Allen Stanford Criminal Trial Transcript Volume 10 Feb. 3, 2012

2928

1 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF TEXAS

2 HOUSTON DIVISION

3 UNITED STATES OF AMERICA . . H-09-CR-342-1

4 vs. . HOUSTON, TEXAS . FEBRUARY 3, 2012

5 . 10:22 A.M. ROBERT ALLEN STANFORD .

6 . . . . . . . . . . . . . . .

7 TRANSCRIPT OF JURY TRIAL

8 BEFORE THE HONORABLE DAVID HITTNER UNITED STATES DISTRICT JUDGE

9 VOLUME 10

10 A P P E A R A N C E S:

11 FOR THE GOVERNMENT:

12 Gregg J. Costa Assistant US Attorney

13 PO Box 61129 Houston, TX 77208-1129

14 William Stellmach

15 Andrew Howard Warren U.S. Department of Justice

16 1400 New York Avenue NW Washington, DC 20005

17

18 FOR THE DEFENDANT:

19 Ali R. Fazel

20 Robert Scardino Scardino Fazel

21 1004 Congress Street 3rd Floor

22 Houston, TX 77002

23

24 Proceedings recorded by mechanical stenography, tra nscript produced by computer-aided transcription.

25 - - - - -

Cheryll K. Barron, CSR, CM, FCRR 713.250.5585

2929

1 A P P E A R A N C E S: (Continued)

2 FOR THE DEFENDANT: (Continued)

3 John M. Parras Attorney at Law

4 1018 Preston Floor 2

5 Houston, TX 77002

6 Kenneth W. McGuire McGuire Law Firm

7 PO Box 79535 Houston, TX 77279

8 OFFICIAL COURT REPORTER:

9 Cheryll K. Barron, CSR, CM, FCRR

10 U.S. District Court 515 Rusk Street

11 Houston, Texas 77002 - - - - -

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2930

1 INDEX

2 PAGE

3 WITNESS

4 James Davis

5 Direct Examination by Mr. Stellmach 2938

6 - - - - -

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2931

1 P R O C E E D I N G S

2 (Jury not present)

3 THE COURT: Thank you. Be seated. Sorry I'm lat e

4 this morning. We'll get underway. I understand we need to

5 discuss some matters.1 0 : 2 2

6 Ellen, will you tell the jury we're now in here,

7 the clock is on, and that we'll be with them in a bout five

8 minutes, please?

9 Okay. Yes, sir.

10 MR. STELLMACH: Your Honor, there's an issue rela ted1 0 : 2 3

11 to the defense exhibits. After midnight last nig ht, we

12 received some additional exhibits the defense pro poses to use

13 in cross-examination of Mr. Davis. We would obje ct to those

14 exhibits based on your Honor's prior ruling yeste rday morning.

15 THE COURT: Well, are they on their master list?1 0 : 2 3

16 MR. STELLMACH: Some are, but some are not.

17 THE COURT: What's the response?

18 MR. PARRAS: Judge, that's why I gave notice to t he

19 Court yesterday, because we were working all day yesterday to

20 be ready. It wasn't after midnight --1 0 : 2 3

21 THE COURT: How many months have you had this?

22 MR. PARRAS: We've had this --

23 THE COURT: You knew this witness was going to

24 definitely come to trial, since the day that he p led guilty,

25 right? Since the day he pled guilty and the day you got1 0 : 2 3


2932

1 onboard, you knew he was going to be here.1 0 : 2 3

2 MR. PARRAS: Judge, a number of these exhibits co me

3 from -- I think most, if not all of them, come fr om the

4 government discovery. They're within, I believe, the 17,000

5 that we originally marked that you asked us to na rrow down. We1 0 : 2 3

6 have been working on this.

7 What happened is --

8 THE COURT: Let me ask you this. As an officer o f the

9 Court, are they among the 17,000?

10 MR. PARRAS: I asked that question this morning s o1 0 : 2 4

11 that I could tell the Court the answer, and I can 't tell you a

12 hundred percent. I believe over 90 percent they are.

13 MR. STELLMACH: I can answer that question, Judge .

14 THE COURT: Yes, sir.

15 MR. STELLMACH: Approximately a half dozen of the1 0 : 2 4

16 exhibits that were produced to us last night, bas ed on our own

17 analysis this morning, have not previously been p roduced to us

18 in the 17,000 exhibits.

19 THE COURT: You've never even seen them before?

20 MR. STELLMACH: Well, they may -- some of them ma y be1 0 : 2 4

21 included in the production of discovery, the mill ions of

22 documents we gave them; but they're not in the 17 ,000 exhibits

23 that were identified for us.

24 MR. PARRAS: And, Judge, some of them may be in

25 HotDocs, which are a narrower scope of the govern ment's1 0 : 2 4


2933

1 exhibits. I didn't have the opportunity to be ab le to give1 0 : 2 4

2 that report to the Court. I wish that I did, but I didn't.

3 THE COURT: All right. The ruling is going to st and.

4 It's going to stand. That's it. No more. That' s it.

5 MR. SCARDINO: Judge, if I may be heard, Mr. Stel lmach1 0 : 2 4

6 just made reference to the Court of the millions of exhibits

7 they gave to us and --

8 MR. STELLMACH: Not "exhibits." I said "document s."

9 MR. SCARDINO: Okay. I'm sorry. I stand correct ed.

10 But we still had to go through to see if we1 0 : 2 5

11 wanted to make them exhibits. And that's one of the complaints

12 we've had all along, is that with the staff and t he time that

13 we've had, we've done our best to comply with the Court's order

14 to prepare for trial. We're still doing this.

15 THE COURT: Let me ask this. Let me ask the1 0 : 2 5

16 government. Because remember I said they could h ave the

17 weekend to get this all up to speed?

18 Do these documents hurt you or not? They're a

19 pain. All right? They're a pain, and I'm not go ing to allow

20 it to go on. Remember I said as of next week, bu t now they're1 0 : 2 5

21 coming in Friday morning. I think I gave them th rough the

22 weekend; and, as of that, that's going to be the cutoff. So, I

23 want to be fair to both sides. But I'm going to start cutting

24 it off.

25 The question is that the bottom line in this1 0 : 2 5


2934

1 whole deal is if it hurts you let me know. If it -- not just1 0 : 2 5

2 mere inconvenience. I will back you up up to a p oint. After

3 that, you've got to make a decision, also because of the

4 concerns they have.

5 MR. SCARDINO: Judge --1 0 : 2 5

6 THE COURT: No, sir. I'm listening to them.

7 MR. STELLMACH: Your Honor, we would maintain our

8 objection at least to the six documents that we r eceived last

9 night that haven't previously been given to us.

10 MR. COSTA: Your Honor, I'd point out -- you aske d if1 0 : 2 6

11 they hurt us, if they help us. We haven't even h ad a chance to

12 look at them thoroughly, because they came in lat e last night.

13 And the other problem is, once the witness has ta ken the stand,

14 we don't have an opportunity to sit down with tha t witness and

15 get an explanation.1 0 : 2 6

16 THE COURT: Why? You don't visit with him?

17 MR. STELLMACH: Not at all.

18 MR. COSTA: We don't visit with a witness once th ey

19 take the stand. It's not proper.

20 MR. PARRAS: I do have one other issue, Judge. T he1 0 : 2 6

21 reality is that what happened is Mr. Scardino had to be absent

22 for two days and there are things that we had to review with

23 him. He had Mr. Amadio; so, he understandably wa s on his feet

24 and working to also be ready for Mr. Amadio. We' ve been

25 working late every night to get the government as much as we1 0 : 2 6


2935

1 can as quickly as we can; and that's why we're he re, Judge.1 0 : 2 6

2 THE COURT: All right. For the record, what's yo ur

3 response? Because if the Circuit has to deal wit h this later,

4 you better get your reason in; and I will make a ruling.

5 MR. STELLMACH: Your Honor, we're only objecting to1 0 : 2 7

6 the narrow set of documents we received this morn ing that

7 haven't previously been identified as exhibits fo r this

8 witness, who is in the middle of examination. We haven't had

9 opportunity to discuss those documents with him, and we won't.

10 And so, based on that, your Honor, we maintain ou r objection.1 0 : 2 7

11 We ask that they not be admitted. We have no obj ection to the

12 other documents they're adding from the 17,000 --

13 THE COURT: Yeah.

14 MR. STELLMACH: -- that have previously been prod uced

15 by us, but these documents are outside the bounds .1 0 : 2 7

16 MR. PARRAS: And I can understand and I think it would

17 be improper cross to talk about -- to cross-exami ne him if they

18 meet over the weekend or they meet late tonight o r over the

19 noon break about these documents. You know, that would

20 probably be out of the bounds of proper cross.1 0 : 2 7

21 THE COURT: All right. So, you see that you may have

22 to narrow it down, right?

23 MR. PARRAS: I understand. We have done our best ,

24 Judge.

25 THE COURT: Okay. Take a look at these documents ,1 0 : 2 7


2936

1 because Monday morning is going to be a different ball game.1 0 : 2 7

2 As of today -- I'm not avoiding ruling. You come see me after

3 lunch, after the noon break. Talk to the other s ide. But

4 Monday is different.

5 Remember I said over the weekend. But I didn't1 0 : 2 7

6 anticipate that they were going to come in at mid night, you

7 know, last night. So, my ruling on Monday stands . I'll be

8 flexible as far as today goes, depending upon wha t you see

9 after you've had a chance to look at them. But M onday it's

10 absolute.1 0 : 2 8

11 So, I'll make a ruling. And again, that's why I

12 say how much it hurts you. It may be an inconven ience, but

13 looking at it from not only the trial point of vi ew -- I'll

14 call it as the trial goes. But as to making a re cord, it's

15 more reasonable to say they'll have over the week end and as of1 0 : 2 8

16 that, it cuts off.

17 MR. STELLMACH: I understand, your Honor.

18 MR. PARRAS: I hear you.

19 THE COURT: So, you look at it and talk to me.

20 And don't assume -- by the way, as you know --1 0 : 2 8

21 most everybody here -- at least one on each side, multiple on

22 one side -- have tried cases in front of me. Don 't assume, of

23 course, by what appears to be hostility to one po int or another

24 that I'm leaning one way, because --

25 MR. STELLMACH: You're hostile to everyone, we1 0 : 2 9


2937

1 understand.1 0 : 2 9

2 THE COURT: -- that's a tough -- I didn't catch i t.

3 What was that?

4 MR. PARRAS: I don't think you want to hear that.

5 MR. STELLMACH: I didn't mean for you to catch th at,1 0 : 2 9

6 your Honor.

7 THE COURT: I bet you the court reporter -- I can have

8 her read it back later on. How's that?

9 MR. STELLMACH: Cher wouldn't do that to me.

10 THE COURT: Okay. You follow what I am saying?1 0 : 2 9

11 MR. STELLMACH: Yes, your Honor.

12 THE COURT: Yesterday I was looking at a time fra me on

13 Monday when I -- it's going to be a rigid rule. Today if you

14 want to be flexible, fine. It's not in prejudice to your

15 position for being a lot harder and absolute on M onday.1 0 : 2 9

16 MR. STELLMACH: Understood.

17 THE COURT: Okay. So take a look at it during th e

18 noon break, and then we'll see what it looks like .

19 MR. PARRAS: Thank you, Judge.

20 THE COURT: All right. Now we're ready to get th e1 0 : 2 9

21 jury in, please.

22 Let me ask you this before they come in. Is it

23 warm in here this morning?

24 MR. STELLMACH: Yes.

25 THE COURT: It is. Okay. Hang on. Yes. Thank you.1 0 : 2 9


2938

1 Let's turn the fan on.1 0 : 2 9

2 (Jury present)

3 THE COURT: Thank you. Be seated.

4 Everybody will understand why I had to put a

5 soundproof door in there. We had a lot of heat f lying around1 0 : 3 0

6 here in the last couple of minutes. But everythi ng has been

7 resolved, sort of. We're going to revisit the ma tter at the

8 end of the lunch break, the noon break today.

9 Mr. Stellmach, go right ahead.

10 JAMES DAVIS, GOVERNMENT'S WITNESS, TESTIFIED: 1 0 : 3 0

11 DIRECT EXAMINATION

12 BY MR. STELLMACH:

13 Q. Mr. Davis, when we ended yesterday, you had jus t explained

14 to us the flow of CD money out of the bank into M r. Stanford's

15 personal companies and that money had been routed through1 0 : 3 1

16 Stanford Financial Group to conceal its origins. Was that your

17 testimony?

18 A. Yes, sir, it was.

19 Q. In addition to taking money, CD money, out of t he banks to

20 fund his personal companies, did Mr. Stanford tak e any CD money1 0 : 3 1

21 out for his own personal expenses?

22 A. Yes, sir.

23 Q. Was there any particular account he used to do that?

24 A. Yes, sir, there was. There was an account in S witzerland.

25 Q. What was the name of the bank where that accoun t was1 0 : 3 1


2939

1 located?1 0 : 3 1

2 A. It was -- short name SocGen for Societe General e de Paris.

3 Q. Now, did the bank also have accounts at SocGen?

4 A. Yes, sir.

5 Q. And these other accounts -- I'm not talking abo ut the1 0 : 3 1

6 specific account that you mentioned -- was there a number for

7 that account, the one that Mr. Stanford used?

8 A. Yes, sir, there was, Number 108.731.

9 Q. So, I'm not talking about 108.731. But these o ther SocGen

10 accounts that Mr. Stanford's bank had, what was t he purpose of1 0 : 3 2

11 those accounts?

12 A. Managing funds that were deposited there that c ame from

13 account holders.

14 Q. So, were those accounts part of the Tier II gro up of

15 accounts, of overseas money manager accounts?1 0 : 3 2

16 A. Yes, sir, that is correct.

17 Q. But this account 108.731 that you are talking a bout was

18 separate from those accounts?

19 A. It was a separate account, yes.

20 Q. Who within the organization knew about 108.731, that1 0 : 3 2

21 numbered account at SocGen in Switzerland?

22 A. Mr. Stanford and myself.

23 Q. So, was this particular account, 108.731, accou nted for by

24 the internal accountants within the Stanford Fina ncial Group?

25 A. No, sir.1 0 : 3 3


2940

1 Q. Did Mr. Stanford -- who actually held the accou nt, whose1 0 : 3 3

2 name was that account in?

3 A. It was styled in the name of Stanford Financial Group,

4 Limited.

5 Q. Who were the signatories on that account?1 0 : 3 3

6 A. Mr. Stanford and myself.

7 Q. And could you explain for us how that account w as used?

8 A. I can.

9 Q. Could you please do so? It might be helpful if you could

10 draw it.1 0 : 3 3

11 A. Yes, sir.

12 Q. Mr. Davis.

13 MR. SCARDINO: Your Honor, I'm going to object to the

14 drawing he's making. It's not in response to que stions. He's

15 adding words that are not --1 0 : 3 4

16 MR. STELLMACH: The witness is going to explain w hat

17 the drawing is and he'll walk us through it and h is

18 characterizations of how the accounts were used.

19 THE COURT: With that caveat, I'll allow it to go on.

20 Ladies and gentlemen, this is merely a1 0 : 3 4

21 demonstrative. It's not in evidence. So, if the y want to

22 prepare a diagram, if they can prove -- if there' s testimony to

23 support the notations on it, I'll allow it. Othe rwise, we may

24 have to X it out or remove it.

25 BY MR. STELLMACH: 1 0 : 3 5


2941

1 Q. So, Mr. Davis, if you could explain to us, usin g this1 0 : 3 5

2 diagram that you have just drawn, how money was f lowed from the

3 bank to Mr. Stanford personally?

4 THE COURT: Okay. We're going to need the microp hone,

5 the lapel mike.1 0 : 3 5

6 No. You carry just fine.

7 MR. STELLMACH: Okay.

8 THE COURT: Mr. Davis, again, if you would move i t up

9 as high as you can on your tie. Because I've ask ed that the

10 volume be increased on that, but everything now w ith this1 0 : 3 5

11 system we have has to be done by a computer rathe r than just

12 turning up a volume switch somewhere. Okay.

13 THE WITNESS: Yes, your Honor.

14 THE COURT: Thank you. Yeah, that's about as bes t we

15 can do. Thank you.1 0 : 3 6

16 THE WITNESS: Okay. This simple diagram, the mon ey is

17 flowed from Stanford International Bank CDs, CD m oney, to this

18 slush account, 108.731 account, at SocGen in Swit zerland. This

19 was not a --

20 MR. SCARDINO: Your Honor, I'd ask this be questi on1 0 : 3 6

21 and answer, not narrative.

22 THE COURT: Sustained.


24 Q. All right, Mr. Davis. Starting at the beginnin g, we see at

25 the top CD money, depositor money, at Mr. Stanfor d's bank; and1 0 : 3 6


2942

1 then it goes to which account at SocGen?1 0 : 3 6

2 A. It goes to Account 108.731, mentioned earlier.

3 Q. Was this account already in existence by the ti me you

4 joined Mr. Stanford?

5 A. Yes, it was.1 0 : 3 6

6 Q. And you wrote the word "slush fund" next to tha t account --

7 or on that account. Could you explain why you de scribe it as a

8 "slush fund"?

9 A. Well, it was an account that was not within the bookkeeping

10 system of the Stanford group of companies. It wa s not in the1 0 : 3 7

11 accounts of the accounting staff in any of the co mpanies. It

12 was personally signed -- signatories were myself and

13 Mr. Stanford, and it was a slush fund. It was ju st used for --

14 used for whatever the holder wanted to use it for .

15 Q. And then there's an arrow going from the slush fund at1 0 : 3 7

16 SocGen in Switzerland to another box. Can you ex plain what's

17 shown there?

18 A. Yes. Well, the transfers from the slush fund 1 08.731 would

19 go to personal accounts in the name of Mr. Stanfo rd and others.

20 Q. Did Mr. Stanford ever tell you what he used the CD money he1 0 : 3 8

21 routed through the slush fund for once it hit his personal

22 accounts?

23 A. Yes, there were explanations from Mr. Stanford to myself at

24 times.

25 Q. What did Mr. Stanford tell you he used that mon ey for once1 0 : 3 8


2943

1 it went to his personal accounts?1 0 : 3 8

2 A. He would use it to pay personal bills out of hi s personal

3 accounts; he would use it to infuse it into other Stanford

4 companies.

5 MR. STELLMACH: If I could just see Government1 0 : 3 8

6 Exhibit 332C for a moment.

7 BY MR. STELLMACH:

8 Q. We saw this chart earlier showing the flow of C D money to

9 Mr. Stanford's personal companies. On Government 332C, going

10 to the bottom of that document, we see that the t otal was1 0 : 3 9

11 $2 billion?

12 MR. STELLMACH: If we could just highlight that

13 number.


15 Q. And my question, Mr. Davis, is whether the mone y, the CD1 0 : 3 9

16 money that went through the slush fund in Switzer land and then

17 to Mr. Stanford, is included in the 2 billion-dol lar figure?

18 A. No, sir, that would not be included. This 2 bi llion-dollar

19 number would be through the accounting records.

20 Q. So, the 2 billion-dollar figure was the loan, t he1 0 : 3 9

21 undisclosed loan to Mr. Stanford?

22 A. Yes, sir.

23 Q. And the money from the slush fund was just -- w as that in

24 addition to what he was already taking out of the bank in the

25 form of loans?1 0 : 3 9


2944

1 A. Yes, sir, this is in addition to the 2 billion- dollar1 0 : 3 9

2 number.

3 Q. And we'll come to this point later, but did you have any

4 understanding how Mr. Stanford used the money to further the

5 fraud once it went to his personal accounts from the Swiss1 0 : 4 0

6 slush fund?

7 MR. SCARDINO: Your Honor, I would object to the use

8 of the term "fraud" by the government's lawyer.



11 Q. Well, did Mr. Stanford ever tell you how he use d the money

12 once -- the CD money that came through the slush fund to his

13 personal accounts to further the scheme that you described?

14 A. Yes, he did.

15 Q. And what did he tell you about how he used the money?1 0 : 4 0

16 A. He used it for personal expenses, and also it w as used

17 to -- in one case -- in one instance it was used to populate a

18 personal account at the Bank of Antigua in Antigu a, Barbuda.

19 Q. A personal account held by who?

20 A. It was in the name of Mr. Stanford.1 0 : 4 0

21 Q. And did he ever tell you how he used that accou nt at the

22 Bank of Antigua?

23 A. Yes.

24 Q. And what did he tell you about that?

25 A. He said that for one purpose, it was to pull ca sh out to1 0 : 4 1


2945

1 pay bribes to the regulator.1 0 : 4 1

2 Q. The regulator being who?

3 A. Lee King at the FSRC.

4 Q. Mr. King was the individual who replaced Ms. Al thea Crick

5 once Mr. Stanford had her ousted?1 0 : 4 1

6 A. That's correct.

7 Q. If I could ask you to resume your seat, please, sir.

8 A. (Complies).

9 Q. You can take off the microphone.

10 I was going to turn to Government Exhibit 1520.1 0 : 4 1

11 And further down in the e-mail chain, this is an e-mail from

12 Patricia Maldonado.

13 Can you remind us who Ms. Maldonado was?

14 A. Yes, sir. Ms. Maldonado was the treasury manag er working

15 for Stanford Financial Group Company in Houston, Texas.1 0 : 4 2

16 Q. And it goes to a number of individuals, includi ng yourself.

17 It's sent to Gil Lopez. Who was Mr. Lopez again?

18 A. Mr. Lopez was the chief accounting officer for Stanford

19 Financial Group Company.

20 Q. It's also sent to Mark Kuhrt. Who is Mr. Kuhrt ?1 0 : 4 2

21 A. Mr. Kuhrt was the global controller.

22 Q. And the subject line reads "Transfer of funds - TIOC." Do

23 you know what that acronym stands for?

24 A. (No response).

25 Q. Let me ask you this. Were you familiar with a real estate1 0 : 4 2


2946

1 project by Mr. Stanford called "Two Islands One C lub"?1 0 : 4 3

2 A. Yes, sir, I was.

3 Q. Does "TIOC" represent "Two Islands One Club"?

4 A. Yes, sir, it could. It's the same beginning le tters of

5 each of the words, Two Islands One Club, yes.1 0 : 4 3

6 Q. And just very briefly -- I'm sure we'll get int o this

7 later, but what did Mr. Stanford tell you Two Isl ands One Club

8 was, what was that project?

9 A. This project was a real estate acquisition deve lopment, one

10 of Mr. Stanford's visions for a one-of-a-kind res ort for the1 0 : 4 3

11 purpose of selling parcels of the resort and its amenities to

12 the highest upper net worth individuals in the wo rld.

13 Q. Where was this resort going to be, according to

14 Mr. Stanford?

15 A. In the Eastern Caribbean.1 0 : 4 4

16 Q. On Antigua?

17 A. Part of it. At this stage, Two Islands One Clu b, yes. At

18 least part of it. Maybe all of it. The names ch anged from

19 year to year from Two Islands One Club to the Isl and Club, I

20 believe, Islands Club.1 0 : 4 4

21 Q. And so, Ms. Maldonado in this e-mail is asking for the

22 transfer of funds. What funds do you understand her to be

23 referring to? What's the source of those funds?

24 A. These funds would have come from CD holders thr ough

25 Stanford Financial Group Company and then waiting here for1 0 : 4 4


2947

1 direction as to --1 0 : 4 4

2 Q. And she writes, "By copy of this, I am requesti ng

3 Mr. Davis' approval to fund."

4 And if we can go to the next e-mail in the chain,

5 is this your response?1 0 : 4 5

6 A. Yes, sir, that is from me to Patricia Maldonado .

7 Q. Could you read what you wrote when she asked fo r your

8 approval to transfer the funds?

9 A. Yes, sir. "The approval for this item is proba bly

10 Mr. Stanford."1 0 : 4 5

11 Q. Why didn't you just approve the transfer of fun ds? If

12 you're the chief financial officer, why not do it yourself?

13 A. This particular project was not included in our set of

14 accounts as a general ledger for our company, and I didn't know

15 the particulars of this transaction.1 0 : 4 5

16 MR. STELLMACH: Okay. If we go to the next page, if

17 you could blow up the e-mail to Mr. Stanford in t he middle of

18 the page from Ms. Maldonado.


20 Q. Could you read what she wrote to Mr. Stanford?1 0 : 4 6

21 A. Yes, sir.

22 Q. Beginning with the second sentence.

23 A. "May we have your approval for the one million and plus the

24 1,275,369.95? We plan to value tomorrow."

25 Q. And could you go to Mr. Stanford's response whe n she asked1 0 : 4 6


2948

1 for those -- approval to transfer those funds?1 0 : 4 6

2 A. He replied, "Approved, RAS."

3 Q. And I wanted to turn to some of the specific tr ansfers in

4 the Societe Generale Account 108.731 that you hav e already

5 testified was used as a slush fund, particularly using1 0 : 4 6

6 documents from Government Exhibit 1205A.

7 MR. STELLMACH: And for this, your Honor, I think I'm

8 going to need -- oh, we'll actually be able to do it.

9 THE COURT: What do you need?

10 MR. STELLMACH: I was going to use the Elmo, your1 0 : 4 7

11 Honor.

12 THE COURT: Okay.

13 MR. STELLMACH: I'm not sure if it's clearer than -- I

14 think it may be a bit clearer, actually.


16 Q. Mr. Davis, this is a letter dated July 24th, 20 00. It's

17 addressed to an individual named Blaise Friedli, who's

18 identified as first vice-president of CBG. Could you just

19 explain the relationship between CBG and Societe Generale?

20 A. Yes, sir. CBG was the predecessor to the SocGe n account.1 0 : 4 7

21 SocGen actually purchased CBG's private banking o peration. So,

22 it, in effect, is one and the same.

23 Q. So, one account, two different banks?

24 A. No, sir. It's actually the same bank, same acc ount.

25 Q. Fair enough. So, when we see "CBG" on some of these1 0 : 4 8


2949

1 statements, we just understand it's also for 108- 731, it's for1 0 : 4 8

2 the same account?

3 A. Correct. At this time CBG stood alone as a sep arately

4 owned entity. Subsequent years it was purchased by SocGen

5 intact and became a subsidiary.1 0 : 4 8

6 Q. In this letter -- well, can you explain who Mr. Friedli

7 was?

8 A. Yes, sir. Blaise Friedli was the banking offic er in charge

9 of this particular account.

10 Q. And he was an employee of this Swiss bank?1 0 : 4 8


12 Q. Did Mr. Friedli have any position also within t he Stanford

13 organization?

14 A. Yes, sir. At a particular time he was on the s o-called

15 board of advisors to Stanford Financial Group.1 0 : 4 9

16 Q. What was the board of advisors?

17 A. It was a group of individuals with similar qual ifications

18 as Mr. Friedli, professionals, some attorneys, so me

19 politicians, I believe, who were in an advisory g roup to

20 Mr. Stanford and the Stanford Financial Group of companies.1 0 : 4 9

21 THE COURT: Did they get compensation? Were they

22 compensated for serving in the advisory group?


24 THE COURT: Like what compensation? Like a direc tor's

25 fee, something like --1 0 : 4 9


2950

1 THE WITNESS: Yes, sir, in that nature.1 0 : 4 9

2 THE COURT: About what was it? Do you remember, by

3 any chance?

4 THE WITNESS: Five, ten, fifteen thousand dollars

5 annually, maybe semiannually.1 0 : 4 9

6 THE COURT: Okay.

7 BY MR. STELLMACH:

8 Q. And here there's a request, Mr. Davis, from you that

9 Mr. Friedli transfer $775,000 out of the Swiss ac count to a

10 Chase Bank account located here in Houston. It r eads in the1 0 : 5 0

11 name of R. Allen Stanford?

12 A. Yes, sir.

13 Q. Do you recognize that account?

14 A. No, sir. I recognize the letter, and I recogni ze it's an

15 account in the name of R. Allen Stanford.1 0 : 5 0

16 Q. And if the account is in the name of Mr. Stanfo rd

17 personally, were you also a signatory on that acc ount?

18 A. No, sir.

19 Q. And so that $775,000 going through the slush fu nd to

20 Mr. Stanford's personal account?1 0 : 5 0

21 A. Yes, sir, that's correct.

22 Q. Another transfer, could you tell us the amount?

23 I mean, this is dated August 29th of 2000. How

24 much was being sent through this slush fund on th at date?

25 A. Would you repeat that, please?1 0 : 5 1


2951

1 Q. How much was being sent to Mr. Stanford on that date, in1 0 : 5 1

2 this transfer?

3 A. 600,000 US dollars.

4 Q. And on December 19th?

5 A. $4 million.1 0 : 5 1

6 Q. Was Mr. Stanford also paid a salary by Stanford Financial

7 Group?

8 A. Yes, sir.

9 Q. Were these monies in addition to his salary?

10 A. Yes, sir, this would be in addition.1 0 : 5 2

11 Q. Do you know why on that particular date Mr. Sta nford needed

12 to take $4 million out of the Swiss account?

13 A. No, sir, I do not. I don't remember. I don't know.

14 Q. Was that -- was a withdrawal of that size unusu al?

15 A. I would say that it's the higher end. I don't believe it1 0 : 5 2

16 would be unusual.

17 Q. On February 15th of 2001, how much money was be ing taken

18 out of SocGen?

19 A. $500,000.

20 Q. Again, for the same personal account of Mr. Sta nford?1 0 : 5 2

21 A. Yes, sir.

22 Q. And it states there, "I realize that this will constitute

23 an additional short-term debit to the account. T he account

24 debit will be paid on March 15th."

25 Could you explain what you wrote there?1 0 : 5 3


2952

1 A. Apparently at this particular time there was no t $500,0001 0 : 5 3

2 cash available in this account, this particular a ccount. But

3 that, either through sales of securities or a fut ure transfer,

4 the debit would be covered by March 15th.

5 Q. And on June 4th of 2002 -- we'll just jump ahea d. We're1 0 : 5 3

6 not going to go through every one of these -- how much was

7 taken out on that date?

8 A. $5 million.

9 Q. Did Mr. Stanford ever tell you what types of pe rsonal

10 expenses he had?1 0 : 5 3

11 A. Well, from time to time he would mention it. T here would

12 be real estate purchases, paying for personal exp enses,

13 beginning -- possibly beginning another company a nd

14 capitalizing that company.

15 Q. This is an April 8th, 2003, withdrawal. How mu ch did he1 0 : 5 4

16 take out at that time?

17 A. $7,500,000.

18 Q. July 31 of 2003?

19 A. $10 million.

20 THE COURT: How much money total was in that acco unt?1 0 : 5 4

21 Do you have any idea, sir? I'm sure it fluctuate d, but how

22 much generally? Any idea?

23 THE WITNESS: I would say around 20 to 30 million

24 dollars. And at the end of 2007, there was a tot al of

25 $130 million.1 0 : 5 5


2953


2 Q. On September 26, 2003, how much money did Mr. S tanford take

3 out?

4 A. Total of $22 million.

5 Q. Why were the -- do you know why the --1 0 : 5 5

6 MR. SCARDINO: Excuse me.


8 MR. SCARDINO: I'll have to object to the

9 characterization of how much money Mr. Stanford t ook out. The

10 document -- it's contradictory to -- the document says it was a1 0 : 5 5

11 request by Mr. Davis and not Mr. Stanford.

12 THE COURT: Okay. Clear it up. Thank you.

13 MR. SCARDINO: Object to characterization.

14 THE COURT: To that extent, I'll sustain the

15 objection. 1 0 : 5 6

16 Just a little background or an explanation,

17 please.

18 MR. STELLMACH: Certainly, your Honor.


20 Q. Mr. Davis, these requests to transfer funds fro m the slush1 0 : 5 6

21 fund to Mr. Stanford's personal accounts, were th ese transfers

22 a topic you discussed with Mr. Stanford before yo u actually

23 sent the money to his accounts?

24 A. Yes, sir, every single time. He would call me and make

25 this order and direct me to transfer the funds to his personal1 0 : 5 6


2954

1 accounts.1 0 : 5 6

2 Q. And would he tell you the amounts -- and here w e see there

3 are three different dates on which that $22 milli on is being

4 transferred from the slush fund to him personally . Would he

5 tell you to break it up, or is that a decision yo u would make?1 0 : 5 6

6 A. This is identical to his instructions to me.

7 Q. You wouldn't deviate from his instructions on w here to send

8 the money and the installments to be used?

9 A. No, sir.

10 Q. Did Mr. Stanford ever tell you, "Mr. Davis, I d on't1 0 : 5 6

11 understand how I got $22 million in my Chase acco unt"?

12 A. No, sir.

13 MR. SCARDINO: Again, that's assuming facts not i n

14 evidence and assuming that there was that convers ation; and I

15 will object to that.1 0 : 5 7

16 THE COURT: All right. Clear it up, please.

17 MR. STELLMACH: Certainly.


19 Q. At any point when you made these -- when you au thorized --

20 or you directed the transfers from the slush fund to1 0 : 5 7

21 Mr. Stanford, did he ever express any surprise ab out the

22 amounts he was receiving or concern about the sou rce of funds?

23 MR. SCARDINO: Again, that's assuming facts in

24 evidence that Mr. Stanford --

25 MR. STELLMACH: I'm asking a question, whether --1 0 : 5 7


2955

1 MR. SCARDINO: -- knew that these letters were be ing1 0 : 5 7

2 written.

3 THE COURT: Excuse me.

4 State the objection, please.

5 MR. SCARDINO: That he's assuming facts not in1 0 : 5 7

6 evidence that Mr. Stanford knew these transfers w ere being

7 made.

8 MR. STELLMACH: He just testified that each trans fer

9 was specifically authorized by Mr. Stanford and t hey're going

10 straight into his own pocket, straight into Mr. S tanford's1 0 : 5 7

11 pocket.

12 THE COURT: Overrule the objection.


14 Q. On January 28th of '04, how much money was take n out of the

15 SocGen account?1 0 : 5 8

16 A. $4,971,543.

17 Q. April 6 of '04?

18 A. $4,654,300 US.

19 Q. Who received the account statements for the Soc Gen account?

20 A. I received a copy by fax; Mr. Stanford received a copy by1 0 : 5 8

21 fax -- or his office did.

22 Q. And if we see April 6 of '04?

23 A. I believe that's $3,345,650.

24 Q. So, that was the same day as the previous trans fer, just a

25 different amount?1 0 : 5 9


2956

1 A. Yes, sir.1 0 : 5 9

2 Q. August 17th of '04?

3 A. These are two separate transfers to Mr. Stanfor d, two

4 different banks. One for $2,576,301 and one for $2,499,254.

5 Q. April 21st of '06?1 1 : 0 0

6 A. Also two separate transfers to two separate acc ounts for

7 two -- one is $2,989,574; one is for $3,501,188.

8 Q. Again, the Swiss account at SocGen was funded e ntirely with

9 what source of funds?

10 A. CD depositor money.1 1 : 0 0

11 Q. Did you receive any funds personally out of tha t account?

12 A. Yes, I did.

13 Q. What funds would you receive, what types of tra nsfers?

14 A. I would receive -- on occasions I received bonu ses paid out

15 from that trail of funds.1 1 : 0 1

16 Q. Who authorized the payment of those bonuses to you?

17 A. Mr. Stanford wrote those payments to me.

18 Q. Were you taking money out yourself, just skimmi ng some

19 money out of the SocGen account?

20 A. I did not skim money out of any account.1 1 : 0 1

21 Q. Were other executives within the Stanford organ ization also

22 paid bonuses and compensation out of that account ?

23 A. Yes, sir.

24 Q. What was the reason Mr. Stanford used the Swiss slush fund

25 to pay bonuses to executives at the companies?1 1 : 0 1


2957

1 A. I believe -- I believe it was because the bonus es paid to1 1 : 0 1

2 these executives was in excess of the normal bonu s structure

3 that was set up for the company; so, it was in ad dition to a

4 normal bonus and maybe for special compensation o n one-off

5 targets that were hit, agreements between Mr. Sta nford and the1 1 : 0 2

6 executive.

7 Q. And so, those transfers to the other executives , who was

8 making the decision about how much money should c ome out of the

9 SocGen account in Switzerland to them?

10 A. Mr. Stanford.1 1 : 0 2

11 Q. Did you decide what the bonuses were for the ot her

12 executives that were receiving those funds?

13 A. No, sir.

14 Q. When you received funds out of the SocGen accou nt, did

15 those funds --1 1 : 0 2

16 THE COURT: When you -- you mean --

17 MR. STELLMACH: I'm sorry. When -- Mr. Davis.

18 THE COURT: Personally?

19 MR. STELLMACH: Personally.


21 Q. -- received funds out of the SocGen account, di d you always

22 receive those funds in an account you held in you r own name or

23 did you use the name of another company or other individuals to

24 receive those funds?

25 A. I believe all -- all of those were in my name, with the1 1 : 0 3


2958

1 exception of one time. It could have been in a c ompany name1 1 : 0 3

2 that I was the signer of and owner of.

3 Q. Was the company named Crosswalk?

4 A. Yes, sir.

5 Q. Why would you use that account in the name of a company you1 1 : 0 3

6 controlled to receive those funds?

7 A. Well, I had a good teacher, for one thing. I j ust followed

8 the route that happened from day to day at the St anford group

9 operating. But a more specific answer to your qu estion is that

10 that was a dormant account. Crosswalk was a dorm ant account.1 1 : 0 3

11 Originally, years before, it was used as a

12 checking account for two of my sons and a friend who had a

13 band. And the band disbanded; and, years later, I used that as

14 an overdraft protection account. And I believe o ne time money

15 was paid to me by Mr. Stanford into that account.1 1 : 0 4

16 Q. Did you always pay taxes on the money you were getting from

17 Mr. Stanford?

18 A. Best of my knowledge, yes.

19 Q. Were you ever audited personally?

20 A. Yes, I was. Years -- I was audited for years 2 003 through1 1 : 0 4

21 2007, a five-year period. That audit took place in 2008 from

22 February through December.

23 Q. Did you have to pay any penalties or arrearages as a result

24 of that audit?

25 A. Yes, sir, I did. I paid somewhere in the neigh borhood1 1 : 0 5


2959

1 of -- I believe it was 100 -- in the range of $12 0,000 in1 1 : 0 5

2 addition.

3 Q. And I should be clearer. This is an IRS audit?

4 A. Yes. The Internal Revenue Service completed a five-year

5 audit at the end of 2008.1 1 : 0 5

6 MR. STELLMACH: I want to go back, if we could, t o the

7 laptop.

8 THE COURT: Okay.

9 MR. STELLMACH: Thank you, your Honor.

10 THE COURT: Is it the -- who's got it? It's the front1 1 : 0 5

11 one? Let's try that one. If not, I've got the o ther.

12 Is that working it?

13 MR. COSTA: Yes.

14 THE COURT: Okay. It's up.

15 MR. STELLMACH: And in particular, Government1 1 : 0 5

16 Exhibit 332C. And if we could just enlarge the t op portion of

17 that document.


19 Q. Do you recognize it, Mr. Davis?

20 A. Yes, sir, I do. It's, as styled, a "Shareholde r Funding"1 1 : 0 5

21 report, meaning the funds -- CD funds that were s pent on

22 various Stanford companies by way of that diagram of

23 yesterday's testimony.

24 Q. So, just to be clear, when you're referring to a prior

25 diagram, it's this diagram?1 1 : 0 6


2960

1 A. Yes, sir, that's correct.1 1 : 0 6

2 Q. How often would you receive these updates on th e loans from

3 Mr. Stanford?

4 A. No less than quarterly.

5 Q. Would you discuss this document with Mr. Stanfo rd?1 1 : 0 6

6 A. Yes, sir, on occasions I would.

7 Q. Did you ever see him with the document?

8 A. Well, I did when I discussed it with him. It w as open

9 before us.

10 Q. Who prepared the report?1 1 : 0 7

11 A. It was prepared by the accounting staff for Sta nford

12 Financial Group Company. The location would have been either

13 the Houston office or St. Croix at global headqua rters. That

14 would be under the global controller, Mr. Kuhrt a nd/or the

15 chief accounting officer, Mr. Lopez.1 1 : 0 7

16 Q. And just to go through just a few of these. We 've already

17 seen this document -- but for Stanford Financial Group Company

18 at the very top, could you tell us the total in C D money that

19 had gone to that company as of the end of '08?

20 A. $278 million and some change.1 1 : 0 7

21 Q. Now, Mr. Davis, in the annual reports there was disclosure

22 about fees and administrative expenses being paid to Stanford

23 Financial Group as an affiliated company. Do you recall those

24 disclosures?

25 A. Yes, sir, I do.1 1 : 0 8


2961

1 Q. Does that number include all the money that was disclosed1 1 : 0 8

2 to investors that was being paid to Stanford Fina ncial Group?

3 A. That number, sir?

4 Q. This, the 278 million.

5 A. No, it did not. It's not inclusive of the fees , management1 1 : 0 8

6 or administrative fees.

7 Q. So, in addition to the 278 million, Mr. Stanfor d had taken

8 out additional compensation for Stanford Financia l Group?


10 Q. And another hundred million for the Stanford Fi nancial1 1 : 0 8

11 Group, Limited?

12 THE COURT: Now, let me just ask you, Mr. Stellma ch,

13 in your theory of the case, you say this is all i mproper. Is

14 that correct?

15 MR. STELLMACH: Yes, your Honor.1 1 : 0 8

16 THE COURT: It's your position?


18 THE COURT: Why is it your position that it's

19 improper?

20 Again, I'll do this from time to time on both1 1 : 0 9

21 sides. It's maybe a mini summary; but I want to make it clear

22 for myself and the jury, perhaps, why these -- th ese numbers

23 are important to your theory of the case.


25 THE COURT: And it's just their theory. The deci sion,1 1 : 0 9


2962

1 of course, is up to the jury.1 1 : 0 9

2 Go on.

3 MR. STELLMACH: Well, our theory of the case boil s

4 down to Mr. Stanford engaging in a bait and switc h where he

5 made specific claims to investors, to the deposit ors in the1 1 : 0 9

6 bank, about how he was investing the CD money. A nd it's our

7 position -- and we hope to prove it -- that Mr. S tanford took

8 the money and did something entirely different wi th it. He

9 made investments in these private companies that he personally

10 owned, that weren't liquid, that weren't highly d iversified,1 1 : 0 9

11 that didn't meet any of the criteria that he told the

12 investors, the depositors, he was spending their money on.

13 THE COURT: All right. That's fine. By the way, I'll

14 go back -- what? Your position?

15 MR. SCARDINO: May I?1 1 : 0 9

16 THE COURT: No. You'll have it -- I may ask -- n o.

17 This is the prerogative that I am exercising. In other words,

18 from time to time I may ask you what the theory i s the same

19 way. So, when I -- it's not an adversary proceed ing as far as

20 these inquiries from the judge.1 1 : 1 0

21 But if I have a question again, I need

22 clarification -- sometimes I may know it -- you'l l hear me ask

23 some questions that may seem obvious to you as to what initials

24 are. So, you'll get it during your portion -- or when you're

25 up.1 1 : 1 0


2963

1 MR. SCARDINO: Yes, your Honor.1 1 : 1 0

2 THE COURT: I don't know whether you want me to o r you

3 want -- is that a threat or a promise, I don't kn ow. So, I can

4 take it both ways.

5 MR. SCARDINO: Never take it as a threat, Judge.1 1 : 1 0

6 THE COURT: No, sir.

7 Okay. Go right ahead.

8 MR. STELLMACH: Yes, sir.

9 BY MR. STELLMACH:

10 Q. And Stanford Development Corporation, what comp any was1 1 : 1 0

11 that, or what type of business was that?

12 A. A real estate acquisition and development compa ny.

13 Q. And how much money had gone to the real estate business?

14 A. $15 million.

15 Q. And just to be clear, there's also -- if we scr oll a bit1 1 : 1 0

16 further down -- some airlines. There's a stateme nt there that

17 the airlines have received in total $333 million?


19 Q. And all of the companies that are listed on thi s

20 spreadsheet, who owned those companies?1 1 : 1 1

21 A. Mr. Allen Stanford.

22 Q. Did you own any of those companies?

23 A. No, sir.

24 Q. Even a piece of some of the companies?

25 A. Not to my knowledge.1 1 : 1 1


2964

1 Q. In exchange for the more than $2 billion that M r. Stanford1 1 : 1 1

2 transferred from CD money to fund these companies , did the bank

3 receive any equity, any ownership interest in tho se companies,

4 to your knowledge?

5 A. No, sir.1 1 : 1 1

6 Q. So, this 2 billion-dollar figure, if we went to the bottom

7 of the page --

8 MR. STELLMACH: And just blow that number up.

9 BY MR. STELLMACH:

10 Q. -- this was on the books of the bank, just reco rded as a1 1 : 1 2

11 loan to Mr. Stanford personally?

12 A. Yes, sir. It was not on a -- the loan was not put on the

13 bank's books a personal loan. It was -- actually , an entry was

14 made to move it from payments made, if you will,

15 intercompany -- that is to say, payments through the diagram1 1 : 1 2

16 "SFG Co." to the various companies listed.

17 At certain intervals, the accounting staff would

18 move those CD funds that had been spent on the co mpanies, would

19 move them to equity in those individual companies ; and the

20 offset would be the note.1 1 : 1 2

21 Q. So, there was just a -- so, the money was actua lly moved

22 off the books of the bank as a loan?

23 A. Yes, in effect, as a payable receivable, yes.

24 Q. And I just wanted to go back very briefly to on e or two of

25 the companies, in particular Stanford Eagle.1 1 : 1 3


2965

1 MR. STELLMACH: If we could scroll down to Stanfo rd1 1 : 1 3

2 Eagle. It's the third entry. If we could highli ght the total

3 amount that had been received.

4 BY MR. STELLMACH:

5 Q. How much money had gone to Stanford Eagle? I t hink it's --1 1 : 1 3

6 A. It's $20 million.

7 Q. What was Stanford Eagle, what type of company w as that?

8 A. It was a holding company or shell company for a yacht.

9 Q. Who owned the yacht?

10 A. Mr. Stanford.1 1 : 1 4

11 Q. This was his personal boat?

12 A. He used the boat, yes. It was owned by him.

13 Q. How big was it?

14 A. Well, there were three -- two or three yachts. The largest

15 one was a hundred feet long; and then there was a 50-foot1 1 : 1 4

16 yacht, as well.

17 Q. Why did Mr. Stanford have this flotilla? Why d id he need

18 all these little boats -- or all these yachts, I should say?

19 MR. SCARDINO: Excuse me. Could we have an

20 explanation for a flotilla?1 1 : 1 4

21 MR. STELLMACH: I was going to use "small navy," but I

22 thought better of it.

23 THE COURT: Okay. Okay. I understand.


25 Q. Why did Mr. Stanford have three boats?1 1 : 1 4


2966

1 THE COURT: Well, were there three or four yachts ? I1 1 : 1 4

2 think I heard yesterday there might have been fou r. Maybe I

3 misunderstood.

4 Mr. Davis, how many boats were there?

5 THE WITNESS: With all due respect, your Honor, I1 1 : 1 5

6 guess Mr. Stanford would have to say how many exa ctly. I'm not

7 sure. I know of three.

8 THE COURT: No. I'm just saying -- you know of t hree?

9 THE WITNESS: Yes.

10 THE COURT: Okay. Then I misunderstood. Sorry. Go1 1 : 1 5

11 on.

12 THE WITNESS: Yes, sir.


14 Q. Stanford 20/20 was what, Mr. Davis?

15 A. That was a company set up to track the transact ions of a1 1 : 1 5

16 cricket venture.

17 Q. And the Islands Club Limited, we see $4 million had been

18 spent -- a little over $4.3 million had been spen t on that.

19 What was the Islands Club?

20 A. Refers back to earlier testimony about the ultr a high-end1 1 : 1 5

21 investor resort. I believe it was at the time re ferred to as

22 Two Islands One Club. This is the same venture, as it were.

23 THE COURT: Now, it was not in existence yet. We re

24 these planning fees or securing properties; or wh at was that

25 for, if you know?1 1 : 1 6


2967

1 THE WITNESS: Your Honor, it's my understanding t here1 1 : 1 6

2 were planning fees, administrative, architectural fees,

3 planning, set up models.

4 BY MR. STELLMACH:

5 Q. Was the club ever actually built?1 1 : 1 6

6 A. Not to my knowledge, no, sir.

7 Q. And if we go to Stanford Aviation, which receiv ed almost

8 2.5 million, what was Stanford Aviation?

9 A. Stanford Aviation was an internal corporate tra nsportation

10 group. There were several airplanes in Stanford Aviation.1 1 : 1 6

11 These represented expenses, operating expenses, I

12 presume.

13 Q. How many airplanes were there?

14 A. I believe five.

15 Q. Could it have been six or -- five or six?1 1 : 1 7

16 A. Yes, sir, could have been.

17 Q. What types of planes were these?

18 A. They were jet aircraft from four or five place -- meaning

19 passenger -- to 11 passenger, maybe more.

20 Q. Were these commercial planes that Mr. Stanford used to sell1 1 : 1 7

21 tickets and fly people around; or is this differe nt from

22 Caribbean Sun and Star, the commercial airlines?

23 A. Yes, these are separate from a commercial airli ne. These

24 are owned by Stanford Aviation, a private corpora te carrier

25 versus a commercial airline.1 1 : 1 7


2968

1 Q. And there's an entry there, if we go further do wn, for --1 1 : 1 8

2 another entry for the Islands Club and Stanford 2 0/20. They're

3 just listed under a separate category for 1.4 mil lion and

4 actually 12.9 million.

5 Was the 20/20 also part of the cricket tournament1 1 : 1 8

6 that Mr. Stanford promoted?


8 Q. Did any money ever get repaid from the cricket tournament

9 to the bank?

10 A. Not to my knowledge.1 1 : 1 8

11 Q. Or Stanford Eagle, his yachts, did they ever re pay the

12 money, the CD money, that had come out to fund th em?

13 A. Not to my knowledge.

14 Q. In fact, Mr. Davis, of the $2 billion in CD mon ey

15 Mr. Stanford took out of the bank, how much did h e repay?1 1 : 1 9

16 A. I don't believe he actually repaid any of the m oney.

17 Q. Were there times, though, when he did make paym ents on

18 some -- some amount of payments on loans?

19 A. Yes, sir. There were checks written by Mr. Sta nford.

20 Q. Approximately how much?1 1 : 1 9

21 A. Ten or twenty thousand at most. Possibly more. I don't

22 recall exact numbers.

23 MR. STELLMACH: And if we go down toward the bott om of

24 the page, toward the very bottom, beneath the 2 b illion figure.



2969

1 Q. There's a credit there for "Capital Markets Ass ets." Do1 1 : 1 9

2 you see it? For $327 million?

3 A. Yes, sir. Yes, sir, I do.

4 Q. And it looks -- according to the spreadsheet, t hat that

5 looks like a credit against the CD money Mr. Stan ford had taken1 1 : 2 0

6 out of the bank?

7 A. Yes, sir, that's what it looks like.

8 Q. Could you explain to us just in general terms w hat that

9 transfer represents?

10 A. It actually represents a flip of private equity holdings1 1 : 2 0

11 that were already purchased with CD money, and th e -- the value

12 was increased from the original costs. And I gue ss I could --

13 Q. Yeah, maybe we better draw this one.

14 A. -- draw it out --

15 Q. Yes.1 1 : 2 0

16 MR. STELLMACH: With the Court's indulgence, if I

17 could ask the witness to draw a demonstrative?

18 THE COURT: Okay. Do we need the -- I guess we n eed

19 the lapel mike again.

20 THE WITNESS: I will speak loudly.1 1 : 2 1

21 THE COURT: Do you want to try to speak loudly?

22 THE WITNESS: Not my forte.

23 THE COURT: You can try to match Mr. Stellmach, w ho

24 carries really well.

25 THE WITNESS: People from Duke --1 1 : 2 1


2970

1 THE COURT: No, I think we need -- hold it. That 's1 1 : 2 1

2 what we have it for. It just takes a few seconds .

3 BY MR. STELLMACH:

4 Q. All right. Mr. Davis, you tell us which -- whi ch box do we

5 start in, and I'll ask questions to go through it .1 1 : 2 3

6 A. (Indicating).

7 Q. And what's reflected in that particular box?

8 A. This is SIB CD money, SIB CD money here in the first one.

9 Q. Okay. And then there's an arrow with 132 -- is that

10 million?1 1 : 2 3

11 A. Yes, sir.

12 Q. And what does that arrow represent?

13 A. Monies that were transferred to a shell company , the center

14 circle, Stanford Venture Capital Holdings, SVCH.

15 Q. What was Stanford Venture Capital Holdings?1 1 : 2 3

16 A. It was a shell company that was used to purchas e private

17 equity investments.

18 Q. Who owned that company?

19 A. All -- it was Mr. Stanford.

20 Q. Was it a division of the bank, or was this some thing owned1 1 : 2 4

21 by Mr. Stanford personally?

22 A. This was not a division of the bank, no, sir.

23 Q. And so, what happens once that money, that 132 million in

24 CD money, goes to Stanford Venture Capital Holdin gs?

25 A. The 132 million cost of this private equity was transferred1 1 : 2 4


2971

1 in the name of Mr. Stanford, to his ownership.1 1 : 2 4

2 Q. So, there was private equity that the company h ad bought,

3 the shell company?

4 A. Yes, sir.

5 Q. Okay. And so, it's transferred to Mr. Stanford ?1 1 : 2 4

6 A. Yes, sir.

7 Q. And you have an arrow showing the transfer with 132 million

8 above it. What does that indicate?

9 A. Right here?

10 Q. Yes, sir.1 1 : 2 5

11 A. One hundred -- the same cost of this private eq uity, the --

12 whatever private equity --

13 THE COURT: Showing the flow of the funds?


15 THE COURT: Of the same amount of money from one1 1 : 2 5

16 entity to another?

17 THE WITNESS: Yes, sir, in this case the value of that

18 private equity that was purchased.


20 Q. Okay. So, there was $132 million in private eq uity1 1 : 2 5

21 purchased by the shell company, with the CD money ; and then

22 that 132 million-dollar private equity investment was

23 transferred to Mr. Stanford at the cost of 132 mi llion?

24 A. This same value, yes, sir.

25 THE COURT: Now, when you say "RAS," that's him1 1 : 2 5


2972

1 personally. Is that correct?1 1 : 2 5

2 THE WITNESS: That is correct.

3 THE COURT: No other corporate entity. Is that

4 correct?

5 THE WITNESS: Yes, sir, that's correct, your Hono r.1 1 : 2 5

6 THE COURT: Thank you.

7 BY MR. STELLMACH:

8 Q. And then there's a looping arrow from Mr. Stanf ord back to

9 the bank; and there's a number written there, 327 million.

10 Could you explain what's reflected in that arrow?1 1 : 2 6

11 A. Yes, sir. Through the accountants and attorney s, the

12 private equity transferred at $132 million was in flated in

13 value to $327 million; and that was used as payme nt,

14 bookkeeping wise -- no dollars actually changed h ands, but was

15 used as a bookkeeping flip, as it were, that's re presented1 1 : 2 6

16 there on the large -- highlighted in yellow.

17 THE COURT: All right. The 132 million that you show

18 going through those two entities, that was actual money. Is

19 that correct?

20 THE WITNESS: Yes, sir.1 1 : 2 7

21 THE COURT: Is that accurate?


23 THE COURT: And then the 327 coming back, it's yo ur

24 position that was not real money, it was just boo kkeeping?

25 THE WITNESS: That's correct.1 1 : 2 7


2973

1 THE COURT: Okay.1 1 : 2 7

2 BY MR. STELLMACH:

3 Q. And you wrote there, "No money changed hands."

4 So, when we see on the chart that there's a

5 327 million-dollar credit against the 2 billion i n loans that1 1 : 2 7

6 Mr. Stanford had taken out of the bank, he wasn't actually --

7 it's your testimony that that 327 million-dollar credit isn't

8 actual cash or -- or cash equivalents that were g oing back to

9 the bank?

10 MR. SCARDINO: I object to the leading question.1 1 : 2 7

11 THE COURT: Overruled.

12 THE WITNESS: That was not actual cash, no, sir.


14 Q. How -- do you know how close in time these tran sfers all

15 took place?1 1 : 2 7

16 A. Could have been months, maybe a couple of years in this

17 particular flip transaction.

18 Q. And I should be more specific. I'm sorry. I'm just

19 focusing on the transfer from Stanford Venture Ca pital to

20 Mr. Stanford and to the bank, that -- that flow.1 1 : 2 8

21 A. These -- this here, two, three months maximum, maybe -- as

22 long as it took the legal to get the paperwork co mpleted.

23 Q. Was there any independent appraisal done of the private

24 equity before it was valued from 132 million to 3 27?

25 A. Not an independent appraisal, no.1 1 : 2 8


2974

1 Q. And to be clear, once it was transferred to the bank, that1 1 : 2 8

2 private equity became an asset of the bank?


4 Q. Was it ever disclosed in subsequent annual repo rts, the

5 fact that the bank now had a private equity inves tment?1 1 : 2 8

6 A. No, sir.

7 Q. Did Mr. Stanford know about this transaction?

8 A. Yes, sir.

9 Q. How do you know that?

10 A. I told him verbally. And one particular meetin g that we1 1 : 2 9

11 had together with Mr. Harry Failing --

12 MR. SCARDINO: Object to --

13 THE COURT: Break it down, please.




17 Q. When, in relation to the transaction taking pla ce, did you

18 discuss it with Mr. Stanford?

19 A. After the transaction, months after, maybe week s, months.

20 THE COURT: Which transaction?1 1 : 2 9


22 Q. Which transaction?

23 THE COURT: You have to point.

24 THE WITNESS: This entire process.

25 THE COURT: Oh, the entire process?1 1 : 2 9


2975


2 BY MR. STELLMACH:

3 Q. What did Mr. Stanford say when you explained wh at had been

4 done?

