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UNITED STATES OF A\VIERICA Before the

SEClJRITIES ANI> l•:X

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TABLE OF CON'I'ENTS

.1./\BI.J·: OF CONTENTS .............................................................................................................. i-ii 'L·\BLE ()F /\U1'Ilr1 (t!kg~~s that the Respondents vinbt(~d the lmv 1x~caus~~ they misrl'JWcsentcd \Vlwt tllcy knew and Lti!ed {(1 disdose what they did not know. not that they should tw puni~h(:d !!1r ti1iling to detect Stanford's Pnn7.i scheme .......................................................... 2

Tll(:

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2. It is irrckvmJt, anJ ~ert:1inly do(~s 110! cxcus~: R~:spondenrs· cnndu(:!, th;rt ccrtain ··\ve!!··!'CSp\.Ttcd" pcrson!j wen; associakd \vith Stanntrd, particulndy given lhat it is undisputed that such persons pliJY

141004/058

no role rdatcd to the SIB CD .............................................................................. ."?:S

:1. The ~t!templ t(lJ.'dy on Pershing, far frorn explaining Respondents" CNtduc:t, only confinns their liability ....................................................... , .......... :12

D. The l~espondents' remaining arguments are al~o unperswrsivv ................................ \?

l. Grecr!'s cft()rls to avoid n finding (\!'scielt!n :rnd liability w:1rps the n..:c()rd and f"nils w; a matter of!aw ................................................................. n

a. Gr~~cn (~;mnnt shii"lall th(: blmnc to Allen Stanford ..................................... ":\'/

h. (ireen should not be ;dlPWL~d to disavow his own actions ;n1d \Vords ........ }l)

L Youn.~'s

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TABLE OF AUTIIORITIES

FEDEI{AL CASES

Ill Jlw Matter o/i1/cxandcr Reid & ('o .. inc., 40 S.L.C. 9i'{6 ( 1')(,2)] ................................................................................................... 3 7

:tl!oJI Box Boa/'i.l (.'o. 1'. Oofdmar1 .. )(whs & Co .. 560 F . .2d '.> l 1) ...................................................................................... 25

In tlw ;\·fiill

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f.:atz 1'. 1-'ilttJII(.:-ia{ (.'/corillg 1111d ,'l't.•nkcs ( ·u!p.

794 F. Supp. oo (S.D.N.Y. l992l ................................................................................ 32

/..c Hin /.Jw , .. llolder. (i22 F.Jd n (I st C'ir. 20! 0) .......................................................................................... 21

In the A1ollcr o/'Dmmy (/. Pinkcl'ton and 1\.'c\·in N Ct:on;Jhdl. Release No. 2) .............................................................................. 27

S'L'C ,._ O'i'.lca/1)._ 2010 \V! .. )

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{ IS" /''!I -'· . )'. ~) )(.'/'.\'. 45::1 F.3d l l 0 (2ud Cir. 200() ) ....................................................................................... 2 J

in the Mafff.'t' r:( 1-'o/e)lfitw ( 'orital ...-ls.w.·l Altmu,t:emcnt. Inc. and .Jolzn !.L'O Vnlcntine, SEC R~,:~k~a>;e No. !A- HlWI: Fik No. 3·14072 (Sept. 2, 20 I 0) ................................... 40

In tin· Mallcr o('rhe .'/f!f)/ic:otin;J o( r··oria/:>lc !m·c.wmcnt Corp., J (i78 SFC' U·.X!.') 746. 46 S.f:.C. 1352 (I 97K) ............................................................. ! t.i

rvarrcll \', 'lirclwr, J 14 F. Supp. 2d (',{)() (\V.D. Ky. 2000) .......................................................................... 12

In re Urhan. 2010 SEC LFXIS :?.{14! (Initial D~:ri~:;ion Sept. i( 2010) ....................................... :24, :25

f.Von.W\'1"!' "· SL'('. 205 F.3d .:i()K (D.C. Cir. 2000) ..................................................................................... 26

in tlli: .1.-lul/,,r n/llngor. )'ol!ng 11m! (in·(' It )'

!)n·i:.;ioll o/Tnlim:cm\'llr''; l'o~;t--1 tearing R.(·~:pt'llS

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I. I NTl{OIHJCTION

Each Respnruknt \;brief: rathn :tttcmpts l\l

addrc::;s overlapping :trgumenls rolk:ctivc:ly lo :woid mmecessary rcpctilion vvhik ;lise) mldrc!:ising each R~~spnndcnt's individual hricC as (lppropriute. The Division oJ'krs the !ltc.tunl statcm.cntl' herein and in its lniti;d Brid-as proposed lindings offact :md kgnl conclusions,

fScc/('>t' e.,r.lltl(llc: Hngm"s 8r :11 6-X, .15-Jl:\ (""The Rc(:tlrd is Devoid ol' i\ny Evilknct: that Hognr Ipo:-;t-1-karing RcsponSL' !kid"

