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

2928
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF TEXAS

HOUSTON DIVISION
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UNITED STATES OF AMERICA
.
.
vs.
.
.
.
ROBERT ALLEN STANFORD
.
. . . . . . . . . . . . . . .
H-09-CR-342-1
HOUSTON, TEXAS
FEBRUARY 3, 2012
10:22 A.M.
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TRANSCRIPT OF JURY TRIAL

BEFORE THE HONORABLE DAVID HITTNER
UNITED STATES DISTRICT JUDGE
VOLUME 10
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A P P E A R A N C E S:
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FOR THE GOVERNMENT:
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Gregg J. Costa
Assistant US Attorney
PO Box 61129
Houston, TX 77208-1129
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William Stellmach
Andrew Howard Warren
U.S. Department of Justice
1400 New York Avenue NW
Washington, DC 20005
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FOR THE DEFENDANT:
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Ali R. Fazel
Robert Scardino
Scardino Fazel
1004 Congress Street
3rd Floor
Houston, TX 77002
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Proceedings recorded by mechanical stenography, transcript

produced by computer-aided transcription.
- - - - -
Cheryll K. Barron, CSR, CM, FCRR
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A P P E A R A N C E S: (Continued)
FOR THE DEFENDANT: (Continued)
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John M. Parras
Attorney at Law
1018 Preston
Floor 2
Houston, TX 77002
Kenneth W. McGuire
McGuire Law Firm
PO Box 79535
Houston, TX 77279
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OFFICIAL COURT REPORTER:
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U.S. District Court
515 Rusk Street
Houston, Texas 77002
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INDEX
PAGE
WITNESS
James Davis
Direct Examination by Mr. Stellmach
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10:22
THE COURT: Thank you. Be seated. Sorry I'm late
this morning. We'll get underway. I understand we need to
discuss some matters.
10:23
10:23
Ellen, will you tell the jury we're now in here,
the clock is on, and that we'll be with them in about five
minutes, please?
10:23
(Jury not present)
10:23
P R O C E E D I N G S
10
Okay. Yes, sir.

MR. STELLMACH: Your Honor, there's an issue related
11
to the defense exhibits. After midnight last night, we
12
received some additional exhibits the defense proposes to use
13
in cross-examination of Mr. Davis. We would object to those
14
exhibits based on your Honor's prior ruling yesterday morning.
15
THE COURT: Well, are they on their master list?
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 the
19
Court yesterday, because we were working all day yesterday to
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be ready. It wasn't after midnight --
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 pled guilty,
25
right? Since the day he pled guilty and the day you got
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10:23
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2
10:23
from -- I think most, if not all of them, come from the
government discovery. They're within, I believe, the 17,000
that we originally marked that you asked us to narrow down. We
have been working on this.
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9
10:24
10:24
10
What happened is -THE COURT: Let me ask you this. As an officer of the
Court, are they among the 17,000?
MR. PARRAS: I asked that question this morning so
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 the
16
exhibits that were produced to us last night, based on our own
17
analysis this morning, have not previously been produced 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 may be
21
included in the production of discovery, the millions of
22
documents we gave them; but they're not in the 17,000 exhibits
23
that were identified for us.
24
10:24
MR. PARRAS: Judge, a number of these exhibits come
10:24
onboard, you knew he was going to be here.
25
MR. PARRAS: And, Judge, some of them may be in

HotDocs, which are a narrower scope of the government's
713.250.5585
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10:24
exhibits. I didn't have the opportunity to be able to give
that report to the Court. I wish that I did, but I didn't.
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4
10:24
10:25
10:25
THE COURT: All right. The ruling is going to stand.

It's going to stand. That's it. No more. That's it.
MR. SCARDINO: Judge, if I may be heard, Mr. Stellmach
just made reference to the Court of the millions of exhibits
they gave to us and --
MR. STELLMACH: Not "exhibits." I said "documents."
MR. SCARDINO: Okay. I'm sorry. I stand corrected.
10
But we still had to go through to see if we
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 the time that
13
we've had, we've done our best to comply with the Court's order
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to prepare for trial. We're still doing this.
15
THE COURT: Let me ask this. Let me ask the
16
government. Because remember I said they could have the
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weekend to get this all up to speed?
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10:25
10:25
Do these documents hurt you or not? They're a
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pain. All right? They're a pain, and I'm not going to allow
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it to go on. Remember I said as of next week, but now they're
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coming in Friday morning. I think I gave them through the
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weekend; and, as of that, that's going to be the cutoff. So, I
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want to be fair to both sides. But I'm going to start cutting
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it off.
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The question is that the bottom line in this
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10:25
10:25
10:26
10:26
whole deal is if it hurts you let me know. If it -- not just
mere inconvenience. I will back you up up to a point. After
that, you've got to make a decision, also because of the
concerns they have.
MR. SCARDINO: Judge --
THE COURT: No, sir. I'm listening to them.
MR. STELLMACH: Your Honor, we would maintain our
objection at least to the six documents that we received last
night that haven't previously been given to us.
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they hurt us, if they help us. We haven't even had a chance to
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look at them thoroughly, because they came in late last night.
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And the other problem is, once the witness has taken the stand,
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we don't have an opportunity to sit down with that witness and
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get an explanation.
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THE COURT: Why? You don't visit with him?
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MR. STELLMACH: Not at all.
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MR. COSTA: We don't visit with a witness once they
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10:26
10:26
MR. COSTA: Your Honor, I'd point out -- you asked if
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take the stand. It's not proper.

MR. PARRAS: I do have one other issue, Judge. The
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reality is that what happened is Mr. Scardino had to be absent
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for two days and there are things that we had to review with
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him. He had Mr. Amadio; so, he understandably was on his feet
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and working to also be ready for Mr. Amadio. We've been
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working late every night to get the government as much as we
713.250.5585
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10:26
can as quickly as we can; and that's why we're here, Judge.
10:27
10:27
10:27
10:27
THE COURT: All right. For the record, what's your
response? Because if the Circuit has to deal with this later,
you better get your reason in; and I will make a ruling.
MR. STELLMACH: Your Honor, we're only objecting to
the narrow set of documents we received this morning that
haven't previously been identified as exhibits for this
witness, who is in the middle of examination. We haven't had
opportunity to discuss those documents with him, and we won't.
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And so, based on that, your Honor, we maintain our objection.
11
We ask that they not be admitted. We have no objection to the
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other documents they're adding from the 17,000 --
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THE COURT: Yeah.
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MR. STELLMACH: -- that have previously been produced
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by us, but these documents are outside the bounds.
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MR. PARRAS: And I can understand and I think it would
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be improper cross to talk about -- to cross-examine him if they
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meet over the weekend or they meet late tonight or over the
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noon break about these documents. You know, that would
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probably be out of the bounds of proper cross.
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THE COURT: All right. So, you see that you may have
to narrow it down, right?
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10:27
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MR. PARRAS: I understand. We have done our best,

Judge.
THE COURT: Okay. Take a look at these documents,
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10:27
10:27
10:28
because Monday morning is going to be a different ball game.
As of today -- I'm not avoiding ruling. You come see me after
lunch, after the noon break. Talk to the other side. But
Monday is different.
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6
anticipate that they were going to come in at midnight, you
know, last night. So, my ruling on Monday stands. I'll be
flexible as far as today goes, depending upon what you see
after you've had a chance to look at them. But Monday it's
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10:28
10:28
10:29
Remember I said over the weekend. But I didn't
absolute.
So, I'll make a ruling. And again, that's why I
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say how much it hurts you. It may be an inconvenience, but
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looking at it from not only the trial point of view -- I'll
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call it as the trial goes. But as to making a record, it's
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more reasonable to say they'll have over the weekend and as of
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that, it cuts off.
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MR. STELLMACH: I understand, your Honor.
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MR. PARRAS: I hear you.
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THE COURT: So, you look at it and talk to me.
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And don't assume -- by the way, as you know --
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most everybody here -- at least one on each side, multiple on
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one side -- have tried cases in front of me. Don't assume, of
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course, by what appears to be hostility to one point or another
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that I'm leaning one way, because --
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MR. STELLMACH: You're hostile to everyone, we
713.250.5585
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10:29
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10:29
MR. STELLMACH: I didn't mean for you to catch that,
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THE COURT: I bet you the court reporter -- I can have

her read it back later on. How's that?
MR. STELLMACH: Cher wouldn't do that to me.
THE COURT: Okay. You follow what I am saying?
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MR. STELLMACH: Yes, your Honor.
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THE COURT: Yesterday I was looking at a time frame on
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Monday when I -- it's going to be a rigid rule. Today if you
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want to be flexible, fine. It's not in prejudice to your
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position for being a lot harder and absolute on Monday.
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MR. STELLMACH: Understood.
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THE COURT: Okay. So take a look at it during the

noon break, and then we'll see what it looks like.
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MR. PARRAS: Thank you, Judge.
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THE COURT: All right. Now we're ready to get the
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10:29
your Honor.
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10:29
What was that?

MR. PARRAS: I don't think you want to hear that.
10:29
THE COURT: -- that's a tough -- I didn't catch it.
10:29
understand.
jury in, please.

Let me ask you this before they come in. Is it
warm in here this morning?
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MR. STELLMACH: Yes.
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THE COURT: It is. Okay. Hang on. Yes. Thank you.
713.250.5585
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10:29
Let's turn the fan on.
(Jury present)
THE COURT: Thank you. Be seated.
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10:30
Everybody will understand why I had to put a
soundproof door in there. We had a lot of heat flying around
here in the last couple of minutes. But everything has been
resolved, sort of. We're going to revisit the matter at the
end of the lunch break, the noon break today.
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10:30
10:31
10:31
10:31
Mr. Stellmach, go right ahead.
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JAMES DAVIS, GOVERNMENT'S WITNESS, TESTIFIED:
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DIRECT EXAMINATION
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BY MR. STELLMACH:
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Q. Mr. Davis, when we ended yesterday, you had just explained
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to us the flow of CD money out of the bank into Mr. Stanford's
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personal companies and that money had been routed through
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Stanford Financial Group to conceal its origins. Was that your
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testimony?
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A. Yes, sir, it was.
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Q. In addition to taking money, CD money, out of the banks to
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fund his personal companies, did Mr. Stanford take any CD money
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out for his own personal expenses?
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A. Yes, sir.
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Q. Was there any particular account he used to do that?
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A. Yes, sir, there was. There was an account in Switzerland.
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Q. What was the name of the bank where that account was
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located?
A. It was -- short name SocGen for Societe Generale de Paris.
Q. Now, did the bank also have accounts at SocGen?
A. Yes, sir.
Q. And these other accounts -- I'm not talking about the
specific account that you mentioned -- was there a number for
that account, the one that Mr. Stanford used?
A. Yes, sir, there was, Number 108.731.
Q. So, I'm not talking about 108.731. But these other SocGen
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accounts that Mr. Stanford's bank had, what was the purpose of
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those accounts?
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A. Managing funds that were deposited there that came from
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account holders.
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Q. So, were those accounts part of the Tier II group of
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accounts, of overseas money manager accounts?
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A. Yes, sir, that is correct.
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Q. But this account 108.731 that you are talking about was
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separate from those accounts?
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A. It was a separate account, yes.
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Q. Who within the organization knew about 108.731, that
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numbered account at SocGen in Switzerland?
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A. Mr. Stanford and myself.
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Q. So, was this particular account, 108.731, accounted for by
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the internal accountants within the Stanford Financial Group?
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A. No, sir.
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10:33
10:33
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10:34
Q. Did Mr. Stanford -- who actually held the account, whose
name was that account in?
A. It was styled in the name of Stanford Financial Group,
Limited.
Q. Who were the signatories on that account?
A. Mr. Stanford and myself.
Q. And could you explain for us how that account was used?
A. I can.
Q. Could you please do so? It might be helpful if you could
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draw it.
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A. Yes, sir.
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Q. Mr. Davis.
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MR. SCARDINO: Your Honor, I'm going to object to the
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drawing he's making. It's not in response to questions. He's
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adding words that are not --
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the drawing is and he'll walk us through it and his
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characterizations of how the accounts were used.
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10:34
10:35
MR. STELLMACH: The witness is going to explain what
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THE COURT: With that caveat, I'll allow it to go on.

Ladies and gentlemen, this is merely a
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demonstrative. It's not in evidence. So, if they want to
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prepare a diagram, if they can prove -- if there's testimony to
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support the notations on it, I'll allow it. Otherwise, we may
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have to X it out or remove it.
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BY MR. STELLMACH:
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10:35
Q. So, Mr. Davis, if you could explain to us, using this
diagram that you have just drawn, how money was flowed from the
bank to Mr. Stanford personally?
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10:35
THE COURT: Okay. We're going to need the microphone,

the lapel mike.
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MR. STELLMACH: Okay.
THE COURT: Mr. Davis, again, if you would move it up
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10:35
10:36
volume be increased on that, but everything now with this
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system we have has to be done by a computer rather than just
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turning up a volume switch somewhere. Okay.
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THE WITNESS: Yes, your Honor.
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THE COURT: Thank you. Yeah, that's about as best we
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can do. Thank you.

THE WITNESS: Okay. This simple diagram, the money is
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flowed from Stanford International Bank CDs, CD money, to this
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slush account, 108.731 account, at SocGen in Switzerland. This
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was not a --
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10:36
as high as you can on your tie. Because I've asked that the
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10:36
No. You carry just fine.
MR. SCARDINO: Your Honor, I'd ask this be question

and answer, not narrative.
THE COURT: Sustained.
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BY MR. STELLMACH:
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Q. All right, Mr. Davis. Starting at the beginning, we see at
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the top CD money, depositor money, at Mr. Stanford's bank; and
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10:38
then it goes to which account at SocGen?
A. It goes to Account 108.731, mentioned earlier.
Q. Was this account already in existence by the time you
joined Mr. Stanford?
A. Yes, it was.
Q. And you wrote the word "slush fund" next to that account --
or on that account. Could you explain why you describe it as a
"slush fund"?
A. Well, it was an account that was not within the bookkeeping
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system of the Stanford group of companies. It was not in the
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accounts of the accounting staff in any of the companies. It
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was personally signed -- signatories were myself and
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Mr. Stanford, and it was a slush fund. It was just used for --
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used for whatever the holder wanted to use it for.
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Q. And then there's an arrow going from the slush fund at
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SocGen in Switzerland to another box. Can you explain what's
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shown there?
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A. Yes. Well, the transfers from the slush fund 108.731 would
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go to personal accounts in the name of Mr. Stanford and others.
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Q. Did Mr. Stanford ever tell you what he used the CD money he
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routed through the slush fund for once it hit his personal
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accounts?
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A. Yes, there were explanations from Mr. Stanford to myself at
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times.
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Q. What did Mr. Stanford tell you he used that money for once
713.250.5585
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10:38
10:39
it went to his personal accounts?
A. He would use it to pay personal bills out of his personal
accounts; he would use it to infuse it into other Stanford
companies.
MR. STELLMACH: If I could just see Government
Exhibit 332C for a moment.
BY MR. STELLMACH:
Q. We saw this chart earlier showing the flow of CD money to
Mr. Stanford's personal companies. On Government 332C, going
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to the bottom of that document, we see that the total was
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$2 billion?
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10:39
10:39
10:39
MR. STELLMACH: If we could just highlight that
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number.
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BY MR. STELLMACH:
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Q. And my question, Mr. Davis, is whether the money, the CD
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money that went through the slush fund in Switzerland and then
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to Mr. Stanford, is included in the 2 billion-dollar figure?
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A. No, sir, that would not be included. This 2 billion-dollar
19
number would be through the accounting records.
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Q. So, the 2 billion-dollar figure was the loan, the
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undisclosed loan to Mr. Stanford?
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A. Yes, sir.
23
Q. And the money from the slush fund was just -- was that in
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addition to what he was already taking out of the bank in the
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form of loans?
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10:40
A. Yes, sir, this is in addition to the 2 billion-dollar
number.
Q. And we'll come to this point later, but did you have any
understanding how Mr. Stanford used the money to further the
fraud once it went to his personal accounts from the Swiss
slush fund?
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MR. SCARDINO: Your Honor, I would object to the use

of the term "fraud" by the government's lawyer.
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10:40
10:40
10:40
10:41
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BY MR. STELLMACH:
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Q. Well, did Mr. Stanford ever tell you how he used the money
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once -- the CD money that came through the slush fund to his
13
personal accounts to further the scheme that you described?
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A. Yes, he did.
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Q. And what did he tell you about how he used the money?
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A. He used it for personal expenses, and also it was used
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to -- in one case -- in one instance it was used to populate a
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personal account at the Bank of Antigua in Antigua, Barbuda.
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Q. A personal account held by who?
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A. It was in the name of Mr. Stanford.
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Q. And did he ever tell you how he used that account at the
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Bank of Antigua?
23
A. Yes.
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Q. And what did he tell you about that?
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A. He said that for one purpose, it was to pull cash out to
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10:41
10:41
pay bribes to the regulator.
Q. The regulator being who?
A. Lee King at the FSRC.
Q. Mr. King was the individual who replaced Ms. Althea Crick
once Mr. Stanford had her ousted?
A. That's correct.
Q. If I could ask you to resume your seat, please, sir.
A. (Complies).
Q. You can take off the microphone.
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And further down in the e-mail chain, this is an e-mail from
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Patricia Maldonado.
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10:42
10:42
10:42
I was going to turn to Government Exhibit 1520.
Can you remind us who Ms. Maldonado was?
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A. Yes, sir. Ms. Maldonado was the treasury manager working
15
for Stanford Financial Group Company in Houston, Texas.
16
Q. And it goes to a number of individuals, including yourself.
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It's sent to Gil Lopez. Who was Mr. Lopez again?
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A. Mr. Lopez was the chief accounting officer for Stanford
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Financial Group Company.
20
Q. It's also sent to Mark Kuhrt. Who is Mr. Kuhrt?
21
A. Mr. Kuhrt was the global controller.
22
Q. And the subject line reads "Transfer of funds - TIOC." Do
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you know what that acronym stands for?
24
A. (No response).
25
Q. Let me ask you this. Were you familiar with a real estate
713.250.5585
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10:44
project by Mr. Stanford called "Two Islands One Club"?
A. Yes, sir, I was.
Q. Does "TIOC" represent "Two Islands One Club"?
A. Yes, sir, it could. It's the same beginning letters of
each of the words, Two Islands One Club, yes.
Q. And just very briefly -- I'm sure we'll get into this
later, but what did Mr. Stanford tell you Two Islands One Club
was, what was that project?
A. This project was a real estate acquisition development, one
10
of Mr. Stanford's visions for a one-of-a-kind resort for the
11
purpose of selling parcels of the resort and its amenities to
12
the highest upper net worth individuals in the world.
13
Q. Where was this resort going to be, according to
14
Mr. Stanford?
15
A. In the Eastern Caribbean.
16
Q. On Antigua?
17
A. Part of it. At this stage, Two Islands One Club, yes. At
18
least part of it. Maybe all of it. The names changed from
19
year to year from Two Islands One Club to the Island Club, I
20
believe, Islands Club.
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 through
25
Stanford Financial Group Company and then waiting here for
713.250.5585
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10:44
direction as to --
Q. And she writes, "By copy of this, I am requesting
Mr. Davis' approval to fund."
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10:45
10:45
10:45
10:46
10:46
And if we can go to the next e-mail in the chain,
is this your response?
A. Yes, sir, that is from me to Patricia Maldonado.
Q. Could you read what you wrote when she asked for your
approval to transfer the funds?
A. Yes, sir. "The approval for this item is probably
10
Mr. Stanford."
11
Q. Why didn't you just approve the transfer of funds? 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.
16
MR. STELLMACH: Okay. If we go to the next page, if
17
you could blow up the e-mail to Mr. Stanford in the middle of
18
the page from Ms. Maldonado.
19
BY MR. STELLMACH:
20
Q. Could you read what she wrote to Mr. Stanford?
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 when she asked
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10:46
for those -- approval to transfer those funds?
A. He replied, "Approved, RAS."
Q. And I wanted to turn to some of the specific transfers in
the Societe Generale Account 108.731 that you have already
testified was used as a slush fund, particularly using
documents from Government Exhibit 1205A.
7
8
MR. STELLMACH: And for this, your Honor, I think I'm

going to need -- oh, we'll actually be able to do it.
9
10:47
10
11
10:47
10:47
10:48
THE COURT: What do you need?

MR. STELLMACH: I was going to use the Elmo, your
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.
15
BY MR. STELLMACH:
16
Q. Mr. Davis, this is a letter dated July 24th, 2000. 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 SocGen account.
21
SocGen actually purchased CBG's private banking operation. 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 account.
25
Q. Fair enough. So, when we see "CBG" on some of these
713.250.5585
2949
10:48
10:48
10:48
10:49
10:49
statements, we just understand it's also for 108-731, it's for
the same account?
A. Correct. At this time CBG stood alone as a separately
owned entity. Subsequent years it was purchased by SocGen
intact and became a subsidiary.
Q. In this letter -- well, can you explain who Mr. Friedli
was?
A. Yes, sir. Blaise Friedli was the banking officer in charge
of this particular account.
10
Q. And he was an employee of this Swiss bank?
11
12
Q. Did Mr. Friedli have any position also within the Stanford
13
organization?
14
A. Yes, sir. At a particular time he was on the so-called
15
board of advisors to Stanford Financial Group.
16
Q. What was the board of advisors?
17
A. It was a group of individuals with similar qualifications
18
as Mr. Friedli, professionals, some attorneys, some
19
politicians, I believe, who were in an advisory group to
20
Mr. Stanford and the Stanford Financial Group of companies.
21
22
10:49
THE COURT: Did they get compensation? Were they

compensated for serving in the advisory group?
23
24
THE COURT: Like what compensation? Like a director's
25
fee, something like --
713.250.5585
2950
10:49
THE WITNESS: Yes, sir, in that nature.
THE COURT: About what was it? Do you remember, by
3
4
10:49
5
6
10:50
10:50
10:50
THE WITNESS: Five, ten, fifteen thousand dollars

annually, maybe semiannually.
THE COURT: Okay.
BY MR. STELLMACH:
Q. And here there's a request, Mr. Davis, from you that
Mr. Friedli transfer $775,000 out of the Swiss account to a
10
Chase Bank account located here in Houston. It reads in the
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 recognize it's an
15
account in the name of R. Allen Stanford.
16
Q. And if the account is in the name of Mr. Stanford
17
personally, were you also a signatory on that account?
18
A. No, sir.
19
Q. And so that $775,000 going through the slush fund to
20
Mr. Stanford's personal account?
21
A. Yes, sir, that's correct.
22
Q. Another transfer, could you tell us the amount?
23
10:51
any chance?
I mean, this is dated August 29th of 2000. How
24
much was being sent through this slush fund on that date?
25
A. Would you repeat that, please?
713.250.5585
2951
10:51
10:51
10:52
10:52
10:52
10:53
Q. How much was being sent to Mr. Stanford on that date, in
this transfer?
A. 600,000 US dollars.
Q. And on December 19th?
A. $4 million.
Q. Was Mr. Stanford also paid a salary by Stanford Financial
Group?
A. Yes, sir.
Q. Were these monies in addition to his salary?
10
A. Yes, sir, this would be in addition.
11
Q. Do you know why on that particular date Mr. Stanford 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 unusual?
15
A. I would say that it's the higher end. I don't believe it
16
would be unusual.
17
Q. On February 15th of 2001, how much money was being taken
18
out of SocGen?
19
A. $500,000.
20
Q. Again, for the same personal account of Mr. Stanford?
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. The account
24
debit will be paid on March 15th."
25
Could you explain what you wrote there?
713.250.5585
2952
10:53
10:53
10:53
10:54
10:54
A. Apparently at this particular time there was not $500,000
cash available in this account, this particular account. But
that, either through sales of securities or a future transfer,
the debit would be covered by March 15th.
Q. And on June 4th of 2002 -- we'll just jump ahead. We're
not going to go through every one of these -- how much was
taken out on that date?
A. $5 million.
Q. Did Mr. Stanford ever tell you what types of personal
10
expenses he had?
11
A. Well, from time to time he would mention it. There would
12
be real estate purchases, paying for personal expenses,
13
beginning -- possibly beginning another company and
14
capitalizing that company.
15
Q. This is an April 8th, 2003, withdrawal. How much did he
16
take out at that time?
17
A. $7,500,000.
18
Q. July 31 of 2003?
19
A. $10 million.
20
21
Do you have any idea, sir? I'm sure it fluctuated, but how
22
much generally? Any idea?
23
10:55
THE COURT: How much money total was in that account?
THE WITNESS: I would say around 20 to 30 million
24
dollars. And at the end of 2007, there was a total of
25
$130 million.
713.250.5585
2953
10:55
10:55
10:55
10:56
BY MR. STELLMACH:
Q. On September 26, 2003, how much money did Mr. Stanford take
out?
A. Total of $22 million.
Q. Why were the -- do you know why the --
MR. SCARDINO: Excuse me.
MR. SCARDINO: I'll have to object to the
characterization of how much money Mr. Stanford took out. The
10
document -- it's contradictory to -- the document says it was a
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.
16
17
18
10:56
10:56
Just a little background or an explanation,

please.
MR. STELLMACH: Certainly, your Honor.
19
BY MR. STELLMACH:
20
Q. Mr. Davis, these requests to transfer funds from the slush
21
fund to Mr. Stanford's personal accounts, were these transfers
22
a topic you discussed with Mr. Stanford before you 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 personal
713.250.5585
2954
10:56
10:56
10:56
accounts.
Q. And would he tell you the amounts -- and here we see there
are three different dates on which that $22 million is being
transferred from the slush fund to him personally. Would he
tell you to break it up, or is that a decision you would make?
A. This is identical to his instructions to me.
Q. You wouldn't deviate from his instructions on where to send
the money and the installments to be used?
A. No, sir.
10
Q. Did Mr. Stanford ever tell you, "Mr. Davis, I don't
11
understand how I got $22 million in my Chase account"?
12
A. No, sir.
13
10:57
10:57
14
evidence and assuming that there was that conversation; and I
15
will object to that.
16
THE COURT: All right. Clear it up, please.
17
MR. STELLMACH: Certainly.
18
BY MR. STELLMACH:
19
Q. At any point when you made these -- when you authorized --
20
or you directed the transfers from the slush fund to
21
Mr. Stanford, did he ever express any surprise about the
22
amounts he was receiving or concern about the source of funds?
23
24
10:57
MR. SCARDINO: Again, that's assuming facts not in
25
MR. SCARDINO: Again, that's assuming facts in

evidence that Mr. Stanford -MR. STELLMACH: I'm asking a question, whether --
713.250.5585
2955
10:57
1
2
MR. SCARDINO: -- knew that these letters were being