5 A. He stuck out his hand and -- well, he first sai d, "Who's1 1 : 2 9

6 responsible for doing this, getting all this hand led?"

7 I said, "My accounting staff and myself."

8 And he stuck his hand out and said, "Great job,"

9 shook my hand.

10 Q. Why did this transfer even happen in the first place? Why1 1 : 2 9

11 show a credit or a repayment against the loan?

12 A. I believe primarily because of IRS audit issues that were

13 under -- underway during this period and before a nd that

14 through those IRS audits, their interim findings, it was their

15 position that these monies, the $2 billion, were ordinary1 1 : 3 0

16 compensation to Mr. Stanford.

17 And Mr. Stanford's tax specialist, Mr. Harry

18 Failing's contention was that they're actually lo ans and should

19 be considered as such. But if they're loans, the loans have to

20 be serviced. So, this would provide servicing of those loans1 1 : 3 1

21 to prove that it was not compensation to Mr. Stan ford.

22 Q. So, with your understanding about this, was thi s something

23 you also discussed with Mr. Stanford, this situat ion about his

24 need to show service, in other words, payment on the $2 billion

25 in loans?1 1 : 3 1


2976

1 A. Yes, sir, did discuss that.1 1 : 3 1

2 Q. And so, unless there was some form of payment, the IRS

3 would then consider this income to him?


5 Q. And he would have --1 1 : 3 1

6 A. As I understand it, that's correct.

7 Q. As you understand it based on what?

8 A. Speaking with his tax accountant, Harry Failing , and other

9 tax specialist attorneys.

10 Q. When you had those conversations with Mr. Faili ng, was1 1 : 3 2

11 Mr. Stanford also present at times?

12 A. At times, yes, sir.

13 Q. And so, unless there was some form of payment s hown,

14 Mr. Stanford would have to pay personal -- would have to pay

15 taxes on the 2 billion?1 1 : 3 2

16 A. Yes, sir.

17 Q. I think that's it, if you can resume your seat, Mr. Davis.

18 Now, we talked a fair amount about loans to

19 Mr. Stanford. Were there ever any notes or agree ments that

20 showed Mr. Stanford was borrowing money from the bank?1 1 : 3 2

21 A. Yes, sir.

22 Q. Whose idea was it to put together loan agreemen ts like

23 that?

24 A. I believe it actually came from Mr. Stanford's tax

25 attorney -- or tax accountant.1 1 : 3 3


2977

1 Q. Who was?1 1 : 3 3

2 A. Mr. Harry Failing, deceased.

3 Q. And Mr. Failing, where did he work?

4 A. Mr. Failing had an office, I believe, on the So uthwest

5 Freeway but also had one in a Stanford office on Westheimer.1 1 : 3 3

6 Q. Did Mr. Stanford ever explain why his accountan t was based

7 in the office, in his office?

8 A. No, sir.

9 Q. I wanted to show you a number of government exh ibits.

10 THE COURT: Have they been prior -- have you note d1 1 : 3 3

11 them prior?

12 MR. STELLMACH: Some have, one or two have.

13 These -- in fact, I would just confer with defens e counsel on

14 that.

15 MR. SCARDINO: Do you want to confer, Mr. Stellma ch?1 1 : 3 3


17 (Sotto voce discussion between Mr. Stellmach and

18 Mr. Scardino)

19 MR. STELLMACH: Your Honor, would this be a conve nient

20 point for a break or --1 1 : 3 4

21 THE COURT: Yes and no. But if you need -- no. If

22 you need one, we need to take a 15-minute break a nyhow before

23 we get on to 12:00. If it will help you, let's d o it now.

24 I have 11:35. We'll take a 15-minute break, get

25 back in and run till about 1:05. We'll see you a t that time.1 1 : 3 4


2978

1 (Jury not present)1 1 : 3 4

2 MR. FAZEL: Your Honor, if it pleases the Court, the

3 witness, during his testimony, made a comment abo ut the

4 defendant testifying, specifically talking about --

5 THE COURT: Use the mike.1 1 : 3 5

6 MR. FAZEL: I'm sorry. The witness, during his

7 testimony, Mr. Davis, made a comment about the de fendant

8 testifying. Specifically he said something to th e effect of,

9 "Mr. Stanford is going to have to clear that up."

10 I would ask the Court that that is a violation of1 1 : 3 5

11 Mr. Stanford's Fifth Amendment right, and I'm goi ng to ask for

12 a mistrial. I'm moving for a mistrial.

13 THE COURT: You're asking for a mistrial?

14 MR. FAZEL: I am. He made a comment about the wi tness

15 testifying. He has an absolute constitutional ri ght to testify1 1 : 3 5

16 or not to testify. That's absolutely up to him.

17 THE COURT: Why didn't you approach the bench rig ht

18 away? Because I picked it up also and I was look ing over at

19 the defense. I was looking at the defense table because I

20 picked it up also.1 1 : 3 5

21 MR. FAZEL: I'm --

22 THE COURT: Why didn't you approach the bench?

23 Usually the way to do it is not to get up -- whic h you are not

24 doing in front of the jury -- is approach the ben ch and say

25 that you have a concern, bring it up and make a m otion at that1 1 : 3 6


2979

1 time.1 1 : 3 6

2 MR. FAZEL: I'm making a motion at this time, you r

3 Honor. I think it's timely.

4 THE COURT: What's the response?

5 MR. STELLMACH: Well, your Honor, I think your Ho nor1 1 : 3 6

6 immediately cut the witness off before he went on any further.

7 THE COURT: I did. All right. Let me do it this way.

8 Motion for mistrial is overruled.

9 Do you want an instruction to the jury, however,

10 referencing that statement now? Because I would have done it1 1 : 3 6

11 if you had approached the bench right away, but I certainly

12 will do it again if you would want me to do so. Or just to do

13 it as just a general instruction, that they're al ways reminded

14 that there's no obligation. Or do you want to ju st leave it as

15 it is, a motion for mistrial with a ruling? But I'm giving you1 1 : 3 6

16 the option of an instruction.

17 MR. FAZEL: I would ask --

18 MR. SCARDINO: Just a minute before we do this.

19 (Sotto voce discussion between all defense counsel)

20 THE COURT: Yes, sir?1 1 : 3 7

21 MR. FAZEL: Your Honor, we would ask for a genera l

22 instruction, and in the instruction maybe the Cou rt can also

23 remind them to keep continuing to avoid the media -- a double

24 instruction as to avoid the media and, of course, the defendant

25 has no obligation to testify and the burden is al ways on the1 1 : 3 7


2980

1 government.1 1 : 3 7

2 THE COURT: Hang on a second. General instructio n re

3 Fifth Amendment, right?

4 MR. FAZEL: Correct.

5 THE COURT: And also remind not to read, TV,1 1 : 3 7

6 et cetera?

7 MR. FAZEL: And, of course, the burden is always on

8 the government and --

9 THE COURT: All right. Always -- always on

10 government. Okay. I'll make both of those instr uctions as1 1 : 3 7

11 soon as they get back in.

12 MR. COSTA: Your Honor, the government doesn't ha ve a

13 problem with the instructions. I would note, tho ugh, for the

14 record, I don't think what he said implicated any Fifth

15 Amendment. He didn't say anything about testifyi ng. The1 1 : 3 8

16 question was about either yachts or planes. He s aid, "I'm not

17 sure exactly. You have to ask Mr. Stanford."

18 THE COURT: I understand that. I caught it. I c aught

19 it. I looked right to the defense side. It's bo rderline, but

20 they're entitled certainly at that time to come u p. 1 1 : 3 8

21 Whether it reaches the grounds of blowing the

22 whole case out on a motion for mistrial, that, of course, is a

23 motion the defendant can make. But I'll rule on it, and I

24 have. But I certainly will give an instruction. Any time

25 there's any kind of a question like that, it does n't hurt ever1 1 : 3 8


2981

1 to give an additional instruction. I'm reminding them of the1 1 : 3 8

2 burden of proof and that they don't have to call anybody, one

3 witness, or ask one question.

4 MR. FAZEL: Your Honor, the record speaks for its elf;

5 but I think the witness clearly said that Mr. Sta nford would1 1 : 3 8

6 have to clear that up or tell you what that is, w hich means he

7 has to testify.

8 MR. COSTA: But, of course, they promised he's go ing

9 to testify; and if they follow through on that, t hen really

10 there's no issue.1 1 : 3 8

11 MR. FAZEL: Whether I promised he'd testify or no t, he

12 has an absolute right to change his mind. So, he has got an

13 absolute Fifth Amendment right. Whatever I say o r Mr. Scardino

14 says has no moment in that matter.

15 THE COURT: We're all on the same page.1 1 : 3 9

16 Okay. See you back in -- now it's 10 minutes.

17 (Recess was taken)

18 (Jury not present)

19 THE COURT: On the record. I do want to state th at --

20 you may have heard me, which is fine, through the door when I1 1 : 5 5

21 was talking with the jury. They just wanted to k now where we

22 are on the clock for the first half of the case; and I said

23 we're way ahead, which is true based upon your in itial

24 estimates per witness. We're doing fine time wis e. So,

25 they're in good shape. That's what I was in ther e -- and1 1 : 5 6


2982

1 that's why I leave the door open, that you can -- basically if1 1 : 5 6

2 anybody has an interest just generally as to what I am saying.

3 So, the primary thing here is keeping the jury po sitive on

4 this.

5 Yes, sir. Now, who do you represent?1 1 : 5 6

6 MR. FINN: Good morning, your Honor. My name is David

7 Finn. I represent Mr. James Davis, the witness. And I was

8 notified by defense that -- and they gave me a su bpoena

9 individually for me to appear as a witness in thi s trial. I

10 guess they plan to call me.1 1 : 5 6

11 My concern is I've got a number of federal jury

12 trials set with Judge Schell in the Eastern Distr ict of Texas,

13 with Judge Fitzwater, several significant federal trials. And

14 I know it's --

15 THE COURT: Equally as significant as this one.1 1 : 5 7

16 MR. FINN: I know. I know. I understand.

17 THE COURT: With due respect to my great colleagu es.

18 MR. FINN: As a federal judge yourself, your Hono r,

19 you know that the judges will ask me, "Mr. Finn, are you ready

20 to proceed to trial?" 1 1 : 5 7

21 Then I'm going to have to tell them, "Well, I've

22 received a subpoena, for whatever reason, to test ify." And it

23 could jam me up and jam the other judges up. So, I'm looking

24 for a little guidance from you, I guess.

25 THE COURT: Like what?1 1 : 5 7


2983

1 MR. FINN: Well, number one, I need the subpoena1 1 : 5 7

2 signed by someone. The version that I got is not signed, so

3 that a federal judge isn't going to buy that if i t doesn't have

4 a signature. Number two, I've been practicing 20 years now and

5 I've never been subpoenaed like this. So, I'm ju st wondering1 1 : 5 7

6 if it's a legitimate use of a subpoena or if ther e's some

7 tactical reason behind this.

8 THE COURT: Who subpoenaed you?

9 MR. FINN: The defense.

10 THE COURT: Okay. Do you want to just address th at?1 1 : 5 7

11 MR. SCARDINO: Well, I mean, staying consistent t hat

12 everything about this case is unusual, we thought we would

13 subpoena one of the witness' lawyers. We didn't do it

14 frivolously, your Honor. We think Mr. Finn is an experienced

15 lawyer. He was a former Assistant United States Attorney. He1 1 : 5 8

16 sat as a judge. I'm confident that he's very fam iliar with the

17 Citizen Guideline Act of 1986.

18 And it's been my experience when cross-examining

19 a witness that is testifying for the government t hat has made a

20 deal like Mr. Davis has that somebody with knowle dge of that1 1 : 5 8

21 sort of deal would be better to explain it to the jury than a

22 person that's not educated or skilled as a lawyer , like

23 Mr. Davis is not. Mr. Finn is. And there are so me things in

24 the plea bargain agreement, like most everything else in this

25 case, that we consider to be a little unusual and should be1 1 : 5 8


2984

1 explained to the jury.1 1 : 5 8

2 THE COURT: All right.

3 MR. SCARDINO: And that's why -- and we talked to

4 Mr. Finn about it, and I thought we had an unders tanding that

5 he would -- we could just hand him a subpoena and that would1 1 : 5 8

6 be -- all was well.

7 We certainly have no intention of inconveniencing

8 him in any way or taking him away from his other business.

9 We'll work with him. We don't have any particula r order that

10 we need to call him. We can call him when it's c onvenient to1 1 : 5 9

11 him.

12 MR. FINN: And, Judge, I didn't mean to leave --

13 THE COURT: Oh, no. I know. I got to see what t he

14 government has to say.

15 MR. COSTA: I would just note, your Honor, that1 1 : 5 9

16 Mr. Davis' plea agreement is in evidence. So, if there are any

17 questions about it, defense counsel can ask him. We didn't

18 discuss it with him, but the jury can read it. I t speaks for

19 itself.

20 THE COURT: Let me ask you this -- and again, if we1 1 : 5 9

21 want a hearing on this, we'll do it and everybody get their

22 thoughts straight and we can get the jury back in . But if we

23 have Mr. Finn take the stand, in effect then he's giving almost

24 a legal opinion, correct?

25 MR. SCARDINO: Sure.1 1 : 5 9


2985

1 THE COURT: And isn't the judge in a case like th is1 1 : 5 9

2 supposed to make the legal decisions? The reason why I say

3 that, it was the same thing years ago. It was a complex patent

4 case that I was trying. And Ray Nimmer, who is n ow the dean of

5 the University of Houston Law School, was called as an expert1 1 : 5 9

6 witness to explain to me the patent law.

7 And I said, "Dean," I said, "Nothing personal,

8 but I'm going to sustain the motion to quash beca use I'm

9 supposed to know the law and the lawyer is suppos ed to teach me

10 the law." So, I had to excuse the dean of the la w school, who1 2 : 0 0

11 is a national expert in patent law.

12 I haven't had this before. It may be the first

13 time. But there are some issues here as to wheth er or not, you

14 know, counsel can be -- what is it -- subpoenaed to explain the

15 written document of a plea agreement. I don't kn ow. So, the1 2 : 0 0

16 suggestion I have --

17 When are you scheduled to begin the trials with

18 either Richard Schell or Sid Fitzwater?

19 MR. FINN: The Judge Schell trial, your Honor, is in

20 two weeks; and then I've got another one in his c ourt a week1 2 : 0 0

21 thereafter. And I've also got quite a few state cases. Now,

22 obviously the state judges will defer to you but --

23 THE COURT: Well, no. The fed -- you know, if yo u're

24 in state court and you're actually in trial there , I defer to

25 them all the time. I mean, we call one another b ack and forth.1 2 : 0 0


2986

1 MR. FINN: Sure.1 2 : 0 0

2 THE COURT: Meaning state versus federal. We're all

3 trying to do the same thing. The suggestion I ha ve is this --

4 again, I'm not putting it off; but I don't want t o take time

5 when the jury is here.1 2 : 0 1

6 MR. FINN: Sure.

7 THE COURT: If need be, if we need to argue this, sort

8 of like we're doing now, as a legal matter, as a legal motion,

9 as to whether or not he's, first of all, a proper witness at

10 all, we ought to do it when you've had a couple o f times -- a1 2 : 0 1

11 little bit to check the books. And I can set it for a hearing

12 any time at your convenience next week.

13 We have time in the morning next week, don't we?

14 I can set you for 15 -- or a half hour of any day

15 next week, before the jury comes in.1 2 : 0 1

16 MR. FINN: Okay.

17 THE COURT: So, we can do it more academically th an

18 everybody being hit, you know, with that. But th e bottom line

19 is, if you run into a bind, I will call either of the judges

20 myself and explain it to them.1 2 : 0 1

21 MR. FINN: Fair enough. Thank you.

22 THE COURT: Or I will call and talk to their case

23 manager.

24 MR. FINN: That's fair, Judge.

25 And one last point just to think about.1 2 : 0 1


2987

1 Obviously, anything that has transpired by way of communication1 2 : 0 1

2 with Mr. Davis and I would be covered by attorney -client

3 privilege. So, I certainly -- while we have noth ing to hide

4 and I respect what they've told you, I just -- it is a sticky

5 wicket.1 2 : 0 2

6 THE COURT: Let's put it this way, I've -- I've n ot

7 had it before. That's what's fascinating about t his job.

8 Okay?

9 MR. FINN: Right.

10 THE COURT: Okay. Everybody, if you can't work i t1 2 : 0 2

11 out, let's do a little bit of research. Again, n o appellate

12 briefs. Let's come in and talk about it.

13 But what counsel says rings true. Let's give

14 both sides a shot, though, if you can't work it o ut.

15 MR. SCARDINO: I can assure the Court there will be no1 2 : 0 2

16 questions or no intimation or suggestions about a nything

17 involving attorney-client privilege.

18 THE COURT: All right. So, that's number one. A nd

19 certainly you can raise it at any time. Now it c omes down to

20 whether or not it can be done in the ordinary cou rse of1 2 : 0 2

21 business or should it be allowed or is there a di scretion or is

22 it an absolute. Okay?

23 MR. FINN: Okay.

24 THE COURT: So, take a look at it and if you need

25 it -- I'm saying now, Mr. Finn, if you can't reac h any1 2 : 0 2


2988

1 agreement that feels to you reasonable, let my ca se manager1 2 : 0 3

2 know and we'll give you 15 minutes, a half hour b efore, any day

3 next week.

4 MR. FINN: Fair enough. Thank you, Judge.

5 THE COURT: Yes.1 2 : 0 3

6 MR. COSTA: Your Honor, given the unusual nature of

7 this and the briefing you've asked for, it's toug h to do that

8 in a vacuum, without knowing what the line of que stioning would

9 be.

10 THE COURT: Well, let's put it this way. They're not1 2 : 0 3

11 bound to let you know they're bound to change the ir mind on

12 calling any witnesses at all because the defense has no

13 obligation to put any witness on. You have to ke ep in mind the

14 Fifth Amendment rights of the defendant. They're entitled not

15 even to ask one question at all.1 2 : 0 3

16 It's going to sound like a record once they get

17 back out.

18 But if, indeed, they say they do want to call

19 them, as officers of the court, and they will, th en I think --

20 definitely I think at least you need to know that . 1 2 : 0 3

21 Then we can make a decision and I'll get on the

22 phone, talk to the other judges. We're not there yet. See if

23 you can work it out among yourselves.

24 If you cannot, then we'll have a hearing and, if

25 necessary, I'll call the judges myself up there a nd say, "Well,1 2 : 0 3


2989

1 you know, this is when we anticipate it."1 2 : 0 4

2 We're moving rapidly time wise. So, the initial

3 estimate we gave may be a little shorter than ori ginally

4 thought of and give a timeline as to which judge you may be in

5 front of at the time.1 2 : 0 4

6 MR. SCARDINO: So, your Honor, I guess -- and I d on't

7 want to inconvenience Mr. Finn or try to put him in any awkward

8 situation; but can we consider, then, that he is under the

9 jurisdiction of this Court?

10 THE COURT: He's standing right here.1 2 : 0 4

11 MR. SCARDINO: I know that, but after this witnes s --

12 I know right now, but Mr. Davis isn't going to be up there

13 forever, I don't think.

14 THE COURT: No, we'll do this --

15 MR. FINN: Can I get that in writing?1 2 : 0 4

16 THE COURT: We'll do this before Mr. Davis gets o ff.

17 Okay? He'll be on for, I guess, another few days , I would

18 assume. So, any time within that time if you wan t to have a

19 hearing, we'll do it before the jury gets in --

20 MR. FINN: Okay.1 2 : 0 4

21 THE COURT: -- on -- so we can keep them moving.

22 MR. FINN: Judge, finally, just so the record is

23 clear, the prosecution and the government team do n't

24 communicate with my client during his testimony. I can

25 communicate with him, and I have -- I was present in the1 2 : 0 4


2990

1 courtroom when he made a statement that the Court found1 2 : 0 5

2 objectionable.

3 THE COURT: I didn't find it -- it was equivocal at

4 best.

5 MR. FINN: I instructed him to steer clear of tha t.1 2 : 0 5


7 MR. FINN: Thank you, Judge.

8 Your Honor, may I be excused?

9 THE COURT: Absolutely.

10 MR. FINN: Thank you.1 2 : 0 5

11 THE COURT: Until we need you again.

12 MR. FINN: Right.

13 THE COURT: All right. Let's call the jury in,

14 please.

15 (Jury present)1 2 : 0 5

16 THE COURT: Thank you. Be seated. It was an

17 interesting visit we had and I'm going to write d own on my

18 white pad. I put jury notes specifically in red as to what we

19 discuss while you were out.

20 I do want to mention one thing to the jury at1 2 : 0 6

21 this time. Keep in mind that the instructions I previously

22 gave to you are still in effect, of course, that in a criminal

23 case, the defendant is under no obligation to put on any case

24 at all and that if, indeed, the defense elects to put on a case

25 then there's no requirement at all that the defen dant needs to1 2 : 0 6


2991

1 take the stand in any way and it cannot be held a gainst them1 2 : 0 6

2 for not doing so.

3 A defendant is presumed innocent until he's

4 proved guilty beyond a reasonable doubt, and the burden is

5 always on the government. The burden has got -- as we1 2 : 0 7

6 discussed during voir dire, the burden is on the government to

7 prove their case beyond a reasonable doubt and th at burden

8 never shifts.

9 Also, just as a reminder, while we're doing that,

10 relative to the media, remember about the newspap ers and TV.1 2 : 0 7

11 Make sure your family gathers them together and t ake a look at

12 them once we're all done.

13 But I think everything is going well. And as I

14 mentioned to you when I said we would be delayed a little bit,

15 we're moving along very nicely.1 2 : 0 7

16 Go right ahead, sir.

17 MR. STELLMACH: Thank you, your Honor.

18 At this time the government offers Exhibits 333

19 through 346.

20 THE COURT: 333 to?1 2 : 0 7

21 MR. STELLMACH: 346. And I believe two of those

22 exhibits are already in evidence, in that range, 336 and 337.

23 We're just putting in the rest of these promissor y notes that

24 we've seen previously.

25 THE COURT: I don't hear anything. If they have an1 2 : 0 8


2992

1 objection, fine. As we know, all the government exhibits are1 2 : 0 8

2 in evidence subject to identification and subject to any

3 objection.

4 Go right ahead.


6 BY MR. STELLMACH:

7 Q. Mr. Davis, before the break you testified that from time to

8 time there were loan agreements that Mr. Stanford entered into?

9 A. Yes, sir, I did.

10 Q. Again, whose idea was it that Mr. Stanford actu ally sign1 2 : 0 8

11 such an agreement?

12 A. Mr. Harry Failing, CPA.

13 Q. Did Mr. Failing explain to you and Mr. Stanford the reason

14 for those agreements?

15 A. Yes, sir, he did.1 2 : 0 8

16 Q. What was that?

17 A. The notes -- the monies represented by the shar eholder

18 funding report would be considered ordinary incom e to

19 Mr. Stanford if there were no notes produced to s how otherwise

20 and those notes serviced.1 2 : 0 9

21 Q. And so, did Mr. Stanford actually sign promisso ry notes?

22 A. Yes, sir, he did.

23 Q. And the exhibit that you have in front of you, are those

24 copies of the promissory notes?

25 A. Yes, sir.1 2 : 0 9


2993

1 MR. STELLMACH: And if we could just turn to1 2 : 0 9

2 Government Exhibit 333 at this point and enlarge up through --

3 that's fine.

4 BY MR. STELLMACH:

5 Q. Can you tell us -- just walk us through the amo unt, the1 2 : 0 9

6 date, and the borrower on this note?

7 A. This note is for $52 million December 31st, 199 9.

8 Q. And who was the borrower --

9 A. Allen Stanford.

10 Q. And if we turn to the next page, the lender was who?1 2 : 0 9

11 A. Stanford International Bank, Limited.

12 Q. And if we could just read who the maker on the note was?


14 Q. Was the bank the lender on all of the notes we' re about to

15 go through?1 2 : 1 0

16 A. Yes, sir, as far as I know.

17 MR. STELLMACH: And if we could just turn to 334, the

18 next note.


20 Q. Again, the amount, the date?1 2 : 1 0

21 A. The amount is $59,500,000, dated December 31st, 2000.

22 Q. And the lender, again, is Stanford Internationa l Bank?


24 Q. And if we turn to the second page to see the si gnatory.

25 A. Yes, sir.1 2 : 1 0


2994

1 Q. So, who's signing on behalf of the bank in thes e loans?1 2 : 1 0

2 A. There's no signature other than Mr. Allen Stanf ord.

3 Q. To your knowledge, was anyone at the bank notif ied about

4 the existence of these promissory notes?

5 A. No, sir.1 2 : 1 1

6 Q. Did the president of the bank, for example, kno w that

7 Mr. Stanford had executed promissory notes?

8 A. No, sir, not to my knowledge.

9 Q. And to your knowledge, did the president of the bank even

10 know that Mr. Stanford had borrowed $2 billion ou t of the bank?1 2 : 1 1

11 A. No, sir.

12 MR. STELLMACH: And if we turn to the next exhibi t.


14 Q. Could you tell us how much Mr. Stanford was bor rowing

15 there?1 2 : 1 1

16 A. This is $112 million dated December 31st, 2001.

17 Q. And the signatory on that note?


19 Q. And the next exhibit?

20 We can just walk through these.1 2 : 1 1

21 A. This is an amount of $168 million, dated Decemb er 31st,

22 2002.

23 Q. And the signatory?


25 Q. The next note?1 2 : 1 2


2995

1 A. $330 million, dated December 31st 2003.1 2 : 1 2

2 Q. And the signatory on that note?


4 Q. And the next note, Government Exhibit 338?

5 A. This is 2,300,000, dated December 31st, 1999.1 2 : 1 2

6 Q. Now, here the lender is Stanford Financial Grou p. Do you

7 know why those funds were borrowed from Stanford Financial?

8 A. No, sir, I don't recall.

9 Q. Okay. And who was the signer on that?

10 A. Mr. Allen Stanford.1 2 : 1 3

11 Q. And just to be clear, Stanford Financial Group, how was

12 that company funded?

13 A. From the CD deposit.

14 MR. STELLMACH: And if we turn to the next exhibi t.


16 Q. What was the amount and the date?

17 A. $75 million, dated December 31st, 1999.

18 Q. And, Mr. Davis, rather than march through every single

19 promissory note, were the dates on which these we re executed --

20 they appear to be December 31st of each given yea r. One or two1 2 : 1 3

21 I think may be January 1st.

22 Were those the dates on which Mr. Stanford

23 actually signed the notes? Was he ringing in the New Year by

24 signing promissory notes with you?

25 A. No, sir.1 2 : 1 4


2996

1 Q. Why were the notes dated as of the end of the y ear if they1 2 : 1 4

2 weren't signed on that date?

3 A. They pertained to that period of time. They we re set in

4 place with those dates by Harry Failing, and they pertained to

5 transactions up until that time.1 2 : 1 4

6 Q. And so, just to be clear, when you say they per tained to

7 transactions up until that time, we saw from Gove rnment's

8 Exhibit 332C, the 2008 -- the December 2008 share holder funding

9 report that Mr. Stanford, as of the end of 2008, had borrowed

10 $2 billion in CD money, were there promissory not es totaling up1 2 : 1 4

11 to $2 billion?

12 A. No, sir.

13 Q. So, was there a note for every dollar Mr. Stanf ord was

14 taking out of the bank?

15 A. No, sir.1 2 : 1 4

16 Q. Why not?

17 A. It was difficult to get Mr. Stanford's time to sit down and

18 sign the notes.

19 Q. And if we turn to Government Exhibit 344, the b orrower

20 there is Stanford Financial Group for $100 millio n from the1 2 : 1 5

21 bank, December 31 of 2000. Who signed that note?

22 A. Signed it on behalf of Stanford Financial Group Company.

23 MR. SCARDINO: Objection, nonresponsive.




2997

1 Q. Well, Mr. Davis, beneath your signature, could you explain1 2 : 1 5

2 what's written there?

3 A. Yes, sir. I signed it as chief financial offic er of

4 Stanford Financial Group.

5 Q. Why did you sign this particular note?1 2 : 1 5

6 A. It was suggested to me by Mr. Harry Failing, CP A, in that

7 he could not get in a face-to-face meeting with M r. Stanford

8 and he wanted these documents completed and he se t it up in

9 this fashion and I signed it.

10 Q. So, to your knowledge, did anyone at the bank, any bank1 2 : 1 6

11 executive, any officer of the bank ever authorize or approve

12 these promissory notes?

13 A. No, sir.

14 MR. STELLMACH: If we turn back to Government Exh ibit

15 Number 3333, I just want to enlarge the paragraph , Paragraph 31 2 : 1 6

16 and just highlight the letter (I).


18 Q. Could you read that for us, sir?

19 A. Yes, sir. "Default be made in the payment of a ny

20 installment of principal or interest on the date on which it1 2 : 1 6

21 shall fall due."

22 Q. And what -- under the terms of these promissory notes, most

23 of which are signed by Mr. Stanford, one or two o f which are

24 signed by you, what could happen or what would ha ppen in the

25 event that there wasn't a payment made on time on the note?1 2 : 1 7


2998

1 THE COURT: Put the microphone up so it just pick s up.1 2 : 1 7

2 We have another courtroom out there, just to pick up.

3 MR. STELLMACH: Oh, sure.

4 BY MR. STELLMACH:

5 Q. What would happen -- under the terms of these n otes, what1 2 : 1 7

6 would happen in the event of a default, a failure to pay?

7 A. They would immediately become due with addition al expenses.

8 Q. Did Mr. Stanford, in fact, make payments on the se notes?

9 A. There were some checks written for small amount s, but

10 those --1 2 : 1 7

11 MR. SCARDINO: Object, nonresponsive.


13 By the way, sir, if you can't answer it "yes" or

14 "no," state that; and he'll ask for an explanatio n.

15 THE WITNESS: Thank you, your Honor.1 2 : 1 7

16 THE COURT: Ask it again, please.



19 Q. Did Mr. Stanford make on-time full payments on these

20 promissory notes?1 2 : 1 8

21 A. No, sir.

22 Q. When that happened, when Mr. Stanford failed to honor the

23 terms of these promissory notes, was that penalty provision

24 enforced?

25 A. No, sir.1 2 : 1 8


2999

1 Q. I want to turn to Government Exhibit -- well, 1 09, the1 2 : 1 8

2 annual report for 1996.

3 THE COURT: What number is this? Again, it's in

4 evidence?

5 MR. STELLMACH: It is in evidence, your Honor,1 2 : 1 8

6 Government Exhibit 109.

7 And in particular I wanted to turn to Page 13. I

8 think it may -- it's 13 on my page. It may be --

9 THE COURT: Do you see it up there?

10 MR. STELLMACH: It's not quite there yet. We're not1 2 : 1 8

11 on that -- coming up to it.

12 Right there. I'm sorry. The previous page.

13 If we could just enlarge it.

14 MR. SCARDINO: I got behind --

15 THE COURT: Sir?1 2 : 1 9

16 MR. SCARDINO: What page are you on?

17 MR. STELLMACH: We're on Page 13 of the document.

18 MR. SCARDINO: Thank you, sir.


20 Q. Under the section entitled "Advances to directo rs, officers1 2 : 1 9

21 and affiliated entities," there's a disclosure th ere that the

22 bank has lended Mr. Stanford $13.5 million plus s ome additional

23 funds. Did Mr. Stanford ever tell you why this d isclosure was

24 made?

25 A. Yes, sir. It was made because the general coun sel, Yolanda1 2 : 1 9


3000

1 Suarez, had become aware of payments to some Stan ford companies1 2 : 1 9

2 that had come from the bank, from --

3 THE COURT: Who is this attorney again, sir?

4 THE WITNESS: General counsel for Stanford Financ ial

5 Group.1 2 : 2 0

6 THE COURT: Yeah. What's her name, please?

7 THE WITNESS: Yolanda Suarez.

8 THE COURT: Where was she? Was she an Antiguan l awyer

9 or Texas lawyer?

10 THE WITNESS: Texas.1 2 : 2 0

11 THE COURT: Okay.

12 THE WITNESS: And Florida, I believe.

13 THE COURT: Oh, I see. In Florida?

14 THE WITNESS: Yes.


16 Q. So, Mr. Davis, could you just explain what Mr. Stanford

17 told you about why this disclosure ended up in th e 1996 report?

18 A. As I was sharing about Ms. Suarez, the general counsel, had

19 become aware of funds having come from the bank a nd sent to

20 other Stanford companies. Ms. Suarez said that h ad to be1 2 : 2 0

21 footnoted; and because of that statement by Ms. S uarez, the

22 footnote was created.

23 Q. Was there anything inaccurate in that footnote?

24 A. The amount was not accurate. It was not that a mount.

25 Q. Was the amount that was disclosed, the $13.5 mi llion, lower1 2 : 2 1


3001

1 or higher than the amount Mr. Stanford had actual ly taken out1 2 : 2 1

2 at that point from the bank?

3 A. Lower.

4 Q. So, meaning Mr. Stanford had taken out more mon ey than that

5 disclosure?1 2 : 2 1

6 A. That is correct.

7 THE COURT: What's the date of this report? What

8 year?

9 MR. STELLMACH: December 31st of 1996.


11 MR. STELLMACH: And if we jump forward three year s to

12 the 1999 annual report, Government Exhibit 112, i f we could

13 enlarge that section.


15 Q. What's the claim made there in the annual repor t about that1 2 : 2 1

16 loan?

17 A. That, among other things, amount wise, all cred it

18 transactions executed between the bank and the re lated parties

19 or in the ordinary course of business are extende d on equitable

20 terms and conditions as similar transactions with unaffiliated1 2 : 2 2

21 persons for $13,582,579 for 24 months, that there was a balance

22 at the end of '98 of $4,800,000; during 1999, the note was paid

23 in full.

24 Q. Was that accurate?

25 A. No, sir.1 2 : 2 2


3002

1 Q. And again, this is dated as of the end of the y ear,1 2 : 2 2

2 December 31st, 1999.

3 MR. STELLMACH: If we could pull up Government

4 Exhibit 333?

5 THE COURT: What year is this?1 2 : 2 2

6 MR. STELLMACH: 1999, your Honor, December 31.

7 THE COURT: Oh, I see. You're looking at the not e

8 again?


10 And if we could just enlarge the date of that1 2 : 2 3

11 promissory note to Mr. Stanford.


13 Q. And what's the date of that 52 million-dollar p romissory

14 note?

15 A. December 31st, 1999.1 2 : 2 3

16 Q. And again, how does that date compare with the date of the

17 annual report we just looked at?

18 A. It's the same date.

19 Q. And without going through all of the other prom issory

20 notes, there are promissory notes Government Exhi bits 334, 335,1 2 : 2 3

21 336, 337 and continuing. Those postdate 1999, do n't they?


23 Q. They're after 1999?

24 A. Yes, sir.

25 Q. But after the annual report in 1999, was there ever any1 2 : 2 3


3003

1 disclosure of the existence of a loan to Mr. Stan ford in any1 2 : 2 3

2 amount?

3 A. No, sir.

4 Q. And again, those promissory notes that we just mentioned,

5 with the exception of two, I believe, who's the s ignatory on1 2 : 2 4

6 them?


8 Q. And who signed the annual reports stating that there

9 were -- which failed disclose the existence of an y loans to

10 Mr. Stanford?1 2 : 2 4

11 A. Mr. Allen Stanford, among others.

12 Q. Now, we previously mentioned -- or you previous ly have

13 testified about Stanford Development Corporation?


15 Q. What kind of business was that, again?1 2 : 2 4

16 A. Real estate acquisition and development.

17 Q. What type of projects did Stanford Development Corporation

18 engage in?

19 A. Building brick and mortar buildings which would house

20 financial operations.1 2 : 2 4

21 Q. "Financial operations" meaning what?

22 A. Banks, brokerage, exchange -- investment.

23 Q. Well, these financial operation buildings that Stanford

24 Development Corporation built, who were the busin esses that

25 they were building these buildings for?1 2 : 2 5


3004

1 A. Mr. Allen Stanford's businesses. There were al so other1 2 : 2 5

2 projects, buildings for restaurants and athletic clubs and for

3 cricket fields.

4 Q. How did you learn about these projects?

5 A. I saw the transactions, of course, going throug h1 2 : 2 5

6 accounting. I learned -- Mr. Stanford spoke of t he projects to

7 me.

8 Q. Were you involved in the -- in overseeing any o f those

9 projects?

10 A. No, sir.1 2 : 2 5

11 Q. Did you approve funds to be spent on those part icular

12 projects?

13 A. No, sir.

14 Q. Did you own any of the projects that Stanford D evelopment

15 Corporation was putting CD money into?1 2 : 2 6

16 A. No, sir.

17 Q. The projects that Stanford Development Corporat ion built,

18 were any on the island of Antigua?

19 A. Yes, sir.

20 Q. Were any concentrated in any particular area on the island?1 2 : 2 6

21 A. Yes, sir.

22 Q. What area?

23 A. The airport complex.

24 Q. Did Mr. Stanford ever explain why he was buildi ng -- he had

25 real estate projects and development projects in the airport1 2 : 2 6


3005

1 area?1 2 : 2 6

2 A. Yes, sir.

3 Q. What did he tell you about why he was building there, in

4 that area?

5 A. Said that was the first and the last visual imp ression that1 2 : 2 6

6 anyone coming to the island would have and that i t would be an

7 excellent promotional aspect and support to compa nies.

8 MR. STELLMACH: And, your Honor, if we could turn to

9 Government Exhibit 1530. I think there's an aeri al overhead

10 shot. We also have an enlarged -- an enlargement . I don't1 2 : 2 7

11 know how -- I was going to use an easel to do thi s, but we

12 might just --

13 THE COURT: There's an easel. I think there's an

14 easel part to the --

15 MR. STELLMACH: I don't know what's easier for th e1 2 : 2 7

16 jury to see. Would it be the picture on the ease l or the

17 overhead? Probably the overhead.

18 THE COURT: Do you have a pointer?

19 MR. STELLMACH: I do, your Honor.


21 Q. So, Mr. Davis, could you use the pointer and ju st indicate

22 to us -- I think it's -- do you know how to work the thing?

23 A. Yes.

24 Q. Where was the airport in relation to this pictu re?

25 A. Would have been below, down in this area.1 2 : 2 8


3006

1 THE COURT: The lower right quadrant, below the l ower1 2 : 2 8

2 right quadrant?

3 THE WITNESS: Yes. Yes, your Honor.

4 BY MR. STELLMACH:

5 Q. And I don't know whether you need to extend the microphone,1 2 : 2 8

6 Mr. Davis, or lean back while you're doing this, whatever is

7 easier for you.

8 THE WITNESS: Yes, your Honor, the right lower

9 quadrant.


11 Q. So, could you walk us through the projects that are shown

12 here that were done by Mr. Stanford?

13 A. Up here on the left side, the observation tower on the

14 hill, overlooking the other buildings and develop ments. Down

15 below -- down below the tower was a building, I b elieve,1 2 : 2 8

16 Stanford Trust Company. Moving over --

17 Q. I'm sorry. What was Stanford Trust Company?

18 A. Stanford Trust Company was an Antigua, Barbuda company that

19 dealt with clients who desired to open a trust ac count --

20 Q. Okay.1 2 : 2 9

21 A. -- with Stanford.

22 Q. And moving along?

23 A. To the right is a five-star restaurant called T he Pavilion.

24 To the right, Stanford International Bank, Limite d

25 headquarters.1 2 : 2 9


3007

1 Q. Did the bank own the building it was based in o n Antigua?1 2 : 2 9

2 A. Yes, sir. It was on the -- yes, sir, as far as I recall,

3 it was on the balance sheet of the Stanford Inter national Bank.

4 Q. Was that the only real estate that was disclose d to the

5 depositors in that balance sheet?1 2 : 3 0

6 A. Yes, sir, as far as I recall.

7 Q. And if we turned -- if we continue the tour?

8 A. Yes, sir. To the right here is a hillside that has an

9 eco-friendly water filtration project, and that w as fed into a

10 multi thousands of gallons underground water stor age facility.1 2 : 3 0

11 To the right of that is Stanford Printing & Publi shing, I

12 believe, on the right-hand side where the red roo f is.

13 Q. All right.

14 A. General landscaping here between this area of t he bank and

15 ecosystem and Printing & Publishing and the airpo rt.1 2 : 3 0

16 This is a theme restaurant called the Sticky

17 Wicket. It was based on a -- the sport of cricke t theme.

18 Q. That was the Chili's style or type restaurant?

19 A. Chili's, Applebee's, it was probably in that le vel.

20 Q. Okay.1 2 : 3 1

21 A. Hard Rock Cafe, possibly.

22 This was a night-lighted world-class cricket

23 field and stadium and parking, signage, signage.

24 This was an athletic club, and I believe it was

25 Stanford Athletic Club was the name of it.1 2 : 3 2


3008

1 Down here was maintenance facilities, roads,1 2 : 3 2

2 curbs, landscaping.

3 This was Bank of Antigua, Limited.

4 Q. That was the commercial bank Mr. Stanford bough t in order

5 to get access to the island?1 2 : 3 2


7 Q. Did we already talk about the cricket field, or it's pretty

8 obvious?

9 A. Yes, sir. Here's fan stands.

10 Q. Okay. What was your understanding of how much this cost to1 2 : 3 2

11 build?

12 THE COURT: Everything, you said?

13 MR. STELLMACH: All these buildings in the airpor t

14 area.

15 THE WITNESS: In the neighborhood of a hundred, a1 2 : 3 2

16 hundred and twenty million dollars.


18 Q. And where did that money come from?

19 A. CD depositors.

20 Q. And that was -- we saw that entry reflected ear lier in the1 2 : 3 2

21 shareholder funding report, that number would be included into

22 the Stanford Development Corporation total on tha t report?

23 A. There should be reference to that, yes, on that report.

24 Q. So, other than the actual headquarters of the b ank, did the

25 bank own any of the properties you just walked th rough?1 2 : 3 3


3009

1 A. No, sir.1 2 : 3 3

2 Q. Did you have a nickname for this project?

3 A. "Wally World."

4 Q. While you worked for Mr. Stanford, were you eve r present at

5 any meetings where people asked him how he was fi nancing these1 2 : 3 3

6 different development projects?

7 A. Yes, sir, board of directors, also prospective clients,

8 FA's.

9 Q. "FA's" meaning financial advisors?

10 A. I'm sorry. Financial advisors.1 2 : 3 4

11 Q. Like Jason Green?

12 A. Yes.

13 Q. Or Michelle Chambliss?

14 A. Yes, sir.

15 Q. And sometimes actual depositors, potential depo sitors?1 2 : 3 4

16 A. Yes, sir.

17 Q. What did Mr. Stanford say when he was asked how this was

18 all being financed?

19 A. "It was not financed by depositor money."

20 THE COURT: Any other explanation ever given, or that1 2 : 3 4

21 was the answer and everybody accepted it generall y?

22 THE WITNESS: As you stated, your Honor, accepted it

23 generally.


25 Q. And you mentioned earlier that Mr. Stanford had some plans1 2 : 3 4


3010

1 to build a resort. Was that resort in this area of the island1 2 : 3 4

2 or somewhere else?

3 A. It was at this end of the island, further in th is

4 direction, which would be maybe north, northeast.

5 THE COURT: How many square miles is the island o f1 2 : 3 5

6 Antigua, about?

7 THE WITNESS: About 108 square miles, your Honor.


9 BY MR. STELLMACH:

10 Q. All right. Mr. Davis, I wanted to leave Antigu a for awhile1 2 : 3 5

11 and talk about private equity. Could you explain to us what

12 "private equity" is?

13 A. Simply stated, it's investments in companies th at have not

14 yet been sold publicly and have not yet been trad ed on a public

15 stock exchange.1 2 : 3 5

16 Q. So, would companies that are considered private equity have

17 securities that are highly marketable?

18 A. No, sir.

19 Q. Was any -- were any bank assets placed into pri vate equity

20 investments?1 2 : 3 6

21 A. Yes, sir.

22 Q. How did that process come about?

23 A. I believe at some point in time in the developm ent of the

24 companies I suggested that private equity might b e a good

25 investment --1 2 : 3 6


3011

1 THE COURT: Hold it.1 2 : 3 6

2 MR. SCARDINO: A belated and slow objection to th e

3 form of the question. It's just a generic questi on that's open

4 to any answer.

5 MR. STELLMACH: A generic? I'm asking how the id ea of1 2 : 3 6

6 private equity investments came about.

7 MR. SCARDINO: Well, I mean, I would ask it be mo re

8 definitive in narrowing the scope of the question to the

9 witness.

10 THE COURT: Can you narrow it?1 2 : 3 6

11 MR. STELLMACH: I can narrow it, sure.

12 THE COURT: Okay. Just break it down to differen t

13 steps.

14 MR. STELLMACH: I will.


16 Q. Mr. Davis, who proposed that the bank invest in private

17 equity?

18 A. I did. And with Mr. Stanford.

19 Q. You proposed that to Mr. Stanford?

20 A. I believe so. There was a discussion between t he two us.1 2 : 3 7

21 It's hard to say over 21 years who spoke first ab out it, but

22 yes.

23 Q. Fair enough. Was there ever any disclosure, th ough, to the

24 depositors that funds were being placed in privat e equity?

25 A. No, sir.1 2 : 3 7


3012

1 Q. Or to the financial advisors?1 2 : 3 7

2 A. No, sir.

3 Q. Why invest in private equity when Mr. Stanford is borrowing

4 $2 billion from the bank?

5 A. Private equity offers an opportunity to -- if t he holdings1 2 : 3 7

6 are sufficient percentage wise in the private equ ity deal,

7 offers an opportunity to make unusual gains compa red to a

8 normal marketplace, unusual gain -- unusual gains on the

9 investment.

10 Q. You could hit the jackpot?1 2 : 3 8

11 A. Yes, sir.

12 Q. Could I ask you to step down off the stand and illustrate

13 for us with another drawing how private equity in vestments were

14 made at the bank?

15 A. (Complies.)1 2 : 3 8

16 Q. Are you done, Mr. Davis? Are you good?

17 A. I believe that's done, yes.

18 Q. Okay. So, starting at the circle at the top, c ould you

19 walk us through what you are trying to show there ?

20 A. In the private equity sense, CD money would be transferred1 2 : 3 9

21 to either a shell company like Stanford Venture C apital

22 Holdings or Stanford Financial Group Company, whi ch companies

23 would then fund purchases of private equity holdi ngs in various

24 companies, the wireless industry or distribution, retail, could

25 be in gas and oil, could be in a number of indust ries.1 2 : 4 0


3013

1 Q. Why not have the bank transfer funds directly i nto private1 2 : 4 0

2 equity investments?

3 A. Because they're -- private equity investments w ere not

4 according to the investment parameters promulgate d to

5 perspective investors.1 2 : 4 0

6 Q. Was that something you discussed with Mr. Stanf ord, the

7 fact that the private equity investments would be made -- in

8 the first instance, the CD money would go to Stan ford Financial

9 Group accounts or Stanford Venture Capital Holdin gs accounts?

10 A. Yes, sir, that is correct, we did discuss it, m any, many1 2 : 4 1

11 times.

12 Q. And so, only then would the money be transferre d to the

13 private equity investments?

14 A. The answer to the question is: two ways. One, private

15 equity investments would be made based on recomme ndations1 2 : 4 1

16 coming out of the group that found those opportun ities called

17 the capital markets group of Stanford Financial o riginally and

18 then later the brokerage. Those recommendations would come to

19 primarily myself, eventually at the end of the li ne, and they

20 would be approved or disapproved. That would be shared with1 2 : 4 1

21 Mr. Stanford.

22 Or a couple of times I believe they went from

23 Mr. Stanford by referral and we discussed from th ere. Most of

24 these went through the process of capital markets finding the

25 investment, vetting it, and then that investment eventually1 2 : 4 2


3014

1 could come to my desk for signing approval. And then that1 2 : 4 2

2 would be discussed with Mr. Stanford.

3 Mr. Stanford would also receive reports from

4 capital markets holding. He would also discuss t hat with me.

5 I would discuss it with him when we would sit dow n together.1 2 : 4 2

6 It was one of the common knowledge pieces that we discussed

7 together fairly frequently.

8 Q. And so, we went through --

9 MR. STELLMACH: If we could see Government

10 Exhibit 332C. I just want to be very precise abo ut something,1 2 : 4 2

11 your Honor, for purposes of the limine motion.


13 Q. The companies listed on 332C as receiving the $ 2 billion in

14 loans from Mr. Stanford -- I'm sorry, Mr. Davis, if you could,

15 sir, please resume your seat.1 2 : 4 3

16 A. (Complies.)

17 MR. STELLMACH: And if we could see the entire

18 spreadsheet.


20 Q. So, the companies we see here, Mr. Stanford's p ersonal1 2 : 4 3

21 companies --

22 THE COURT: Again, exhibit number?

23 MR. STELLMACH: 332C, your Honor.

24 THE COURT: Thank you.



3015

1 Q. In addition to his yachts and his planes, the p ersonal1 2 : 4 3

2 companies that Mr. Stanford owned, these were not assets of the

3 bank. Is that correct?

4 MR. SCARDINO: Object to the form of the question .

5 Mr. Stellmach, I'm sorry.1 2 : 4 3

6 THE COURT: It's leading.


8 BY MR. STELLMACH:

9 Q. Were any of the companies listed here assets of the bank?

10 A. No, sir.1 2 : 4 3

11 Q. In 332C?

12 A. No, sir.

13 Q. But the private equity investments that you des cribed, were

14 some of these actual bank assets?

15 A. Restate the question, please.1 2 : 4 4

16 Q. Certainly. Did the bank have private equity in vestments in

17 Tier III?

18 A. Yes.

19 Q. Okay. So --

20 A. In Tier III, that's correct.1 2 : 4 4

21 Q. So, these companies that we see in 332C, are th ey

22 considered part of Tier III; or is it only the lo an to

23 Mr. Stanford, the 2 billion-dollar note to Mr. St anford, that's

24 considered part of Tier III?

25 A. The latter, the note.1 2 : 4 4


3016

1 Q. So, Mr. Davis, if I could just impose on you, i n general1 2 : 4 4

2 terms, what were the assets that were in Tier III ? We talked

3 about Tier I, the cash. We've talked about Tier II, the

4 stocks, the equities, the precious metals, the in vestments that

5 were liquid and consistent with the marketing mat erials. That1 2 : 4 5

6 totaled up to about how much of the bank's assets ?

7 A. 25 percent.

8 Q. Only 25 percent of the total assets?

9 A. Between Tier I and Tier II.

10 Q. Tier III, though, what was in Tier III?1 2 : 4 5

11 A. That would be the resulting 75 percent missing so-called as

12 we in earlier testimony --

13 MR. SCARDINO: Objection --

14 THE COURT: Excuse me.

15 Yes, sir?1 2 : 4 5

16 MR. SCARDINO: It's a nonresponsive answer.



19 Q. Was the note to Mr. Stanford in Tier III, the

20 2 billion-dollar note?1 2 : 4 5

21 A. Yes, it was.

22 Q. You mentioned the bank also had private equity investments?

23 A. Yes, sir.

24 Q. Were those considered part of Tier III?

25 A. Yes, sir.1 2 : 4 6


3017

1 Q. And was there anything else in Tier III?1 2 : 4 6

2 A. Yes, sir, real estate.

3 Q. Where was the real estate located?

4 A. Antigua, Barbuda.

5 Q. So, when you say 75 percent of the bank's asset s were in1 2 : 4 6

6 Tier III, do you mean there was actually -- there was value

7 equal to the 75 percent being reported for the ba nk's assets?

8 MR. STELLMACH: Again, I'm being very precise, yo ur

9 Honor, limiting it only to the bank's assets.


11 Q. Mr. Davis?

12 A. There were -- in Tier III, 75 percent of the bo okkeeping

13 number did not represent cash, did not represent securities

14 that were marketable.

15 Q. Well, let me ask you this. If you -- if you us ed the cash1 2 : 4 7

16 that was in Tier I, which is about 10 percent of the bank's

17 reported assets, and you used the liquid assets, the stocks,

18 the bonds that was in Tier II, that was another h ow much?

19 A. 15 percent.

20 Q. So, that's 25 percent. If you sold the bank's assets which1 2 : 4 7

21 were in Tier III, the private equity, the real es tate, if you

22 got Mr. Stanford to repay his $2 billion, would t hat have been

23 enough to repay depositors? Again, I'm only focu sing on the

24 bank's assets.

25 MR. SCARDINO: Object to the form of the question and1 2 : 4 7


3018

1 it's multifarious and he's asking for speculation .1 2 : 4 7

2 MR. STELLMACH: I'm not asking for speculation, y our

3 Honor. This is Mr. Davis --

4 MR. SCARDINO: You said would it get -- if you so ld

5 what he's listed there, what would you get.1 2 : 4 8

6 THE COURT: Break it down.


8 THE COURT: That's the easiest way to do it, brea k it

9 down.


11 Q. We saw that by the end of 2007, when we walked through this

12 the other day, that the bank owed depositors $6.6 billion. Do

13 you recall that?

14 A. Yes, sir, I do.

15 Q. And I think we went through some documents and saw that1 2 : 4 8

16 Tiers I and II, the cash and the liquid assets ca me to

17 1.5 billion. Do you see that number?

18 A. I do, yes, sir.

19 Q. If Tier III was sold -- and you were the chief financial

20 officer responsible for it. Is that right?1 2 : 4 8

21 A. Yes, sir.

22 Q. -- would it have been worth $5.1 billion?

23 MR. SCARDINO: And I'll object to that because th ere's

24 been no foundation to show that this man has got the expertise

25 to form an opinion of what the marketable value w as of those1 2 : 4 9


3019

1 assets. Chief financial officer does not qualify him for that.1 2 : 4 9

2 MR. STELLMACH: He oversaw the private equity

3 investments together with Mr. Stanford and he's a lso pled

4 guilty to a fraud.

5 MR. SCARDINO: Well, that doesn't make him an exp ert1 2 : 4 9

6 on the value of the property.

7 MR. STELLMACH: It goes to his state of mind, wha t the

8 fraud was.

9 THE COURT: Sustained as to the form of the quest ion.


11 Q. At any point when you worked for Stanford -- fo r

12 Mr. Stanford, to your knowledge, did the bank hav e the ability

13 to repay depositors all of the funds it owed them ?

14 A. No, sir.

15 Q. Was that true from the very beginning of your t ime with1 2 : 4 9

16 Mr. Stanford once you learned about --

17 A. Yes, sir.

18 Q. -- from 1991, 1992, your testimony yesterday?

19 A. Yes, sir.

20 Q. And again, I just want to be very precise; but you're only1 2 : 5 0

21 talking about the bank's assets, correct?

22 A. Yes, sir.

23 MR. STELLMACH: I wanted to turn to Government

24 Exhibit 118. This is the annual report for 2005, and in

25 particular I think Page 26.1 2 : 5 0


3020


2 Q. Who signed the letter from the chairman?

3 A. Mr. Stanford.

4 MR. STELLMACH: And if we go to the prior page,

5 Page 26, and just that third paragraph beginning, "Likewise,1 2 : 5 0

6 during the past 20 years."

7 BY MR. STELLMACH:

8 Q. If you could read -- if you could just read the first three

9 sentences for us, please?

10 A. "Likewise, during the past 20 years, we have wi tnessed an1 2 : 5 1

11 array of different economic and political events. In October

12 of 1987, we experienced the worst stock market de cline since

13 the Great Depression. In 1990, the United States went into a

14 major recession. During the next few years, we s aw the Mexican

15 peso crisis of 1994, the Asian crisis of 1997, th e Russian1 2 : 5 1

16 crisis of 1998, and the collapse of long-term cap ital.

17 Speculation in technology stocks drove the NASDAQ over 5,000

18 for the first time in March 2000, and this exuber ance carried

19 over to the Dow, prompting it to break the 11,000 mark."

20 Q. There are also references there to corporate sc andals, the1 2 : 5 1

21 9-11 attacks, defaults on debt. Throughout the p ast 20 years,

22 the 20 years prior to this, this annual report, h ad Stanford

23 International Bank and Guardian before it always consistently

24 reported a profit?

25 A. Yes, sir, at year end.1 2 : 5 2


3021

1 Q. Did the bank ever actually have a profitable ye ar?1 2 : 5 2

2 A. No, sir.

3 Q. What did Mr. Stanford tell you about the need t o always

4 report a profit?

5 A. That if there was no profit, you couldn't sell to clients,1 2 : 5 2

6 you could not sell a CD based on a losing proposi tion, a bank

7 that was losing money, so you had to have profit.

8 Q. Could you explain to us how the fake profit num ber would be

9 determined?

10 A. Yes, sir. Simply stated, the profit reported w ould have to1 2 : 5 2

11 be a reasonable gain on or interest on or earning s on the

12 investment portfolio section that was reported. If the world

13 markets were producing 6 percent returns on avera ge, as an

14 example, it would be far-fetched to report that y our

15 institution gained 14 percent. So, firstly, the number of --1 2 : 5 3

16 that represented profit had to be reasonable. An d then that

17 being decided upon determined the so-called push number or the

18 inflated number or the fraudulent lie number that was entered

19 into the investment section of the balance sheet.

20 Q. So, when you sat down, did you sit down with Mr . Stanford1 2 : 5 4

21 to go through the process of picking the profit n umber?

