOHPHQWRISXQLVKPHQWRU
UHWDOLDWLRQVRORQJDVWKHDFFXVHGLVIUHHWRDFFHSWRUUHMHFWWKH
SURVHFXWLRQ¶VRIIHU´%RUGHQNLUFKHUY+D\HV86
0RUHRYHU ZLWK UHJDUG WR WKH SURVHFXWRU¶V
³VWDNH´LQDYRLGLQJDWULDOWKH&RXUW³KDVQHFHVVDULO\DFFHSWHG
DV FRQVWLWXWLRQDOO\ OHJLWLPDWH WKH VLPSOH UHDOLW\ WKDW WKH
SURVHFXWRU¶VLQWHUHVWDWWKHEDUJDLQLQJWDEOHLVWRSHUVXDGHWKH
GHIHQGDQWWRIRUHJRKLVULJKWWRSOHDGQRWJXLOW\´,GDW
,Q %RUGHQNLUFKHU WKH &RXUW KHOG WKDW WKHUH ZDV QR 'XH
3URFHVV YLRODWLRQ ZKHUH WKH SURVHFXWRU UHLQGLFWHG WKH
GHIHQGDQW RQ PRUH VHULRXV FKDUJHV LQ UHVSRQVH WR WKH
GHIHQGDQW¶V GHFLVLRQ QRW WR SOHDG JXLOW\ 7KH SURVHFXWRU
1R 8QLWHG6WDWHVY'XSUHH
8QLWHG 6WDWHV Y 3DUNHU 1R :/
WK&LU)HE 8QLWHG6WDWHVY7RFFR
)G WK&LU
7KHTXHVWLRQRIZKHWKHU'XSUHHRU7XIQHOOILUVWSURSRVHG
WKHUREEHU\LVPXGGOHGVRPHZKDWE\7XIQHOO¶VRZQWHVWLPRQ\
UHJDUGLQJKLV³GUHDP´WRUREDQDUPRUHGFDU7XIQHOOGLG
KRZHYHUJRRQWRUHODWHWKDW'XSUHHILUVWPHQWLRQHG6KRRNDV
DSRVVLEOHWDUJHW7XIQHOODOVRVWDWHGWKDW&ORSWRQZDVQRW
LQYROYHGZKHQKHDQG'XSUHHILUVWVWDUWHGWDONLQJEXWWKDWKH
7XIQHOO JRW &ORSWRQ LQYROYHG 7KLV DFFRXQW ZDV
FRUURERUDWHG E\ &ORSWRQ )XUWKHU RQ FURVVH[DPLQDWLRQ
7XIQHOO FKDUDFWHUL]HG 'XSUHH DV KDYLQJ ³SODQQHG DQG
PDVWHUPLQGHG´WKHUREEHU\7KHGLVWULFWFRXUWZDVSULY\WRDOO
WKLVWHVWLPRQ\KRZHYHUDQGKDGWKHXQLTXHRSSRUWXQLW\RI
MXGJLQJWKHFUHGLELOLW\RIWKHZLWQHVVHV0RUHRYHUWKHGLVWULFW
FRXUW¶V ILQGLQJV WKDW 'XSUHH VXSSOLHG WKH JXQ SURYLGHG
LQIRUPDWLRQ DV WR ZKHQ WKH DUPRUHG WUXFN ZRXOG DUULYH
VLJQDOHGWR7XIQHOODQG&ORSWRQZKHQLWZDVODWHDQGPRYHG
WKH VXUYHLOODQFH FDPHUDV DUH UHOHYDQW WR WKH IDFWRUV RI
SDUWLFLSDWLRQLQSODQQLQJWKHRIIHQVHDQGH[HUFLVHRIGHFLVLRQ
PDNLQJDXWKRULW\,WGRHVQRWDSSHDUWKDW'XSUHHUHFUXLWHG
WKHRWKHUVRUFODLPHGDODUJHUVKDUHRIWKHSURFHHGVIURPWKH