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c.ort:, is not about Allen Stanfiml or what he did. f.t i$ ab

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C:.) there was no iusurance protecting the SIB ('I)

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})(~Cause I he g1Ph into a single portf(>fio {the "'CD pori lh!io"") that w~1s invested in a ··wcfl-diversificd portl()fio of highly nwrkd

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• ( irccn pr~'vkkd lh~: miskading wtittt:n materials to invt.~stors. \V;h awnrc tlwt SCi(· financial advisers he led also provkk:d tl11.:m, Mn!ty misled his own investors. led th~~ training .;;c:ssions :t!ong with Young, and otlwrwist.: ad

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!heir scienlcr.6

But, each Rcspondent·s ~.:ulpabk ~tate of mind is mor(~ thnn dcrnon::;!raled by

:-:irnply !·()~Using on the undi,:qwtc:d evidence of \Vhar they kne\v (hut th;ll WH~ rrequcntly not told

to investors). [See, e.g .. Seclion A( l) nbfwcj.

!hal:

For cxnmpk, as discussed at length in the Division·::; illitial brid~ the cvidenc"I .. '),.)/ ): c .. ~.).) •• : -,)_ ~

• Ea

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• J-:ad1 Rcspomknt undo::!'.'il\>od .SIH was unlike~~ lr ') " "7 c: Slgnl IL:a11 OHJ\S to 1C 1 \11tt['.U\I!'I gpv~TrllllC!IL .')t;t;, t.~.g.. f, .Lu):..:....:. .... 1.\.l ;,.J,

:n:n::2o ... :u:-;():25. ·'·''10: 1 J _rq r: 1 C> • . ns2:! o~ t 7. :·;609: u- .361 o: 1, 3659:1 s 3661:3, Yi61 :24 ···· )662:7; Div. I:xs. 6%, 6l>R. '700. 70SJ~

• HliT. assets r. .)).,,,c: )- (} ; n HistoricaiJK~I·Ii.mnancc returns jTr. J.:no:J3 :rn J:! :'i 1: and o I Jct!dings, composition, a[Jncnli(His, divcrsiflc~llion and. thercf()f(\ liquidity

I'!. ~ ~ ., J 1 (' [

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•

•

9 nbout

SIB and Slfrs i11vcstment pnrti(Jlio and ultimately ~~~!'minatcd its cngng~:rw ... :nl vvilll

S(iC ITr. .1569:!9 · .3570:2. J:?4X J2(l~~, l2(i::\ ···1271, U?.;J:h-19, 1?.9~:14

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• i\t leas! l(lur rcgul;Jt(lrs {the SI~C. Fl NRt\. Stale uf 1.-'lrida OFR. (-llcarin"~ RL·;-;pons..: Bri

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Jll:nwg~:rs] \vi!! continue to yidd profitabk results:· [Sec. e.g. (in::en l!litia! Briel' at 23]. But this is

cxacti.Y the type ofg(:ncric risk disclosures lhnt courts roUtinely r~icct when ddi.:ndants hy to hide

behind 11K~rn. For cx;1mp!c, in E1·ercsr ,)'ccurir.ics. Inc. 1·. SEC'. 116 F.3d ILl:\ 1 ))7 (81h Cir. 19

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St~ilemenl cannot "cure'' the ~.~xplicit promises rospeclus do not shdt(~r ddi.:mhmts from liability if they Ltilto di::;clos~.~ h~1rd facts critical to :Jppr~~cl;l1ing the magnitude n!'!hc risk~ described .... A$

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Such spccillc risks induded the !:JL'ls thilt S(i(' w::1s U!tabk to oh1.ain- · ~~vc:n ill the fi.lcc of

insis!~~nl pr'cssurc ti·om its ckaring brokLT ·- in

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,~~..~rt iJ.i cates are nN insured hy 1 he ! F D [(' J or an,y oth~.:.•r :Jg~~ncy (' r !he l initt.~d Slalt:!> government or any st:tlc jurisdil:.tiuu. or hy any insurnncc: program of the..:: gclvcmment of Antigua and HarhwlUrl: customer deposits ~!-l karin~~. i{o:pnn:>i: Hrid.

f ..