written.
THE COURT: Excuse me.
4
10:57
10:57
10:58
10:59
MR. SCARDINO: That he's assuming facts not in
evidence that Mr. Stanford knew these transfers were being
made.
MR. STELLMACH: He just testified that each transfer
was specifically authorized by Mr. Stanford and they're going
10
straight into his own pocket, straight into Mr. Stanford's
11
pocket.
12
10:58
State the objection, please.
THE COURT: Overrule the objection.
13
BY MR. STELLMACH:
14
Q. On January 28th of '04, how much money was taken out of the
15
SocGen account?
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 SocGen account?
20
A. I received a copy by fax; Mr. Stanford received a copy by
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 transfer, just a
25
different amount?
713.250.5585
2956
10:59
11:00
11:00
11:01
11:01
11:01
A. Yes, sir.
Q. August 17th of '04?
A. These are two separate transfers to Mr. Stanford, two
different banks. One for $2,576,301 and one for $2,499,254.
Q. April 21st of '06?
A. Also two separate transfers to two separate accounts for
two -- one is $2,989,574; one is for $3,501,188.
Q. Again, the Swiss account at SocGen was funded entirely with
what source of funds?
10
A. CD depositor money.
11
Q. Did you receive any funds personally out of that account?
12
A. Yes, I did.
13
Q. What funds would you receive, what types of transfers?
14
A. I would receive -- on occasions I received bonuses paid out
15
from that trail of funds.
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 skimming some
19
money out of the SocGen account?
20
A. I did not skim money out of any account.
21
Q. Were other executives within the Stanford organization 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?
713.250.5585
2957
11:01
11:02
11:02
11:02
11:02
11:03
A. I believe -- I believe it was because the bonuses paid to
these executives was in excess of the normal bonus structure
that was set up for the company; so, it was in addition to a
normal bonus and maybe for special compensation on one-off
targets that were hit, agreements between Mr. Stanford and the
executive.
Q. And so, those transfers to the other executives, who was
making the decision about how much money should come out of the
SocGen account in Switzerland to them?
10
A. Mr. Stanford.
11
Q. Did you decide what the bonuses were for the other
12
executives that were receiving those funds?
13
A. No, sir.
14
Q. When you received funds out of the SocGen account, did
15
those funds --
16
THE COURT: When you -- you mean --
17
MR. STELLMACH: I'm sorry. When -- Mr. Davis.
18
THE COURT: Personally?
19
MR. STELLMACH: Personally.
20
BY MR. STELLMACH:
21
Q. -- received funds out of the SocGen account, did you always
22
receive those funds in an account you held in your 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 the
713.250.5585
2958
11:03
11:03
11:03
exception of one time. It could have been in a company name
that I was the signer of and owner of.
Q. Was the company named Crosswalk?
A. Yes, sir.
Q. Why would you use that account in the name of a company you
controlled to receive those funds?
A. Well, I had a good teacher, for one thing. I just followed
the route that happened from day to day at the Stanford group
operating. But a more specific answer to your question is that
10
that was a dormant account. Crosswalk was a dormant account.
11
11:04
11:04
11:05
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 one time money
15
was paid to me by Mr. Stanford into that account.
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 2003 through
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 neighborhood
713.250.5585
2959
11:05
11:05
of -- I believe it was 100 -- in the range of $120,000 in
addition.
Q. And I should be clearer. This is an IRS audit?
A. Yes. The Internal Revenue Service completed a five-year
audit at the end of 2008.
6
7
11:05
THE COURT: Okay.
MR. STELLMACH: Thank you, your Honor.
10
12
11:05
11:06
laptop.
11
11:05
MR. STELLMACH: I want to go back, if we could, to the
THE COURT: Is it the -- who's got it? It's the front

one? Let's try that one. If not, I've got the other.
Is that working it?
13
MR. COSTA: Yes.
14
THE COURT: Okay. It's up.
15
MR. STELLMACH: And in particular, Government
16
Exhibit 332C. And if we could just enlarge the top portion of
17
that document.
18
BY MR. STELLMACH:
19
Q. Do you recognize it, Mr. Davis?
20
A. Yes, sir, I do. It's, as styled, a "Shareholder Funding"
21
report, meaning the funds -- CD funds that were spent 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?
713.250.5585
2960
11:06
11:06
11:07
11:07
11:07
11:08
Q. How often would you receive these updates on the loans from
Mr. Stanford?
A. No less than quarterly.
Q. Would you discuss this document with Mr. Stanford?
A. Yes, sir, on occasions I would.
Q. Did you ever see him with the document?
A. Well, I did when I discussed it with him. It was open
before us.
10
Q. Who prepared the report?
11
A. It was prepared by the accounting staff for Stanford
12
Financial Group Company. The location would have been either
13
the Houston office or St. Croix at global headquarters. That
14
would be under the global controller, Mr. Kuhrt and/or the
15
chief accounting officer, Mr. Lopez.
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 CD money that
19
had gone to that company as of the end of '08?
20
A. $278 million and some change.
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.
713.250.5585
2961
11:08
11:08
11:08
11:08
Q. Does that number include all the money that was disclosed
to investors that was being paid to Stanford Financial Group?
A. That number, sir?
Q. This, the 278 million.
A. No, it did not. It's not inclusive of the fees, management
or administrative fees.
Q. So, in addition to the 278 million, Mr. Stanford had taken
out additional compensation for Stanford Financial Group?
10
Q. And another hundred million for the Stanford Financial
11
Group, Limited?
12
THE COURT: Now, let me just ask you, Mr. Stellmach,
13
in your theory of the case, you say this is all improper. Is
14
that correct?
15
16
THE COURT: It's your position?
17
MR. STELLMACH: Yes.
18
THE COURT: Why is it your position that it's
19
11:09
11:09
20
improper?
Again, I'll do this from time to time on both
21
sides. It's maybe a mini summary; but I want to make it clear
22
for myself and the jury, perhaps, why these -- these numbers
23
are important to your theory of the case.
24
25
THE COURT: And it's just their theory. The decision,
713.250.5585
2962
11:09
of course, is up to the jury.
11:09
11:09
Go on.
MR. STELLMACH: Well, our theory of the case boils
down to Mr. Stanford engaging in a bait and switch where he
made specific claims to investors, to the depositors in the
bank, about how he was investing the CD money. And it's our
position -- and we hope to prove it -- that Mr. Stanford took
the money and did something entirely different with it. He
made investments in these private companies that he personally
10
owned, that weren't liquid, that weren't highly diversified,
11
that didn't meet any of the criteria that he told the
12
investors, the depositors, he was spending their money on.
13
14
11:09
11:10
THE COURT: All right. That's fine. By the way, I'll

go back -- what? Your position?
15
MR. SCARDINO: May I?
16
THE COURT: No. You'll have it -- I may ask -- no.
17
This is the prerogative that I am exercising. In other words,
18
from time to time I may ask you what the theory is the same
19
way. So, when I -- it's not an adversary proceeding as far as
20
these inquiries from the judge.
21
11:10
But if I have a question again, I need
22
clarification -- sometimes I may know it -- you'll 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.
713.250.5585
2963
11:10
11:10
MR. SCARDINO: Yes, your Honor.
THE COURT: I don't know whether you want me to or you
want -- is that a threat or a promise, I don't know. So, I can
take it both ways.
MR. SCARDINO: Never take it as a threat, Judge.
THE COURT: No, sir.
7
8
9
11:10
11:10
11:11
11:11
Okay. Go right ahead.

MR. STELLMACH: Yes, sir.
BY MR. STELLMACH:
10
Q. And Stanford Development Corporation, what company was
11
that, or what type of business was that?
12
A. A real estate acquisition and development company.
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 scroll a bit
16
further down -- some airlines. There's a statement there that
17
the airlines have received in total $333 million?
18
19
Q. And all of the companies that are listed on this
20
spreadsheet, who owned those companies?
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.
713.250.5585
2964
11:11
11:11
Q. In exchange for the more than $2 billion that Mr. Stanford
transferred from CD money to fund these companies, did the bank
receive any equity, any ownership interest in those companies,
to your knowledge?
A. No, sir.
Q. So, this 2 billion-dollar figure, if we went to the bottom
of the page --
8
9
11:12
11:12
11:13
BY MR. STELLMACH:
10
Q. -- this was on the books of the bank, just recorded as a
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 diagram
16
"SFG Co." to the various companies listed.
17
11:12
MR. STELLMACH: And just blow that number up.
At certain intervals, the accounting staff would
18
move those CD funds that had been spent on the companies, would
19
move them to equity in those individual companies; and the
20
offset would be the note.
21
Q. So, there was just a -- so, the money was actually 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 one or two of
25
the companies, in particular Stanford Eagle.
713.250.5585
2965
11:13
11:13
11:14
11:14
11:14
1
2
Eagle. It's the third entry. If we could highlight the total
amount that had been received.
BY MR. STELLMACH:
Q. How much money had gone to Stanford Eagle? I think it's --
A. It's $20 million.
Q. What was Stanford Eagle, what type of company was that?
A. It was a holding company or shell company for a yacht.
Q. Who owned the yacht?
10
A. Mr. Stanford.
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-foot
16
yacht, as well.
17
Q. Why did Mr. Stanford have this flotilla? Why did he need
18
all these little boats -- or all these yachts, I should say?
19
MR. SCARDINO: Excuse me. Could we have an
20
21
22
23
11:14
MR. STELLMACH: If we could scroll down to Stanford
explanation for a flotilla?

MR. STELLMACH: I was going to use "small navy," but I
thought better of it.
THE COURT: Okay. Okay. I understand.
24
BY MR. STELLMACH:
25
Q. Why did Mr. Stanford have three boats?
713.250.5585
2966
11:14
THE COURT: Well, were there three or four yachts? I
think I heard yesterday there might have been four. Maybe I
misunderstood.
4
11:15
11:15
guess Mr. Stanford would have to say how many exactly. I'm not
sure. I know of three.
THE COURT: No. I'm just saying -- you know of three?
THE WITNESS: Yes.
10
12
11:15
11:16
THE WITNESS: With all due respect, your Honor, I
11
11:15
Mr. Davis, how many boats were there?
THE COURT: Okay. Then I misunderstood. Sorry. Go

on.
THE WITNESS: Yes, sir.
13
BY MR. STELLMACH:
14
Q. Stanford 20/20 was what, Mr. Davis?
15
A. That was a company set up to track the transactions of a
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 spent on that.
19
What was the Islands Club?
20
A. Refers back to earlier testimony about the ultra high-end
21
investor resort. I believe it was at the time referred 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. Were
24
these planning fees or securing properties; or what was that
25
for, if you know?
713.250.5585
2967
11:16
11:16
11:16
THE WITNESS: Your Honor, it's my understanding there
were planning fees, administrative, architectural fees,
planning, set up models.
BY MR. STELLMACH:
Q. Was the club ever actually built?
A. Not to my knowledge, no, sir.
Q. And if we go to Stanford Aviation, which received almost
2.5 million, what was Stanford Aviation?
A. Stanford Aviation was an internal corporate transportation
10
group. There were several airplanes in Stanford Aviation.
11
11:17
11:17
11:17
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?
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 sell
21
tickets and fly people around; or is this different from
22
Caribbean Sun and Star, the commercial airlines?
23
A. Yes, these are separate from a commercial airline. These
24
are owned by Stanford Aviation, a private corporate carrier
25
versus a commercial airline.
713.250.5585
2968
11:18
11:18
11:18
11:19
11:19
11:19
Q. And there's an entry there, if we go further down, for --
another entry for the Islands Club and Stanford 20/20. They're
just listed under a separate category for 1.4 million and
actually 12.9 million.
Was the 20/20 also part of the cricket tournament
that Mr. Stanford promoted?
Q. Did any money ever get repaid from the cricket tournament
to the bank?
10
11
Q. Or Stanford Eagle, his yachts, did they ever repay the
12
money, the CD money, that had come out to fund them?
13
14
Q. In fact, Mr. Davis, of the $2 billion in CD money
15
Mr. Stanford took out of the bank, how much did he repay?
16
A. I don't believe he actually repaid any of the money.
17
Q. Were there times, though, when he did make payments on
18
some -- some amount of payments on loans?
19
A. Yes, sir. There were checks written by Mr. Stanford.
20
Q. Approximately how much?
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 bottom of
24
the page, toward the very bottom, beneath the 2 billion figure.
25
BY MR. STELLMACH:
713.250.5585
2969
11:19
11:20
11:20
11:20
Q. There's a credit there for "Capital Markets Assets." Do
you see it? For $327 million?
A. Yes, sir. Yes, sir, I do.
Q. And it looks -- according to the spreadsheet, that that
looks like a credit against the CD money Mr. Stanford had taken
out of the bank?
A. Yes, sir, that's what it looks like.
Q. Could you explain to us just in general terms what that
transfer represents?
10
A. It actually represents a flip of private equity holdings
11
that were already purchased with CD money, and the -- the value
12
was increased from the original costs. And I guess I could --
13
Q. Yeah, maybe we better draw this one.
14
A. -- draw it out --
15
Q. Yes.
16
17
18
19
11:21
could ask the witness to draw a demonstrative?

THE COURT: Okay. Do we need the -- I guess we need
the lapel mike again.
20
THE WITNESS: I will speak loudly.
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, who
24
11:21
MR. STELLMACH: With the Court's indulgence, if I
25
carries really well.

THE WITNESS: People from Duke --
713.250.5585
2970
11:21
11:23
11:23
11:23
11:24
11:24
THE COURT: No, I think we need -- hold it. That's
what we have it for. It just takes a few seconds.
BY MR. STELLMACH:
Q. All right. Mr. Davis, you tell us which -- which box do we
start in, and I'll ask questions to go through it.
A. (Indicating).
Q. And what's reflected in that particular box?
A. This is SIB CD money, SIB CD money here in the first one.
Q. Okay. And then there's an arrow with 132 -- is that
10
million?
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?
16
A. It was a shell company that was used to purchase 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 something owned
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 Holdings?
25
A. The 132 million cost of this private equity was transferred
713.250.5585
2971
11:24
11:24
11:25
11:25
in the name of Mr. Stanford, to his ownership.
Q. So, there was private equity that the company had bought,
the shell company?
A. Yes, sir.
Q. Okay. And so, it's transferred to Mr. Stanford?
A. Yes, sir.
Q. And you have an arrow showing the transfer with 132 million
above it. What does that indicate?
A. Right here?
10
Q. Yes, sir.
11
A. One hundred -- the same cost of this private equity, the --
12
whatever private equity --
13
THE COURT: Showing the flow of the funds?
14
15
THE COURT: Of the same amount of money from one
16
17
11:25
11:25
entity to another?
THE WITNESS: Yes, sir, in this case the value of that
18
private equity that was purchased.
19
BY MR. STELLMACH:
20
Q. Okay. So, there was $132 million in private equity
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 million?
24
A. This same value, yes, sir.
25
THE COURT: Now, when you say "RAS," that's him
713.250.5585
2972
11:25
1
2
THE WITNESS: That is correct.
THE COURT: No other corporate entity. Is that
4
11:25
11:26
11:26
THE WITNESS: Yes, sir, that's correct, your Honor.
THE COURT: Thank you.
BY MR. STELLMACH:
Q. And then there's a looping arrow from Mr. Stanford back to
the bank; and there's a number written there, 327 million.
10
Could you explain what's reflected in that arrow?
11
A. Yes, sir. Through the accountants and attorneys, the
12
private equity transferred at $132 million was inflated in
13
value to $327 million; and that was used as payment,
14
bookkeeping wise -- no dollars actually changed hands, but was
15
used as a bookkeeping flip, as it were, that's represented
16
there on the large -- highlighted in yellow.

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
21
THE COURT: Is that accurate?
22
23
THE COURT: And then the 327 coming back, it's your
24
11:27
correct?
17
11:27
personally. Is that correct?
25
position that was not real money, it was just bookkeeping?

THE WITNESS: That's correct.
713.250.5585
2973
11:27
THE COURT: Okay.
BY MR. STELLMACH:
Q. And you wrote there, "No money changed hands."
4
11:27
11:27
11:27
11:28
11:28
So, when we see on the chart that there's a
327 million-dollar credit against the 2 billion in loans that
Mr. Stanford had taken out of the bank, he wasn't actually --
it's your testimony that that 327 million-dollar credit isn't
actual cash or -- or cash equivalents that were going back to
the bank?
10
MR. SCARDINO: I object to the leading question.
11
THE COURT: Overruled.
12
THE WITNESS: That was not actual cash, no, sir.
13
BY MR. STELLMACH:
14
Q. How -- do you know how close in time these transfers all
15
took place?
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 Capital to
20
Mr. Stanford and to the bank, that -- that flow.
21
A. These -- this here, two, three months maximum, maybe -- as
22
long as it took the legal to get the paperwork completed.
23
Q. Was there any independent appraisal done of the private
24
equity before it was valued from 132 million to 327?
25
A. Not an independent appraisal, no.
713.250.5585
2974
11:28
11:28
11:29
11:29
11:29
11:29
Q. And to be clear, once it was transferred to the bank, that
private equity became an asset of the bank?
Q. Was it ever disclosed in subsequent annual reports, the
fact that the bank now had a private equity investment?
A. No, sir.
Q. Did Mr. Stanford know about this transaction?
A. Yes, sir.
Q. How do you know that?
10
A. I told him verbally. And one particular meeting that we
11
had together with Mr. Harry Failing --
12
MR. SCARDINO: Object to --
13
THE COURT: Break it down, please.
14
15
16
BY MR. STELLMACH:
17
Q. When, in relation to the transaction taking place, did you
18
discuss it with Mr. Stanford?
19
A. After the transaction, months after, maybe weeks, months.
20
THE COURT: Which transaction?
21
BY MR. STELLMACH:
22
Q. Which transaction?
23
THE COURT: You have to point.
24
THE WITNESS: This entire process.
25
THE COURT: Oh, the entire process?
713.250.5585
2975
11:29
11:29
1
2
BY MR. STELLMACH:
Q. What did Mr. Stanford say when you explained what had been
done?
A. He stuck out his hand and -- well, he first said, "Who's
responsible for doing this, getting all this handled?"
I said, "My accounting staff and myself."
And he stuck his hand out and said, "Great job,"
9
11:29
11:30
shook my hand.
10
Q. Why did this transfer even happen in the first place? Why
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 and that
14
through those IRS audits, their interim findings, it was their
15
position that these monies, the $2 billion, were ordinary
16
compensation to Mr. Stanford.
17
11:31
11:31
And Mr. Stanford's tax specialist, Mr. Harry
18
Failing's contention was that they're actually loans 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 loans
21
to prove that it was not compensation to Mr. Stanford.
22
Q. So, with your understanding about this, was this something
23
you also discussed with Mr. Stanford, this situation about his
24
need to show service, in other words, payment on the $2 billion
25
in loans?
713.250.5585
2976
11:31
11:31
11:32
11:32
A. Yes, sir, did discuss that.
Q. And so, unless there was some form of payment, the IRS
would then consider this income to him?
Q. And he would have --
A. As I understand it, that's correct.
Q. As you understand it based on what?
A. Speaking with his tax accountant, Harry Failing, and other
tax specialist attorneys.
10
Q. When you had those conversations with Mr. Failing, was
11
Mr. Stanford also present at times?
12
A. At times, yes, sir.
13
Q. And so, unless there was some form of payment shown,
14
Mr. Stanford would have to pay personal -- would have to pay
15
taxes on the 2 billion?
16
A. Yes, sir.
17
Q. I think that's it, if you can resume your seat, Mr. Davis.
18
11:32
11:33
Now, we talked a fair amount about loans to
19
Mr. Stanford. Were there ever any notes or agreements that
20
showed Mr. Stanford was borrowing money from the bank?
21
A. Yes, sir.
22
Q. Whose idea was it to put together loan agreements like
23
that?
24
A. I believe it actually came from Mr. Stanford's tax
25
attorney -- or tax accountant.
713.250.5585
2977
11:33
11:33
11:33
Q. Who was?
A. Mr. Harry Failing, deceased.
Q. And Mr. Failing, where did he work?
A. Mr. Failing had an office, I believe, on the Southwest
Freeway but also had one in a Stanford office on Westheimer.
Q. Did Mr. Stanford ever explain why his accountant was based
in the office, in his office?
A. No, sir.
Q. I wanted to show you a number of government exhibits.
10
11
11:33
MR. STELLMACH: Some have, one or two have.
13
These -- in fact, I would just confer with defense counsel on
14
that.
15
MR. SCARDINO: Do you want to confer, Mr. Stellmach?
16
MR. STELLMACH: Yes.
18
19
20
21
(Sotto voce discussion between Mr. Stellmach and

Mr. Scardino)
MR. STELLMACH: Your Honor, would this be a convenient
point for a break or -THE COURT: Yes and no. But if you need -- no. If
22
you need one, we need to take a 15-minute break anyhow before
23
we get on to 12:00. If it will help you, let's do it now.
24
11:34
them prior?
12
17
11:34
THE COURT: Have they been prior -- have you noted
25
I have 11:35. We'll take a 15-minute break, get

back in and run till about 1:05. We'll see you at that time.
713.250.5585
2978
11:34
1
2
11:35
11:35
11:35
11:35
11:36
(Jury not present)

MR. FAZEL: Your Honor, if it pleases the Court, the
witness, during his testimony, made a comment about the
defendant testifying, specifically talking about --
THE COURT: Use the mike.
MR. FAZEL: I'm sorry. The witness, during his
testimony, Mr. Davis, made a comment about the defendant
testifying. Specifically he said something to the effect of,
"Mr. Stanford is going to have to clear that up."
10
I would ask the Court that that is a violation of
11
Mr. Stanford's Fifth Amendment right, and I'm going 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 witness
15
testifying. He has an absolute constitutional right to testify
16
or not to testify. That's absolutely up to him.
17
THE COURT: Why didn't you approach the bench right
18
away? Because I picked it up also and I was looking over at
19
the defense. I was looking at the defense table because I
20
picked it up also.
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 -- which you are not
24
doing in front of the jury -- is approach the bench and say
25
that you have a concern, bring it up and make a motion at that
713.250.5585
2979
11:36
1
2
3
11:36
MR. STELLMACH: Well, your Honor, I think your Honor
8
9
11:37
immediately cut the witness off before he went on any further.

THE COURT: I did. All right. Let me do it this way.
Motion for mistrial is overruled.
Do you want an instruction to the jury, however,
10
referencing that statement now? Because I would have done it
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 always reminded
14
that there's no obligation. Or do you want to just leave it as
15
it is, a motion for mistrial with a ruling? But I'm giving you
16
the option of an instruction.
17
MR. FAZEL: I would ask --
18
MR. SCARDINO: Just a minute before we do this.
19
11:37
Honor. I think it's timely.

THE COURT: What's the response?
11:36
MR. FAZEL: I'm making a motion at this time, your
11:36
time.
(Sotto voce discussion between all defense counsel)
20
THE COURT: Yes, sir?
21
MR. FAZEL: Your Honor, we would ask for a general
22
instruction, and in the instruction maybe the Court 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 always on the
713.250.5585
2980
11:37
1
2
3
11:37
THE COURT: And also remind not to read, TV,
8
9
MR. FAZEL: And, of course, the burden is always on

the government and -THE COURT: All right. Always -- always on
government. Okay. I'll make both of those instructions as
11
soon as they get back in.

MR. COSTA: Your Honor, the government doesn't have a
13
problem with the instructions. I would note, though, for the
14
record, I don't think what he said implicated any Fifth
15
Amendment. He didn't say anything about testifying. The
16
question was about either yachts or planes. He said, "I'm not
17
sure exactly. You have to ask Mr. Stanford."
18
THE COURT: I understand that. I caught it. I caught
19
it. I looked right to the defense side. It's borderline, but
20
they're entitled certainly at that time to come up.
21
11:38
et cetera?
10
12
11:38
Fifth Amendment, right?

MR. FAZEL: Correct.
11:38
THE COURT: Hang on a second. General instruction re
11:37
government.
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 doesn't hurt ever
713.250.5585
2981
11:38
to give an additional instruction. I'm reminding them of the
burden of proof and that they don't have to call anybody, one
witness, or ask one question.
4
11:38
but I think the witness clearly said that Mr. Stanford would
have to clear that up or tell you what that is, which means he
has to testify.
8
9
11:38
10
11
11:39
to testify; and if they follow through on that, then really

there's no issue.
MR. FAZEL: Whether I promised he'd testify or not, he
has an absolute right to change his mind. So, he has got an
13
absolute Fifth Amendment right. Whatever I say or Mr. Scardino
14
says has no moment in that matter.
15
THE COURT: We're all on the same page.

Okay. See you back in -- now it's 10 minutes.
17
(Recess was taken)
18
(Jury not present)
19
11:56
MR. COSTA: But, of course, they promised he's going
12
16
11:55
MR. FAZEL: Your Honor, the record speaks for itself;
THE COURT: On the record. I do want to state that --
20
you may have heard me, which is fine, through the door when I
21
was talking with the jury. They just wanted to know 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 initial
24
estimates per witness. We're doing fine time wise. So,
25
they're in good shape. That's what I was in there -- and
713.250.5585
2982
11:56
11:56
that's why I leave the door open, that you can -- basically if
anybody has an interest just generally as to what I am saying.
So, the primary thing here is keeping the jury positive on
this.
5
6
11:56
11:57
11:57
MR. FINN: Good morning, your Honor. My name is David
Finn. I represent Mr. James Davis, the witness. And I was
notified by defense that -- and they gave me a subpoena
individually for me to appear as a witness in this trial. I
10
11
11:57
Yes, sir. Now, who do you represent?
guess they plan to call me.