UREEHU\ $GGLWLRQDOO\ LW LV XQGLVSXWHG WKDW IROORZLQJ WKH
UREEHU\&ORSWRQNHSWFRQWURORIWKHPRQH\DQGGLVSHQVHGLW
LQUHODWLYHO\VPDOODPRXQWVWR7XIQHOODQG'XSUHH&ORSWRQ
DOVR WRRN UHVSRQVLELOLW\ IRU KLGLQJ WKH JXQV HYHQWXDOO\
UHWXUQLQJ'XSUHH¶VWRKLP
7KH FDVHV FLWHG E\ WKH JRYHUQPHQW DV ³FRPSHOOLQJ´ WKH
HQKDQFHPHQW LQ WKH LQVWDQW FDVH %DQG\ DQG 3DUNHU DUH
ODUJHO\GLVWLQJXLVKDEOH,Q%DQG\WKHGHIHQGDQWDGPLWWHGWKDW
KHDQGDFRGHIHQGDQWSODQQHGDQGH[HFXWHGWKHUREEHU\WKDW
KHZLHOGHGDSHOOHWJXQDQGRUGHUHGWKHEDQNPDQDJHUWRJHW
WKHPRQH\DQGWKDWKHKDGVWROHQWKHJHWDZD\FDUDQGOLFHQVH
SODWHLQSUHSDUDWLRQIRUWKHUREEHU\%DQG\)GDW
+LVFRGHIHQGDQWVWHVWLILHGWKDW%DQG\KDGUHFUXLWHGWKHPWR
UREWKHEDQNSURYLGHGWKHZHDSRQVDQGPDGHWKHPIROORZ
WKURXJKZLWKWKHFULPHZKHQWKH\VKRZHGUHOXFWDQFHWRGRVR
,G,Q3DUNHUWKHGHIHQGDQW¶VDFFRPSOLFHVWHVWLILHGWKDWKH
-- 12 of 14 --
8QLWHG6WDWHVY'XSUHH 1R
7KLV ODVW ILQGLQJ LV VXSSRUWHG E\ 7XIQHOO¶V WHVWLPRQ\ WKDW KH DQG
&ORSWRQ DUULYHG DW 9DOXH &LW\ DURXQG QRRQ RQ WKH GD\ RI WKH UREEHU\ DQG
ZDLWHG LQ WKH SDUNLQJ ORW IRU WKH DUPRUHG WUXFN WR SXOO XS 7XIQHOO VWDWHG
WKDW DW RQH SRLQW 'XSUHH FDPH RXW RI WKH IURQW RI WKH VWRUH ORRNHG LQ
WKHLU GLUHFWLRQ DQG ³WKUHZ KLV KDQGV XS OLNH μ, GRQ¶W NQRZ ZKHUH WKH\¶UH
DW EXW LW¶V VWLOO D JR¶´ 'XSUHH WKHQ ZHQW EDFN LQWR WKH VWRUH &ORSWRQ
WHVWLILHG WKDW WKH DUPRUHG WUXFN DUULYHG DIWHU SP
UROH RI OHDGHU ,W ZDV &ORSWRQ¶V YDQ XVHG IRU WKH
UREEHU\ &ORSWRQWRRNWKHJXQVDIWHUWKHUREEHU\DQG
&ORSWRQFRQWUROOHGWKHPRQH\IURPWKHUREEHU\
'XSUHHWKXVFRQWHQGVWKDWWKHGLVWULFWFRXUWPLVDSSOLHGWKH
IDFWRUVUHFRJQL]HGE\WKLVFRXUWDV UHOHYDQWWRGHWHUPLQLQJ
ZKHWKHUWKH%HQKDQFHPHQWDSSOLHVZKLFKLQFOXGH³WKH
GHIHQGDQW¶V H[HUFLVH RI GHFLVLRQPDNLQJ DXWKRULW\ DQ\