_l

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at :2 1>7:3

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/\s became ck:·II' dttriug the testimony of hoth 'r' oung ;md Gre~..:n, it is heynnd dbput1..~ t!tut

:)(iC: tinnncinl advisers and irw~..~stors were conli.tsed about whether SIH possc::;scd insurancl::

proteeting CD (kpnsitors. F\lr exampk, YuunJ,..! m!rninrt invcstprs who raised the issue.

It dclics bc!ict'!lwt Y

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C. Ht:spondcnrs caunol escape Ji:~bility because, as lhcy· alk~(\ «hey "'n.•asm•ahly !'died'' on orhcn;,

i\ll three Respondents claim !hal they cantwt he !ldd >lc~.~(llmtabk f(>r their fi·nudulcnl

:1rgwru::nt takt.:s scvt:ril! !i1rms: ( l) -~•·~

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sllt'uld !Jot he ·· under fhe law. fn h1cL thl~ rdcvm11· evi

Hogar alsP SUJ.~.g~3::ib lw cannot b

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'l'ol:mda had a lot to do witl1 it. 1 would i!llap,int:: on.:e it hl:!

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wa:-;; his umkr~lmtding tktl Rl..'bccca llamrit:, L~!tW Stinson. R~~p Poppell ~tnd Jam: Bates all

worh:d on !he disc!o:)ur'~ doc:umcnts. he answered simply: "Yes, l know they did.': [Tr. 261 (>:24

He al:::o offered nn det'ails as to wh:tl t,Y'PC of review Harnric (or :myone dse, !"(w that

rnalter) allegedly conducted or the disclosure dncuml~nls. In addit.ion, he t~dh.:d tu idcnli(y

CX(I(.tly which do\.:Ur\lcnls he was referring to when he snid thnl the l(>tH' per)pk he identified had

Also, to give serious coHsidcra!ion as to whether Bog11r did indeed rely on th~~ tH.ivk

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0: /\n: you t:.lmiliar \.Vith a section ortlwt li.lr!ll ·-·I take it by ynur rm. then Bogar gm~sscd that it was

Y~.\\.tng (\l' ~;(}1111..'\\lk' in his department \.VhO filled out the f(lllll. rTI'. 2~97: 1.1-·1 ()1- /\ r\.~w

others gnt in the m:1nag.ed priv:.tte equity com]xmics. Whik Bogar s11id t!wt !J(: ldt "all

that stuff' to th

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di.:.c!nsurcs 11wt SGC wu~ making l

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! S'cc Tr. 2XX5: 1>- ~?.X.'Ih: l 0 (Bt.')}H im:rcdibly a\kmpted to clailll tlwt SU( ·did disch>:;;e that it had

no tran~p;1reney imo the port[(.l!it.l, by clairning th~,e opposite, tlJat S(i(' hnrl not lied 11nd

repn .. :s0ntcd thnr it did ll

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Similmly, \\lUJl.L!, catmPt .-;uppurt his wsscrtion that.))(~ relied fWt ref(:rcnccs he ~~ill'S lo support this !:1d only mention Stins(ln and Bill

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nis() rhe casL· \Vilh respcd lo ( ireen's claim 1.hat a!! of his sales and training prcscnlatil..>ns \\'~:.:n.::

reviewed and app!\lVcd hy legal and compliHncc. 1 See, e.g., (ln:~:n Br. nt 35-37, Ln. l(Jl)-l x::; 1-

/\gain, iVI.r. GreL:n did not offt:r

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ill !lmllaliPn in the sec uri tics markets... lloH ·r1rd. 3 76 F.3d at l 14X n.20 ( ~:i tnl ion orn i!t (:d). !I ere.

t!K·rt~ is no cvidl~ncc whatso~vcr thr-ll any i'tltorncy exercised ·•independent, can+uL and inf(m11ed"

nn~dysis thnr wns rdi,:d on hy :my or the: R(:spnndcnts. Moreov

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Court's dcdsion in!Juwurd hinged on its fiuding that. unlike cases such a~ IFonsm,er v, ,)'lc'C.',

205 F.3d 40R, 415 (D.C. Cir. 2000), "'the S! ·:c is un;lbk to identi !)'any such unusual

circumst:.1ncc~ with rcgnrd j'to lh(~ conduct ar issul:]."

As sd nut in length, during the hearing,, in the Divisi{)n-s initial post-hl~ming briel: :1nd

:;u:-~gl:stions of irregularities that demanded inquiry n:> wdl ns adeqtw!t: Jhllow-up and review.

llo1mn/, 3 76 F.3d I ! _,() at 1 149.