My concern is I've got a number of federal jury
12
trials set with Judge Schell in the Eastern District 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.
16
MR. FINN: I know. I know. I understand.
17
THE COURT: With due respect to my great colleagues.
18
MR. FINN: As a federal judge yourself, your Honor,
19
you know that the judges will ask me, "Mr. Finn, are you ready
20
to proceed to trial?"
21
Then I'm going to have to tell them, "Well, I've
22
received a subpoena, for whatever reason, to testify." 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?
713.250.5585
2983
11:57
11:57
11:57
11:58
1
2
signed by someone. The version that I got is not signed, so
that a federal judge isn't going to buy that if it doesn't have
a signature. Number two, I've been practicing 20 years now and
I've never been subpoenaed like this. So, I'm just wondering
if it's a legitimate use of a subpoena or if there's some
tactical reason behind this.
THE COURT: Who subpoenaed you?
MR. FINN: The defense.
10
THE COURT: Okay. Do you want to just address that?
11
MR. SCARDINO: Well, I mean, staying consistent that
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. He
16
sat as a judge. I'm confident that he's very familiar with the
17
Citizen Guideline Act of 1986.
18
11:58
11:58
MR. FINN: Well, number one, I need the subpoena
And it's been my experience when cross-examining
19
a witness that is testifying for the government that has made a
20
deal like Mr. Davis has that somebody with knowledge of that
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 some 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 be
713.250.5585
2984
11:58
11:58
explained to the jury.
THE COURT: All right.
MR. SCARDINO: And that's why -- and we talked to
Mr. Finn about it, and I thought we had an understanding that
he would -- we could just hand him a subpoena and that would
be -- all was well.
11:59
him in any way or taking him away from his other business.
We'll work with him. We don't have any particular order that
10
we need to call him. We can call him when it's convenient to
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 the
14
11:59
11:59
11:59
We certainly have no intention of inconveniencing
government has to say.
15
MR. COSTA: I would just note, your Honor, that
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. It speaks for
19
itself.
20
THE COURT: Let me ask you this -- and again, if we
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.
713.250.5585
2985
11:59
11:59
1
2
supposed to make the legal decisions? The reason why I say
that, it was the same thing years ago. It was a complex patent
case that I was trying. And Ray Nimmer, who is now the dean of
the University of Houston Law School, was called as an expert
witness to explain to me the patent law.
12:00
but I'm going to sustain the motion to quash because I'm
supposed to know the law and the lawyer is supposed to teach me
10
the law." So, I had to excuse the dean of the law school, who
11
is a national expert in patent law.
time. But there are some issues here as to whether 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 know. So, the
16
suggestion I have --
18
19
When are you scheduled to begin the trials with

either Richard Schell or Sid Fitzwater?
MR. FINN: The Judge Schell trial, your Honor, is in
20
two weeks; and then I've got another one in his court a week
21
thereafter. And I've also got quite a few state cases. Now,
22
obviously the state judges will defer to you but --
23
12:00
I haven't had this before. It may be the first
13
17
12:00
And I said, "Dean," I said, "Nothing personal,
12
12:00
THE COURT: And isn't the judge in a case like this
THE COURT: Well, no. The fed -- you know, if you'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 back and forth.
713.250.5585
2986
12:00
12:01
12:01
12:01
12:01
MR. FINN: Sure.
THE COURT: Meaning state versus federal. We're all
trying to do the same thing. The suggestion I have is this --
again, I'm not putting it off; but I don't want to take time
when the jury is here.
MR. FINN: Sure.
THE COURT: If need be, if we need to argue this, sort
of like we're doing now, as a legal matter, as a legal motion,
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 of times -- a
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
16
MR. FINN: Okay.
17
THE COURT: So, we can do it more academically than
18
everybody being hit, you know, with that. But the bottom line
19
is, if you run into a bind, I will call either of the judges
20
myself and explain it to them.
21
MR. FINN: Fair enough. Thank you.
22
THE COURT: Or I will call and talk to their case
23
24
12:01
next week, before the jury comes in.
25
manager.
MR. FINN: That's fair, Judge.
And one last point just to think about.
713.250.5585
2987
12:01
12:02
Obviously, anything that has transpired by way of communication
with Mr. Davis and I would be covered by attorney-client
privilege. So, I certainly -- while we have nothing to hide
and I respect what they've told you, I just -- it is a sticky
wicket.
6
7
had it before. That's what's fascinating about this job.
Okay?
9
12:02
10
12
briefs. Let's come in and talk about it.
15
But what counsel says rings true. Let's give

both sides a shot, though, if you can't work it out.
MR. SCARDINO: I can assure the Court there will be no
16
questions or no intimation or suggestions about anything
17
involving attorney-client privilege.
18
12:02
THE COURT: Okay. Everybody, if you can't work it

out, let's do a little bit of research. Again, no appellate
14
12:02
MR. FINN: Right.
11
13
12:02
THE COURT: Let's put it this way, I've -- I've not
THE COURT: All right. So, that's number one. And
19
certainly you can raise it at any time. Now it comes down to
20
whether or not it can be done in the ordinary course of
21
business or should it be allowed or is there a discretion 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 reach any
713.250.5585
2988
12:03
12:03
12:03
12:03
agreement that feels to you reasonable, let my case manager
know and we'll give you 15 minutes, a half hour before, any day
next week.
MR. FINN: Fair enough. Thank you, Judge.
THE COURT: Yes.
MR. COSTA: Your Honor, given the unusual nature of
this and the briefing you've asked for, it's tough to do that
in a vacuum, without knowing what the line of questioning would
be.
10
THE COURT: Well, let's put it this way. They're not
11
bound to let you know they're bound to change their mind on
12
calling any witnesses at all because the defense has no
13
obligation to put any witness on. You have to keep in mind the
14
Fifth Amendment rights of the defendant. They're entitled not
15
even to ask one question at all.
16
17
18
12:03
back out.
But if, indeed, they say they do want to call
19
them, as officers of the court, and they will, then I think --
20
definitely I think at least you need to know that.
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
12:03
It's going to sound like a record once they get
25
If you cannot, then we'll have a hearing and, if

necessary, I'll call the judges myself up there and say, "Well,
713.250.5585
2989
12:04
1
2
12:04
12:04
12:04
12:04
We're moving rapidly time wise. So, the initial
estimate we gave may be a little shorter than originally
thought of and give a timeline as to which judge you may be in
front of at the time.
12:04
you know, this is when we anticipate it."
MR. SCARDINO: So, your Honor, I guess -- and I don't
want to inconvenience Mr. Finn or try to put him in any awkward
situation; but can we consider, then, that he is under the
jurisdiction of this Court?
10
THE COURT: He's standing right here.
11
MR. SCARDINO: I know that, but after this witness --
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?
16
THE COURT: We'll do this before Mr. Davis gets off.
17
Okay? He'll be on for, I guess, another few days, I would
18
assume. So, any time within that time if you want to have a
19
hearing, we'll do it before the jury gets in --
20
MR. FINN: Okay.
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 don't
24
communicate with my client during his testimony. I can
25
communicate with him, and I have -- I was present in the
713.250.5585
2990
12:05
courtroom when he made a statement that the Court found
objectionable.
3
4
12:05
THE COURT: I didn't find it -- it was equivocal at

best.
MR. FINN: I instructed him to steer clear of that.
MR. FINN: Thank you, Judge.
Your Honor, may I be excused?
9
12:05
10
MR. FINN: Thank you.
11
THE COURT: Until we need you again.
12
MR. FINN: Right.
13
THE COURT: All right. Let's call the jury in,
14
12:05
15
16
12:06
12:06
THE COURT: Absolutely.
please.
(Jury present)
THE COURT: Thank you. Be seated. It was an
17
interesting visit we had and I'm going to write down 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 at
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 defendant needs to
713.250.5585
2991
12:06
take the stand in any way and it cannot be held against them
for not doing so.
12:07
A defendant is presumed innocent until he's
proved guilty beyond a reasonable doubt, and the burden is
always on the government. The burden has got -- as we
discussed during voir dire, the burden is on the government to
prove their case beyond a reasonable doubt and that burden
never shifts.
9
12:07
Also, just as a reminder, while we're doing that,
10
relative to the media, remember about the newspapers and TV.
11
Make sure your family gathers them together and take a look at
12
them once we're all done.
13
12:07
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.
16
17
Go right ahead, sir.

MR. STELLMACH: Thank you, your Honor.
18
19
12:07
12:08
At this time the government offers Exhibits 333

through 346.
20
THE COURT: 333 to?
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 promissory notes that
24
we've seen previously.
25
THE COURT: I don't hear anything. If they have an
713.250.5585
2992
12:08
objection, fine. As we know, all the government exhibits are
in evidence subject to identification and subject to any
objection.
4
12:08
12:08
12:08
12:09
12:09
Go right ahead.
BY MR. STELLMACH:
Q. Mr. Davis, before the break you testified that from time to
time there were loan agreements that Mr. Stanford entered into?
A. Yes, sir, I did.
10
Q. Again, whose idea was it that Mr. Stanford actually sign
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.
16
Q. What was that?
17
A. The notes -- the monies represented by the shareholder
18
funding report would be considered ordinary income to
19
Mr. Stanford if there were no notes produced to show otherwise
20
and those notes serviced.
21
Q. And so, did Mr. Stanford actually sign promissory notes?
22
23
Q. And the exhibit that you have in front of you, are those
24
copies of the promissory notes?
25
A. Yes, sir.
713.250.5585
2993
12:09
12:09
12:09
12:10
MR. STELLMACH: And if we could just turn to
Government Exhibit 333 at this point and enlarge up through --
that's fine.
BY MR. STELLMACH:
Q. Can you tell us -- just walk us through the amount, the
date, and the borrower on this note?
A. This note is for $52 million December 31st, 1999.
Q. And who was the borrower --
A. Allen Stanford.
10
Q. And if we turn to the next page, the lender was who?
11
A. Stanford International Bank, Limited.
12
Q. And if we could just read who the maker on the note was?
13
14
Q. Was the bank the lender on all of the notes we're about to
15
go through?
16
A. Yes, sir, as far as I know.
17
12:10
12:10
MR. STELLMACH: And if we could just turn to 334, the
18
next note.
19
BY MR. STELLMACH:
20
Q. Again, the amount, the date?
21
A. The amount is $59,500,000, dated December 31st, 2000.
22
Q. And the lender, again, is Stanford International Bank?
23
A. That's correct.
24
Q. And if we turn to the second page to see the signatory.
25
A. Yes, sir.
713.250.5585
2994
12:10
12:11
12:11
Q. So, who's signing on behalf of the bank in these loans?
A. There's no signature other than Mr. Allen Stanford.
Q. To your knowledge, was anyone at the bank notified about
the existence of these promissory notes?
A. No, sir.
Q. Did the president of the bank, for example, know that
Mr. Stanford had executed promissory notes?
A. No, sir, not to my knowledge.
Q. And to your knowledge, did the president of the bank even
10
know that Mr. Stanford had borrowed $2 billion out of the bank?
11
A. No, sir.
12
12:11
12:11
12:12
MR. STELLMACH: And if we turn to the next exhibit.
13
BY MR. STELLMACH:
14
Q. Could you tell us how much Mr. Stanford was borrowing
15
there?
16
A. This is $112 million dated December 31st, 2001.
17
Q. And the signatory on that note?
18
19
Q. And the next exhibit?
20
We can just walk through these.
21
A. This is an amount of $168 million, dated December 31st,
22
2002.
23
Q. And the signatory?
24
25
Q. The next note?
713.250.5585
2995
12:12
12:12
12:13
A. $330 million, dated December 31st 2003.
Q. And the signatory on that note?
Q. And the next note, Government Exhibit 338?
A. This is 2,300,000, dated December 31st, 1999.
Q. Now, here the lender is Stanford Financial Group. Do you
know why those funds were borrowed from Stanford Financial?
A. No, sir, I don't recall.
Q. Okay. And who was the signer on that?
10
11
Q. And just to be clear, Stanford Financial Group, how was
12
that company funded?
13
A. From the CD deposit.
14
12:13
12:13
MR. STELLMACH: And if we turn to the next exhibit.
15
BY MR. STELLMACH:
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 were executed --
20
they appear to be December 31st of each given year. One or two
21
I think may be January 1st.
22
12:14
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.
713.250.5585
2996
12:14
12:14
12:14
12:14
12:15
12:15
Q. Why were the notes dated as of the end of the year if they
weren't signed on that date?
A. They pertained to that period of time. They were set in
place with those dates by Harry Failing, and they pertained to
transactions up until that time.
Q. And so, just to be clear, when you say they pertained to
transactions up until that time, we saw from Government's
Exhibit 332C, the 2008 -- the December 2008 shareholder funding
report that Mr. Stanford, as of the end of 2008, had borrowed
10
$2 billion in CD money, were there promissory notes totaling up
11
to $2 billion?
12
A. No, sir.
13
Q. So, was there a note for every dollar Mr. Stanford was
14
taking out of the bank?
15
A. No, sir.
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 borrower
20
there is Stanford Financial Group for $100 million from the
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.
24
25
BY MR. STELLMACH:
713.250.5585
2997
12:15
12:15
12:16
12:16
12:16
12:17
Q. Well, Mr. Davis, beneath your signature, could you explain
what's written there?
A. Yes, sir. I signed it as chief financial officer of
Stanford Financial Group.
Q. Why did you sign this particular note?
A. It was suggested to me by Mr. Harry Failing, CPA, in that
he could not get in a face-to-face meeting with Mr. Stanford
and he wanted these documents completed and he set it up in
this fashion and I signed it.
10
Q. So, to your knowledge, did anyone at the bank, any bank
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 Exhibit
15
Number 3333, I just want to enlarge the paragraph, Paragraph 3
16
and just highlight the letter (I).
17
BY MR. STELLMACH:
18
Q. Could you read that for us, sir?
19
A. Yes, sir. "Default be made in the payment of any
20
installment of principal or interest on the date on which it
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 of which are
24
signed by you, what could happen or what would happen in the
25
event that there wasn't a payment made on time on the note?
713.250.5585
2998
12:17
1
2
THE COURT: Put the microphone up so it just picks up.

We have another courtroom out there, just to pick up.
12:17
12:17
MR. STELLMACH: Oh, sure.
BY MR. STELLMACH:
Q. What would happen -- under the terms of these notes, what
would happen in the event of a default, a failure to pay?
A. They would immediately become due with additional expenses.
Q. Did Mr. Stanford, in fact, make payments on these notes?
A. There were some checks written for small amounts, but
10
those --
11
MR. SCARDINO: Object, nonresponsive.
12
13
14
12:17
12:18
12:18
By the way, sir, if you can't answer it "yes" or

"no," state that; and he'll ask for an explanation.
15
THE WITNESS: Thank you, your Honor.
16
THE COURT: Ask it again, please.
17
18
BY MR. STELLMACH:
19
Q. Did Mr. Stanford make on-time full payments on these
20
promissory notes?
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.
713.250.5585
2999
12:18
Q. I want to turn to Government Exhibit -- well, 109, the
annual report for 1996.
3
4
12:18
THE COURT: What number is this? Again, it's in

evidence?
5
6
MR. STELLMACH: It is in evidence, your Honor,

Government Exhibit 109.
7
8
And in particular I wanted to turn to Page 13. I

think it may -- it's 13 on my page. It may be --
9
12:18
10
11
12:19
12:19
12:19
THE COURT: Do you see it up there?

MR. STELLMACH: It's not quite there yet. We're not
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?
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.
19
BY MR. STELLMACH:
20
Q. Under the section entitled "Advances to directors, officers
21
and affiliated entities," there's a disclosure there that the
22
bank has lended Mr. Stanford $13.5 million plus some additional
23
funds. Did Mr. Stanford ever tell you why this disclosure was
24
made?
25
A. Yes, sir. It was made because the general counsel, Yolanda
713.250.5585
3000
12:19
12:20
Suarez, had become aware of payments to some Stanford companies
that had come from the bank, from --
THE COURT: Who is this attorney again, sir?
THE WITNESS: General counsel for Stanford Financial
5
6
THE COURT: Yeah. What's her name, please?
THE WITNESS: Yolanda Suarez.
THE COURT: Where was she? Was she an Antiguan lawyer
9
12:20
12:20
12:20
12:21
Group.
or Texas lawyer?
10
THE WITNESS: Texas.
11
THE COURT: Okay.
12
THE WITNESS: And Florida, I believe.
13
THE COURT: Oh, I see. In Florida?
14
THE WITNESS: Yes.
15
BY MR. STELLMACH:
16
Q. So, Mr. Davis, could you just explain what Mr. Stanford
17
told you about why this disclosure ended up in the 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 and sent to
20
other Stanford companies. Ms. Suarez said that had to be
21
footnoted; and because of that statement by Ms. Suarez, 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 amount.
25
Q. Was the amount that was disclosed, the $13.5 million, lower
713.250.5585
3001
12:21
12:21
or higher than the amount Mr. Stanford had actually taken out
at that point from the bank?
A. Lower.
Q. So, meaning Mr. Stanford had taken out more money than that
disclosure?
A. That is correct.
7
8
THE COURT: What's the date of this report? What

year?
9
12:21
12:21
12:22
12:22
MR. STELLMACH: December 31st of 1996.
10
THE COURT: Okay.
11
MR. STELLMACH: And if we jump forward three years to
12
the 1999 annual report, Government Exhibit 112, if we could
13
enlarge that section.
14
BY MR. STELLMACH:
15
Q. What's the claim made there in the annual report about that
16
loan?
17
A. That, among other things, amount wise, all credit
18
transactions executed between the bank and the related parties
19
or in the ordinary course of business are extended on equitable
20
terms and conditions as similar transactions with unaffiliated
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.
713.250.5585
3002
12:22
Q. And again, this is dated as of the end of the year,
December 31st, 1999.
3
4
12:22
MR. STELLMACH: If we could pull up Government

Exhibit 333?
THE COURT: What year is this?
MR. STELLMACH: 1999, your Honor, December 31.
THE COURT: Oh, I see. You're looking at the note
again?
9
12:23
12:23
12:23
12:23
MR. STELLMACH: Yes.
10
And if we could just enlarge the date of that
11
promissory note to Mr. Stanford.
12
BY MR. STELLMACH:
13
Q. And what's the date of that 52 million-dollar promissory
14
note?
15
A. December 31st, 1999.
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 promissory
20
notes, there are promissory notes Government Exhibits 334, 335,
21
336, 337 and continuing. Those postdate 1999, don't they?
22
A. (No response).
23
Q. They're after 1999?
24
A. Yes, sir.
25
Q. But after the annual report in 1999, was there ever any
713.250.5585
3003
12:23
12:24
12:24
12:24
12:24
12:25
disclosure of the existence of a loan to Mr. Stanford in any
amount?
A. No, sir.
Q. And again, those promissory notes that we just mentioned,
with the exception of two, I believe, who's the signatory on
them?
Q. And who signed the annual reports stating that there
were -- which failed disclose the existence of any loans to
10
Mr. Stanford?
11
A. Mr. Allen Stanford, among others.
12
Q. Now, we previously mentioned -- or you previously have
13
testified about Stanford Development Corporation?
14
A. Yes, sir, I did.
15
Q. What kind of business was that, again?
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.
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 businesses that
25
they were building these buildings for?
713.250.5585
3004
12:25
12:25
12:25
12:26
12:26
12:26
A. Mr. Allen Stanford's businesses. There were also other
projects, buildings for restaurants and athletic clubs and for
cricket fields.
Q. How did you learn about these projects?
A. I saw the transactions, of course, going through
accounting. I learned -- Mr. Stanford spoke of the projects to
me.
Q. Were you involved in the -- in overseeing any of those
projects?
10
A. No, sir.
11
Q. Did you approve funds to be spent on those particular
12
projects?
13
A. No, sir.
14
Q. Did you own any of the projects that Stanford Development
15
Corporation was putting CD money into?
16
A. No, sir.
17
Q. The projects that Stanford Development Corporation 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?
21
A. Yes, sir.
22
Q. What area?
23
A. The airport complex.
24
Q. Did Mr. Stanford ever explain why he was building -- he had
25
real estate projects and development projects in the airport
713.250.5585
3005
12:26
12:26
area?
A. Yes, sir.
Q. What did he tell you about why he was building there, in
that area?
A. Said that was the first and the last visual impression that
anyone coming to the island would have and that it would be an
excellent promotional aspect and support to companies.
12:27
MR. STELLMACH: And, your Honor, if we could turn to
Government Exhibit 1530. I think there's an aerial overhead
10
shot. We also have an enlarged -- an enlargement. I don't
11
know how -- I was going to use an easel to do this, but we
12
might just --
13
14
12:27
12:27
12:28
THE COURT: There's an easel. I think there's an

easel part to the --
15
MR. STELLMACH: I don't know what's easier for the
16
jury to see. Would it be the picture on the easel or the
17
overhead? Probably the overhead.
18
THE COURT: Do you have a pointer?
19
MR. STELLMACH: I do, your Honor.
20
BY MR. STELLMACH:
21
Q. So, Mr. Davis, could you use the pointer and just 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 picture?
25
A. Would have been below, down in this area.
713.250.5585
3006
12:28
1
2
3
12:28
12:29
12:29
THE WITNESS: Yes. Yes, your Honor.

BY MR. STELLMACH:
Q. And I don't know whether you need to extend the microphone,
Mr. Davis, or lean back while you're doing this, whatever is
easier for you.
12:28
right quadrant?
12:28
THE COURT: The lower right quadrant, below the lower
THE WITNESS: Yes, your Honor, the right lower

quadrant.
10
BY MR. STELLMACH:
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 developments. Down
15
below -- down below the tower was a building, I believe,
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 account --
20
Q. Okay.
21
A. -- with Stanford.
22
Q. And moving along?
23
A. To the right is a five-star restaurant called The Pavilion.
24
To the right, Stanford International Bank, Limited
25
headquarters.
713.250.5585
3007
12:29
12:30
12:30
12:30
Q. Did the bank own the building it was based in on Antigua?
A. Yes, sir. It was on the -- yes, sir, as far as I recall,
it was on the balance sheet of the Stanford International Bank.
Q. Was that the only real estate that was disclosed to the
depositors in that balance sheet?
A. Yes, sir, as far as I recall.
Q. And if we turned -- if we continue the tour?
A. Yes, sir. To the right here is a hillside that has an
eco-friendly water filtration project, and that was fed into a
10
multi thousands of gallons underground water storage facility.
11
To the right of that is Stanford Printing & Publishing, I
12
believe, on the right-hand side where the red roof is.
13
Q. All right.
14
A. General landscaping here between this area of the bank and
15
ecosystem and Printing & Publishing and the airport.
16
12:31
17
Wicket. It was based on a -- the sport of cricket theme.
18
Q. That was the Chili's style or type restaurant?
19
A. Chili's, Applebee's, it was probably in that level.
20
Q. Okay.
21
A. Hard Rock Cafe, possibly.
22
23
24
12:32
This is a theme restaurant called the Sticky
25
This was a night-lighted world-class cricket

field and stadium and parking, signage, signage.
This was an athletic club, and I believe it was
Stanford Athletic Club was the name of it.
713.250.5585
3008
12:32
1
2
12:32
12:32
12:32
12:33
curbs, landscaping.
This was Bank of Antigua, Limited.
Q. That was the commercial bank Mr. Stanford bought in order
to get access to the island?
A. That's correct.
Q. Did we already talk about the cricket field, or it's pretty
obvious?
A. Yes, sir. Here's fan stands.
10
Q. Okay. What was your understanding of how much this cost to
11
build?
12
THE COURT: Everything, you said?
13
MR. STELLMACH: All these buildings in the airport
14
12:32
Down here was maintenance facilities, roads,
15
area.
THE WITNESS: In the neighborhood of a hundred, a
16
hundred and twenty million dollars.
17
BY MR. STELLMACH:
18
Q. And where did that money come from?
19
A. CD depositors.
20
Q. And that was -- we saw that entry reflected earlier in the
21
shareholder funding report, that number would be included into
22
the Stanford Development Corporation total on that report?
23
A. There should be reference to that, yes, on that report.
24
Q. So, other than the actual headquarters of the bank, did the
25
bank own any of the properties you just walked through?
713.250.5585
3009
12:33
12:33
12:34
12:34
12:34
A. No, sir.
Q. Did you have a nickname for this project?
A. "Wally World."
Q. While you worked for Mr. Stanford, were you ever present at
any meetings where people asked him how he was financing these
different development projects?
A. Yes, sir, board of directors, also prospective clients,
FA's.
Q. "FA's" meaning financial advisors?
10
A. I'm sorry. Financial advisors.
11
Q. Like Jason Green?
12
A. Yes.
13
Q. Or Michelle Chambliss?
14
A. Yes, sir.
15
Q. And sometimes actual depositors, potential depositors?
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
21
22
12:34
THE COURT: Any other explanation ever given, or that

was the answer and everybody accepted it generally?
THE WITNESS: As you stated, your Honor, accepted it
23
generally.
24
BY MR. STELLMACH:
25
Q. And you mentioned earlier that Mr. Stanford had some plans
713.250.5585
3010
12:34
12:35
to build a resort. Was that resort in this area of the island
or somewhere else?
A. It was at this end of the island, further in this
direction, which would be maybe north, northeast.
5
6
12:35
12:36
12:36
Antigua, about?
THE WITNESS: About 108 square miles, your Honor.
9
12:35
THE COURT: How many square miles is the island of
BY MR. STELLMACH:
10
Q. All right. Mr. Davis, I wanted to leave Antigua for awhile
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 that have not
14
yet been sold publicly and have not yet been traded on a public
15
stock exchange.
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 private equity
20
investments?
21
A. Yes, sir.
22
Q. How did that process come about?
23
A. I believe at some point in time in the development of the
24
companies I suggested that private equity might be a good
25
investment --
713.250.5585
3011
12:36
12:36
THE COURT: Hold it.
MR. SCARDINO: A belated and slow objection to the
form of the question. It's just a generic question that's open
to any answer.
5
6
MR. STELLMACH: A generic? I'm asking how the idea of

private equity investments came about.
12:36
MR. SCARDINO: Well, I mean, I would ask it be more
definitive in narrowing the scope of the question to the
witness.
10
THE COURT: Can you narrow it?
11
MR. STELLMACH: I can narrow it, sure.
12
THE COURT: Okay. Just break it down to different
13
steps.
14
12:36
12:37
12:37
MR. STELLMACH: I will.
15
BY MR. STELLMACH:
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 the two us.
21
It's hard to say over 21 years who spoke first about it, but
22
yes.
23
Q. Fair enough. Was there ever any disclosure, though, to the
24
depositors that funds were being placed in private equity?
25
A. No, sir.
713.250.5585
3012
12:37
12:37
12:38
12:38
12:39
12:40
Q. Or to the financial advisors?
A. No, sir.
Q. Why invest in private equity when Mr. Stanford is borrowing
$2 billion from the bank?
A. Private equity offers an opportunity to -- if the holdings
are sufficient percentage wise in the private equity deal,
offers an opportunity to make unusual gains compared to a
normal marketplace, unusual gain -- unusual gains on the
investment.
10
Q. You could hit the jackpot?
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 investments were
14
made at the bank?
15
A. (Complies.)
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, could you
19
walk us through what you are trying to show there?
20
A. In the private equity sense, CD money would be transferred
21
to either a shell company like Stanford Venture Capital
22
Holdings or Stanford Financial Group Company, which companies
23
would then fund purchases of private equity holdings in various
24
companies, the wireless industry or distribution, retail, could
25
be in gas and oil, could be in a number of industries.
713.250.5585
3013
12:40
12:40
12:41
12:41
12:41
Q. Why not have the bank transfer funds directly into private
equity investments?
A. Because they're -- private equity investments were not
according to the investment parameters promulgated to
perspective investors.
Q. Was that something you discussed with Mr. Stanford, the
fact that the private equity investments would be made -- in
the first instance, the CD money would go to Stanford Financial
Group accounts or Stanford Venture Capital Holdings accounts?
10
A. Yes, sir, that is correct, we did discuss it, many, many
11
times.
12
Q. And so, only then would the money be transferred 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 recommendations
16
coming out of the group that found those opportunities called
17
the capital markets group of Stanford Financial originally and
18
then later the brokerage. Those recommendations would come to
19
primarily myself, eventually at the end of the line, and they
20
would be approved or disapproved. That would be shared with
21
Mr. Stanford.
22
12:42
Or a couple of times I believe they went from
23
Mr. Stanford by referral and we discussed from there. Most of
24
these went through the process of capital markets finding the
25
investment, vetting it, and then that investment eventually
713.250.5585
3014
12:42
could come to my desk for signing approval. And then that
would be discussed with Mr. Stanford.
12:42
capital markets holding. He would also discuss that with me.
I would discuss it with him when we would sit down together.
It was one of the common knowledge pieces that we discussed
together fairly frequently.
Q. And so, we went through --
9
12:42
12:43
12:43
MR. STELLMACH: If we could see Government
10
Exhibit 332C. I just want to be very precise about something,
11
your Honor, for purposes of the limine motion.
12
BY MR. STELLMACH:
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.
16
A. (Complies.)
17
12:43
Mr. Stanford would also receive reports from
MR. STELLMACH: And if we could see the entire
18
spreadsheet.
19
BY MR. STELLMACH:
20
Q. So, the companies we see here, Mr. Stanford's personal
21
companies --
22
THE COURT: Again, exhibit number?
23
MR. STELLMACH: 332C, your Honor.
24
THE COURT: Thank you.
25
BY MR. STELLMACH:
713.250.5585
3015
12:43
Q. In addition to his yachts and his planes, the personal
companies that Mr. Stanford owned, these were not assets of the
bank. Is that correct?
4
12:43
12:43
12:44
12:44
12:44
MR. SCARDINO: Object to the form of the question.