22 A. In the very beginning, in the '91, '92, yes, pe riod.

23 Afterwards, it was pretty clear, report a profit. And then the

24 formula was simply pushed out according --

25 MR. SCARDINO: I'm sorry. I didn't understand wh at1 2 : 5 4


3022

1 the witness said. He said after that it was clea r to do what1 2 : 5 4

2 now?

3 THE WITNESS: My instructions were clear from the

4 beginning that we report a profit. And, therefor e, what I just

5 explained, the methodology used to produce that p rofit took1 2 : 5 4

6 place. Whether Mr. Stanford discussed with me ea ch and every

7 reporting period or not, he certainly signed the documents.

8 BY MR. STELLMACH:

9 Q. Well, he signed the documents. But did Mr. Sta nford know

10 that the profit number the bank was reporting was a fake?1 2 : 5 4

11 A. Yes, sir, he did.

12 Q. Well, how did he know that if you weren't sitti ng down with

13 him each and every single time that the bank was issuing a

14 report to show the fake profit?

15 A. Well, he may not have sat down with me each and every time;1 2 : 5 5

16 but he knew about the $550 million that was plowe d back into a

17 defunct airline and $220 million into a deep wate r port --

18 MR. SCARDINO: Nonresponsive answer after he didn 't

19 sit down with me.

20 THE COURT: Sustained.1 2 : 5 5


22 Q. Did you discuss from time to time, even if you weren't in

23 person with Mr. Stanford, the fact that you were picking a

24 number that wasn't based on actual returns to rep ort as a

25 profit?1 2 : 5 5


3023

1 A. Yes, we discussed certainly at year end, most o f the time1 2 : 5 5

2 in between year ends, the amount of profit that w ould be shown.

3 There were two reports, one at mid year called a statement of

4 condition for the bank; and there was, of course, the glossy

5 annual report at year end which were discussed.1 2 : 5 6

6 Q. So, you weren't necessarily sitting down in per son with

7 Mr. Stanford each time; but were you communicatin g with him

8 about the number to report?

9 MR. SCARDINO: Well, the first part of the questi on is

10 leading.1 2 : 5 6

11 MR. STELLMACH: I think that was based on his --

12 THE COURT: Let him finish. Go on.

13 MR. SCARDINO: He asked a compound question, and the

14 first part was leading.

15 THE COURT: Rephrase it.1 2 : 5 6


17 Q. Did you sit down each and every single time to pick a fake

18 profit number with Mr. Stanford?

19 A. No, sir.

20 Q. When you were trying to determine what profit t o report,1 2 : 5 6

21 what fake profit to report, did you discuss it wi th

22 Mr. Stanford?

23 A. Yes, sir.

24 Q. Could you tell us, in those discussions, was Mr . Stanford

25 uncomfortable with reporting too high a number?1 2 : 5 6


3024

1 A. No, sir.1 2 : 5 6

2 Q. Well, what would you -- what was the dynamic? Did you

3 propose a high number and he proposed a lower num ber? How did

4 that work?

5 A. He would be told how much profit was reported o n the1 2 : 5 7

6 interim report before it's published.

7 MR. SCARDINO: I'm sorry. Maybe I'm dense. When he

8 says "he," can we have a clarification who "he" i s?

9 THE COURT: Is that Mr. Stanford you're referring to,

10 sir?1 2 : 5 7


12 THE COURT: Okay. Thank you.


14 I would discuss this number with Mr. Stanford

15 each and every time this was publicly reported.1 2 : 5 7


17 Q. Did Mr. Stanford always approve the number that was

18 proposed in the interim report?

19 A. Every single time.

20 THE COURT: That's yes or no.1 2 : 5 7

21 THE WITNESS: Yes.

22 THE COURT: Okay.


24 Q. Did the bank ever report an unprofitable quarte r? You said

25 it didn't report an unprofitable year. But was t here ever a1 2 : 5 7


3025

1 quarter when it reported a loss?1 2 : 5 7

2 A. I recall two, yes.

3 Q. When was the first?

4 A. 9-11 quarter. That would have been the third q uarter of

5 2001.1 2 : 5 8

6 Q. Why did the bank report a loss at that point?

7 A. Market collapsed worldwide. It would have been irregular

8 or unreasonable to produce a profit when the glob al markets had

9 collapsed.

10 Q. Even after 9-11, when it would have been unreas onable as1 2 : 5 8

11 you testified, what did Mr. Stanford say about wh ether he

12 wanted to still report a profit?

13 A. It was understood by his discussions with me fr om the very

14 beginning of my employment that a profit had to b e reported.

15 MR. STELLMACH: Your Honor, I was about to turn t o a1 2 : 5 8

16 different topic.

17 THE COURT: All right. Ladies and gentlemen, we' ll

18 take our break at this time. It's now almost abo ut a minute

19 before 1:00. We'll be back ready to resume 2:15. We'll see

20 you at that time.1 2 : 5 9


22 (Jury present)

23 THE COURT: Thank you. Be seated.

24 Go right ahead.



3026


2 Q. Mr. Davis, earlier this morning we talked about the money

3 flow of CD money out of the bank. This afternoon I would like

4 to touch just briefly on how money was sent into the bank by

5 depositors. Were you familiar with that process?0 2 : 2 0

6 A. Yes, sir, I was familiar with it.

7 Q. And what were the different ways that depositor s would send

8 their funds to the bank in order to purchase CDs?

9 A. Two ways. One was by wire transfer from their sending

10 bank, one was by their personal check.0 2 : 2 1

11 MR. STELLMACH: And, your Honor, I'm just going t o

12 turn to Government Exhibit 4; and I understand th ere's no

13 objection to it.

14 THE COURT: Thank you. You actually go that low. I

15 know how high you go. I'm waiting for you to wor k down below.0 2 : 2 1

16 Go on.



19 Q. Mr. Davis, this is an account statement from St anford Group

20 Company. 0 2 : 2 1

21 MR. STELLMACH: And the name of the individual, i f we

22 could just enlarge that at the very bottom. Bene ath account

23 number. Okay. William Junell.

24 And if we can go back to the main document and if

25 we could just highlight the amount of the CD purc hased -- or0 2 : 2 2


3027

1 under money market withdrawal. It's the 700,000- dollar figure0 2 : 2 2

2 on December 24th of 2008.

3 THE COURT: Can you highlight that, please? Brin g it

4 up a little bit? Oh, is this on the Elmo?

5 MR. STELLMACH: No, your Honor, it's on the lapto p.0 2 : 2 2

6 THE COURT: Okay.

7 MR. STELLMACH: And then if we turn to the next

8 page of the --

9 THE COURT: Hold it. Can you highlight what we'r e

10 looking at?0 2 : 2 2

11 MS. GREGORY: That's not ours.

12 THE COURT: It's not yours?

13 MS. GREGORY: No.


15 Q. While we're working out those technical difficu lties,0 2 : 2 2

16 Mr. Davis --

17 THE COURT: Let's keep going.

18 MR. STELLMACH: Can we turn to the second page of the

19 exhibit? Your Honor, if I could just have the El mo, it might

20 be easier.0 2 : 2 2

21 THE COURT: Okay. But is the computer -- is it

22 this -- there we go.


24 Q. Okay. Mr. Davis, if I could borrow that for a moment.

25 So, we saw $700,000 in Mr. Junell's account at0 2 : 2 3


3028

1 Stanford Group Company, the brokerage firm. And if we see0 2 : 2 3

2 originator, do you see that line right there?


4 Q. Where does it indicate that account was located at?

5 A. Houston, Texas, Stanford Group escrow account.0 2 : 2 3

6 Q. And if we turn to beneficiary, the account that received

7 it, it went through an account located where, sir ?

8 A. In Toronto, Canada.

9 Q. And it ended up in an account where?

10 A. Stanford International Bank account in Toronto, Canada.0 2 : 2 3

11 Q. And in particular at the Stanford International Bank

12 account there in an escrow account in Mr. Junell' s name?

13 A. Yes, sir.

14 Q. And again, for $700,000?

15 A. Yes, sir.0 2 : 2 4

16 THE COURT: Okay. I'm not following this. Okay? The

17 jury is shaking their heads, too. No, really. T hat's what --

18 if you -- I don't understand what we have here --

19 MR. STELLMACH: Your Honor, this is one of the ch arged

20 substantive wire fraud counts. So --0 2 : 2 4

21 THE COURT: Just explain what it is. It's substa ntive

22 wire fraud --


24 THE COURT: -- no. The mechanics. What is that

25 document, what are we talking about here?0 2 : 2 4


3029


2 BY MR. STELLMACH:

3 Q. So, Mr. Davis, based on seeing Mr. Junell's acc ount

4 statement --

5 THE COURT: Now, does that mean that he put a -- he0 2 : 2 4

6 made a deposit somewhere? Is that correct, Mr. D avis?


8 THE COURT: All right. Where did he make the dep osit?

9 Initially. In whose account, what kind of a bank , whatever?

10 THE WITNESS: This amount, $700,000, came from th is0 2 : 2 4

11 client.

12 THE COURT: Okay. So, the client -- was it alrea dy in

13 a bank account?

14 THE WITNESS: It was in an escrow bank account in the

15 name of the brokerage Stanford Group.0 2 : 2 5

16 THE COURT: All right. What do you mean by an es crow

17 account? Did he buy a CD or what?

18 THE WITNESS: He made a transaction buying a CD.

19 THE COURT: For how much?

20 THE WITNESS: For $700,000.0 2 : 2 5

21 THE COURT: Okay. And that was in the Stanford B ank

22 originally, correct?

23 THE WITNESS: It was in the Stanford Group Compan y,

24 the brokerage, the Texas brokerage bank account, yes, in the

25 name of that client.0 2 : 2 5


3030

1 THE COURT: Okay. Now, what happened to it next?0 2 : 2 5

2 Where did it go?

3 THE WITNESS: It was debited or taken from that

4 account and sent to -- as indicated here, it was sent to a bank

5 account Toronto Dominion bank.0 2 : 2 5

6 THE COURT: Okay. That's the next stop?


8 THE COURT: All right. Take it --

9 THE WITNESS: And ultimately it went to Stanford

10 International Bank, Limited's account in Toronto in that -- for0 2 : 2 5

11 further credit to that client, same client.

12 THE COURT: Was this -- in other words, again, th is

13 was a purchase of a CD, correct?

14 THE WITNESS: Yes, sir, it was.

15 THE COURT: For 700,000?0 2 : 2 6

16 THE WITNESS: For $700,000.

17 THE COURT: And he received a Certificate of Depo sit

18 from what bank?

19 THE WITNESS: Stanford International Bank, Limite d.

20 THE COURT: Okay. Now, it starts moving from the re0 2 : 2 6

21 based -- and the government's theory is they're t racking this

22 for some reason. Now, go right ahead.



25 Q. And so, Mr. Davis, that was one way depositors could0 2 : 2 6


3031

1 purchase CDs, by wiring funds directly into an ac count held by0 2 : 2 6

2 Stanford International Bank?

3 A. Yes, sir.

4 Q. What was the other way depositors could buy CDs from the

5 bank?0 2 : 2 6

6 A. Depositor could write a check and that check co uld buy the

7 CD.

8 MR. STELLMACH: And I'm showing the witness Gover nment

9 Exhibits 7 through 11, and I understand there's n o objection to

10 those.0 2 : 2 7

11 THE COURT: Just assume there's not.


13 THE COURT: Easiest way to do it.


15 Q. So, if somebody wanted to buy a CD and instead of wiring0 2 : 2 7

16 the money into an account like Mr. Junell did wit h his

17 $700,000, if they actually showed up and gave a c heck to their

18 broker or their financial advisors at Stanford Gr oup Company,

19 could you explain to us the process by which thos e funds would

20 then end up at Stanford International Bank?0 2 : 2 7

21 A. Yes, sir. There would be documentation support ing that

22 check, that is to say, the client's name, account number, and

23 all the pertinent information that was utilized t o open an

24 account would be logged in on a piece of paper. And that piece

25 of paper with the account information, along with the check,0 2 : 2 7


3032

1 would be sent to an administrative person at the brokerage.0 2 : 2 7

2 And that check and that account information sheet would be

3 accumulated with all other similar purchases of C Ds in this

4 example. And then once a day, the total of purch ased CD

5 checks, client information, would be summarized a nd sent to0 2 : 2 8

6 Stanford International Bank, Limited in Antigua b y pouch.

7 Q. When you say "by pouch," what do you mean?

8 A. Federal Express overnight letter.

9 Q. And based on your review of Government Exhibits 7 through

10 11, what do you recognize those documents or thos e exhibits to0 2 : 2 8

11 be?

12 A. These are account opening documents and in some cases

13 checks that would have gone into this overnight l etter Federal

14 Express summary and sent to the bank.

15 Q. So, for example, Government Exhibit 7, is that a copy of0 2 : 3 0

16 one of the mail pouches that would have been sent to Antigua

17 from the brokerage firm with account information for people

18 purchasing CDs from Stanford International Bank?

19 A. Yes, sir, that's what it appears to be, yes.

20 MR. STELLMACH: And, your Honor, if we could swit ch to0 2 : 3 0

21 the laptop. Just to see an example of what one o f these mail

22 pouches looks like, Government Exhibit 7.


24 Q. So, the first page, I think we saw, was a FedEx cover

25 sheet -- or --0 2 : 3 0


3033

1 MR. STELLMACH: I'm sorry. Could we go --0 2 : 3 0

2 BY MR. STELLMACH:

3 Q. And this looks like it's being FedEx'd from whe re,

4 Mr. Davis?

5 A. Stanford Group Company in Houston, Texas, 5050 Westheimer,0 2 : 3 0

6 I believe.

7 Q. Okay.

8 A. Yes, sir.

9 Q. And where would the documents collected by the financial

10 advisor for a customer then be FedEx'd to?0 2 : 3 1

11 A. They would be FedEx'd to the Stanford Internati onal Bank on

12 Pavilion Drive, St. John's, Antigua.

13 MR. STELLMACH: Okay. If we could just turn to a page

14 in the document, just to see the types of informa tion that

15 would have been forwarded.0 2 : 3 1


17 Q. So, if we see the referral number/client name, what does

18 that indicate? What's beneath that column?

19 A. That is the client's name and/or the client -- client's

20 Stanford International Bank, Limited account numb er.0 2 : 3 1

21 Q. And then there's an amount in US dollars. What does that

22 amount represent?

23 A. That would be the amount of the check forwarded .

24 Q. In this case $2 million?

25 A. The top, yes, sir.0 2 : 3 1


3034

1 Q. And then it contains a description code, and th ere's some0 2 : 3 1

2 documents identified there. What are those?

3 A. For that top item of $2 million, it's the packa ge of

4 account opening. It appears the package of accou nt opening

5 documents.0 2 : 3 2

6 Q. So, once a depositor decided to purchase a CD, they would

7 complete the information -- a depositor, I should say, here in

8 the United States, they would complete the inform ation in the

9 subscription agreement, the other documents they needed to open

10 the account, give their check, and all of that wo uld be sent0 2 : 3 2

11 down to Antigua?

12 A. Yes, sir.

13 Q. All right. And I think we're done with the mai l pouches.

14 I just wanted an example. Let me take those out of your way.

15 A. Here's one more.0 2 : 3 2

16 Q. Now, you testified yesterday and today that the fraud to

17 which you pled guilty lasted approximately 20 yea rs?

18 MR. SCARDINO: Objection to the use of the term

19 "fraud" by the --

20 MR. STELLMACH: I'm asking the question the fraud to0 2 : 3 3

21 which he pled guilty.

22 THE COURT: Which he pled guilty.

23 MR. SCARDINO: Okay. Withdrawn.

24 THE WITNESS: Yes, sir. For myself, between 16,

25 17 years, yes, sir.0 2 : 3 3


3035


2 Q. And I wanted to turn to some of the claims that were made

3 in the different marketing materials about the pr otections that

4 were supposed to be in place, starting with Gover nment

5 Exhibit 131 on Page 16. 0 2 : 3 3

6 MR. STELLMACH: Under "Investment Philosophy and

7 Portfolio Diversification," if we could just enla rge that

8 paragraph and just -- well, it states in the thir d -- if we can

9 just highlight the sentence beginning, "Our inves tment strategy

10 is set annually and reviewed quarterly by our boa rd of0 2 : 3 4

11 directors."


13 Q. Do you see that?


15 Q. When did you join the board of directors of Sta nford0 2 : 3 4

16 International Bank?

17 A. 1992.

18 Q. How did you get put on the board?

19 A. Mr. Stanford asked me to join the board.

20 Q. How many people were on it at the time you join ed?0 2 : 3 4

21 A. I believe five.

22 Q. Who were these individuals?

23 A. They were businessmen for the most part from ce ntral Texas

24 and one individual who was a barrister, solicitor , and judge

25 from the Eastern Caribbean.0 2 : 3 4


3036

1 Q. How frequently did the board of directors meet?0 2 : 3 4

2 A. Several times a year.

3 Q. Where would it meet?

4 A. It would meet in Stanford offices, both in the US and in

5 the Caribbean.0 2 : 3 5

6 Q. Did it meet regularly?

7 A. In the early years it did, yes.

8 Q. Well, by "in the early years," but approximatel y at what

9 point did it stop meeting regularly?

10 A. Probably the mid Nineties.0 2 : 3 5

11 Q. And after the mid Nineties, how frequently woul d the board

12 actually meet?

13 A. They would meet a couple of times a year -- twi ce a year

14 with also some meetings by telephone conference.

15 Q. Was there an agenda for these meetings?0 2 : 3 5

16 A. Yes, sir.

17 Q. Who prepared the agenda?

18 A. That was prepared by the chairman of the board,

19 Mr. Stanford.

20 Q. And what was the format for these meetings? Wh at would0 2 : 3 5

21 happen when the board actually met?

22 A. There would be -- usually when the board met, i t would be

23 of a day's duration, certainly a full afternoon. The meeting

24 would consist of going through a state of the com pany type

25 message from the chairman; and there would be a r eview of0 2 : 3 6


3037

1 financial statements, financial information. The re would be a0 2 : 3 6

2 review of the world economic situation, the finan cial markets;

3 and there would also be an update by the chairman on other

4 items of interest that might be happening in the other Stanford

5 companies.0 2 : 3 6

6 Q. The companies that weren't overseen by the boar d?

7 A. Yes, sir.

8 Q. Was the board ever given any information -- any truthful

9 and accurate information about the bank's assets?

10 A. No.0 2 : 3 6

11 Q. To your knowledge, was the board told about the loans to

12 Mr. Stanford?

13 A. No, sir.

14 Q. So, this description here that "Our investment strategy is

15 set annually and reviewed quarterly by our board of directors,"0 2 : 3 7

16 was the board given accurate information to perfo rm that

17 function?

18 A. No, sir.

19 Q. Now, the bank moved to Antigua in what year?

20 A. In 1991. 1991.0 2 : 3 7

21 Q. Now, I think you testified yesterday about Mr. Stanford

22 telling you about some sort of a blood oath that he had with

23 the chief regulator on Antigua, a man named Leroy King?

24 A. Yes, sir.

25 Q. What did Mr. Stanford tell you about how he pai d Mr. King?0 2 : 3 7


3038

1 You mentioned payments to Mr. King as well. What did he tell0 2 : 3 7

2 you about how he made those payments?

3 A. He said he made them in cash, made them at nigh t, between

4 the two of them.

5 Q. I was wondering, Mr. Davis, with the Court's in dulgence, if0 2 : 3 8

6 I could ask you to go to one of your charts and s how how the

7 money was sent to Mr. King according to what Mr. Stanford told

8 you?

9 THE COURT: Sir, may we have -- can you turn on t he

10 microphone, please? You need to turn it on. Is it the front0 2 : 3 8

11 button?



14 Q. And so, Mr. Davis, starting at the top, could y ou explain

15 the flow of funds as Mr. Stanford told you?0 2 : 4 0

16 A. The money would come from Stanford Internationa l Bank, the

17 CD money, go to the slush fund at SocGen, 108.731 . A transfer

18 would be made from SocGen 108.731 to Bank of Anti gua, Limited

19 to an account in the name of Mr. Stanford. And t hen cash out

20 of that account, Mr. Stanford's account, would be withdrawn and0 2 : 4 0

21 handed to Mr. King by Mr. Stanford.

22 MR. SCARDINO: Mr. Stellmach, I can't read the li ne --

23 can I just show you?

24 MR. STELLMACH: Sure.

25 MR. SCARDINO: Maybe if I get up here close.0 2 : 4 1


3039

1 THE WITNESS: "In the name of."0 2 : 4 1

2 BY MR. STELLMACH:

3 Q. So, Mr. Stanford had a bank account, a personal bank

4 account, at the Bank of Antigua, his commercial b ank?

5 A. Yes, sir.0 2 : 4 1

6 Q. And what did he tell you he would do with that account?

7 A. In this case he would request -- he would -- Mr . Stanford

8 would request the assistant manager or the manage r of the bank

9 to put together --

10 Q. Maybe you should take the stand. I think we ca n follow0 2 : 4 1

11 along without you being next to it. Mr. Davis, y ou can just

12 take the stand and walk us through this.

13 So, what did Mr. Stanford tell you he would do

14 with his Bank of Antigua account?

15 A. He would -- he would request a withdrawal from that0 2 : 4 2

16 account, person requested -- he requested from wo uld put a cash

17 withdrawal in the package and get it to Mr. Stanf ord.

18 Q. And what would Mr. Stanford do with the cash?

19 A. Then he would meet with the regulator, Mr. King , and hand

20 the cash to Mr. King.0 2 : 4 2

21 Q. Just to be clear, your testimony is based only on what

22 Mr. Stanford told you. Is that correct?

23 A. That is correct. And one occasion I was in --

24 MR. SCARDINO: Object to the nonresponsive portio n.



3040


2 Q. Were you ever physically present when Mr. Stanf ord handed

3 cash to Mr. King?

4 A. No, I was not.

5 Q. Did you ever see Mr. Stanford with cash that wa s going to0 2 : 4 3

6 go to Mr. King before the meeting took place?


8 Q. Could you tell us about that incident?

9 A. One evening in the airport -- Stanford airport hangar in

10 Antigua -- I believe it was on -- located on Pitc h Drive --0 2 : 4 3

11 MR. SCARDINO: I would like it related to questio n and

12 answer.



15 Q. Where did you see -- where did this take place, this0 2 : 4 3

16 meeting with Mr. Stanford?

17 A. On Pitch Drive by the -- inside the Stanford ha ngar in

18 Antigua, by the airport.

19 Q. And who was present when you had this meeting w ith

20 Mr. Stanford?0 2 : 4 4

21 A. Myself and Mr. Stanford.

22 Q. And where did you see cash?

23 A. In the conference room of that hangar on the co nference

24 room table inside Mr. Stanford's briefcase.

25 Q. How could you see inside the briefcase?0 2 : 4 4


3041

1 A. It was open on top of the desk. And he pointed to it and0 2 : 4 4

2 said, "Unfortunately, I've got to see Mr. King, d eliver the

3 cash."

4 MR. SCARDINO: Object to nonresponsive.

5 THE COURT: Overruled.0 2 : 4 4

6 BY MR. STELLMACH:

7 Q. Mr. Stanford told you he was then going to deli ver the cash

8 to Mr. King?

9 A. That night, yes, sir.

10 Q. But you were not there when that happened?0 2 : 4 4

11 A. I was not there, no, sir.

12 Q. Did Mr. Stanford ever tell you how much money h e was paying

13 to Mr. King?

14 A. I believe it was in the neighborhood of 10 to $ 15,000.

15 Q. How frequently?0 2 : 4 4

16 A. More than -- more than once a quarter, I think. No less

17 than once a quarter.

18 THE COURT: Again, Mr. King, what was his positio n?

19 THE WITNESS: He was -- your Honor, he was the

20 director of the Financial Services Regulatory Com mission in the0 2 : 4 5

21 Department of Treasury, Antigua, Barbuda.


23 Q. Was he the individual that Mr. Stanford had rep lace

24 Ms. Crick as the chief regulator?

25 A. Yes, sir, he replaced Ms. Crick.0 2 : 4 5


3042

1 Q. Did you ever speak with Mr. King directly?0 2 : 4 5

2 A. Yes, sir.

3 Q. What types of issues would you discuss with him ?

4 A. Other than non-business related items, "How is the bank

5 doing" he would ask. We would go over how the ba nk was going.0 2 : 4 5

6 Sometimes he would ask things like --

7 MR. SCARDINO: It's nonresponsive.


9 MR. STELLMACH: I asked the witness what types of

10 issues he would discuss with Mr. King.0 2 : 4 6

11 THE COURT: You know, as long as it's not run-on.



14 Q. Did Mr. King, when you spoke with him, ever com ment on any

15 gifts that Mr. Stanford had given to him?0 2 : 4 6

16 A. Yes, sir. He, in fact, called me several times asking --

17 MR. SCARDINO: Nonresponsive.




21 Q. What were the gifts that Mr. King discussed wit h you that

22 he was receiving from Mr. Stanford?

23 A. Superbowl tickets.

24 Q. Do you remember the year?

25 A. 2008-'9, 2000 -- 2004-'5.0 2 : 4 6


3043

1 Q. So, Mr. King, when he raised the issue of Super bowl tickets0 2 : 4 7

2 with you, what did he say about them?

3 A. He said he hadn't been able to get in touch wit h

4 Mr. Stanford and he had not received the tickets yet.

5 Q. What did you do after Mr. King told you that?0 2 : 4 7

6 A. I relayed that information to Mr. Stanford.

7 Q. After you told Mr. Stanford, what did he say?

8 A. Said he would take care of it.

9 Q. Do you know whether he did?

10 A. Yes, sir.0 2 : 4 7

11 Q. How do you know that?

12 A. Mr. King would say to me when we would meet, "I t was a

13 great game."

14 Q. Now, in addition to the Superbowl tickets, Mr. King was

15 receiving cash, did he also have any access to Mr . Stanford's0 2 : 4 8

16 personal planes?

17 A. Yes, sir, he did take trips on the plane to the mainland,

18 yes.

19 Q. When you say to the mainland, where was Mr. Kin g flying?

20 A. I believe he was flying to Atlanta.0 2 : 4 8

21 Q. Do you have any sense of how frequently that wa s taking

22 place?

23 A. No.

24 Q. How do you know Mr. King was using Mr. Stanford 's planes?

25 A. Because he told me.0 2 : 4 8


3044

1 Q. Who told you?0 2 : 4 8

2 A. Mr. King.

3 Q. Are you familiar with something called an IB5?

4 A. Yes, sir.

5 MR. STELLMACH: Going to show the witness Governm ent0 2 : 4 8

6 Exhibit 605C.

7 And if we could turn to the first page of the

8 actual IB5.

9 BY MR. STELLMACH:

10 Q. Well, Mr. Davis, what do you recognize this to be?0 2 : 4 9

11 A. This is a cover page to the quarterly financial reporting

12 package that was sent from Stanford International Bank to the

13 Financial Services Regulatory Commission, the FSR C.

14 Q. The agency headed by Mr. King?

15 A. Yes, sir.0 2 : 4 9

16 Q. What period does this submission cover?

17 A. Third quarter of 2008.

18 Q. What type of financial information about the ba nk did the

19 bank have to file with the FSRC on Antigua?

20 A. The financial statements, the balance sheet, th e profit and0 2 : 4 9

21 loss statements, subsidiary schedule supporting t he line items

22 on those statements, including a lot of specific detail.

23 Q. And are you familiar with a document called an IB5?

24 A. Yes, sir, I am.

25 Q. What is an IB5?0 2 : 5 0


3045

1 A. The IB5 section of this report described in det ail the0 2 : 5 0

2 individual products reported or investment produc ts reported

3 and the investment house or financial institution that these

4 products were reported to be held in, along with the amount.

5 Q. So, for example, you said that the bank would s ubmit its0 2 : 5 0

6 financial statement. Is that right?


8 Q. And what information in the -- what information was

9 contained in the IB5 related to the bank's assets ?

10 A. This would be the detail itemization of the inv estment0 2 : 5 1

11 section of the financial statements.

12 Q. In other words, the breakdown of where the bank 's assets

13 were actually being held?

14 MR. SCARDINO: Object to leading.



17 Q. What information would be contained in the IB5 concerning

18 where the assets of the bank were actually held?

19 A. One of the line items -- one of the columns --

20 THE COURT: It's not on.0 2 : 5 1

21 A JUROR: I can't see it.

22 MR. STELLMACH: Maybe we'll go to the overhead. If we

23 can switch to the Elmo, Judge, I can just work wi th that.

24 THE COURT: What is the problem so that I can rep ort

25 it? What is the problem as you see it?0 2 : 5 1


3046

1 MR. STELLMACH: It's probably the --0 2 : 5 2

2 A JUROR: It's probably the picture mode on the T V, so

3 the page is actually wider than what the TV is sh owing.

4 THE COURT: Okay. Anybody know how to correct th at?

5 No. In other words, we can get the technician -- are you aware0 2 : 5 2

6 how to do it or --

7 MS. WALTHER: No.

8 THE COURT: You're not. Okay. All right. Thank s.

9 Let you run your meter on us and bill us at the

10 end.0 2 : 5 2


12 Q. So, Mr. Davis, turning to the IB5, we'll just u se --

13 THE COURT: When you get a chance, get the flip c hart

14 out of the way. Counsel, can you move the flip c hart out of

15 the way?0 2 : 5 2

16 MR. STELLMACH: I'm sorry.

17 THE COURT: I think it's even blocking the witnes s.


19 Q. So, Mr. Davis, under the column labeled "Interm ediary

20 Broker/Issuer," there are a list of names Coutts RBS, LAM,0 2 : 5 3

21 Banque Franck, SocGen. What information is refle cted in that

22 column?

23 MR. SCARDINO: Mr. Stellmach, what page are you o n?

24 MR. STELLMACH: Page 1 of the IB5, which is, I th ink,

25 Page 14 of the document.0 2 : 5 3


3047


2 BY MR. STELLMACH:

3 Q. Mr. Davis?

4 A. The intermediary broker/issuer contained the na mes of the

5 financial institutions where the investment -- or investments0 2 : 5 3

6 were actually held or at least reported to be hel d. This was

7 a -- this report was a lie. It's a falsified rep ort.

8 THE COURT: The whole thing?


10 MR. SCARDINO: Before we get any further, object to0 2 : 5 4

11 the nonresponsive answer. Nobody asked whether i t was fake or

12 not.

13 MR. STELLMACH: We were getting there.

14 MR. SCARDINO: Okay.

15 THE COURT: But as to the response, sustained; bu t0 2 : 5 4

16 we're getting there.


18 Q. So, the intermediary broker/issuer is supposed to be the

19 financial institution that has Stanford Internati onal Bank

20 assets?0 2 : 5 4

21 A. Yes, sir.

22 Q. And then there's a statement there, "Balance sh eet value."

23 And for the first entry at Coutts, it's shown at $33.3 million

24 for one account. Could you just explain that ent ry to us?

25 A. Yes, sir. This report states that at Coutts Re public Bank0 2 : 5 4


3048

1 or Royal Bank of Scotland, RBS, has an amount in the name of0 2 : 5 5

2 Stanford International Bank, Limited of $33,373,4 66.

3 Q. And so, there's also another entry for Coutts R BS in the

4 amount of 17 million. Why are there multiple ent ries for some

5 of these financial institutions?0 2 : 5 5

6 A. It could be that there is a differentiation bet ween

7 products that are invested and it could be bonds or investment

8 funds or it could be securities.

9 Q. Okay. So, this is a report filed by the bank w ith the

10 Antiguan regulatory body breaking down where its assets are0 2 : 5 5

11 supposed to be held, where the bank's assets are located?

12 A. Yes, sir.

13 Q. Is the information in this report accurate?

14 A. No, sir.

15 Q. In what way is it not accurate?0 2 : 5 6

16 A. The amounts are inflated amounts and are not th e actual

17 amounts in the accounts listed.

18 Q. Why are the amounts inflated?

19 A. To cover the missing funds.

20 Q. When you say "missing funds," did Stanford Inte rnational0 2 : 5 6

21 Bank have accounts at Coutts and Banque Franck an d SocGen and

22 all these other institutions?

23 A. Yes, sir, they did.

24 Q. So, the bank had assets at these institutions. So, what's

25 fake about the document?0 2 : 5 6


3049

1 A. The amount of assets in dollars are overinflate d.0 2 : 5 6

2 Q. So, just to go back to Tier II very briefly, we re the

3 assets that were on deposit at these different fi nancial

4 institutions in the name of the bank considered T ier II assets?

5 A. Yes, sir, that is correct.0 2 : 5 7

6 Q. But Tier II only represented approximately how much of the

7 bank's overall portfolio?

8 A. Give or take, 15 percent.

9 Q. And so, are any of the numbers, to your recolle ction,

10 accurate in these IB5 reports filed with the regu lators about0 2 : 5 7

11 the bank's actual assets at these different insti tutions?

12 A. I don't believe so.

13 Q. Who prepared these fake numbers?

14 A. They were prepared by accounting. I would rece ive this

15 report, and I would --0 2 : 5 7

16 MR. SCARDINO: Object to the nonresponsive answer .



19 Q. What role did you play in preparing this report ?

20 A. I would fill in the numbers.0 2 : 5 7

21 Q. And were you given any numbers before you recei ved the

22 report?

23 A. Yes, sir, I was.

24 Q. By who?

25 A. By Mr. Kuhrt, the global controller, from his o ffice.0 2 : 5 8


3050

1 Q. And so, you received this report. Were there n umbers -- in0 2 : 5 8

2 other words, did you receive a draft of this repo rt?

3 A. Yes, sir, I would say a draft.

4 Q. And were the numbers in the draft that you rece ived

5 accurate?0 2 : 5 8

6 A. No, sir.

7 Q. And why weren't they accurate?

8 A. Because they were derived from a previous repor t that had

9 balances from the previous report tendered to the FSRC. It was

10 a template to use to fill in and complete in the current0 2 : 5 8

11 reporting period or reporting quarter in this cas e.

12 Q. So, you would use the old report when updating for the new

13 filing?


15 Q. And what -- could you explain to us how you wou ld go about0 2 : 5 8

16 faking the numbers for the new report that you we re updating?

17 A. I would change the numbers in the column "Balan ce Sheet

18 Value, Fair Value or Amortized Cost." I would ch ange the

19 numbers in that column so that the total of them would equal

20 the number reported in the financial statement.0 2 : 5 9

21 Q. Was there any risk to the scheme by filing this report with

22 the Financial Services Regulatory Commission on A ntigua?

23 A. I think not, no, sir.

24 Q. Was there a potential risk? Let me rephrase my question.

25 A. Yes. Indeed, there was potential risk.0 2 : 5 9


3051

1 Q. What was the potential risk of filing these ina ccurate0 2 : 5 9

2 numbers about the bank's assets with the Antiguan regulators?

3 A. If the Antigua bank examiner were to contact fo r

4 confirmation purposes the financial institution, those

5 institutions listed under the column "Intermediar y," then in0 3 : 0 0

6 that confirmation process the examiner would find out that

7 those numbers reported on the IB5 were fraudulent numbers.

8 Q. And for how many years was the bank filing frau dulent

9 IB5's, laying out assets and identifying assets a t different

10 institutions that it just didn't have?0 3 : 0 0

11 A. As long as there was a report called the IB5. Years.

12 Q. Now, my original question was, was there a pote ntial

13 danger. And you said "yes."

14 From your perspective, was there an actual danger

15 to filing these fake numbers with the regulator?0 3 : 0 0

16 A. No, sir.

17 Q. Could you explain why you didn't think there wa s any risk?

18 A. Because Mr. Stanford had arranged with the regu lator,

19 through bribes, that the regulator and the examin ers in the

20 FSRC would not perform the confirmation process.0 3 : 0 1

21 Q. Did you ever discuss the fake numbers you were submitting

22 in the IB5 with Mr. Stanford?

23 A. Yes, sir, explained to him how they were put to gether, yes,

24 sir.

25 Q. Did Mr. Stanford and you ever discuss the impor tance of0 3 : 0 1


3052

1 limiting access to the information contained in t he IB5 within0 3 : 0 1

2 the company, within the Stanford organization?

3 A. Yes, sir. It was not to be seen by anyone.

4 Q. Did Mr. Stanford ever give you any more specifi c

5 instructions or directions about limiting access to the report?0 3 : 0 1

6 A. Mr. Stanford did not want --

7 MR. SCARDINO: Objection.

8 THE COURT: Hold it.

9 THE WITNESS: I'm sorry.

10 THE COURT: When he starts in -- yes, sir.0 3 : 0 2

11 MR. SCARDINO: Nonresponsive, yes or no.

12 MR. STELLMACH: He's answering the question. He' s

13 explaining what Mr. Stanford told him about limit ing access.

14 MR. SCARDINO: The question was did he ever --

15 THE COURT: Again, read the question back. It0 3 : 0 2

16 probably was a yes or no.

17 (The requested portion of the record was read back by the

18 court reporter)

19 THE COURT: Sustain the objection.

20 Again, sir, if it's a yes or no question -- yes0 3 : 0 2

21 or no answer, if you can. And then -- then couns el can follow

22 up there with an explanation.

23 THE WITNESS: Yes, sir, your Honor.

24 MR. STELLMACH: Thank you, Judge.



3053

1 Q. What instructions did Mr. Stanford give you abo ut limiting0 3 : 0 2

2 access to the information in the fake IB5 --

3 A. He said, "No one else is to see this."

4 Q. Did you ever tell Mr. Stanford whether anyone e lse within

5 the company had access to these numbers which wer e being filed?0 3 : 0 3

6 A. I believe I did. I said that these numbers are numbers

7 that will pass through the completion stage of th e financial

8 report to the FSRC.

9 Q. But did you tell Mr. Stanford that anybody else in the

10 accounting department, for example, was getting a ccess to these0 3 : 0 3

11 IB5 numbers, these fake numbers?

12 A. I had told Mr. Stanford, yes.

13 Q. Who did you tell Mr. Stanford was gettings acce ss to the

14 numbers?

15 A. Mr. Kuhrt, Mr. Lopez.0 3 : 0 3

16 Q. Did Mr. Stanford say anything to you when he le arned that

17 the accountants, Mr. Kuhrt and Mr. Lopez, had acc ess to these

18 numbers?

19 A. He asked me if we could trust them.

20 Q. What did you tell him?0 3 : 0 4

21 A. I said, "Well, they have been doing the account ing for

22 years. So, I believe that they can be trusted."

23 Q. After you told Mr. Stanford that Mr. Lopez and Mr. Kuhrt

24 had access to this IB5 information, did you notic e any change

25 by him toward those two men?0 3 : 0 4


3054

1 A. Well, he told me when I shared with him specifi cally that0 3 : 0 4

2 they were in the loop, he told me that, "Well, I' m going to get

3 with Mr. Kuhrt, Mr. Lopez, I'm going to give them a tour of

4 what's going on in Antigua and spend some time wi th them."

5 And it later took place, I believe, that they not0 3 : 0 4

6 only got time with him but took them on a tour, m aybe even a

7 helicopter tour of the north, northeastern end of Antigua and

8 also a mock model setup of a resort that was loca ted in the

9 offices adjacent to the hangar in Antigua, the St anford airport

10 hangar.0 3 : 0 5

11 Q. Do you recognize the name Paul Ashe?


13 Q. How do you recognize Mr. Ashe's name?

14 A. Mr. Paul Ashe was a bank examiner with the FSRC .

15 Q. And did there come a point when you discussed M r. Ashe with0 3 : 0 5

16 Mr. Stanford?

17 A. Yes, there was a point.

18 Q. Approximately when do you recall that?

19 A. 2007, certainly 2008.

20 Q. And could you tell us, in 2007, 2008, what was the0 3 : 0 5

21 conversation you had with Mr. Stanford concerning Mr. Ashe?

22 A. That the conversation was that Mr. Ashe, the ex aminer, was

23 getting very close to the investment section exam ination,

24 wanting detailed backup for the individual invest ments. He

25 wanted to see, in effect, the statements from the financial0 3 : 0 6


3055

1 institutions to support the entries on the IB5.0 3 : 0 6

2 Q. Did you discuss at all with Mr. Stanford why Mr . King

3 couldn't intervene and stop Mr. Ashe from asking for that

4 information?

5 A. Mr. Stanford told me that Mr. King was unable t o pull0 3 : 0 6

6 him -- steer him completely away. He was -- he w as intent,

7 determined to see some verification in his examin ation

8 processes. He was determined to see some certifi cation,

9 verification of those numbers.

10 Q. Well, when Mr. Stanford told you that Mr. Ashe wanted to0 3 : 0 7

11 see actual account statements, did you discuss wh at the next

12 step should be?

13 A. Yes. In 2008, based on the third quarter exami nation, I

14 got a call from Mr. Stanford at one point in time and

15 Mr. Stanford said that, "You're going to have to falsify some0 3 : 0 7

16 bank statements for Mr. Ashe to look at to verify part of the

17 portfolio on the IB5, the IB5 listing." So, he s aid he'll just

18 take several, he'll take three. "So, if you fals ify three of

19 them, then I'll pick them up from you."

20 Q. Could it have been more than three, five or six even?0 3 : 0 7

21 A. It could have been.

22 Q. After Mr. Stanford told you that, what did you do?

23 A. I did as he said, I falsified some statements a nd put them

24 in an envelope and handed them to him in a meetin g in Atlanta

25 at a general aviation hangar, I believe, terminal . It was the0 3 : 0 8


3056

1 weekend -- if I remember correctly, it was the we ekend of the0 3 : 0 8

2 FedEx cup championship in 2008.

3 Q. And after you handed over the fake account stat ements, did

4 Mr. Stanford ever discuss them with you again?

5 A. Yes, he did.0 3 : 0 8

6 Q. How shortly after you had handed them over to h im?

7 A. I believe it was the next day, on Monday, the f ollowing.

8 Q. And did Mr. Stanford call you, or were you call ing him?

9 A. I received a call at my house from Mr. Stanford and in a

10 quieted voice, very stern voice --0 3 : 0 9

11 MR. SCARDINO: Objection, nonresponsive.


13 THE WITNESS: -- he said, "The date's wrong on th e

14 statement."

15 I replied, "What date?"0 3 : 0 9

16 He explained, "The date of the statement is the

17 wrong date. You'll have to do the statements aga in."


19 Q. What did you do after Mr. Stanford called you a nd told you

20 you had made mistakes in the faking?0 3 : 0 9

21 A. Mr. Stanford, in that call, said, "You need to do the

22 statements again. Mr. Rodriguez, the bank presid ent, has just

23 shown this to me. Do it again. I'll send the pl ane to pick

24 them up." And so, I did them again.

25 THE COURT: Where were you situated? What city?0 3 : 0 9


3057

1 THE WITNESS: Tupelo, Mississippi.0 3 : 0 9

2 THE COURT: And Mr. Stanford was on the island?


4 THE COURT: Okay.

5 THE WITNESS: As far as I know.0 3 : 0 9

6 BY MR. STELLMACH:

7 Q. And was that the only time you had to fake acco unt

8 statements --

9 A. Yes, sir.

10 Q. -- for the IB5?0 3 : 1 0

11 A. Yes, sir.

12 Q. And approximately when did that take place, the forging of

13 these documents?

14 A. Middle, late October 2008.

15 Q. And did that solve the problem?0 3 : 1 0

16 A. That particular problem, I believe, was solved. I didn't

17 hear any more after the pilots picked up that pac kage.

18 Q. I wanted to talk about an individual named Prav een Tiwari.

19 Do you recognize that name?

20 A. I do, yes, sir.0 3 : 1 0

21 Q. How do you recognize it?

22 A. I've met Mr. Tiwari and know him.

23 Q. Who was Mr. -- or who was Mr. Tiwari at the tim e you met

24 him?

25 A. He was a supervisor of banks at the FSRC in Ant igua. He0 3 : 1 0


3058

1 had come from the country of India and was a care er bank0 3 : 1 1

2 examiner, banking specialist, was on loan to the government of

3 Antigua, I believe through the IMF. I'm not cert ain of that,

4 but he was on loan to the government of Antigua a nd they placed

5 him in the FSRC to assist.0 3 : 1 1

6 THE COURT: IMF, just for the record, is?

7 THE WITNESS: International Monetary Fund.

8 BY MR. STELLMACH:

9 Q. And without getting into too much detail, could you just

10 explain what the International Monetary Fund is?0 3 : 1 1

11 A. Simply stated, it's an organization that has

12 representatives from all over the world that stud y economics,

13 that study monetary issues and try to standardize things for

14 the users of the world.

15 Q. Did you ever discuss Mr. Tiwari with Mr. Stanfo rd?0 3 : 1 2


17 Q. Approximately when do you recall Mr. Tiwari com ing up in

18 conversations with Mr. Stanford?

19 A. I remember one series of conversations with Mr. Stanford

20 regarding Mr. Tiwari in that --0 3 : 1 2

21 Q. What year was this?

22 A. The year that Mr. Tiwari left the island; and I don't

23 recall the specific year, maybe '06, '07.

24 Q. Okay.

25 A. And Mr. Stanford said that he was getting too c lose to the0 3 : 1 2


3059

1 certification --0 3 : 1 2

2 THE COURT: Hold it.

3 MR. SCARDINO: That's nonresponsive.

4 THE COURT: True, sustained. Counsel, you need t o cut

5 him off yourself.0 3 : 1 2


7 THE COURT: If it gets too far beyond.

8 BY MR. STELLMACH:

9 Q. What did Mr. Stanford tell you about Mr. Tiwari ?

10 A. He said that Mr. Tiwari, according to Mr. King, was getting0 3 : 1 2

11 too close to the verification process of the inve stment section

12 of the balance sheet.

13 Q. Did Mr. Stanford tell you whether he was going to take any

14 steps to deal with that problem from Mr. Tiwari?

15 A. Yes, sir.0 3 : 1 3

16 Q. What steps did Mr. Stanford tell you he was goi ng to take?

17 A. Was going to initiate a disinformation campaign through the

18 media in Antigua to turn the citizens of Antigua so much

19 against Mr. Tiwari that he would be fearful of st aying there

20 and that he would flee the island.0 3 : 1 3

21 Q. Did Mr. Stanford ever tell you whether he actua lly took any

22 steps in the media regarding Mr. Tiwari?

23 A. Yes, sir. He said that he --

24 Q. Well, what steps did Mr. Stanford tell you he t ook?

25 A. He said that he, through the radio and through the0 3 : 1 3


3060

1 newspapers there, planted information that was de rogatory to0 3 : 1 4

2 Mr. Tiwari.

3 Q. And did Mr. Stanford ever tell you whether his steps had

4 succeeded in resolving the situation with Mr. Tiw ari?

5 A. Yes, sir.0 3 : 1 4

6 Q. What did he tell you about that?

7 A. Mr. Tiwari left the island.

8 MR. STELLMACH: I was going to turn to Government

9 Exhibit 663.

10 THE COURT: You want to try your computer?0 3 : 1 4

11 MR. STELLMACH: Yes, your Honor. Thank you.

12 THE COURT: Is that okay?



15 Q. And, Mr. Davis, if you can focus on the e-mail in the0 3 : 1 4

16 middle of the page. It states it's from

17 [email protected]. Do you know who t hat individual

18 was?

19 A. Yes, that is Juan Rodriguez, the president of S tanford

20 International Bank, Limited.0 3 : 1 5

21 Q. His full name is Juan Rodriguez-Tolentino?

22 A. Yes, sir.

23 Q. It's dated November 14th of '05. And it attach es an

24 article, a news article.

25 MR. STELLMACH: If we could just skim down or scr oll0 3 : 1 5


3061

1 down to the article itself, just to see it, not a lot.0 3 : 1 5

2 BY MR. STELLMACH:

3 Q. Do you see the article that Mr. Rodriguez was f orwarding?

4 A. Yes, an article in the Tampa, Florida region.

5 MR. STELLMACH: And if we just go back up. 0 3 : 1 5

6 BY MR. STELLMACH:

7 Q. And could you read Mr. Rodriguez' e-mail to you ?

8 A. Yes, sir. "The article below refers to a 'loan ' by SIBL.

9 No loan was in our books. At least not in the lo an portfolio.

10 Perhaps it was booked as an investment. We must have our t's0 3 : 1 6

11 crossed and our i's dotted in the new regulatory world led by

12 the Tiwari types. Also, our FA's are more knowle dgeable and

13 inquisitive. Looking forward to our discussion. Regards, JR."

14 Q. And the article refers to a company called HSLN . Do you

15 recognize those -- that company name?0 3 : 1 6

16 A. Yes. That's the abbreviation for Health System Solutions.

17 Q. What was Health System Solutions?

18 A. It was, in effect, a company that was invested into in the

19 private equity side.

20 Q. So, this was a private equity investment that M r. Stanford0 3 : 1 6

21 had made?

22 A. Yes.

23 Q. And Mr. Rodriguez is stating that he doesn't ha ve any

24 record of it on the books of the bank?

25 A. Yes.0 3 : 1 7


3062

1 Q. And if we just go to Mr. Stanford's response af ter -- I'm0 3 : 1 7

2 sorry -- to your response after receiving that e- mail, your

3 response is dated November 4th. You also copied Mr. Stanford?

4 A. Yes, sir.

5 Q. And could you read what you wrote?0 3 : 1 7

6 A. "Thanks for the e-mail. We need to talk."

7 Q. Why did you want to talk? Why didn't you just e-mail

8 Mr. Rodriguez back?

9 A. Because if I -- because the information in the e-mail would

10 be sensitive toward the fact that there is a priv ate equity0 3 : 1 7

11 investment here and, in fact, no private equity i nvestments

12 were reported in any of the promotional materials on the bank.

13 Q. Why did you copy Mr. Stanford on the e-mail? W hy not just

14 send the e-mail yourself to Mr. Rodriguez?

15 A. I wanted that Mr. Stanford to be aware of it in that0 3 : 1 8

16 Mr. Rodriguez reported directly to Mr. Stanford.

17 Q. I wanted to focus on 2005. Did there come a ti me that year

18 when you learned about an investigation being con ducted by the

19 Securities & Exchange Commission here in the Unit ed States?

20 A. Yes, sir, I did.0 3 : 1 8

21 Q. How did you first learn about that investigatio n? Again,

22 we're focusing on 2005.

23 A. Mr. Stanford informed me. Later, also, Mr. Mau ricio

24 Alvarado.

25 Q. Well, just focusing on what Mr. Stanford told y ou, what did0 3 : 1 8


3063

1 Mr. Stanford tell you about the investigation?0 3 : 1 8

2 A. He said that the Securities & Exchange Commissi on had

3 opened an investigation on Stanford International Bank, Limited

4 and their products and that there was, in that in vestigation,

5 descriptions from the SEC that Stanford Internati onal Bank,0 3 : 1 9

6 Limited possibly is running a Ponzi scheme.

7 Q. Did there come a point when Mr. Stanford showed you any

8 documents?

9 A. Yes, sir. One day he called me and said, "Stan d by a fax

10 machine," yes, sir.0 3 : 1 9

11 Q. Approximately -- are we still in 2005?

12 A. I believe so.

13 Q. Okay. And what did Mr. Stanford say to you whe n he called

14 you?

15 A. He said, "Go stand by the fax machine. I'm sen ding you a0 3 : 1 9

16 fax."

17 Q. I'm showing you Government Exhibit 668. Do you recognize

18 that document?

19 A. Yes, sir.

20 Q. How do you recognize it?0 3 : 2 0

21 A. It's the document that was faxed to me by Mr. S tanford.

22 Q. After receiving it, did you discuss the documen t with

23 Mr. Stanford?

24 A. Yes, sir.

25 MR. STELLMACH: If we could turn to Government0 3 : 2 0


3064

1 Exhibit 668?0 3 : 2 0

2 BY MR. STELLMACH:

3 Q. At the top of the page --

4 MR. STELLMACH: If we can enlarge the entire port ion

5 at the top.0 3 : 2 0

6 BY MR. STELLMACH:

7 Q. And at the top it reads "Privileged and Confide ntial." Do

8 you see that?

9 MR. SCARDINO: Excuse me. I'll object to foundat ion.


11 MR. SCARDINO: He referred to it as a fax, but it

12 appears to be an original letter. I would ask it be taken

13 down, and I object to foundation.

14 THE COURT: All right. Take it down. What's you r

15 objection?0 3 : 2 0

16 MR. SCARDINO: Foundation.

17 THE COURT: All right.

18 MR. SCARDINO: And hearsay.

19 MR. STELLMACH: Well, first of all, the witness h as

20 testified that this was the document he received through his0 3 : 2 0

21 fax. And second, as far as hearsay, we're not of fering it for

22 the truth, merely for that this was what Mr. Stan ford

23 understood the SEC was investigating. We're not claiming that

24 the allegations itself are true in the letter. W e're just

25 offering it to show that he knew what they were l ooking at.0 3 : 2 1


3065

1 THE COURT: That something was working?0 3 : 2 1

2 MR. STELLMACH: Exactly.

3 THE COURT: Is that the purpose?


5 THE COURT: For that limited purpose?0 3 : 2 1

6 MR. STELLMACH: That limited purpose.

7 MR. SCARDINO: Still has a foundation issue.

8 THE COURT: Well, he said he received it in a fax , he

9 was standing by the fax. And let me ask the witn ess. To the

10 best of your knowledge, did this come from Mr. St anford?0 3 : 2 1


12 THE COURT: Did you later discuss what you got on the

13 fax from Mr. Stanford?


15 THE COURT: Did it appear based upon your convers ation0 3 : 2 1

16 that that was the document he was sending to you for you to

17 call him and discuss?


19 THE COURT: All right. For limited purpose, obje ction

20 is overruled.0 3 : 2 1

21 MR. STELLMACH: And if we could enlarge the upper

22 portion of the document.


24 Q. At the top it reads "Privileged and Confidentia l." Could

25 you read for us, Mr. Davis, who sent this documen t and who0 3 : 2 1


3066

1 received it?0 3 : 2 2

2 A. Yes, sir. This was sent by an Elizabeth Jacobs , deputy

3 director of the Securities & Exchange Commission.

4 Q. At which division within the Securities & Excha nge

5 Commission did Ms. Jacobs work, according to the left hand --0 3 : 2 2

6 A. Office of International Affairs.

7 Q. The date of the document?

8 A. June 9th, 2005.

9 MR. SCARDINO: Excuse me, Mr. Stellmach.

10 May we approach on this?0 3 : 2 2

11 THE COURT: Come on up.

12 (At the bench with all counsel)

13 MR. SCARDINO: I'm a little slow on the uptake be cause

14 there's so many documents. But they're offering this not for

15 the truth of the matter, but there's a lot of ref erences in0 3 : 2 2

16 here by the SEC to a possible fraudulent scheme a nd a Ponzi

17 operation. Now, first of all, I don't see any re levance to

18 that or materiality to it to the charges in the c harging

19 instrument against my client. That the SEC is co nducting a

20 separate investigation, that should have -- that' s not relevant0 3 : 2 3

21 or material. Plus, it is prejudicial and inflamm atory on its

22 face.

23 So, if they're offering it not for the truth of

24 the matter, that's one thing; but clearly there's references in

25 this document that the SEC is looking into -- it' s styled0 3 : 2 3


3067

1 "Possible fraudulent scheme."0 3 : 2 3

2 THE COURT: Let me take a look at it.

3 Okay. Now, you going to get the whole thing in?

4 MR. STELLMACH: Yes, your Honor. We've charged

5 Mr. Stanford with conspiring to obstruct an SEC i nvestigation0 3 : 2 3

6 and obstructing an SEC investigation. This is th e

7 investigation. This document goes directly to hi s knowledge of

8 the investigation. He knows what the SEC is look ing into.

9 We're offering it only to show that this was the

10 focus of the investigation and he understood what the SEC was0 3 : 2 4

11 trying to look into.

12 MR. COSTA: And it's a private letter, confidenti al

13 government to government, to Mr. King; and, yet, Mr. King

14 shared it with Mr. Stanford. We're later going t o prove up

15 Mr. King would write responses to stymie the inve stigation and0 3 : 2 4

16 Mr. Stanford was told of the obstruction charge.

17 MR. SCARDINO: Well, I don't think that's a stret ch.

18 I mean, if it was a letter from the SEC to the ac cused, I think

19 that's one thing, to put him on notice --

20 MR. STELLMACH: It's the fact --0 3 : 2 4

21 MR. SCARDINO: Wait, wait. Let me finish.

22 THE COURT: Go on.

23 MR. SCARDINO: -- that that would put him on noti ce

24 that he was being investigated by the SEC and the n that's part

25 of their chain of proof to show that he obstructe d an SEC0 3 : 2 4


3068

1 investigation. But they've got an independent wi tness in the0 3 : 2 4

2 middle of all this, which clearly makes it double hearsay; and

3 now they're trying to get it in by saying it's no t offered for

4 the truth of the matter. I have respectfully -- now they're

5 saying they are offering it for the truth of the matter because0 3 : 2 4

6 it's part of what they're trying to prove in thei r case.

7 MR. STELLMACH: We're only offering it to show th at

8 the investigation existed, Mr. Stanford understoo d the focus.

9 The fact that he isn't a recipient is precisely w hy it is

10 relevant. He's in receipt of a document he has n o business0 3 : 2 5

11 having.

12 MR. FAZEL: Your Honor, they can certainly do tha t by

13 just the first cover page.

14 THE COURT: Wait a second. Hold it.

15 MR. FAZEL: Sorry.0 3 : 2 5

16 THE COURT: Objection sustained. If you want to get

17 in a small portion, you already have it. And if you want to

18 ask him questions about what's in there, bits and pieces, that

19 he was put on notice that, boy, some trouble may be brewing,

20 I'll allow you to do it. Okay? 0 3 : 2 5

21 But as to the document itself, he has just that

22 lead-in, that's all we have right now. You can a sk him

23 questions about it. But don't forget it's a -- a nd, frankly,

24 it's a little much for not for the truth of what' s in there but

25 just to put him on notice. You can do that by qu estions0 3 : 2 5


3069

1 together with it came in that letter.0 3 : 2 5

2 MR. STELLMACH: Your Honor, if we could just disc uss

3 what precisely in the letter can come in before t he jury.