In other words, this t:a::>

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dL1ly [O inveslig:atC l'hC: tiUth ol" \h(.; f'l~prescntnJ.ions they HH1ke !O dicntS, because, by virtue of their

title., dil~llh nrc entitled tc1 preswuc thnt the repres

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Johnston on notice that furtht~r investigntion was neecs:;ary to ;n:11id 111is!c:1ding polcJttial invesk,rs. These mIl. But f(·lr the same rc:1sons, neither Bognr nor Young Ctltdd ·'reasonably rely". on the activitit:.s

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(.'ounney Hlnckrn::tn

authority to the contrary_::.' Conveniently, (lrecn docs not di~cuss (1tllcr SIR director~. including

l{l!·mcr bankrupt gym own: r. --'- . : --.:..•) :..:. ... ·,.).{h.: -.l, (1): .

vetting l(lr him lid Is llrr shorl both I~KWally ilnd kgally. for ins!arK:c. Cirecn claims th;Jl it vvas

his ''vi

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A No.

!"l'r. 2314: l (JV:~2J. At a more basic ](.:vel. Mr. Batarsch a longtime fhend ofClrecn's

acknowledged that he did no indL~r.)(::ndcnt due diligence

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rqwcsc:ntcd that it h;!d lli.

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]. The al1empl lo 1·dy on Pcl'shing, fat· from explaining Rcspondc..>nts' ~:onduct~ only confirms their liability.

Curiow;Jy, t!H: RL•:-::pon

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porlltJ!i('. His n .. :fus;ll to admit this has k~d him to t:1kI~td. positions. For

cx:nnpk. iris undisputed that 8ognr and oth

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they are rdkt.ted uccuratcty in the bank's bHliUH .. ~c shc:ef' would ~uffict.::. jl)ivhion Exhibits 274.

It is clear from t!Jl:sc. (;vents ;md documenk:d (:onvcrsations that Pershing's ex.cc:uiive:-;

were d(~mnnding ve1i!ication ofSJH's hidden port1oliu. Shortly ulkr Dogm rcc

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1.., '()()l' . 'l')J !~ ,N, ,.. . (~ Cl11llt ..

l Jnder tlH;s~~ ~,:ircum~!ri!1(;Cs. Bogar's insistence that he mwcr had ~Hly indicatjon that .lint

D

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\·VI.~n; not going to be purstK:d_.~o He kne\.v already thai Allen ,'\l~lnfbrd and Jilll !)avis had no

intention of complying with the C irant Thornton proecdur,:.s, or providing ;·my tr;·lm;pnrcncy in

;my other nlrt:

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convert to Persllin):!.. any denial oJ'th~;~ signdkanc~~ is P~;rsbing·s rdcntle>;s requc~ts for

in11.lrmaliuil v~.:I'i(ying SIB's porlllio is not eredihle.

I. Crccu's dTorts to avoid a llnding of sciewer and li:thilily •waq.1s t.hc ;-cconl !lnd fails as :1 lll!lttm· oflaw.

a. Grt~(~H r whom tht..~ defendant worked, ;-md tlw op~;rati

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h. Gre

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that~~~~ never ''used" lllc Training aud i\!lurkding l'vfanual is beside the poi11t. l'fr. 37()2:7-~]. Tile

point is t!Jat ~L:> part or their training prograrn, Gn.:cn (along 'r'oung) urrmxl th(..· linaw.::ial ml vi:;

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() Ami i;:; this lht..~ money you wert..~ planning to live otr of' for :vour retirement'! ~A '{ CS~

I Tr. l41JS:20-1499: ll

rcg~.m.ling the SJB-n.::latcd cornpensalion.-1·1 !Green Ik

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CD to prospective invl:.':::;tors.'\;; The third. Mr. hmtc1wt. Wur;nJcC protecting S!B nnd the ~afety of the undt:J'Iying CD portt

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cvidenL~e to th~: t:ontrnry. Marty Karvdis t~:~! i rfL'd !hat he hnd no memory of (irct~n mentioning

!h(: .. golden rule .. during his tr~tining, and thnt "'the vasr emph:.tsis oftlw training wns s;·,ks:· ]Tr.

1179:20-1180:12. I fvlSt import

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his trai11ing prtsenlatium; cnnt.ain no

' Young's ad hoc ch;dlcngcs tn his schmrer f:1il.

In his initial hric{ Youn~ seeks 1o discredit several argllmcnts the Divisi1'n 11dvam:cd at trial.