Mr. Stellmach, I'm sorry.
THE COURT: It's leading.
BY MR. STELLMACH:
Q. Were any of the companies listed here assets of the bank?
10
A. No, sir.
11
Q. In 332C?
12
A. No, sir.
13
Q. But the private equity investments that you described, were
14
some of these actual bank assets?
15
A. Restate the question, please.
16
Q. Certainly. Did the bank have private equity investments in
17
Tier III?
18
A. Yes.
19
Q. Okay. So --
20
A. In Tier III, that's correct.
21
Q. So, these companies that we see in 332C, are they
22
considered part of Tier III; or is it only the loan to
23
Mr. Stanford, the 2 billion-dollar note to Mr. Stanford, that's
24
considered part of Tier III?
25
A. The latter, the note.
713.250.5585
3016
12:44
12:45
12:45
12:45
12:45
12:46
Q. So, Mr. Davis, if I could just impose on you, in general
terms, what were the assets that were in Tier III? We talked
about Tier I, the cash. We've talked about Tier II, the
stocks, the equities, the precious metals, the investments that
were liquid and consistent with the marketing materials. That
totaled up to about how much of the bank's assets?
A. 25 percent.
Q. Only 25 percent of the total assets?
A. Between Tier I and Tier II.
10
Q. Tier III, though, what was in Tier III?
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?
16
MR. SCARDINO: It's a nonresponsive answer.
17
18
BY MR. STELLMACH:
19
Q. Was the note to Mr. Stanford in Tier III, the
20
2 billion-dollar note?
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.
713.250.5585
3017
12:46
12:46
Q. And was there anything else in Tier III?
A. Yes, sir, real estate.
Q. Where was the real estate located?
A. Antigua, Barbuda.
Q. So, when you say 75 percent of the bank's assets were in
Tier III, do you mean there was actually -- there was value
equal to the 75 percent being reported for the bank's assets?
8
9
12:46
12:47
12:47
12:47
MR. STELLMACH: Again, I'm being very precise, your

Honor, limiting it only to the bank's assets.
10
BY MR. STELLMACH:
11
Q. Mr. Davis?
12
A. There were -- in Tier III, 75 percent of the bookkeeping
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 used the cash
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 how much?
19
A. 15 percent.
20
Q. So, that's 25 percent. If you sold the bank's assets which
21
were in Tier III, the private equity, the real estate, if you
22
got Mr. Stanford to repay his $2 billion, would that have been
23
enough to repay depositors? Again, I'm only focusing on the
24
bank's assets.
25
MR. SCARDINO: Object to the form of the question and
713.250.5585
3018
12:47
it's multifarious and he's asking for speculation.
2
3
MR. STELLMACH: I'm not asking for speculation, your

Honor. This is Mr. Davis --
4
12:48
what he's listed there, what would you get.
THE COURT: Break it down.
THE COURT: That's the easiest way to do it, break it
9
12:48
12:48
12:48
down.
10
BY MR. STELLMACH:
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 that
16
Tiers I and II, the cash and the liquid assets came 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?
21
A. Yes, sir.
22
Q. -- would it have been worth $5.1 billion?
23
12:49
MR. SCARDINO: You said would it get -- if you sold
MR. SCARDINO: And I'll object to that because there's
24
been no foundation to show that this man has got the expertise
25
to form an opinion of what the marketable value was of those
713.250.5585
3019
12:49
12:49
assets. Chief financial officer does not qualify him for that.
MR. STELLMACH: He oversaw the private equity
investments together with Mr. Stanford and he's also pled
guilty to a fraud.
5
6
7
8
9
12:49
12:49
12:50
on the value of the property.

MR. STELLMACH: It goes to his state of mind, what the
fraud was.
THE COURT: Sustained as to the form of the question.
10
BY MR. STELLMACH:
11
Q. At any point when you worked for Stanford -- for
12
Mr. Stanford, to your knowledge, did the bank have 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 time with
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 only
21
talking about the bank's assets, correct?
22
A. Yes, sir.
23
12:50
MR. SCARDINO: Well, that doesn't make him an expert
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.
713.250.5585
3020
12:50
BY MR. STELLMACH:
Q. Who signed the letter from the chairman?
A. Mr. Stanford.
4
12:50
12:51
12:51
12:51
12:52
MR. STELLMACH: And if we go to the prior page,
Page 26, and just that third paragraph beginning, "Likewise,
during the past 20 years."
BY MR. STELLMACH:
Q. If you could read -- if you could just read the first three
sentences for us, please?
10
A. "Likewise, during the past 20 years, we have witnessed an
11
array of different economic and political events. In October
12
of 1987, we experienced the worst stock market decline since
13
the Great Depression. In 1990, the United States went into a
14
major recession. During the next few years, we saw the Mexican
15
peso crisis of 1994, the Asian crisis of 1997, the Russian
16
crisis of 1998, and the collapse of long-term capital.
17
Speculation in technology stocks drove the NASDAQ over 5,000
18
for the first time in March 2000, and this exuberance carried
19
over to the Dow, prompting it to break the 11,000 mark."
20
Q. There are also references there to corporate scandals, the
21
9-11 attacks, defaults on debt. Throughout the past 20 years,
22
the 20 years prior to this, this annual report, had Stanford
23
International Bank and Guardian before it always consistently
24
reported a profit?
25
A. Yes, sir, at year end.
713.250.5585
3021
12:52
12:52
12:52
12:53
12:54
12:54
Q. Did the bank ever actually have a profitable year?
A. No, sir.
Q. What did Mr. Stanford tell you about the need to always
report a profit?
A. That if there was no profit, you couldn't sell to clients,
you could not sell a CD based on a losing proposition, a bank
that was losing money, so you had to have profit.
Q. Could you explain to us how the fake profit number would be
determined?
10
A. Yes, sir. Simply stated, the profit reported would have to
11
be a reasonable gain on or interest on or earnings on the
12
investment portfolio section that was reported. If the world
13
markets were producing 6 percent returns on average, as an
14
example, it would be far-fetched to report that your
15
institution gained 14 percent. So, firstly, the number of --
16
that represented profit had to be reasonable. And 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. Stanford
21
to go through the process of picking the profit number?
22
A. In the very beginning, in the '91, '92, yes, period.
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 what
713.250.5585
3022
12:54
the witness said. He said after that it was clear to do what
now?
12:54
12:54
12:55
THE WITNESS: My instructions were clear from the
beginning that we report a profit. And, therefore, what I just
explained, the methodology used to produce that profit took
place. Whether Mr. Stanford discussed with me each and every
reporting period or not, he certainly signed the documents.
BY MR. STELLMACH:
Q. Well, he signed the documents. But did Mr. Stanford know
10
that the profit number the bank was reporting was a fake?
11
12
Q. Well, how did he know that if you weren't sitting 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;
16
but he knew about the $550 million that was plowed back into a
17
defunct airline and $220 million into a deep water port --
18
19
12:55
12:55
MR. SCARDINO: Nonresponsive answer after he didn't

sit down with me.
20
21
BY MR. STELLMACH:
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 report as a
25
profit?
713.250.5585
3023
12:55
12:56
A. Yes, we discussed certainly at year end, most of the time
in between year ends, the amount of profit that would be shown.
There were two reports, one at mid year called a statement of
condition for the bank; and there was, of course, the glossy
annual report at year end which were discussed.
Q. So, you weren't necessarily sitting down in person with
Mr. Stanford each time; but were you communicating with him
about the number to report?
9
12:56
10
12:56
12:56
leading.
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
12:56
MR. SCARDINO: Well, the first part of the question is
15
first part was leading.

THE COURT: Rephrase it.
16
BY MR. STELLMACH:
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 to report,
21
what fake profit to report, did you discuss it with
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?
713.250.5585
3024
12:56
12:57
A. No, sir.
Q. Well, what would you -- what was the dynamic? Did you
propose a high number and he proposed a lower number? How did
that work?
A. He would be told how much profit was reported on the
interim report before it's published.
7
8
MR. SCARDINO: I'm sorry. Maybe I'm dense. When he

says "he," can we have a clarification who "he" is?
9
12:57
10
12:57
12:57
sir?
11
12
THE COURT: Okay. Thank you.
13
14
12:57
THE COURT: Is that Mr. Stanford you're referring to,
I would discuss this number with Mr. Stanford
15
each and every time this was publicly reported.
16
BY MR. STELLMACH:
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.
21
THE WITNESS: Yes.
22
THE COURT: Okay.
23
BY MR. STELLMACH:
24
Q. Did the bank ever report an unprofitable quarter? You said
25
it didn't report an unprofitable year. But was there ever a
713.250.5585
3025
12:57
12:58
12:58
12:58
quarter when it reported a loss?
A. I recall two, yes.
Q. When was the first?
A. 9-11 quarter. That would have been the third quarter of
2001.
Q. Why did the bank report a loss at that point?
A. Market collapsed worldwide. It would have been irregular
or unreasonable to produce a profit when the global markets had
collapsed.
10
Q. Even after 9-11, when it would have been unreasonable as
11
you testified, what did Mr. Stanford say about whether he
12
wanted to still report a profit?
13
A. It was understood by his discussions with me from the very
14
beginning of my employment that a profit had to be reported.
15
16
12:59
different topic.
17
THE COURT: All right. Ladies and gentlemen, we'll
18
take our break at this time. It's now almost about a minute
19
before 1:00. We'll be back ready to resume 2:15. We'll see
20
you at that time.
21
(Recess was taken)
22
(Jury present)
23
24
02:20
MR. STELLMACH: Your Honor, I was about to turn to a
25
THE COURT: Thank you. Be seated.

Go right ahead.
713.250.5585
3026
02:20
02:20
02:21
BY MR. STELLMACH:
Q. Mr. Davis, earlier this morning we talked about the money
flow of CD money out of the bank. This afternoon I would like
to touch just briefly on how money was sent into the bank by
depositors. Were you familiar with that process?
A. Yes, sir, I was familiar with it.
Q. And what were the different ways that depositors would send
their funds to the bank in order to purchase CDs?
A. Two ways. One was by wire transfer from their sending
10
bank, one was by their personal check.
11
MR. STELLMACH: And, your Honor, I'm just going to
12
turn to Government Exhibit 4; and I understand there's no
13
objection to it.
14
02:21
THE COURT: Thank you. You actually go that low. I
15
know how high you go. I'm waiting for you to work down below.
16
Go on.
17
02:21
18
BY MR. STELLMACH:
19
Q. Mr. Davis, this is an account statement from Stanford Group
20
Company.
21
MR. STELLMACH: And the name of the individual, if we
22
could just enlarge that at the very bottom. Beneath account
23
number. Okay. William Junell.
24
02:22
25
And if we can go back to the main document and if

we could just highlight the amount of the CD purchased -- or
713.250.5585
3027
02:22
under money market withdrawal. It's the 700,000-dollar figure
on December 24th of 2008.
3
4
02:22
MR. STELLMACH: No, your Honor, it's on the laptop.
THE COURT: Okay.
MR. STELLMACH: And then if we turn to the next
02:22
02:22
10
page of the -THE COURT: Hold it. Can you highlight what we're
looking at?
11
MS. GREGORY: That's not ours.
12
THE COURT: It's not yours?
13
MS. GREGORY: No.
14
BY MR. STELLMACH:
15
Q. While we're working out those technical difficulties,
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 Elmo, it might
20
be easier.
21
02:23
up a little bit? Oh, is this on the Elmo?
02:22
THE COURT: Can you highlight that, please? Bring it
THE COURT: Okay. But is the computer -- is it
22
this -- there we go.
23
BY MR. STELLMACH:
24
Q. Okay. Mr. Davis, if I could borrow that for a moment.
25
So, we saw $700,000 in Mr. Junell's account at
713.250.5585
3028
02:23
02:23
02:23
02:24
Stanford Group Company, the brokerage firm. And if we see
originator, do you see that line right there?
A. Yes, sir, I do.
Q. Where does it indicate that account was located at?
A. Houston, Texas, Stanford Group escrow account.
Q. And if we turn to beneficiary, the account that received
it, it went through an account located where, sir?
A. In Toronto, Canada.
Q. And it ended up in an account where?
10
A. Stanford International Bank account in Toronto, Canada.
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.
16
17
jury is shaking their heads, too. No, really. That's what --
18
if you -- I don't understand what we have here --
19
02:24
20
21
22
02:24
THE COURT: Okay. I'm not following this. Okay? The
MR. STELLMACH: Your Honor, this is one of the charged

substantive wire fraud counts. So -THE COURT: Just explain what it is. It's substantive
wire fraud --
23
24
THE COURT: -- no. The mechanics. What is that
25
document, what are we talking about here?
713.250.5585
3029
02:24
02:24
1
2
BY MR. STELLMACH:
Q. So, Mr. Davis, based on seeing Mr. Junell's account
statement --
5
6
02:24
THE COURT: All right. Where did he make the deposit?
Initially. In whose account, what kind of a bank, whatever?
10
THE WITNESS: This amount, $700,000, came from this
13
14
15
16
17
client.
THE COURT: Okay. So, the client -- was it already in
a bank account?
THE WITNESS: It was in an escrow bank account in the
name of the brokerage Stanford Group.
THE COURT: All right. What do you mean by an escrow
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.
21
THE COURT: Okay. And that was in the Stanford Bank
22
02:25
made a deposit somewhere? Is that correct, Mr. Davis?

12
02:25
THE COURT: Now, does that mean that he put a -- he
11
02:25
originally, correct?
23
THE WITNESS: It was in the Stanford Group Company,
24
the brokerage, the Texas brokerage bank account, yes, in the
25
name of that client.
713.250.5585
3030
02:25
1
2
3
02:25
02:25
account Toronto Dominion bank.
THE COURT: Okay. That's the next stop?
THE COURT: All right. Take it --
THE WITNESS: And ultimately it went to Stanford
10
International Bank, Limited's account in Toronto in that -- for
11
further credit to that client, same client.

THE COURT: Was this -- in other words, again, this
was a purchase of a CD, correct?
14
THE WITNESS: Yes, sir, it was.
15
THE COURT: For 700,000?
16
THE WITNESS: For $700,000.
17
THE COURT: And he received a Certificate of Deposit
18
from what bank?
19
THE WITNESS: Stanford International Bank, Limited.
20
THE COURT: Okay. Now, it starts moving from there
21
based -- and the government's theory is they're tracking this
22
for some reason. Now, go right ahead.
23
02:26
THE WITNESS: It was debited or taken from that

account and sent to -- as indicated here, it was sent to a bank
13
02:26
Where did it go?
12
02:26
THE COURT: Okay. Now, what happened to it next?
24
BY MR. STELLMACH:
25
Q. And so, Mr. Davis, that was one way depositors could
713.250.5585
3031
02:26
02:26
02:27
02:27
02:27
02:27
purchase CDs, by wiring funds directly into an account held by
Stanford International Bank?
A. Yes, sir.
Q. What was the other way depositors could buy CDs from the
bank?
A. Depositor could write a check and that check could buy the
CD.
MR. STELLMACH: And I'm showing the witness Government
Exhibits 7 through 11, and I understand there's no objection to
10
those.
11
THE COURT: Just assume there's not.
12
MR. STELLMACH: Yes.
13
THE COURT: Easiest way to do it.
14
BY MR. STELLMACH:
15
Q. So, if somebody wanted to buy a CD and instead of wiring
16
the money into an account like Mr. Junell did with his
17
$700,000, if they actually showed up and gave a check to their
18
broker or their financial advisors at Stanford Group Company,
19
could you explain to us the process by which those funds would
20
then end up at Stanford International Bank?
21
A. Yes, sir. There would be documentation supporting that
22
check, that is to say, the client's name, account number, and
23
all the pertinent information that was utilized to 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,
713.250.5585
3032
02:27
02:28
02:28
02:30
02:30
02:30
would be sent to an administrative person at the brokerage.
And that check and that account information sheet would be
accumulated with all other similar purchases of CDs in this
example. And then once a day, the total of purchased CD
checks, client information, would be summarized and sent to
Stanford International Bank, Limited in Antigua by pouch.
Q. When you say "by pouch," what do you mean?
A. Federal Express overnight letter.
Q. And based on your review of Government Exhibits 7 through
10
11, what do you recognize those documents or those exhibits to
11
be?
12
A. These are account opening documents and in some cases
13
checks that would have gone into this overnight letter Federal
14
Express summary and sent to the bank.
15
Q. So, for example, Government Exhibit 7, is that a copy of
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 switch to
21
the laptop. Just to see an example of what one of these mail
22
pouches looks like, Government Exhibit 7.
23
BY MR. STELLMACH:
24
Q. So, the first page, I think we saw, was a FedEx cover
25
sheet -- or --
713.250.5585
3033
02:30
02:30
02:31
1
2
BY MR. STELLMACH:
Q. And this looks like it's being FedEx'd from where,
Mr. Davis?
A. Stanford Group Company in Houston, Texas, 5050 Westheimer,
I believe.
Q. Okay.
A. Yes, sir.
Q. And where would the documents collected by the financial
10
advisor for a customer then be FedEx'd to?
11
A. They would be FedEx'd to the Stanford International Bank on
12
Pavilion Drive, St. John's, Antigua.
13
02:31
02:31
02:31
MR. STELLMACH: I'm sorry. Could we go --
MR. STELLMACH: Okay. If we could just turn to a page
14
in the document, just to see the types of information that
15
would have been forwarded.
16
BY MR. STELLMACH:
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 number.
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.
713.250.5585
3034
02:31
02:32
02:32
02:32
Q. And then it contains a description code, and there's some
documents identified there. What are those?
A. For that top item of $2 million, it's the package of
account opening. It appears the package of account opening
documents.
Q. So, once a depositor decided to purchase a CD, they would
complete the information -- a depositor, I should say, here in
the United States, they would complete the information in the
subscription agreement, the other documents they needed to open
10
the account, give their check, and all of that would be sent
11
down to Antigua?
12
A. Yes, sir.
13
Q. All right. And I think we're done with the mail pouches.
14
I just wanted an example. Let me take those out of your way.
15
A. Here's one more.
16
Q. Now, you testified yesterday and today that the fraud to
17
which you pled guilty lasted approximately 20 years?
18
19
02:33
20
21
02:33
MR. SCARDINO: Objection to the use of the term

"fraud" by the -MR. STELLMACH: I'm asking the question the fraud to
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.
713.250.5585
3035
02:33
02:33
02:34
02:34
02:34
02:34
BY MR. STELLMACH:
Q. And I wanted to turn to some of the claims that were made
in the different marketing materials about the protections that
were supposed to be in place, starting with Government
Exhibit 131 on Page 16.
MR. STELLMACH: Under "Investment Philosophy and
Portfolio Diversification," if we could just enlarge that
paragraph and just -- well, it states in the third -- if we can
just highlight the sentence beginning, "Our investment strategy
10
is set annually and reviewed quarterly by our board of
11
directors."
12
BY MR. STELLMACH:
13
Q. Do you see that?
14
A. Yes, sir, I do.
15
Q. When did you join the board of directors of Stanford
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 joined?
21
A. I believe five.
22
Q. Who were these individuals?
23
A. They were businessmen for the most part from central Texas
24
and one individual who was a barrister, solicitor, and judge
25
from the Eastern Caribbean.
713.250.5585
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02:34
02:35
02:35
02:35
02:35
02:36
Q. How frequently did the board of directors meet?
A. Several times a year.
Q. Where would it meet?
A. It would meet in Stanford offices, both in the US and in
the Caribbean.
Q. Did it meet regularly?
A. In the early years it did, yes.
Q. Well, by "in the early years," but approximately at what
point did it stop meeting regularly?
10
A. Probably the mid Nineties.
11
Q. And after the mid Nineties, how frequently would the board
12
actually meet?
13
A. They would meet a couple of times a year -- twice a year
14
with also some meetings by telephone conference.
15
Q. Was there an agenda for these meetings?
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? What would
21
happen when the board actually met?
22
A. There would be -- usually when the board met, it would be
23
of a day's duration, certainly a full afternoon. The meeting
24
would consist of going through a state of the company type
25
message from the chairman; and there would be a review of
713.250.5585
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02:36
02:36
02:36
02:37
02:37
02:37
financial statements, financial information. There would be a
review of the world economic situation, the financial markets;
and there would also be an update by the chairman on other
items of interest that might be happening in the other Stanford
companies.
Q. The companies that weren't overseen by the board?
A. Yes, sir.
Q. Was the board ever given any information -- any truthful
and accurate information about the bank's assets?
10
A. No.
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,"
16
was the board given accurate information to perform that
17
function?
18
A. No, sir.
19
Q. Now, the bank moved to Antigua in what year?
20
A. In 1991. 1991.
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 paid Mr. King?
713.250.5585
3038
02:37
02:38
You mentioned payments to Mr. King as well. What did he tell
you about how he made those payments?
A. He said he made them in cash, made them at night, between
the two of them.
Q. I was wondering, Mr. Davis, with the Court's indulgence, if
I could ask you to go to one of your charts and show how the
money was sent to Mr. King according to what Mr. Stanford told
you?
9
02:38
10
microphone, please? You need to turn it on. Is it the front
11
button?
12
02:40
02:40
13
BY MR. STELLMACH:
14
Q. And so, Mr. Davis, starting at the top, could you explain
15
the flow of funds as Mr. Stanford told you?
16
A. The money would come from Stanford International 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 Antigua, Limited
19
to an account in the name of Mr. Stanford. And then cash out
20
of that account, Mr. Stanford's account, would be withdrawn and
21
handed to Mr. King by Mr. Stanford.
22
23
02:41
THE COURT: Sir, may we have -- can you turn on the
MR. SCARDINO: Mr. Stellmach, I can't read the line -can I just show you?
24
MR. STELLMACH: Sure.
25
MR. SCARDINO: Maybe if I get up here close.
713.250.5585
3039
02:41
02:41
02:41
1
2
BY MR. STELLMACH:
Q. So, Mr. Stanford had a bank account, a personal bank
account, at the Bank of Antigua, his commercial bank?
A. Yes, sir.
Q. And what did he tell you he would do with that account?
A. In this case he would request -- he would -- Mr. Stanford
would request the assistant manager or the manager of the bank
to put together --
10
Q. Maybe you should take the stand. I think we can follow
11
along without you being next to it. Mr. Davis, you can just
12
take the stand and walk us through this.
13
02:42
02:42
02:43
THE WITNESS: "In the name of."
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 that
16
account, person requested -- he requested from would put a cash
17
withdrawal in the package and get it to Mr. Stanford.
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.
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 portion.
25
713.250.5585
3040
02:43
02:43
02:43
BY MR. STELLMACH:
Q. Were you ever physically present when Mr. Stanford handed
cash to Mr. King?
A. No, I was not.
Q. Did you ever see Mr. Stanford with cash that was going to
go to Mr. King before the meeting took place?
A. Yes, sir, I did.
Q. Could you tell us about that incident?
A. One evening in the airport -- Stanford airport hangar in
10
Antigua -- I believe it was on -- located on Pitch Drive --
11
12
13
02:43
02:44
02:44
MR. SCARDINO: I would like it related to question and

answer.
14
BY MR. STELLMACH:
15
Q. Where did you see -- where did this take place, this
16
meeting with Mr. Stanford?
17
A. On Pitch Drive by the -- inside the Stanford hangar in
18
Antigua, by the airport.
19
Q. And who was present when you had this meeting with
20
Mr. Stanford?
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 conference
24
room table inside Mr. Stanford's briefcase.
25
Q. How could you see inside the briefcase?
713.250.5585
3041
02:44
02:44
02:44
02:44
02:45
02:45
A. It was open on top of the desk. And he pointed to it and
said, "Unfortunately, I've got to see Mr. King, deliver the
cash."
MR. SCARDINO: Object to nonresponsive.
BY MR. STELLMACH:
Q. Mr. Stanford told you he was then going to deliver the cash
to Mr. King?
A. That night, yes, sir.
10
Q. But you were not there when that happened?
11
A. I was not there, no, sir.
12
Q. Did Mr. Stanford ever tell you how much money he was paying
13
to Mr. King?
14
A. I believe it was in the neighborhood of 10 to $15,000.
15
Q. How frequently?
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 position?
19
THE WITNESS: He was -- your Honor, he was the
20
director of the Financial Services Regulatory Commission in the
21
Department of Treasury, Antigua, Barbuda.
22
BY MR. STELLMACH:
23
Q. Was he the individual that Mr. Stanford had replace
24
Ms. Crick as the chief regulator?
25
A. Yes, sir, he replaced Ms. Crick.
713.250.5585
3042
02:45
02:45
02:46
02:46
02:46
02:46
Q. Did you ever speak with Mr. King directly?
A. Yes, sir.
Q. What types of issues would you discuss with him?
A. Other than non-business related items, "How is the bank
doing" he would ask. We would go over how the bank was going.
Sometimes he would ask things like --
MR. SCARDINO: It's nonresponsive.
MR. STELLMACH: I asked the witness what types of
10
issues he would discuss with Mr. King.
11
THE COURT: You know, as long as it's not run-on.
12
13
BY MR. STELLMACH:
14
Q. Did Mr. King, when you spoke with him, ever comment on any
15
gifts that Mr. Stanford had given to him?
16
A. Yes, sir. He, in fact, called me several times asking --
17
MR. SCARDINO: Nonresponsive.
18
19
20
BY MR. STELLMACH:
21
Q. What were the gifts that Mr. King discussed with 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.
713.250.5585
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02:47
02:47
02:47
02:48
02:48
02:48
Q. So, Mr. King, when he raised the issue of Superbowl tickets
with you, what did he say about them?
A. He said he hadn't been able to get in touch with
Mr. Stanford and he had not received the tickets yet.
Q. What did you do after Mr. King told you that?
A. I relayed that information to Mr. Stanford.
Q. After you told Mr. Stanford, what did he say?
A. Said he would take care of it.
Q. Do you know whether he did?
10
A. Yes, sir.
11
Q. How do you know that?
12
A. Mr. King would say to me when we would meet, "It 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's
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. King flying?
20
A. I believe he was flying to Atlanta.
21
Q. Do you have any sense of how frequently that was 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.
713.250.5585
3044
02:48
02:48
Q. Who told you?
A. Mr. King.
Q. Are you familiar with something called an IB5?
A. Yes, sir.
5
6
MR. STELLMACH: Going to show the witness Government