4 There is a paragraph here --

5 THE COURT: This is the one you really need?0 3 : 2 5

6 MR. STELLMACH: Not at all.

7 THE COURT: But it just happens to be highlighted in

8 fluorescent yellow?

9 MR. STELLMACH: This is a paragraph that specific ally

10 states that the correspondence is confidential an d privileged.0 3 : 2 6

11 We would like to offer that to the jury.

12 THE COURT: Hang on. Let me read it.


14 THE COURT: Let me read it. This is the full set .

15 Let me just keep it.0 3 : 2 6


17 THE COURT: All right. What else?

18 MR. STELLMACH: I would like to get in the first

19 paragraph which states what the investigation is.

20 THE COURT: Let me just read it.0 3 : 2 6

21 MR. STELLMACH: Sure.

22 THE COURT: No. I'll allow just that last paragr aph.

23 It doesn't mean you can't ask some questions and dance around

24 it a little bit to get in what the meat of this i s, but I will

25 allow the last one in because that will show that this was0 3 : 2 6


3070

1 written to Mr. King and all of it is confidential just to a0 3 : 2 6

2 public official and it came through, in effect, a private

3 businessman to his chief financial officer.

4 MR. STELLMACH: So, in terms of questioning the

5 witness about the document, can I ask questions a bout the0 3 : 2 7

6 substance of the document?

7 THE COURT: Just lead him a little bit, but if -- lead

8 him a little bit, but make it just in the abstrac t without

9 getting into the full meat of what's in there. A nd now they

10 were on notice that there's some real problems br ewing, and0 3 : 2 7

11 it's with -- it's someone with the -- the adminis trator to --

12 to a private person to a CFO and that it's real p rivileged and

13 then the concern about some -- and then give me j ust a quick

14 overview.

15 MR. COSTA: We do want to show Mr. King's respons e to0 3 : 2 7

16 the SEC, in which he says the bank is perfect, it 's great

17 and --

18 THE COURT: We're not there yet. And, by the way , you

19 may not have to get something in to show that. Y ou sure as the

20 dickens can ask it somehow. The question is do y ou get it in0 3 : 2 7

21 as a matter of the whole thing coming in. I have n't seen it

22 yet. Okay? We'll take up one thing at a time. One thing at a

23 time.

24 MR. STELLMACH: The fluorescent is mine, Judge.

25 THE COURT: The fluorescent, yes.0 3 : 2 8


3071

1 (In open court)0 3 : 2 8

2 BY MR. STELLMACH:

3 Q. So, Mr. Davis, the letter is dated June 9th of 2005. It's

4 addressed to Leroy King in his capacity as admini strator of the

5 FSRC, is it not, sir?0 3 : 2 8


7 Q. And at the top of the page we saw "Privileged a nd

8 Confidential." Is that, in fact, printed at the top of every

9 page of this letter?

10 A. Yes, sir, it is.0 3 : 2 8

11 Q. And if we just jump to the last page, I'm going to show one

12 particular paragraph --

13 MR. SCARDINO: I thought we had an agreement to - -

14 THE COURT: There it is.

15 MR. SCARDINO: Okay. Fine.0 3 : 2 9


17 Q. Could you read that for us, Mr. Davis?

18 A. Yes, sir. Hang on. Trying to --

19 THE COURT: The very last page.

20 THE WITNESS: "This correspondence is confidentia l and0 3 : 2 9

21 privileged, and we ask that this letter request a nd its

22 contents not be communicated to any third-party w ithout the

23 authorization of the SEC. We also ask that you n otify us of

24 any legally enforceable demand for this letter an d that you

25 assert any appropriate legal exceptions or privil eges with0 3 : 3 0


3072

1 respect to this letter as may be appropriate."0 3 : 3 0

2 BY MR. STELLMACH:

3 Q. Is there anything on this letter indicating tha t it was

4 being sent to Mr. Stanford?

5 A. No, sir.0 3 : 3 0

6 Q. Or anyone at the bank or anybody who worked for him?

7 A. No, sir.

8 Q. In fact, the letter is specifically addressed t o Mr. King

9 and states it's privileged and confidential, from the SEC, as a

10 US regulator, to Mr. King, as the Antiguan regula tor. Is that0 3 : 3 0

11 right?

12 MR. SCARDINO: That's leading.



15 THE COURT: I'm going to allow some limited leadi ng.0 3 : 3 0

16 I think we discussed it up here, but you're entit led to --

17 MR. SCARDINO: I --

18 THE COURT: No. You're still entitled to object.

19 Overrule the objection for the purposes of this

20 portion of the direct exam.0 3 : 3 1


22 Q. Based on this letter which you received from Mr . Stanford,

23 were you surprised at all that he was in possessi on of

24 confidential communications from the SEC to Mr. K ing?

25 MR. SCARDINO: Object to the form of the question as0 3 : 3 1


3073

1 to whether somebody else was surprised.0 3 : 3 1


3 THE WITNESS: No, sir, I was not really surprised .

4 THE COURT: That's all.

5 Next question.0 3 : 3 1

6 BY MR. STELLMACH:

7 Q. Why weren't you surprised that Mr. Stanford eve n had the

8 letter?

9 A. Because I knew that Mr. Stanford was paying bri bes to

10 Mr. King and they were in close communication.0 3 : 3 1

11 MR. SCARDINO: That's nonresponsive, and I object .

12 THE COURT: I'm sorry. I cut you off. Put it on the

13 record.

14 MR. SCARDINO: It's nonresponsive to the question .



17 Q. Based on the letter from the SEC to Mr. King, t his

18 confidential, privileged communication, did you u nderstand that

19 the SEC here in the United States was investigati ng the CD

20 program at the bank?0 3 : 3 1

21 A. Yes, sir.

22 MR. SCARDINO: I object to the form of the questi on of

23 what he understood. It's a specific question of what he knew.

24 MR. STELLMACH: Well, Judge, if I ask that, we're

25 going to get into --0 3 : 3 2


3074

1 THE COURT: Overruled. In other words, what, tha t's0 3 : 3 2

2 based upon the letter. Is that correct, Mr. Davi s? What you

3 saw in the letter?



6 BY MR. STELLMACH:

7 Q. From what you saw in the letter, did you have a ny concerns

8 about this SEC investigation?

9 A. Yes, sir.

10 Q. Were you concerned that the scheme that you des cribed could0 3 : 3 2

11 be exposed?

12 THE COURT: Yes or no?

13 THE WITNESS: No, sir.


15 Q. Why weren't you concerned?0 3 : 3 2

16 A. Because Mr. Stanford had a relationship with Mr . King, the

17 regulator in Antigua, and heretofore there had be en no problems

18 in that -- on that issue of --

19 THE COURT: Okay. Next question.


21 Q. But the SEC investigation into the CD program, could it

22 potentially have uncovered misconduct?

23 MR. SCARDINO: I object to that.

24 THE COURT: Sustained as to the form of the quest ion.



3075

1 Q. Based on what you read in the letter, were you concerned0 3 : 3 3

2 that the SEC's investigation could undercover mis conduct

3 relating to the CDs at the bank?

4 A. Absolutely, potentially it could.

5 THE COURT: Hold it. I'm sorry. Yes or no?0 3 : 3 3


7 THE COURT: You had a concern. Okay.

8 BY MR. STELLMACH:

9 Q. Did Mr. Stanford, when he discussed this confid ential

10 letter with you, express any concerns that he had related to0 3 : 3 3

11 the SEC investigation?

12 A. Yes, sir.

13 Q. What did Mr. Stanford tell you about the invest igation?

14 A. Said that it was serious, that he was working w ith Mauricio

15 Alvarado, general counsel and general counsel's o utside0 3 : 3 3

16 attorneys.

17 THE COURT: Hang on one second, please. Okay?

18 (Sotto voce discussion at bench with court staff)


20 Q. Mr. Davis, did there come a time later when Mr. Stanford0 3 : 3 4

21 discussed the SEC investigation into the CD progr am with you?

22 A. Yes, sir.

23 Q. When did you have that conversation with him?

24 A. Following year.

25 Q. When you had that conversation, did Mr. Stanfor d discuss0 3 : 3 5


3076

1 how he was dealing with the investigation?0 3 : 3 5

2 A. Yes.

3 Q. What did Mr. Stanford tell you about how he was dealing

4 with the SEC investigation?

5 A. One thing he said is that a letter was written as a reply0 3 : 3 5

6 to that investigation letter that we just looked at.

7 Q. Or part of what we looked at. But what did Mr. Stanford

8 tell you about what response Mr. King was making to the SEC?

9 The SEC had sent that privileged and confidential request in

10 2005. What did he tell you -- did he tell you wh ether Mr. King0 3 : 3 5

11 was making a response to the SEC?

12 A. Yes, sir.

13 Q. What did Mr. Stanford tell you about whether he was playing

14 any role in that response?

15 A. He said that he had flown down to the island, m et with0 3 : 3 6

16 Mr. King and Mr. Mauricio Alvarado, and he and Mr . Alvarado had

17 written a letter for Mr. King to put on his lette rhead and send

18 back to the SEC.

19 Q. So, did Mr. Stanford ever show you the letter t hat he wrote

20 together with Mr. Alvarado?0 3 : 3 6

21 A. At one point in time he did show me the letter.

22 Q. And just to be clear, this was a letter that th ey wrote;

23 but whose name did it appear under?

24 A. Mr. Leroy King.

25 Q. And to whom did the letter go?0 3 : 3 6


3077

1 A. Ms. Elizabeth Jacobs, deputy director, United S tates0 3 : 3 6

2 Securities & Exchange Commission.

3 Q. And looking at Government Exhibit 671, do you r ecognize

4 that document?

5 A. Yes, sir.0 3 : 3 6

6 Q. How do you recognize it?

7 A. Mr. Stanford showed it to me.

8 Q. Was this the letter that Mr. Stanford told you he had

9 written together with Mr. Alvarado?

10 A. Yes, sir.0 3 : 3 7

11 MR. STELLMACH: We offer the document.

12 MR. SCARDINO: Well, I'll object. Foundation,

13 hearsay.

14 THE COURT: Wait a second. Yes, sir. What else?

15 MR. SCARDINO: Just because, I mean, he showed it to0 3 : 3 7

16 somebody doesn't establish the foundation or the origin of the

17 letter.

18 THE COURT: Objection is overruled. 671 is admit ted.


20 Q. And, Mr. Davis -- 0 3 : 3 7

21 MR. STELLMACH: If we could enlarge the top porti on of

22 the document.


24 Q. -- whose letterhead does this appear on?

25 A. Financial Services Regulatory Commission.0 3 : 3 7


3078

1 Q. And to whom was it sent?0 3 : 3 7

2 A. It was sent to the deputy director of the

3 US Securities & Exchange Commission.

4 Q. Ms. Jacobs?

5 A. Yes.0 3 : 3 8

6 Q. Was she the same person who had written the let ter we saw

7 from 2005 the prior year?

8 A. Yes, sir.

9 Q. And there's a reference to Stanford Group Compa ny in bold.

10 Do you see that toward the bottom of the page?0 3 : 3 8

11 A. Yes, sir.

12 Q. And if we scroll down to the text of the letter , do you see

13 where the letter states, "We acknowledge receipt of your

14 confidential and non-public letter"?

15 A. Yes, sir.0 3 : 3 8

16 MR. STELLMACH: And the third paragraph, if we co uld

17 just blow up that third paragraph.


19 Q. Could you read that for us?

20 A. Yes, sir. "In your June 9, 2005, letter, you r eferred to0 3 : 3 8

21 suspected 'possible' fraudulent activity by Stanf ord

22 International Bank Limited, SIBL. As has been ve rbally relayed

23 to you and others at the SEC over many months of telephone

24 conference calls between the SEC and the FSRC, th e examination

25 of SIBL in March of 2005, subsequent review of ac counts at SIBL0 3 : 3 9


3079

1 in response to your June 9, 2005, letter, and the FSRC's0 3 : 3 9

2 examination of SIBL completed in April 2006 have revealed no

3 matters that would affect the standing of SIBL wi th the FSRC."

4 Q. And there's a reference there in the response t o a June 9,

5 2005, letter. Does that refer to Government Exhi bit 668, the0 3 : 3 9

6 letter we just looked at?

7 A. I believe so, yes.

8 Q. It's the same date?

9 A. Same date, yes, sir.

10 Q. And going to the next paragraph on the followin g page, just0 3 : 3 9

11 the paragraph at the top, could you read that par agraph for us,

12 Mr. Davis?

13 A. Yes, sir. "We wish to assure the SEC that the FSRC's most

14 recent on-site examination conducted just five mo nths ago

15 confirmed SIBL's compliance with all areas of dep ositor safety0 3 : 4 0

16 and solvency, as well as all other applicable law s and

17 regulations. The FSRC has further confirmed, thr ough its

18 continuous visits and supervision of SIBL, that t here are no

19 other issues or matters of concern with SIBL to d ate."

20 Q. And could you read to us the next paragraph?0 3 : 4 1

21 A. Yes, sir. "We have previously relayed to you t hat the FSRC

22 has what we consider to be an excellent relations hip with all

23 banking and financial services regulatory bodies in the United

24 States. We have repeatedly requested your office to support

25 allegations of 'possible' fraudulent activity by SIBL by0 3 : 4 1


3080

1 providing the FSRC with documentation such as a d epositor0 3 : 4 1

2 complaint or any other evidence to validate the S EC's concerns.

3 Mr. Moore from your office has continued to confi rm that there

4 is no such supporting documentation."

5 Q. And just focusing on that last line, "there is no such0 3 : 4 1

6 supporting documentation," where were the records and documents

7 showing the transfer of funds to Mr. Stanford in the form of

8 $2 billion in loans? Were those held at Stanford Group

9 Company, the brokerage firm?

10 A. No, sir.0 3 : 4 2

11 Q. I'm sorry. So, the brokerage firm was regulate d by the

12 SEC. Is that correct?

13 A. Yes, sir.

14 Q. The bank which is offshore was not regulated. Is that

15 correct?0 3 : 4 2

16 A. By the SEC.

17 Q. By the SEC?

18 A. No, sir. That is correct, yes, sir.

19 Q. But the bank is selling -- or the brokerage fir m in the

20 United States is selling CDs issued by the bank?0 3 : 4 2

21 A. Yes, sir.

22 Q. And so, my --

23 THE COURT: Excuse me. Hold it. Yes, sir.

24 MR. SCARDINO: I think that's a misstatement. Th e

25 bank in the United States was --0 3 : 4 2


3081

1 MR. STELLMACH: I thought I said the brokerage fi rm.0 3 : 4 2

2 I may have misspoken. I apologize.

3 THE COURT: State it again, please.

4 BY MR. STELLMACH:

5 Q. The brokerage firm here in the United States, w hich is0 3 : 4 2

6 regulated by the SEC, is selling CD's issued by t he bank

7 located in Antigua?

8 A. Yes, sir.

9 Q. So, according to this document, it states that the SEC has

10 no such supporting documentation to support its a llegations of0 3 : 4 3

11 a possible -- of possible fraudulent activity at the bank; but

12 in the original letter we saw to the -- from the SEC to

13 Mr. King, was the SEC requesting documents?

14 MR. STELLMACH: I'll rephrase that.

15 MR. SCARDINO: I didn't understand it.0 3 : 4 3

16 MR. STELLMACH: I think I made a mess of that. I

17 don't understand the question.


19 Q. When the SEC sent its original letter back in 2 005, the

20 letter we just looked at, did it include a reques t for0 3 : 4 3

21 documents and items from the FSRC on Antigua?

22 A. I believe it asked for information --

23 Q. Without telling us what was requested specifica lly.

24 THE COURT: Did they request documents?



3082


2 Q. Were the documents that were requested related to the CD

3 program?

4 A. Yes, sir.

5 Q. And so, those documents were located in Antigua . Is that0 3 : 4 4

6 correct?

7 A. Yes, sir.

8 Q. In order to get those documents, the SEC was go ing through

9 the FSRC. Is that right?

10 A. Correct, yes, sir.0 3 : 4 4

11 THE COURT: Counsel, this may be a time to take a

12 break.

13 As I mentioned, we're going to take a little bit

14 longer break today. It's now about 3:45. We'll be back here

15 ready to resume in 30 minutes. So, we'll see you at that time.0 3 : 4 4


17 (Jury present)

18 THE COURT: All right. Be seated.

19 I understand we have a request from the jury to

20 adjourn about 5:00 today. Is that right?0 4 : 1 8

21 A JUROR: Why not?

22 A JUROR: Yes, yes.

23 THE COURT: Ellen's shaking her head, "Say yes."

24 That's fine. So, we're looking again at

25 5:00 o'clock, plus or minus five minutes. Okay? What's that?0 4 : 1 8


3083

1 A JUROR: Somebody made a joke out of that. We d on't0 4 : 1 8

2 need to be --

3 THE COURT: Oh, I got -- you snookered me in.

4 A JUROR: Okay. Kill the messenger.

5 THE COURT: Well, we're going to leave at 5:00 o' clock0 4 : 1 9

6 today because everybody is now happy. I don't -- the last

7 thing I want is unhappy lawyers. You know what I mean?

8 Okay. Yeah, we'll do it -- give or take right

9 around 5:00 o'clock, see when you reach a breakin g point. Now

10 we can go, since that's the truth, about 10 -- le t's say,0 4 : 1 9

11 between 5:00 and 5:10, something like that. Okay ?

12 MR. STELLMACH: I think we'll end right at 5:00,

13 Judge.

14 THE COURT: All right. Go right ahead, sir.



17 Q. If we could go back to 671, the letter from the FSRC that

18 Mr. Stanford told you he had prepared with Mr. Al varado. We

19 saw in the last sentence in the second paragraph --

20 MR. STELLMACH: I'm sorry, Agent Walther, if we c ould0 4 : 1 9

21 just go back to the second paragraph that was hig hlighted.


23 Q. It states that the SEC doesn't have supporting

24 documentation.

25 MR. STELLMACH: Could you go to Mr. King's respon se to0 4 : 2 0


3084

1 the SEC's request for documents in the next parag raph? And0 4 : 2 0

2 just enlarge those two paragraphs of text, if we could.

3 BY MR. STELLMACH:

4 Q. And could you read those for us, Mr. Davis, the FSRC's

5 response to the SEC's request for exam reports?0 4 : 2 0

6 A. Yes, sir. "Nevertheless, the FSRC has extended to the SEC

7 an invitation to visit our offices to review with the FSRC

8 SIBL's examination reports. However, as is summa ry with such

9 formal requests in Antigua and Barbuda as well as in the United

10 States, a memorandum of understanding, MOU, accep table to both0 4 : 2 1

11 the SEC and the FSRC must be entered into prior t o such a

12 visit. We look forward to a successful construct of an MOU

13 between the FSRC and the SEC, as this would form the basis of

14 us working together going forward in accordance w ith the laws

15 of Antigua and Barbuda and the United States."0 4 : 2 1

16 Q. Mr. Davis, did there come a time when you again discussed

17 this letter with Mr. Stanford?

18 A. Would you repeat the question, please?

19 Q. Yes, sir. Did you ever discuss this letter aga in with

20 Mr. Stanford after he showed it to you?0 4 : 2 2

21 A. Yes, sir, I recall one other time.

22 Q. When was that other time approximately?

23 A. It was in February of 2009.

24 Q. And could you tell us what Mr. Stanford told yo u relating

25 to the letter?0 4 : 2 2


3085

1 A. Yes, sir. He told me that Mr. Mauricio Alvarad o and0 4 : 2 2

2 himself had written the letter.

3 Q. How did that topic come up at that time?

4 A. I had shared with Mr. Stanford at that time tha t I had no

5 faith in Mauricio Alvarado in helping us at this point in time0 4 : 2 2

6 in the fraud.

7 Q. This is in January of '09?

8 A. February of '09.

9 Q. February of '09, I'm sorry?

10 A. Yes, sir.0 4 : 2 3

11 Q. Yes, sir.

12 A. And Mr. Stanford replied and said, well, he had no faith in

13 Tom Sjoblom. He was referring to the outside cou nsel that

14 Mauricio Alvarado had retained.

15 And I said, "Mauricio Alvarado is not doing0 4 : 2 3

16 anything but yelling and hollering. He's not wor king out any

17 resolution to our present issues."

18 He said, "My God, Jim, Mauricio wrote the letter.

19 We can trust him."

20 Q. When Mr. Stanford said Mauricio, meaning Mr. Al varado, the0 4 : 2 3

21 general counsel, had written the letter, you unde rstood him to

22 be referring to what letter?

23 A. This letter that was October 10th, 2006. That' s what I

24 understood.

25 Q. And we'll come back to the events in the final days; but if0 4 : 2 4


3086

1 we could just turn now to Mr. Hewlett, the accoun tant and the0 4 : 2 4

2 auditor for the bank. Had Mr. Hewlett been hired to audit the

3 bank before you started working for Mr. Stanford?

4 A. I believe so. I believe Mr. Hewlett -- yes, I believe he

5 did.0 4 : 2 4

6 Q. Did Mr. Stanford tell you who hired Mr. Hewlett ?

7 A. Yes. Mr. Stanford hired Mr. Hewlett.

8 Q. What did Mr. Stanford say about how he had sele cted

9 Mr. Hewlett as the auditor for the bank?

10 A. He said that he saw his shingle hanging from hi s office in0 4 : 2 4

11 Antigua and that God had led him to Mr. Hewlett.

12 Q. Did Mr. Stanford ever explain why he felt that it was such

13 a fortunate thing that he had found Mr. Hewlett a s the bank's

14 auditor?

15 A. Said that he could rely upon him to audit the b ank,0 4 : 2 5

16 Guardian International Bank, Limited, and not ask too many

17 questions.

18 Q. What did an audit by Mr. Hewlett's firm actuall y involve?

19 A. His audit activities were very similar to other auditors

20 who were certified and he would verify the amount s listed on0 4 : 2 5

21 the balance sheet and subsequent schedules, such as profit and

22 loss statement, cash flow statements, with one ex ception.

23 Q. What was that exception?

24 A. He would not verify the amounts in the investme nt section

25 in a comprehensive way; that is, he did not requi re a financial0 4 : 2 6


3087

1 statement from the investment houses or investmen t banks0 4 : 2 6

2 verifying each number in the investment section o f the assets.

3 Q. So, what information was Mr. Hewlett given abou t the bank's

4 assets, the types of assets and the amounts of th e bank's

5 assets?0 4 : 2 6

6 A. He was given basically the same information tha t was in the

7 promotional materials for the bank, as well the g overnment

8 reports, such as FSRC.

9 Q. But was Mr. Hewlett given any underlying docume nts to back

10 up the numbers that were reported as the bank's a ssets, like0 4 : 2 6

11 account statements from all the money managers, s howing how the

12 money was invested and where it was held?

13 A. No, sir.

14 Q. Did he ask for that documentation?

15 A. Yes, sir, he mentioned requests on a number of occasions0 4 : 2 6

16 over the years.

17 Q. Did he ever make that request of you?

18 A. Yes, sir.

19 Q. When Mr. Hewlett asked you for backup documents , what did

20 you tell him?0 4 : 2 7

21 A. I said that you should have those items and doc uments and

22 you will have them.

23 Q. How long were you telling that to Mr. Hewlett?

24 A. 16 years.

25 Q. Did Mr. Hewlett ever raise that topic about the fact he0 4 : 2 7


3088

1 didn't have documents and threaten to quit?0 4 : 2 7

2 A. No, sir.

3 Q. Every year that Mr. Hewlett was the auditor of the bank,

4 did he issue an opinion that was included in the annual report

5 stating that he had verified the assets of the ba nk?0 4 : 2 7

6 A. Yes, sir. He did write an opinion and sign it.

7 Q. So, for example, was Mr. Hewlett ever told abou t the

8 $2 billion Mr. Stanford had taken out from the ba nk?

9 A. No, sir.

10 Q. Was he ever given any backup information for th e assets0 4 : 2 8

11 that the bank was reporting?

12 A. Yes, sir.

13 Q. What information was that?

14 A. He was given information on all assets excludin g the whole

15 or the Tier III items.0 4 : 2 8

16 Q. Did Mr. Stanford ever discuss payments he was m aking to

17 Mr. Hewlett?

18 A. Yes, sir.

19 Q. Well, Mr. Hewlett was charging auditing fees. Is that

20 correct?0 4 : 2 8

21 A. Yes, sir.

22 Q. Did Mr. Stanford tell you whether he was paying Mr. Hewlett

23 anything else in addition to the auditing fees?

24 A. Yes, sir. We talked about that.

25 Q. What did Mr. Stanford tell you about other fees and0 4 : 2 8


3089

1 payments -- I'm sorry. What did Mr. Stanford tel l you about0 4 : 2 8

2 other payments he was making to Mr. Hewlett beyon d the auditing

3 fees?

4 A. He said that there were payments above and beyo nd the

5 normal fees. He also in later years made loans t o Mr. Hewlett0 4 : 2 9

6 through Bank of Antigua, Limited. And there were other

7 payments made to him subsequent to that loan.

8 Q. Did Mr. Stanford tell you any particular accoun t that he

9 was using to make those payments to Mr. Hewlett t hat were above

10 and beyond the fees paid to Mr. Hewlett?0 4 : 2 9

11 A. Mr. Stanford talked to me about the fees that w ere being

12 paid; and I talked to him about the fees being pa id from the

13 slush account, 108.731, directly to Mr. Hewlett.

14 Q. You say fees being paid, but was it your unders tanding that

15 the payments that were coming from the slush fund were actual0 4 : 3 0

16 auditing fees or were they something else?

17 MR. SCARDINO: Well, he's arguing with the witnes s.

18 The witness says "fees"; the prosecutor says "slu sh fund."


20 THE WITNESS: These fees were bribes. They were in0 4 : 3 0

21 excess of the recorded fees. They were not recor ded on the

22 books.


24 Q. Could you explain why it was that those -- thos e transfers,

25 those funds weren't recorded on the books?0 4 : 3 0


3090

1 A. Basically because they were so far in excess of what would0 4 : 3 0

2 normally be charged in -- in those services rende red by

3 Mr. Hewlett.

4 Q. Mr. Davis, could I impose on you one more time to step off

5 the stand and walk us through the payments Mr. St anford made to0 4 : 3 0

6 Mr. Hewlett?

7 MR. SCARDINO: Your Honor, can we have a light ov er

8 there? I can't see.

9 THE COURT: Yes. Thanks for reminding me.


11 Q. And, Mr. Davis, before we go through the paymen ts through

12 the slush fund, was Mr. Hewlett paid through any other account?

13 Can you draw that?

14 A. (Complies).

15 Q. So, Mr. Davis, starting at the top, could you w alk us0 4 : 3 3

16 through the diagram?

17 A. Yes, sir. SIBL CD money was sent two places to

18 Mr. Hewlett, one in the normal operating course o f business.

19 Audit fees were paid to his account in Tortola, B VI. Also --

20 Q. I'm sorry, Mr. Davis. 0 4 : 3 3

21 A. Yes, sir.

22 Q. When you say audit fees are paid, were these -- audit fees

23 for what company?

24 A. For Stanford International Bank, Limited.

25 Q. Were these fees that Mr. Hewlett was actually i nvoicing and0 4 : 3 3


3091

1 billing --0 4 : 3 3

2 A. Yes.

3 Q. -- the bank for?

4 A. Yes, sir.

5 Q. And so, were the transfers directly from the ba nk to0 4 : 3 4

6 Mr. Hewlett's account in the Caribbean visible an d known --

7 A. Yes, sir.

8 Q. -- to the accountants at the bank?

9 A. Yes, sir, they were.

10 Q. And so, in addition to those on-the-books payme nts for0 4 : 3 4

11 auditing fees, did Mr. Hewlett receive any additi onal funds?

12 A. Yes, sir.

13 Q. And could you walk us through that?

14 A. SIBL CD monies to this 108.731 account --

15 Q. Could you remind us where that account was loca ted?0 4 : 3 4

16 A. Yes, sir. This was in SocGen at the Generale d e Paris

17 account, the slush fund.

18 Q. In Switzerland?

19 A. Yes, sir.

20 Q. And then where would the money go?0 4 : 3 4

21 A. Would be sent there to Mr. Hewlett's personal a ccount in

22 London, England, a bank in Muswell Hill. It's a suburban area

23 in London.

24 Q. Did you have any understanding about why Mr. He wlett was

25 being paid into two different accounts, one locat ed in the0 4 : 3 5


3092

1 Caribbean where his auditing fees were going and a London0 4 : 3 5

2 account for the bribes?

3 A. Mr. Hewlett told me that he wanted the excess a mounts in

4 London, sent to a London account because he didn' t want the

5 revenue department, Inland Revenue of Antigua, Ba rbuda, to be0 4 : 3 5

6 aware of those dollars.

7 Q. And if I could ask you to take the stand again, Mr. Davis?

8 A. Yes, sir.

9 Q. What did Mr. Stanford tell you about how freque ntly he was

10 making payments from the slush fund in Switzerlan d to0 4 : 3 5

11 Mr. Hewlett's account in London?


13 Q. I'm sorry. I can repeat the question. What di d

14 Mr. Stanford tell you about how frequently he was making

15 payments to Mr. Hewlett's account in London from the Swiss0 4 : 3 6

16 fund, slush fund?

17 A. He didn't tell me the frequency.

18 Q. Did you arrive at an understanding of how frequ ently that

19 was happening?

20 A. Yes, sir. I informed Mr. Stanford in conversat ions that0 4 : 3 6

21 Mr. Hewlett was being paid by wire transfer on a monthly basis.

22 Q. Who negotiated the arrangement with Mr. Hewlett for these

23 transfers out of the slush fund?

24 A. I did.

25 Q. Was that with Mr. Stanford's knowledge?0 4 : 3 6


3093

1 A. Absolutely.0 4 : 3 6

2 Q. Did he approve the amounts that you were direct ing to

3 Mr. Hewlett?

4 A. Yes, sir.

5 MR. STELLMACH: And at this time I was going to t urn0 4 : 3 6

6 to Government Exhibit 1220A. These are bank reco rds for the

7 Societe Generale account if I -- if I could use t he overhead

8 projector, your Honor?

9 THE COURT: 1220A?



12 Q. And, Mr. Davis, this is a letter dated March 14 th of 2002.

13 It's addressed to Blaise Friedli. Could you remi nd us who

14 Mr. Friedli was?

15 A. Yes, sir. He was the --0 4 : 3 8

16 MR. SCARDINO: What's the exhibit?

17 MR. STELLMACH: 1220A.

18 MR. SCARDINO: Can I have just a second before th ey --

19 THE COURT: Okay.

20 MR. STELLMACH: I think it's actually already in.0 4 : 3 8

21 MR. COSTA: Mr. Amadio.

22 MR. STELLMACH: With Mr. Amadio.

23 MR. SCARDINO: Okay.

24 THE COURT: Yeah, hold it. Yeah. I have it down

25 here, 1220A has already been identified and with no objection.0 4 : 3 8


3094

1 MR. SCARDINO: But, your Honor, I think it was of fered0 4 : 3 8

2 not for the truth of the matter, so it's offered on a limited

3 basis.

4 MR. STELLMACH: I believe it was offered for the truth

5 because it's a bank record. The transfers actual ly happened.0 4 : 3 9

6 THE COURT: I have it in. Keep going. 1220A.


8 BY MR. STELLMACH:

9 Q. Could you remind us, Mr. Davis, who Blaise Frie dli was at

10 Societe Generale?0 4 : 3 9

11 A. Yes. Blaise Friedli was the banking officer at Societe

12 Generale, SocGen, in charge of the Stanford Inter national Bank,

13 Limited accounts.

14 THE COURT: In Switzerland?

15 THE WITNESS: Yes, your Honor.0 4 : 3 9


17 Q. And Mr. Friedli was also on the advisory board of the bank

18 and paid a fee for that?


20 Q. And could you read for us the amount that was t ransferred0 4 : 3 9

21 to Mr. Hewlett's account in London?

22 A. Excuse me. Can I correct a statement I made?

23 MR. SCARDINO: I'm sorry. I'm confused over here .

24 1220A we show as a completely different exhibit.

25 MS. GREGORY: I believe it's PDF Page --0 4 : 4 0


3095

1 THE COURT: Take a look at it, counsel.0 4 : 4 0

2 MR. STELLMACH: We're offering specific pages -- we're

3 looking at specific pages from it.

4 UNIDENTIFIED FEMALE: Right. But what page is it ? If

5 it's Page 32, we don't have it marked.0 4 : 4 0

6 MR. STELLMACH: It's Page 131. They're not --

7 UNIDENTIFIED FEMALE: They're double sided. Than k

8 you.

9 MR. STELLMACH: No, not at all.


11 Q. Could you identify for us, Mr. Davis, how much money was

12 going out of the Societe Generale account to Mr. Hewlett's

13 account in London?

14 A. Yes, sir. Could I first correct my last statem ent?

15 Q. Oh, yes, sir. I apologize. Yes, sir.0 4 : 4 0

16 A. You had asked about Mr. Blaise Friedli being an advisor.

17 Q. Yes.

18 A. It was to Stanford Financial Group, I believe, instead of

19 the bank.

20 Q. I appreciate the correction. So, Mr. Friedli s erved in an0 4 : 4 0

21 advisory board for the financial group and he was still paid a

22 fee for that?

23 A. Yes, sir.

24 Q. And so, looking at the text of the letter you s ent, could

25 you read for us the amount that was being transfe rred to0 4 : 4 0


3096

1 Mr. Hewlett's account in London?0 4 : 4 1

2 A. Yes, sir. 80,000 pounds sterling, which would have been in

3 the neighborhood of 180,000 US dollars at that ti me, as an

4 estimate, yes.

5 Q. Okay. I want to turn to another transfer. On February 260 4 : 4 1

6 of 2003, how much -- what's the directive there t o Mr. Friedli?

7 A. The directive is to increase Mr. Hewlett's paym ent from

8 10,000 pounds sterling to 15,000 pounds sterling per month.

9 Q. Who made that decision?

10 A. I made that decision and informed Mr. Stanford.0 4 : 4 2

11 Q. Was that increase approved?

12 A. Yes, sir.

13 Q. And, in fact, if we look at a transfer subseque nt to that,

14 to Mr. Hewlett, it's 15,000 pounds, which at the exchange rate

15 in US dollars made it to how much money?0 4 : 4 2

16 A. At that time, $23,862.

17 Q. So, that was the amount Mr. Hewlett was then re ceiving each

18 month going forward?


20 Q. On November 1st of 2005, how much money was tra nsferred to0 4 : 4 3

21 Mr. Hewlett?

22 A. 125,000 US dollars.

23 Q. Do you know the reason for that particular tran sfer?

24 A. The larger transfers that we have looked at, in cluding this

25 one, related to --0 4 : 4 3


3097

1 MR. SCARDINO: Nonresponsive.0 4 : 4 3

2 THE COURT: Overruled. Hold it. Technically cor rect.

3 It's nonresponsive.

4 BY MR. STELLMACH:

5 Q. What was the reason for the transfer of $125,00 0 to0 4 : 4 3

6 Mr. Hewlett at this time, Mr. Davis?

7 THE WITNESS: May I elaborate, your Honor?

8 THE COURT: No, sir.

9 MR. STELLMACH: I'm just asking what the reason w as.

10 THE COURT: Well, I think -- well, I don't have a n0 4 : 4 3

11 objection -- I don't have personally an objection , but I think

12 that you're much better off going question and an swer so

13 counsel can object. Okay? But your question to this was what

14 was this transfer for?


16 Q. That's exactly right, this particular transfer of $125,000

17 from the slush fund in Switzerland?

18 A. I believe this one related to furnishings and i nformation

19 processing equipment that Mr. Hewlett was adding to his new

20 offices.0 4 : 4 4

21 Q. Did you ever discuss with Mr. Stanford the fact that

22 Mr. Hewlett had acquired new offices in Antigua?

23 A. Yes, sir.

24 Q. What did Mr. Stanford tell you about why Mr. He wlett had

25 moved into new offices?0 4 : 4 4


3098

1 A. Mr. Stanford had arranged for his new offices - -0 4 : 4 4

2 Q. Mr. Hewlett's new offices?

3 A. For Mr. Hewlett's new offices to be built.

4 Q. Did Mr. Stanford explain why he made that arran gement?

5 A. Yes. He said that Mr. Hewlett should have a hi gher profile0 4 : 4 4

6 in that Stanford companies in particular were gro wing and the

7 exposure required a higher profile.

8 Q. By "higher profile," what do you mean?

9 A. Bigger building, bigger staff.

10 Q. What had Mr. Hewlett's old offices looked like?0 4 : 4 5

11 A. They were small, upstairs, they were in the cen ter of town

12 on a small street.

13 Q. And moving a month later to December 1st of 200 5, there's

14 an authorization for another transfer of $125,000 . Could you

15 explain what that transfer related to?0 4 : 4 5

16 A. I believe this related to a staffing increase M r. Hewlett

17 was contemplating to staff the new offices.

18 Q. And when you say higher profile, did Mr. Stanfo rd explain

19 at all why it was important that the bank's audit or had newer

20 offices, bigger offices?0 4 : 4 6

21 A. Yes, sir.

22 Q. What did Mr. Stanford say in that regard?

23 A. There would be inquiries in person and otherwis e and that

24 if clients, potential clients, or others came to the island

25 that a -- that a building such as the one that wa s built would0 4 : 4 6


3099

1 be necessarily advantageous to the sales and grow th of the0 4 : 4 6

2 company.

3 Q. Turning to another document dated February 10th of 2006,

4 there's another $100,000 going to Mr. Hewlett's a ccount. This

5 one is going to his account in the Virgin Islands . Any0 4 : 4 7

6 particular reason why that money was going to an account in the

7 Caribbean versus the Barclays account where the m onthly

8 payments were going?

9 A. No, sir.

10 Q. You don't recall?0 4 : 4 7

11 A. No, sir.

12 Q. And turning to a document from April 30th of 20 07, can you

13 tell us what's reflected there?

14 A. It's a wire transfer to Mr. Hewlett for 16,000 pounds

15 sterling.0 4 : 4 7

16 Q. And did you discuss -- was that an increase ove r the prior

17 amount he had been receiving?

18 A. I don't know that answer.

19 Q. Okay. Well, we'll turn to another document tha t should

20 show it.0 4 : 4 8

21 This is an e-mail from Carol Meylan to you. The

22 subject is "weekly statements." Who is Ms. Meyla n?

23 A. Ms. Meylan was Blaise Friedli's associate at So cGen.

24 Q. And she attaches some documents and then you se nd a

25 response on May 19th of 2008, to Ms. Meylan and y ou copy0 4 : 4 8


3100

1 Mr. Stanford. Could you read the response you se nt?0 4 : 4 9

2 A. Yes, sir. "Hello. It was great to see Blaise this past

3 week in Washington DC. The meetings were very be neficial in my

4 opinion. As I informed Mr. Friedli last Friday, I want to

5 change the monthly debit amount that is disbursed to0 4 : 4 9

6 CAS Hewlett from our 108.731 account. Please cha nge this

7 standing order by increasing the amount from 15,0 00 sterling to

8 20,000 sterling. Effective date for this payment should be the

9 payment of 15 June, '08 and should continue month ly until

10 further notice. If you have questions, please do not hesitate0 4 : 4 9

11 to call me. James Davis."

12 Q. Why was Mr. Hewlett's payment increased from 15 ,000 pounds

13 to 20,000 pounds?

14 A. He had Mr. Stanford over the barrel.

15 Q. What did Mr. Stanford tell you about why the pa yments to0 4 : 5 0

16 Mr. Hewlett was going up?

17 A. Well, we had to -- on this discussion I remembe r that

18 Mr. Stanford said he was greedy but --

19 MR. SCARDINO: That's nonresponsive, your Honor.


21 THE WITNESS: He was greedy, but that the payment s

22 should continue at this rate.


24 Q. Mr. Stanford was saying Mr. Hewlett was greedy?

25 A. Yes, sir.0 4 : 5 0


3101

1 Q. This is from August 27th of 2008 from you to Mr . Friedli.0 4 : 5 0

2 What were the amounts shown there that you were d irecting

3 transferred?

4 A. 60,000 pounds sterling to Mr. Hewlett's London account, two

5 of -- two of the transfers of that amount and the y were0 4 : 5 1

6 separated by one week's time.

7 Q. So, a total of 120,000 British pounds at the ex change rate

8 at the time, do you have a sense of how much actu al dollars

9 that would be?

10 A. Probably in the neighborhood of twice. So, $12 0,000 US0 4 : 5 1

11 each at that point of exchange.

12 MR. STELLMACH: And if we could turn back to the

13 laptop, your Honor? And if I could see Governmen t Exhibit 511.


15 Q. This is a letter from Montserrat dated November 28th of0 4 : 5 2

16 1990. There's a point there about failing to emp loy an

17 approved auditor as one of the reasons for being ejected from

18 the island. Did Mr. Stanford ever discuss with y ou when he

19 showed you that letter from the Montserrat author ities that he

20 could replace Mr. Hewlett?0 4 : 5 2

21 A. No, sir.

22 Q. Did Mr. Stanford ever express any concerns abou t what would

23 happen if Mr. Hewlett wasn't available any longer to sign off

24 as the auditor for the bank's financial statement s?

25 A. Yes, that --0 4 : 5 3


3102

1 Q. What did he tell you about his concerns?0 4 : 5 3

2 A. The concern was that without Mr. Hewlett, the f raud would

3 be detected. Mr. Hewlett was indispensable.

4 Q. Did Mr. Stanford ever discuss any concerns rega rding

5 Mr. Hewlett's physical condition?0 4 : 5 3

6 A. Yes, sir.

7 Q. What did he tell you about those concerns?

8 A. He stated at one point in time that he was conc erned about

9 his health and, in fact, I believe ensured that M r. Hewlett had

10 a physical examination in Houston, Texas.0 4 : 5 3

11 Q. Did Mr. Stanford tell you where he ensured that that exam

12 would take place?

13 A. I believe it was the Houston Diagnostic Center.

14 Q. Did Mr. Stanford tell you who paid for Mr. Hewl ett to

15 travel to Houston and have that examination?0 4 : 5 4

16 A. I don't recall that conversation.

17 Q. What happened on January 1st of 2009 to Mr. Hew lett?

18 A. He passed away.

19 Q. How did you first learn that Mr. Hewlett had di ed?

20 A. I received a call from an individual in Antigua .0 4 : 5 4

21 THE COURT: Excuse me. What year was that, sir?

22 THE WITNESS: It was 2009, your Honor.

23 THE COURT: Okay.


25 Q. January 1, 2009?0 4 : 5 4


3103

1 A. Yes, sir.0 4 : 5 4

2 Q. And you learned that Mr. Hewlett had just died. After

3 receiving that news, did you share it with Mr. St anford?

4 A. Yes, sir. When I hung up on the phone, I calle d him.

5 Q. And what did you tell Mr. Stanford?0 4 : 5 5

6 A. I said, "Mr. Hewlett had passed away."

7 Q. And what did Mr. Stanford say?

8 A. Said he was the lucky one.

9 MR. STELLMACH: Your Honor, I was about to go int o

10 another area.0 4 : 5 5

11 THE COURT: You want to raise the -- you want to do

12 the honors to raise it early?

13 Ladies and gentlemen, the case is moving along,

14 as I mentioned to you just briefly. It really is . Two weeks

15 have passed. So, we're moving -- we're doing fin e. We'll0 4 : 5 5

16 adjourn at this time. We'll see you Monday, read y to resume,

17 at 10:00 a.m.

18 Thank you and good afternoon.

19 (Proceedings recessed for evening)

20 * * * * *

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3104

1 COURT REPORTER'S CERTIFICATION

2 I certify that the foregoing is a correct transcr ipt from the record of proceedings in the above-entitled cau se.

3

4 Date: February 3, 2012

5

6 /s/ Cheryll K. Barron

7 Cheryll K. Barron, CSR, CM R, FCRR Official Court Reporter

8

9

10

11

12

13

14

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25


$$10 [1] 2952/19$10 million [1] 2952/19$100 [1] 2996/20$100 million [1] 2996/20$100,000 [1] 3099/4$112 [1] 2994/16$112 million [1] 2994/16$120,000 [2] 2959/1 3101/10$125,000 [3] 3097/5 3097/16 3098/14$13,582,579 [1] 3001/21$13.5 [2] 2999/22 3000/25$13.5 million [2] 2999/22 3000/25$130 [1] 2952/25$130 million [1] 2952/25$132 [2] 2971/20 2972/12$132 million [2] 2971/20 2972/12$15 [1] 2963/14$15 million [1] 2963/14$15,000 [1] 3041/14$168 [1] 2994/21$168 million [1] 2994/21$2 [15] 2943/11 2964/1 2968/14 2975/15 2975/24 2994/10 2996/10 2996/11 3012/4 3014/13 3017/22 3033/24 3034/3 3080/8 3088/8$2 billion [13] 2943/11 2964/1 2968/14 2975/15 2975/24 2994/10 2996/10 2996/11 3012/4 3014/13 3017/22 3080/8 3088/8$2 million [2] 3033/24 3034/3$2,499,254 [1] 2956/4$2,576,301 [1] 2956/4$2,989,574 [1] 2956/7$20 [1] 2965/6$20 million [1] 2965/6$22 [3] 2953/4 2954/3 2954/11$22 million [3] 2953/4 2954/3 2954/11$220 [1] 3022/17$23,862 [1] 3096/16$278 [1] 2960/20$278 million [1] 2960/20$3,345,650 [1] 2955/23$3,501,188 [1] 2956/7$327 [2] 2969/2 2972/13$327 million [2] 2969/2 2972/13$33,373,466 [1] 3048/2$33.3 [1] 3047/23$33.3 million [1] 3047/23$330 [1] 2995/1$330 million [1] 2995/1$333 [1] 2963/17$333 million [1] 2963/17$4 [3] 2951/5 2951/12 2966/17$4 million [3] 2951/5 2951/12 2966/17$4,654,300 [1] 2955/18$4,800,000 [1] 3001/22$4,971,543 [1] 2955/16$4.3 [1] 2966/18$4.3 million [1] 2966/18$5 [1] 2952/8

$5 million [1] 2952/8$5.1 [1] 3018/22$5.1 billion [1] 3018/22$500,000 [2] 2951/19 2952/1$52 [1] 2993/7$52 million [1] 2993/7$550 [1] 3022/16$550 million [1] 3022/16$59,500,000 [1] 2993/21$6.6 [1] 3018/12$6.6 billion [1] 3018/12$7,500,000 [1] 2952/17$700,000 [6] 3027/25 3028/14 3029/10 3029/20 3030/16 3031/17$75 [1] 2995/17$75 million [1] 2995/17$775,000 [2] 2950/9 2950/19

''04 [4] 2955/14 2955/17 2955/22 2956/2'05 [1] 3060/23'06 [2] 2956/5 3058/23'07 [1] 3058/23'08 [2] 2960/19 3100/9'09 [3] 3085/7 3085/8 3085/9'5 [1] 3042/25'9 [1] 3042/25'91 [1] 3021/22'92 [1] 3021/22'98 [1] 3001/22'loan' [1] 3061/8'possible' [2] 3078/21 3079/25

//s [1] 3104/6

11,275,369.95 [1] 2947/241.4 million [1] 2968/31.5 billion [1] 3018/1710 [3] 2928/9 3041/14 3083/1010 minutes [1] 2981/1610 percent [1] 3017/1610,000 pounds [1] 3096/8100 [1] 2959/11004 [1] 2928/211018 [1] 2929/4108 [1] 3010/7108-731 [1] 2949/1108.731 [14] 2939/8 2939/9 2939/17 2939/20 2939/23 2941/18 2942/2 2942/18 2948/4 3038/17 3038/18 3089/13 3091/14 3100/6109 [2] 2999/1 2999/610:00 a.m [1] 3103/1710:22 [1] 2928/510th [2] 3085/23 3099/311 [6] 2967/19 3020/21 3025/4 3025/10 3031/9 3032/1011,000 [1] 3020/19112 [1] 3001/121129 [1] 2928/13118 [1] 3019/2411:35 [1] 2977/2412.9 million [1] 2968/4120,000 [1] 3101/7

1205A [1] 2948/61220A [6] 3093/6 3093/9 3093/17 3093/25 3094/6 3094/24125,000 [1] 3096/2212:00 [1] 2977/2313 [3] 2999/7 2999/8 2999/17131 [2] 3035/5 3095/6132 [1] 2970/9132 million [6] 2970/23 2970/25 2971/7 2971/23 2972/17 2973/24132 million-dollar [1] 2971/2214 [1] 3046/2514 percent [1] 3021/151400 [1] 2928/1614th [2] 3060/23 3093/1215 [3] 2986/14 2988/2 3100/915 percent [2] 3017/19 3049/815,000 [1] 3100/715,000 pounds [3] 3096/8 3096/14 3100/1215-minute [2] 2977/22 2977/241520 [1] 2945/101530 [1] 3005/915th [3] 2951/17 2951/24 2952/416 [3] 3034/24 3035/5 3087/2416,000 pounds [1] 3099/1417 million [1] 3048/417 years [1] 3034/2517,000 [5] 2932/4 2932/9 2932/18 2932/22 2935/1217th [1] 2956/2180,000 [1] 3096/31986 [1] 2983/171987 [1] 3020/121990 [2] 3020/13 3101/161991 [3] 3019/18 3037/20 3037/201992 [2] 3019/18 3035/171994 [1] 3020/151996 [3] 2999/2 3000/17 3001/91997 [1] 3020/151998 [1] 3020/161999 [11] 2993/7 2995/5 2995/17 3001/12 3001/22 3002/2 3002/6 3002/15 3002/21 3002/23 3002/2519th [2] 2951/4 3099/251:00 [1] 3025/191:05 [1] 2977/251st [4] 2995/21 3096/20 3098/13 3102/17

22 billion [3] 2968/24 2973/5 2976/152 billion-dollar [7] 2943/17 2943/18 2943/20 2944/1 2964/6 3015/23 3016/202,300,000 [1] 2995/52.5 million [1] 2967/820 [10] 2952/23 2966/14 2968/2 2968/5 2983/4 3020/6 3020/10 3020/21 3020/22 3034/1720,000 [1] 3100/820,000 pounds [1] 3100/13

3105

220/20 [3] 2966/14 2968/2 2968/52000 [6] 2948/16 2950/23 2993/21 2996/21 3020/18 3042/2520005 [1] 2928/162001 [3] 2951/17 2994/16 3025/52002 [3] 2952/5 2994/22 3093/122003 [6] 2952/15 2952/18 2953/2 2958/20 2995/1 3096/62004-'5 [1] 3042/252005 [15] 3019/24 3062/17 3062/22 3063/11 3066/8 3071/3 3076/10 3078/7 3078/20 3078/25 3079/1 3079/5 3081/19 3096/20 3098/132006 [3] 3079/2 3085/23 3099/32007 [6] 2952/24 2958/21 3018/11 3054/19 3054/20 3099/122008 [14] 2958/21 2959/5 2996/8 2996/8 2996/9 3027/2 3044/17 3054/19 3054/20 3055/13 3056/2 3057/14 3099/25 3101/12008-'9 [1] 3042/252009 [4] 3084/23 3102/17 3102/22 3102/252012 [2] 2928/4 3104/421 [1] 3011/2121st [1] 2956/524 [1] 3001/2124th [2] 2948/16 3027/225 percent [3] 3016/7 3016/8 3017/2026 [4] 2953/2 3019/25 3020/5 3096/5278 million [2] 2961/4 2961/727th [1] 3101/128th [2] 2955/14 3101/1529th [1] 2950/232:15 [1] 3025/19

330 [1] 3082/1530 million [1] 2952/2330th [1] 3099/1231 [3] 2952/18 2996/21 3002/631st [11] 2993/7 2993/21 2994/16 2994/21 2995/1 2995/5 2995/17 2995/20 3001/9 3002/2 3002/1532 [1] 3095/5327 [2] 2972/23 2973/24327 million [1] 2972/9327 million-dollar [2] 2973/5 2973/7332C [9] 2943/6 2943/9 2959/16 2996/8 3014/10 3014/13 3014/23 3015/11 3015/21333 [4] 2991/18 2991/20 2993/2 3002/43333 [1] 2997/15334 [2] 2993/17 3002/20

335 [1] 3002/20336 [2] 2991/22 3002/21337 [2] 2991/22 3002/21338 [1] 2995/4344 [1] 2996/19346 [2] 2991/19 2991/213:45 [1] 3082/143rd [1] 2928/21

44th [2] 2952/5 3062/3

55,000 [1] 3020/1750-foot [1] 2965/155050 [1] 3033/5511 [1] 3101/13515 [1] 2929/1052 million-dollar [1] 3002/135:00 [3] 3082/20 3083/11 3083/125:00 o'clock [3] 3082/25 3083/5 3083/95:10 [1] 3083/11

66 percent [1] 3021/1360,000 pounds [1] 3101/4600,000 [1] 2951/3605C [1] 3044/661129 [1] 2928/13663 [1] 3060/9668 [3] 3063/17 3064/1 3079/5671 [3] 3077/3 3077/18 3083/17

7700,000 [1] 3030/15700,000-dollar [1] 3027/1731 [1] 2949/175 percent [4] 3016/11 3017/5 3017/7 3017/1277002 [3] 2928/22 2929/5 2929/1177208-1129 [1] 2928/1377279 [1] 2929/779535 [1] 2929/7

880,000 pounds [1] 3096/28th [1] 2952/15

99-11 [3] 3020/21 3025/4 3025/1090 percent [1] 2932/129th [2] 3066/8 3071/3

Aa -- so [1] 2964/21a.m [2] 2928/5 3103/17abbreviation [1] 3061/16ability [1] 3019/12able [3] 2933/1 2948/8 3043/3about [123] 2931/7 2935/17 2935/19 2939/5 2939/9 2939/17 2939/20 2941/14 2944/15 2944/24 2950/2 2954/21 2954/22 2957/8 2960/22 2962/6 2966/20 2974/7 2975/22 2975/23

2976/18 2977/25 2978/3 2978/4 2978/7 2978/14 2980/15 2980/16 2983/12 2984/4 2984/17 2986/25 2987/7 2987/12 2987/16 2991/10 2993/14 2994/3 3000/17 3000/18 3001/15 3003/13 3004/4 3005/3 3008/7 3010/6 3010/7 3010/11 3010/22 3011/6 3011/21 3014/10 3016/3 3016/3 3016/6 3017/16 3019/16 3019/21 3021/3 3022/16 3023/8 3025/11 3025/15 3025/18 3026/2 3028/25 3035/3 3037/9 3037/11 3037/21 3037/22 3037/25 3038/2 3040/8 3043/2 3044/18 3048/25 3049/10 3050/15 3051/2 3052/5 3052/13 3053/1 3057/18 3059/9 3060/6 3062/18 3062/21 3063/1 3068/18 3068/23 3070/5 3070/5 3070/13 3074/8 3075/13 3076/3 3076/8 3076/13 3082/14 3082/20 3083/10 3086/8 3087/3 3087/25 3088/7 3088/24 3088/25 3089/1 3089/11 3089/12 3091/24 3092/9 3092/14 3095/16 3097/24 3100/15 3101/16 3101/22 3102/1 3102/7 3102/8 3103/9above [4] 2971/8 3089/4 3089/9 3104/2above-entitled [1] 3104/2absent [1] 2934/21absolute [6] 2936/10 2937/15 2978/15 2981/12 2981/13 2987/22absolutely [4] 2978/16 2990/9 3075/4 3093/1abstract [1] 3070/8academically [1] 2986/17acceptable [1] 3084/10accepted [2] 3009/21 3009/22access [11] 3008/5 3043/15 3052/1 3052/5 3052/13 3053/2 3053/5 3053/10 3053/13 3053/17 3053/24accordance [1] 3084/14according [8] 2946/13 2969/4 3013/4 3021/24 3038/7 3059/10 3066/5 3081/9account [134] 2938/23 2938/24 2938/25 2939/6 2939/7 2939/13 2939/17 2939/19 2939/21 2939/23 2940/1 2940/2 2940/5 2940/7 2941/18 2941/18 2942/1 2942/2 2942/3 2942/6 2942/7 2942/9 2944/18 2944/19 2944/21 2948/4 2948/20 2948/23 2948/24 2949/2 2949/9 2950/9 2950/10 2950/13 2950/15 2950/16 2950/17 2950/20 2951/12 2951/20 2951/23 2951/23 2952/2 2952/2 2952/20 2954/11 2955/15 2955/19 2955/19 2956/8 2956/11 2956/19 2956/20 2956/22 2957/9 2957/14 2957/21