UHFUXLWPHQWRIDFFRPSOLFHVWKHFODLPHGULJKWWRDODUJHUVKDUH
RI WKH IUXLWV RI WKH FULPH WKH GHJUHH RI SDUWLFLSDWLRQ LQ
SODQQLQJWKHRIIHQVHDQGWKHGHJUHHRIFRQWUROWKHGHIHQGDQW
H[HUFLVHGRYHURWKHUV´8QLWHG6WDWHVY9DQGHEHUJ)G
WK&LU LQWHUQDOTXRWDWLRQPDUNVRPLWWHG
7KH EXUGHQ LV RQ WKH JRYHUQPHQW WR SURYH E\ D
SUHSRQGHUDQFHRIWKHHYLGHQFHWKDWDSDUWLFXODUVHQWHQFLQJ
HQKDQFHPHQWDSSOLHV8QLWHG6WDWHVY0DUWLQH])G
WK&LU ³'HWHUPLQLQJWKHQDWXUHDQGH[WHQW
RIWKHUROH>'XSUHH@SOD\HGLQWKHRIIHQVHHQWDLOVDIDFWXDO
LQTXLU\ZKLFKZHUHYLHZRQO\IRUFOHDUHUURU´8QLWHG6WDWHV
Y%ODQGIRUG)G WK&LU 86&
H VWDWHVWKDWZHVKRXOGJLYH³GXHGHIHUHQFHWRWKH
GLVWULFWFRXUW¶VDSSOLFDWLRQRIWKHJXLGHOLQHVWRWKHIDFWV´7KH
JRYHUQPHQW DFNQRZOHGJHV WKH IDFWRUV ZKLFK LQIRUP WKH
GHWHUPLQDWLRQRIZKHWKHUWKHHQKDQFHPHQWLVDSSOLFDEOHDQG
FLWHVWKHGLVWULFWFRXUW¶VILQGLQJVWKDW'XSUHHILUVWVXJJHVWHG
WKH UREEHU\ IXUQLVKHG WKH JXQ XVHG GHWHUPLQHG ZKHQ WKH
DUPRUHGWUXFNZRXOGDUULYHPRYHGWKHVXUYHLOODQFHFDPHUDV
DQG VLJQDOHG WR 7XIQHOO DQG &ORSWRQ ZKHQ WKH WUXFN ZDV
ODWH 7KH JRYHUQPHQW DOVR FLWHV VHYHUDO FDVHV ZKLFK LW
FRQWHQGVFRPSHODSSOLFDWLRQRIWKLVHQKDQFHPHQWWR'XSUHH
6HH HJ 8QLWHG 6WDWHV Y %DQG\ )G WK &LU
1R 8QLWHG6WDWHVY'XSUHH
DGPLWWHGKHKDGPDGHWKLVWKUHDWGXULQJSOHDQHJRWLDWLRQVDQG
WKHGHIHQGDQW¶VFRQYLFWLRQRQWKHPRUHVHYHUHFKDUJHUHVXOWHG
LQDPDQGDWRU\OLIHVHQWHQFH,GDW7KLVFRXUWKDV
VXPPDUL]HG%RUGHQNLUFKHUDVKROGLQJ³WKDWDFWXDOUHWDOLDWRU\
EHKDYLRU LV DFFHSWDEOH DW OHDVW LQ WKH SOHD EDUJDLQLQJ
FRQWH[W´8QLWHG6WDWHVY$QGUHZV)G WK
&LU VHHDOVR6XDUH])GDW ³SURVHFXWRULDO
YLQGLFWLYHQHVV FDQ SRWHQWLDOO\ EH IRXQG LQ WKH SUHWULDO
DGGLWLRQRIFKDUJHVIROORZLQJSUHWULDODVVHUWLRQVRISURWHFWHG
ULJKWV +RZHYHU LI WKH FKDUJHV DUH EURXJKW VLPSO\ DV WKH
UHVXOWRIIDLOXUHRIWKHSOHDEDUJDLQLQJSURFHVVWKH\DUHQRW