Exhibit 605C.
02:49
02:49
02:49
02:50
And if we could turn to the first page of the
actual IB5.
BY MR. STELLMACH:
10
Q. Well, Mr. Davis, what do you recognize this to be?
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 FSRC.
14
Q. The agency headed by Mr. King?
15
A. Yes, sir.
16
Q. What period does this submission cover?
17
A. Third quarter of 2008.
18
Q. What type of financial information about the bank did the
19
bank have to file with the FSRC on Antigua?
20
A. The financial statements, the balance sheet, the profit and
21
loss statements, subsidiary schedule supporting the 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?
713.250.5585
3045
02:50
02:50
02:51
02:51
02:51
A. The IB5 section of this report described in detail the
individual products reported or investment products reported
and the investment house or financial institution that these
products were reported to be held in, along with the amount.
Q. So, for example, you said that the bank would submit its
financial statement. Is that right?
A. That is correct.
Q. And what information in the -- what information was
contained in the IB5 related to the bank's assets?
10
A. This would be the detail itemization of the investment
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.
15
16
BY MR. STELLMACH:
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.
21
A JUROR: I can't see it.
22
MR. STELLMACH: Maybe we'll go to the overhead. If we
23
24
02:51
25
can switch to the Elmo, Judge, I can just work with that.
THE COURT: What is the problem so that I can report
it? What is the problem as you see it?
713.250.5585
3046
02:52
MR. STELLMACH: It's probably the --
A JUROR: It's probably the picture mode on the TV, so
the page is actually wider than what the TV is showing.
4
02:52
THE COURT: Okay. Anybody know how to correct that?
No. In other words, we can get the technician -- are you aware
how to do it or --
MS. WALTHER: No.
THE COURT: You're not. Okay. All right. Thanks.
9
02:52
Let you run your meter on us and bill us at the
10
end.
11
BY MR. STELLMACH:
12
Q. So, Mr. Davis, turning to the IB5, we'll just use --
13
02:52
02:53
02:53
THE COURT: When you get a chance, get the flip chart
14
out of the way. Counsel, can you move the flip chart out of
15
the way?
16
MR. STELLMACH: I'm sorry.
17
THE COURT: I think it's even blocking the witness.
18
BY MR. STELLMACH:
19
Q. So, Mr. Davis, under the column labeled "Intermediary
20
Broker/Issuer," there are a list of names Coutts RBS, LAM,
21
Banque Franck, SocGen. What information is reflected in that
22
column?
23
MR. SCARDINO: Mr. Stellmach, what page are you on?
24
MR. STELLMACH: Page 1 of the IB5, which is, I think,
25
Page 14 of the document.
713.250.5585
3047
02:53
02:53
02:54
02:54
02:54
02:54
THE COURT: Okay.
BY MR. STELLMACH:
Q. Mr. Davis?
A. The intermediary broker/issuer contained the names of the
financial institutions where the investment -- or investments
were actually held or at least reported to be held. This was
a -- this report was a lie. It's a falsified report.
THE COURT: The whole thing?
10
MR. SCARDINO: Before we get any further, object to
11
the nonresponsive answer. Nobody asked whether it 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; but
16
we're getting there.
17
BY MR. STELLMACH:
18
Q. So, the intermediary broker/issuer is supposed to be the
19
financial institution that has Stanford International Bank
20
assets?
21
A. Yes, sir.
22
Q. And then there's a statement there, "Balance sheet 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 entry to us?
25
A. Yes, sir. This report states that at Coutts Republic Bank
713.250.5585
3048
02:55
02:55
02:55
02:56
02:56
02:56
or Royal Bank of Scotland, RBS, has an amount in the name of
Stanford International Bank, Limited of $33,373,466.
Q. And so, there's also another entry for Coutts RBS in the
amount of 17 million. Why are there multiple entries for some
of these financial institutions?
A. It could be that there is a differentiation between
products that are invested and it could be bonds or investment
funds or it could be securities.
Q. Okay. So, this is a report filed by the bank with the
10
Antiguan regulatory body breaking down where its assets are
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?
16
A. The amounts are inflated amounts and are not the 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 International
21
Bank have accounts at Coutts and Banque Franck and 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?
713.250.5585
3049
02:56
02:57
02:57
02:57
02:57
02:58
A. The amount of assets in dollars are overinflated.
Q. So, just to go back to Tier II very briefly, were the
assets that were on deposit at these different financial
institutions in the name of the bank considered Tier II assets?
Q. But Tier II only represented approximately how much of the
bank's overall portfolio?
A. Give or take, 15 percent.
Q. And so, are any of the numbers, to your recollection,
10
accurate in these IB5 reports filed with the regulators about
11
the bank's actual assets at these different institutions?
12
A. I don't believe so.
13
Q. Who prepared these fake numbers?
14
A. They were prepared by accounting. I would receive this
15
report, and I would --
16
MR. SCARDINO: Object to the nonresponsive answer.
17
18
BY MR. STELLMACH:
19
Q. What role did you play in preparing this report?
20
A. I would fill in the numbers.
21
Q. And were you given any numbers before you received the
22
report?
23
A. Yes, sir, I was.
24
Q. By who?
25
A. By Mr. Kuhrt, the global controller, from his office.
713.250.5585
3050
02:58
02:58
02:58
02:58
02:59
02:59
Q. And so, you received this report. Were there numbers -- in
other words, did you receive a draft of this report?
A. Yes, sir, I would say a draft.
Q. And were the numbers in the draft that you received
accurate?
A. No, sir.
Q. And why weren't they accurate?
A. Because they were derived from a previous report that had
balances from the previous report tendered to the FSRC. It was
10
a template to use to fill in and complete in the current
11
reporting period or reporting quarter in this case.
12
Q. So, you would use the old report when updating for the new
13
filing?
14
A. That is correct.
15
Q. And what -- could you explain to us how you would go about
16
faking the numbers for the new report that you were updating?
17
A. I would change the numbers in the column "Balance Sheet
18
Value, Fair Value or Amortized Cost." I would change the
19
numbers in that column so that the total of them would equal
20
the number reported in the financial statement.
21
Q. Was there any risk to the scheme by filing this report with
22
the Financial Services Regulatory Commission on Antigua?
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.
713.250.5585
3051
02:59
03:00
03:00
Q. What was the potential risk of filing these inaccurate
numbers about the bank's assets with the Antiguan regulators?
A. If the Antigua bank examiner were to contact for
confirmation purposes the financial institution, those
institutions listed under the column "Intermediary," then in
that confirmation process the examiner would find out that
those numbers reported on the IB5 were fraudulent numbers.
Q. And for how many years was the bank filing fraudulent
IB5's, laying out assets and identifying assets at different
10
institutions that it just didn't have?
11
A. As long as there was a report called the IB5. Years.
12
Q. Now, my original question was, was there a potential
13
danger. And you said "yes."
14
03:00
03:01
03:01
From your perspective, was there an actual danger
15
to filing these fake numbers with the regulator?
16
A. No, sir.
17
Q. Could you explain why you didn't think there was any risk?
18
A. Because Mr. Stanford had arranged with the regulator,
19
through bribes, that the regulator and the examiners in the
20
FSRC would not perform the confirmation process.
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 together, yes,
24
sir.
25
Q. Did Mr. Stanford and you ever discuss the importance of
713.250.5585
3052
03:01
03:01
03:02
limiting access to the information contained in the IB5 within
the company, within the Stanford organization?
A. Yes, sir. It was not to be seen by anyone.
Q. Did Mr. Stanford ever give you any more specific
instructions or directions about limiting access to the report?
A. Mr. Stanford did not want --
MR. SCARDINO: Objection.
THE COURT: Hold it.
THE WITNESS: I'm sorry.
10
THE COURT: When he starts in -- yes, sir.
11
MR. SCARDINO: Nonresponsive, yes or no.
12
MR. STELLMACH: He's answering the question. He's
13
03:02
14
MR. SCARDINO: The question was did he ever --
15
THE COURT: Again, read the question back. It
16
17
18
19
03:02
03:02
explaining what Mr. Stanford told him about limiting access.
20
probably was a yes or no.

(The requested portion of the record was read back by the
court reporter)
THE COURT: Sustain the objection.
Again, sir, if it's a yes or no question -- yes
21
or no answer, if you can. And then -- then counsel can follow
22
up there with an explanation.
23
THE WITNESS: Yes, sir, your Honor.
24
MR. STELLMACH: Thank you, Judge.
25
BY MR. STELLMACH:
713.250.5585
3053
03:02
03:03
03:03
03:03
03:04
03:04
Q. What instructions did Mr. Stanford give you about limiting
access to the information in the fake IB5 --
A. He said, "No one else is to see this."
Q. Did you ever tell Mr. Stanford whether anyone else within
the company had access to these numbers which were being filed?
A. I believe I did. I said that these numbers are numbers
that will pass through the completion stage of the financial
report to the FSRC.
Q. But did you tell Mr. Stanford that anybody else in the
10
accounting department, for example, was getting access to these
11
IB5 numbers, these fake numbers?
12
A. I had told Mr. Stanford, yes.
13
Q. Who did you tell Mr. Stanford was gettings access to the
14
numbers?
15
A. Mr. Kuhrt, Mr. Lopez.
16
Q. Did Mr. Stanford say anything to you when he learned that
17
the accountants, Mr. Kuhrt and Mr. Lopez, had access to these
18
numbers?
19
A. He asked me if we could trust them.
20
Q. What did you tell him?
21
A. I said, "Well, they have been doing the accounting 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 notice any change
25
by him toward those two men?
713.250.5585
3054
03:04
03:04
03:05
03:05
03:05
03:06
A. Well, he told me when I shared with him specifically that
they were in the loop, he told me that, "Well, I'm going to get
with Mr. Kuhrt, Mr. Lopez, I'm going to give them a tour of
what's going on in Antigua and spend some time with them."
And it later took place, I believe, that they not
only got time with him but took them on a tour, maybe even a
helicopter tour of the north, northeastern end of Antigua and
also a mock model setup of a resort that was located in the
offices adjacent to the hangar in Antigua, the Stanford airport
10
hangar.
11
Q. Do you recognize the name Paul Ashe?
12
A. Yes, sir, I do.
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 Mr. Ashe with
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 the
21
conversation you had with Mr. Stanford concerning Mr. Ashe?
22
A. That the conversation was that Mr. Ashe, the examiner, was
23
getting very close to the investment section examination,
24
wanting detailed backup for the individual investments. He
25
wanted to see, in effect, the statements from the financial
713.250.5585
3055
03:06
03:06
03:07
03:07
03:07
03:08
institutions to support the entries on the IB5.
Q. Did you discuss at all with Mr. Stanford why Mr. King
couldn't intervene and stop Mr. Ashe from asking for that
information?
A. Mr. Stanford told me that Mr. King was unable to pull
him -- steer him completely away. He was -- he was intent,
determined to see some verification in his examination
processes. He was determined to see some certification,
verification of those numbers.
10
Q. Well, when Mr. Stanford told you that Mr. Ashe wanted to
11
see actual account statements, did you discuss what the next
12
step should be?
13
A. Yes. In 2008, based on the third quarter examination, 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 some
16
bank statements for Mr. Ashe to look at to verify part of the
17
portfolio on the IB5, the IB5 listing." So, he said he'll just
18
take several, he'll take three. "So, if you falsify 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?
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 and put them
24
in an envelope and handed them to him in a meeting in Atlanta
25
at a general aviation hangar, I believe, terminal. It was the
713.250.5585
3056
03:08
03:08
03:09
weekend -- if I remember correctly, it was the weekend of the
FedEx cup championship in 2008.
Q. And after you handed over the fake account statements, did
Mr. Stanford ever discuss them with you again?
A. Yes, he did.
Q. How shortly after you had handed them over to him?
A. I believe it was the next day, on Monday, the following.
Q. And did Mr. Stanford call you, or were you calling him?
A. I received a call at my house from Mr. Stanford and in a
10
11
MR. SCARDINO: Objection, nonresponsive.
12
13
THE WITNESS: -- he said, "The date's wrong on the
14
03:09
03:09
03:09
quieted voice, very stern voice --
statement."
15
I replied, "What date?"
16
He explained, "The date of the statement is the
17
wrong date. You'll have to do the statements again."
18
BY MR. STELLMACH:
19
Q. What did you do after Mr. Stanford called you and told you
20
you had made mistakes in the faking?
21
A. Mr. Stanford, in that call, said, "You need to do the
22
statements again. Mr. Rodriguez, the bank president, has just
23
shown this to me. Do it again. I'll send the plane to pick
24
them up." And so, I did them again.
25
THE COURT: Where were you situated? What city?
713.250.5585
3057
03:09
03:09
03:10
03:10
03:10
03:10
THE WITNESS: Tupelo, Mississippi.
THE COURT: And Mr. Stanford was on the island?
THE COURT: Okay.
THE WITNESS: As far as I know.
BY MR. STELLMACH:
Q. And was that the only time you had to fake account
statements --
A. Yes, sir.
10
Q. -- for the IB5?
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?
16
A. That particular problem, I believe, was solved. I didn't
17
hear any more after the pilots picked up that package.
18
Q. I wanted to talk about an individual named Praveen Tiwari.
19
Do you recognize that name?
20
A. I do, yes, sir.
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 time you met
24
him?
25
A. He was a supervisor of banks at the FSRC in Antigua. He
713.250.5585
3058
03:11
03:11
03:11
03:12
03:12
03:12
had come from the country of India and was a career bank
examiner, banking specialist, was on loan to the government of
Antigua, I believe through the IMF. I'm not certain of that,
but he was on loan to the government of Antigua and they placed
him in the FSRC to assist.
THE COURT: IMF, just for the record, is?
THE WITNESS: International Monetary Fund.
BY MR. STELLMACH:
Q. And without getting into too much detail, could you just
10
explain what the International Monetary Fund is?
11
A. Simply stated, it's an organization that has
12
representatives from all over the world that study 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. Stanford?
16
A. Yes, sir, I did.
17
Q. Approximately when do you recall Mr. Tiwari coming up in
18
conversations with Mr. Stanford?
19
A. I remember one series of conversations with Mr. Stanford
20
regarding Mr. Tiwari in that --
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 close to the
713.250.5585
3059
03:12
03:12
03:12
03:13
03:13
03:13
certification --
THE COURT: Hold it.
MR. SCARDINO: That's nonresponsive.
THE COURT: True, sustained. Counsel, you need to cut
him off yourself.
THE COURT: If it gets too far beyond.
BY MR. STELLMACH:
Q. What did Mr. Stanford tell you about Mr. Tiwari?
10
A. He said that Mr. Tiwari, according to Mr. King, was getting
11
too close to the verification process of the investment 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.
16
Q. What steps did Mr. Stanford tell you he was going 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 staying there
20
and that he would flee the island.
21
Q. Did Mr. Stanford ever tell you whether he actually 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 took?
25
A. He said that he, through the radio and through the
713.250.5585
3060
03:14
03:14
newspapers there, planted information that was derogatory to
Mr. Tiwari.
Q. And did Mr. Stanford ever tell you whether his steps had
succeeded in resolving the situation with Mr. Tiwari?
A. Yes, sir.
Q. What did he tell you about that?
A. Mr. Tiwari left the island.
8
9
03:14
03:14
03:15
03:15
MR. STELLMACH: I was going to turn to Government

Exhibit 663.
10
THE COURT: You want to try your computer?
11
MR. STELLMACH: Yes, your Honor. Thank you.
12
THE COURT: Is that okay?
13
14
BY MR. STELLMACH:
15
Q. And, Mr. Davis, if you can focus on the e-mail in the
16
middle of the page. It states it's from
17
jrodriguezt@stanfordeagle.com. Do you know who that individual
18
was?
19
A. Yes, that is Juan Rodriguez, the president of Stanford
20
International Bank, Limited.
21
Q. His full name is Juan Rodriguez-Tolentino?
22
A. Yes, sir.
23
Q. It's dated November 14th of '05. And it attaches an
24
article, a news article.
25
MR. STELLMACH: If we could just skim down or scroll
713.250.5585
3061
03:15
03:15
03:16
03:16
03:16
03:17
down to the article itself, just to see it, not a lot.
BY MR. STELLMACH:
Q. Do you see the article that Mr. Rodriguez was forwarding?
A. Yes, an article in the Tampa, Florida region.
MR. STELLMACH: And if we just go back up.
BY MR. STELLMACH:
Q. And could you read Mr. Rodriguez' e-mail to you?
A. Yes, sir. "The article below refers to a 'loan' by SIBL.
No loan was in our books. At least not in the loan portfolio.
10
Perhaps it was booked as an investment. We must have our t's
11
crossed and our i's dotted in the new regulatory world led by
12
the Tiwari types. Also, our FA's are more knowledgeable 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?
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 Mr. Stanford
21
had made?
22
A. Yes.
23
Q. And Mr. Rodriguez is stating that he doesn't have any
24
record of it on the books of the bank?
25
A. Yes.
713.250.5585
3062
03:17
03:17
03:17
03:18
03:18
03:18
Q. And if we just go to Mr. Stanford's response after -- I'm
sorry -- to your response after receiving that e-mail, your
response is dated November 4th. You also copied Mr. Stanford?
A. Yes, sir.
Q. And could you read what you wrote?
A. "Thanks for the e-mail. We need to talk."
Q. Why did you want to talk? Why didn't you just e-mail
Mr. Rodriguez back?
A. Because if I -- because the information in the e-mail would
10
be sensitive toward the fact that there is a private equity
11
investment here and, in fact, no private equity investments
12
were reported in any of the promotional materials on the bank.
13
Q. Why did you copy Mr. Stanford on the e-mail? Why not just
14
send the e-mail yourself to Mr. Rodriguez?
15
A. I wanted that Mr. Stanford to be aware of it in that
16
Mr. Rodriguez reported directly to Mr. Stanford.
17
Q. I wanted to focus on 2005. Did there come a time that year
18
when you learned about an investigation being conducted by the
19
Securities & Exchange Commission here in the United States?
20
A. Yes, sir, I did.
21
Q. How did you first learn about that investigation? Again,
22
we're focusing on 2005.
23
A. Mr. Stanford informed me. Later, also, Mr. Mauricio
24
Alvarado.
25
Q. Well, just focusing on what Mr. Stanford told you, what did
713.250.5585
3063
03:18
03:19
03:19
03:19
03:20
03:20
Mr. Stanford tell you about the investigation?
A. He said that the Securities & Exchange Commission had
opened an investigation on Stanford International Bank, Limited
and their products and that there was, in that investigation,
descriptions from the SEC that Stanford International Bank,
Limited possibly is running a Ponzi scheme.
Q. Did there come a point when Mr. Stanford showed you any
documents?
A. Yes, sir. One day he called me and said, "Stand by a fax
10
machine," yes, sir.
11
Q. Approximately -- are we still in 2005?
12
A. I believe so.
13
Q. Okay. And what did Mr. Stanford say to you when he called
14
you?
15
A. He said, "Go stand by the fax machine. I'm sending you a
16
fax."
17
Q. I'm showing you Government Exhibit 668. Do you recognize
18
that document?
19
A. Yes, sir.
20
21
A. It's the document that was faxed to me by Mr. Stanford.
22
Q. After receiving it, did you discuss the document with
23
Mr. Stanford?
24
A. Yes, sir.
25
MR. STELLMACH: If we could turn to Government
713.250.5585
3064
03:20
Exhibit 668?
BY MR. STELLMACH:
Q. At the top of the page --
4
03:20
at the top.
BY MR. STELLMACH:
Q. And at the top it reads "Privileged and Confidential." Do
you see that?
9
03:20
03:20
03:21
MR. SCARDINO: Excuse me. I'll object to foundation.
10
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
03:20
MR. STELLMACH: If we can enlarge the entire portion
15
THE COURT: All right. Take it down. What's your

objection?
16
MR. SCARDINO: Foundation.
17
THE COURT: All right.
18
MR. SCARDINO: And hearsay.
19
MR. STELLMACH: Well, first of all, the witness has
20
testified that this was the document he received through his
21
fax. And second, as far as hearsay, we're not offering it for
22
the truth, merely for that this was what Mr. Stanford
23
understood the SEC was investigating. We're not claiming that
24
the allegations itself are true in the letter. We're just
25
offering it to show that he knew what they were looking at.
713.250.5585
3065
03:21
03:21
THE COURT: That something was working?
MR. STELLMACH: Exactly.
THE COURT: Is that the purpose?
THE COURT: For that limited purpose?
MR. STELLMACH: That limited purpose.
MR. SCARDINO: Still has a foundation issue.
THE COURT: Well, he said he received it in a fax, he
9
03:21
10
03:21
12
THE COURT: Did you later discuss what you got on the
fax from Mr. Stanford?
14
15
THE COURT: Did it appear based upon your conversation
16
that that was the document he was sending to you for you to
17
call him and discuss?
18
19
THE COURT: All right. For limited purpose, objection
20
21
03:21
best of your knowledge, did this come from Mr. Stanford?
11
13
03:21
was standing by the fax. And let me ask the witness. To the
is overruled.
MR. STELLMACH: And if we could enlarge the upper
22
portion of the document.
23
BY MR. STELLMACH:
24
Q. At the top it reads "Privileged and Confidential." Could
25
you read for us, Mr. Davis, who sent this document and who
713.250.5585
3066
03:22
03:22
received it?
A. Yes, sir. This was sent by an Elizabeth Jacobs, deputy
director of the Securities & Exchange Commission.
Q. At which division within the Securities & Exchange
Commission did Ms. Jacobs work, according to the left hand --
A. Office of International Affairs.
Q. The date of the document?
A. June 9th, 2005.
9
03:22
MR. SCARDINO: Excuse me, Mr. Stellmach.
10
May we approach on this?
11
12
THE COURT: Come on up.

(At the bench with all counsel)
13
03:22
03:23
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 references in
16
here by the SEC to a possible fraudulent scheme and a Ponzi
17
operation. Now, first of all, I don't see any relevance to
18
that or materiality to it to the charges in the charging
19
instrument against my client. That the SEC is conducting a
20
separate investigation, that should have -- that's not relevant
21
or material. Plus, it is prejudicial and inflammatory on its
22
face.
23
03:23
MR. SCARDINO: I'm a little slow on the uptake because
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 styled
713.250.5585
3067
03:23
1
2
3
4
03:23
03:24
MR. STELLMACH: Yes, your Honor. We've charged
and obstructing an SEC investigation. This is the
investigation. This document goes directly to his knowledge of
the investigation. He knows what the SEC is looking into.

We're offering it only to show that this was the
10
focus of the investigation and he understood what the SEC was
11
trying to look into.

MR. COSTA: And it's a private letter, confidential
13
government to government, to Mr. King; and, yet, Mr. King
14
shared it with Mr. Stanford. We're later going to prove up
15
Mr. King would write responses to stymie the investigation and
16
Mr. Stanford was told of the obstruction charge.
17
03:24
Okay. Now, you going to get the whole thing in?
Mr. Stanford with conspiring to obstruct an SEC investigation
12
03:24
THE COURT: Let me take a look at it.
9
03:24
"Possible fraudulent scheme."
MR. SCARDINO: Well, I don't think that's a stretch.
18
I mean, if it was a letter from the SEC to the accused, I think
19
that's one thing, to put him on notice --
20
MR. STELLMACH: It's the fact --
21
MR. SCARDINO: Wait, wait. Let me finish.
22
THE COURT: Go on.
23
MR. SCARDINO: -- that that would put him on notice
24
that he was being investigated by the SEC and then that's part
25
of their chain of proof to show that he obstructed an SEC
713.250.5585
3068
03:24
03:24
investigation. But they've got an independent witness in the
middle of all this, which clearly makes it double hearsay; and
now they're trying to get it in by saying it's not offered for
the truth of the matter. I have respectfully -- now they're
saying they are offering it for the truth of the matter because
it's part of what they're trying to prove in their case.
03:25
the investigation existed, Mr. Stanford understood the focus.
The fact that he isn't a recipient is precisely why it is
10
relevant. He's in receipt of a document he has no business
11
having.
12
13
03:25
03:25
MR. FAZEL: Your Honor, they can certainly do that by

just the first cover page.
14
THE COURT: Wait a second. Hold it.
15
MR. FAZEL: Sorry.
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?
21
03:25
MR. STELLMACH: We're only offering it to show that
But as to the document itself, he has just that
22
lead-in, that's all we have right now. You can ask him
23
questions about it. But don't forget it's a -- and, 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 questions
713.250.5585
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03:25
1
2
03:25
03:26
03:26
03:26
MR. STELLMACH: Your Honor, if we could just discuss
what precisely in the letter can come in before the jury.
There is a paragraph here --
THE COURT: This is the one you really need?
MR. STELLMACH: Not at all.
THE COURT: But it just happens to be highlighted in
03:26
together with it came in that letter.
fluorescent yellow?
MR. STELLMACH: This is a paragraph that specifically
10
states that the correspondence is confidential and privileged.
11
We would like to offer that to the jury.
12
THE COURT: Hang on. Let me read it.
13
14
THE COURT: Let me read it. This is the full set.
15
Let me just keep it.
16
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.
21
MR. STELLMACH: Sure.
22
THE COURT: No. I'll allow just that last paragraph.
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 is, but I will
25
allow the last one in because that will show that this was
713.250.5585
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03:26
written to Mr. King and all of it is confidential just to a
public official and it came through, in effect, a private
businessman to his chief financial officer.
4
03:27
MR. STELLMACH: So, in terms of questioning the
witness about the document, can I ask questions about the
substance of the document?
03:27
03:27
03:27
03:28
THE COURT: Just lead him a little bit, but if -- lead
him a little bit, but make it just in the abstract without
getting into the full meat of what's in there. And now they
10
were on notice that there's some real problems brewing, and
11
it's with -- it's someone with the -- the administrator to --
12
to a private person to a CFO and that it's real privileged and
13
then the concern about some -- and then give me just a quick
14
overview.
15
MR. COSTA: We do want to show Mr. King's response to
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. You sure as the
20
dickens can ask it somehow. The question is do you get it in
21
as a matter of the whole thing coming in. I haven'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.
713.250.5585
3071
03:28
03:28
03:28
03:29
03:29
03:30
(In open court)
BY MR. STELLMACH:
Q. So, Mr. Davis, the letter is dated June 9th of 2005. It's
addressed to Leroy King in his capacity as administrator of the
FSRC, is it not, sir?
Q. And at the top of the page we saw "Privileged and
Confidential." Is that, in fact, printed at the top of every
page of this letter?
10
A. Yes, sir, it is.
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.
16
BY MR. STELLMACH:
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 confidential and
21
privileged, and we ask that this letter request and its
22
contents not be communicated to any third-party without the
23
authorization of the SEC. We also ask that you notify us of
24
any legally enforceable demand for this letter and that you
25
assert any appropriate legal exceptions or privileges with
713.250.5585
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03:30
03:30
03:30
03:30
respect to this letter as may be appropriate."
BY MR. STELLMACH:
Q. Is there anything on this letter indicating that it was
being sent to Mr. Stanford?
A. No, sir.
Q. Or anyone at the bank or anybody who worked for him?
A. No, sir.
Q. In fact, the letter is specifically addressed to Mr. King
and states it's privileged and confidential, from the SEC, as a
10
US regulator, to Mr. King, as the Antiguan regulator. Is that
11
right?
12
MR. SCARDINO: That's leading.
13
14
15
THE COURT: I'm going to allow some limited leading.
16
17
MR. SCARDINO: I --
18
THE COURT: No. You're still entitled to object.
19
03:31
03:31
I think we discussed it up here, but you're entitled to --
Overrule the objection for the purposes of this
20
portion of the direct exam.
21
BY MR. STELLMACH:
22
Q. Based on this letter which you received from Mr. Stanford,
23
were you surprised at all that he was in possession of
24
confidential communications from the SEC to Mr. King?
25
MR. SCARDINO: Object to the form of the question as
713.250.5585
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03:31
03:31
03:31
to whether somebody else was surprised.
THE WITNESS: No, sir, I was not really surprised.
THE COURT: That's all.
Next question.
BY MR. STELLMACH:
Q. Why weren't you surprised that Mr. Stanford even had the
letter?
A. Because I knew that Mr. Stanford was paying bribes to
10
11
MR. SCARDINO: That's nonresponsive, and I object.
12
THE COURT: I'm sorry. I cut you off. Put it on the
13
03:31
03:31
record.
14
MR. SCARDINO: It's nonresponsive to the question.
15
16
BY MR. STELLMACH:
17
Q. Based on the letter from the SEC to Mr. King, this
18
confidential, privileged communication, did you understand that
19
the SEC here in the United States was investigating the CD
20
program at the bank?
21
A. Yes, sir.
22
23
24
03:32
Mr. King and they were in close communication.
25
MR. SCARDINO: I object to the form of the question of

what he understood. It's a specific question of what he knew.
MR. STELLMACH: Well, Judge, if I ask that, we're
going to get into --
713.250.5585
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03:32
03:32
03:32
03:32
THE COURT: Overruled. In other words, what, that's
based upon the letter. Is that correct, Mr. Davis? What you
saw in the letter?
THE COURT: Okay.
BY MR. STELLMACH:
Q. From what you saw in the letter, did you have any concerns
about this SEC investigation?
A. Yes, sir.
10
Q. Were you concerned that the scheme that you described could
11
be exposed?
12
THE COURT: Yes or no?
13
THE WITNESS: No, sir.
14
BY MR. STELLMACH:
15
Q. Why weren't you concerned?
16
A. Because Mr. Stanford had a relationship with Mr. King, the
17
regulator in Antigua, and heretofore there had been no problems
18
in that -- on that issue of --
19
03:32
03:33
THE COURT: Okay. Next question.
20
BY MR. STELLMACH:
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 question.
25
BY MR. STELLMACH:
713.250.5585
3075
03:33
03:33
03:33
03:33
Q. Based on what you read in the letter, were you concerned
that the SEC's investigation could undercover misconduct
relating to the CDs at the bank?
A. Absolutely, potentially it could.
THE COURT: Hold it. I'm sorry. Yes or no?
THE COURT: You had a concern. Okay.
BY MR. STELLMACH:
Q. Did Mr. Stanford, when he discussed this confidential
10
letter with you, express any concerns that he had related to
11
the SEC investigation?
12
A. Yes, sir.
13
Q. What did Mr. Stanford tell you about the investigation?
14
A. Said that it was serious, that he was working with Mauricio
15
Alvarado, general counsel and general counsel's outside
16
attorneys.
17
18
03:34
03:35
THE COURT: Hang on one second, please. Okay?