3106

Aaccount... [77] 2957/22 2958/5 2958/10 2958/10 2958/12 2958/14 2958/15 3006/19 3026/19 3026/22 3027/25 3028/4 3028/5 3028/6 3028/7 3028/9 3028/10 3028/12 3028/12 3029/3 3029/9 3029/13 3029/14 3029/17 3029/24 3030/4 3030/5 3030/10 3031/1 3031/16 3031/22 3031/24 3031/25 3032/2 3032/12 3032/17 3033/20 3034/4 3034/4 3034/10 3038/19 3038/20 3038/20 3039/3 3039/4 3039/6 3039/14 3039/16 3047/24 3055/11 3056/3 3057/7 3087/11 3089/8 3089/13 3090/12 3090/19 3091/6 3091/14 3091/15 3091/17 3091/21 3092/2 3092/4 3092/11 3092/15 3093/7 3094/21 3095/12 3095/13 3096/1 3099/4 3099/5 3099/6 3099/7 3100/6 3101/4accountant [4] 2976/8 2976/25 2977/6 3086/1accountants [4] 2939/24 2972/11 3053/17 3091/8accounted [1] 2939/23accounting [11] 2942/11 2943/19 2945/18 2960/11 2960/15 2964/17 2975/7 3004/6 3049/14 3053/10 3053/21accounts [28] 2939/3 2939/5 2939/10 2939/11 2939/14 2939/15 2939/15 2939/18 2940/18 2942/11 2942/19 2942/22 2943/1 2943/3 2944/5 2944/13 2947/14 2953/21 2953/23 2954/1 2956/6 3013/9 3013/9 3048/17 3048/21 3078/25 3091/25 3094/13accumulated [1] 3032/3accurate [10] 2972/21 3000/24 3001/24 3037/9 3037/16 3048/13 3048/15 3049/10 3050/5 3050/7accused [1] 3067/18acknowledge [1] 3078/13acquired [1] 3097/22acquisition [3] 2946/9 2963/12 3003/16acronym [1] 2945/23Act [1] 2983/17activities [1] 3086/19activity [3] 3078/21 3079/25 3081/11actual [14] 2972/18 2973/8 2973/12 3008/24 3009/15 3015/14 3022/24 3044/8 3048/16 3049/11 3051/14 3055/11 3089/15 3101/8actually [36] 2940/1 2948/8 2948/14 2948/21 2948/24 2953/22 2964/13 2964/21 2967/5 2968/4 2968/16 2969/10 2972/14 2973/6 2975/18 2976/24 2985/24

2992/10 2992/21 2995/23 3001/1 3017/6 3021/1 3026/14 3031/17 3036/12 3036/21 3045/13 3045/18 3046/3 3047/6 3059/21 3086/18 3090/25 3093/20 3094/5adding [3] 2935/12 2940/15 3097/19addition [12] 2938/19 2943/24 2944/1 2951/9 2951/10 2957/3 2959/2 2961/7 3015/1 3043/14 3088/23 3091/10additional [7] 2931/12 2951/23 2961/8 2981/1 2998/7 2999/22 3091/11address [1] 2983/10addressed [4] 2948/17 3071/4 3072/8 3093/13adjacent [1] 3054/9adjourn [2] 3082/20 3103/16administrative [4] 2960/22 2961/6 2967/2 3032/1administrator [2] 3070/11 3071/4admitted [2] 2935/11 3077/18Advances [1] 2999/20advantageous [1] 3099/1adversary [1] 2962/19advisor [2] 3033/10 3095/16advisors [6] 2949/15 2949/16 3009/9 3009/10 3012/1 3031/18advisory [4] 2949/19 2949/22 3094/17 3095/21aerial [1] 3005/9Affairs [1] 3066/6affect [1] 3079/3affiliated [2] 2960/23 2999/21after [28] 2931/11 2931/20 2934/2 2936/2 2936/3 2936/9 2974/19 2974/19 2989/11 3002/23 3002/25 3022/1 3022/18 3025/10 3036/11 3043/5 3043/7 3053/23 3055/22 3056/3 3056/6 3056/19 3057/17 3062/1 3062/2 3063/22 3084/20 3103/2afternoon [3] 3026/3 3036/23 3103/18Afterwards [1] 3021/23again [46] 2936/11 2941/8 2945/17 2951/20 2954/13 2954/23 2956/8 2961/20 2962/21 2969/19 2979/12 2984/20 2986/4 2987/11 2990/11 2992/10 2993/20 2993/22 2998/16 2999/3 3000/3 3002/1 3002/8 3002/16 3003/4 3003/15 3014/22 3017/8 3017/23 3019/20 3028/14 3030/12 3041/18 3052/15 3052/20 3056/4 3056/17 3056/22 3056/23 3056/24 3062/21 3081/3 3082/24 3084/16 3084/19 3092/7against [6] 2969/5 2973/5 2975/11 2991/1 3059/19 3066/19agency [1] 3044/14

agenda [2] 3036/15 3036/17Agent [1] 3083/20ago [2] 2985/3 3079/14agreement [7] 2983/24 2984/16 2985/15 2988/1 2992/11 3034/9 3071/13agreements [5] 2957/5 2976/19 2976/22 2992/8 2992/14ahead [9] 2938/9 2952/5 2963/7 2981/23 2991/16 2992/4 3025/24 3030/22 3083/14aided [1] 2928/24aircraft [1] 2967/18airline [3] 2967/23 2967/25 3022/17airlines [3] 2963/16 2963/17 2967/22airplanes [2] 2967/10 2967/13airport [9] 3004/23 3004/25 3005/24 3007/15 3008/13 3040/9 3040/9 3040/18 3054/9Ali [1] 2928/19all [87] 2931/19 2932/3 2933/3 2933/12 2933/17 2933/19 2934/17 2935/2 2935/21 2937/20 2941/24 2946/18 2954/16 2957/25 2957/25 2961/1 2961/13 2962/13 2963/19 2965/18 2965/18 2966/5 2970/4 2970/19 2972/17 2973/14 2975/6 2979/7 2979/19 2980/9 2981/15 2984/2 2984/6 2985/25 2986/2 2986/9 2986/10 2987/18 2988/12 2988/15 2990/13 2990/24 2990/25 2991/12 2992/1 2993/14 3001/17 3002/19 3007/13 3008/13 3009/18 3010/10 3019/13 3025/17 3029/8 3029/16 3030/8 3031/23 3032/3 3034/10 3034/13 3046/8 3048/22 3055/2 3058/12 3064/14 3064/17 3064/19 3065/19 3066/12 3066/17 3068/2 3068/22 3069/6 3069/17 3070/1 3072/23 3073/4 3079/15 3079/16 3079/22 3082/18 3083/14 3087/11 3088/14 3095/9 3098/19allegations [3] 3064/24 3079/25 3081/10ALLEN [14] 2928/5 2950/11 2950/15 2963/21 2993/9 2993/13 2994/2 2994/18 2994/24 2995/3 2995/10 3003/7 3003/11 3004/1allow [7] 2933/19 2940/19 2940/23 3068/20 3069/22 3069/25 3072/15allowed [1] 2987/21almost [3] 2967/7 2984/23 3025/18alone [1] 2949/3along [7] 2933/12 2991/15 3006/22 3031/25 3039/11 3045/4 3103/13already [11] 2942/3 2943/24 2948/4 2960/16 2969/11 2991/22 3008/7 3029/12

3107

Aalready... [3] 3068/17 3093/20 3093/25also [42] 2934/3 2934/24 2939/3 2944/16 2945/20 2949/1 2949/12 2950/17 2951/6 2956/6 2956/21 2963/15 2968/5 2975/23 2976/11 2977/5 2978/18 2978/20 2979/22 2980/5 2985/21 2991/9 3004/1 3005/10 3009/7 3014/3 3014/4 3016/22 3019/3 3020/20 3036/14 3037/3 3043/15 3048/3 3054/8 3061/12 3062/3 3062/23 3071/23 3089/5 3090/19 3094/17Althea [1] 2945/4Alvarado [12] 3062/24 3075/15 3076/16 3076/16 3076/20 3077/9 3083/18 3085/1 3085/5 3085/14 3085/15 3085/20always [11] 2957/21 2958/16 2979/13 2979/25 2980/7 2980/9 2980/9 2991/5 3020/23 3021/3 3024/17am [6] 2937/10 2947/2 2962/17 2978/14 2982/2 3044/24Amadio [4] 2934/23 2934/24 3093/21 3093/22Amendment [5] 2978/11 2980/3 2980/15 2981/13 2988/14amenities [1] 2946/11AMERICA [1] 2928/3among [4] 2932/9 2988/23 3001/17 3003/11Amortized [1] 3050/18amount [34] 2950/22 2955/25 2965/3 2968/18 2971/15 2976/18 2993/5 2993/20 2993/21 2994/21 2995/16 3000/24 3000/24 3000/25 3001/1 3001/17 3003/2 3023/2 3026/25 3029/10 3033/21 3033/22 3033/23 3045/4 3048/1 3048/4 3049/1 3094/20 3095/25 3096/17 3099/17 3100/5 3100/7 3101/5amounts [13] 2954/2 2954/22 2998/9 3048/16 3048/16 3048/17 3048/18 3086/20 3086/24 3087/4 3092/3 3093/2 3101/2analysis [1] 2932/17and/or [2] 2960/14 3033/19Andrew [1] 2928/15annual [12] 2960/21 2974/4 2999/2 3001/12 3001/15 3002/17 3002/25 3003/8 3019/24 3020/22 3023/5 3088/4annually [3] 2950/5 3035/10 3037/15another [21] 2936/23 2942/16 2950/22 2952/13 2957/23 2961/10 2968/2 2971/16 2985/20 2985/25 2989/17 2998/2 3012/13 3017/18 3048/3 3096/5 3098/14 3099/3 3099/4 3099/19 3103/10

answer [16] 2932/11 2932/13 2941/21 2958/9 2998/13 3009/21 3011/4 3013/14 3016/16 3022/18 3040/12 3047/11 3049/16 3052/21 3097/12 3099/18answering [1] 3052/12anticipate [2] 2936/6 2989/1Antigua [45] 2944/18 2944/18 2944/22 2946/16 3004/18 3006/18 3007/1 3008/3 3010/6 3010/10 3017/4 3032/6 3032/16 3033/12 3034/11 3037/19 3037/23 3038/18 3039/4 3039/14 3040/10 3040/18 3041/21 3044/19 3050/22 3051/3 3054/4 3054/7 3054/9 3057/25 3058/3 3058/4 3059/18 3059/18 3074/17 3081/7 3081/21 3082/5 3084/9 3084/15 3086/11 3089/6 3092/5 3097/22 3102/20Antiguan [4] 3000/8 3048/10 3051/2 3072/10any [97] 2938/20 2938/23 2942/11 2944/3 2949/12 2950/3 2952/21 2952/22 2954/19 2954/21 2956/11 2956/20 2958/23 2962/11 2963/22 2964/3 2964/3 2968/8 2968/16 2973/23 2976/19 2979/6 2980/14 2980/24 2980/25 2984/8 2984/9 2984/16 2986/12 2986/14 2987/19 2987/25 2988/2 2988/12 2988/13 2989/7 2989/18 2990/23 2991/1 2992/2 2997/10 2997/11 2997/19 3002/25 3003/1 3003/9 3004/8 3004/14 3004/18 3004/20 3004/20 3008/25 3009/5 3009/20 3010/19 3010/19 3011/4 3011/23 3015/9 3019/11 3037/8 3037/8 3042/14 3043/15 3043/21 3047/10 3049/9 3049/21 3050/21 3051/17 3052/4 3053/24 3057/17 3059/13 3059/21 3061/23 3062/12 3063/7 3066/17 3071/22 3071/24 3071/25 3074/7 3075/10 3076/14 3080/2 3085/16 3087/9 3088/10 3089/8 3090/12 3091/11 3091/24 3099/5 3101/22 3101/23 3102/4anybody [5] 2981/2 2982/2 3046/4 3053/9 3072/6anyhow [1] 2977/22anyone [6] 2994/3 2997/10 3005/6 3052/3 3053/4 3072/6anything [10] 2980/15 2987/1 2987/16 2991/25 3000/23 3017/1 3053/16 3072/3 3085/16 3088/23apologize [2] 3081/2 3095/15Apparently [1] 2952/1appear [5] 2982/9 2995/20 3065/15 3076/23 3077/24appears [4] 2936/23 3032/19 3034/4 3064/12

appellate [1] 2987/11Applebee's [1] 3007/19applicable [1] 3079/16appraisal [2] 2973/23 2973/25appreciate [1] 3095/20approach [4] 2978/17 2978/22 2978/24 3066/10approached [1] 2979/11appropriate [2] 3071/25 3072/1approval [6] 2947/3 2947/8 2947/9 2947/23 2948/1 3014/1approve [5] 2947/11 2997/11 3004/11 3024/17 3093/2approved [4] 2948/2 3013/20 3096/11 3101/17approximately [10] 2932/15 2968/20 3034/17 3036/8 3049/6 3054/18 3057/12 3058/17 3063/11 3084/22April [6] 2952/15 2955/17 2955/22 2956/5 3079/2 3099/12April 2006 [1] 3079/2April 21st [1] 2956/5April 30th [1] 3099/12April 6 [2] 2955/17 2955/22April 8th [1] 2952/15architectural [1] 2967/2are [67] 2931/15 2931/16 2931/16 2932/9 2932/12 2932/25 2934/22 2935/15 2939/17 2940/15 2954/3 2956/3 2961/23 2962/24 2963/19 2967/23 2967/24 2978/23 2981/22 2982/19 2983/23 2984/16 2985/13 2985/17 2990/22 2991/22 2992/1 2992/23 2997/23 2997/23 2999/16 3001/19 3002/20 3006/11 3010/16 3010/17 3012/6 3012/16 3012/16 3012/19 3015/21 3020/20 3028/25 3032/12 3034/2 3044/3 3044/23 3046/5 3046/20 3046/23 3048/4 3048/7 3048/10 3048/11 3048/16 3048/16 3048/18 3049/1 3049/9 3053/6 3061/12 3063/11 3064/24 3068/5 3079/18 3090/22 3093/6area [10] 3004/20 3004/22 3005/1 3005/4 3005/25 3007/14 3008/14 3010/1 3091/22 3103/10areas [1] 3079/15argue [1] 2986/7arguing [1] 3089/17around [5] 2938/5 2952/23 2967/21 3069/23 3083/9arranged [2] 3051/18 3098/1arrangement [2] 3092/22 3098/4array [1] 3020/11arrearages [1] 2958/23arrive [1] 3092/18arrow [6] 2942/15 2970/9 2970/12 2971/7 2972/8 2972/10article [7] 3060/24 3060/24 3061/1 3061/3 3061/4 3061/8 3061/14

3108

Aas [142] 2932/8 2933/20 2933/22 2934/25 2934/25 2935/1 2935/1 2935/7 2936/2 2936/8 2936/8 2936/14 2936/14 2936/15 2936/20 2941/9 2941/9 2941/14 2942/7 2947/1 2947/14 2948/5 2948/18 2949/3 2949/18 2955/24 2958/11 2958/13 2958/23 2959/20 2960/19 2960/23 2962/19 2962/19 2962/23 2963/5 2964/10 2964/22 2964/23 2965/16 2966/21 2966/22 2972/13 2972/15 2972/15 2973/21 2973/22 2975/19 2976/6 2976/7 2979/13 2979/14 2979/24 2980/10 2980/11 2982/2 2982/9 2982/15 2982/15 2982/18 2983/16 2983/22 2985/5 2985/13 2986/8 2986/8 2986/9 2988/19 2989/4 2990/18 2991/5 2991/9 2991/13 2992/1 2993/16 2993/16 2996/1 2996/9 2997/3 3000/18 3001/20 3002/1 3007/2 3007/2 3007/6 3007/6 3009/22 3014/13 3016/11 3019/9 3021/13 3022/24 3025/10 3030/4 3038/1 3038/15 3041/24 3042/11 3042/11 3045/25 3047/15 3051/11 3051/11 3055/23 3057/5 3057/5 3061/10 3064/11 3064/21 3064/21 3068/21 3070/19 3070/21 3071/4 3072/1 3072/9 3072/10 3072/25 3074/24 3076/5 3078/22 3079/16 3079/16 3080/1 3082/13 3084/8 3084/9 3084/9 3084/13 3086/9 3086/13 3086/21 3087/7 3087/8 3087/10 3094/24 3096/3 3098/25 3100/4 3101/17 3101/24 3103/14Ashe [8] 3054/11 3054/14 3054/15 3054/21 3054/22 3055/3 3055/10 3055/16Ashe's [1] 3054/13Asian [1] 3020/15ask [45] 2932/8 2933/15 2933/15 2935/11 2937/22 2941/20 2945/7 2945/25 2961/12 2962/16 2962/18 2962/22 2969/17 2970/5 2978/10 2978/11 2979/17 2979/21 2980/17 2981/3 2982/19 2984/17 2984/20 2988/15 2998/14 2998/16 3011/7 3012/12 3017/15 3038/6 3042/5 3042/6 3064/12 3065/9 3068/18 3068/22 3069/23 3070/5 3070/20 3071/21 3071/23 3073/24 3086/16 3087/14 3092/7asked [17] 2932/5 2932/10 2934/10 2941/9 2947/7 2947/25 2988/7 3009/5 3009/17 3023/13 3035/19 3042/9 3047/11 3053/19

3081/22 3087/19 3095/16asking [10] 2946/21 2954/25 2978/13 3011/5 3018/1 3018/2 3034/20 3042/16 3055/3 3097/9aspect [1] 3005/7assert [1] 3071/25asset [1] 2974/2assets [41] 2969/1 3010/19 3015/2 3015/9 3015/14 3016/2 3016/6 3016/8 3017/5 3017/7 3017/9 3017/17 3017/17 3017/20 3017/24 3018/16 3019/1 3019/21 3037/9 3045/9 3045/12 3045/18 3047/20 3048/10 3048/11 3048/24 3049/1 3049/3 3049/4 3049/11 3051/2 3051/9 3051/9 3087/2 3087/4 3087/4 3087/5 3087/10 3088/5 3088/10 3088/14assist [1] 3058/5assistant [3] 2928/12 2983/15 3039/8associate [1] 3099/23assume [4] 2936/20 2936/22 2989/18 3031/11assuming [4] 2954/13 2954/14 2954/23 2955/5assure [2] 2987/15 3079/13at [182] athletic [3] 3004/2 3007/24 3007/25Atlanta [2] 3043/20 3055/24attaches [2] 3060/23 3099/24attacks [1] 3020/21attorney [7] 2928/12 2929/3 2976/25 2983/15 2987/2 2987/17 3000/3attorney-client [2] 2987/2 2987/17attorneys [4] 2949/18 2972/11 2976/9 3075/16audit [12] 2958/21 2958/24 2959/3 2959/5 2975/12 3086/2 3086/15 3086/18 3086/19 3090/19 3090/22 3090/22audited [2] 2958/19 2958/20auditing [6] 3088/19 3088/23 3089/2 3089/16 3091/11 3092/1auditor [7] 3086/2 3086/9 3086/14 3088/3 3098/19 3101/17 3101/24auditors [1] 3086/19audits [1] 2975/14August [3] 2950/23 2956/2 3101/1August 17th [1] 2956/2August 27th [1] 3101/1August 29th [1] 2950/23authorities [1] 3101/19authorization [2] 3071/23 3098/14authorize [1] 2997/11authorized [3] 2954/19 2955/9 2956/16available [2] 2952/2 3101/23Avenue [1] 2928/16average [1] 3021/13aviation [6] 2967/7 2967/8 2967/9 2967/10 2967/24 3055/25

avoid [2] 2979/23 2979/24avoiding [1] 2936/2aware [5] 3000/1 3000/19 3046/5 3062/15 3092/6away [6] 2978/18 2979/11 2984/8 3055/6 3102/18 3103/6awhile [1] 3010/10awkward [1] 2989/7

Bback [33] 2934/2 2937/8 2959/6 2962/14 2964/24 2966/20 2972/8 2972/23 2973/8 2977/25 2980/11 2981/16 2984/22 2985/25 2988/17 2997/14 3006/6 3022/16 3025/19 3026/24 3049/2 3052/15 3052/17 3061/5 3062/8 3076/18 3081/19 3082/14 3083/17 3083/21 3085/25 3087/9 3101/12background [1] 2953/16backup [3] 3054/24 3087/19 3088/10bait [1] 2962/4balance [9] 3001/21 3007/3 3007/5 3021/19 3044/20 3047/22 3050/17 3059/12 3086/21balances [1] 3050/9ball [1] 2936/1band [2] 2958/13 2958/13bank [168] 2938/14 2938/25 2939/3 2939/10 2941/3 2941/17 2941/25 2943/24 2944/18 2944/22 2948/24 2949/10 2950/10 2962/6 2964/2 2964/10 2964/22 2968/9 2968/15 2969/6 2970/20 2970/22 2972/9 2973/6 2973/9 2973/20 2974/1 2974/2 2974/5 2976/20 2993/11 2993/14 2993/22 2994/1 2994/3 2994/6 2994/9 2994/10 2996/14 2996/21 2997/10 2997/10 2997/11 2999/22 3000/2 3000/19 3001/2 3001/18 3006/24 3007/1 3007/3 3007/14 3008/3 3008/4 3008/24 3008/25 3010/19 3011/16 3012/4 3012/14 3013/1 3015/3 3015/9 3015/14 3015/16 3016/22 3018/12 3019/12 3020/23 3021/1 3021/6 3022/10 3022/13 3023/4 3024/24 3025/6 3026/3 3026/4 3026/8 3026/10 3028/10 3028/11 3029/9 3029/13 3029/14 3029/21 3029/24 3030/4 3030/5 3030/10 3030/18 3030/19 3031/2 3031/5 3031/20 3032/6 3032/14 3032/18 3033/11 3033/20 3035/16 3037/19 3038/16 3038/18 3039/3 3039/3 3039/4 3039/4 3039/8 3039/14 3042/4 3042/5 3044/12 3044/18 3044/19 3045/5 3045/18 3047/19 3047/25 3048/1 3048/2 3048/9 3048/21

3109

Bbank... [45] 3048/24 3049/4 3051/3 3051/8 3054/14 3055/16 3056/22 3058/1 3060/20 3061/24 3062/12 3063/3 3063/5 3070/16 3072/6 3073/20 3075/3 3078/22 3080/14 3080/19 3080/20 3080/25 3081/6 3081/11 3086/2 3086/3 3086/9 3086/15 3086/16 3087/7 3088/3 3088/5 3088/8 3088/11 3089/6 3090/24 3091/3 3091/5 3091/8 3091/22 3093/6 3094/5 3094/12 3094/17 3095/19bank's [22] 2964/13 3016/6 3017/5 3017/7 3017/9 3017/16 3017/20 3017/24 3019/21 3037/9 3045/9 3045/12 3048/11 3049/7 3049/11 3051/2 3086/13 3087/3 3087/4 3087/10 3098/19 3101/24banking [5] 2948/21 2949/8 3058/2 3079/23 3094/11banks [6] 2938/19 2948/23 2956/4 3003/22 3057/25 3087/1Banque [2] 3046/21 3048/21Barbuda [7] 2944/18 3006/18 3017/4 3041/21 3084/9 3084/15 3092/5Barclays [1] 3099/7bargain [1] 2983/24barrel [1] 3100/14barrister [1] 3035/24Barron [3] 2929/9 3104/6 3104/7based [22] 2931/14 2932/16 2935/10 2976/7 2977/6 2981/23 3007/1 3007/17 3013/15 3021/6 3022/24 3023/11 3029/3 3030/21 3032/9 3039/21 3055/13 3065/15 3072/22 3073/17 3074/2 3075/1basically [3] 2982/1 3087/6 3090/1basis [3] 3084/13 3092/21 3094/3be [167] 2931/3 2931/7 2931/20 2932/1 2932/20 2932/24 2933/1 2933/5 2933/22 2933/23 2934/21 2934/24 2935/11 2935/17 2935/20 2936/1 2936/7 2936/12 2936/23 2937/13 2937/14 2938/3 2940/9 2941/10 2941/11 2941/20 2943/18 2943/19 2946/13 2946/22 2948/8 2948/14 2951/10 2951/16 2951/24 2952/4 2952/12 2954/8 2959/3 2959/24 2960/14 2963/15 2964/20 2973/18 2974/1 2975/19 2975/20 2977/19 2983/21 2983/25 2983/25 2984/6 2985/12 2985/14 2986/7 2987/2 2987/15 2987/20 2987/21 2988/9 2989/3 2989/4 2989/12 2989/17 2990/8 2990/16

2991/1 2991/14 2992/18 2995/11 2995/20 2995/21 2996/6 2997/19 2999/8 3000/20 3004/11 3005/6 3005/16 3008/21 3008/23 3010/4 3010/24 3011/7 3012/20 3012/25 3012/25 3013/7 3013/12 3013/15 3013/20 3013/20 3014/2 3014/10 3016/11 3019/20 3021/8 3021/11 3021/14 3021/16 3023/2 3024/5 3025/14 3025/19 3025/23 3027/20 3031/21 3031/24 3032/1 3032/2 3032/5 3032/11 3032/19 3033/10 3033/11 3033/23 3034/10 3035/4 3036/22 3036/22 3036/25 3037/1 3037/3 3037/4 3038/18 3038/20 3039/21 3044/10 3045/4 3045/10 3045/17 3047/6 3047/18 3048/6 3048/7 3048/8 3048/11 3052/3 3053/22 3055/12 3059/19 3062/10 3062/15 3064/12 3064/12 3068/19 3069/7 3071/22 3072/1 3074/11 3076/22 3079/22 3082/11 3082/14 3082/18 3083/2 3084/11 3085/22 3090/2 3091/21 3092/5 3098/3 3098/23 3099/1 3100/8 3101/9 3102/3became [2] 2949/5 2974/2because [34] 2931/19 2933/16 2934/3 2934/12 2935/3 2936/1 2936/24 2941/9 2957/1 2975/12 2978/18 2978/19 2979/10 2985/8 2988/12 2999/25 3000/21 3013/3 3018/23 3043/25 3050/8 3051/18 3062/9 3062/9 3066/13 3068/5 3069/25 3073/9 3074/16 3077/15 3083/6 3090/1 3092/4 3094/5become [3] 2998/7 3000/1 3000/19been [44] 2932/6 2932/17 2934/9 2934/24 2935/7 2935/14 2938/6 2938/15 2958/1 2960/12 2964/18 2965/3 2966/2 2966/17 2966/18 2967/15 2967/16 2973/16 2975/3 2977/10 2983/4 2983/5 2983/18 3005/25 3010/14 3010/14 3017/22 3018/22 3018/24 3025/4 3025/7 3025/10 3032/16 3033/15 3043/3 3053/21 3055/20 3055/21 3074/17 3078/22 3086/2 3093/25 3096/2 3099/17before [28] 2928/8 2932/19 2937/22 2953/22 2958/11 2960/9 2973/24 2975/13 2977/22 2979/6 2979/18 2985/12 2986/15 2987/7 2988/2 2989/16 2989/19 2992/7 3020/23 3024/6 3025/19 3040/6 3047/10 3049/21 3069/3 3086/3 3090/11 3093/18

begin [1] 2985/17beginning [11] 2941/24 2946/4 2947/22 2952/13 2952/13 3019/15 3020/5 3021/22 3022/4 3025/14 3035/9behalf [2] 2994/1 2996/22behind [2] 2983/7 2999/14being [31] 2937/15 2945/2 2950/24 2951/1 2951/17 2954/3 2955/1 2955/6 2960/22 2961/2 2986/18 3009/18 3011/24 3017/7 3017/8 3021/17 3033/3 3039/11 3045/13 3053/5 3062/18 3067/24 3072/4 3089/11 3089/12 3089/14 3091/25 3092/21 3095/16 3095/25 3101/17belated [1] 3011/2believe [53] 2932/4 2932/12 2946/20 2949/19 2951/15 2955/23 2957/1 2957/1 2957/25 2958/14 2959/1 2966/21 2967/14 2968/16 2975/12 2976/24 2977/4 2991/21 3000/12 3003/5 3006/15 3007/12 3007/24 3010/23 3011/20 3012/17 3013/22 3033/6 3035/21 3040/10 3041/14 3043/20 3049/12 3053/6 3053/22 3054/5 3055/25 3056/7 3057/16 3058/3 3063/12 3079/7 3081/22 3086/4 3086/4 3086/4 3094/4 3094/25 3095/18 3097/18 3098/16 3102/9 3102/13below [6] 3005/25 3006/1 3006/15 3006/15 3026/15 3061/8bench [6] 2978/17 2978/22 2978/24 2979/11 3066/12 3075/18beneath [4] 2968/24 2997/1 3026/22 3033/18beneficial [1] 3100/3beneficiary [1] 3028/6best [6] 2933/13 2935/23 2941/14 2958/18 2990/4 3065/10bet [1] 2937/7better [5] 2935/4 2965/22 2969/13 2983/21 3097/12between [15] 2948/19 2957/5 2977/17 2979/19 3001/18 3007/14 3011/20 3016/9 3023/2 3034/24 3038/3 3048/6 3078/24 3083/11 3084/13beyond [6] 2991/4 2991/7 3059/7 3089/2 3089/4 3089/10big [1] 2965/13bigger [3] 3098/9 3098/9 3098/20bill [1] 3046/9billing [1] 3091/1billion [26] 2943/11 2943/17 2943/18 2943/20 2944/1 2964/1 2964/6 2968/14 2968/24 2973/5 2975/15 2975/24 2976/15 2994/10 2996/10 2996/11 3012/4 3014/13 3015/23 3016/20

3110

Bbillion... [6] 3017/22 3018/12 3018/17 3018/22 3080/8 3088/8bills [1] 2943/2bind [1] 2986/19bit [10] 2948/14 2963/15 2986/11 2987/11 2991/14 3027/4 3069/24 3070/7 3070/8 3082/13bits [1] 3068/18Blaise [8] 2948/17 2949/8 3093/13 3094/9 3094/11 3095/16 3099/23 3100/2blocking [1] 3046/17blood [1] 3037/22blow [3] 2947/17 2964/8 3078/17blowing [1] 2980/21board [19] 2949/15 2949/16 3009/7 3035/10 3035/15 3035/18 3035/19 3036/1 3036/11 3036/18 3036/21 3036/22 3037/6 3037/8 3037/11 3037/15 3037/16 3094/17 3095/21boat [2] 2965/11 2965/12boats [3] 2965/18 2965/25 2966/4bodies [1] 3079/23body [1] 3048/10boils [1] 2962/3bold [1] 3078/9bonds [2] 3017/18 3048/7bonus [2] 2957/2 2957/4bonuses [6] 2956/14 2956/16 2956/22 2956/25 2957/1 2957/11booked [1] 3061/10bookkeeping [5] 2942/9 2972/14 2972/15 2972/24 3017/12books [9] 2964/10 2964/13 2964/22 2986/11 3061/9 3061/24 3089/22 3089/25 3091/10borderline [1] 2980/19borrow [1] 3027/24borrowed [3] 2994/10 2995/7 2996/9borrower [3] 2993/6 2993/8 2996/19borrowing [3] 2976/20 2994/14 3012/3both [7] 2933/23 2961/20 2963/4 2980/10 2987/14 3036/4 3084/10bottom [8] 2933/25 2943/10 2964/6 2968/23 2968/24 2986/18 3026/22 3078/10bought [2] 2971/2 3008/4bound [2] 2988/11 2988/11bounds [2] 2935/15 2935/20box [5] 2928/13 2929/7 2942/16 2970/4 2970/7boy [1] 3068/19break [18] 2935/19 2936/3 2937/18 2938/8 2938/8 2954/5 2974/13 2977/20 2977/22 2977/24 2992/7 3011/12 3018/6 3018/8 3020/19

3025/18 3082/12 3082/14breakdown [1] 3045/12breaking [2] 3048/10 3083/9brewing [2] 3068/19 3070/10bribes [5] 2945/1 3051/19 3073/9 3089/20 3092/2brick [1] 3003/19briefcase [2] 3040/24 3040/25briefing [1] 2988/7briefly [5] 2946/6 2964/24 3026/4 3049/2 3103/14briefs [1] 2987/12bring [2] 2978/25 3027/3British [1] 3101/7broker [4] 3031/18 3046/20 3047/4 3047/18broker/issuer [3] 3046/20 3047/4 3047/18brokerage [13] 3003/22 3013/18 3028/1 3029/15 3029/24 3029/24 3032/1 3032/17 3080/9 3080/11 3080/19 3081/1 3081/5build [2] 3008/11 3010/1building [8] 3003/19 3003/25 3004/24 3005/3 3006/15 3007/1 3098/9 3098/25buildings [6] 3003/19 3003/23 3003/25 3004/2 3006/14 3008/13built [5] 2967/5 3003/24 3004/17 3098/3 3098/25burden [7] 2979/25 2980/7 2981/2 2991/4 2991/5 2991/6 2991/7business [9] 2963/11 2963/13 2984/8 2987/21 3001/19 3003/15 3042/4 3068/10 3090/18businesses [2] 3003/24 3004/1businessman [1] 3070/3businessmen [1] 3035/23but [96] 2931/16 2932/22 2933/2 2933/10 2933/20 2933/23 2935/15 2936/3 2936/5 2936/9 2936/12 2936/14 2938/6 2939/9 2939/17 2941/10 2944/3 2946/7 2952/2 2952/21 2958/9 2960/17 2961/21 2962/21 2965/21 2972/14 2975/19 2977/5 2977/21 2979/11 2979/15 2980/19 2980/23 2980/24 2981/5 2981/8 2984/18 2984/22 2985/8 2985/13 2985/22 2986/4 2986/18 2987/13 2988/18 2989/8 2989/11 2989/12 2991/13 2998/9 3002/25 3005/11 3011/21 3015/13 3019/20 3022/9 3022/16 3023/7 3024/25 3027/21 3036/8 3041/10 3047/15 3047/15 3049/6 3053/9 3054/6 3058/4 3064/11 3066/14 3066/15 3066/24 3068/1 3068/21 3068/23 3068/24 3069/7 3069/24 3070/7 3070/8 3072/16 3074/21 3076/7 3076/23 3080/19 3081/11 3085/16 3085/25 3087/9 3089/14 3094/1 3095/4

3097/11 3097/13 3100/18 3100/21button [1] 3038/11buy [5] 2983/3 3029/17 3031/4 3031/6 3031/15buying [1] 3029/18BVI [1] 3090/19

CCafe [1] 3007/21call [19] 2936/14 2953/24 2981/2 2982/10 2984/10 2984/10 2985/25 2986/19 2986/22 2988/18 2988/25 2990/13 3055/14 3056/8 3056/9 3056/21 3065/17 3100/11 3102/20called [18] 2946/1 2949/14 2985/5 3006/23 3007/16 3013/16 3016/11 3021/17 3023/3 3042/16 3044/3 3044/23 3051/11 3056/19 3061/14 3063/9 3063/13 3103/4calling [2] 2988/12 3056/8calls [1] 3078/24came [10] 2934/12 2939/12 2944/12 2976/24 3011/6 3018/16 3029/10 3069/1 3070/2 3098/24campaign [1] 3059/17can [76] 2932/13 2935/1 2935/1 2935/16 2937/7 2940/8 2940/22 2941/9 2941/15 2942/16 2945/9 2945/13 2947/4 2949/6 2963/3 2969/23 2976/17 2979/22 2980/23 2982/1 2984/10 2984/17 2984/18 2984/22 2985/14 2986/11 2986/14 2986/17 2987/15 2987/19 2987/20 2988/21 2988/23 2989/8 2989/15 2989/21 2989/24 2993/5 2994/20 3011/10 3011/11 3024/8 3026/24 3027/3 3027/9 3027/18 3035/8 3038/9 3038/23 3039/10 3039/11 3045/23 3045/23 3045/24 3046/5 3046/14 3052/21 3052/21 3053/22 3060/15 3064/4 3068/12 3068/22 3068/25 3069/3 3070/5 3070/20 3083/10 3085/19 3090/7 3090/13 3092/13 3093/18 3094/22 3097/13 3099/12can't [9] 2932/11 2987/10 2987/14 2987/25 2998/13 3038/22 3045/21 3069/23 3090/8Canada [2] 3028/8 3028/10cannot [2] 2988/24 2991/1capacity [1] 3071/4capital [11] 2969/1 2970/14 2970/15 2970/24 2973/19 3012/21 3013/9 3013/17 3013/24 3014/4 3020/16capitalizing [1] 2952/14care [1] 3043/8career [1] 3058/1Caribbean [7] 2946/15 2967/22 3035/25 3036/5 3091/6 3092/1

3111

CCaribbean... [1] 3099/7Caribbean Sun [1] 2967/22Carol [1] 3099/21carried [1] 3020/18carrier [1] 2967/24carries [1] 2969/24carry [1] 2941/6CAS [1] 3100/6CAS Hewlett [1] 3100/6case [22] 2944/17 2961/13 2961/23 2962/3 2971/17 2980/22 2981/22 2983/12 2983/25 2985/1 2985/4 2986/22 2988/1 2990/23 2990/23 2990/24 2991/7 3033/24 3039/7 3050/11 3068/6 3103/13cases [3] 2936/22 2985/21 3032/12cash [21] 2944/25 2952/2 2973/8 2973/8 2973/12 3016/3 3017/13 3017/15 3018/16 3038/3 3038/19 3039/16 3039/18 3039/20 3040/3 3040/5 3040/22 3041/3 3041/7 3043/15 3086/22catch [2] 2937/2 2937/5category [1] 2968/3caught [2] 2980/18 2980/18cause [1] 3104/2caveat [1] 2940/19CBG [5] 2948/18 2948/19 2948/20 2948/25 2949/3CBG's [1] 2948/21CD [47] 2938/14 2938/19 2938/20 2941/17 2941/25 2942/20 2943/8 2943/15 2944/12 2946/24 2956/10 2959/21 2960/18 2962/6 2964/2 2964/18 2968/12 2968/14 2969/5 2969/11 2970/8 2970/8 2970/24 2971/21 2995/13 2996/10 3004/15 3008/19 3012/20 3013/8 3021/6 3026/3 3026/25 3029/17 3029/18 3030/13 3031/7 3031/15 3032/4 3034/6 3038/17 3073/19 3074/21 3075/21 3082/2 3090/17 3091/14CD's [1] 3081/6CDs [8] 2941/17 3026/8 3031/1 3031/4 3032/3 3032/18 3075/3 3080/20center [3] 2970/13 3098/11 3102/13central [1] 3035/23certain [2] 2964/17 3058/3certainly [14] 2953/18 2954/17 2979/11 2980/20 2980/24 2984/7 2987/3 2987/19 3015/16 3022/7 3023/1 3036/23 3054/19 3068/12Certificate [1] 3030/17certification [3] 3055/8 3059/1 3104/1certified [1] 3086/20certify [1] 3104/2cetera [1] 2980/6

CFO [1] 3070/12chain [3] 2945/11 2947/4 3067/25chairman [4] 3020/2 3036/18 3036/25 3037/3Chambliss [1] 3009/13championship [1] 3056/2chance [4] 2934/11 2936/9 2950/3 3046/13change [8] 2960/20 2981/12 2988/11 3050/17 3050/18 3053/24 3100/5 3100/6changed [3] 2946/18 2972/14 2973/3characterization [2] 2953/9 2953/13characterizations [1] 2940/18charge [3] 2949/8 3067/16 3094/12charged [3] 3028/19 3067/4 3090/2charges [1] 3066/18charging [2] 3066/18 3088/19chart [4] 2943/8 2973/4 3046/13 3046/14charts [1] 3038/6Chase [2] 2950/10 2954/11check [10] 2986/11 3026/10 3031/6 3031/6 3031/17 3031/22 3031/25 3032/2 3033/23 3034/10checking [1] 2958/12checks [4] 2968/19 2998/9 3032/5 3032/13Cher [1] 2937/9Cheryll [3] 2929/9 3104/6 3104/7chief [9] 2945/18 2947/12 2960/15 2997/3 3018/19 3019/1 3037/23 3041/24 3070/3Chili's [2] 3007/18 3007/19circle [2] 2970/14 3012/18Circuit [1] 2935/3Citizen [1] 2983/17citizens [1] 3059/18city [1] 3056/25claim [1] 3001/15claiming [1] 3064/23claims [2] 2962/5 3035/2clarification [2] 2962/22 3024/8class [1] 3007/22clear [17] 2953/12 2954/16 2959/24 2961/21 2963/15 2974/1 2978/9 2981/6 2989/23 2990/5 2995/11 2996/6 3021/23 3022/1 3022/3 3039/21 3076/22clearer [3] 2948/13 2948/14 2959/3clearly [3] 2981/5 3066/24 3068/2client [12] 2987/2 2987/17 2989/24 3029/11 3029/12 3029/25 3030/11 3030/11 3032/5 3033/17 3033/19 3066/19client's [3] 3031/22 3033/19 3033/19clients [5] 3006/19 3009/7 3021/5 3098/24 3098/24

clock [2] 2931/7 2981/22close [6] 2973/14 3038/25 3054/23 3058/25 3059/11 3073/10club [15] 2946/1 2946/3 2946/5 2946/7 2946/17 2946/19 2946/19 2946/20 2966/17 2966/19 2966/22 2967/5 2968/2 3007/24 3007/25clubs [1] 3004/2CM [1] 2929/9CMR [1] 3104/7Co [1] 2964/16code [1] 3034/1collapse [1] 3020/16collapsed [2] 3025/7 3025/9colleagues [1] 2982/17collected [1] 3033/9column [6] 3033/18 3046/19 3046/22 3050/17 3050/19 3051/5columns [1] 3045/19come [30] 2931/24 2932/2 2932/3 2936/2 2936/6 2937/22 2944/3 2946/24 2957/8 2968/12 2980/20 2987/12 3000/2 3000/19 3008/18 3010/22 3013/18 3014/1 3038/16 3054/15 3058/1 3062/17 3063/7 3065/10 3066/11 3069/3 3075/20 3084/16 3085/3 3085/25comes [2] 2986/15 2987/19coming [8] 2933/21 2972/23 2999/11 3005/6 3013/16 3058/17 3070/21 3089/15comment [4] 2978/3 2978/7 2978/14 3042/14commercial [6] 2967/20 2967/22 2967/23 2967/25 3008/4 3039/4Commission [10] 3041/20 3044/13 3050/22 3062/19 3063/2 3066/3 3066/5 3077/2 3077/25 3078/3common [1] 3014/6communicate [2] 2989/24 2989/25communicated [1] 3071/22communicating [1] 3023/7communication [3] 2987/1 3073/10 3073/18communications [1] 3072/24companies [37] 2938/15 2938/20 2942/10 2942/11 2943/4 2943/9 2949/20 2956/25 2959/22 2962/9 2963/19 2963/20 2963/22 2963/24 2964/2 2964/3 2964/16 2964/18 2964/19 2964/25 3000/1 3000/20 3005/7 3010/13 3010/16 3010/24 3012/22 3012/24 3014/13 3014/20 3014/21 3015/2 3015/9 3015/21 3037/5 3037/6 3098/6company [50] 2945/15 2945/19 2946/25 2947/14 2952/13 2952/14 2957/3 2957/23 2958/1 2958/3 2958/5 2960/12 2960/17 2960/19 2960/23

3112

Ccompany... [35] 2963/10 2963/12 2965/7 2965/8 2965/8 2966/15 2970/13 2970/16 2970/18 2971/2 2971/3 2971/21 2995/12 2996/22 3006/16 3006/17 3006/18 3006/18 3012/21 3012/22 3026/20 3028/1 3029/23 3031/18 3033/5 3036/24 3052/2 3053/5 3061/14 3061/15 3061/18 3078/9 3080/9 3090/23 3099/2compare [1] 3002/16compared [1] 3012/7compensated [1] 2949/22compensation [7] 2949/21 2949/24 2956/22 2957/4 2961/8 2975/16 2975/21complaint [1] 3080/2complaints [1] 2933/11complete [3] 3034/7 3034/8 3050/10completed [4] 2959/4 2973/22 2997/8 3079/2completely [2] 3055/6 3094/24completion [1] 3053/7complex [2] 2985/3 3004/23compliance [1] 3079/15Complies [4] 2945/8 3012/15 3014/16 3090/14comply [1] 2933/13compound [1] 3023/13comprehensive [1] 3086/25computer [4] 2928/24 2941/11 3027/21 3060/10computer-aided [1] 2928/24conceal [1] 2938/16concentrated [1] 3004/20concern [7] 2954/22 2978/25 2982/11 3070/13 3075/7 3079/19 3102/2concerned [4] 3074/10 3074/15 3075/1 3102/8concerning [2] 3045/17 3054/21concerns [8] 2934/4 3074/7 3075/10 3080/2 3101/22 3102/1 3102/4 3102/7condition [2] 3023/4 3102/5conditions [1] 3001/20conducted [2] 3062/18 3079/14conducting [1] 3066/19confer [2] 2977/13 2977/15conference [4] 3036/14 3040/23 3040/23 3078/24confident [1] 2983/16confidential [13] 3064/7 3065/24 3067/12 3069/10 3070/1 3071/8 3071/20 3072/9 3072/24 3073/18 3075/9 3076/9 3078/14confirm [1] 3080/3confirmation [3] 3051/4 3051/6 3051/20confirmed [2] 3079/15 3079/17confused [1] 3094/23Congress [1] 2928/21consider [4] 2976/3 2983/25 2989/8 3079/22considered [7] 2975/19

2992/18 3010/16 3015/22 3015/24 3016/24 3049/4consist [1] 3036/24consistent [2] 2983/11 3016/5consistently [1] 3020/23conspiring [1] 3067/5constitute [1] 2951/22constitutional [1] 2978/15construct [1] 3084/12contact [1] 3051/3contained [4] 3045/9 3045/17 3047/4 3052/1contains [1] 3034/1contemplating [1] 3098/17contention [1] 2975/18contents [1] 3071/22continue [3] 3007/7 3100/9 3100/22continued [3] 2929/1 2929/2 3080/3continuing [2] 2979/23 3002/21continuous [1] 3079/18contradictory [1] 2953/10controlled [1] 2958/6controller [3] 2945/21 2960/14 3049/25convenience [1] 2986/12convenient [2] 2977/19 2984/10conversation [7] 2954/14 3054/21 3054/22 3065/15 3075/23 3075/25 3102/16conversations [4] 2976/10 3058/18 3058/19 3092/20copied [1] 3062/3copies [1] 2992/24copy [6] 2947/2 2955/20 2955/20 3032/15 3062/13 3099/25corporate [4] 2967/9 2967/24 2972/3 3020/20Corporation [7] 2963/10 3003/13 3003/17 3003/24 3004/15 3004/17 3008/22correct [51] 2939/16 2945/6 2949/3 2949/11 2950/21 2960/1 2961/9 2961/14 2963/18 2968/7 2972/1 2972/2 2972/4 2972/5 2972/19 2972/25 2974/3 2976/4 2976/6 2980/4 2984/24 2993/23 3001/6 3008/6 3013/10 3015/3 3015/20 3019/21 3029/6 3029/22 3030/13 3039/22 3039/23 3045/7 3046/4 3049/5 3050/14 3071/6 3074/2 3080/12 3080/15 3080/18 3082/6 3082/10 3088/20 3094/19 3094/22 3095/14 3096/19 3097/2 3104/2corrected [1] 2933/9correction [1] 3095/20correctly [1] 3056/1correspondence [2] 3069/10 3071/20cost [5] 2970/25 2971/11 2971/23 3008/10 3050/18Costa [1] 2928/12costs [1] 2969/12could [138] 2932/11 2933/16 2940/7 2940/9 2940/9 2941/1

2942/7 2943/5 2943/12 2945/7 2946/4 2947/7 2947/17 2947/20 2947/25 2948/18 2950/22 2951/25 2958/1 2959/6 2959/16 2960/18 2965/1 2965/2 2965/19 2967/15 2967/16 2969/8 2969/12 2969/17 2972/10 2973/16 2982/23 2984/5 2993/1 2993/12 2993/17 2994/14 2997/1 2997/7 2997/18 2997/24 2999/13 3000/16 3001/12 3002/3 3002/10 3005/8 3005/21 3006/11 3010/11 3012/10 3012/12 3012/18 3012/24 3012/25 3014/1 3014/9 3014/14 3014/17 3016/1 3020/8 3020/8 3021/6 3021/8 3023/24 3026/22 3026/25 3027/19 3027/24 3030/25 3031/4 3031/6 3031/6 3031/19 3032/20 3033/1 3033/13 3035/7 3038/6 3038/14 3040/8 3040/25 3044/7 3047/24 3048/6 3048/7 3048/8 3050/15 3051/17 3053/19 3054/20 3055/20 3055/21 3058/9 3060/25 3061/7 3062/5 3063/25 3065/21 3065/24 3069/2 3071/17 3074/10 3074/21 3075/2 3075/4 3077/21 3078/16 3078/19 3079/11 3079/20 3083/17 3083/20 3083/25 3084/2 3084/4 3084/24 3086/1 3086/15 3089/24 3090/4 3090/15 3091/13 3091/15 3092/7 3093/7 3093/13 3094/9 3094/20 3095/11 3095/14 3095/24 3098/14 3100/1 3101/12 3101/13 3101/20couldn't [2] 3021/5 3055/3counsel [18] 2977/13 2979/19 2984/17 2985/14 2987/13 2999/25 3000/4 3000/18 3046/14 3052/21 3059/4 3066/12 3075/15 3082/11 3085/13 3085/21 3095/1 3097/13counsel's [1] 3075/15country [1] 3058/1counts [1] 3028/20couple [5] 2938/6 2973/16 2986/10 3013/22 3036/13course [12] 2936/23 2962/1 2979/24 2980/7 2980/22 2981/8 2987/20 2990/22 3001/19 3004/5 3023/4 3090/18court [23] 2928/1 2929/8 2929/10 2931/19 2932/9 2932/11 2933/2 2933/6 2937/7 2978/2 2978/10 2979/22 2985/20 2985/24 2987/15 2988/19 2989/9 2990/1 3052/18 3071/1 3075/18 3104/1 3104/7Court's [3] 2933/13 2969/16 3038/5courtroom [2] 2990/1 2998/2Coutts [5] 3046/20 3047/23

3113

CCoutts... [3] 3047/25 3048/3 3048/21cover [5] 3032/24 3044/11 3044/16 3048/19 3068/13covered [2] 2952/4 2987/2CPA [2] 2992/12 2997/6CR [1] 2928/3created [1] 3000/22credit [7] 2969/1 2969/5 2973/5 2973/7 2975/11 3001/17 3030/11Crick [3] 2945/4 3041/24 3041/25cricket [7] 2966/16 2968/5 2968/8 3004/3 3007/17 3007/22 3008/7criminal [1] 2990/22crisis [3] 3020/15 3020/15 3020/16criteria [1] 2962/11Croix [1] 2960/13cross [5] 2931/13 2935/17 2935/17 2935/20 2983/18cross-examination [1] 2931/13cross-examine [1] 2935/17cross-examining [1] 2983/18crossed [1] 3061/11Crosswalk [2] 2958/3 2958/10CSR [2] 2929/9 3104/7cup [1] 3056/2curbs [1] 3008/2current [1] 3050/10customer [1] 3033/10cut [3] 2979/6 3059/4 3073/12cutoff [1] 2933/22cuts [1] 2936/16cutting [1] 2933/23

Ddance [1] 3069/23danger [2] 3051/13 3051/14date [24] 2950/24 2951/1 2951/11 2952/7 2993/6 2993/20 2995/16 2996/2 2997/20 3001/7 3002/10 3002/13 3002/16 3002/16 3002/18 3056/15 3056/16 3056/17 3066/7 3079/8 3079/9 3079/19 3100/8 3104/4date's [1] 3056/13dated [16] 2948/16 2950/23 2993/21 2994/16 2994/21 2995/1 2995/5 2995/17 2996/1 3002/1 3060/23 3062/3 3071/3 3093/12 3099/3 3101/15dates [4] 2954/3 2995/19 2995/22 2996/4DAVID [2] 2928/8 2982/6Davis [76] 2931/13 2938/10 2938/13 2940/12 2941/1 2941/8 2941/24 2943/15 2948/16 2950/8 2953/11 2953/20 2954/10 2957/17 2959/19 2960/21 2966/4 2966/14 2968/14 2970/4 2976/17 2978/7 2982/7 2983/20 2983/23 2987/2 2989/12 2989/16 2992/7 2995/18 2997/1 3000/16

3005/21 3006/6 3010/10 3011/16 3012/16 3014/14 3016/1 3017/11 3018/3 3026/2 3026/19 3027/16 3027/24 3029/3 3029/6 3030/25 3033/4 3038/5 3038/14 3039/11 3044/10 3046/12 3046/19 3047/3 3060/15 3065/25 3071/3 3071/17 3074/2 3075/20 3077/20 3079/12 3084/4 3084/16 3090/4 3090/11 3090/15 3090/20 3092/7 3093/12 3094/9 3095/11 3097/6 3100/11Davis' [2] 2947/3 2984/16day [13] 2931/19 2931/24 2931/25 2931/25 2955/24 2958/8 2958/8 2986/14 2988/2 3018/12 3032/4 3056/7 3063/9day's [1] 3036/23days [3] 2934/22 2989/17 3085/25DC [2] 2928/16 3100/3de [2] 2939/2 3091/16deal [6] 2934/1 2935/3 2983/20 2983/21 3012/6 3059/14dealing [2] 3076/1 3076/3dealt [1] 3006/19dean [3] 2985/4 2985/7 2985/10debit [4] 2951/23 2951/24 2952/4 3100/5debited [1] 3030/3debt [1] 3020/21deceased [1] 2977/2December [18] 2951/4 2958/22 2993/7 2993/21 2994/16 2994/21 2995/1 2995/5 2995/17 2995/20 2996/8 2996/21 3001/9 3002/2 3002/6 3002/15 3027/2 3098/13December 19th [1] 2951/4December 1st [1] 3098/13December 2008 [1] 2996/8December 24th [1] 3027/2December 31 [2] 2996/21 3002/6December 31st [11] 2993/7 2993/21 2994/16 2994/21 2995/1 2995/5 2995/17 2995/20 3001/9 3002/2 3002/15decide [1] 2957/11decided [2] 3021/17 3034/6decision [7] 2934/3 2954/5 2957/8 2961/25 2988/21 3096/9 3096/10decisions [1] 2985/2decline [1] 3020/12deep [1] 3022/17default [2] 2997/19 2998/6defaults [1] 3020/21defendant [10] 2928/18 2929/2 2978/4 2978/7 2979/24 2980/23 2988/14 2990/23 2990/25 2991/3defense [12] 2931/11 2931/12 2977/13 2978/19 2978/19 2979/19 2980/19 2982/8 2983/9 2984/17 2988/12 2990/24

defer [2] 2985/22 2985/24definitely [2] 2931/24 2988/20definitive [1] 3011/8defunct [1] 3022/17delayed [1] 2991/14deliver [2] 3041/2 3041/7demand [1] 3071/24demonstrative [2] 2940/21 2969/17dense [1] 3024/7department [4] 2928/15 3041/21 3053/10 3092/5depending [1] 2936/8deposit [5] 2995/13 3029/6 3029/8 3030/17 3049/3deposited [1] 2939/12depositor [8] 2941/25 2956/10 3009/19 3031/6 3034/6 3034/7 3079/15 3080/1depositors [14] 2962/5 2962/12 3007/5 3008/19 3009/15 3009/15 3011/24 3017/23 3018/12 3019/13 3026/5 3026/7 3030/25 3031/4Depression [1] 3020/13deputy [3] 3066/2 3077/1 3078/2derived [1] 3050/8derogatory [1] 3060/1describe [1] 2942/7described [4] 2944/13 3015/13 3045/1 3074/10description [2] 3034/1 3037/14descriptions [1] 3063/5desired [1] 3006/19desk [2] 3014/1 3041/1detail [4] 3044/22 3045/1 3045/10 3058/9detailed [1] 3054/24detected [1] 3102/3determine [1] 3023/20determined [4] 3021/9 3021/17 3055/7 3055/8development [13] 2946/9 2963/10 2963/12 3003/13 3003/16 3003/17 3003/24 3004/14 3004/17 3004/25 3008/22 3009/6 3010/23developments [1] 3006/14deviate [1] 2954/7Diagnostic [1] 3102/13diagram [8] 2940/22 2941/2 2941/16 2959/22 2959/25 2959/25 2964/15 3090/16dickens [1] 3070/20did [242] didn't [26] 2933/1 2933/2 2936/5 2937/2 2937/5 2947/11 2947/14 2962/11 2978/17 2978/22 2980/15 2983/13 2984/12 2984/17 2990/3 3021/25 3022/18 3024/25 3051/10 3051/17 3057/16 3062/7 3081/15 3088/1 3092/4 3092/17died [2] 3102/19 3103/2different [19] 2936/1 2936/4 2948/23 2954/3 2955/25 2956/4 2962/8 2967/21 3009/6 3011/12 3020/11 3025/16

3114

Ddifferent... [7] 3026/7 3035/3 3049/3 3049/11 3051/9 3091/25 3094/24differentiation [1] 3048/6difficult [1] 2996/17difficulties [1] 3027/15dire [1] 2991/6direct [3] 2938/11 2953/25 3072/20directed [1] 2954/20directing [2] 3093/2 3101/2direction [2] 2947/1 3010/4directions [1] 3052/5directive [2] 3096/6 3096/7directly [7] 3013/1 3031/1 3042/1 3062/16 3067/7 3089/13 3091/5director [4] 3041/20 3066/3 3077/1 3078/2director's [1] 2949/24directors [6] 2999/20 3009/7 3035/11 3035/15 3036/1 3037/15disapproved [1] 3013/20disbanded [1] 2958/13disbursed [1] 3100/5disclose [1] 3003/9disclosed [4] 2961/1 2974/4 3000/25 3007/4disclosure [7] 2960/21 2999/21 2999/23 3000/17 3001/5 3003/1 3011/23disclosures [1] 2960/24discovery [2] 2932/4 2932/21discretion [1] 2987/21discuss [32] 2931/5 2935/9 2960/5 2974/18 2976/1 2984/18 2990/19 3013/10 3014/4 3014/5 3022/22 3023/21 3024/14 3042/3 3042/10 3051/21 3051/25 3055/2 3055/11 3056/4 3058/15 3063/22 3065/12 3065/17 3069/2 3075/25 3084/19 3088/16 3097/21 3099/16 3101/18 3102/4discussed [17] 2953/22 2960/8 2975/23 2991/6 3013/6 3013/23 3014/2 3014/6 3022/6 3023/1 3023/5 3042/21 3054/15 3072/16 3075/9 3075/21 3084/16discussion [6] 2977/17 2979/19 3011/20 3061/13 3075/18 3100/17discussions [2] 3023/24 3025/13disinformation [1] 3059/17distribution [1] 3012/24DISTRICT [5] 2928/1 2928/1 2928/8 2929/10 2982/12Diversification [1] 3035/7diversified [1] 2962/10division [4] 2928/2 2970/20 2970/22 3066/4do [120] 2933/18 2934/20 2937/9 2938/23 2940/9 2941/15 2945/22 2946/22 2947/12 2948/8 2948/9 2950/2 2950/13 2951/11 2951/13