YLQGLFWLYH´ FLWDWLRQVRPLWWHG *LYHQWKHIDFWWKDW'XSUHH
KDVQRWHYHQDOOHJHGWKHDGGLWLRQRIQHZFKDUJHVIROORZLQJKLV
GHFLVLRQ WR JR WR WULDO KLV DUJXPHQWV RQ WKLV LVVXH DUH
XQDYDLOLQJ
( 6HQWHQFH(QKDQFHPHQWV
7DNLQJRID:HDSRQ
%HFDXVHWKHUREEHUVWRRNWKHDUPRUHGFDUJXDUG¶VZHDSRQ
IURPKLPGXULQJWKHUREEHU\WKHGLVWULFWFRXUWDSSOLHGWKH
HQKDQFHPHQWHQXQFLDWHGLQ% E RIWKH6HQWHQFLQJ
*XLGHOLQHV ³,I D ILUHDUP GHVWUXFWLYH GHYLFH RU FRQWUROOHG
VXEVWDQFH ZDV WDNHQ RU LI WKH WDNLQJ RI VXFK LWHP ZDV DQ
REMHFWRIWKHRIIHQVHLQFUHDVHE\OHYHO´'XSUHHFKDOOHQJHV
WKLVHQKDQFHPHQWE\QRWLQJWKHXQGLVSXWHGIDFWWKDWKHGLGQRW
DFWXDOO\WDNHWKHZHDSRQIURPWKHJXDUGDQGDUJXLQJ ZLWKRXW
DXWKRULW\RUHODERUDWLRQ WKDW³>F@DVHODZGRHVQRWVXSSRUWWKH
FRXUW VFRULQJ WKLV IDFWRU 7KHUH LV QR HYLGHQFH WKDW WKH
$SSHOODQWKDGDQ\UHDVRQWREHOLHYHWKDWDZHDSRQZRXOGEH
WDNHQIURPWKHJXDUG´$FWVFRPPLWWHGLQIXUWKHUDQFHRID
MRLQWFULPLQDOHQWHUSULVHZKLFKDUHUHDVRQDEO\IRUHVHHDEOHFDQ
EH DWWULEXWHG WR DOO LQGLYLGXDOV LQYROYHG LQ WKH HQWHUSULVH
8QLWHG 6WDWHV Y 3DWWRQ 1RV
:/DW WK&LU2FW FLWLQJ866*
% :KHWKHUDFRFRQVSLUDWRU¶VDFWLRQVZHUHUHDVRQDEO\
IRUHVHHDEOH LV D IDFWXDO ILQGLQJ UHYLHZHG IRU FOHDU HUURU
8QLWHG6WDWHVY7LVGDOH)G WK&LU
-- 13 of 14 --
8QLWHG6WDWHVY'XSUHH 1R
7XIQHOO WHVWLILHG WKDW KH GLG QRW RZQ D JXQ EHFDXVH KH ZDV D
FRQYLFWHG IHORQ &ORSWRQ WHVWLILHG WKDW KH 7XIQHOO DQG 'XSUHH GLVFXVVHG
WKH SRVVLELOLW\ WKDW WKH\ PLJKW QRW EH DEOH WR JHW WKH DUPRUHG FDU JXDUG¶V
JXQ GXULQJ WKH UREEHU\ DQG FRQFOXGHG WKDW WKH\ ZRXOG QHHG D JXQ ³MXVW
LQ FDVH VKRWV ZHUH ILUHG´ 7XIQHOO UHFRXQWHG WKDW KH REWDLQHG D QLQH
PLOOLPHWHU VHPLDXWRPDWLF SLVWRO IURP 'XSUHH WKRXJK LW ZDV LQLWLDOO\
XQORDGHG 7XIQHOO ODWHU DVNHG IRU WKH FOLS WR WKH JXQ ZKLFK 'XSUHH OHIW DW