(Sotto voce discussion at bench with court staff)
19
BY MR. STELLMACH:
20
Q. Mr. Davis, did there come a time later when Mr. Stanford
21
discussed the SEC investigation into the CD program 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. Stanford discuss
713.250.5585
3076
03:35
03:35
03:35
03:36
03:36
03:36
how he was dealing with the investigation?
A. Yes.
Q. What did Mr. Stanford tell you about how he was dealing
with the SEC investigation?
A. One thing he said is that a letter was written as a reply
to that investigation letter that we just looked at.
Q. Or part of what we looked at. But what did Mr. Stanford
tell you about what response Mr. King was making to the SEC?
The SEC had sent that privileged and confidential request in
10
2005. What did he tell you -- did he tell you whether Mr. King
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, met with
16
Mr. King and Mr. Mauricio Alvarado, and he and Mr. Alvarado had
17
written a letter for Mr. King to put on his letterhead and send
18
back to the SEC.
19
Q. So, did Mr. Stanford ever show you the letter that he wrote
20
together with Mr. Alvarado?
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 they wrote;
23
but whose name did it appear under?
24
A. Mr. Leroy King.
25
Q. And to whom did the letter go?
713.250.5585
3077
03:36
03:36
03:37
A. Ms. Elizabeth Jacobs, deputy director, United States
Securities & Exchange Commission.
Q. And looking at Government Exhibit 671, do you recognize
that document?
A. Yes, sir.
A. Mr. Stanford showed it to me.
Q. Was this the letter that Mr. Stanford told you he had
written together with Mr. Alvarado?
10
11
MR. STELLMACH: We offer the document.
12
MR. SCARDINO: Well, I'll object. Foundation,
13
03:37
THE COURT: Wait a second. Yes, sir. What else?
15
MR. SCARDINO: Just because, I mean, he showed it to
16
somebody doesn't establish the foundation or the origin of the
17
letter.
THE COURT: Objection is overruled. 671 is admitted.
19
BY MR. STELLMACH:
20
Q. And, Mr. Davis --
21
03:37
hearsay.
14
18
03:37
A. Yes, sir.
MR. STELLMACH: If we could enlarge the top portion of
22
the document.
23
BY MR. STELLMACH:
24
Q. -- whose letterhead does this appear on?
25
A. Financial Services Regulatory Commission.
713.250.5585
3078
03:37
03:38
03:38
03:38
Q. And to whom was it sent?
A. It was sent to the deputy director of the
US Securities & Exchange Commission.
Q. Ms. Jacobs?
A. Yes.
Q. Was she the same person who had written the letter we saw
from 2005 the prior year?
A. Yes, sir.
Q. And there's a reference to Stanford Group Company in bold.
10
Do you see that toward the bottom of the page?
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.
16
03:38
03:39
MR. STELLMACH: And the third paragraph, if we could
17
just blow up that third paragraph.
18
BY MR. STELLMACH:
19
Q. Could you read that for us?
20
A. Yes, sir. "In your June 9, 2005, letter, you referred to
21
suspected 'possible' fraudulent activity by Stanford
22
International Bank Limited, SIBL. As has been verbally relayed
23
to you and others at the SEC over many months of telephone
24
conference calls between the SEC and the FSRC, the examination
25
of SIBL in March of 2005, subsequent review of accounts at SIBL
713.250.5585
3079
03:39
03:39
03:39
03:40
03:41
03:41
in response to your June 9, 2005, letter, and the FSRC's
examination of SIBL completed in April 2006 have revealed no
matters that would affect the standing of SIBL with the FSRC."
Q. And there's a reference there in the response to a June 9,
2005, letter. Does that refer to Government Exhibit 668, the
letter we just looked at?
A. I believe so, yes.
Q. It's the same date?
A. Same date, yes, sir.
10
Q. And going to the next paragraph on the following page, just
11
the paragraph at the top, could you read that paragraph 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 months ago
15
confirmed SIBL's compliance with all areas of depositor safety
16
and solvency, as well as all other applicable laws and
17
regulations. The FSRC has further confirmed, through its
18
continuous visits and supervision of SIBL, that there are no
19
other issues or matters of concern with SIBL to date."
20
Q. And could you read to us the next paragraph?
21
A. Yes, sir. "We have previously relayed to you that the FSRC
22
has what we consider to be an excellent relationship 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 by
713.250.5585
3080
03:41
03:41
03:42
03:42
03:42
03:42
providing the FSRC with documentation such as a depositor
complaint or any other evidence to validate the SEC's concerns.
Mr. Moore from your office has continued to confirm that there
is no such supporting documentation."
Q. And just focusing on that last line, "there is no such
supporting documentation," where were the records and documents
showing the transfer of funds to Mr. Stanford in the form of
$2 billion in loans? Were those held at Stanford Group
Company, the brokerage firm?
10
A. No, sir.
11
Q. I'm sorry. So, the brokerage firm was regulated 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?
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 firm in the
20
United States is selling CDs issued by the bank?
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. The
25
bank in the United States was --
713.250.5585
3081
03:42
1
2
3
03:42
03:43
03:43
03:43
03:44
MR. STELLMACH: I thought I said the brokerage firm.

I may have misspoken. I apologize.
THE COURT: State it again, please.
BY MR. STELLMACH:
Q. The brokerage firm here in the United States, which is
regulated by the SEC, is selling CD's issued by the bank
located in Antigua?
A. Yes, sir.
Q. So, according to this document, it states that the SEC has
10
no such supporting documentation to support its allegations of
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.
16
MR. STELLMACH: I think I made a mess of that. I
17
don't understand the question.
18
BY MR. STELLMACH:
19
Q. When the SEC sent its original letter back in 2005, the
20
letter we just looked at, did it include a request for
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 specifically.
24
THE COURT: Did they request documents?
25
713.250.5585
3082
03:44
03:44
03:44
BY MR. STELLMACH:
Q. Were the documents that were requested related to the CD
program?
A. Yes, sir.
Q. And so, those documents were located in Antigua. Is that
correct?
A. Yes, sir.
Q. In order to get those documents, the SEC was going through
the FSRC. Is that right?
10
A. Correct, yes, sir.
11
12
13
03:44
As I mentioned, we're going to take a little bit

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.
16
(Recess was taken)
17
(Jury present)
19
20
THE COURT: All right. Be seated.

I understand we have a request from the jury to
adjourn about 5:00 today. Is that right?
21
A JUROR: Why not?
22
A JUROR: Yes, yes.
23
THE COURT: Ellen's shaking her head, "Say yes."
24
04:18
break.
14
18
04:18
THE COURT: Counsel, this may be a time to take a
25
That's fine. So, we're looking again at

5:00 o'clock, plus or minus five minutes. Okay? What's that?
713.250.5585
3083
04:18
1
2
04:19
A JUROR: Somebody made a joke out of that. We don't

need to be --
THE COURT: Oh, I got -- you snookered me in.
A JUROR: Okay. Kill the messenger.
THE COURT: Well, we're going to leave at 5:00 o'clock
today because everybody is now happy. I don't -- the last
thing I want is unhappy lawyers. You know what I mean?
8
9
04:19
Okay. Yeah, we'll do it -- give or take right

around 5:00 o'clock, see when you reach a breaking point. Now
10
we can go, since that's the truth, about 10 -- let's say,
11
between 5:00 and 5:10, something like that. Okay?
12
13
04:19
04:19
04:20
MR. STELLMACH: I think we'll end right at 5:00,

Judge.
14
THE COURT: All right. Go right ahead, sir.
15
16
BY MR. STELLMACH:
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. Alvarado. We
19
saw in the last sentence in the second paragraph --
20
MR. STELLMACH: I'm sorry, Agent Walther, if we could
21
just go back to the second paragraph that was highlighted.
22
BY MR. STELLMACH:
23
Q. It states that the SEC doesn't have supporting
24
documentation.
25
MR. STELLMACH: Could you go to Mr. King's response to
713.250.5585
3084
04:20
04:20
04:21
04:21
04:22
04:22
the SEC's request for documents in the next paragraph? And
just enlarge those two paragraphs of text, if we could.
BY MR. STELLMACH:
Q. And could you read those for us, Mr. Davis, the FSRC's
response to the SEC's request for exam reports?
A. Yes, sir. "Nevertheless, the FSRC has extended to the SEC
an invitation to visit our offices to review with the FSRC
SIBL's examination reports. However, as is summary with such
formal requests in Antigua and Barbuda as well as in the United
10
States, a memorandum of understanding, MOU, acceptable to both
11
the SEC and the FSRC must be entered into prior to 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 with the laws
15
of Antigua and Barbuda and the United States."
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 again with
20
Mr. Stanford after he showed it to you?
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 you relating
25
to the letter?
713.250.5585
3085
04:22
04:22
04:23
04:23
A. Yes, sir. He told me that Mr. Mauricio Alvarado and
himself had written the letter.
Q. How did that topic come up at that time?
A. I had shared with Mr. Stanford at that time that I had no
faith in Mauricio Alvarado in helping us at this point in time
in the fraud.
Q. This is in January of '09?
A. February of '09.
Q. February of '09, I'm sorry?
10
A. Yes, sir.
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 counsel that
14
Mauricio Alvarado had retained.
15
And I said, "Mauricio Alvarado is not doing
16
anything but yelling and hollering. He's not working out any
17
resolution to our present issues."
18
04:23
04:24
He said, "My God, Jim, Mauricio wrote the letter.
19
We can trust him."
20
Q. When Mr. Stanford said Mauricio, meaning Mr. Alvarado, the
21
general counsel, had written the letter, you understood 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 if
713.250.5585
3086
04:24
04:24
04:24
04:25
04:25
04:26
we could just turn now to Mr. Hewlett, the accountant and the
auditor for the bank. Had Mr. Hewlett been hired to audit the
bank before you started working for Mr. Stanford?
A. I believe so. I believe Mr. Hewlett -- yes, I believe he
did.
Q. Did Mr. Stanford tell you who hired Mr. Hewlett?
A. Yes. Mr. Stanford hired Mr. Hewlett.
Q. What did Mr. Stanford say about how he had selected
Mr. Hewlett as the auditor for the bank?
10
A. He said that he saw his shingle hanging from his office in
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 as the bank's
14
auditor?
15
A. Said that he could rely upon him to audit the bank,
16
Guardian International Bank, Limited, and not ask too many
17
questions.
18
Q. What did an audit by Mr. Hewlett's firm actually involve?
19
A. His audit activities were very similar to other auditors
20
who were certified and he would verify the amounts listed on
21
the balance sheet and subsequent schedules, such as profit and
22
loss statement, cash flow statements, with one exception.
23
Q. What was that exception?
24
A. He would not verify the amounts in the investment section
25
in a comprehensive way; that is, he did not require a financial
713.250.5585
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04:26
04:26
04:26
04:26
04:27
04:27
statement from the investment houses or investment banks
verifying each number in the investment section of the assets.
Q. So, what information was Mr. Hewlett given about the bank's
assets, the types of assets and the amounts of the bank's
assets?
A. He was given basically the same information that was in the
promotional materials for the bank, as well the government
reports, such as FSRC.
Q. But was Mr. Hewlett given any underlying documents to back
10
up the numbers that were reported as the bank's assets, like
11
account statements from all the money managers, showing 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 occasions
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?
21
A. I said that you should have those items and documents 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 he
713.250.5585
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04:27
04:27
04:28
04:28
04:28
04:28
didn't have documents and threaten to quit?
A. No, sir.
Q. Every year that Mr. Hewlett was the auditor of the bank,
did he issue an opinion that was included in the annual report
stating that he had verified the assets of the bank?
A. Yes, sir. He did write an opinion and sign it.
Q. So, for example, was Mr. Hewlett ever told about the
$2 billion Mr. Stanford had taken out from the bank?
A. No, sir.
10
Q. Was he ever given any backup information for the assets
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 excluding the whole
15
or the Tier III items.
16
Q. Did Mr. Stanford ever discuss payments he was making to
17
Mr. Hewlett?
18
A. Yes, sir.
19
Q. Well, Mr. Hewlett was charging auditing fees. Is that
20
correct?
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 and
713.250.5585
3089
04:28
04:29
04:29
04:30
payments -- I'm sorry. What did Mr. Stanford tell you about
other payments he was making to Mr. Hewlett beyond the auditing
fees?
A. He said that there were payments above and beyond the
normal fees. He also in later years made loans to Mr. Hewlett
through Bank of Antigua, Limited. And there were other
payments made to him subsequent to that loan.
Q. Did Mr. Stanford tell you any particular account that he
was using to make those payments to Mr. Hewlett that were above
10
and beyond the fees paid to Mr. Hewlett?
11
A. Mr. Stanford talked to me about the fees that were being
12
paid; and I talked to him about the fees being paid from the
13
slush account, 108.731, directly to Mr. Hewlett.
14
Q. You say fees being paid, but was it your understanding that
15
the payments that were coming from the slush fund were actual
16
auditing fees or were they something else?
17
18
04:30
04:30
MR. SCARDINO: Well, he's arguing with the witness.

The witness says "fees"; the prosecutor says "slush fund."
19
20
THE WITNESS: These fees were bribes. They were in
21
excess of the recorded fees. They were not recorded on the
22
books.
23
BY MR. STELLMACH:
24
Q. Could you explain why it was that those -- those transfers,
25
those funds weren't recorded on the books?
713.250.5585
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04:30
04:30
A. Basically because they were so far in excess of what would
normally be charged in -- in those services rendered by
Mr. Hewlett.
Q. Mr. Davis, could I impose on you one more time to step off
the stand and walk us through the payments Mr. Stanford made to
Mr. Hewlett?
7
8
9
04:31
04:33
04:33
04:33
MR. SCARDINO: Your Honor, can we have a light over

there? I can't see.
THE COURT: Yes. Thanks for reminding me.
10
BY MR. STELLMACH:
11
Q. And, Mr. Davis, before we go through the payments 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 walk us
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 of business.
19
Audit fees were paid to his account in Tortola, BVI. Also --
20
Q. I'm sorry, Mr. Davis.
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 invoicing and
713.250.5585
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04:33
04:34
04:34
04:34
04:34
04:35
billing --
A. Yes.
Q. -- the bank for?
A. Yes, sir.
Q. And so, were the transfers directly from the bank to
Mr. Hewlett's account in the Caribbean visible and known --
A. Yes, sir.
Q. -- to the accountants at the bank?
A. Yes, sir, they were.
10
Q. And so, in addition to those on-the-books payments for
11
auditing fees, did Mr. Hewlett receive any additional 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 located?
16
A. Yes, sir. This was in SocGen at the Generale de Paris
17
account, the slush fund.
18
Q. In Switzerland?
19
A. Yes, sir.
20
Q. And then where would the money go?
21
A. Would be sent there to Mr. Hewlett's personal account 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. Hewlett was
25
being paid into two different accounts, one located in the
713.250.5585
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04:35
04:35
04:35
04:36
04:36
04:36
Caribbean where his auditing fees were going and a London
account for the bribes?
A. Mr. Hewlett told me that he wanted the excess amounts in
London, sent to a London account because he didn't want the
revenue department, Inland Revenue of Antigua, Barbuda, to be
aware of those dollars.
Q. And if I could ask you to take the stand again, Mr. Davis?
A. Yes, sir.
Q. What did Mr. Stanford tell you about how frequently he was
10
making payments from the slush fund in Switzerland to
11
Mr. Hewlett's account in London?
12
A. (No response).
13
Q. I'm sorry. I can repeat the question. What did
14
Mr. Stanford tell you about how frequently he was making
15
payments to Mr. Hewlett's account in London from the Swiss
16
fund, slush fund?
17
A. He didn't tell me the frequency.
18
Q. Did you arrive at an understanding of how frequently that
19
was happening?
20
A. Yes, sir. I informed Mr. Stanford in conversations that
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?
713.250.5585
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04:36
04:36
A. Absolutely.
Q. Did he approve the amounts that you were directing to
Mr. Hewlett?
A. Yes, sir.
5
6
to Government Exhibit 1220A. These are bank records for the
Societe Generale account if I -- if I could use the overhead
projector, your Honor?
9
04:37
04:38
04:38
04:38
MR. STELLMACH: And at this time I was going to turn
10
THE COURT: 1220A?

11
BY MR. STELLMACH:
12
Q. And, Mr. Davis, this is a letter dated March 14th of 2002.
13
It's addressed to Blaise Friedli. Could you remind us who
14
Mr. Friedli was?
15
A. Yes, sir. He was the --
16
MR. SCARDINO: What's the exhibit?
17
MR. STELLMACH: 1220A.
18
MR. SCARDINO: Can I have just a second before they --
19
THE COURT: Okay.
20
MR. STELLMACH: I think it's actually already in.
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.
713.250.5585
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04:38
1
2
not for the truth of the matter, so it's offered on a limited
basis.
4
04:39
04:39
04:39
04:39
MR. STELLMACH: I believe it was offered for the truth

because it's a bank record. The transfers actually happened.
THE COURT: I have it in. Keep going. 1220A.
BY MR. STELLMACH:
Q. Could you remind us, Mr. Davis, who Blaise Friedli was at
10
Societe Generale?
11
A. Yes. Blaise Friedli was the banking officer at Societe
12
Generale, SocGen, in charge of the Stanford International Bank,
13
Limited accounts.
14
THE COURT: In Switzerland?
15
16
BY MR. STELLMACH:
17
Q. And Mr. Friedli was also on the advisory board of the bank
18
and paid a fee for that?
19
20
Q. And could you read for us the amount that was transferred
21
to Mr. Hewlett's account in London?
22
A. Excuse me. Can I correct a statement I made?
23
24
04:40
MR. SCARDINO: But, your Honor, I think it was offered
25
MR. SCARDINO: I'm sorry. I'm confused over here.

1220A we show as a completely different exhibit.
MS. GREGORY: I believe it's PDF Page --
713.250.5585
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04:40
THE COURT: Take a look at it, counsel.
MR. STELLMACH: We're offering specific pages -- we're
looking at specific pages from it.
4
04:40
UNIDENTIFIED FEMALE: Right. But what page is it? If

it's Page 32, we don't have it marked.
MR. STELLMACH: It's Page 131. They're not --
UNIDENTIFIED FEMALE: They're double sided. Thank
you.
9
04:40
04:40
04:40
04:40
MR. STELLMACH: No, not at all.
10
BY MR. STELLMACH:
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 statement?
15
Q. Oh, yes, sir. I apologize. Yes, sir.
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 served in an
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 sent, could
25
you read for us the amount that was being transferred to
713.250.5585
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04:41
04:41
04:42
04:42
04:43
04:43
Mr. Hewlett's account in London?
A. Yes, sir. 80,000 pounds sterling, which would have been in
the neighborhood of 180,000 US dollars at that time, as an
estimate, yes.
Q. Okay. I want to turn to another transfer. On February 26
of 2003, how much -- what's the directive there to Mr. Friedli?
A. The directive is to increase Mr. Hewlett's payment from
10,000 pounds sterling to 15,000 pounds sterling per month.
Q. Who made that decision?
10
A. I made that decision and informed Mr. Stanford.
11
Q. Was that increase approved?
12
A. Yes, sir.
13
Q. And, in fact, if we look at a transfer subsequent 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?
16
A. At that time, $23,862.
17
Q. So, that was the amount Mr. Hewlett was then receiving each
18
month going forward?
19
A. That is correct.
20
Q. On November 1st of 2005, how much money was transferred to
21
Mr. Hewlett?
22
A. 125,000 US dollars.
23
Q. Do you know the reason for that particular transfer?
24
A. The larger transfers that we have looked at, including this
25
one, related to --
713.250.5585
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04:43
04:43
04:43
04:44
04:44
04:44
MR. SCARDINO: Nonresponsive.
THE COURT: Overruled. Hold it. Technically correct.
It's nonresponsive.
BY MR. STELLMACH:
Q. What was the reason for the transfer of $125,000 to
Mr. Hewlett at this time, Mr. Davis?
THE WITNESS: May I elaborate, your Honor?
THE COURT: No, sir.
MR. STELLMACH: I'm just asking what the reason was.
10
THE COURT: Well, I think -- well, I don't have an
11
objection -- I don't have personally an objection, but I think
12
that you're much better off going question and answer so
13
counsel can object. Okay? But your question to this was what
14
was this transfer for?
15
BY MR. STELLMACH:
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 information
19
processing equipment that Mr. Hewlett was adding to his new
20
offices.
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. Hewlett had
25
moved into new offices?
713.250.5585
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04:44
04:44
04:45
04:45
04:46
04:46
A. Mr. Stanford had arranged for his new offices --
Q. Mr. Hewlett's new offices?
A. For Mr. Hewlett's new offices to be built.
Q. Did Mr. Stanford explain why he made that arrangement?
A. Yes. He said that Mr. Hewlett should have a higher profile
in that Stanford companies in particular were growing and the
exposure required a higher profile.
Q. By "higher profile," what do you mean?
A. Bigger building, bigger staff.
10
Q. What had Mr. Hewlett's old offices looked like?
11
A. They were small, upstairs, they were in the center of town
12
on a small street.
13
Q. And moving a month later to December 1st of 2005, there's
14
an authorization for another transfer of $125,000. Could you
15
explain what that transfer related to?
16
A. I believe this related to a staffing increase Mr. Hewlett
17
was contemplating to staff the new offices.
18
Q. And when you say higher profile, did Mr. Stanford explain
19
at all why it was important that the bank's auditor had newer
20
offices, bigger offices?
21
A. Yes, sir.
22
Q. What did Mr. Stanford say in that regard?
23
A. There would be inquiries in person and otherwise and that
24
if clients, potential clients, or others came to the island
25
that a -- that a building such as the one that was built would
713.250.5585
3099
04:46
04:47
04:47
04:47
04:48
be necessarily advantageous to the sales and growth of the
company.
Q. Turning to another document dated February 10th of 2006,
there's another $100,000 going to Mr. Hewlett's account. This
one is going to his account in the Virgin Islands. Any
particular reason why that money was going to an account in the
Caribbean versus the Barclays account where the monthly
payments were going?
A. No, sir.
10
Q. You don't recall?
11
A. No, sir.
12
Q. And turning to a document from April 30th of 2007, 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.
16
Q. And did you discuss -- was that an increase over 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 that should
20
show it.
21
04:48
This is an e-mail from Carol Meylan to you. The
22
subject is "weekly statements." Who is Ms. Meylan?
23
A. Ms. Meylan was Blaise Friedli's associate at SocGen.
24
Q. And she attaches some documents and then you send a
25
response on May 19th of 2008, to Ms. Meylan and you copy
713.250.5585
3100
04:49
04:49
04:49
04:50
04:50
04:50
Mr. Stanford. Could you read the response you sent?
A. Yes, sir. "Hello. It was great to see Blaise this past
week in Washington DC. The meetings were very beneficial in my
opinion. As I informed Mr. Friedli last Friday, I want to
change the monthly debit amount that is disbursed to
CAS Hewlett from our 108.731 account. Please change this
standing order by increasing the amount from 15,000 sterling to
20,000 sterling. Effective date for this payment should be the
payment of 15 June, '08 and should continue monthly until
10
further notice. If you have questions, please do not hesitate
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 payments to
16
Mr. Hewlett was going up?
17
A. Well, we had to -- on this discussion I remember that
18
Mr. Stanford said he was greedy but --
19
MR. SCARDINO: That's nonresponsive, your Honor.
20
21
THE WITNESS: He was greedy, but that the payments
22
should continue at this rate.
23
BY MR. STELLMACH:
24
Q. Mr. Stanford was saying Mr. Hewlett was greedy?
25
A. Yes, sir.
713.250.5585
3101
04:50
04:51
04:51
Q. This is from August 27th of 2008 from you to Mr. Friedli.
What were the amounts shown there that you were directing
transferred?
A. 60,000 pounds sterling to Mr. Hewlett's London account, two
of -- two of the transfers of that amount and they were
separated by one week's time.
Q. So, a total of 120,000 British pounds at the exchange rate
at the time, do you have a sense of how much actual dollars
that would be?
10
A. Probably in the neighborhood of twice. So, $120,000 US
11
each at that point of exchange.
12
04:52
04:52
04:53
MR. STELLMACH: And if we could turn back to the
13
laptop, your Honor? And if I could see Government Exhibit 511.
14
BY MR. STELLMACH:
15
Q. This is a letter from Montserrat dated November 28th of
16
1990. There's a point there about failing to employ an
17
approved auditor as one of the reasons for being ejected from
18
the island. Did Mr. Stanford ever discuss with you when he
19
showed you that letter from the Montserrat authorities that he
20
could replace Mr. Hewlett?
21
A. No, sir.
22
Q. Did Mr. Stanford ever express any concerns about what would
23
happen if Mr. Hewlett wasn't available any longer to sign off
24
as the auditor for the bank's financial statements?
25
A. Yes, that --
713.250.5585
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04:53
04:53
04:53
04:54
04:54
04:54
Q. What did he tell you about his concerns?
A. The concern was that without Mr. Hewlett, the fraud would
be detected. Mr. Hewlett was indispensable.
Q. Did Mr. Stanford ever discuss any concerns regarding
Mr. Hewlett's physical condition?
A. Yes, sir.
Q. What did he tell you about those concerns?
A. He stated at one point in time that he was concerned about
his health and, in fact, I believe ensured that Mr. Hewlett had
10
a physical examination in Houston, Texas.
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. Hewlett to
15
travel to Houston and have that examination?
16
A. I don't recall that conversation.
17
Q. What happened on January 1st of 2009 to Mr. Hewlett?
18
A. He passed away.
19
Q. How did you first learn that Mr. Hewlett had died?
20
A. I received a call from an individual in Antigua.
21
THE COURT: Excuse me. What year was that, sir?
22
THE WITNESS: It was 2009, your Honor.
23
THE COURT: Okay.
24
BY MR. STELLMACH:
25
Q. January 1, 2009?
713.250.5585
3103
04:54
04:55
A. Yes, sir.
Q. And you learned that Mr. Hewlett had just died. After
receiving that news, did you share it with Mr. Stanford?
A. Yes, sir. When I hung up on the phone, I called him.
Q. And what did you tell Mr. Stanford?
A. I said, "Mr. Hewlett had passed away."
Q. And what did Mr. Stanford say?
A. Said he was the lucky one.
9
04:55
10
11
12
04:55
MR. STELLMACH: Your Honor, I was about to go into

another area.
THE COURT: You want to raise the -- you want to do
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 fine. We'll
16
adjourn at this time. We'll see you Monday, ready to resume,
17
at 10:00 a.m.
18
19
Thank you and good afternoon.