2952/21 2953/5 2959/19 2959/20 2960/23 2960/25 2961/20 2969/1 2969/3 2969/18 2969/21 2970/4 2973/14 2974/9 2977/15 2977/23 2978/23 2979/7 2979/9 2979/12 2979/12 2979/12 2979/14 2979/18 2981/19 2982/5 2983/10 2983/13 2984/21 2986/3 2986/10 2986/17 2987/11 2988/7 2988/18 2989/14 2989/16 2989/19 2990/20 2995/6 2999/9 3005/11 3005/18 3005/19 3005/22 3017/6 3018/8 3018/12 3018/14 3018/17 3018/18 3022/1 3028/2 3028/3 3029/16 3031/13 3032/7 3032/10 3035/13 3035/14 3039/6 3039/13 3039/18 3042/24 3043/5 3043/9 3043/11 3043/21 3043/24 3044/10 3046/6 3054/11 3054/12 3054/13 3054/18 3055/22 3056/17 3056/19 3056/21 3056/23 3057/19 3057/20 3057/21 3058/17 3060/17 3061/3 3061/14 3063/17 3063/20 3064/7 3068/12 3068/20 3068/25 3070/15 3070/20 3077/3 3077/6 3078/10 3078/12 3083/8 3096/23 3098/8 3100/10 3101/8 3103/11document [36] 2943/10 2953/10 2953/10 2959/17 2960/5 2960/7 2960/17 2985/15 2999/17 3026/24 3028/25 3033/14 3044/23 3046/25 3048/25 3063/18 3063/21 3063/22 3064/20 3065/16 3065/22 3065/25 3066/7 3066/25 3067/7 3068/10 3068/21 3070/5 3070/6 3077/4 3077/11 3077/22 3081/9 3099/3 3099/12 3099/19documentation [7] 3031/21 3080/1 3080/4 3080/6 3081/10 3083/24 3087/14documents [37] 2932/22 2933/8 2933/18 2934/8 2935/6 2935/9 2935/12 2935/15 2935/19 2935/25 2948/6 2997/8 3018/15 3022/7 3022/9 3032/10 3032/12 3033/9 3034/2 3034/5 3034/9 3057/13 3063/8 3066/14 3080/6 3081/13 3081/21 3081/24 3082/2 3082/5 3082/8 3084/1 3087/9 3087/19 3087/21 3088/1 3099/24does [13] 2946/3 2961/1 2970/12 2971/8 3002/16 3019/1 3028/4 3029/5 3033/17 3033/21 3044/16 3077/24 3079/5doesn't [8] 2980/12 2980/25 2983/3 3019/5 3061/23 3069/23 3077/16 3083/23doing [12] 2933/14 2975/6 2978/24 2981/24 2986/8

2991/2 2991/9 3006/6 3042/5 3053/21 3085/15 3103/15dollar [13] 2943/17 2943/18 2943/20 2944/1 2964/6 2971/22 2973/5 2973/7 2996/13 3002/13 3015/23 3016/20 3027/1dollars [12] 2950/4 2951/3 2952/24 2972/14 3008/16 3033/21 3049/1 3092/6 3096/3 3096/15 3096/22 3101/8Dominion [1] 3030/5don't [44] 2934/14 2934/16 2934/18 2936/20 2936/22 2937/4 2951/13 2951/13 2951/15 2954/10 2963/2 2963/3 2968/16 2968/21 2980/14 2981/2 2984/9 2985/15 2986/4 2986/13 2989/6 2989/13 2989/23 2991/25 2995/8 3002/21 3005/10 3005/15 3006/5 3028/18 3049/12 3058/22 3066/17 3067/17 3068/23 3081/17 3083/1 3083/6 3095/5 3097/10 3097/11 3099/10 3099/18 3102/16done [12] 2933/13 2935/23 2941/11 2973/23 2975/4 2979/10 2987/20 2991/12 3006/12 3012/16 3012/17 3034/13door [3] 2938/5 2981/20 2982/1dormant [2] 2958/10 2958/10dotted [1] 3061/11double [3] 2979/23 3068/2 3095/7doubt [2] 2991/4 2991/7Dow [1] 3020/19down [39] 2932/5 2934/14 2935/22 2945/11 2962/4 2963/16 2965/1 2968/1 2968/23 2974/13 2987/19 2990/17 2996/17 3005/25 3006/14 3006/15 3008/1 3011/12 3012/12 3014/5 3018/6 3018/9 3021/20 3021/20 3022/12 3022/15 3022/19 3023/6 3023/17 3026/15 3034/11 3048/10 3060/25 3061/1 3064/13 3064/14 3076/15 3078/12 3093/24dozen [1] 2932/15draft [3] 3050/2 3050/3 3050/4draw [5] 2940/10 2969/13 2969/14 2969/17 3090/13drawing [3] 2940/14 2940/17 3012/13drawn [1] 2941/2Drive [3] 3033/12 3040/10 3040/17drove [1] 3020/17due [4] 2966/5 2982/17 2997/21 2998/7Duke [1] 2969/25duration [1] 3036/23during [11] 2937/17 2962/24 2975/13 2978/3 2978/6 2989/24 2991/6 3001/22

3115

Dduring... [3] 3020/6 3020/10 3020/14dynamic [1] 3024/2

Ee-mail [14] 2945/11 2945/11 2946/21 2947/4 2947/17 3060/15 3061/7 3062/2 3062/6 3062/7 3062/9 3062/13 3062/14 3099/21each [13] 2936/21 2946/5 2955/8 2995/20 3022/6 3022/13 3022/15 3023/7 3023/17 3024/15 3087/2 3096/17 3101/11Eagle [5] 2964/25 2965/2 2965/5 2965/7 2968/11earlier [7] 2942/2 2943/8 2966/20 3008/20 3009/25 3016/12 3026/2early [3] 3036/7 3036/8 3103/12earnings [1] 3021/11easel [4] 3005/11 3005/13 3005/14 3005/16easier [3] 3005/15 3006/7 3027/20easiest [2] 3018/8 3031/13Eastern [3] 2946/15 2982/12 3035/25eco [1] 3007/9eco-friendly [1] 3007/9economic [2] 3020/11 3037/2economics [1] 3058/12ecosystem [1] 3007/15educated [1] 2983/22effect [8] 2948/22 2964/23 2978/8 2984/23 2990/22 3054/25 3061/18 3070/2Effective [1] 3100/8either [6] 2952/3 2960/12 2980/16 2985/18 2986/19 3012/21ejected [1] 3101/17elaborate [1] 3097/7elects [1] 2990/24Elizabeth [2] 3066/2 3077/1Ellen [1] 2931/6Ellen's [1] 3082/23Elmo [4] 2948/10 3027/4 3027/19 3045/23else [11] 2983/24 3010/2 3017/1 3053/3 3053/4 3053/9 3069/17 3073/1 3077/14 3088/23 3089/16employ [1] 3101/16employee [1] 2949/10employment [1] 3025/14end [20] 2938/8 2951/15 2952/24 2959/5 2960/19 2966/20 2996/1 2996/9 3001/22 3002/1 3010/3 3013/19 3018/11 3020/25 3023/1 3023/5 3031/20 3046/10 3054/7 3083/12end which [1] 3023/5ended [3] 2938/13 3000/17 3028/9ends [1] 3023/2enforceable [1] 3071/24

enforced [1] 2998/24engage [1] 3003/18engaging [1] 2962/4England [1] 3091/22enlarge [12] 2959/16 2993/2 2997/15 2999/13 3001/13 3002/10 3026/22 3035/7 3064/4 3065/21 3077/21 3084/2enlarged [1] 3005/10enlargement [1] 3005/10enough [5] 2948/25 2986/21 2988/4 3011/23 3017/23ensured [2] 3102/9 3102/11entered [3] 2992/8 3021/18 3084/11entire [4] 2974/24 2974/25 3014/17 3064/4entirely [2] 2956/8 2962/8entities [2] 2972/18 2999/21entitled [6] 2980/20 2988/14 2999/20 3072/16 3072/18 3104/2entity [3] 2949/4 2971/16 2972/3entries [2] 3048/4 3055/1entry [8] 2964/13 2965/2 2968/1 2968/2 3008/20 3047/23 3047/24 3048/3envelope [1] 3055/24equal [2] 3017/7 3050/19Equally [1] 2982/15equipment [1] 3097/19equitable [1] 3001/19equities [1] 3016/4equity [43] 2964/3 2964/19 2969/10 2970/17 2970/25 2971/2 2971/11 2971/12 2971/18 2971/20 2971/22 2972/12 2973/24 2974/2 2974/5 3010/11 3010/12 3010/16 3010/19 3010/24 3011/6 3011/17 3011/24 3012/3 3012/5 3012/6 3012/13 3012/20 3012/23 3013/2 3013/3 3013/7 3013/13 3013/15 3015/13 3015/16 3016/22 3017/21 3019/2 3061/19 3061/20 3062/10 3062/11equivalents [1] 2973/8equivocal [1] 2990/3escrow [4] 3028/5 3028/12 3029/14 3029/16establish [1] 3077/16estate [11] 2945/25 2946/9 2952/12 2963/12 2963/13 3003/16 3004/25 3007/4 3017/2 3017/3 3017/21estimate [2] 2989/3 3096/4estimates [1] 2981/24et [1] 2980/6et cetera [1] 2980/6even [12] 2932/19 2934/11 2963/24 2975/10 2988/15 2994/9 3022/22 3025/10 3046/17 3054/6 3055/20 3073/7evening [2] 3040/9 3103/19event [2] 2997/25 2998/6events [2] 3020/11 3085/25eventually [2] 3013/19

3013/25ever [52] 2942/20 2944/11 2944/21 2952/9 2954/10 2954/21 2958/19 2960/7 2967/5 2968/8 2968/11 2974/4 2976/19 2977/6 2980/25 2997/11 2999/23 3002/25 3004/24 3009/4 3009/20 3011/23 3021/1 3024/24 3024/25 3037/8 3040/2 3040/5 3041/12 3042/1 3042/14 3051/21 3051/25 3052/4 3052/14 3053/4 3056/4 3058/15 3059/21 3060/3 3076/19 3084/19 3086/12 3087/17 3087/25 3088/7 3088/10 3088/16 3097/21 3101/18 3101/22 3102/4every [13] 2934/25 2952/6 2953/24 2995/18 2996/13 3022/6 3022/13 3022/15 3023/17 3024/15 3024/19 3071/8 3088/3everybody [7] 2936/21 2938/4 2984/21 2986/18 2987/10 3009/21 3083/6everyone [1] 2936/25everything [6] 2938/6 2941/10 2983/12 2983/24 2991/13 3008/12evidence [10] 2940/21 2954/14 2954/24 2955/6 2984/16 2991/22 2992/2 2999/4 2999/5 3080/2exact [1] 2968/22exactly [4] 2966/6 2980/17 3065/2 3097/16exam [3] 3072/20 3084/5 3102/11examination [12] 2931/13 2935/8 2938/11 3054/23 3055/7 3055/13 3078/24 3079/2 3079/14 3084/8 3102/10 3102/15examine [1] 2935/17examiner [5] 3051/3 3051/6 3054/14 3054/22 3058/2examiners [1] 3051/19examining [1] 2983/18example [9] 2994/6 3021/14 3032/4 3032/15 3032/21 3034/14 3045/5 3053/10 3088/7excellent [2] 3005/7 3079/22exception [4] 2958/1 3003/5 3086/22 3086/23exceptions [1] 3071/25excess [4] 2957/2 3089/21 3090/1 3092/3exchange [12] 2964/1 3003/22 3010/15 3062/19 3063/2 3066/3 3066/4 3077/2 3078/3 3096/14 3101/7 3101/11excluding [1] 3088/14excuse [10] 2953/6 2955/3 2965/19 2985/10 3016/14 3064/9 3066/9 3080/23 3094/22 3102/21excused [1] 2990/8executed [3] 2994/7 2995/19 3001/18executive [2] 2957/6 2997/11

3116

Eexecutives [5] 2956/21 2956/25 2957/2 2957/7 2957/12exercising [1] 2962/17exhibit [36] 2943/6 2945/10 2948/6 2959/16 2992/23 2993/2 2994/12 2994/19 2995/4 2995/14 2996/8 2996/19 2997/14 2999/1 2999/6 3001/12 3002/4 3005/9 3014/10 3014/22 3019/24 3026/12 3027/19 3032/15 3032/22 3035/5 3044/6 3060/9 3063/17 3064/1 3077/3 3079/5 3093/6 3093/16 3094/24 3101/13Exhibit 118 [1] 3019/24Exhibit 1220A [1] 3093/6Exhibit 131 [1] 3035/5Exhibit 332C [3] 2943/6 2959/16 3014/10Exhibit 333 [1] 3002/4Exhibit 668 [1] 3064/1exhibits [20] 2931/11 2931/12 2931/14 2932/2 2932/16 2932/18 2932/22 2933/1 2933/6 2933/8 2933/11 2935/7 2977/9 2991/18 2991/22 2992/1 3002/20 3031/9 3032/9 3032/10existed [1] 3068/8existence [5] 2942/3 2966/23 2994/4 3003/1 3003/9expenses [8] 2938/21 2944/16 2952/10 2952/12 2960/22 2967/11 2967/11 2998/7experience [1] 2983/18experienced [2] 2983/14 3020/12expert [3] 2985/5 2985/11 3019/5expertise [1] 3018/24explain [33] 2940/7 2940/16 2941/1 2942/7 2942/16 2948/19 2949/6 2951/25 2969/8 2972/10 2977/6 2983/21 2985/6 2985/14 2986/20 2992/13 2997/1 3000/16 3004/24 3010/11 3021/8 3028/21 3031/19 3038/14 3047/24 3050/15 3051/17 3058/10 3086/12 3089/24 3098/4 3098/15 3098/18explained [6] 2938/13 2975/3 2984/1 3022/5 3051/23 3056/16explaining [1] 3052/13explanation [6] 2934/15 2953/16 2965/20 2998/14 3009/20 3052/22explanations [1] 2942/23exposed [1] 3074/11exposure [1] 3098/7express [5] 2954/21 3032/8 3032/14 3075/10 3101/22extend [1] 3006/5extended [2] 3001/19 3084/6extent [1] 2953/14exuberance [1] 3020/18

FFA's [3] 3009/8 3009/9 3061/12face [3] 2997/7 2997/7 3066/22face-to-face [1] 2997/7facilities [1] 3008/1facility [1] 3007/10fact [17] 2968/14 2974/5 2977/13 2998/8 3013/7 3022/23 3042/16 3062/10 3062/11 3067/20 3068/9 3071/8 3072/8 3087/25 3096/13 3097/21 3102/9facts [3] 2954/13 2954/23 2955/5failed [2] 2998/22 3003/9failing [11] 2974/11 2976/8 2976/10 2977/2 2977/3 2977/4 2992/12 2992/13 2996/4 2997/6 3101/16Failing's [1] 2975/18failure [1] 2998/6fair [8] 2933/23 2948/25 2976/18 2986/21 2986/24 2988/4 3011/23 3050/18fairly [1] 3014/7faith [2] 3085/5 3085/12fake [14] 3021/8 3022/10 3022/14 3023/17 3023/21 3047/11 3048/25 3049/13 3051/15 3051/21 3053/2 3053/11 3056/3 3057/7faking [2] 3050/16 3056/20fall [1] 2997/21falsified [2] 3047/7 3055/23falsify [2] 3055/15 3055/18familiar [6] 2945/25 2983/16 3026/5 3026/6 3044/3 3044/23family [1] 2991/11fan [2] 2938/1 3008/9far [10] 2936/8 2962/19 2993/16 3007/2 3007/6 3021/14 3057/5 3059/7 3064/21 3090/1far-fetched [1] 3021/14fascinating [1] 2987/7fashion [1] 2997/9fax [10] 2955/20 2955/21 3063/9 3063/15 3063/16 3064/11 3064/21 3065/8 3065/9 3065/13faxed [1] 3063/21Fazel [2] 2928/19 2928/20FCRR [2] 2929/9 3104/7fearful [1] 3059/19FEBRUARY [9] 2928/4 2951/17 2958/22 3084/23 3085/8 3085/9 3096/5 3099/3 3104/4February 10th [1] 3099/3February 15th [1] 2951/17February 26 [1] 3096/5fed [2] 2985/23 3007/9fed -- you [1] 2985/23federal [7] 2982/11 2982/13 2982/18 2983/3 2986/2 3032/8 3032/13FedEx [2] 3032/24 3056/2FedEx'd [3] 3033/3 3033/10 3033/11fee [3] 2949/25 3094/18

3095/22feels [1] 2988/1fees [25] 2960/22 2961/5 2961/6 2966/24 2967/2 2967/2 3088/19 3088/23 3088/25 3089/3 3089/5 3089/10 3089/11 3089/12 3089/14 3089/16 3089/18 3089/20 3089/21 3090/19 3090/22 3090/22 3090/25 3091/11 3092/1feet [2] 2934/23 2965/15felt [1] 3086/12fetched [1] 3021/14few [5] 2960/16 2970/2 2985/21 2989/17 3020/14field [2] 3007/23 3008/7fields [1] 3004/3fifteen [1] 2950/4Fifth [5] 2978/11 2980/3 2980/14 2981/13 2988/14figure [5] 2943/17 2943/20 2964/6 2968/24 3027/1file [1] 3044/19filed [3] 3048/9 3049/10 3053/5filing [5] 3050/13 3050/21 3051/1 3051/8 3051/15fill [2] 3049/20 3050/10filtration [1] 3007/9final [1] 3085/25finally [1] 2989/22financed [2] 3009/18 3009/19financial [64] 2938/16 2939/24 2940/3 2945/15 2945/19 2946/25 2947/12 2949/15 2949/20 2951/6 2960/12 2960/17 2960/23 2961/2 2961/8 2961/10 2995/6 2995/7 2995/11 2996/20 2996/22 2997/3 2997/4 3000/4 3003/20 3003/21 3003/23 3009/9 3009/10 3012/1 3012/22 3013/8 3013/17 3018/19 3019/1 3031/18 3033/9 3037/1 3037/1 3037/2 3041/20 3044/11 3044/13 3044/18 3044/20 3045/3 3045/6 3045/11 3047/5 3047/19 3048/5 3049/3 3050/20 3050/22 3051/4 3053/7 3054/25 3070/3 3077/25 3079/23 3086/25 3095/18 3095/21 3101/24financing [1] 3009/5find [2] 2990/3 3051/6finding [1] 3013/24findings [1] 2975/14fine [10] 2937/14 2941/6 2962/13 2981/20 2981/24 2992/1 2993/3 3071/15 3082/24 3103/15finish [2] 3023/12 3067/21Finn [8] 2982/7 2982/19 2983/14 2983/23 2984/4 2984/23 2987/25 2989/7firm [9] 2929/6 3028/1 3032/17 3080/9 3080/11 3080/19 3081/1 3081/5 3086/18first [25] 2948/18 2970/8 2975/5 2975/10 2981/22

3117

Ffirst... [20] 2985/12 2986/9 3005/5 3011/21 3013/8 3020/8 3020/18 3023/9 3023/14 3025/3 3032/24 3044/7 3047/23 3062/21 3064/19 3066/17 3068/13 3069/18 3095/14 3102/19firstly [1] 3021/15Fitzwater [2] 2982/13 2985/18five [12] 2931/7 2950/4 2958/21 2959/4 2967/14 2967/15 2967/18 3006/23 3035/21 3055/20 3079/14 3082/25five-star [1] 3006/23five-year [2] 2958/21 2959/4flee [1] 3059/20flexible [2] 2936/8 2937/14flip [5] 2969/10 2972/15 2973/17 3046/13 3046/14Floor [2] 2928/21 2929/4Florida [3] 3000/12 3000/13 3061/4flotilla [2] 2965/17 2965/20flow [7] 2938/14 2943/8 2971/13 2973/20 3026/3 3038/15 3086/22flowed [2] 2941/2 2941/17flown [1] 3076/15fluctuated [1] 2952/21fluorescent [3] 3069/8 3070/24 3070/25fly [1] 2967/21flying [3] 2938/5 3043/19 3043/20focus [4] 3060/15 3062/17 3067/10 3068/8focusing [5] 2973/19 3017/23 3062/22 3062/25 3080/5follow [4] 2937/10 2981/9 3039/10 3052/21followed [1] 2958/7following [4] 3028/16 3056/7 3075/24 3079/10foot [1] 2965/15footnote [2] 3000/22 3000/23footnoted [1] 3000/21foregoing [1] 3104/2forever [1] 2989/13forget [1] 3068/23forging [1] 3057/12form [13] 2943/25 2976/2 2976/13 3011/3 3015/4 3017/25 3018/25 3019/9 3072/25 3073/22 3074/24 3080/7 3084/13formal [1] 3084/9format [1] 3036/20former [1] 2983/15formula [1] 3021/24forte [1] 2969/22forth [1] 2985/25fortunate [1] 3086/13forward [5] 3001/11 3061/13 3084/12 3084/14 3096/18forwarded [2] 3033/15 3033/23forwarding [1] 3061/3found [3] 2990/1 3013/16 3086/13foundation [7] 3018/24 3064/9

3064/13 3064/16 3065/7 3077/12 3077/16four [3] 2966/1 2966/2 2967/18frame [1] 2937/12Franck [2] 3046/21 3048/21frankly [1] 3068/23fraud [11] 2944/5 2944/8 3019/4 3019/8 3028/20 3028/22 3034/16 3034/19 3034/20 3085/6 3102/2fraudulent [8] 3021/18 3051/7 3051/8 3066/16 3067/1 3078/21 3079/25 3081/11Freeway [1] 2977/5frequency [1] 3092/17frequently [8] 3014/7 3036/1 3036/11 3041/15 3043/21 3092/9 3092/14 3092/18Friday [2] 2933/21 3100/4Friedli [16] 2948/17 2949/6 2949/8 2949/12 2949/18 2950/9 3093/13 3093/14 3094/9 3094/11 3094/17 3095/16 3095/20 3096/6 3100/4 3101/1Friedli's [1] 3099/23friend [1] 2958/12friendly [1] 3007/9frivolously [1] 2983/14front [6] 2936/22 2959/10 2978/24 2989/5 2992/23 3038/10FSRC [23] 2945/3 3044/13 3044/19 3050/9 3051/20 3053/8 3054/14 3057/25 3058/5 3071/5 3078/24 3079/3 3079/17 3079/21 3080/1 3081/21 3082/9 3083/17 3084/6 3084/7 3084/11 3084/13 3087/8FSRC's [3] 3079/1 3079/13 3084/4full [6] 2998/19 3001/23 3036/23 3060/21 3069/14 3070/9function [1] 3037/17fund [34] 2938/20 2942/6 2942/8 2942/13 2942/15 2942/18 2942/21 2943/16 2943/23 2944/6 2944/12 2947/3 2948/5 2950/19 2950/24 2953/21 2954/4 2954/20 2956/24 2964/2 2968/12 3012/23 3038/17 3058/7 3058/10 3089/15 3089/18 3090/12 3091/17 3092/10 3092/16 3092/16 3092/23 3097/17funded [2] 2956/8 2995/12funding [4] 2959/20 2992/18 2996/8 3008/21funds [44] 2939/12 2945/22 2946/22 2946/22 2946/23 2946/24 2947/8 2947/11 2948/1 2953/20 2953/25 2954/22 2956/9 2956/11 2956/13 2956/15 2957/12 2957/14 2957/15 2957/21 2957/22 2957/24 2958/6 2959/21 2959/21 2964/18 2971/13 2995/7 2999/23

3000/19 3004/11 3011/24 3013/1 3019/13 3026/8 3031/1 3031/19 3038/15 3048/8 3048/19 3048/20 3080/7 3089/25 3091/11furnishings [1] 3097/18further [11] 2944/4 2944/13 2945/11 2963/16 2968/1 2979/6 3010/3 3030/11 3047/10 3079/17 3100/10future [1] 2952/3

Ggain [2] 3012/8 3021/11gained [1] 3021/15gains [2] 3012/7 3012/8gallons [1] 3007/10game [2] 2936/1 3043/13gas [1] 3012/25gathers [1] 2991/11gave [8] 2931/18 2932/22 2933/7 2933/21 2982/8 2989/3 2990/22 3031/17general [14] 2947/14 2969/8 2979/13 2979/21 2980/2 2999/25 3000/4 3000/18 3007/14 3016/1 3055/25 3075/15 3075/15 3085/21Generale [8] 2939/2 2948/4 2948/19 3091/16 3093/7 3094/10 3094/12 3095/12generally [4] 2952/22 2982/2 3009/21 3009/23generic [2] 3011/3 3011/5gentlemen [3] 2940/20 3025/17 3103/13get [43] 2931/4 2933/17 2934/15 2934/25 2935/4 2937/20 2946/6 2949/21 2962/24 2968/8 2973/22 2977/23 2977/24 2978/23 2980/11 2984/21 2984/22 2988/16 2988/21 2989/15 2996/17 2997/7 3008/5 3018/4 3018/5 3035/18 3038/25 3039/17 3043/3 3046/5 3046/13 3046/13 3047/10 3054/2 3067/3 3068/3 3068/16 3069/18 3069/24 3070/19 3070/20 3073/25 3082/8gets [3] 2989/16 2989/19 3059/7getting [10] 2958/16 2975/6 3047/13 3047/16 3053/10 3054/23 3058/9 3058/25 3059/10 3070/9gettings [1] 3053/13gifts [2] 3042/15 3042/21Gil [1] 2945/17give [13] 2933/1 2980/24 2981/1 2987/13 2988/2 2989/4 3034/10 3049/8 3052/4 3053/1 3054/3 3070/13 3083/8given [13] 2934/9 2988/6 2995/20 3009/20 3037/8 3037/16 3042/15 3049/21 3087/3 3087/6 3087/9 3088/10 3088/14giving [2] 2979/15 2984/23global [5] 2945/21 2960/13 2960/14 3025/8 3049/25glossy [1] 3023/4

3118

Ggo [56] 2933/10 2933/20 2938/9 2940/19 2942/19 2947/4 2947/16 2947/25 2952/6 2959/6 2960/16 2962/2 2962/14 2963/7 2964/24 2966/10 2967/7 2968/1 2968/23 2970/5 2991/16 2992/4 2993/15 3013/8 3020/4 3021/21 3023/12 3025/24 3026/14 3026/15 3026/16 3026/24 3027/22 3030/2 3030/22 3033/1 3038/6 3038/17 3040/6 3042/5 3045/22 3049/2 3050/15 3061/5 3062/1 3063/15 3067/22 3076/25 3083/10 3083/14 3083/17 3083/21 3083/25 3090/11 3091/20 3103/9God [2] 3085/18 3086/11goes [8] 2936/8 2936/14 2942/1 2942/2 2945/16 2970/24 3019/7 3067/7going [75] 2931/23 2932/1 2933/3 2933/4 2933/19 2933/22 2933/23 2936/1 2936/6 2937/13 2938/7 2940/13 2940/16 2941/4 2942/15 2943/9 2945/10 2946/13 2948/8 2948/10 2950/19 2952/6 2955/9 2965/21 2972/18 2973/8 2978/9 2978/11 2981/8 2982/21 2983/3 2985/8 2988/16 2989/12 2990/17 2991/13 3002/19 3004/5 3005/11 3026/11 3027/17 3036/24 3040/5 3041/7 3042/5 3044/5 3054/2 3054/3 3054/4 3055/15 3059/13 3059/16 3059/17 3060/8 3067/3 3067/14 3071/11 3072/15 3073/25 3079/10 3082/8 3082/13 3083/5 3084/14 3092/1 3093/5 3094/6 3095/12 3096/18 3097/12 3099/4 3099/5 3099/6 3099/8 3100/16gone [4] 2960/19 2963/13 2965/5 3032/13good [6] 2958/7 2981/25 2982/6 3010/24 3012/16 3103/18got [21] 2931/25 2934/3 2954/11 2959/10 2959/11 2981/12 2982/11 2983/2 2984/13 2985/20 2985/21 2991/5 2999/14 3017/22 3018/24 3041/2 3054/6 3055/14 3065/12 3068/1 3083/3government [52] 2928/11 2932/4 2933/16 2934/25 2943/5 2943/9 2945/10 2948/6 2959/15 2977/9 2980/1 2980/8 2980/10 2980/12 2983/19 2984/14 2989/23 2991/5 2991/6 2991/18 2992/1 2993/2 2995/4 2996/19 2997/14 2999/1 2999/6 3001/12 3002/3 3002/20 3005/9 3014/9

3019/23 3026/12 3031/8 3032/9 3032/15 3032/22 3035/4 3044/5 3058/2 3058/4 3060/8 3063/17 3063/25 3067/13 3067/13 3077/3 3079/5 3087/7 3093/6 3101/13government's [5] 2932/25 2938/10 2944/8 2996/7 3030/21great [6] 2975/8 2982/17 3020/13 3043/13 3070/16 3100/2greedy [3] 3100/18 3100/21 3100/24Green [1] 3009/11Gregg [1] 2928/12grounds [1] 2980/21group [43] 2938/16 2939/14 2939/24 2940/3 2942/10 2945/15 2945/19 2946/25 2949/15 2949/17 2949/19 2949/20 2949/22 2951/7 2958/8 2960/12 2960/17 2960/23 2961/2 2961/8 2961/11 2967/10 2995/6 2995/11 2996/20 2996/22 2997/4 3000/5 3012/22 3013/9 3013/16 3013/17 3026/19 3028/1 3028/5 3029/15 3029/23 3031/18 3033/5 3078/9 3080/8 3095/18 3095/21growing [1] 3098/6growth [1] 3099/1Guardian [2] 3020/23 3086/16guess [7] 2966/6 2969/12 2969/18 2982/10 2982/24 2989/6 2989/17guidance [1] 2982/24Guideline [1] 2983/17guilty [7] 2931/24 2931/25 2991/4 3019/4 3034/17 3034/21 3034/22

HH-09-CR-342-1 [1] 2928/3had [121] 2931/21 2931/22 2933/10 2933/12 2933/13 2934/11 2934/21 2934/22 2934/23 2935/8 2936/9 2938/4 2938/5 2938/13 2938/15 2939/10 2945/5 2952/10 2958/7 2958/12 2960/19 2961/7 2963/13 2964/18 2965/3 2965/5 2966/17 2966/18 2968/12 2969/5 2971/2 2973/6 2974/5 2974/11 2975/3 2976/10 2977/4 2977/5 2979/11 2984/4 2985/10 2985/12 2986/10 2987/7 2990/17 2994/7 2994/10 2996/9 3000/1 3000/2 3000/18 3000/20 3001/1 3001/4 3004/24 3009/25 3016/22 3020/22 3021/7 3021/16 3025/8 3025/14 3037/22 3039/3 3040/19 3041/23 3042/15 3043/4 3048/24 3050/8 3051/18 3053/5 3053/12 3053/17 3053/24 3054/21 3056/6 3056/20 3057/7 3058/1 3060/3 3061/21

3063/2 3071/13 3073/7 3074/16 3074/17 3075/7 3075/10 3075/25 3076/9 3076/15 3076/16 3077/8 3078/6 3083/18 3085/2 3085/4 3085/4 3085/12 3085/14 3085/21 3086/2 3086/8 3086/11 3086/13 3088/5 3088/8 3095/16 3097/22 3097/24 3098/1 3098/10 3098/19 3099/17 3100/14 3100/17 3102/9 3102/19 3103/2 3103/6hadn't [1] 3043/3half [4] 2932/15 2981/22 2986/14 2988/2hand [7] 2975/5 2975/8 2975/9 2984/5 3007/12 3039/19 3066/5handed [5] 3038/21 3040/2 3055/24 3056/3 3056/6handled [1] 2975/6hands [2] 2972/14 2973/3Hang [5] 2937/25 2980/2 3069/12 3071/18 3075/17hangar [6] 3040/9 3040/17 3040/23 3054/9 3054/10 3055/25hanging [1] 3086/10happen [7] 2975/10 2997/24 2997/24 2998/5 2998/6 3036/21 3101/23happened [8] 2932/7 2934/21 2958/8 2998/22 3030/1 3041/10 3094/5 3102/17happening [2] 3037/4 3092/19happens [2] 2970/23 3069/7happy [1] 3083/6hard [2] 3007/21 3011/21harder [1] 2937/15Harry [7] 2974/11 2975/17 2976/8 2977/2 2992/12 2996/4 2997/6has [35] 2934/13 2935/3 2938/6 2941/11 2978/15 2979/25 2981/7 2981/12 2981/12 2981/14 2982/2 2983/19 2983/20 2984/14 2987/1 2988/12 2991/5 2999/22 3007/8 3018/24 3047/19 3048/1 3056/22 3058/11 3064/19 3065/7 3068/10 3068/21 3078/22 3079/17 3079/22 3080/3 3081/9 3084/6 3093/25have [150] 2931/21 2932/6 2932/17 2933/1 2933/16 2934/4 2934/14 2934/20 2935/11 2935/14 2935/21 2935/23 2936/15 2936/22 2937/7 2939/3 2940/24 2941/2 2941/11 2944/3 2946/24 2947/23 2948/4 2949/12 2952/21 2953/8 2958/1 2958/23 2960/12 2962/16 2962/21 2963/17 2965/17 2965/19 2965/25 2966/2 2966/6 2967/15 2967/16 2970/2 2971/7 2973/16 2974/23 2975/19 2976/5 2976/14 2976/14 2977/10 2977/10 2977/12 2977/12

3119

Hhave... [99] 2977/24 2978/9 2978/25 2979/10 2980/12 2980/17 2980/24 2981/2 2981/6 2981/20 2982/21 2983/3 2984/7 2984/9 2984/23 2985/16 2986/3 2986/13 2987/3 2988/13 2988/24 2989/18 2989/25 2991/25 2992/23 2998/2 3003/12 3005/6 3005/10 3005/18 3005/25 3009/2 3010/13 3010/14 3010/16 3013/1 3015/16 3017/22 3018/22 3019/12 3020/10 3021/1 3021/7 3021/10 3022/15 3024/8 3025/4 3025/7 3025/10 3027/19 3028/18 3032/13 3032/16 3033/15 3038/9 3043/15 3043/21 3044/19 3048/21 3051/10 3053/21 3055/15 3055/20 3055/21 3056/17 3061/10 3061/23 3066/20 3068/4 3068/17 3068/22 3070/19 3074/7 3074/22 3075/23 3079/2 3079/21 3079/24 3081/2 3082/19 3083/23 3087/21 3087/22 3088/1 3090/7 3091/24 3093/18 3093/24 3094/6 3095/5 3096/2 3096/24 3097/10 3097/11 3098/5 3100/10 3101/8 3102/15 3103/15haven't [6] 2934/9 2934/11 2935/7 2935/8 2985/12 3070/21having [2] 3000/19 3068/11he [268] he'd [1] 2981/11he'll [5] 2940/17 2989/17 2998/14 3055/17 3055/18he's [17] 2940/14 2940/14 2955/5 2981/8 2983/16 2984/23 2986/9 2989/10 2991/3 3018/1 3018/5 3019/3 3052/12 3052/12 3068/10 3085/16 3089/17head [1] 3082/23headed [1] 3044/14headquarters [3] 2960/13 3006/25 3008/24heads [1] 3028/17health [3] 3061/16 3061/17 3102/9hear [5] 2936/18 2937/4 2962/22 2991/25 3057/17heard [3] 2933/5 2966/2 2981/20hearing [4] 2984/21 2986/11 2988/24 2989/19hearsay [4] 3064/18 3064/21 3068/2 3077/13heat [1] 2938/5held [13] 2940/1 2944/19 2957/22 2991/1 3031/1 3045/4 3045/13 3045/18 3047/6 3047/6 3048/11 3080/8 3087/12helicopter [1] 3054/7Hello [1] 3100/2

help [2] 2934/11 2977/23helpful [1] 2940/9helping [1] 3085/5her [5] 2937/8 2945/5 2946/22 3000/6 3082/23here [41] 2931/6 2932/1 2935/1 2936/21 2937/23 2938/6 2946/25 2950/8 2950/10 2954/2 2970/8 2971/9 2973/21 2982/3 2985/13 2986/5 2989/10 2995/6 3006/12 3006/13 3007/8 3007/14 3008/1 3014/20 3015/9 3028/18 3028/25 3030/4 3034/7 3037/14 3038/25 3062/11 3062/19 3066/16 3069/4 3072/16 3073/19 3081/5 3082/14 3093/25 3094/23Here's [2] 3008/9 3034/15heretofore [1] 3074/17hesitate [1] 3100/10Hewlett [57] 3086/1 3086/2 3086/4 3086/6 3086/7 3086/9 3086/11 3086/13 3087/3 3087/9 3087/19 3087/23 3087/25 3088/3 3088/7 3088/17 3088/19 3088/22 3089/2 3089/5 3089/9 3089/10 3089/13 3090/3 3090/6 3090/12 3090/18 3090/25 3091/11 3091/24 3092/3 3092/21 3092/22 3093/3 3096/14 3096/17 3096/21 3097/6 3097/19 3097/22 3097/24 3098/5 3098/16 3099/14 3100/6 3100/16 3100/24 3101/20 3101/23 3102/2 3102/3 3102/9 3102/14 3102/17 3102/19 3103/2 3103/6Hewlett's [16] 3086/18 3091/6 3091/21 3092/11 3092/15 3094/21 3095/12 3096/1 3096/7 3098/2 3098/3 3098/10 3099/4 3100/12 3101/4 3102/5hide [1] 2987/3high [5] 2941/9 2966/20 3023/25 3024/3 3026/15high-end [1] 2966/20higher [6] 2951/15 3001/1 3098/5 3098/7 3098/8 3098/18highest [1] 2946/12highlight [7] 2943/12 2965/2 2997/16 3026/25 3027/3 3027/9 3035/9highlighted [3] 2972/16 3069/7 3083/21highly [2] 2962/10 3010/17hill [2] 3006/14 3091/22hillside [1] 3007/8him [67] 2934/16 2934/23 2935/9 2935/17 2954/4 2960/7 2960/8 2965/12 2971/25 2974/10 2976/3 2978/16 2984/5 2984/8 2984/8 2984/9 2984/10 2984/10 2984/11 2984/17 2984/18 2989/7 2989/25 2990/5 3009/5 3014/5 3019/1 3019/5 3022/13 3023/7 3023/12 3042/3 3042/14 3042/15 3051/23 3052/13

3053/20 3053/25 3054/1 3054/6 3055/6 3055/6 3055/24 3056/6 3056/8 3057/22 3057/24 3058/5 3059/5 3065/17 3067/19 3067/23 3068/18 3068/22 3068/25 3070/7 3070/8 3072/6 3075/23 3085/19 3085/21 3086/11 3086/15 3087/20 3089/7 3089/12 3103/4himself [1] 3085/2hired [3] 3086/2 3086/6 3086/7his [60] 2934/23 2938/20 2938/21 2940/17 2942/21 2943/1 2943/2 2944/5 2944/12 2951/9 2953/23 2953/25 2954/6 2954/7 2955/10 2955/21 2965/11 2968/11 2971/1 2975/5 2975/8 2975/23 2976/8 2977/6 2977/7 2978/3 2978/6 2981/12 2984/8 2985/20 2989/24 3015/1 3015/1 3017/22 3019/7 3023/11 3025/13 3031/16 3039/4 3039/14 3041/18 3049/25 3055/7 3060/3 3060/21 3064/20 3067/7 3070/3 3071/4 3076/17 3086/10 3086/10 3086/19 3090/19 3092/1 3097/19 3098/1 3099/5 3102/1 3102/9hit [4] 2942/21 2957/5 2986/18 3012/10HITTNER [1] 2928/8hold [10] 2970/1 3011/1 3027/9 3052/8 3059/2 3068/14 3075/5 3080/23 3093/24 3097/2holder [1] 2942/14holders [2] 2939/13 2946/24holding [2] 2965/8 3014/4holdings [8] 2969/10 2970/14 2970/15 2970/24 3012/5 3012/22 3012/23 3013/9hollering [1] 3085/16honor [92] 2931/10 2934/7 2934/10 2935/5 2935/10 2936/17 2937/6 2937/11 2940/13 2941/13 2941/20 2944/7 2948/7 2948/11 2949/23 2953/18 2959/9 2961/15 2961/24 2963/1 2966/5 2967/1 2972/5 2977/19 2978/2 2979/3 2979/5 2979/5 2979/21 2980/12 2981/4 2982/6 2982/18 2983/14 2984/15 2985/19 2988/6 2989/6 2990/8 2991/17 2992/5 2998/15 2998/17 2998/22 2999/5 3002/6 3005/8 3005/19 3006/3 3006/8 3009/22 3010/7 3014/11 3014/23 3015/7 3017/9 3018/3 3018/7 3024/13 3025/15 3025/25 3026/11 3026/17 3027/5 3027/19 3028/19 3028/23 3029/1 3030/23 3032/20 3038/12 3041/19 3042/12 3052/23 3060/11 3065/14 3065/18 3067/4 3068/12 3069/2 3083/15 3090/7 3093/8

3120

Hhonor... [9] 3093/10 3094/1 3094/7 3094/15 3097/7 3100/19 3101/13 3102/22 3103/9Honor's [1] 2931/14HONORABLE [1] 2928/8honors [1] 3103/12hope [1] 2962/7hostile [1] 2936/25hostility [1] 2936/23HotDocs [1] 2932/25hour [2] 2986/14 2988/2house [3] 3003/19 3045/3 3056/9houses [1] 3087/1HOUSTON [16] 2928/2 2928/4 2928/13 2928/22 2929/5 2929/7 2929/11 2945/15 2950/10 2960/13 2985/5 3028/5 3033/5 3102/10 3102/13 3102/15how [98] 2931/21 2936/12 2940/7 2940/18 2941/2 2944/4 2944/11 2944/15 2944/21 2950/23 2951/1 2951/17 2952/6 2952/15 2952/20 2952/21 2953/2 2953/9 2954/11 2955/14 2957/8 2960/2 2962/6 2963/13 2965/5 2965/13 2966/4 2966/6 2967/13 2968/15 2968/20 2973/14 2973/14 2974/9 2994/14 2995/11 3002/16 3004/4 3005/11 3005/22 3008/10 3009/5 3009/17 3010/5 3010/22 3011/5 3012/13 3016/6 3017/18 3021/8 3022/12 3024/3 3024/5 3026/4 3026/15 3029/19 3035/18 3035/20 3036/1 3036/11 3037/25 3038/2 3038/6 3040/25 3041/12 3041/15 3042/4 3042/5 3043/11 3043/21 3043/24 3046/4 3046/6 3049/6 3050/15 3051/8 3051/23 3054/13 3056/6 3057/21 3062/21 3063/20 3076/1 3076/3 3077/6 3085/3 3086/8 3087/11 3087/23 3092/9 3092/14 3092/18 3095/11 3096/6 3096/15 3096/20 3101/8 3102/19How's [1] 2937/8Howard [1] 2928/15however [2] 2979/9 3084/8HSLN [1] 3061/14hundred [6] 2932/12 2961/10 2965/15 2971/11 3008/15 3008/16hung [1] 3103/4hurt [3] 2933/18 2934/11 2980/25hurts [2] 2934/1 2936/12

II'd [2] 2934/10 2941/20I'll [22] 2936/7 2936/11 2936/13 2940/19 2940/23 2953/8 2953/14 2961/20

2962/13 2970/5 2980/10 2980/23 2988/21 2988/25 3018/23 3055/19 3056/23 3064/9 3068/20 3069/22 3077/12 3081/14I'm [77] 2931/3 2933/9 2933/19 2933/23 2934/6 2936/2 2936/24 2939/5 2939/9 2940/13 2946/6 2948/7 2948/13 2952/21 2954/25 2957/17 2966/6 2966/8 2973/18 2973/18 2978/6 2978/11 2978/12 2978/21 2979/2 2979/15 2980/16 2981/1 2982/21 2982/23 2983/5 2983/16 2985/8 2985/8 2986/4 2987/25 2990/17 2999/12 3006/17 3009/10 3011/5 3014/14 3015/5 3017/8 3017/23 3018/2 3021/25 3024/7 3024/7 3026/11 3026/15 3028/16 3031/8 3033/1 3034/20 3046/16 3052/9 3054/2 3054/3 3058/3 3062/1 3063/15 3063/17 3066/13 3071/11 3072/15 3073/12 3075/5 3080/11 3083/20 3085/9 3089/1 3090/20 3092/13 3094/23 3094/23 3097/9i's [1] 3061/11I've [12] 2941/9 2959/11 2982/11 2982/21 2983/4 2983/5 2985/20 2985/21 2987/6 2987/6 3041/2 3057/22IB5 [21] 3044/3 3044/8 3044/23 3044/25 3045/1 3045/9 3045/17 3046/12 3046/24 3049/10 3051/7 3051/11 3051/22 3052/1 3053/2 3053/11 3053/24 3055/1 3055/17 3055/17 3057/10IB5's [1] 3051/9idea [5] 2952/21 2952/22 2976/22 2992/10 3011/5identical [1] 2954/6identification [1] 2992/2identified [5] 2932/23 2935/7 2948/18 3034/2 3093/25identify [1] 3095/11identifying [1] 3051/9if [169] 2932/3 2933/5 2933/10 2934/1 2934/1 2934/10 2934/11 2935/3 2935/17 2937/13 2940/9 2940/21 2940/22 2940/22 2941/1 2941/8 2943/5 2943/12 2945/7 2947/4 2947/11 2947/16 2947/16 2948/13 2950/16 2955/22 2959/6 2959/11 2959/16 2962/21 2963/15 2964/6 2964/14 2965/1 2965/2 2966/25 2967/7 2968/1 2968/23 2969/16 2975/19 2976/17 2977/21 2977/21 2977/23 2978/2 2979/11 2979/12 2981/9 2982/1 2983/3 2983/6 2983/6 2984/16 2984/20 2984/22 2985/23 2986/7 2986/7 2986/19 2987/10 2987/14

2987/24 2987/25 2988/18 2988/22 2988/24 2988/24 2989/18 2990/24 2991/25 2992/19 2993/1 2993/10 2993/12 2993/17 2993/24 2994/12 2995/14 2996/1 2996/19 2997/14 2998/13 2999/13 3001/11 3001/12 3002/3 3002/10 3005/8 3007/7 3007/7 3012/5 3014/9 3014/14 3014/17 3016/1 3017/15 3017/15 3017/20 3017/21 3018/4 3018/19 3020/4 3020/8 3020/8 3021/5 3021/12 3022/12 3022/22 3026/21 3026/24 3026/24 3027/7 3027/19 3027/24 3028/1 3028/6 3028/18 3031/15 3031/17 3032/20 3033/13 3033/17 3035/7 3035/8 3038/5 3038/25 3044/7 3045/22 3051/3 3052/20 3052/21 3053/19 3055/18 3056/1 3059/7 3060/15 3060/25 3061/5 3062/1 3062/9 3063/25 3064/4 3065/21 3066/23 3067/18 3068/16 3068/17 3069/2 3070/7 3071/11 3073/24 3077/21 3078/12 3078/16 3083/17 3083/20 3084/2 3085/25 3092/7 3093/7 3093/7 3095/4 3096/13 3098/24 3100/10 3101/12 3101/13 3101/23II [8] 2939/14 3016/3 3016/9 3017/18 3018/16 3049/2 3049/4 3049/6III [15] 3015/17 3015/20 3015/22 3015/24 3016/2 3016/10 3016/10 3016/19 3016/24 3017/1 3017/6 3017/12 3017/21 3018/19 3088/15illustrate [1] 3012/12IMF [2] 3058/3 3058/6immediately [2] 2979/6 2998/7implicated [1] 2980/14importance [1] 3051/25important [2] 2961/23 3098/19impose [2] 3016/1 3090/4impression [1] 3005/5improper [3] 2935/17 2961/13 2961/19inaccurate [2] 3000/23 3051/1incident [1] 3040/8include [2] 2961/1 3081/20included [6] 2932/21 2943/17 2943/18 2947/13 3008/21 3088/4including [3] 2945/16 3044/22 3096/24inclusive [1] 2961/5income [2] 2976/3 2992/18inconvenience [3] 2934/2 2936/12 2989/7inconveniencing [1] 2984/7increase [4] 3096/7 3096/11 3098/16 3099/16increased [3] 2941/10 2969/12 3100/12increasing [1] 3100/7indeed [3] 2988/18 2990/24

3121

Iindeed... [1] 3050/25independent [3] 2973/23 2973/25 3068/1INDEX [1] 2930/1India [1] 3058/1indicate [4] 2971/8 3005/21 3028/4 3033/18indicated [1] 3030/4indicating [2] 2970/6 3072/3indispensable [1] 3102/3individual [11] 2945/4 2948/17 2964/19 3026/21 3035/24 3041/23 3045/2 3054/24 3057/18 3060/17 3102/20individually [1] 2982/9individuals [5] 2945/16 2946/12 2949/17 2957/23 3035/22indulgence [2] 2969/16 3038/5industries [1] 3012/25industry [1] 3012/24inflammatory [1] 3066/21inflated [4] 2972/12 3021/18 3048/16 3048/18information [32] 3031/23 3031/25 3032/2 3032/5 3032/17 3033/14 3034/7 3034/8 3037/1 3037/8 3037/9 3037/16 3043/6 3044/18 3045/8 3045/8 3045/17 3046/21 3048/13 3052/1 3053/2 3053/24 3055/4 3060/1 3062/9 3081/22 3087/3 3087/6 3088/10 3088/13 3088/14 3097/18informed [4] 3062/23 3092/20 3096/10 3100/4infuse [1] 2943/3initial [2] 2981/23 2989/2Initially [1] 3029/9initials [1] 2962/23initiate [1] 3059/17Inland [1] 3092/5innocent [1] 2991/3inquiries [2] 2962/20 3098/23inquisitive [1] 3061/13inside [3] 3040/17 3040/24 3040/25installment [1] 2997/20installments [1] 2954/8instance [2] 2944/17 3013/8instead [2] 3031/15 3095/18institution [4] 3021/15 3045/3 3047/19 3051/4institutions [9] 3047/5 3048/5 3048/22 3048/24 3049/4 3049/11 3051/5 3051/10 3055/1instructed [1] 2990/5instruction [9] 2979/9 2979/13 2979/16 2979/22 2979/22 2979/24 2980/2 2980/24 2981/1instructions [8] 2954/6 2954/7 2980/10 2980/13 2990/21 3022/3 3052/5 3053/1instrument [1] 3066/19intact [1] 2949/5intent [1] 3055/6

intention [1] 2984/7intercompany [1] 2964/15interest [5] 2964/3 2982/2 2997/20 3021/11 3037/4interesting [1] 2990/17interim [3] 2975/14 3024/6 3024/18intermediary [4] 3046/19 3047/4 3047/18 3051/5internal [3] 2939/24 2959/4 2967/9International [32] 2941/17 2993/11 2993/22 3006/24 3007/3 3020/23 3028/10 3028/11 3030/10 3030/19 3031/2 3031/20 3032/6 3032/18 3033/11 3033/20 3035/16 3038/16 3044/12 3047/19 3048/2 3048/20 3058/7 3058/10 3060/20 3063/3 3063/5 3066/6 3078/22 3086/16 3090/24 3094/12intervals [1] 2964/17intervene [1] 3055/3intimation [1] 2987/16into [34] 2938/14 2943/3 2946/6 2955/10 2955/10 2958/15 2986/19 2992/8 3004/15 3007/9 3008/21 3010/19 3013/1 3020/13 3021/19 3022/16 3022/17 3026/4 3031/1 3031/16 3032/13 3058/9 3061/18 3066/25 3067/8 3067/11 3070/9 3073/25 3074/21 3075/21 3084/11 3091/25 3097/25 3103/9invest [2] 3011/16 3012/3invested [3] 3048/7 3061/18 3087/12investigated [1] 3067/24investigating [2] 3064/23 3073/19investigation [24] 3062/18 3062/21 3063/1 3063/3 3063/4 3066/20 3067/5 3067/6 3067/7 3067/8 3067/10 3067/15 3068/1 3068/8 3069/19 3074/8 3074/21 3075/2 3075/11 3075/13 3075/21 3076/1 3076/4 3076/6investing [1] 2962/6investment [27] 2971/22 2974/5 3003/22 3010/25 3012/9 3013/4 3013/25 3013/25 3021/12 3021/19 3035/6 3035/9 3037/14 3045/2 3045/3 3045/10 3047/5 3048/7 3054/23 3059/11 3061/10 3061/20 3062/11 3086/24 3087/1 3087/1 3087/2investments [19] 2962/9 2970/17 3010/13 3010/20 3011/6 3012/13 3013/2 3013/3 3013/7 3013/13 3013/15 3015/13 3015/16 3016/4 3016/22 3019/3 3047/5 3054/24 3062/11investor [1] 2966/21investors [4] 2961/2 2962/5 2962/12 3013/5invitation [1] 3084/7

invoicing [1] 3090/25involve [1] 3086/18involved [1] 3004/8involving [1] 2987/17irregular [1] 3025/7IRS [4] 2959/3 2975/12 2975/14 2976/2is [252] island [15] 2946/19 3004/18 3004/20 3005/6 3008/5 3010/1 3010/3 3010/5 3057/2 3058/22 3059/20 3060/7 3076/15 3098/24 3101/18Islands [12] 2946/1 2946/3 2946/5 2946/7 2946/17 2946/19 2946/20 2966/17 2966/19 2966/22 2968/2 3099/5isn't [5] 2973/7 2983/3 2985/1 2989/12 3068/9issue [7] 2931/10 2934/20 2981/10 3043/1 3065/7 3074/18 3088/4issued [2] 3080/20 3081/6issuer [3] 3046/20 3047/4 3047/18issues [7] 2975/12 2985/13 3042/3 3042/10 3058/13 3079/19 3085/17issuing [1] 3022/13it [430] it's [107] 2933/4 2934/19 2936/9 2936/14 2937/13 2937/14 2940/14 2940/21 2945/17 2945/20 2946/4 2948/13 2948/16 2948/24 2949/1 2949/1 2950/14 2951/15 2953/10 2959/10 2959/14 2959/20 2959/25 2961/5 2961/16 2961/18 2961/21 2961/25 2962/6 2962/19 2965/2 2965/5 2965/6 2967/1 2971/5 2972/23 2973/7 2979/3 2980/19 2981/16 2982/14 2983/6 2983/18 2984/10 2988/7 2988/16 2999/3 2999/8 2999/10 3002/18 3005/22 3008/7 3010/13 3011/3 3011/21 3015/6 3016/16 3018/1 3024/6 3025/18 3027/1 3027/5 3027/12 3028/21 3033/3 3034/3 3042/7 3042/11 3045/20 3046/1 3046/2 3046/17 3047/7 3047/23 3052/20 3058/11 3060/16 3060/23 3063/21 3066/25 3067/12 3067/20 3068/3 3068/6 3068/23 3068/24 3070/11 3070/11 3070/12 3070/16 3071/3 3072/9 3073/14 3073/23 3079/8 3082/14 3091/22 3093/13 3093/20 3094/2 3094/5 3094/25 3095/5 3095/6 3096/14 3097/3 3099/14item [2] 2947/9 3034/3itemization [1] 3045/10items [7] 3037/4 3042/4 3044/21 3045/19 3081/21 3087/21 3088/15its [9] 2938/16 2946/11

3122

Iits... [7] 3045/5 3048/10 3066/21 3071/21 3079/17 3081/10 3081/19itself [5] 2981/4 2984/19 3061/1 3064/24 3068/21

Jjackpot [1] 3012/10Jacobs [4] 3066/2 3066/5 3077/1 3078/4jam [2] 2982/23 2982/23James [3] 2938/10 2982/7 3100/11January [5] 2955/14 2995/21 3085/7 3102/17 3102/25January 1 [1] 3102/25January 1st [2] 2995/21 3102/17January 28th [1] 2955/14Jason [1] 3009/11jet [1] 2967/18Jim [1] 3085/18job [2] 2975/8 2987/7John [1] 2929/3John's [1] 3033/12join [2] 3035/15 3035/19joined [2] 2942/4 3035/20joke [1] 3083/1JR [1] 3061/13jrodriguezt [1] 3060/17Juan [2] 3060/19 3060/21judge [32] 2928/8 2931/18 2932/2 2932/13 2932/24 2933/5 2934/5 2934/20 2935/1 2935/24 2937/19 2962/20 2963/5 2982/12 2982/13 2982/18 2983/3 2983/16 2984/12 2985/1 2985/19 2986/24 2988/4 2989/4 2989/22 2990/7 3035/24 3045/23 3052/24 3070/24 3073/24 3083/13Judge Fitzwater [1] 2982/13Judge Schell [2] 2982/12 2985/19judges [6] 2982/19 2982/23 2985/22 2986/19 2988/22 2988/25July [2] 2948/16 2952/18July 24th [1] 2948/16July 31 [1] 2952/18jump [3] 2952/5 3001/11 3071/11June [7] 2952/5 3066/8 3071/3 3078/20 3079/1 3079/4 3100/9June 4th [1] 2952/5June 9 [3] 3078/20 3079/1 3079/4June 9th [2] 3066/8 3071/3Junell [2] 3026/23 3031/16Junell's [3] 3027/25 3028/12 3029/3jurisdiction [1] 2989/9jury [32] 2928/7 2931/2 2931/6 2937/21 2938/2 2961/22 2962/1 2978/1 2978/24 2979/9 2981/18 2981/21 2982/3 2982/11 2983/21 2984/1 2984/18 2984/22 2986/5 2986/15