!·k !itils. As an inilia! mntt

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\' oung · s atrtmpt to misconstrue it. fun her curTnhmmes Mr. I kndt.:rsun · s ('X pert 1Xlncl usions. [ Tr.

a. Young's knowledgt.• of SIB's illiquid prival

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lt1lk~'.v up or hurkd his head in the sand rn avoid linditt~.! lllH til

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c. Youur.:. c.~annot liYoid liability by ,-dying on FfNI{A ·s n~vkw of lh(~ mm·l~cting hr·ot.~h u n~.

'{nung arguv~ that he should rH)t !.w l.ldd liabk because FINRJ\ sent him n letter in

J:muary 200:\ findin(), thS; see

also Tr·. 173 7; I 1-171. i\tlnreovcr. '{oung was in~~ much bcller position to verify these facts. yet

he never advisccl F!NR;\ 's :\dvcrti:.;ing Depitr!mcnt that neil.h

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govcmmcn!s, stwng, multinational compank~s. ;md rnajor intermtliona! banks."' 1 Tr. 173X: I :2

\'oung':-: in!cntiomli itlld n.~ckk:ss rniscnnduct.

d. Young misapplies tht~ standard ncccssar·y to impose temedi(~S a~ainsl. him.

\'oung tHlmits in his hticl"thut a tinding t)t'\.villfulncss requif(:~~ merely an intent to do tlw act \VIlicll ~;onstitul~~s a violati1m:' nul i!Jtcll! to viola!(: 1hc law. But he nevcrtlldt:ss '-'Vith U.S. investors f"['r. 334:\: !() · 3.14'):12: :1}:"2::?.} · .3:'5:1:1; 3353:7-13; 3405:U-l7j:

o tr:tining SCIC fin::tncilll advisers using the Tntining ~~. Markding rvlanual nnd the

PowcrPoinl training J..m.:scntNtit:>n [Div. Hxs. I 04. 742: 'T'r. I 163:18 !164: lJ, 3414:21 ·· .'141):): 3:2(l0:2l .... 3:?Jd:IO; J4!'.>:15 3421:201:

• allmving (itl !i1ct. rn:·111dating) S< i(' finnncinl advisers to use the Tr~tining & rvtnrk(:ting i\·lanual f l )iv. r:x. 17: Tr. :12(11:! ;).,. I K J-:12! :21 ····· 3422:251:

• conuuctin.l!, due diligci.H..~C on SIH and !he SH3 CD ::~nd t:1iling to vcri(y .. 17 lll~: n.~pr~.~s~..~nl(t!ions mmk about SH:fs pncrti1lio in the offering doculllcnts. th1.~ Training 8.:. IVI

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. I .. I r·;· ., l'l. ,.1 -~l"'..,(J ~·llJ< ')! ~-(·t·) LfUeS!!Ol1 \1' WI.\' 11'1 {/("pur( 0 10: r .. U)); ,)-.:. ; . ·· .>;(l-..:. ; _1) }·t:.:. 3505: l!: :;50S:B-l21:

•

its financi~ll advisers !'Tr. 35X~1:7 3585:21. 35SC): 12-25, J59 I: 14 3 ::;n:K; Div. Exs. -!(> -ll "t·' -.1 S -11 S4t]'1:-t ) ... ) . .) -- ),; .. , ' ):. ·< .. 1. :

• allowing SGC to pmticip:·ttc in undisclosed single--product suks cPn!csts ~md to ofTi..:r outsi:r.cd rinancinl incentives l\..1 !'inan~,.~ia! ndvisers t(Jr S m CD snles !Tr. 3552: l3-l.S, :'\.S5:~:6"·17, 3555:20 3556:1, ~55():17 ·· 355C);J L Div. F:-;•.;. K(l, 406, 4}],497. 1\'l'J; and

• approving. mislcnding rcspor\S(:s ("damag

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Ill. CONCLUSION

misn .. :pr(~scntations and olnissiR D!VlSION OF 1-':NFO!~CEMF:NT

l.>ivi~ion nf En f

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To Wham It May ConcrMn,

Oilton Rougo C!lnlc lntornnl MudlclrH~ n7J P..-tkln=: R~ild

BOton Hl}l!:l" U, {~l'lOII 1-'flollll: ?2!:>-'IG~HlO~t.

l

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t 1 . S . S ! ·: \ . t ; ~ < i T ! l · >~ . \. '. · · ! 1·. L' \.·· ( ·· 1 l ·\ "'- 1 f ·.·· V I ......... ... I . . ,.J • • .. ),_ •• ~ t ,, . ~ ~ ~M ,f. .. "

( ~ ,. "! ·\ ·"l •• ; ! '-~ '-\l .r· '; ''< .. ,. '