7XIQHOO¶V DSDUWPHQW &ORSWRQ WHVWLILHG WKDW DIWHU WKH UREEHU\ KH KLG
'XSUHH¶V JXQ EHKLQG WKH UHVWDXUDQW DQG 'XSUHH UHWULHYHG LW DORQJ ZLWK
RI WKH SURFHHGV IURP WKH UREEHU\ ODWHU WKDW QLJKW &ORSWRQ DOVR
VWDWHG WKDW DIWHU KH ZDV DUUHVWHG KH WROG WKH )%, ZKHUH 'XSUHH NHSW KLV
JXQ 7KH )%, DQG ORFDO SROLFH UHFRYHUHG WKH QLQH PLOOLPHWHU VHPL
DXWRPDWLF SLVWRO IURP 'XSUHH¶V UHVLGHQFH LQ WKH SODFH &ORSWRQ KDG
VSHFLILHG ZKHQ WKH\ ODWHU H[HFXWHG D VHDUFK ZDUUDQW
7KHGLVWULFWFRXUWPDGHWKHIROORZLQJILQGLQJVLQUHODWLRQWR
WKLVHQKDQFHPHQW
0U 'XSUHH NQHZ WKDW WKH DUPRUHG FDU JXDUGV ZHUH
DUPHGZKHQWKH\ZHQWLQWR9DOXH&LW\+HJDYHKLVJXQ
WR 0U 7XIQHOO ZKR PXVW EH D WKXJ E\ DQ\ERG\¶V
GHVFULSWLRQ,WZDVFHUWDLQO\IRUHVHHDEOHE\0U'XSUHH
WKDW0U7XIQHOODQG5HJLQDOG&ORSWRQZRXOGGLVDUPWKH
DUPRUHGFDUJXDUG
$VLGHIURPWKHEDUHDVVHUWLRQWKDW'XSUHHKDGQRUHDVRQWR
EHOLHYHWKDWWKHJXDUG¶VZHDSRQZRXOGEHWDNHQ'XSUHHGRHV
QRWFRQWHVWWKHGLVWULFWFRXUW¶VILQGLQJVRIIDFW*LYHQWKHIDFW
WKDWWKHUREEHUVNQHZWKHDUPRUHGFDUJXDUGZRXOGEHDUPHG
DQGFDUULHGDJXQLQFDVHWKH\ZHUHXQVXFFHVVIXOLQGLVDUPLQJ
KLPWKHGLVWULFWFRXUW¶VILQGLQJWKDWWKHWDNLQJRIWKHJXDUG¶V
ZHDSRQZDVUHDVRQDEO\IRUHVHHDEOHLVQRWFOHDUO\HUURQHRXV
5ROHDV2UJDQL]HURU/HDGHU
3XUVXDQWWR% F RIWKH6HQWHQFLQJ*XLGHOLQHVWKH
GLVWULFWFRXUWHQKDQFHG'XSUHH¶VVHQWHQFHE\WZROHYHOVXSRQ
ILQGLQJ WKDW KH ZDV DQ RUJDQL]HU OHDGHU PDQDJHU RU
VXSHUYLVRU 7KH FRXUW EDVHG WKLV HQKDQFHPHQW RQ WKH
IROORZLQJIDFWXDOILQGLQJV
1R 8QLWHG6WDWHVY'XSUHH
)LUVW0U'XSUHHZDVDSHUVRQZKRILUVWVXJJHVWHGWKH
UREEHU\6HFRQGKHIXUQLVKHGWKHJXQIRUWKHUREEHU\
7KLUG KH GHWHUPLQHG WKH WLPH WKDW WKH UREEHU\ ZRXOG
RFFXU WKDW LV ZKHQ WKH DUPRUHG FDU ZRXOG DUULYH
)RXUWKKHPRYHGWKHFDPHUDV)LIWKKHVLJQDOHGWRKLV