(Proceedings recessed for evening)
20
* * * * *
21
22
23
24
25
713.250.5585
3104
1
2
COURT REPORTER'S CERTIFICATION

I certify that the foregoing is a correct transcript from
the record of proceedings in the above-entitled cause.
3
4
Date: February 3, 2012
5
6
7
/s/
Cheryll K. Barron
Cheryll K. Barron, CSR, CMR, FCRR

Official Court Reporter
8
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12
13
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15
16
17
18
19
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23
24
25
713.250.5585
3105
$
$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
1
1,275,369.95 [1] 2947/24
1.4 million [1] 2968/3
1.5 billion [1] 3018/17
10 [3] 2928/9 3041/14
3083/10
10 minutes [1] 2981/16
10 percent [1] 3017/16
10,000 pounds [1] 3096/8
100 [1] 2959/1
1004 [1] 2928/21
1018 [1] 2929/4
108 [1] 3010/7
108-731 [1] 2949/1
108.731 [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 3100/6
109 [2] 2999/1 2999/6
10:00 a.m [1] 3103/17
10:22 [1] 2928/5
10th [2] 3085/23 3099/3
11 [6] 2967/19 3020/21
3025/4 3025/10 3031/9
3032/10
11,000 [1] 3020/19
112 [1] 3001/12
1129 [1] 2928/13
118 [1] 3019/24
11:35 [1] 2977/24
12.9 million [1] 2968/4
120,000 [1] 3101/7
1205A [1] 2948/6

1220A [6] 3093/6 3093/9
3093/17 3093/25 3094/6
3094/24
125,000 [1] 3096/22
12:00 [1] 2977/23
13 [3] 2999/7 2999/8 2999/17
131 [2] 3035/5 3095/6
132 [1] 2970/9
132 million [6] 2970/23
2970/25 2971/7 2971/23
2972/17 2973/24
132 million-dollar [1]
2971/22
14 [1] 3046/25
14 percent [1] 3021/15
1400 [1] 2928/16
14th [2] 3060/23 3093/12
15 [3] 2986/14 2988/2 3100/9
15 percent [2] 3017/19 3049/8
15,000 [1] 3100/7
15,000 pounds [3] 3096/8
3096/14 3100/12
15-minute [2] 2977/22 2977/24
1520 [1] 2945/10
1530 [1] 3005/9
15th [3] 2951/17 2951/24
2952/4
16 [3] 3034/24 3035/5
3087/24
16,000 pounds [1] 3099/14
17 million [1] 3048/4
17 years [1] 3034/25
17,000 [5] 2932/4 2932/9
2932/18 2932/22 2935/12
17th [1] 2956/2
180,000 [1] 3096/3
1986 [1] 2983/17
1987 [1] 3020/12
1990 [2] 3020/13 3101/16
1991 [3] 3019/18 3037/20
3037/20
1992 [2] 3019/18 3035/17
1994 [1] 3020/15
1996 [3] 2999/2 3000/17
3001/9
1997 [1] 3020/15
1998 [1] 3020/16
1999 [11] 2993/7 2995/5
2995/17 3001/12 3001/22
3002/2 3002/6 3002/15
3002/21 3002/23 3002/25
19th [2] 2951/4 3099/25
1:00 [1] 3025/19
1:05 [1] 2977/25
1st [4] 2995/21 3096/20
3098/13 3102/17
2
2 billion [3] 2968/24 2973/5
2976/15
2 billion-dollar [7] 2943/17
2943/18 2943/20 2944/1
2964/6 3015/23 3016/20
2,300,000 [1] 2995/5
2.5 million [1] 2967/8
20 [10] 2952/23 2966/14
2968/2 2968/5 2983/4 3020/6
3020/10 3020/21 3020/22
3034/17
20,000 [1] 3100/8
20,000 pounds [1] 3100/13
3106
335 [1]
336 [2]
337 [2]
338 [1]
344 [1]
346 [2]
3:45 [1]
3rd [1]
3002/20
2991/22 3002/21
2991/22 3002/21
2995/4
2996/19
2991/19 2991/21
3082/14
2928/21
2976/18 2977/25 2978/3

2
2978/4 2978/7 2978/14
20/20 [3] 2966/14 2968/2
2980/15 2980/16 2983/12
2968/5
2984/4 2984/17 2986/25
2000 [6] 2948/16 2950/23
2987/7 2987/12 2987/16
2993/21 2996/21 3020/18
2991/10 2993/14 2994/3
3042/25
3000/17 3000/18 3001/15
20005 [1] 2928/16
3003/13 3004/4 3005/3 3008/7
2001 [3] 2951/17 2994/16
3010/6 3010/7 3010/11
4
3025/5
3010/22 3011/6 3011/21
4th [2] 2952/5 3062/3
2002 [3] 2952/5 2994/22
3014/10 3016/3 3016/3 3016/6
3093/12
3017/16 3019/16 3019/21
5
2003 [6] 2952/15 2952/18
3021/3 3022/16 3023/8
2953/2 2958/20 2995/1 3096/6 5,000 [1] 3020/17
3025/11 3025/15 3025/18
50-foot [1] 2965/15
2004-'5 [1] 3042/25
3026/2 3028/25 3035/3 3037/9
5050 [1] 3033/5
2005 [15] 3019/24 3062/17
3037/11 3037/21 3037/22
511 [1] 3101/13
3062/22 3063/11 3066/8
3037/25 3038/2 3040/8 3043/2
515 [1] 2929/10
3071/3 3076/10 3078/7
3044/18 3048/25 3049/10
52 million-dollar [1] 3002/13
3078/20 3078/25 3079/1
3050/15 3051/2 3052/5
5:00 [3] 3082/20 3083/11
3079/5 3081/19 3096/20
3052/13 3053/1 3057/18
3083/12
3098/13
3059/9 3060/6 3062/18
5:00 o'clock [3] 3082/25
2006 [3] 3079/2 3085/23
3062/21 3063/1 3068/18
3083/5 3083/9
3099/3
3068/23 3070/5 3070/5
5:10 [1] 3083/11
2007 [6] 2952/24 2958/21
3070/13 3074/8 3075/13
3018/11 3054/19 3054/20
3076/3 3076/8 3076/13
6
3099/12
3082/14 3082/20 3083/10
6 percent [1] 3021/13
2008 [14] 2958/21 2959/5
3086/8 3087/3 3087/25 3088/7
2996/8 2996/8 2996/9 3027/2 60,000 pounds [1] 3101/4
3088/24 3088/25 3089/1
600,000 [1] 2951/3
3044/17 3054/19 3054/20
3089/11 3089/12 3091/24
605C [1] 3044/6
3055/13 3056/2 3057/14
3092/9 3092/14 3095/16
61129 [1] 2928/13
3099/25 3101/1
3097/24 3100/15 3101/16
663 [1] 3060/9
2008-'9 [1] 3042/25
3101/22 3102/1 3102/7 3102/8
668 [3] 3063/17 3064/1
2009 [4] 3084/23 3102/17
3103/9
3079/5
3102/22 3102/25
above [4] 2971/8 3089/4
671 [3] 3077/3 3077/18
2012 [2] 2928/4 3104/4
3089/9 3104/2
3083/17
21 [1] 3011/21
above-entitled [1] 3104/2
21st [1] 2956/5
absent [1] 2934/21
7
24 [1] 3001/21
absolute [6] 2936/10 2937/15
700,000 [1] 3030/15
24th [2] 2948/16 3027/2
2978/15 2981/12 2981/13
25 percent [3] 3016/7 3016/8 700,000-dollar [1] 3027/1
2987/22
731 [1] 2949/1
3017/20
absolutely [4] 2978/16 2990/9
26 [4] 2953/2 3019/25 3020/5 75 percent [4] 3016/11 3017/5 3075/4 3093/1
3017/7 3017/12
3096/5
abstract [1] 3070/8
278 million [2] 2961/4 2961/7 77002 [3] 2928/22 2929/5
academically [1] 2986/17
2929/11
27th [1] 3101/1
acceptable [1] 3084/10
77208-1129 [1] 2928/13
28th [2] 2955/14 3101/15
accepted [2] 3009/21 3009/22
77279 [1] 2929/7
29th [1] 2950/23
access [11] 3008/5 3043/15
79535 [1] 2929/7
2:15 [1] 3025/19
3052/1 3052/5 3052/13 3053/2
3053/5 3053/10 3053/13
8
3
3053/17 3053/24
80,000 pounds [1] 3096/2
30 [1] 3082/15
accordance [1] 3084/14
8th [1] 2952/15
30 million [1] 2952/23
according [8] 2946/13 2969/4
30th [1] 3099/12
3013/4 3021/24 3038/7
9
31 [3] 2952/18 2996/21
3059/10 3066/5 3081/9
9-11 [3] 3020/21 3025/4
3002/6
account [134] 2938/23 2938/24
3025/10
31st [11] 2993/7 2993/21
2938/25 2939/6 2939/7
90 percent [1] 2932/12
2994/16 2994/21 2995/1
2939/13 2939/17 2939/19
9th [2] 3066/8 3071/3
2995/5 2995/17 2995/20
2939/21 2939/23 2940/1
3001/9 3002/2 3002/15
2940/2 2940/5 2940/7 2941/18
A
32 [1] 3095/5
2941/18 2942/1 2942/2 2942/3
a -- so [1] 2964/21
327 [2] 2972/23 2973/24
2942/6 2942/7 2942/9 2944/18
a.m [2] 2928/5 3103/17
327 million [1] 2972/9
2944/19 2944/21 2948/4
327 million-dollar [2] 2973/5 abbreviation [1] 3061/16
2948/20 2948/23 2948/24
ability [1] 3019/12
2973/7
2949/2 2949/9 2950/9 2950/10
able [3] 2933/1 2948/8 3043/3 2950/13 2950/15 2950/16
332C [9] 2943/6 2943/9
about [123] 2931/7 2935/17
2959/16 2996/8 3014/10
2950/17 2950/20 2951/12
2935/19 2939/5 2939/9
3014/13 3014/23 3015/11
2951/20 2951/23 2951/23
2939/17 2939/20 2941/14
3015/21
2952/2 2952/2 2952/20
2944/15 2944/24 2950/2
333 [4] 2991/18 2991/20
2954/11 2955/15 2955/19
2954/21 2954/22 2957/8
2993/2 3002/4
2955/19 2956/8 2956/11
2960/22 2962/6 2966/20
3333 [1] 2997/15
2956/19 2956/20 2956/22
2974/7 2975/22 2975/23
334 [2] 2993/17 3002/20
2957/9 2957/14 2957/21
3107
A
account... [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 3101/4
accountant [4] 2976/8 2976/25
2977/6 3086/1
accountants [4] 2939/24
2972/11 3053/17 3091/8
accounted [1] 2939/23
accounting [11] 2942/11
2943/19 2945/18 2960/11
2960/15 2964/17 2975/7
3004/6 3049/14 3053/10
3053/21
accounts [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 3094/13
accumulated [1] 3032/3
accurate [10] 2972/21 3000/24
3001/24 3037/9 3037/16
3048/13 3048/15 3049/10
3050/5 3050/7
accused [1] 3067/18
acknowledge [1] 3078/13
acquired [1] 3097/22
acquisition [3] 2946/9
2963/12 3003/16
acronym [1] 2945/23
Act [1] 2983/17
activities [1] 3086/19
activity [3] 3078/21 3079/25
3081/11
actual [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 3101/8
actually [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 3094/5
adding [3] 2935/12 2940/15
3097/19
addition [12] 2938/19 2943/24
2944/1 2951/9 2951/10 2957/3
2959/2 2961/7 3015/1 3043/14
3088/23 3091/10
additional [7] 2931/12
2951/23 2961/8 2981/1 2998/7
2999/22 3091/11
address [1] 2983/10
addressed [4] 2948/17 3071/4
3072/8 3093/13
adjacent [1] 3054/9
adjourn [2] 3082/20 3103/16
administrative [4] 2960/22
2961/6 2967/2 3032/1
administrator [2] 3070/11
3071/4
admitted [2] 2935/11 3077/18
Advances [1] 2999/20
advantageous [1] 3099/1
adversary [1] 2962/19
advisor [2] 3033/10 3095/16
advisors [6] 2949/15 2949/16
3009/9 3009/10 3012/1
3031/18
advisory [4] 2949/19 2949/22
3094/17 3095/21
aerial [1] 3005/9
Affairs [1] 3066/6
affect [1] 3079/3
affiliated [2] 2960/23
2999/21
after [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
3103/2
afternoon [3] 3026/3 3036/23
3103/18
Afterwards [1] 3021/23
again [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
3092/7
against [6] 2969/5 2973/5
2975/11 2991/1 3059/19
3066/19
agency [1] 3044/14
agenda [2] 3036/15 3036/17

Agent [1] 3083/20
ago [2] 2985/3 3079/14
agreement [7] 2983/24 2984/16
2985/15 2988/1 2992/11
3034/9 3071/13
agreements [5] 2957/5 2976/19
2976/22 2992/8 2992/14
ahead [9] 2938/9 2952/5
2963/7 2981/23 2991/16
2992/4 3025/24 3030/22
3083/14
aided [1] 2928/24
aircraft [1] 2967/18
airline [3] 2967/23 2967/25
3022/17
airlines [3] 2963/16 2963/17
2967/22
airplanes [2] 2967/10 2967/13
airport [9] 3004/23 3004/25
3005/24 3007/15 3008/13
3040/9 3040/9 3040/18 3054/9
Ali [1] 2928/19
all [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 3098/19
allegations [3] 3064/24
3079/25 3081/10
ALLEN [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 3004/1
allow [7] 2933/19 2940/19
2940/23 3068/20 3069/22
3069/25 3072/15
allowed [1] 2987/21
almost [3] 2967/7 2984/23
3025/18
alone [1] 2949/3
along [7] 2933/12 2991/15
3006/22 3031/25 3039/11
3045/4 3103/13
already [11] 2942/3 2943/24
2948/4 2960/16 2969/11
2991/22 3008/7 3029/12
3108
A
already... [3] 3068/17
3093/20 3093/25
also [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 3094/17
Althea [1] 2945/4
Alvarado [12] 3062/24 3075/15
3076/16 3076/16 3076/20
3077/9 3083/18 3085/1 3085/5
3085/14 3085/15 3085/20
always [11] 2957/21 2958/16
2979/13 2979/25 2980/7
2980/9 2980/9 2991/5 3020/23
3021/3 3024/17
am [6] 2937/10 2947/2
2962/17 2978/14 2982/2
3044/24
Amadio [4] 2934/23 2934/24
3093/21 3093/22
Amendment [5] 2978/11 2980/3
2980/15 2981/13 2988/14
amenities [1] 2946/11
AMERICA [1] 2928/3
among [4] 2932/9 2988/23
3001/17 3003/11
Amortized [1] 3050/18
amount [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 3101/5
amounts [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
3101/2
analysis [1] 2932/17
and/or [2] 2960/14 3033/19
Andrew [1] 2928/15
annual [12] 2960/21 2974/4
2999/2 3001/12 3001/15
3002/17 3002/25 3003/8
3019/24 3020/22 3023/5
3088/4
annually [3] 2950/5 3035/10
3037/15
another [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 3099/18
answering [1] 3052/12
anticipate [2] 2936/6 2989/1
Antigua [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 3102/20
Antiguan [4] 3000/8 3048/10
3051/2 3072/10
any [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
3102/4
anybody [5] 2981/2 2982/2
3046/4 3053/9 3072/6
anyhow [1] 2977/22
anyone [6] 2994/3 2997/10
3005/6 3052/3 3053/4 3072/6
anything [10] 2980/15 2987/1
2987/16 2991/25 3000/23
3017/1 3053/16 3072/3
3085/16 3088/23
apologize [2] 3081/2 3095/15
Apparently [1] 2952/1
appear [5] 2982/9 2995/20
3065/15 3076/23 3077/24
appears [4] 2936/23 3032/19
3034/4 3064/12
appellate [1] 2987/11

Applebee's [1] 3007/19
applicable [1] 3079/16
appraisal [2] 2973/23 2973/25
appreciate [1] 3095/20
approach [4] 2978/17 2978/22
2978/24 3066/10
approached [1] 2979/11
appropriate [2] 3071/25
3072/1
approval [6] 2947/3 2947/8
2947/9 2947/23 2948/1 3014/1
approve [5] 2947/11 2997/11
3004/11 3024/17 3093/2
approved [4] 2948/2 3013/20
3096/11 3101/17
approximately [10] 2932/15
2968/20 3034/17 3036/8
3049/6 3054/18 3057/12
3058/17 3063/11 3084/22
April [6] 2952/15 2955/17
2955/22 2956/5 3079/2
3099/12
April 2006 [1] 3079/2
April 21st [1] 2956/5
April 30th [1] 3099/12
April 6 [2] 2955/17 2955/22
April 8th [1] 2952/15
architectural [1] 2967/2
are [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 3093/6
area [10] 3004/20 3004/22
3005/1 3005/4 3005/25
3007/14 3008/14 3010/1
3091/22 3103/10
areas [1] 3079/15
argue [1] 2986/7
arguing [1] 3089/17
around [5] 2938/5 2952/23
2967/21 3069/23 3083/9
arranged [2] 3051/18 3098/1
arrangement [2] 3092/22
3098/4
array [1] 3020/11
arrearages [1] 2958/23
arrive [1] 3092/18
arrow [6] 2942/15 2970/9
2970/12 2971/7 2972/8
2972/10
article [7] 3060/24 3060/24
3061/1 3061/3 3061/4 3061/8
3061/14
3109
A
as [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 3103/14
Ashe [8] 3054/11 3054/14
3054/15 3054/21 3054/22
3055/3 3055/10 3055/16
Ashe's [1] 3054/13
Asian [1] 3020/15
ask [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 3092/7
asked [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 3095/16

asking [10] 2946/21 2954/25
2978/13 3011/5 3018/1 3018/2
3034/20 3042/16 3055/3
3097/9
aspect [1] 3005/7
assert [1] 3071/25
asset [1] 2974/2
assets [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 3088/14
assist [1] 3058/5
assistant [3] 2928/12 2983/15
3039/8
associate [1] 3099/23
assume [4] 2936/20 2936/22
2989/18 3031/11
assuming [4] 2954/13 2954/14
2954/23 2955/5
assure [2] 2987/15 3079/13
at [182]
athletic [3] 3004/2 3007/24
3007/25
Atlanta [2] 3043/20 3055/24
attaches [2] 3060/23 3099/24
attacks [1] 3020/21
attorney [7] 2928/12 2929/3
2976/25 2983/15 2987/2
2987/17 3000/3
attorney-client [2] 2987/2
2987/17
attorneys [4] 2949/18 2972/11
2976/9 3075/16
audit [12] 2958/21 2958/24
2959/3 2959/5 2975/12 3086/2
3086/15 3086/18 3086/19
3090/19 3090/22 3090/22
audited [2] 2958/19 2958/20
auditing [6] 3088/19 3088/23
3089/2 3089/16 3091/11
3092/1
auditor [7] 3086/2 3086/9
3086/14 3088/3 3098/19
3101/17 3101/24
auditors [1] 3086/19
audits [1] 2975/14
August [3] 2950/23 2956/2
3101/1
August 17th [1] 2956/2
August 27th [1] 3101/1
August 29th [1] 2950/23
authorities [1] 3101/19
authorization [2] 3071/23
3098/14
authorize [1] 2997/11
authorized [3] 2954/19 2955/9
2956/16
available [2] 2952/2 3101/23
Avenue [1] 2928/16
average [1] 3021/13
aviation [6] 2967/7 2967/8
2967/9 2967/10 2967/24
3055/25
avoid [2] 2979/23 2979/24

avoiding [1] 2936/2
aware [5] 3000/1 3000/19
3046/5 3062/15 3092/6
away [6] 2978/18 2979/11
2984/8 3055/6 3102/18 3103/6
awhile [1] 3010/10
awkward [1] 2989/7
B
back [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
3101/12
background [1] 2953/16
backup [3] 3054/24 3087/19
3088/10
bait [1] 2962/4
balance [9] 3001/21 3007/3
3007/5 3021/19 3044/20
3047/22 3050/17 3059/12
3086/21
balances [1] 3050/9
ball [1] 2936/1
band [2] 2958/13 2958/13
bank [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
3110
B
bank... [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 3095/19
bank'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 3101/24
banking [5] 2948/21 2949/8
3058/2 3079/23 3094/11
banks [6] 2938/19 2948/23
2956/4 3003/22 3057/25
3087/1
Banque [2] 3046/21 3048/21
Barbuda [7] 2944/18 3006/18
3017/4 3041/21 3084/9
3084/15 3092/5
Barclays [1] 3099/7
bargain [1] 2983/24
barrel [1] 3100/14
barrister [1] 3035/24
Barron [3] 2929/9 3104/6
3104/7
based [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 3075/1
basically [3] 2982/1 3087/6
3090/1
basis [3] 3084/13 3092/21
3094/3
be [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
3102/3
became [2] 2949/5 2974/2
because [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 3094/5
become [3] 2998/7 3000/1
3000/19
been [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 3099/17
before [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] 2985/17

beginning [11] 2941/24 2946/4
2947/22 2952/13 2952/13
3019/15 3020/5 3021/22
3022/4 3025/14 3035/9
behalf [2] 2994/1 2996/22
behind [2] 2983/7 2999/14
being [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
3101/17
belated [1] 3011/2
believe [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 3102/13
below [6] 3005/25 3006/1
3006/15 3006/15 3026/15
3061/8
bench [6] 2978/17 2978/22
2978/24 2979/11 3066/12
3075/18
beneath [4] 2968/24 2997/1
3026/22 3033/18
beneficial [1] 3100/3
beneficiary [1] 3028/6
best [6] 2933/13 2935/23
2941/14 2958/18 2990/4
3065/10
bet [1] 2937/7
better [5] 2935/4 2965/22
2969/13 2983/21 3097/12
between [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 3084/13
beyond [6] 2991/4 2991/7
3059/7 3089/2 3089/4 3089/10
big [1] 2965/13
bigger [3] 3098/9 3098/9
3098/20
bill [1] 3046/9
billing [1] 3091/1
billion [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
3111
3025/18 3082/12 3082/14

B
breakdown [1] 3045/12
billion... [6] 3017/22
breaking [2] 3048/10 3083/9
3018/12 3018/17 3018/22
brewing [2] 3068/19 3070/10
3080/8 3088/8
bribes [5] 2945/1 3051/19
bills [1] 2943/2
3073/9 3089/20 3092/2
bind [1] 2986/19
brick [1] 3003/19
bit [10] 2948/14 2963/15
briefcase [2] 3040/24 3040/25
2986/11 2987/11 2991/14
briefing [1] 2988/7
3027/4 3069/24 3070/7 3070/8 briefly [5] 2946/6 2964/24
3082/13
3026/4 3049/2 3103/14
bits [1] 3068/18
briefs [1] 2987/12
Blaise [8] 2948/17 2949/8
bring [2] 2978/25 3027/3
3093/13 3094/9 3094/11
British [1] 3101/7
3095/16 3099/23 3100/2
broker [4] 3031/18 3046/20
blocking [1] 3046/17
3047/4 3047/18
blood [1] 3037/22
broker/issuer [3] 3046/20
blow [3] 2947/17 2964/8
3047/4 3047/18
3078/17
brokerage [13] 3003/22
blowing [1] 2980/21
3013/18 3028/1 3029/15
board [19] 2949/15 2949/16
3029/24 3029/24 3032/1
3009/7 3035/10 3035/15
3032/17 3080/9 3080/11
3035/18 3035/19 3036/1
3080/19 3081/1 3081/5
3036/11 3036/18 3036/21
build [2] 3008/11 3010/1
3036/22 3037/6 3037/8
building [8] 3003/19 3003/25
3037/11 3037/15 3037/16
3004/24 3005/3 3006/15
3094/17 3095/21
3007/1 3098/9 3098/25
boat [2] 2965/11 2965/12
buildings [6] 3003/19 3003/23
boats [3] 2965/18 2965/25
3003/25 3004/2 3006/14
2966/4
3008/13
bodies [1] 3079/23
built [5] 2967/5 3003/24
body [1] 3048/10
3004/17 3098/3 3098/25
boils [1] 2962/3
burden [7] 2979/25 2980/7
bold [1] 3078/9
2981/2 2991/4 2991/5 2991/6
bonds [2] 3017/18 3048/7
2991/7
bonus [2] 2957/2 2957/4
business [9] 2963/11 2963/13
bonuses [6] 2956/14 2956/16
2984/8 2987/21 3001/19
2956/22 2956/25 2957/1
3003/15 3042/4 3068/10
2957/11
3090/18
booked [1] 3061/10
businesses [2] 3003/24 3004/1
bookkeeping [5] 2942/9
businessman [1] 3070/3
2972/14 2972/15 2972/24
businessmen [1] 3035/23
3017/12
but [96] 2931/16 2932/22
books [9] 2964/10 2964/13
2933/2 2933/10 2933/20
2964/22 2986/11 3061/9
2933/23 2935/15 2936/3
3061/24 3089/22 3089/25
2936/5 2936/9 2936/12
3091/10
2936/14 2938/6 2939/9
borderline [1] 2980/19
2939/17 2941/10 2944/3
borrow [1] 3027/24
2946/7 2952/2 2952/21 2958/9
borrowed [3] 2994/10 2995/7
2960/17 2961/21 2962/21
2996/9
2965/21 2972/14 2975/19
borrower [3] 2993/6 2993/8
2977/5 2977/21 2979/11
2996/19
2979/15 2980/19 2980/23
borrowing [3] 2976/20 2994/14 2980/24 2981/5 2981/8
3012/3
2984/18 2984/22 2985/8
both [7] 2933/23 2961/20
2985/13 2985/22 2986/4
2963/4 2980/10 2987/14
2986/18 2987/13 2988/18
3036/4 3084/10
2989/8 2989/11 2989/12
bottom [8] 2933/25 2943/10
2991/13 2998/9 3002/25
2964/6 2968/23 2968/24
3005/11 3011/21 3015/13
2986/18 3026/22 3078/10
3019/20 3022/9 3022/16
bought [2] 2971/2 3008/4
3023/7 3024/25 3027/21
bound [2] 2988/11 2988/11
3036/8 3041/10 3047/15
bounds [2] 2935/15 2935/20
3047/15 3049/6 3053/9 3054/6
box [5] 2928/13 2929/7
3058/4 3064/11 3066/14
2942/16 2970/4 2970/7
3066/15 3066/24 3068/1
boy [1] 3068/19
3068/21 3068/23 3068/24
break [18] 2935/19 2936/3
3069/7 3069/24 3070/7 3070/8
2937/18 2938/8 2938/8 2954/5 3072/16 3074/21 3076/7
2974/13 2977/20 2977/22
3076/23 3080/19 3081/11
2977/24 2992/7 3011/12
3085/16 3085/25 3087/9
3018/6 3018/8 3020/19
3089/14 3094/1 3095/4
3097/11 3097/13 3100/18