2989/19 2990/13 2990/15 2990/18 2990/20 3005/16 3025/22 3028/17 3069/3 3069/11 3082/17 3082/19just [143] 2933/6 2934/1 2938/13 2941/2 2941/6 2941/11 2942/13 2943/5 2943/12 2943/23 2946/6 2947/11 2948/18 2949/1 2952/5 2953/16 2955/8 2955/24 2956/18 2958/7 2959/16 2959/24 2960/16 2960/16 2961/12 2961/25 2963/15 2964/8 2964/10 2964/21 2964/24 2966/8 2968/3 2969/8 2970/2 2972/24 2973/18 2977/13 2979/12 2979/13 2979/14 2979/18 2981/21 2982/2 2983/5 2983/10 2984/5 2984/15 2986/25 2987/4 2989/22 2991/9 2991/23 2993/1 2993/5 2993/12 2993/17 2994/20 2995/11 2996/6 2997/15 2997/16 2998/1 2998/2 2999/13 3000/16 3002/10 3002/17 3003/4 3005/12 3005/21 3008/25 3011/3 3011/12 3014/10 3016/1 3019/20 3020/5 3020/8 3022/4 3026/4 3026/11 3026/22 3026/25 3027/19 3028/21 3031/11 3032/21 3033/13 3033/14 3034/14 3035/7 3035/8 3035/9 3038/23 3039/11 3039/21 3045/23 3046/12 3047/24 3049/2 3051/10 3055/17 3056/22 3058/6 3058/9 3060/25 3061/1 3061/5 3062/1 3062/7 3062/13 3062/25 3064/24 3068/13 3068/21 3068/25 3069/2 3069/7 3069/15 3069/20 3069/22 3070/1 3070/7 3070/8 3070/13 3071/11 3076/6 3076/22 3077/15 3078/17 3079/6 3079/10 3079/14 3080/5 3081/20 3083/21 3084/2 3086/1 3093/18 3097/9 3103/2 3103/14Justice [1] 2928/15

Kkeep [7] 2979/23 2988/13 2989/21 2990/21 3027/17 3069/15 3094/6keeping [1] 2982/3Kenneth [1] 2929/6Kill [1] 3083/4kind [4] 2946/10 2980/25 3003/15 3029/9King [47] 2945/3 2945/4 3037/23 3037/25 3038/1 3038/7 3038/21 3039/19 3039/20 3040/3 3040/6 3041/2 3041/8 3041/13 3041/18 3042/1 3042/10 3042/14 3042/21 3043/1 3043/5 3043/12 3043/14 3043/19 3043/24 3044/2 3044/14 3055/2 3055/5 3059/10 3067/13 3067/13 3067/15

3070/1 3071/4 3072/8 3072/10 3072/24 3073/10 3073/17 3074/16 3076/8 3076/10 3076/16 3076/17 3076/24 3081/13King's [2] 3070/15 3083/25knew [9] 2931/23 2932/1 2939/20 2955/1 2955/6 3022/16 3064/25 3073/9 3073/23know [58] 2934/1 2935/19 2936/7 2936/20 2945/23 2947/14 2951/11 2951/13 2953/5 2962/22 2963/2 2963/3 2966/7 2966/8 2966/25 2973/14 2974/7 2974/9 2981/21 2982/14 2982/16 2982/16 2982/19 2984/13 2985/9 2985/14 2985/15 2985/23 2986/18 2988/2 2988/11 2988/20 2989/1 2989/11 2989/12 2992/1 2993/16 2994/6 2994/10 2995/7 3005/11 3005/15 3005/22 3006/5 3022/9 3022/12 3026/15 3042/11 3043/9 3043/11 3043/24 3046/4 3057/5 3057/22 3060/17 3083/7 3096/23 3099/18knowing [1] 2988/8knowledge [17] 2958/18 2963/25 2964/4 2967/6 2968/10 2968/13 2983/20 2994/3 2994/8 2994/9 2997/10 3014/6 3019/12 3037/11 3065/10 3067/7 3092/25knowledgeable [1] 3061/12known [1] 3091/6knows [1] 3067/8Kuhrt [9] 2945/20 2945/20 2945/21 2960/14 3049/25 3053/15 3053/17 3053/23 3054/3

Llabeled [1] 3046/19Ladies [3] 2940/20 3025/17 3103/13LAM [1] 3046/20landscaping [2] 3007/14 3008/2lapel [2] 2941/5 2969/19laptop [4] 2959/7 3027/5 3032/21 3101/13large [1] 2972/16larger [1] 3096/24largest [1] 2965/14last [17] 2931/11 2932/16 2934/8 2934/12 2936/7 2938/6 2986/25 3005/5 3069/22 3069/25 3071/11 3071/19 3080/5 3083/6 3083/19 3095/14 3100/4lasted [1] 3034/17late [5] 2931/3 2934/12 2934/25 2935/18 3057/14later [13] 2935/3 2937/8 2944/3 2946/7 2958/13 3013/18 3054/5 3062/23 3065/12 3067/14 3075/20 3089/5 3098/13

3123

Llatter [1] 3015/25law [8] 2929/3 2929/6 2985/5 2985/6 2985/9 2985/10 2985/10 2985/11laws [2] 3079/16 3084/14lawyer [6] 2944/8 2983/15 2983/22 2985/9 3000/8 3000/9lawyers [2] 2983/13 3083/7laying [1] 3051/9lead [3] 3068/22 3070/7 3070/7lead-in [1] 3068/22leading [7] 2973/10 3015/6 3023/10 3023/14 3045/14 3072/12 3072/15lean [1] 3006/6leaning [1] 2936/24learn [3] 3004/4 3062/21 3102/19learned [5] 3004/6 3019/16 3053/16 3062/18 3103/2least [6] 2934/8 2936/21 2946/18 2988/20 3047/6 3061/9leave [5] 2979/14 2982/1 2984/12 3010/10 3083/5led [2] 3061/11 3086/11ledger [1] 2947/14Lee [1] 2945/3left [4] 3006/13 3058/22 3060/7 3066/5legal [6] 2973/22 2984/24 2985/2 2986/8 2986/8 3071/25legally [1] 3071/24legitimate [1] 2983/6lended [1] 2999/22lender [4] 2993/10 2993/14 2993/22 2995/6Leroy [3] 3037/23 3071/4 3076/24less [2] 2960/4 3041/16let [23] 2932/8 2933/15 2933/15 2934/1 2937/22 2945/25 2961/12 2979/7 2984/20 2988/1 2988/11 3017/15 3023/12 3034/14 3046/9 3050/24 3065/9 3067/2 3067/21 3069/12 3069/14 3069/15 3069/20let's [11] 2938/1 2959/11 2977/23 2987/6 2987/11 2987/12 2987/13 2988/10 2990/13 3027/17 3083/10letter [61] 2948/16 2949/6 2950/14 2997/16 3020/2 3032/8 3032/13 3064/12 3064/24 3067/12 3067/18 3069/1 3069/3 3071/3 3071/9 3071/21 3071/24 3072/1 3072/3 3072/8 3072/22 3073/8 3073/17 3074/2 3074/3 3074/7 3075/1 3075/10 3076/5 3076/6 3076/17 3076/19 3076/21 3076/22 3076/25 3077/8 3077/17 3078/6 3078/12 3078/13 3078/14 3078/20 3079/1 3079/5 3079/6 3081/12 3081/19 3081/20 3083/17 3084/17 3084/19 3084/25 3085/2 3085/18 3085/21

3085/22 3085/23 3093/12 3095/24 3101/15 3101/19letterhead [2] 3076/17 3077/24letters [2] 2946/4 2955/1level [1] 3007/19lie [2] 3021/18 3047/7light [1] 3090/7lighted [1] 3007/22like [29] 2937/18 2949/24 2949/24 2949/25 2969/5 2969/7 2976/22 2980/25 2982/25 2983/5 2983/20 2983/22 2983/24 2985/1 2986/8 2988/16 3009/11 3012/21 3026/3 3031/16 3032/22 3033/3 3040/11 3042/6 3069/11 3069/18 3083/11 3087/10 3098/10Likewise [2] 3020/5 3020/10limine [1] 3014/11limited [24] 2940/4 2961/11 2966/17 2993/11 3006/24 3008/3 3030/19 3032/6 3033/20 3038/18 3048/2 3060/20 3063/3 3063/6 3065/5 3065/6 3065/19 3072/15 3078/22 3086/16 3089/6 3090/24 3094/2 3094/13Limited's [1] 3030/10limiting [5] 3017/9 3052/1 3052/5 3052/13 3053/1line [10] 2933/25 2945/22 2986/18 2988/8 3013/19 3028/2 3038/22 3044/21 3045/19 3080/5liquid [4] 2962/10 3016/5 3017/17 3018/16list [2] 2931/15 3046/20listed [9] 2963/19 2964/16 2968/3 3014/13 3015/9 3018/5 3048/17 3051/5 3086/20listening [1] 2934/6listing [1] 3055/17little [16] 2953/16 2965/18 2966/18 2982/24 2983/25 2986/11 2987/11 2989/3 2991/14 3027/4 3066/13 3068/24 3069/24 3070/7 3070/8 3082/13loan [17] 2943/20 2943/21 2964/11 2964/12 2964/13 2964/22 2975/11 2976/22 2992/8 3001/16 3003/1 3015/22 3058/2 3058/4 3061/9 3061/9 3089/7loans [16] 2943/25 2960/2 2968/18 2973/5 2975/18 2975/19 2975/19 2975/20 2975/25 2976/18 2994/1 3003/9 3014/14 3037/11 3080/8 3089/5located [12] 2939/1 2950/10 3017/3 3028/4 3028/7 3040/10 3048/11 3054/8 3081/7 3082/5 3091/15 3091/25location [1] 2960/12logged [1] 3031/24London [11] 3091/22 3091/23 3092/1 3092/4 3092/4 3092/11 3092/15 3094/21 3095/13 3096/1 3101/4

long [6] 2965/15 2973/22 3020/16 3042/11 3051/11 3087/23long-term [1] 3020/16longer [2] 3082/14 3101/23look [13] 2934/12 2935/25 2936/9 2936/19 2937/17 2987/24 2991/11 3055/16 3067/2 3067/11 3084/12 3095/1 3096/13looked [8] 2980/19 3002/17 3076/6 3076/7 3079/6 3081/20 3096/24 3098/10looking [15] 2936/13 2937/12 2978/18 2978/19 2982/23 3002/7 3027/10 3061/13 3064/25 3066/25 3067/8 3077/3 3082/24 3095/3 3095/24looks [6] 2937/18 2969/4 2969/5 2969/7 3032/22 3033/3loop [1] 3054/2looping [1] 2972/8Lopez [8] 2945/17 2945/17 2945/18 2960/15 3053/15 3053/17 3053/23 3054/3losing [2] 3021/6 3021/7loss [4] 3025/1 3025/6 3044/21 3086/22lot [5] 2937/15 2938/5 3044/22 3061/1 3066/15loudly [2] 2969/20 2969/21low [1] 3026/14lower [6] 3000/25 3001/3 3006/1 3006/1 3006/8 3024/3lucky [1] 3103/8lunch [2] 2936/3 2938/8

Mmachine [2] 3063/10 3063/15made [39] 2933/6 2954/19 2955/7 2962/5 2962/9 2964/14 2964/14 2978/3 2978/7 2978/14 2983/19 2990/1 2997/19 2997/25 2999/24 2999/25 3001/15 3012/14 3013/7 3013/15 3029/6 3029/18 3035/2 3038/2 3038/3 3038/3 3038/18 3056/20 3061/21 3081/16 3083/1 3089/5 3089/7 3090/5 3094/22 3096/9 3096/10 3096/15 3098/4mail [17] 2945/11 2945/11 2946/21 2947/4 2947/17 3032/16 3032/21 3034/13 3060/15 3061/7 3062/2 3062/6 3062/7 3062/9 3062/13 3062/14 3099/21main [1] 3026/24mainland [2] 3043/17 3043/19maintain [2] 2934/7 2935/10maintenance [1] 3008/1major [1] 3020/14make [22] 2933/11 2934/3 2935/4 2936/11 2953/24 2954/5 2961/21 2968/17 2978/25 2980/10 2980/23 2985/2 2988/21 2991/11 2998/8 2998/19 3012/7 3019/5 3029/8 3070/8 3087/17 3089/9maker [1] 2993/12

3124

Mmakes [1] 3068/2making [10] 2936/14 2940/14 2957/8 2979/2 3076/8 3076/11 3088/16 3089/2 3092/10 3092/14Maldonado [6] 2945/12 2945/13 2945/14 2946/21 2947/6 2947/18man [2] 3018/24 3037/23management [1] 2961/5manager [6] 2939/15 2945/14 2986/23 2988/1 3039/8 3039/8managers [1] 3087/11Managing [1] 2939/12many [12] 2931/21 2966/4 2966/6 2967/13 3010/5 3013/10 3013/10 3035/20 3051/8 3066/14 3078/23 3086/16march [6] 2951/24 2952/4 2995/18 3020/18 3078/25 3093/12March 14th [1] 3093/12March 15th [2] 2951/24 2952/4March 2000 [1] 3020/18mark [2] 2945/20 3020/19marked [2] 2932/5 3095/5market [3] 3020/12 3025/7 3027/1marketable [3] 3010/17 3017/14 3018/25marketing [2] 3016/5 3035/3marketplace [1] 3012/8markets [7] 2969/1 3013/17 3013/24 3014/4 3021/13 3025/8 3037/2master [1] 2931/15match [1] 2969/23material [1] 3066/21materiality [1] 3066/18materials [4] 3016/5 3035/3 3062/12 3087/7matter [9] 2938/7 2981/14 2986/8 3066/15 3066/24 3068/4 3068/5 3070/21 3094/2matters [3] 2931/5 3079/3 3079/19Mauricio [9] 3062/23 3075/14 3076/16 3085/1 3085/5 3085/14 3085/15 3085/18 3085/20maximum [1] 2973/21may [32] 2932/20 2932/20 2932/24 2933/5 2935/21 2936/12 2940/23 2947/23 2948/14 2962/15 2962/16 2962/18 2962/22 2962/23 2981/20 2985/12 2989/3 2989/4 2990/8 2995/21 2999/8 2999/8 3022/15 3038/9 3066/10 3068/19 3070/19 3072/1 3081/2 3082/11 3097/7 3099/25May 19th [1] 3099/25maybe [18] 2946/18 2950/5 2957/4 2961/21 2966/2 2967/19 2969/13 2973/16 2973/21 2974/19 2979/22 3010/4 3024/7 3038/25 3039/10 3045/22 3054/6

3058/23McGuire [2] 2929/6 2929/6me [78] 2932/8 2933/15 2933/15 2934/1 2936/2 2936/19 2936/22 2937/9 2937/22 2945/25 2947/6 2953/6 2953/24 2953/25 2954/6 2955/3 2956/17 2958/15 2961/12 2962/22 2963/2 2965/19 2979/7 2979/12 2981/20 2982/8 2982/9 2982/10 2982/19 2982/23 2984/20 2985/6 2985/9 2997/6 3004/7 3014/4 3016/14 3017/15 3022/6 3022/15 3022/19 3025/13 3034/14 3035/19 3042/16 3043/12 3043/25 3050/24 3053/19 3054/1 3054/2 3055/5 3056/23 3062/23 3063/9 3063/21 3064/9 3065/9 3066/9 3067/2 3067/21 3069/12 3069/14 3069/15 3069/20 3070/13 3076/21 3077/7 3080/23 3083/3 3085/1 3089/11 3090/9 3092/3 3092/17 3094/22 3100/11 3102/21mean [16] 2937/5 2950/23 2957/16 2983/11 2984/12 2985/25 3011/7 3017/6 3029/5 3029/16 3032/7 3067/18 3069/23 3077/15 3083/7 3098/8meaning [7] 2959/21 2967/18 2986/2 3001/4 3003/21 3009/9 3085/20means [1] 2981/6meat [2] 3069/24 3070/9mechanical [1] 2928/24mechanics [1] 3028/24media [5] 2979/23 2979/24 2991/10 3059/18 3059/22meet [11] 2935/18 2935/18 2962/11 3036/1 3036/3 3036/4 3036/6 3036/12 3036/13 3039/19 3043/12meeting [8] 2974/10 2997/7 3036/9 3036/23 3040/6 3040/16 3040/19 3055/24meetings [5] 3009/5 3036/14 3036/15 3036/20 3100/3memorandum [1] 3084/10men [1] 3053/25mention [2] 2952/11 2990/20mentioned [11] 2939/6 2942/2 2991/14 3003/4 3003/12 3009/25 3016/22 3038/1 3082/13 3087/15 3103/14mere [1] 2934/2merely [2] 2940/20 3064/22mess [1] 3081/16message [1] 3036/25messenger [1] 3083/4met [5] 3036/21 3036/22 3057/22 3057/23 3076/15metals [1] 3016/4meter [1] 3046/9methodology [1] 3022/5Mexican [1] 3020/14Meylan [4] 3099/21 3099/22 3099/23 3099/25

Michelle [1] 3009/13microphone [5] 2941/4 2945/9 2998/1 3006/5 3038/10mid [3] 3023/3 3036/10 3036/11middle [5] 2935/8 2947/17 3057/14 3060/16 3068/2midnight [3] 2931/11 2931/20 2936/6might [6] 2940/9 2966/2 3005/12 3010/24 3027/19 3037/4mike [3] 2941/5 2969/19 2978/5miles [2] 3010/5 3010/7million [53] 2947/23 2951/5 2951/12 2952/8 2952/19 2952/23 2952/25 2953/4 2954/3 2954/11 2960/20 2961/4 2961/7 2961/10 2963/14 2963/17 2965/6 2966/17 2966/18 2967/8 2968/3 2968/4 2969/2 2970/10 2970/23 2970/25 2971/7 2971/20 2971/22 2971/23 2972/9 2972/12 2972/13 2972/17 2973/5 2973/7 2973/24 2993/7 2994/16 2994/21 2995/1 2995/17 2996/20 2999/22 3000/25 3002/13 3008/16 3022/16 3022/17 3033/24 3034/3 3047/23 3048/4millions [2] 2932/21 2933/6mind [5] 2981/12 2988/11 2988/13 2990/21 3019/7mine [1] 3070/24mini [1] 2961/21minus [1] 3082/25minute [4] 2977/22 2977/24 2979/18 3025/18minutes [6] 2931/8 2938/6 2981/16 2988/2 3082/15 3082/25misconduct [2] 3074/22 3075/2missing [3] 3016/11 3048/19 3048/20Mississippi [1] 3057/1misspoken [1] 3081/2misstatement [1] 3080/24mistakes [1] 3056/20mistrial [6] 2978/12 2978/12 2978/13 2979/8 2979/15 2980/22misunderstood [2] 2966/3 2966/10mock [1] 3054/8mode [1] 3046/2model [1] 3054/8models [1] 2967/3moment [3] 2943/6 2981/14 3027/24Monday [8] 2936/1 2936/4 2936/7 2936/9 2937/13 2937/15 3056/7 3103/16monetary [3] 3058/7 3058/10 3058/13money [87] 2938/14 2938/15 2938/19 2938/19 2938/20 2939/15 2941/2 2941/16 2941/17 2941/25 2941/25 2942/20 2942/25 2943/8

3125

Mmoney... [73] 2943/15 2943/16 2943/23 2944/4 2944/11 2944/12 2944/15 2951/17 2952/20 2953/2 2953/9 2953/23 2954/8 2955/14 2956/10 2956/18 2956/19 2956/20 2957/8 2958/14 2958/16 2960/18 2961/1 2962/6 2962/8 2962/12 2963/13 2964/2 2964/21 2965/5 2968/8 2968/12 2968/12 2968/14 2968/16 2969/5 2969/11 2970/8 2970/8 2970/23 2970/24 2971/15 2971/21 2972/18 2972/24 2973/3 2976/20 2996/10 3001/4 3004/15 3008/18 3009/19 3012/20 3013/8 3013/12 3021/7 3026/2 3026/3 3026/4 3027/1 3031/16 3038/7 3038/16 3038/17 3041/12 3087/11 3087/12 3090/17 3091/20 3095/11 3096/15 3096/20 3099/6monies [5] 2951/9 2970/13 2975/15 2992/17 3091/14month [3] 3096/8 3096/18 3098/13monthly [4] 3092/21 3099/7 3100/5 3100/9months [8] 2931/21 2973/16 2973/21 2974/19 2974/19 3001/21 3078/23 3079/14Montserrat [2] 3101/15 3101/19Moore [1] 3080/3more [18] 2933/4 2936/15 2958/9 2964/1 2967/19 2968/21 2973/18 2986/17 3001/4 3011/7 3034/15 3041/16 3041/16 3052/4 3055/20 3057/17 3061/12 3090/4morning [11] 2931/4 2931/14 2932/10 2932/17 2933/21 2935/6 2936/1 2937/23 2982/6 2986/13 3026/2mortar [1] 3003/19most [9] 2932/3 2936/21 2968/21 2983/24 2997/22 3013/23 3023/1 3035/23 3079/13motion [9] 2978/25 2979/2 2979/8 2979/15 2980/22 2980/23 2985/8 2986/8 3014/11MOU [2] 3084/10 3084/12move [5] 2941/8 2964/14 2964/18 2964/19 3046/14moved [3] 2964/21 3037/19 3097/25moving [10] 2978/12 2989/2 2989/21 2991/15 3006/16 3006/22 3030/20 3098/13 3103/13 3103/15Mr [12] 2957/17 2977/17 2980/17 3038/1 3053/17 3057/23 3072/22 3072/24 3083/18 3085/20 3093/21 3094/9

Mr. [605] Mr. Allen [10] 2963/21 2993/13 2994/2 2994/18 2994/24 2995/3 2995/10 3003/7 3003/11 3004/1Mr. Alvarado [4] 3076/16 3076/20 3077/9 3085/20Mr. Amadio [3] 2934/23 2934/24 3093/22Mr. Ashe [6] 3054/15 3054/21 3054/22 3055/3 3055/10 3055/16Mr. Ashe's [1] 3054/13Mr. Blaise [1] 3095/16Mr. Davis [71] 2931/13 2938/13 2940/12 2941/1 2941/8 2941/24 2943/15 2948/16 2950/8 2953/11 2953/20 2954/10 2959/19 2960/21 2966/4 2966/14 2968/14 2970/4 2976/17 2978/7 2983/20 2983/23 2987/2 2989/12 2989/16 2992/7 2995/18 2997/1 3000/16 3005/21 3006/6 3010/10 3011/16 3012/16 3014/14 3016/1 3017/11 3018/3 3026/2 3026/19 3027/16 3027/24 3029/3 3029/6 3030/25 3033/4 3038/5 3038/14 3039/11 3044/10 3046/12 3046/19 3047/3 3060/15 3065/25 3071/3 3071/17 3074/2 3075/20 3077/20 3079/12 3084/4 3084/16 3090/4 3090/11 3090/15 3090/20 3092/7 3093/12 3095/11 3097/6Mr. Davis' [2] 2947/3 2984/16Mr. Failing [4] 2976/10 2977/3 2977/4 2992/13Mr. Finn [7] 2982/19 2983/14 2983/23 2984/4 2984/23 2987/25 2989/7Mr. Friedli [10] 2949/6 2949/12 2949/18 2950/9 3093/14 3094/17 3095/20 3096/6 3100/4 3101/1Mr. Harry [5] 2974/11 2975/17 2977/2 2992/12 2997/6Mr. Hewlett [56] 3086/1 3086/2 3086/4 3086/6 3086/7 3086/9 3086/11 3086/13 3087/3 3087/9 3087/19 3087/23 3087/25 3088/3 3088/7 3088/17 3088/19 3088/22 3089/2 3089/5 3089/9 3089/10 3089/13 3090/3 3090/6 3090/12 3090/18 3090/25 3091/11 3091/24 3092/3 3092/21 3092/22 3093/3 3096/14 3096/17 3096/21 3097/6 3097/19 3097/22 3097/24 3098/5 3098/16 3099/14 3100/16 3100/24 3101/20 3101/23 3102/2 3102/3 3102/9 3102/14 3102/17 3102/19 3103/2 3103/6Mr. Hewlett's [16] 3086/18 3091/6 3091/21 3092/11 3092/15 3094/21 3095/12

3096/1 3096/7 3098/2 3098/3 3098/10 3099/4 3100/12 3101/4 3102/5Mr. James [1] 2982/7Mr. Junell [1] 3031/16Mr. Junell's [3] 3027/25 3028/12 3029/3Mr. King [41] 2945/4 3037/25 3038/7 3038/21 3039/19 3039/20 3040/3 3040/6 3041/2 3041/8 3041/13 3041/18 3042/1 3042/10 3042/14 3042/21 3043/1 3043/5 3043/12 3043/14 3043/19 3043/24 3044/2 3044/14 3055/2 3055/5 3059/10 3067/13 3067/13 3067/15 3070/1 3072/8 3072/10 3073/10 3073/17 3074/16 3076/8 3076/10 3076/16 3076/17 3081/13Mr. King's [2] 3070/15 3083/25Mr. Kuhrt [8] 2945/20 2945/21 2960/14 3049/25 3053/15 3053/17 3053/23 3054/3Mr. Leroy [1] 3076/24Mr. Lopez [6] 2945/17 2945/18 2960/15 3053/15 3053/23 3054/3Mr. Mauricio [3] 3062/23 3076/16 3085/1Mr. Moore [1] 3080/3Mr. Paul [1] 3054/14Mr. Rodriguez [6] 3056/22 3061/3 3061/23 3062/8 3062/14 3062/16Mr. Rodriguez' [1] 3061/7Mr. Scardino [3] 2934/21 2977/18 2981/13Mr. Stanford [288] Mr. Stanford's [20] 2938/14 2939/10 2941/25 2943/9 2946/10 2947/25 2950/20 2953/21 2955/10 2975/17 2976/24 2978/11 2996/17 3014/20 3038/20 3040/24 3043/15 3043/24 3062/1 3092/25Mr. Stellmach [9] 2933/5 2938/9 2961/12 2969/23 2977/15 3015/5 3038/22 3046/23 3066/9Mr. Tiwari [14] 3057/22 3057/23 3058/15 3058/17 3058/20 3058/22 3059/9 3059/10 3059/14 3059/19 3059/22 3060/2 3060/4 3060/7Ms [2] 3099/23 3099/25Ms. [14] 2945/4 2945/13 2945/14 2946/21 2947/18 3000/18 3000/20 3000/21 3041/24 3041/25 3066/5 3077/1 3078/4 3099/22Ms. Althea [1] 2945/4Ms. Crick [2] 3041/24 3041/25Ms. Elizabeth [1] 3077/1Ms. Jacobs [2] 3066/5 3078/4Ms. Maldonado [4] 2945/13 2945/14 2946/21 2947/18Ms. Meylan [1] 3099/22Ms. Suarez [3] 3000/18

3126

MMs. Suarez... [2] 3000/20 3000/21much [34] 2934/25 2936/12 2950/24 2951/1 2951/17 2952/6 2952/15 2952/20 2952/22 2953/2 2953/9 2955/14 2957/8 2963/13 2965/5 2968/15 2968/20 2994/14 3008/10 3016/6 3017/18 3024/5 3029/19 3041/12 3049/6 3058/9 3059/18 3068/24 3095/11 3096/6 3096/15 3096/20 3097/12 3101/8multi [1] 3007/10multifarious [1] 3018/1multiple [2] 2936/21 3048/4must [2] 3061/10 3084/11Muswell [1] 3091/22my [34] 2936/7 2943/15 2954/11 2957/25 2958/12 2958/18 2963/25 2967/1 2967/6 2968/10 2968/13 2969/22 2975/7 2975/9 2982/6 2982/11 2982/17 2983/18 2988/1 2989/24 2990/17 2994/8 2999/8 3014/1 3022/3 3025/14 3050/24 3051/12 3056/9 3066/19 3080/22 3085/18 3095/14 3100/3myself [11] 2939/22 2940/6 2942/12 2942/23 2961/22 2975/7 2986/20 2988/25 3013/19 3034/24 3040/21

Nname [35] 2938/25 2939/2 2940/2 2940/3 2942/19 2944/20 2950/11 2950/15 2950/16 2957/22 2957/23 2957/25 2958/1 2958/5 2971/1 2982/6 3000/6 3007/25 3026/21 3028/12 3029/15 3029/25 3031/22 3033/17 3033/19 3038/19 3039/1 3048/1 3049/4 3054/11 3054/13 3057/19 3060/21 3061/15 3076/23named [4] 2948/17 2958/3 3037/23 3057/18names [3] 2946/18 3046/20 3047/4narrative [1] 2941/21narrow [5] 2932/5 2935/6 2935/22 3011/10 3011/11narrower [1] 2932/25narrowing [1] 3011/8NASDAQ [1] 3020/17national [1] 2985/11nature [2] 2950/1 2988/6navy [1] 2965/21necessarily [2] 3023/6 3099/1necessary [1] 2988/25need [28] 2931/4 2941/4 2948/8 2948/9 2962/21 2965/17 2969/18 2969/18 2970/1 2975/24 2977/21 2977/22 2977/22 2983/1 2984/10 2986/7 2986/7 2987/24 2988/20 2990/11

3006/5 3021/3 3038/10 3056/21 3059/4 3062/6 3069/5 3083/2needed [2] 2951/11 3034/9needs [1] 2990/25negotiated [1] 3092/22neighborhood [5] 2958/25 3008/15 3041/14 3096/3 3101/10net [1] 2946/12never [4] 2932/19 2963/5 2983/5 2991/8Nevertheless [1] 3084/6new [12] 2928/16 2995/23 3050/12 3050/16 3061/11 3097/19 3097/22 3097/25 3098/1 3098/2 3098/3 3098/17newer [1] 3098/19news [2] 3060/24 3103/3newspapers [2] 2991/10 3060/1next [27] 2933/20 2942/6 2947/4 2947/16 2986/12 2986/13 2986/15 2988/3 2993/10 2993/18 2994/12 2994/19 2994/25 2995/4 2995/14 3020/14 3027/7 3030/1 3030/6 3039/11 3055/11 3056/7 3073/5 3074/19 3079/10 3079/20 3084/1nicely [1] 2991/15nickname [1] 3009/2night [9] 2931/11 2932/16 2934/9 2934/12 2934/25 2936/7 3007/22 3038/3 3041/9night-lighted [1] 3007/22Nimmer [1] 2985/4Nineties [2] 3036/10 3036/11no [135] 2933/4 2934/6 2935/11 2939/25 2941/6 2943/18 2945/24 2948/24 2950/14 2950/18 2951/13 2954/9 2954/12 2957/13 2960/4 2961/5 2962/16 2962/16 2963/6 2963/23 2964/5 2966/8 2967/6 2970/1 2970/22 2972/3 2972/14 2973/3 2973/12 2973/25 2974/6 2977/8 2977/21 2977/21 2979/14 2979/25 2981/10 2981/14 2984/7 2984/13 2985/23 2987/11 2987/15 2987/16 2988/12 2989/14 2990/23 2990/25 2992/19 2994/2 2994/5 2994/8 2994/11 2995/8 2995/25 2996/12 2996/15 2997/13 2998/14 2998/21 2998/25 3001/25 3002/22 3003/3 3004/10 3004/13 3004/16 3009/1 3010/18 3011/25 3012/2 3015/10 3015/12 3018/24 3019/14 3021/2 3021/5 3023/19 3024/1 3024/20 3026/12 3027/5 3027/13 3028/17 3028/24 3031/9 3037/10 3037/13 3037/18 3040/4 3041/11 3041/16 3043/23 3046/5 3046/7 3048/14 3050/6 3050/23 3051/16 3052/11 3052/16 3052/20 3052/21

3053/3 3061/9 3062/11 3068/10 3069/22 3072/5 3072/7 3072/18 3073/3 3074/12 3074/13 3074/17 3075/5 3079/2 3079/18 3080/4 3080/5 3080/10 3080/18 3081/10 3085/4 3085/12 3087/13 3088/2 3088/9 3092/12 3093/25 3095/9 3097/8 3099/9 3099/11 3101/21Nobody [1] 3047/11non [2] 3042/4 3078/14non-business [1] 3042/4non-public [1] 3078/14nonresponsive [18] 2996/23 2998/11 3016/16 3022/18 3039/24 3041/4 3042/7 3042/17 3047/11 3049/16 3052/11 3056/11 3059/3 3073/11 3073/14 3097/1 3097/3 3100/19noon [4] 2935/19 2936/3 2937/18 2938/8normal [5] 2957/2 2957/4 3012/8 3089/5 3090/18normally [1] 3090/2north [2] 3010/4 3054/7northeast [1] 3010/4northeastern [1] 3054/7not [141] 2931/2 2931/16 2932/3 2932/17 2932/22 2933/8 2933/18 2933/19 2934/1 2934/17 2934/19 2935/11 2936/2 2936/13 2937/14 2939/5 2939/9 2940/14 2940/15 2940/21 2941/19 2941/21 2942/9 2942/10 2943/18 2947/12 2947/13 2948/13 2951/13 2952/1 2952/6 2953/11 2954/13 2955/5 2956/20 2959/11 2961/5 2961/5 2962/19 2963/25 2964/12 2964/12 2966/6 2966/23 2967/6 2968/10 2968/13 2969/22 2970/22 2972/24 2973/12 2973/25 2975/21 2978/1 2978/16 2978/23 2978/23 2980/5 2980/16 2981/11 2981/18 2983/2 2983/22 2983/23 2985/13 2986/4 2986/9 2987/6 2987/20 2988/10 2988/14 2988/22 2991/2 2994/8 2996/16 2997/7 2999/10 2999/10 3000/24 3000/24 3009/19 3010/13 3010/14 3013/1 3013/3 3015/2 3017/13 3017/13 3018/2 3019/1 3021/6 3022/7 3022/15 3027/11 3027/12 3028/16 3031/11 3040/4 3041/10 3041/11 3042/11 3043/4 3045/20 3046/8 3047/12 3048/15 3048/16 3050/23 3051/20 3052/3 3052/6 3054/5 3058/3 3061/1 3061/9 3062/13 3064/21 3064/23 3066/14 3066/20 3066/23 3068/3 3068/24 3069/6 3070/18 3070/19 3071/5 3071/22 3073/3 3080/14 3082/21

3127

Nnot... [10] 3085/15 3085/16 3086/16 3086/24 3086/25 3089/21 3094/2 3095/6 3095/9 3100/10notations [1] 2940/23note [24] 2964/20 2980/13 2984/15 2993/6 2993/7 2993/12 2993/18 2994/17 2994/25 2995/2 2995/4 2995/19 2996/13 2996/21 2997/5 2997/25 3001/22 3002/7 3002/11 3002/14 3015/23 3015/25 3016/19 3016/20noted [1] 2977/10notes [25] 2976/19 2990/18 2991/23 2992/17 2992/19 2992/20 2992/21 2992/24 2993/14 2994/4 2994/7 2995/23 2995/24 2996/1 2996/10 2996/18 2997/12 2997/22 2998/5 2998/8 2998/20 2998/23 3002/20 3002/20 3003/4nothing [2] 2985/7 2987/3notice [8] 2931/18 3053/24 3067/19 3067/23 3068/19 3068/25 3070/10 3100/10notified [2] 2982/8 2994/3notify [1] 3071/23November [4] 3060/23 3062/3 3096/20 3101/15November 14th [1] 3060/23November 1st [1] 3096/20November 28th [1] 3101/15November 4th [1] 3062/3now [45] 2931/6 2933/20 2937/20 2939/3 2941/10 2960/21 2961/12 2966/23 2971/25 2974/5 2976/18 2977/23 2979/10 2981/16 2982/5 2983/4 2985/4 2985/21 2986/8 2987/19 2987/25 2989/12 2995/6 3003/12 3022/2 3025/18 3029/5 3030/1 3030/20 3030/22 3034/16 3037/19 3037/21 3043/14 3051/12 3066/17 3067/3 3068/3 3068/4 3068/22 3070/9 3082/14 3083/6 3083/9 3086/1number [45] 2932/2 2939/6 2939/8 2943/13 2943/19 2944/2 2945/16 2961/1 2961/3 2964/8 2972/9 2977/9 2982/11 2983/1 2983/4 2987/18 2997/15 2999/3 3008/21 3012/25 3014/22 3017/13 3018/17 3021/8 3021/15 3021/17 3021/18 3021/18 3021/21 3022/10 3022/24 3023/8 3023/18 3023/25 3024/3 3024/3 3024/14 3024/17 3026/23 3031/22 3033/17 3033/20 3050/20 3087/2 3087/15Number 108.731 [1] 2939/8Number 3333 [1] 2997/15number one [1] 2983/1Number two [1] 2983/4number/client [1] 3033/17

numbered [1] 2939/21numbers [25] 2961/22 2968/22 3049/9 3049/13 3049/20 3049/21 3050/1 3050/4 3050/16 3050/17 3050/19 3051/2 3051/7 3051/7 3051/15 3051/21 3053/5 3053/6 3053/6 3053/11 3053/11 3053/14 3053/18 3055/9 3087/10NW [1] 2928/16

Oo'clock [3] 3082/25 3083/5 3083/9oath [1] 3037/22object [26] 2931/13 2940/13 2944/7 2953/8 2953/13 2954/15 2973/10 2974/12 2998/11 3015/4 3017/25 3018/23 3039/24 3041/4 3045/14 3047/10 3049/16 3064/9 3064/13 3072/18 3072/25 3073/11 3073/22 3074/23 3077/12 3097/13objecting [1] 2935/5objection [25] 2934/8 2935/10 2935/11 2953/15 2955/4 2955/12 2992/1 2992/3 2996/23 3011/2 3016/13 3026/13 3031/9 3034/18 3052/7 3052/19 3056/11 3064/15 3065/19 3068/16 3072/19 3077/18 3093/25 3097/11 3097/11objectionable [1] 2990/2obligation [4] 2979/14 2979/25 2988/13 2990/23observation [1] 3006/13obstruct [1] 3067/5obstructed [1] 3067/25obstructing [1] 3067/6obstruction [1] 3067/16obvious [2] 2962/23 3008/8obviously [2] 2985/22 2987/1occasion [1] 3039/23occasions [3] 2956/14 2960/6 3087/15October [3] 3020/11 3057/14 3085/23October 10th [1] 3085/23October 2008 [1] 3057/14off [14] 2933/24 2936/16 2945/9 2957/4 2964/22 2979/6 2986/4 2989/16 3012/12 3059/5 3073/12 3090/4 3097/12 3101/23offer [2] 3069/11 3077/11offered [4] 3068/3 3094/1 3094/2 3094/4offering [8] 3064/21 3064/25 3066/14 3066/23 3067/9 3068/5 3068/7 3095/2offers [3] 2991/18 3012/5 3012/7office [11] 2955/21 2960/13 2977/4 2977/5 2977/7 2977/7 3049/25 3066/6 3079/24 3080/3 3086/10officer [11] 2932/8 2945/18 2947/12 2949/8 2960/15 2997/3 2997/11 3018/20 3019/1 3070/3 3094/11

officers [2] 2988/19 2999/20offices [13] 3036/4 3054/9 3084/7 3097/20 3097/22 3097/25 3098/1 3098/2 3098/3 3098/10 3098/17 3098/20 3098/20official [3] 2929/8 3070/2 3104/7offset [1] 2964/20offshore [1] 3080/14often [1] 2960/2oh [9] 2948/8 2974/25 2984/13 2998/3 3000/13 3002/7 3027/4 3083/3 3095/15oil [1] 3012/25okay [89] 2931/9 2933/9 2935/25 2937/10 2937/17 2937/25 2941/4 2941/7 2941/12 2941/16 2947/16 2948/12 2950/6 2953/12 2959/8 2959/14 2963/7 2965/23 2965/23 2966/10 2969/18 2970/9 2971/5 2971/20 2973/1 2974/14 2980/10 2981/16 2983/10 2986/16 2987/8 2987/10 2987/22 2987/23 2989/17 2989/20 2995/9 3000/11 3001/10 3006/20 3007/20 3008/10 3011/12 3012/18 3015/19 3024/12 3024/22 3026/23 3027/6 3027/21 3027/24 3028/16 3028/16 3029/12 3029/21 3030/1 3030/6 3030/20 3033/7 3033/13 3034/23 3046/4 3046/8 3047/1 3047/14 3048/9 3057/4 3058/24 3059/6 3060/12 3063/13 3067/3 3068/20 3070/22 3071/15 3074/5 3074/19 3075/7 3075/17 3082/25 3083/4 3083/8 3083/11 3093/19 3093/23 3096/5 3097/13 3099/19 3102/23old [2] 3050/12 3098/10on [239] on-site [1] 3079/14on-the-books [1] 3091/10on-time [1] 2998/19onboard [1] 2932/1once [16] 2934/13 2934/18 2942/21 2942/25 2944/5 2944/12 2945/5 2970/23 2974/1 2988/16 2991/12 3019/16 3032/4 3034/6 3041/16 3041/17one [100] 2933/11 2934/20 2936/21 2936/22 2936/23 2936/24 2939/7 2944/17 2944/17 2944/25 2946/1 2946/3 2946/5 2946/7 2946/9 2946/10 2946/17 2946/19 2947/23 2948/22 2948/23 2952/6 2956/4 2956/4 2956/7 2956/7 2957/4 2958/1 2958/7 2958/14 2959/11 2959/11 2964/24 2965/15 2966/22 2969/13 2970/8 2971/11 2971/15 2974/10 2977/5 2977/12 2977/22 2981/2 2981/3 2982/15 2983/1

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Oone... [53] 2983/13 2985/20 2985/25 2986/25 2987/18 2988/15 2990/20 2995/20 2997/23 3013/14 3014/6 3023/3 3026/9 3026/10 3028/19 3030/25 3032/16 3032/21 3034/15 3035/24 3038/6 3039/23 3040/9 3045/19 3045/19 3047/24 3053/3 3055/14 3058/19 3063/9 3066/24 3067/19 3069/5 3069/25 3070/22 3070/22 3071/11 3075/17 3076/5 3076/21 3084/21 3086/22 3090/4 3090/18 3091/25 3096/25 3097/18 3098/25 3099/5 3101/6 3101/17 3102/8 3103/8one million [1] 2947/23one-of-a-kind [1] 2946/10one-off [1] 2957/4only [15] 2935/5 2936/13 3007/4 3013/12 3015/22 3016/8 3017/9 3017/23 3019/20 3039/21 3049/6 3054/6 3057/7 3067/9 3068/7open [8] 2960/8 2982/1 3006/19 3011/3 3031/23 3034/9 3041/1 3071/1opened [1] 3063/3opening [3] 3032/12 3034/4 3034/4operating [3] 2958/9 2967/11 3090/18operation [3] 2948/21 3003/23 3066/17operations [2] 3003/20 3003/21opinion [5] 2984/24 3018/25 3088/4 3088/6 3100/4opportunities [1] 3013/16opportunity [5] 2933/1 2934/14 2935/9 3012/5 3012/7option [1] 2979/16or [144] 2933/18 2935/18 2935/18 2936/23 2940/24 2942/7 2952/3 2953/16 2954/5 2954/20 2954/22 2955/21 2957/22 2957/23 2958/23 2960/13 2960/14 2961/6 2962/24 2963/2 2963/3 2963/11 2964/24 2965/8 2965/14 2965/18 2966/1 2966/24 2966/24 2967/15 2967/15 2967/18 2967/21 2968/11 2968/21 2970/20 2973/8 2973/8 2975/11 2976/19 2976/25 2977/12 2977/20 2978/16 2979/12 2979/14 2980/16 2981/3 2981/6 2981/11 2981/13 2983/6 2983/22 2984/8 2985/13 2985/18 2986/9 2986/14 2986/22 2987/16 2987/16 2987/20 2987/21 2987/21 2987/21 2989/7 2995/20 2997/11 2997/20 2997/23 2997/24 2998/13 3000/9 3001/1 3001/19 3003/12 3005/16 3006/6

3007/18 3008/7 3009/13 3009/20 3010/2 3012/1 3012/22 3012/24 3013/9 3013/20 3013/22 3015/22 3021/11 3021/11 3021/17 3021/18 3022/7 3024/20 3025/8 3026/25 3029/17 3030/3 3031/18 3032/10 3032/25 3033/19 3039/8 3045/2 3045/3 3046/6 3047/5 3047/6 3047/11 3048/1 3048/7 3048/8 3049/8 3050/11 3050/18 3052/5 3052/11 3052/16 3052/20 3052/21 3055/20 3056/8 3057/23 3060/25 3066/18 3066/21 3071/25 3072/6 3072/6 3074/12 3075/5 3076/7 3077/16 3079/19 3080/2 3080/19 3082/25 3083/8 3087/1 3088/15 3089/16 3098/24order [7] 2933/13 2953/25 2984/9 3008/4 3026/8 3082/8 3100/7ordinary [4] 2975/15 2987/20 2992/18 3001/19organization [5] 2939/20 2949/13 2956/21 3052/2 3058/11origin [1] 3077/16original [5] 2969/12 3051/12 3064/12 3081/12 3081/19originally [5] 2932/5 2958/11 2989/3 3013/17 3029/22originator [1] 3028/2origins [1] 2938/16other [50] 2934/13 2934/20 2935/12 2936/3 2939/5 2939/9 2943/3 2956/21 2957/7 2957/11 2957/23 2959/11 2962/17 2972/3 2975/24 2976/8 2982/23 2984/8 2988/22 2994/2 3000/20 3001/17 3002/19 3004/1 3006/14 3008/24 3009/20 3018/12 3030/12 3031/4 3032/3 3034/9 3037/3 3037/4 3042/4 3045/12 3046/5 3048/22 3050/2 3074/1 3079/16 3079/19 3080/2 3084/21 3084/22 3086/19 3088/25 3089/2 3089/6 3090/12others [4] 2942/19 3003/11 3078/23 3098/24otherwise [3] 2940/23 2992/19 3098/23ought [1] 2986/10our [22] 2932/16 2933/13 2934/7 2935/10 2935/23 2947/13 2947/14 2962/3 2962/6 3025/18 3035/9 3035/10 3037/14 3037/15 3061/9 3061/10 3061/11 3061/12 3061/13 3084/7 3085/17 3100/6ours [1] 3027/11ousted [1] 2945/5out [60] 2934/10 2935/20 2938/14 2938/19 2938/21 2940/24 2943/2 2943/24

2944/25 2950/9 2951/12 2951/18 2952/7 2952/16 2953/3 2953/9 2955/14 2956/11 2956/14 2956/18 2956/19 2956/20 2956/22 2957/8 2957/14 2957/21 2961/8 2968/12 2968/15 2969/6 2969/14 2973/6 2975/5 2975/8 2980/22 2987/11 2987/14 2988/17 2988/23 2990/19 2994/10 2996/14 2998/2 3001/1 3001/4 3013/16 3021/24 3026/3 3027/15 3034/14 3038/19 3046/14 3046/14 3051/6 3051/9 3083/1 3085/16 3088/8 3092/23 3095/12outside [3] 2935/15 3075/15 3085/13over [21] 2932/12 2935/18 2935/18 2936/5 2936/15 2966/18 2978/18 3006/16 3011/21 3020/17 3020/19 3042/5 3056/3 3056/6 3058/12 3078/23 3087/16 3090/7 3094/23 3099/16 3100/14overall [1] 3049/7overdraft [1] 2958/14overhead [5] 3005/9 3005/17 3005/17 3045/22 3093/7overinflated [1] 3049/1overlooking [1] 3006/14overnight [2] 3032/8 3032/13Overrule [2] 2955/12 3072/19overruled [13] 2973/11 2979/8 3041/5 3056/12 3065/20 3072/13 3073/2 3073/15 3074/1 3077/18 3089/19 3097/2 3100/20oversaw [1] 3019/2overseas [1] 2939/15overseeing [1] 3004/8overseen [1] 3037/6overview [1] 3070/14owed [2] 3018/12 3019/13own [8] 2932/16 2938/21 2955/10 2957/22 2963/22 3004/14 3007/1 3008/25owned [9] 2949/4 2962/10 2963/20 2965/9 2965/12 2967/24 2970/18 2970/20 3015/2owner [1] 2958/2ownership [2] 2964/3 2971/1

Ppackage [5] 3034/3 3034/4 3039/17 3044/12 3057/17pad [1] 2990/18page [40] 2930/2 2947/16 2947/18 2964/7 2968/24 2981/15 2993/10 2993/24 2999/7 2999/8 2999/12 2999/16 2999/17 3019/25 3020/4 3020/5 3027/8 3027/18 3032/24 3033/13 3035/5 3044/7 3044/11 3046/3 3046/23 3046/24 3046/25 3060/16 3064/3 3068/13 3071/7 3071/9 3071/11 3071/19 3078/10 3079/10 3094/25 3095/4 3095/5 3095/6

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PPage 1 [1] 3046/24Page 13 [2] 2999/7 2999/17Page 14 [1] 3046/25Page 16 [1] 3035/5Page 26 [2] 3019/25 3020/5Page 32 [1] 3095/5page of [1] 3027/8pages [2] 3095/2 3095/3paid [23] 2951/6 2951/24 2956/14 2956/22 2957/1 2958/15 2958/25 2960/22 2961/2 3001/22 3037/25 3089/10 3089/12 3089/12 3089/14 3090/12 3090/19 3090/22 3091/25 3092/21 3094/18 3095/21 3102/14pain [2] 2933/19 2933/19paper [2] 3031/24 3031/25paperwork [1] 2973/22paragraph [18] 2997/15 2997/15 3020/5 3035/8 3069/4 3069/9 3069/19 3069/22 3071/12 3078/16 3078/17 3079/10 3079/11 3079/11 3079/20 3083/19 3083/21 3084/1paragraphs [1] 3084/2parameters [1] 3013/4parcels [1] 2946/11Paris [2] 2939/2 3091/16parking [1] 3007/23Parras [1] 2929/3part [15] 2939/14 2946/17 2946/18 2968/5 3005/14 3015/22 3015/24 3016/24 3023/9 3023/14 3035/23 3055/16 3067/24 3068/6 3076/7particular [27] 2938/23 2939/23 2947/13 2949/9 2949/14 2951/11 2952/1 2952/2 2959/15 2964/25 2970/7 2973/17 2974/10 2984/9 2997/5 2999/7 3004/11 3004/20 3019/25 3028/11 3057/16 3071/12 3089/8 3096/23 3097/16 3098/6 3099/6particularly [1] 2948/5particulars [1] 2947/15parties [1] 3001/18party [1] 3071/22pass [1] 3053/7passed [3] 3102/18 3103/6 3103/15passenger [2] 2967/19 2967/19past [4] 3020/6 3020/10 3020/21 3100/2patent [3] 2985/3 2985/6 2985/11Patricia [2] 2945/12 2947/6Paul [2] 3054/11 3054/14Pavilion [2] 3006/23 3033/12pay [8] 2943/2 2945/1 2956/25 2958/16 2958/23 2976/14 2976/14 2998/6payable [1] 2964/23paying [4] 2952/12 3041/12 3073/9 3088/22payment [11] 2956/16 2972/13

2975/24 2976/2 2976/13 2997/19 2997/25 3096/7 3100/8 3100/9 3100/12payments [25] 2956/17 2964/14 2964/15 2968/17 2968/18 2998/8 2998/19 3000/1 3038/1 3038/2 3088/16 3089/1 3089/2 3089/4 3089/7 3089/9 3089/15 3090/5 3090/11 3091/10 3092/10 3092/15 3099/8 3100/15 3100/21PDF [1] 3094/25penalties [1] 2958/23penalty [1] 2998/23people [5] 2967/21 2969/25 3009/5 3032/17 3035/20per [2] 2981/24 3096/8percent [14] 2932/12 2932/12 3016/7 3016/8 3016/11 3017/5 3017/7 3017/12 3017/16 3017/19 3017/20 3021/13 3021/15 3049/8percentage [1] 3012/6perfect [1] 3070/16perform [2] 3037/16 3051/20perhaps [2] 2961/22 3061/10period [7] 2958/21 2975/13 2996/3 3021/22 3022/7 3044/16 3050/11person [8] 2983/22 3022/23 3023/6 3032/1 3039/16 3070/12 3078/6 3098/23personal [30] 2938/15 2938/20 2938/21 2942/19 2942/21 2943/1 2943/2 2943/2 2943/9 2944/5 2944/13 2944/16 2944/18 2944/19 2950/20 2951/20 2952/9 2952/12 2953/21 2953/25 2964/13 2965/11 2976/14 2985/7 3014/20 3015/1 3026/10 3039/3 3043/16 3091/21personally [13] 2941/3 2942/12 2950/17 2954/4 2956/11 2957/18 2957/19 2958/19 2962/9 2964/11 2970/21 2972/1 3097/11persons [1] 3001/21perspective [2] 3013/5 3051/14pertained [3] 2996/3 2996/4 2996/6pertinent [1] 3031/23peso [1] 3020/15Philosophy [1] 3035/6phone [2] 2988/22 3103/4physical [2] 3102/5 3102/10physically [1] 3040/2pick [4] 2998/2 3023/17 3055/19 3056/23picked [3] 2978/18 2978/20 3057/17picking [2] 3021/21 3022/23picks [1] 2998/1picture [3] 3005/16 3005/24 3046/2piece [3] 2963/24 3031/24 3031/24pieces [2] 3014/6 3068/18pilots [1] 3057/17Pitch [2] 3040/10 3040/17Pitch Drive [1] 3040/17

place [14] 2958/21 2967/18 2973/15 2974/17 2975/10 2996/4 3022/6 3035/4 3040/6 3040/15 3043/22 3054/5 3057/12 3102/12placed [3] 3010/19 3011/24 3058/4places [1] 3090/17plan [2] 2947/24 2982/10plane [2] 3043/17 3056/23planes [6] 2967/17 2967/20 2980/16 3015/1 3043/16 3043/24planning [3] 2966/24 2967/2 2967/3plans [1] 3009/25planted [1] 3060/1play [1] 3049/19playing [1] 3076/13plea [3] 2983/24 2984/16 2985/15please [22] 2931/8 2937/21 2940/9 2945/7 2950/25 2953/17 2954/16 2955/4 2974/13 2990/14 2998/16 3000/6 3014/15 3015/15 3020/9 3027/3 3038/10 3075/17 3081/3 3084/18 3100/6 3100/10pleases [1] 2978/2pled [6] 2931/24 2931/25 3019/3 3034/17 3034/21 3034/22plowed [1] 3022/16plus [4] 2947/23 2999/22 3066/21 3082/25PO [2] 2928/13 2929/7pocket [2] 2955/10 2955/11point [25] 2934/2 2934/10 2936/13 2936/23 2944/3 2954/19 2974/23 2977/20 2986/25 2993/2 3001/2 3010/23 3019/11 3025/6 3036/9 3054/15 3054/17 3055/14 3063/7 3076/21 3083/9 3085/5 3101/11 3101/16 3102/8pointed [1] 3041/1pointer [2] 3005/18 3005/21political [1] 3020/11politicians [1] 2949/19Ponzi [2] 3063/6 3066/16populate [1] 2944/17port [1] 3022/17portfolio [5] 3021/12 3035/7 3049/7 3055/17 3061/9portion [9] 2959/16 2962/24 3039/24 3052/17 3064/4 3065/22 3068/17 3072/20 3077/21position [9] 2937/15 2949/12 2961/16 2961/18 2962/7 2962/14 2972/24 2975/15 3041/18positive [1] 2982/3possession [1] 3072/23possible [4] 3066/16 3067/1 3081/11 3081/11possibly [4] 2952/13 2968/21 3007/21 3063/6postdate [1] 3002/21potential [6] 3009/15 3050/24

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3069/10 3070/12 3071/7 3071/21 3072/9 3073/18 3076/9privileges [1] 3071/25probably [9] 2935/20 2947/9 3005/17 3007/19 3036/10 3046/1 3046/2 3052/16 3101/10problem [7] 2934/13 2980/13 3045/24 3045/25 3057/15 3057/16 3059/14problems [2] 3070/10 3074/17proceed [1] 2982/20proceeding [1] 2962/19proceedings [3] 2928/24 3103/19 3104/2process [10] 2974/24 2974/25 3010/22 3013/24 3021/21 3026/5 3031/19 3051/6 3051/20 3059/11processes [1] 3055/8processing [1] 3097/19produce [2] 3022/5 3025/8produced [5] 2928/24 2932/16 2932/17 2935/14 2992/19producing [1] 3021/13production [1] 2932/21products [5] 3045/2 3045/2 3045/4 3048/7 3063/4professionals [1] 2949/18profile [4] 3098/5 3098/7 3098/8 3098/18profit [24] 3020/24 3021/4 3021/5 3021/7 3021/8 3021/10 3021/16 3021/21 3021/23 3022/4 3022/5 3022/10 3022/14 3022/25 3023/2 3023/18 3023/20 3023/21 3024/5 3025/8 3025/12 3025/14 3044/20 3086/21profitable [1] 3021/1program [4] 3073/20 3074/21 3075/21 3082/3project [6] 2946/1 2946/8 2946/9 2947/13 3007/9 3009/2projector [1] 3093/8projects [12] 3003/17 3004/2 3004/4 3004/6 3004/9 3004/12 3004/14 3004/17 3004/25 3004/25 3006/11 3009/6promise [1] 2963/3promised [2] 2981/8 2981/11promissory [17] 2991/23 2992/21 2992/24 2994/4 2994/7 2995/19 2995/24 2996/10 2997/12 2997/22 2998/20 2998/23 3002/11 3002/13 3002/19 3002/20 3003/4promoted [1] 2968/6promotional [3] 3005/7 3062/12 3087/7prompting [1] 3020/19promulgated [1] 3013/4proof [2] 2981/2 3067/25proper [3] 2934/19 2935/20 2986/9properties [2] 2966/24 3008/25property [1] 3019/6propose [1] 3024/3proposed [4] 3011/16 3011/19