FRFRQVSLUDWRUVWKDWKHGLGQRWNQRZZK\WKHWUXFNKDG
QRWDUULYHG,QRWKHUZRUGVLW¶VKDUGWRWHOO,WKLQN±,
WKLQN D JRRG DUJXPHQW FRXOG EH PDGH WKDW KH ZDV D
OHDGHU+HFHUWDLQO\RUFKHVWUDWHGLWLQWKHVHQVHWKDWKH
IXUQLVKHGWKHLGHDWKHZHDSRQDQGWKHVSHFLILFWLPLQJRI
WKHUREEHU\0D\EHWKDWDGGVXSWREHLQJDOHDGHUWRR
EXW,GRQ¶WNQRZWKDW,KDYHWRUHDOO\JRWKDWIDU
'XSUHHFRQWHQGVWKDWWKHGLVWULFWFRXUWHUUHGLQDSSO\LQJWKLV
HQKDQFHPHQW RYHU LWV RZQ UHFRJQLWLRQ WKDW ³WKH
SUHSRQGHUDQFH RI WKH HYLGHQFH ZRXOG >QRW@ VXSSRUW D
FRQFOXVLRQWKDW0U'XSUHHZDVDOHDGHURIWKHUREEHU\LQWKH
ZD\WKDWWHUPLVRUGLQDULO\XVHGLQ(QJOLVKSDUODQFH´7KH
FRXUW DOVR FRPPHQWHG WKDW LWV ³FRQFOXVLRQV UHJDUGLQJ WKH
WHVWLPRQ\LVWKDWWKH\DOOVHHPHGWREHLQLWWRJHWKHU'XSUHH
7XIQHOODQG&ORSWRQ$QGLWLVGLIILFXOWWRVD\ZKRUHDOO\ZDV
WKHOHDGHU´
7KHVH UHPDUNV SUHIDFHG WKH FRXUW¶V HQXPHUDWLRQ RI LWV
IDFWXDO ILQGLQJV VXSSRUWLQJ WKH HQKDQFHPHQW ZLWK ZKLFK
'XSUHHDOVRWDNHVLVVXH6SHFLILFDOO\'XSUHHFLWHV7XIQHOO¶V
RZQWHVWLPRQ\DWWULDOZKHQLQUHVSRQVHWRDTXHVWLRQDERXW
ZKHQKHILUVWGLVFXVVHGFRPPLWWLQJDUREEHU\DW9DOXH&LW\
ZLWK'XSUHH7XIQHOOUHFRXQWHGWKDW³>Z@KHQZHILUVWVWDUWHG
WDONLQJDQGKHVDLGKHXVHGWREHD%ULQNVWUXFNGULYHU,VDLG
WKDWLWZRXOGEHDGUHDPWRJRURED%ULQNVWUXFNDUPRUHG
WUXFNZLWKDOOWKHPRQH\DQGVWXII$QGWKHFRQYHUVDWLRQMXVW
ZHQWRQIURPWKHQ´&ORSWRQZKHQDVNHGWRGHVFULEHKRZ
WKHFRQYHUVDWLRQDERXWUREELQJ9DOXH&LW\ILUVWJRWVWDUWHG
UHVSRQGHG WKDW ³>L@W DFWXDOO\ VWDUWHG ZLWK %ULDQ 7XIQHOO´
:LWKRXWVSHFLILFFLWDWLRQ'XSUHHDOVRDVVHUWVWKDW
3XUVXDQWWR7XIQHOO¶VWHVWLPRQ\LWZDV7XIQHOO¶VLGHDWR
UREWKHJXDUGDQG7XIQHOOWROG&ORSWRQZKRVWDWHGWKDWKH
ZRXOGKDYHWRFDOO'XSUHH7KHQ&ORSWRQDVVXPHGWKH
-- 14 of 14 --
Verbinden Sie Omnilex, um den Rechtskorpus über Ihren KI-Assistenten zu durchsuchen.