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Qquadrant [3] 3006/1 3006/2 3006/9qualifications [1] 2949/17qualify [1] 3019/1quarter [9] 3024/24 3025/1 3025/4 3025/4 3041/16 3041/17 3044/17 3050/11 3055/13quarterly [4] 2960/4 3035/10 3037/15 3044/11quash [1] 2985/8question [44] 2932/10 2932/13 2933/25 2941/20 2943/15 2954/25 2958/9 2962/21 2973/10 2980/16 2980/25 2981/3 2988/15 3011/3 3011/3 3011/8 3013/14 3015/4 3015/15 3017/25 3019/9 3023/9 3023/13 3034/20 3040/11 3050/24 3051/12 3052/12 3052/14 3052/15 3052/20 3070/20 3072/25

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3133

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3134

Sslush... [17] 2948/5 2950/19 2950/24 2953/20 2954/4 2954/20 2956/24 3038/17 3089/13 3089/15 3089/18 3090/12 3091/17 3092/10 3092/16 3092/23 3097/17small [5] 2965/21 2998/9 3068/17 3098/11 3098/12snookered [1] 3083/3so [155] 2932/10 2933/22 2934/23 2935/10 2935/21 2936/7 2936/11 2936/19 2937/17 2939/9 2939/14 2939/23 2940/9 2940/21 2941/1 2943/20 2946/21 2948/21 2948/23 2948/25 2949/14 2950/19 2955/24 2957/3 2957/7 2959/24 2961/7 2962/19 2962/24 2963/3 2964/6 2964/21 2964/21 2970/23 2971/2 2971/5 2971/20 2973/4 2975/20 2975/22 2976/2 2976/13 2979/12 2981/12 2981/24 2982/3 2982/23 2983/2 2983/5 2984/16 2985/10 2985/15 2986/17 2987/3 2987/18 2987/24 2989/2 2989/6 2989/18 2989/21 2989/22 2991/2 2992/21 2994/1 2996/6 2996/13 2997/10 2998/1 3000/16 3001/4 3005/21 3006/11 3008/24 3010/16 3011/20 3012/18 3013/12 3014/8 3014/20 3015/19 3015/21 3016/1 3016/11 3017/5 3017/20 3021/7 3021/15 3021/17 3021/20 3023/6 3027/25 3028/20 3029/3 3029/12 3030/25 3031/15 3032/15 3032/24 3033/17 3034/6 3037/14 3038/14 3039/3 3039/13 3043/1 3045/5 3045/24 3046/2 3046/12 3046/19 3047/18 3048/3 3048/9 3048/24 3048/24 3049/2 3049/9 3049/12 3050/1 3050/12 3050/19 3053/22 3055/17 3055/18 3056/24 3059/18 3061/20 3063/12 3066/14 3066/23 3070/4 3071/3 3076/19 3079/7 3080/11 3080/22 3081/9 3082/5 3082/15 3082/24 3086/4 3087/3 3088/7 3090/1 3090/15 3091/5 3091/10 3094/2 3095/20 3095/24 3096/17 3097/12 3101/7 3101/10 3103/15so-called [3] 2949/14 3016/11 3021/17SocGen [25] 2939/2 2939/3 2939/9 2939/21 2941/18 2942/1 2942/16 2948/20 2948/21 2949/4 2951/18 2955/15 2955/19 2956/8 2956/19 2957/9 2957/14 2957/21 3038/17 3038/18 3046/21 3048/21 3091/16

3094/12 3099/23Societe [7] 2939/2 2948/4 2948/19 3093/7 3094/10 3094/11 3095/12sold [4] 3010/14 3017/20 3018/4 3018/19solicitor [1] 3035/24Solutions [2] 3061/16 3061/17solve [1] 3057/15solved [1] 3057/16solvency [1] 3079/16some [48] 2931/5 2931/12 2931/16 2931/16 2932/20 2932/24 2948/3 2948/25 2949/18 2949/18 2956/18 2960/20 2962/23 2963/16 2963/24 2968/18 2968/18 2976/2 2976/13 2977/12 2983/6 2983/23 2985/13 2998/9 2999/22 3000/1 3009/25 3010/23 3015/14 3018/15 3030/22 3032/12 3034/1 3035/2 3036/14 3037/22 3048/4 3054/4 3055/7 3055/8 3055/15 3055/23 3068/19 3069/23 3070/10 3070/13 3072/15 3099/24somebody [5] 2983/20 3031/15 3073/1 3077/16 3083/1somehow [1] 3070/20someone [2] 2983/2 3070/11something [12] 2949/25 2962/8 2970/20 2975/22 2978/8 3013/6 3014/10 3044/3 3065/1 3070/19 3083/11 3089/16sometimes [3] 2962/22 3009/15 3042/6somewhere [4] 2941/12 2958/25 3010/2 3029/6sons [1] 2958/12soon [1] 2980/11sorry [27] 2931/3 2933/9 2957/17 2966/10 2973/18 2978/6 2999/12 3006/17 3009/10 3014/14 3015/5 3021/25 3024/7 3033/1 3046/16 3052/9 3062/2 3068/15 3073/12 3075/5 3080/11 3083/20 3085/9 3089/1 3090/20 3092/13 3094/23sort [4] 2938/7 2983/21 2986/7 3037/22Sotto [3] 2977/17 2979/19 3075/18sound [1] 2988/16soundproof [1] 2938/5source [3] 2946/23 2954/22 2956/9SOUTHERN [1] 2928/1Southwest [1] 2977/4speak [3] 2969/20 2969/21 3042/1Speaking [1] 2976/8speaks [2] 2981/4 2984/18special [1] 2957/4specialist [3] 2975/17 2976/9 3058/2specific [11] 2939/6 2948/3 2958/9 2962/5 2973/18 3044/22 3052/4 3058/23 3073/23 3095/2 3095/3

specifically [8] 2955/9 2978/4 2978/8 2990/18 3054/1 3069/9 3072/8 3081/23speculation [3] 3018/1 3018/2 3020/17speed [1] 2933/17spend [1] 3054/4spending [1] 2962/12spent [5] 2959/21 2964/18 2966/18 2966/18 3004/11spoke [3] 3004/6 3011/21 3042/14sport [1] 3007/17spreadsheet [3] 2963/20 2969/4 3014/18square [2] 3010/5 3010/7St. [2] 2960/13 3033/12St. Croix [1] 2960/13St. John's [1] 3033/12stadium [1] 3007/23staff [8] 2933/12 2942/11 2960/11 2964/17 2975/7 3075/18 3098/9 3098/17staffing [1] 3098/16stage [2] 2946/17 3053/7stand [14] 2933/3 2933/4 2933/9 2934/13 2934/19 2984/23 2991/1 3012/12 3039/10 3039/12 3063/9 3063/15 3090/5 3092/7standardize [1] 3058/13standing [4] 2989/10 3065/9 3079/3 3100/7stands [3] 2936/7 2945/23 3008/9STANFORD [416] Stanford's [21] 2938/14 2939/10 2941/25 2943/9 2946/10 2947/25 2950/20 2953/21 2955/10 2975/17 2976/24 2978/11 2996/17 3004/1 3014/20 3038/20 3040/24 3043/15 3043/24 3062/1 3092/25stanfordeagle.com [1] 3060/17star [2] 2967/22 3006/23start [2] 2933/23 2970/5started [1] 3086/3starting [5] 2941/24 3012/18 3035/4 3038/14 3090/15starts [2] 3030/20 3052/10state [10] 2955/4 2981/19 2985/21 2985/22 2985/24 2986/2 2998/14 3019/7 3036/24 3081/3stated [5] 3009/22 3010/13 3021/10 3058/11 3102/8statement [16] 2963/16 2979/10 2990/1 3000/21 3023/3 3026/19 3029/4 3045/6 3047/22 3050/20 3056/14 3056/16 3086/22 3087/1 3094/22 3095/14statements [19] 2949/1 2955/19 3037/1 3044/20 3044/21 3044/22 3045/11 3054/25 3055/11 3055/16 3055/23 3056/3 3056/17 3056/22 3057/8 3086/22 3087/11 3099/22 3101/24states [25] 2928/1 2928/3 2928/8 2951/22 2983/15

3135

Sstates... [20] 3020/13 3034/8 3035/8 3047/25 3060/16 3062/19 3069/10 3069/19 3072/9 3073/19 3077/1 3078/13 3079/24 3080/20 3080/25 3081/5 3081/9 3083/23 3084/10 3084/15stating [3] 3003/8 3061/23 3088/5staying [2] 2983/11 3059/19steer [2] 2990/5 3055/6Stellmach [11] 2928/14 2933/5 2938/9 2961/12 2969/23 2977/15 2977/17 3015/5 3038/22 3046/23 3066/9stenography [1] 2928/24step [3] 3012/12 3055/12 3090/4steps [6] 3011/13 3059/14 3059/16 3059/22 3059/24 3060/3sterling [7] 3096/2 3096/8 3096/8 3099/15 3100/7 3100/8 3101/4stern [1] 3056/10sticky [2] 2987/4 3007/16still [8] 2933/10 2933/14 2990/22 3025/12 3063/11 3065/7 3072/18 3095/21stock [2] 3010/15 3020/12stocks [3] 3016/4 3017/17 3020/17stood [1] 2949/3stop [3] 3030/6 3036/9 3055/3storage [1] 3007/10straight [3] 2955/10 2955/10 2984/22strategy [2] 3035/9 3037/14street [3] 2928/21 2929/10 3098/12stretch [1] 3067/17structure [1] 2957/2stuck [2] 2975/5 2975/8study [2] 3058/12 3058/13style [1] 3007/18styled [3] 2940/3 2959/20 3066/25stymie [1] 3067/15Suarez [5] 3000/1 3000/7 3000/18 3000/20 3000/21subject [4] 2945/22 2992/2 2992/2 3099/22submission [1] 3044/16submit [1] 3045/5submitting [1] 3051/21subpoena [6] 2982/8 2982/22 2983/1 2983/6 2983/13 2984/5subpoenaed [3] 2983/5 2983/8 2985/14subscription [1] 3034/9subsequent [6] 2949/4 2974/4 3078/25 3086/21 3089/7 3096/13subsidiary [2] 2949/5 3044/21substance [1] 3070/6substantive [2] 3028/20 3028/21suburban [1] 3091/22succeeded [1] 3060/4successful [1] 3084/12

such [12] 2975/19 2992/11 3080/1 3080/4 3080/5 3081/10 3084/8 3084/11 3086/12 3086/21 3087/8 3098/25sufficient [1] 3012/6suggested [2] 2997/6 3010/24suggestion [2] 2985/16 2986/3suggestions [1] 2987/16summarized [1] 3032/5summary [3] 2961/21 3032/14 3084/8Sun [1] 2967/22Superbowl [3] 3042/23 3043/1 3043/14supervision [1] 3079/18supervisor [1] 3057/25support [5] 2940/23 3005/7 3055/1 3079/24 3081/10supporting [6] 3031/21 3044/21 3080/4 3080/6 3081/10 3083/23supposed [6] 2985/2 2985/9 2985/9 3035/4 3047/18 3048/11sure [14] 2946/6 2948/13 2952/21 2966/7 2980/17 2984/25 2986/1 2986/6 2991/11 2998/3 3011/11 3038/24 3069/21 3070/19surprise [1] 2954/21surprised [4] 3072/23 3073/1 3073/3 3073/7suspected [1] 3078/21sustain [3] 2953/14 2985/8 3052/19sustained [17] 2941/22 2944/9 2996/24 2998/12 3016/17 3019/9 3022/20 3039/25 3040/13 3042/8 3042/18 3045/15 3047/15 3049/17 3059/4 3068/16 3074/24SVCH [1] 2970/14Swiss [7] 2944/5 2949/10 2950/9 2951/12 2956/8 2956/24 3092/15switch [4] 2941/12 2962/4 3032/20 3045/23Switzerland [10] 2938/24 2939/21 2941/18 2942/16 2943/16 2957/9 3091/18 3092/10 3094/14 3097/17system [4] 2941/11 2942/10 3061/16 3061/17

Tt's [1] 3061/10table [2] 2978/19 3040/24tactical [1] 2983/7take [40] 2934/19 2935/25 2937/17 2938/20 2945/9 2951/12 2952/16 2953/2 2963/4 2963/5 2977/22 2977/24 2984/23 2986/4 2987/24 2991/1 2991/11 3025/18 3030/8 3034/14 3039/10 3039/12 3040/15 3043/8 3043/17 3049/8 3055/18 3055/18 3057/12 3059/13 3059/16 3064/14 3067/2 3070/22 3082/11 3082/13 3083/8 3092/7 3095/1 3102/12

taken [15] 2934/13 2951/17 2952/7 2955/14 2961/7 2969/5 2973/6 2981/17 3001/1 3001/4 3025/21 3030/3 3064/12 3082/16 3088/8takes [1] 2970/2taking [7] 2938/19 2943/24 2956/18 2974/17 2984/8 2996/14 3043/21talk [11] 2935/17 2936/3 2936/19 2986/22 2987/12 2988/22 3008/7 3010/11 3057/18 3062/6 3062/7talked [8] 2976/18 2984/3 3016/2 3016/3 3026/2 3088/24 3089/11 3089/12talking [7] 2939/5 2939/9 2939/17 2978/4 2981/21 3019/21 3028/25Tampa [1] 3061/4targets [1] 2957/5tax [5] 2975/17 2976/8 2976/9 2976/24 2976/25taxes [2] 2958/16 2976/15teach [1] 2985/9teacher [1] 2958/7team [1] 2989/23technical [1] 3027/15Technically [1] 3097/2technician [1] 3046/5technology [1] 3020/17telephone [2] 3036/14 3078/23tell [68] 2931/6 2932/11 2932/11 2942/20 2942/25 2944/11 2944/15 2944/21 2944/24 2946/7 2950/22 2952/9 2954/2 2954/5 2954/10 2960/18 2970/4 2981/6 2982/21 2993/5 2994/14 2999/23 3005/3 3021/3 3023/24 3037/25 3038/1 3039/6 3039/13 3040/8 3041/12 3053/4 3053/9 3053/13 3053/20 3054/20 3059/9 3059/13 3059/16 3059/21 3059/24 3060/3 3060/6 3063/1 3075/13 3076/3 3076/8 3076/10 3076/10 3076/13 3084/24 3086/6 3087/20 3088/22 3088/25 3089/1 3089/8 3092/9 3092/14 3092/17 3097/24 3099/13 3100/15 3102/1 3102/7 3102/11 3102/14 3103/5telling [3] 3037/22 3081/23 3087/23template [1] 3050/10ten [2] 2950/4 2968/21tendered [1] 3050/9term [4] 2944/8 2951/23 3020/16 3034/18terminal [1] 3055/25terms [7] 2969/8 2997/22 2998/5 2998/23 3001/20 3016/2 3070/4testified [9] 2938/10 2948/5 2955/8 2992/7 3003/13 3025/11 3034/16 3037/21 3064/20testify [7] 2978/15 2978/16 2979/25 2981/7 2981/9 2981/11 2982/22

3136

Ttestifying [5] 2978/4 2978/8 2978/15 2980/15 2983/19testimony [11] 2938/17 2940/22 2959/23 2966/20 2973/7 2978/3 2978/7 2989/24 3016/12 3019/18 3039/21TEXAS [12] 2928/1 2928/4 2929/11 2945/15 2982/12 3000/9 3000/10 3028/5 3029/24 3033/5 3035/23 3102/10text [3] 3078/12 3084/2 3095/24than [18] 2941/11 2948/13 2960/4 2964/1 2983/21 2986/17 2989/3 2994/2 2995/18 3001/1 3001/4 3008/24 3041/16 3041/16 3041/17 3042/4 3046/3 3055/20Thank [25] 2931/3 2937/19 2937/25 2938/3 2941/14 2941/15 2953/12 2959/9 2972/6 2986/21 2988/4 2990/7 2990/10 2990/16 2991/17 2998/15 2999/18 3014/24 3024/12 3025/23 3026/14 3052/24 3060/11 3095/7 3103/18Thanks [3] 3046/8 3062/6 3090/9that [761] that's [69] 2931/18 2933/4 2933/4 2933/11 2933/22 2935/1 2936/11 2937/2 2941/14 2945/6 2950/21 2954/13 2954/23 2955/23 2960/1 2961/9 2962/13 2963/18 2968/7 2969/7 2970/1 2971/25 2972/5 2972/15 2972/25 2974/3 2976/6 2976/17 2978/16 2981/25 2982/1 2983/22 2984/3 2986/24 2987/7 2987/18 2993/3 2993/23 3008/6 3011/3 3012/17 3015/20 3015/23 3017/20 3018/8 3024/20 3027/11 3028/17 3030/6 3032/19 3059/3 3061/16 3066/20 3066/24 3067/17 3067/19 3067/24 3068/22 3071/6 3072/12 3073/4 3073/11 3074/1 3080/24 3082/24 3083/10 3085/23 3097/16 3100/19their [19] 2931/15 2961/25 2962/12 2975/14 2975/14 2984/21 2986/22 2988/11 2991/7 3026/8 3026/9 3026/10 3028/17 3031/17 3031/18 3034/10 3063/4 3067/25 3068/6them [45] 2931/7 2932/3 2932/19 2932/20 2932/22 2932/24 2933/11 2933/21 2934/6 2934/12 2936/9 2957/9 2964/19 2968/12 2977/11 2979/23 2981/1 2982/21 2985/25 2986/20 2988/19 2989/21 2991/1 2991/11

2991/12 3003/6 3019/13 3038/3 3038/3 3038/4 3043/2 3050/19 3053/19 3054/3 3054/4 3054/6 3055/19 3055/19 3055/23 3055/24 3056/4 3056/6 3056/24 3056/24 3087/22theme [2] 3007/16 3007/17then [48] 2937/18 2942/1 2942/15 2943/16 2946/25 2965/15 2966/10 2970/9 2971/21 2972/8 2972/23 2976/3 2981/9 2982/21 2984/23 2985/20 2988/19 2988/21 2988/24 2989/8 2990/25 3012/23 3013/12 3013/18 3013/25 3014/1 3021/16 3021/23 3027/7 3031/20 3032/4 3033/10 3033/21 3034/1 3038/19 3039/19 3041/7 3047/22 3051/5 3052/21 3052/21 3055/19 3067/24 3070/13 3070/13 3091/20 3096/17 3099/24theory [6] 2961/13 2961/23 2961/25 2962/3 2962/18 3030/21there [148] 2934/22 2938/5 2938/23 2938/24 2938/24 2939/6 2939/8 2939/12 2942/17 2942/23 2951/22 2951/25 2952/1 2952/11 2952/24 2954/2 2954/14 2960/21 2963/16 2964/21 2965/14 2965/15 2966/1 2966/2 2966/4 2967/1 2967/10 2967/13 2968/1 2968/17 2968/19 2969/1 2971/2 2971/20 2972/9 2972/16 2973/3 2973/23 2976/2 2976/13 2976/19 2981/25 2983/23 2984/16 2985/13 2985/24 2987/15 2987/21 2988/22 2988/25 2989/12 2992/8 2992/19 2994/15 2996/10 2996/13 2996/20 2997/2 2997/25 2998/2 2998/9 2999/9 2999/10 2999/12 2999/21 3000/23 3001/15 3001/21 3002/20 3002/25 3003/8 3004/1 3005/3 3008/23 3011/20 3011/23 3012/19 3013/23 3017/1 3017/6 3017/6 3017/12 3018/5 3020/20 3020/20 3021/5 3023/3 3023/4 3024/25 3027/22 3028/2 3028/12 3030/20 3031/21 3034/2 3036/15 3036/22 3036/25 3037/1 3037/3 3041/10 3041/11 3046/20 3047/13 3047/16 3047/22 3048/4 3048/6 3050/1 3050/21 3050/24 3050/25 3051/11 3051/12 3051/14 3051/17 3052/22 3054/15 3054/17 3059/19 3060/1 3062/10 3062/17 3063/4 3063/7 3068/18 3068/24 3069/4 3070/9 3070/18 3071/14 3072/3 3074/17 3075/20 3079/4 3079/18 3080/3 3080/5

3084/16 3089/4 3089/6 3090/8 3091/21 3096/6 3098/23 3099/13 3101/2 3101/16there's [39] 2931/10 2940/22 2942/15 2950/8 2963/15 2963/16 2968/1 2969/1 2970/9 2972/8 2972/9 2973/4 2979/14 2980/25 2981/10 2983/6 2990/25 2994/2 2999/21 3005/9 3005/13 3005/13 3018/23 3026/12 3031/9 3031/11 3033/21 3034/1 3047/22 3048/3 3066/14 3066/15 3066/24 3070/10 3078/9 3079/4 3098/13 3099/4 3101/16thereafter [1] 2985/21therefore [1] 3022/4these [84] 2932/2 2933/18 2935/15 2935/19 2935/25 2939/5 2939/9 2946/24 2948/25 2951/9 2952/6 2953/20 2953/21 2954/19 2955/1 2955/6 2956/3 2957/2 2960/2 2960/16 2961/22 2961/22 2962/9 2962/20 2964/2 2965/18 2965/18 2966/24 2967/11 2967/17 2967/20 2967/23 2967/23 2973/14 2973/21 2975/15 2977/13 2991/23 2994/1 2994/4 2994/20 2995/19 2997/8 2997/12 2997/22 2998/5 2998/8 2998/19 2998/23 3003/23 3003/25 3004/4 3008/13 3009/5 3013/24 3015/2 3015/14 3015/21 3032/12 3032/21 3035/22 3036/15 3036/20 3045/3 3048/5 3048/22 3048/24 3049/3 3049/10 3049/11 3049/13 3051/1 3051/15 3053/5 3053/6 3053/10 3053/11 3053/17 3057/13 3089/20 3090/22 3090/25 3092/22 3093/6These -- in [1] 2977/13they [80] 2931/15 2932/9 2932/12 2932/20 2933/7 2933/16 2934/4 2934/11 2934/11 2934/12 2934/18 2935/11 2935/17 2935/18 2936/6 2937/22 2940/21 2940/22 2949/21 2949/21 2967/18 2968/11 2977/10 2980/11 2981/2 2981/8 2981/9 2981/21 2982/8 2982/10 2988/16 2988/18 2988/18 2988/19 2991/25 2995/20 2996/1 2996/3 2996/3 2996/4 2996/6 2998/7 3002/21 3003/25 3013/19 3013/22 3015/21 3031/17 3033/11 3034/6 3034/8 3034/9 3035/23 3036/13 3048/23 3049/14 3050/7 3050/8 3051/23 3053/21 3053/22 3054/2 3054/5 3058/4 3064/25 3068/5 3068/12 3070/9 3073/10 3076/22 3081/24 3089/16 3089/20 3089/21 3090/1 3091/9 3093/18 3098/11

3137

Tthey... [2] 3098/11 3101/5they'll [1] 2936/15they're [26] 2932/4 2932/22 2933/18 2933/19 2933/20 2935/12 2955/9 2968/2 2975/18 2975/19 2979/13 2980/20 2981/25 2988/10 2988/11 2988/14 3002/23 3013/3 3030/21 3066/14 3066/23 3068/3 3068/4 3068/6 3095/6 3095/7they've [2] 2987/4 3068/1thing [16] 2958/7 2982/3 2985/3 2986/3 2990/20 3005/22 3047/8 3066/24 3067/3 3067/19 3070/21 3070/22 3070/22 3076/5 3083/7 3086/13things [5] 2934/22 2983/23 3001/17 3042/6 3058/13think [47] 2932/3 2933/21 2935/16 2937/4 2948/7 2948/14 2965/5 2966/2 2970/1 2976/17 2979/3 2979/5 2980/14 2981/5 2983/14 2986/25 2988/19 2988/20 2989/13 2991/13 2995/21 2999/8 3005/9 3005/13 3005/22 3018/15 3019/25 3023/11 3032/24 3034/13 3037/21 3039/10 3041/16 3046/17 3046/24 3050/23 3051/17 3067/17 3067/18 3072/16 3080/24 3081/16 3083/12 3093/20 3094/1 3097/10 3097/11third [9] 2965/2 3020/5 3025/4 3035/8 3044/17 3055/13 3071/22 3078/16 3078/17third-party [1] 3071/22this [268] thoroughly [1] 2934/12those [73] 2931/13 2935/9 2939/11 2939/14 2939/18 2946/23 2948/1 2948/1 2956/16 2956/17 2957/7 2957/12 2957/15 2957/22 2957/24 2957/25 2958/6 2960/23 2963/20 2963/22 2964/3 2964/18 2964/19 2972/18 2975/14 2975/20 2976/10 2980/10 2991/21 2992/14 2992/20 2992/23 2995/7 2995/22 2996/4 2998/10 3002/21 3003/4 3004/8 3004/11 3013/16 3013/18 3016/24 3018/25 3023/24 3027/15 3031/10 3031/19 3032/10 3032/10 3034/2 3034/14 3038/2 3044/22 3051/4 3051/7 3053/25 3055/9 3061/15 3080/8 3082/5 3082/8 3084/2 3084/4 3087/21 3089/9 3089/24 3089/24 3089/25 3090/2 3091/10 3092/6 3102/7though [5] 2968/17 2980/13 2987/14 3011/23 3016/10thought [6] 2965/22 2983/12

2984/4 2989/4 3071/13 3081/1thoughts [1] 2984/22thousand [2] 2950/4 2968/21thousands [1] 3007/10threat [2] 2963/3 2963/5threaten [1] 3088/1three [13] 2954/3 2965/14 2965/14 2965/25 2966/1 2966/7 2966/8 2973/21 3001/11 3020/8 3055/18 3055/18 3055/20through [61] 2933/10 2933/21 2938/15 2940/17 2942/21 2943/16 2943/19 2944/12 2946/24 2950/19 2950/24 2952/3 2952/6 2958/20 2958/22 2960/16 2964/15 2970/5 2972/11 2972/18 2975/14 2981/9 2981/20 2991/19 2993/2 2993/5 2993/15 2994/20 2995/18 3002/19 3004/5 3006/11 3008/25 3012/19 3013/24 3014/8 3018/11 3018/15 3021/21 3028/7 3031/9 3032/9 3036/24 3039/12 3051/19 3053/7 3058/3 3059/17 3059/25 3059/25 3064/20 3070/2 3079/17 3082/8 3089/6 3090/5 3090/11 3090/11 3090/12 3090/16 3091/13Throughout [1] 3020/21tickets [5] 2967/21 3042/23 3043/1 3043/4 3043/14tie [1] 2941/9Tier [25] 2939/14 3015/17 3015/20 3015/22 3015/24 3016/2 3016/3 3016/3 3016/9 3016/9 3016/10 3016/10 3016/19 3016/24 3017/1 3017/6 3017/12 3017/16 3017/18 3017/21 3018/19 3049/2 3049/4 3049/6 3088/15Tier I [2] 3016/9 3017/16Tier II [7] 2939/14 3016/3 3016/9 3017/18 3049/2 3049/4 3049/6Tier III [15] 3015/17 3015/20 3015/22 3015/24 3016/2 3016/10 3016/10 3016/19 3016/24 3017/1 3017/6 3017/12 3017/21 3018/19 3088/15Tiers [1] 3018/16Tiers I [1] 3018/16till [1] 2977/25time [86] 2933/12 2937/12 2942/3 2949/3 2949/14 2952/1 2952/11 2952/11 2952/16 2953/24 2958/1 2958/14 2961/20 2961/20 2962/18 2962/18 2966/21 2973/14 2977/25 2979/1 2979/2 2980/20 2980/24 2981/24 2985/13 2985/25 2986/4 2986/12 2986/13 2987/19 2989/2 2989/5 2989/18 2989/18 2990/21 2991/18 2992/7 2992/8 2996/3 2996/5 2996/7 2996/17 2997/25 2998/19 3010/23 3019/15 3020/18 3022/13 3022/15

3022/22 3022/22 3023/1 3023/7 3023/17 3024/15 3024/19 3025/18 3025/20 3035/20 3054/4 3054/6 3055/14 3057/7 3057/23 3062/17 3070/22 3070/23 3075/20 3076/21 3082/11 3082/15 3084/16 3084/21 3084/22 3085/3 3085/4 3085/5 3090/4 3093/5 3096/3 3096/16 3097/6 3101/6 3101/8 3102/8 3103/16timeline [1] 2989/4timely [1] 2979/3times [10] 2942/24 2968/17 2976/11 2976/12 2986/10 3013/11 3013/22 3036/2 3036/13 3042/16TIOC [2] 2945/22 2946/3Tiwari [16] 3057/18 3057/22 3057/23 3058/15 3058/17 3058/20 3058/22 3059/9 3059/10 3059/14 3059/19 3059/22 3060/2 3060/4 3060/7 3061/12today [8] 2936/2 2936/8 2937/13 2938/8 3034/16 3082/14 3082/20 3083/6together [12] 2974/11 2976/22 2991/11 3014/5 3014/7 3019/3 3039/9 3051/23 3069/1 3076/20 3077/9 3084/14told [31] 2962/11 2974/10 2987/4 3000/17 3024/5 3037/11 3038/7 3038/15 3039/22 3041/7 3043/5 3043/7 3043/25 3044/1 3052/13 3053/12 3053/23 3054/1 3054/2 3055/5 3055/10 3055/22 3056/19 3062/25 3067/16 3077/8 3083/18 3084/24 3085/1 3088/7 3092/3Tolentino [1] 3060/21Tom [1] 3085/13tomorrow [1] 2947/24tonight [1] 2935/18too [7] 3023/25 3028/17 3058/9 3058/25 3059/7 3059/11 3086/16took [12] 2953/9 2958/21 2962/7 2968/15 2973/15 2973/22 3022/5 3040/6 3054/5 3054/6 3059/21 3059/24top [17] 2941/25 2959/16 2960/18 3012/18 3033/25 3034/3 3038/14 3041/1 3064/3 3064/5 3064/7 3065/24 3071/7 3071/8 3077/21 3079/11 3090/15topic [4] 2953/22 3025/16 3085/3 3087/25Toronto [4] 3028/8 3028/10 3030/5 3030/10Tortola [1] 3090/19total [12] 2943/10 2952/20 2952/24 2953/4 2960/18 2963/17 2965/2 3008/22 3016/8 3032/4 3050/19 3101/7totaled [1] 3016/6totaling [1] 2996/10touch [2] 3026/4 3043/3tough [2] 2937/2 2988/7

3138

Ttour [4] 3007/7 3054/3 3054/6 3054/7tournament [2] 2968/5 2968/8toward [5] 2968/23 2968/24 3053/25 3062/10 3078/10tower [2] 3006/13 3006/15town [1] 3098/11track [1] 2966/15tracking [1] 3030/21traded [1] 3010/14trail [1] 2956/15transaction [8] 2947/15 2973/17 2974/7 2974/17 2974/19 2974/20 2974/22 3029/18transactions [6] 2966/15 2996/5 2996/7 3001/18 3001/20 3004/5transcript [3] 2928/7 2928/24 3104/2transcription [1] 2928/24transfer [31] 2945/22 2946/22 2947/8 2947/11 2948/1 2950/9 2950/22 2951/2 2952/3 2953/20 2953/25 2955/8 2955/24 2969/9 2971/7 2973/19 2975/10 3013/1 3026/9 3038/17 3080/7 3092/21 3096/5 3096/13 3096/23 3097/5 3097/14 3097/16 3098/14 3098/15 3099/14transferred [14] 2954/4 2964/2 2970/13 2970/25 2971/5 2971/23 2972/12 2974/1 3012/20 3013/12 3094/20 3095/25 3096/20 3101/3transfers [16] 2942/18 2948/3 2953/21 2954/20 2955/6 2956/3 2956/6 2956/13 2957/7 2973/14 3089/24 3091/5 3092/23 3094/5 3096/24 3101/5transpired [1] 2987/1transportation [1] 2967/9travel [1] 3102/15treasury [2] 2945/14 3041/21trial [9] 2928/7 2931/24 2933/14 2936/13 2936/14 2982/9 2982/20 2985/19 2985/24trials [3] 2982/12 2982/13 2985/17tried [1] 2936/22trips [1] 3043/17trouble [1] 3068/19true [5] 2981/23 2987/13 3019/15 3059/4 3064/24trust [6] 3006/16 3006/17 3006/18 3006/19 3053/19 3085/19trusted [1] 3053/22truth [9] 3064/22 3066/15 3066/23 3068/4 3068/5 3068/24 3083/10 3094/2 3094/4truthful [1] 3037/8try [6] 2959/11 2969/21 2969/23 2989/7 3058/13

3060/10trying [8] 2985/4 2986/3 3012/19 3023/20 3067/11 3068/3 3068/6 3071/18Tupelo [1] 3057/1turn [33] 2938/1 2945/10 2948/3 2993/1 2993/10 2993/17 2993/24 2994/12 2995/14 2996/19 2997/14 2999/1 2999/7 3005/8 3019/23 3025/15 3026/12 3027/7 3027/18 3028/6 3033/13 3035/2 3038/9 3038/10 3044/7 3059/18 3060/8 3063/25 3086/1 3093/5 3096/5 3099/19 3101/12turned [1] 3007/7turning [4] 2941/12 3046/12 3099/3 3099/12TV [4] 2980/5 2991/10 3046/2 3046/3twenty [2] 2968/21 3008/16twice [2] 3036/13 3101/10two [39] 2934/22 2946/1 2946/3 2946/5 2946/7 2946/17 2946/19 2948/23 2956/3 2956/3 2956/6 2956/6 2956/7 2958/12 2964/24 2965/14 2966/22 2972/18 2973/21 2977/12 2983/4 2985/20 2991/21 2995/20 2997/23 3003/5 3011/20 3013/14 3023/3 3025/2 3026/9 3038/4 3053/25 3084/2 3090/17 3091/25 3101/4 3101/5 3103/14TX [4] 2928/13 2928/22 2929/5 2929/7type [6] 2963/11 2965/7 3003/17 3007/18 3036/24 3044/18types [8] 2952/9 2956/13 2967/17 3033/14 3042/3 3042/9 3061/12 3087/4

UU.S [2] 2928/15 2929/10ultimately [1] 3030/9ultra [1] 2966/20unable [1] 3055/5unaffiliated [1] 3001/20uncomfortable [1] 3023/25uncovered [1] 3074/22under [13] 2960/14 2968/3 2975/13 2989/8 2990/23 2997/22 2998/5 2999/20 3027/1 3035/6 3046/19 3051/5 3076/23undercover [1] 3075/2underground [1] 3007/10underlying [1] 3087/9understand [22] 2931/4 2935/16 2935/23 2936/17 2937/1 2938/4 2946/22 2949/1 2954/11 2965/23 2976/6 2976/7 2980/18 2982/16 3021/25 3026/12 3028/18 3031/9 3073/18 3081/15 3081/17 3082/19understandably [1] 2934/23understanding [9] 2944/4 2967/1 2975/22 2984/4

3008/10 3084/10 3089/14 3091/24 3092/18understood [8] 2937/16 3025/13 3064/23 3067/10 3068/8 3073/23 3085/21 3085/24underway [2] 2931/4 2975/13undisclosed [1] 2943/21Unfortunately [1] 3041/2unhappy [1] 3083/7UNITED [15] 2928/1 2928/3 2928/8 2983/15 3020/13 3034/8 3062/19 3073/19 3077/1 3079/23 3080/20 3080/25 3081/5 3084/9 3084/15University [1] 2985/5unless [2] 2976/2 2976/13unprofitable [2] 3024/24 3024/25unreasonable [2] 3025/8 3025/10until [5] 2990/11 2991/3 2996/5 2996/7 3100/9unusual [8] 2951/14 2951/16 2983/12 2983/25 2988/6 3012/7 3012/8 3012/8up [62] 2933/17 2934/2 2934/2 2941/8 2941/12 2947/17 2953/12 2954/5 2954/16 2957/3 2959/14 2962/1 2962/25 2964/8 2966/15 2967/3 2978/9 2978/16 2978/18 2978/20 2978/23 2978/25 2980/20 2981/6 2982/23 2982/23 2988/25 2989/12 2993/2 2996/5 2996/7 2996/10 2997/8 2998/1 2998/1 2998/2 2999/9 2999/11 3000/17 3002/3 3006/13 3016/6 3027/4 3028/9 3031/17 3031/20 3038/25 3052/22 3055/19 3056/24 3057/17 3058/17 3061/5 3066/11 3067/14 3070/22 3072/16 3078/17 3085/3 3087/10 3100/16 3103/4update [1] 3037/3updates [1] 2960/2updating [2] 3050/12 3050/16upon [6] 2936/8 2981/23 3021/17 3065/15 3074/2 3086/15upper [2] 2946/12 3065/21upstairs [1] 3098/11uptake [1] 3066/13us [72] 2928/12 2932/5 2932/16 2932/17 2932/23 2933/7 2934/9 2934/11 2934/11 2935/15 2938/14 2940/7 2940/17 2941/1 2945/13 2950/22 2951/3 2955/18 2960/9 2960/18 2969/8 2970/4 2993/5 2993/5 2994/14 2997/18 3005/22 3006/11 3010/11 3011/20 3012/13 3012/19 3020/9 3021/8 3023/24 3031/19 3033/21 3036/4 3039/12 3040/8 3046/9 3046/9 3047/24 3050/15 3054/20 3065/25 3071/17 3071/23 3072/10

3139

Uus... [23] 3078/3 3078/19 3079/11 3079/20 3081/23 3084/4 3084/14 3084/24 3085/5 3090/5 3090/15 3091/13 3091/15 3093/13 3094/9 3094/20 3095/11 3095/25 3096/3 3096/15 3096/22 3099/13 3101/10US Securities [1] 3078/3use [18] 2931/12 2942/14 2943/2 2943/3 2944/7 2948/10 2957/23 2958/5 2965/21 2978/5 2983/6 3005/11 3005/21 3034/18 3046/12 3050/10 3050/12 3093/7used [28] 2938/23 2939/7 2940/7 2940/18 2942/13 2942/14 2942/20 2942/25 2944/4 2944/11 2944/15 2944/16 2944/16 2944/17 2944/21 2948/5 2954/8 2956/24 2958/11 2958/13 2965/12 2967/20 2970/16 2972/13 2972/15 3017/15 3017/17 3022/5users [1] 3058/14using [4] 2941/1 2948/5 3043/24 3089/9usually [2] 2978/23 3036/22utilized [1] 3031/23

Vvacuum [1] 2988/8validate [1] 3080/2value [11] 2947/24 2969/11 2971/17 2971/24 2972/13 3017/6 3018/25 3019/6 3047/22 3050/18 3050/18valued [1] 2973/24various [3] 2959/22 2964/16 3012/23venture [8] 2966/16 2966/22 2970/14 2970/15 2970/24 2973/19 3012/21 3013/9verbally [2] 2974/10 3078/22verification [3] 3055/7 3055/9 3059/11verified [1] 3088/5verify [3] 3055/16 3086/20 3086/24verifying [1] 3087/2version [1] 2983/2versus [3] 2967/25 2986/2 3099/7very [19] 2946/6 2960/18 2964/24 2968/24 2983/16 2991/15 3014/10 3017/8 3019/15 3019/20 3021/22 3025/13 3026/22 3049/2 3054/23 3056/10 3071/19 3086/19 3100/3vetting [1] 3013/25vice [1] 2948/18vice-president [1] 2948/18view [1] 2936/13violation [1] 2978/10Virgin [1] 3099/5visible [1] 3091/6visions [1] 2946/10visit [5] 2934/16 2934/18

2990/17 3084/7 3084/12visits [1] 3079/18visual [1] 3005/5voce [3] 2977/17 2979/19 3075/18voice [2] 3056/10 3056/10voir [1] 2991/6volume [3] 2928/9 2941/10 2941/12

Wwait [4] 3067/21 3067/21 3068/14 3077/14waiting [2] 2946/25 3026/15walk [9] 2940/17 2993/5 2994/20 3006/11 3012/19 3039/12 3090/5 3090/15 3091/13walked [2] 3008/25 3018/11Wally [1] 3009/3Walther [1] 3083/20want [37] 2933/23 2937/4 2937/14 2940/21 2959/6 2961/21 2963/2 2963/3 2969/21 2977/15 2979/9 2979/12 2979/14 2981/19 2983/10 2984/21 2986/4 2988/18 2989/7 2989/18 2990/20 2997/15 2999/1 3014/10 3019/20 3052/6 3060/10 3062/7 3068/16 3068/17 3070/15 3083/7 3092/4 3096/5 3100/4 3103/11 3103/11wanted [20] 2933/11 2942/14 2948/3 2964/24 2977/9 2981/21 2997/8 2999/7 3010/10 3019/23 3025/12 3031/15 3034/14 3035/2 3054/25 3055/10 3057/18 3062/15 3062/17 3092/3wanting [1] 3054/24warm [1] 2937/23Warren [1] 2928/15was [527] was no [1] 3021/5Washington [2] 2928/16 3100/3wasn't [5] 2931/20 2973/6 2997/25 3022/24 3101/23water [3] 3007/9 3007/10 3022/17way [24] 2936/20 2936/24 2959/22 2962/13 2962/19 2978/23 2979/7 2981/23 2984/8 2987/1 2987/6 2988/10 2991/1 2998/13 3018/8 3030/25 3031/4 3031/13 3034/14 3046/14 3046/15 3048/15 3070/18 3086/25ways [4] 2963/4 3013/14 3026/7 3026/9we [233] we'll [30] 2931/4 2931/7 2937/18 2944/3 2946/6 2948/8 2952/5 2977/24 2977/25 2984/9 2984/21 2988/2 2988/24 2989/14 2989/16 2989/19 3025/17 3025/19 3025/19 3045/22 3046/12 3070/22 3082/14 3082/15 3083/8 3083/12 3085/25 3099/19 3103/15 3103/16

we're [42] 2931/6 2933/14 2935/1 2935/5 2937/20 2938/7 2941/4 2952/5 2981/15 2981/23 2981/24 2986/2 2986/8 2988/22 2989/2 2991/9 2991/12 2991/15 2991/23 2993/14 2999/10 2999/17 3027/9 3027/15 3034/13 3047/16 3062/22 3064/21 3064/23 3064/24 3067/9 3067/14 3068/7 3070/18 3073/24 3082/13 3082/24 3083/5 3095/2 3095/2 3103/15 3103/15we've [9] 2931/22 2933/12 2933/13 2933/13 2934/24 2960/16 2991/24 3016/3 3067/4week [7] 2933/20 2985/20 2986/12 2986/13 2986/15 2988/3 3100/3week's [1] 3101/6weekend [7] 2933/17 2933/22 2935/18 2936/5 2936/15 3056/1 3056/1weekly [1] 3099/22weeks [3] 2974/19 2985/20 3103/14well [61] 2931/15 2932/20 2942/9 2942/18 2944/11 2949/6 2952/11 2958/7 2960/8 2962/3 2965/14 2965/16 2966/1 2969/24 2975/5 2979/5 2982/21 2983/1 2983/11 2984/6 2985/23 2988/10 2988/25 2991/13 2997/1 2999/1 3003/23 3011/7 3017/15 3019/5 3022/9 3022/12 3022/15 3023/9 3024/2 3035/8 3036/8 3038/1 3044/10 3053/21 3054/1 3054/2 3055/10 3059/24 3062/25 3064/19 3065/8 3067/17 3073/24 3077/12 3079/16 3083/5 3084/9 3085/12 3087/7 3088/19 3089/17 3097/10 3097/10 3099/19 3100/17went [12] 2943/1 2943/16 2944/5 2964/6 2979/6 3013/22 3013/24 3014/8 3018/15 3020/13 3028/7 3030/9were [164] 2931/19 2932/16 2932/23 2936/6 2939/12 2939/14 2940/5 2940/18 2942/12 2942/23 2945/25 2949/19 2949/21 2950/17 2951/9 2953/5 2953/21 2955/1 2955/6 2956/18 2956/21 2957/5 2957/11 2957/12 2957/25 2958/16 2958/19 2959/21 2965/14 2966/1 2966/4 2966/22 2966/23 2967/2 2967/10 2967/13 2967/17 2967/18 2967/20 2968/17 2968/19 2969/11 2970/13 2972/15 2973/8 2975/12 2975/15 2976/19 2990/19 2992/8 2992/19 2995/7 2995/19 2995/19 2995/22 2996/1 2996/3 2996/10 2998/9 3003/9

3140

Wwere... [104] 3003/24 3003/25 3004/1 3004/8 3004/18 3004/20 3006/12 3009/4 3010/19 3011/24 3012/13 3013/3 3015/2 3015/9 3015/13 3016/2 3016/2 3016/5 3016/24 3017/5 3017/12 3017/14 3017/21 3018/19 3021/13 3022/3 3022/23 3023/3 3023/5 3023/7 3023/20 3026/5 3026/7 3035/2 3035/4 3035/20 3035/22 3035/23 3040/2 3041/10 3042/21 3045/4 3045/13 3045/18 3047/6 3047/13 3049/2 3049/3 3049/14 3049/21 3050/1 3050/4 3050/8 3050/16 3051/3 3051/7 3051/21 3051/23 3053/5 3054/2 3056/8 3056/25 3062/12 3064/25 3070/10 3072/23 3073/10 3074/10 3075/1 3080/6 3080/8 3082/2 3082/2 3082/5 3086/19 3086/20 3087/10 3087/23 3089/4 3089/6 3089/9 3089/11 3089/15 3089/15 3089/16 3089/20 3089/20 3089/21 3090/1 3090/19 3090/22 3090/25 3091/5 3091/9 3092/1 3093/2 3098/6 3098/11 3098/11 3099/8 3100/3 3101/2 3101/2 3101/5weren't [11] 2962/10 2962/10 2996/2 3022/12 3022/22 3023/6 3037/6 3050/7 3073/7 3074/15 3089/25Westheimer [2] 2977/5 3033/5what [236] what's [25] 2931/17 2935/2 2942/16 2946/23 2970/7 2972/10 2979/4 2987/7 2997/2 3000/6 3001/7 3001/15 3002/13 3005/15 3033/18 3048/24 3054/4 3064/14 3068/18 3068/24 3070/9 3082/25 3093/16 3096/6 3099/13whatever [6] 2942/14 2971/12 2981/13 2982/22 3006/6 3029/9when [84] 2937/13 2938/13 2947/7 2947/25 2948/25 2954/19 2954/19 2957/14 2957/16 2957/17 2959/24 2960/8 2962/19 2962/24 2968/17 2971/25 2973/4 2974/17 2975/3 2976/10 2981/20 2983/18 2984/10 2985/17 2986/5 2986/10 2989/1 2990/1 2991/14 2996/6 2998/22 2998/22 3009/17 3012/3 3014/5 3017/5 3018/11 3019/11 3021/20 3023/20 3024/7 3025/1 3025/3 3025/8 3025/10 3032/7 3035/15 3036/21 3036/22 3040/2 3040/19 3041/10 3042/14 3043/1 3043/12 3043/19 3046/13 3048/20 3050/12 3052/10 3053/16 3054/1

3054/15 3054/18 3055/10 3057/12 3058/17 3062/18 3063/7 3063/13 3075/9 3075/20 3075/23 3075/25 3081/19 3083/9 3084/16 3084/22 3085/20 3087/19 3090/22 3098/18 3101/18 3103/4where [38] 2938/25 2946/13 2954/7 2962/4 2977/3 2981/21 3000/8 3005/24 3007/12 3008/18 3009/5 3017/3 3028/4 3028/7 3028/9 3029/8 3030/2 3033/3 3033/9 3036/3 3040/15 3040/15 3040/22 3043/19 3045/12 3045/18 3047/5 3048/10 3048/11 3056/25 3078/13 3080/6 3087/12 3091/15 3091/20 3092/1 3099/7 3102/11whether [21] 2943/15 2954/25 2963/2 2980/21 2981/11 2985/13 2986/9 2987/20 3006/5 3022/6 3025/11 3043/9 3047/11 3053/4 3059/13 3059/21 3060/3 3073/1 3076/10 3076/13 3088/22which [40] 2932/25 2942/1 2954/3 2967/7 2970/4 2970/4 2974/20 2974/22 2978/23 2981/6 2981/20 2981/23 2989/4 2995/19 2995/22 2997/20 2997/23 2997/23 3003/9 3003/19 3010/4 3012/22 3017/16 3017/20 3023/5 3031/19 3034/17 3034/21 3034/22 3046/24 3053/5 3066/4 3068/2 3069/19 3070/16 3072/22 3080/14 3081/5 3096/2 3096/14while [6] 2987/3 2990/19 2991/9 3006/6 3009/4 3027/15white [1] 2990/18who [62] 2935/8 2939/20 2940/1 2940/5 2944/19 2945/2 2945/4 2945/13 2945/17 2945/20 2949/6 2949/19 2955/19 2956/16 2957/7 2958/12 2960/10 2963/20 2965/9 2969/23 2970/18 2977/1 2982/5 2983/8 2985/4 2985/10 2993/8 2993/10 2993/12 2995/9 2996/21 3000/3 3003/8 3003/24 3006/19 3011/16 3011/21 3020/2 3024/8 3035/22 3035/24 3036/17 3040/19 3044/1 3049/13 3049/24 3053/13 3057/23 3057/23 3060/17 3065/25 3065/25 3072/6 3078/6 3086/6 3086/20 3092/22 3093/13 3094/9 3096/9 3099/22 3102/14who's [5] 2948/17 2959/10 2975/5 2994/1 3003/5whole [6] 2934/1 2980/22 3047/8 3067/3 3070/21 3088/14whom [2] 3076/25 3078/1whose [6] 2940/1 2976/22 2992/10 3029/9 3076/23 3077/24

why [58] 2931/18 2934/16 2935/1 2936/11 2938/4 2942/7 2947/11 2947/12 2951/11 2953/5 2953/5 2958/5 2961/18 2961/22 2965/17 2965/17 2965/25 2975/10 2975/10 2977/6 2978/17 2978/22 2982/1 2984/3 2985/2 2995/7 2996/1 2996/16 2997/5 2999/23 3000/17 3004/24 3005/3 3012/3 3013/1 3025/6 3048/4 3048/18 3050/7 3051/17 3055/2 3062/7 3062/7 3062/13 3062/13 3068/9 3073/7 3074/15 3082/21 3086/12 3089/24 3091/24 3097/24 3098/4 3098/19 3099/6 3100/12 3100/15wicket [2] 2987/5 3007/17wider [1] 3046/3will [23] 2931/6 2934/2 2935/4 2938/4 2951/22 2951/24 2954/15 2964/14 2969/20 2977/23 2979/12 2980/24 2982/19 2985/22 2986/19 2986/22 2987/15 2988/19 3011/14 3053/7 3069/24 3069/25 3087/22William [2] 2928/14 3026/23wire [5] 3026/9 3028/20 3028/22 3092/21 3099/14wireless [1] 3012/24wiring [2] 3031/1 3031/15wise [5] 2972/14 2981/24 2989/2 3001/17 3012/6wish [2] 2933/2 3079/13withdrawal [5] 2951/14 2952/15 3027/1 3039/15 3039/17withdrawn [2] 3034/23 3038/20within [11] 2932/4 2939/20 2939/24 2942/9 2949/12 2956/21 2989/18 3052/1 3052/2 3053/4 3066/4without [8] 2988/8 3002/19 3039/11 3058/9 3070/8 3071/22 3081/23 3102/2witness [35] 2930/3 2931/23 2934/13 2934/14 2934/18 2935/8 2938/10 2940/16 2969/17 2978/3 2978/6 2978/14 2979/6 2981/3 2981/5 2981/24 2982/7 2982/9 2983/19 2985/6 2986/9 2988/13 2989/11 3011/9 3022/1 3031/8 3042/9 3044/5 3046/17 3064/19 3065/9 3068/1 3070/5 3089/17 3089/18witness' [1] 2983/13witnessed [1] 3020/10witnesses [1] 2988/12won't [1] 2935/9wondering [2] 2983/5 3038/5word [1] 2942/6words [9] 2940/15 2946/5 2962/17 2975/24 3030/12 3045/12 3046/5 3050/2 3074/1words that [1] 2940/15work [10] 2977/3 2984/9 2987/10 2987/14 2988/23 3005/22 3024/4 3026/15

3141

Wwork... [2] 3045/23 3066/5worked [3] 3009/4 3019/11 3072/6working [12] 2931/19 2932/6 2934/24 2934/25 2945/14 2959/12 3027/15 3065/1 3075/14 3084/14 3085/16 3086/3world [8] 2946/12 3007/22 3009/3 3021/12 3037/2 3058/12 3058/14 3061/11world-class [1] 3007/22worldwide [1] 3025/7worst [1] 3020/12worth [2] 2946/12 3018/22would [189] wouldn't [2] 2937/9 2954/7write [4] 2990/17 3031/6 3067/15 3088/6writes [1] 2947/2writing [1] 2989/15written [13] 2955/2 2968/19 2972/9 2985/15 2997/2 2998/9 3070/1 3076/5 3076/17 3077/9 3078/6 3085/2 3085/21wrong [2] 3056/13 3056/17wrote [10] 2942/6 2947/7 2947/20 2951/25 2956/17 2973/3 3062/5 3076/19 3076/22 3085/18

Yyacht [3] 2965/8 2965/9 2965/16yachts [6] 2965/14 2965/18 2966/1 2968/11 2980/16 3015/1Yeah [7] 2935/13 2941/14 2969/13 3000/6 3083/8 3093/24 3093/24year [30] 2946/19 2946/19 2958/21 2959/4 2995/20 2995/23 2996/1 3001/8 3002/1 3002/5 3020/25 3021/1 3023/1 3023/2 3023/3 3023/5 3024/25 3036/2 3036/13 3036/13 3037/19 3042/24 3058/21 3058/22 3058/23 3062/17 3075/24 3078/7 3088/3 3102/21years [25] 2949/4 2958/11 2958/13 2958/20 2958/20 2973/16 2983/4 2985/3 3001/11 3011/21 3020/6 3020/10 3020/14 3020/21 3020/22 3034/17 3034/25 3036/7 3036/8 3051/8 3051/11 3053/22 3087/16 3087/24 3089/5yelling [1] 3085/16yellow [2] 2972/16 3069/8yes [356] yesterday [9] 2931/14 2931/19 2931/19 2937/12 2938/13 2966/2 3019/18 3034/16 3037/21yesterday's [1] 2959/23yet [9] 2966/23 2988/22 2999/10 3010/14 3010/14 3043/4 3067/13 3070/18

3070/22Yolanda [2] 2999/25 3000/7York [1] 2928/16you [620] you but [1] 2985/22you'll [4] 2962/16 2962/22 2962/24 3056/17you're [16] 2936/25 2947/12 2959/24 2962/24 2978/13 2985/23 2985/24 3002/7 3006/6 3019/20 3024/9 3046/8 3055/15 3072/16 3072/18 3097/12you're entitled [1] 3072/16you've [5] 2932/19 2934/3 2936/9 2986/10 2988/7your [148] 2931/10 2931/14 2934/7 2934/10 2935/2 2935/4 2935/5 2935/10 2936/17 2937/6 2937/11 2937/14 2938/16 2940/13 2941/9 2941/13 2941/20 2944/7 2945/7 2947/5 2947/7 2947/23 2948/7 2948/10 2949/23 2953/18 2957/22 2958/9 2959/9 2961/13 2961/15 2961/16 2961/18 2961/23 2961/24 2962/14 2962/24 2963/1 2964/4 2966/5 2967/1 2972/5 2972/23 2973/7 2975/22 2976/17 2977/19 2978/2 2979/2 2979/5 2979/5 2979/21 2980/12 2981/4 2981/23 2982/6 2982/18 2983/14 2984/15 2985/19 2986/12 2988/6 2989/6 2990/8 2991/11 2991/17 2992/5 2994/3 2994/9 2997/1 2997/10 2998/15 2998/17 2999/5 3002/6 3005/8 3005/19 3006/3 3006/8 3008/10 3009/22 3010/7 3014/11 3014/15 3014/23 3015/7 3017/8 3018/2 3018/7 3019/12 3019/15 3019/18 3021/14 3024/13 3025/15 3025/25 3026/11 3026/17 3027/5 3027/19 3028/19 3028/23 3029/1 3030/23 3032/9 3032/20 3034/14 3037/11 3038/6 3038/12 3039/21 3041/19 3042/12 3046/9 3049/9 3051/14 3052/23 3060/10 3060/11 3062/2 3062/2 3064/14 3065/10 3065/14 3065/15 3065/18 3067/4 3068/12 3069/2 3078/13 3078/20 3079/1 3079/24 3080/3 3083/15 3089/14 3090/7 3093/8 3093/10 3094/1 3094/7 3094/15 3097/7 3097/13 3100/19 3101/13 3102/22 3103/9yours [1] 3027/12yourself [6] 2945/16 2947/12 2956/18 2982/18 3059/5 3062/14yourselves [1] 2988/23

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Documents

Allen Stanford Criminal Trial Transcript Volume 10 Feb. 3, 2012