3100/21
button [1] 3038/11
buy [5] 2983/3 3029/17
3031/4 3031/6 3031/15
buying [1] 3029/18
BVI [1] 3090/19
C
Cafe [1] 3007/21
call [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 3102/20
called [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
3103/4
calling [2] 2988/12 3056/8
calls [1] 3078/24
came [10] 2934/12 2939/12
2944/12 2976/24 3011/6
3018/16 3029/10 3069/1
3070/2 3098/24
campaign [1] 3059/17
can [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 3099/12
can't [9] 2932/11 2987/10
2987/14 2987/25 2998/13
3038/22 3045/21 3069/23
3090/8
Canada [2] 3028/8 3028/10
cannot [2] 2988/24 2991/1
capacity [1] 3071/4
capital [11] 2969/1 2970/14
2970/15 2970/24 2973/19
3012/21 3013/9 3013/17
3013/24 3014/4 3020/16
capitalizing [1] 2952/14
care [1] 3043/8
career [1] 3058/1
Caribbean [7] 2946/15 2967/22
3035/25 3036/5 3091/6 3092/1
3112
C
Caribbean... [1] 3099/7
Caribbean Sun [1] 2967/22
Carol [1] 3099/21
carried [1] 3020/18
carrier [1] 2967/24
carries [1] 2969/24
carry [1] 2941/6
CAS [1] 3100/6
CAS Hewlett [1] 3100/6
case [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 3103/13
cases [3] 2936/22 2985/21
3032/12
cash [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 3086/22
catch [2] 2937/2 2937/5
category [1] 2968/3
caught [2] 2980/18 2980/18
cause [1] 3104/2
caveat [1] 2940/19
CBG [5] 2948/18 2948/19
2948/20 2948/25 2949/3
CBG's [1] 2948/21
CD [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
3091/14
CD's [1] 3081/6
CDs [8] 2941/17 3026/8
3031/1 3031/4 3032/3 3032/18
3075/3 3080/20
center [3] 2970/13 3098/11
3102/13
central [1] 3035/23
certain [2] 2964/17 3058/3
certainly [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
3068/12
Certificate [1] 3030/17
certification [3] 3055/8
3059/1 3104/1
certified [1] 3086/20
certify [1] 3104/2
cetera [1] 2980/6
CFO [1] 3070/12

chain [3] 2945/11 2947/4
3067/25
chairman [4] 3020/2 3036/18
3036/25 3037/3
Chambliss [1] 3009/13
championship [1] 3056/2
chance [4] 2934/11 2936/9
2950/3 3046/13
change [8] 2960/20 2981/12
2988/11 3050/17 3050/18
3053/24 3100/5 3100/6
changed [3] 2946/18 2972/14
2973/3
characterization [2] 2953/9
2953/13
characterizations [1] 2940/18
charge [3] 2949/8 3067/16
3094/12
charged [3] 3028/19 3067/4
3090/2
charges [1] 3066/18
charging [2] 3066/18 3088/19
chart [4] 2943/8 2973/4
3046/13 3046/14
charts [1] 3038/6
Chase [2] 2950/10 2954/11
check [10] 2986/11 3026/10
3031/6 3031/6 3031/17
3031/22 3031/25 3032/2
3033/23 3034/10
checking [1] 2958/12
checks [4] 2968/19 2998/9
3032/5 3032/13
Cher [1] 2937/9
Cheryll [3] 2929/9 3104/6
3104/7
chief [9] 2945/18 2947/12
2960/15 2997/3 3018/19
3019/1 3037/23 3041/24
3070/3
Chili's [2] 3007/18 3007/19
circle [2] 2970/14 3012/18
Circuit [1] 2935/3
Citizen [1] 2983/17
citizens [1] 3059/18
city [1] 3056/25
claim [1] 3001/15
claiming [1] 3064/23
claims [2] 2962/5 3035/2
clarification [2] 2962/22
3024/8
class [1] 3007/22
clear [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 3076/22
clearer [3] 2948/13 2948/14
2959/3
clearly [3] 2981/5 3066/24
3068/2
client [12] 2987/2 2987/17
2989/24 3029/11 3029/12
3029/25 3030/11 3030/11
3032/5 3033/17 3033/19
3066/19
client's [3] 3031/22 3033/19
3033/19
clients [5] 3006/19 3009/7
3021/5 3098/24 3098/24
clock [2] 2931/7 2981/22

close [6] 2973/14 3038/25
3054/23 3058/25 3059/11
3073/10
club [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
3007/25
clubs [1] 3004/2
CM [1] 2929/9
CMR [1] 3104/7
Co [1] 2964/16
code [1] 3034/1
collapse [1] 3020/16
collapsed [2] 3025/7 3025/9
colleagues [1] 2982/17
collected [1] 3033/9
column [6] 3033/18 3046/19
3046/22 3050/17 3050/19
3051/5
columns [1] 3045/19
come [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 3085/25
comes [2] 2986/15 2987/19
coming [8] 2933/21 2972/23
2999/11 3005/6 3013/16
3058/17 3070/21 3089/15
comment [4] 2978/3 2978/7
2978/14 3042/14
commercial [6] 2967/20
2967/22 2967/23 2967/25
3008/4 3039/4
Commission [10] 3041/20
3044/13 3050/22 3062/19
3063/2 3066/3 3066/5 3077/2
3077/25 3078/3
common [1] 3014/6
communicate [2] 2989/24
2989/25
communicated [1] 3071/22
communicating [1] 3023/7
communication [3] 2987/1
3073/10 3073/18
communications [1] 3072/24
companies [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 3098/6
company [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
3113
C
company... [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 3099/2
compare [1] 3002/16
compared [1] 3012/7
compensated [1] 2949/22
compensation [7] 2949/21
2949/24 2956/22 2957/4
2961/8 2975/16 2975/21
complaint [1] 3080/2
complaints [1] 2933/11
complete [3] 3034/7 3034/8
3050/10
completed [4] 2959/4 2973/22
2997/8 3079/2
completely [2] 3055/6 3094/24
completion [1] 3053/7
complex [2] 2985/3 3004/23
compliance [1] 3079/15
Complies [4] 2945/8 3012/15
3014/16 3090/14
comply [1] 2933/13
compound [1] 3023/13
comprehensive [1] 3086/25
computer [4] 2928/24 2941/11
3027/21 3060/10
computer-aided [1] 2928/24
conceal [1] 2938/16
concentrated [1] 3004/20
concern [7] 2954/22 2978/25
2982/11 3070/13 3075/7
3079/19 3102/2
concerned [4] 3074/10 3074/15
3075/1 3102/8
concerning [2] 3045/17
3054/21
concerns [8] 2934/4 3074/7
3075/10 3080/2 3101/22
3102/1 3102/4 3102/7
condition [2] 3023/4 3102/5
conditions [1] 3001/20
conducted [2] 3062/18 3079/14
conducting [1] 3066/19
confer [2] 2977/13 2977/15
conference [4] 3036/14
3040/23 3040/23 3078/24
confident [1] 2983/16
confidential [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 3078/14
confirm [1] 3080/3
confirmation [3] 3051/4
3051/6 3051/20
confirmed [2] 3079/15 3079/17
confused [1] 3094/23
Congress [1] 2928/21
consider [4] 2976/3 2983/25
2989/8 3079/22
considered [7] 2975/19
2992/18 3010/16 3015/22

3015/24 3016/24 3049/4
consist [1] 3036/24
consistent [2] 2983/11 3016/5
consistently [1] 3020/23
conspiring [1] 3067/5
constitute [1] 2951/22
constitutional [1] 2978/15
construct [1] 3084/12
contact [1] 3051/3
contained [4] 3045/9 3045/17
3047/4 3052/1
contains [1] 3034/1
contemplating [1] 3098/17
contention [1] 2975/18
contents [1] 3071/22
continue [3] 3007/7 3100/9
3100/22
continued [3] 2929/1 2929/2
3080/3
continuing [2] 2979/23
3002/21
continuous [1] 3079/18
contradictory [1] 2953/10
controlled [1] 2958/6
controller [3] 2945/21
2960/14 3049/25
convenience [1] 2986/12
convenient [2] 2977/19
2984/10
conversation [7] 2954/14
3054/21 3054/22 3065/15
3075/23 3075/25 3102/16
conversations [4] 2976/10
3058/18 3058/19 3092/20
copied [1] 3062/3
copies [1] 2992/24
copy [6] 2947/2 2955/20
2955/20 3032/15 3062/13
3099/25
corporate [4] 2967/9 2967/24
2972/3 3020/20
Corporation [7] 2963/10
3003/13 3003/17 3003/24
3004/15 3004/17 3008/22
correct [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 3104/2
corrected [1] 2933/9
correction [1] 3095/20
correctly [1] 3056/1
correspondence [2] 3069/10
3071/20
cost [5] 2970/25 2971/11
2971/23 3008/10 3050/18
Costa [1] 2928/12
costs [1] 2969/12
could [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 3101/20
couldn't [2] 3021/5 3055/3
counsel [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
3097/13
counsel's [1] 3075/15
country [1] 3058/1
counts [1] 3028/20
couple [5] 2938/6 2973/16
2986/10 3013/22 3036/13
course [12] 2936/23 2962/1
2979/24 2980/7 2980/22
2981/8 2987/20 2990/22
3001/19 3004/5 3023/4
3090/18
court [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 3104/7
Court's [3] 2933/13 2969/16
3038/5
courtroom [2] 2990/1 2998/2
Coutts [5] 3046/20 3047/23
3114
C
Coutts... [3] 3047/25 3048/3
3048/21
cover [5] 3032/24 3044/11
3044/16 3048/19 3068/13
covered [2] 2952/4 2987/2
CPA [2] 2992/12 2997/6
CR [1] 2928/3
created [1] 3000/22
credit [7] 2969/1 2969/5
2973/5 2973/7 2975/11
3001/17 3030/11
Crick [3] 2945/4 3041/24
3041/25
cricket [7] 2966/16 2968/5
2968/8 3004/3 3007/17
3007/22 3008/7
criminal [1] 2990/22
crisis [3] 3020/15 3020/15
3020/16
criteria [1] 2962/11
Croix [1] 2960/13
cross [5] 2931/13 2935/17
2935/17 2935/20 2983/18
cross-examination [1] 2931/13
cross-examine [1] 2935/17
cross-examining [1] 2983/18
crossed [1] 3061/11
Crosswalk [2] 2958/3 2958/10
CSR [2] 2929/9 3104/7
cup [1] 3056/2
curbs [1] 3008/2
current [1] 3050/10
customer [1] 3033/10
cut [3] 2979/6 3059/4
3073/12
cutoff [1] 2933/22
cuts [1] 2936/16
cutting [1] 2933/23
D
dance [1] 3069/23
danger [2] 3051/13 3051/14
date [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 3104/4
date's [1] 3056/13
dated [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 3101/15
dates [4] 2954/3 2995/19
2995/22 2996/4
DAVID [2] 2928/8 2982/6
Davis [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 3100/11
Davis' [2] 2947/3 2984/16
day [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 3063/9
day's [1] 3036/23
days [3] 2934/22 2989/17
3085/25
DC [2] 2928/16 3100/3
de [2] 2939/2 3091/16
deal [6] 2934/1 2935/3
2983/20 2983/21 3012/6
3059/14
dealing [2] 3076/1 3076/3
dealt [1] 3006/19
dean [3] 2985/4 2985/7
2985/10
debit [4] 2951/23 2951/24
2952/4 3100/5
debited [1] 3030/3
debt [1] 3020/21
deceased [1] 2977/2
December [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 3098/13
December 19th [1] 2951/4
December 1st [1] 3098/13
December 2008 [1] 2996/8
December 24th [1] 3027/2
December 31 [2] 2996/21
3002/6
December 31st [11] 2993/7
2993/21 2994/16 2994/21
2995/1 2995/5 2995/17
2995/20 3001/9 3002/2
3002/15
decide [1] 2957/11
decided [2] 3021/17 3034/6
decision [7] 2934/3 2954/5
2957/8 2961/25 2988/21
3096/9 3096/10
decisions [1] 2985/2
decline [1] 3020/12
deep [1] 3022/17
default [2] 2997/19 2998/6
defaults [1] 3020/21
defendant [10] 2928/18 2929/2
2978/4 2978/7 2979/24
2980/23 2988/14 2990/23
2990/25 2991/3
defense [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 2985/24

definitely [2] 2931/24
2988/20
definitive [1] 3011/8
defunct [1] 3022/17
delayed [1] 2991/14
deliver [2] 3041/2 3041/7
demand [1] 3071/24
demonstrative [2] 2940/21
2969/17
dense [1] 3024/7
department [4] 2928/15
3041/21 3053/10 3092/5
depending [1] 2936/8
deposit [5] 2995/13 3029/6
3029/8 3030/17 3049/3
deposited [1] 2939/12
depositor [8] 2941/25 2956/10
3009/19 3031/6 3034/6 3034/7
3079/15 3080/1
depositors [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 3031/4
Depression [1] 3020/13
deputy [3] 3066/2 3077/1
3078/2
derived [1] 3050/8
derogatory [1] 3060/1
describe [1] 2942/7
described [4] 2944/13 3015/13
3045/1 3074/10
description [2] 3034/1
3037/14
descriptions [1] 3063/5
desired [1] 3006/19
desk [2] 3014/1 3041/1
detail [4] 3044/22 3045/1
3045/10 3058/9
detailed [1] 3054/24
detected [1] 3102/3
determine [1] 3023/20
determined [4] 3021/9 3021/17
3055/7 3055/8
development [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 3010/23
developments [1] 3006/14
deviate [1] 2954/7
Diagnostic [1] 3102/13
diagram [8] 2940/22 2941/2
2941/16 2959/22 2959/25
2959/25 2964/15 3090/16
dickens [1] 3070/20
did [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
3092/17
died [2] 3102/19 3103/2
different [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
3115
D
different... [7] 3026/7
3035/3 3049/3 3049/11 3051/9
3091/25 3094/24
differentiation [1] 3048/6
difficult [1] 2996/17
difficulties [1] 3027/15
dire [1] 2991/6
direct [3] 2938/11 2953/25
3072/20
directed [1] 2954/20
directing [2] 3093/2 3101/2
direction [2] 2947/1 3010/4
directions [1] 3052/5
directive [2] 3096/6 3096/7
directly [7] 3013/1 3031/1
3042/1 3062/16 3067/7
3089/13 3091/5
director [4] 3041/20 3066/3
3077/1 3078/2
director's [1] 2949/24
directors [6] 2999/20 3009/7
3035/11 3035/15 3036/1
3037/15
disapproved [1] 3013/20
disbanded [1] 2958/13
disbursed [1] 3100/5
disclose [1] 3003/9
disclosed [4] 2961/1 2974/4
3000/25 3007/4
disclosure [7] 2960/21
2999/21 2999/23 3000/17
3001/5 3003/1 3011/23
disclosures [1] 2960/24
discovery [2] 2932/4 2932/21
discretion [1] 2987/21
discuss [32] 2931/5 2935/9
2960/5 2974/18 2976/1
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3014/4 3014/5 3022/22
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3042/10 3051/21 3051/25
3055/2 3055/11 3056/4
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3099/16 3101/18 3102/4
discussed [17] 2953/22 2960/8
2975/23 2991/6 3013/6
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discussion [6] 2977/17
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discussions [2] 3023/24
3025/13
disinformation [1] 3059/17
distribution [1] 3012/24
DISTRICT [5] 2928/1 2928/1
2928/8 2929/10 2982/12
Diversification [1] 3035/7
diversified [1] 2962/10
division [4] 2928/2 2970/20
2970/22 3066/4
do [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

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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
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3046/6 3054/11 3054/12
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3057/21 3058/17 3060/17
3061/3 3061/14 3063/17
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3078/10 3078/12 3083/8
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3101/8 3103/11
document [36] 2943/10 2953/10
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documentation [7] 3031/21
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3083/24 3087/14
documents [37] 2932/22 2933/8
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2935/25 2948/6 2997/8
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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 3099/24
does [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
3079/5
doesn't [8] 2980/12 2980/25
2983/3 3019/5 3061/23
3069/23 3077/16 3083/23
doing [12] 2933/14 2975/6
2978/24 2981/24 2986/8
2991/2 2991/9 3006/6 3042/5

3053/21 3085/15 3103/15
dollar [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 3027/1
dollars [12] 2950/4 2951/3
2952/24 2972/14 3008/16
3033/21 3049/1 3092/6 3096/3
3096/15 3096/22 3101/8
Dominion [1] 3030/5
don'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
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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 3102/16
done [12] 2933/13 2935/23
2941/11 2973/23 2975/4
2979/10 2987/20 2991/12
3006/12 3012/16 3012/17
3034/13
door [3] 2938/5 2981/20
2982/1
dormant [2] 2958/10 2958/10
dotted [1] 3061/11
double [3] 2979/23 3068/2
3095/7
doubt [2] 2991/4 2991/7
Dow [1] 3020/19
down [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
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3026/15 3034/11 3048/10
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3064/14 3076/15 3078/12
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dozen [1] 2932/15
draft [3] 3050/2 3050/3
3050/4
draw [5] 2940/10 2969/13
2969/14 2969/17 3090/13
drawing [3] 2940/14 2940/17
3012/13
drawn [1] 2941/2
Drive [3] 3033/12 3040/10
3040/17
drove [1] 3020/17
due [4] 2966/5 2982/17
2997/21 2998/7
Duke [1] 2969/25
duration [1] 3036/23
during [11] 2937/17 2962/24
2975/13 2978/3 2978/6
2989/24 2991/6 3001/22
3116
enforced [1] 2998/24

D
engage [1] 3003/18
during... [3] 3020/6 3020/10 engaging [1] 2962/4
3020/14
England [1] 3091/22
dynamic [1] 3024/2
enlarge [12] 2959/16 2993/2
2997/15 2999/13 3001/13
E
3002/10 3026/22 3035/7
e-mail [14] 2945/11 2945/11
3064/4 3065/21 3077/21
2946/21 2947/4 2947/17
3084/2
3060/15 3061/7 3062/2 3062/6 enlarged [1] 3005/10
3062/7 3062/9 3062/13
enlargement [1] 3005/10
3062/14 3099/21
enough [5] 2948/25 2986/21
each [13] 2936/21 2946/5
2988/4 3011/23 3017/23
2955/8 2995/20 3022/6
ensured [2] 3102/9 3102/11
3022/13 3022/15 3023/7
entered [3] 2992/8 3021/18
3023/17 3024/15 3087/2
3084/11
3096/17 3101/11
entire [4] 2974/24 2974/25
Eagle [5] 2964/25 2965/2
3014/17 3064/4
2965/5 2965/7 2968/11
entirely [2] 2956/8 2962/8
earlier [7] 2942/2 2943/8
entities [2] 2972/18 2999/21
2966/20 3008/20 3009/25
entitled [6] 2980/20 2988/14
3016/12 3026/2
2999/20 3072/16 3072/18
early [3] 3036/7 3036/8
3104/2
3103/12
entity [3] 2949/4 2971/16
earnings [1] 3021/11
2972/3
easel [4] 3005/11 3005/13
entries [2] 3048/4 3055/1
3005/14 3005/16
entry [8] 2964/13 2965/2
easier [3] 3005/15 3006/7
2968/1 2968/2 3008/20
3027/20
3047/23 3047/24 3048/3
easiest [2] 3018/8 3031/13
envelope [1] 3055/24
Eastern [3] 2946/15 2982/12
equal [2] 3017/7 3050/19
3035/25
Equally [1] 2982/15
eco [1] 3007/9
equipment [1] 3097/19
eco-friendly [1] 3007/9
equitable [1] 3001/19
economic [2] 3020/11 3037/2
equities [1] 3016/4
economics [1] 3058/12
equity [43] 2964/3 2964/19
ecosystem [1] 3007/15
2969/10 2970/17 2970/25
educated [1] 2983/22
2971/2 2971/11 2971/12
effect [8] 2948/22 2964/23
2971/18 2971/20 2971/22
2978/8 2984/23 2990/22
2972/12 2973/24 2974/2
3054/25 3061/18 3070/2
2974/5 3010/11 3010/12
Effective [1] 3100/8
3010/16 3010/19 3010/24
either [6] 2952/3 2960/12
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2980/16 2985/18 2986/19
3012/3 3012/5 3012/6 3012/13
3012/21
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ejected [1] 3101/17
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elaborate [1] 3097/7
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elects [1] 2990/24
3016/22 3017/21 3019/2
Elizabeth [2] 3066/2 3077/1
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Ellen [1] 2931/6
3062/11
Ellen's [1] 3082/23
equivalents [1] 2973/8
Elmo [4] 2948/10 3027/4
equivocal [1] 2990/3
3027/19 3045/23
escrow [4] 3028/5 3028/12
else [11] 2983/24 3010/2
3029/14 3029/16
3017/1 3053/3 3053/4 3053/9 establish [1] 3077/16
3069/17 3073/1 3077/14
estate [11] 2945/25 2946/9
3088/23 3089/16
2952/12 2963/12 2963/13
employ [1] 3101/16
3003/16 3004/25 3007/4
employee [1] 2949/10
3017/2 3017/3 3017/21
employment [1] 3025/14
estimate [2] 2989/3 3096/4
end [20] 2938/8 2951/15
estimates [1] 2981/24
2952/24 2959/5 2960/19
et [1] 2980/6
2966/20 2996/1 2996/9
et cetera [1] 2980/6
3001/22 3002/1 3010/3
even [12] 2932/19 2934/11
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2963/24 2975/10 2988/15
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end which [1] 3023/5
3073/7
ended [3] 2938/13 3000/17
evening [2] 3040/9 3103/19
3028/9
event [2] 2997/25 2998/6
ends [1] 3023/2
events [2] 3020/11 3085/25
enforceable [1] 3071/24
eventually [2] 3013/19
3013/25
ever [52] 2942/20 2944/11
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2954/21 2958/19 2960/7
2967/5 2968/8 2968/11 2974/4
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3004/24 3009/4 3009/20
3011/23 3021/1 3024/24
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3058/15 3059/21 3060/3
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3101/18 3101/22 3102/4
every [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 3088/3
everybody [7] 2936/21 2938/4
2984/21 2986/18 2987/10
3009/21 3083/6
everyone [1] 2936/25
everything [6] 2938/6 2941/10
2983/12 2983/24 2991/13
3008/12
evidence [10] 2940/21 2954/14
2954/24 2955/6 2984/16
2991/22 2992/2 2999/4 2999/5
3080/2
exact [1] 2968/22
exactly [4] 2966/6 2980/17
3065/2 3097/16
exam [3] 3072/20 3084/5
3102/11
examination [12] 2931/13
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3055/7 3055/13 3078/24
3079/2 3079/14 3084/8
3102/10 3102/15
examine [1] 2935/17
examiner [5] 3051/3 3051/6
3054/14 3054/22 3058/2
examiners [1] 3051/19
examining [1] 2983/18
example [9] 2994/6 3021/14
3032/4 3032/15 3032/21
3034/14 3045/5 3053/10
3088/7
excellent [2] 3005/7 3079/22
exception [4] 2958/1 3003/5
3086/22 3086/23
exceptions [1] 3071/25
excess [4] 2957/2 3089/21
3090/1 3092/3
exchange [12] 2964/1 3003/22
3010/15 3062/19 3063/2
3066/3 3066/4 3077/2 3078/3
3096/14 3101/7 3101/11
excluding [1] 3088/14
excuse [10] 2953/6 2955/3
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3064/9 3066/9 3080/23
3094/22 3102/21
excused [1] 2990/8
executed [3] 2994/7 2995/19
3001/18
executive [2] 2957/6 2997/11
3117
E
executives [5] 2956/21
2956/25 2957/2 2957/7
2957/12
exercising [1] 2962/17
exhibit [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
3101/13
Exhibit 118 [1] 3019/24
Exhibit 1220A [1] 3093/6
Exhibit 131 [1] 3035/5
Exhibit 332C [3] 2943/6
2959/16 3014/10
Exhibit 333 [1] 3002/4
Exhibit 668 [1] 3064/1
exhibits [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
3032/10
existed [1] 3068/8
existence [5] 2942/3 2966/23
2994/4 3003/1 3003/9
expenses [8] 2938/21 2944/16
2952/10 2952/12 2960/22
2967/11 2967/11 2998/7
experience [1] 2983/18
experienced [2] 2983/14
3020/12
expert [3] 2985/5 2985/11
3019/5
expertise [1] 3018/24
explain [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
3098/18
explained [6] 2938/13 2975/3
2984/1 3022/5 3051/23
3056/16
explaining [1] 3052/13
explanation [6] 2934/15
2953/16 2965/20 2998/14
3009/20 3052/22
explanations [1] 2942/23
exposed [1] 3074/11
exposure [1] 3098/7
express [5] 2954/21 3032/8
3032/14 3075/10 3101/22
extend [1] 3006/5
extended [2] 3001/19 3084/6
extent [1] 2953/14
exuberance [1] 3020/18
3095/22
F
feels [1] 2988/1
FA's [3] 3009/8 3009/9
fees [25] 2960/22 2961/5
3061/12
2961/6 2966/24 2967/2 2967/2
face [3] 2997/7 2997/7
3088/19 3088/23 3088/25
3066/22
3089/3 3089/5 3089/10
face-to-face [1] 2997/7
3089/11 3089/12 3089/14
facilities [1] 3008/1
3089/16 3089/18 3089/20
facility [1] 3007/10
3089/21 3090/19 3090/22
fact [17] 2968/14 2974/5
3090/22 3090/25 3091/11
2977/13 2998/8 3013/7
3092/1
3022/23 3042/16 3062/10
feet [2] 2934/23 2965/15
3062/11 3067/20 3068/9
felt [1] 3086/12
3071/8 3072/8 3087/25
fetched [1] 3021/14
3096/13 3097/21 3102/9
few [5] 2960/16 2970/2
facts [3] 2954/13 2954/23
2985/21 2989/17 3020/14
2955/5
field [2] 3007/23 3008/7
failed [2] 2998/22 3003/9
fields [1] 3004/3
failing [11] 2974/11 2976/8
fifteen [1] 2950/4
2976/10 2977/2 2977/3 2977/4 Fifth [5] 2978/11 2980/3
2992/12 2992/13 2996/4
2980/14 2981/13 2988/14
2997/6 3101/16
figure [5] 2943/17 2943/20
Failing's [1] 2975/18
2964/6 2968/24 3027/1
failure [1] 2998/6
file [1] 3044/19
fair [8] 2933/23 2948/25
filed [3] 3048/9 3049/10
2976/18 2986/21 2986/24
3053/5
2988/4 3011/23 3050/18
filing [5] 3050/13 3050/21
fairly [1] 3014/7
3051/1 3051/8 3051/15
faith [2] 3085/5 3085/12
fill [2] 3049/20 3050/10
fake [14] 3021/8 3022/10
filtration [1] 3007/9
3022/14 3023/17 3023/21
final [1] 3085/25
3047/11 3048/25 3049/13
finally [1] 2989/22
3051/15 3051/21 3053/2
financed [2] 3009/18 3009/19
3053/11 3056/3 3057/7
financial [64] 2938/16
faking [2] 3050/16 3056/20
2939/24 2940/3 2945/15
fall [1] 2997/21
2945/19 2946/25 2947/12
falsified [2] 3047/7 3055/23
2949/15 2949/20 2951/6
falsify [2] 3055/15 3055/18
2960/12 2960/17 2960/23
familiar [6] 2945/25 2983/16
2961/2 2961/8 2961/10 2995/6
3026/5 3026/6 3044/3 3044/23 2995/7 2995/11 2996/20
family [1] 2991/11
2996/22 2997/3 2997/4 3000/4
fan [2] 2938/1 3008/9
3003/20 3003/21 3003/23
far [10] 2936/8 2962/19
3009/9 3009/10 3012/1
2993/16 3007/2 3007/6
3012/22 3013/8 3013/17
3021/14 3057/5 3059/7
3018/19 3019/1 3031/18
3064/21 3090/1
3033/9 3037/1 3037/1 3037/2
far-fetched [1] 3021/14
3041/20 3044/11 3044/13
fascinating [1] 2987/7
3044/18 3044/20 3045/3
fashion [1] 2997/9
3045/6 3045/11 3047/5
fax [10] 2955/20 2955/21
3047/19 3048/5 3049/3
3063/9 3063/15 3063/16
3050/20 3050/22 3051/4
3064/11 3064/21 3065/8
3053/7 3054/25 3070/3
3065/9 3065/13
3077/25 3079/23 3086/25
faxed [1] 3063/21
3095/18 3095/21 3101/24
Fazel [2] 2928/19 2928/20
financing [1] 3009/5
FCRR [2] 2929/9 3104/7
find [2] 2990/3 3051/6
fearful [1] 3059/19
finding [1] 3013/24
FEBRUARY [9] 2928/4 2951/17
findings [1] 2975/14
2958/22 3084/23 3085/8
fine [10] 2937/14 2941/6
3085/9 3096/5 3099/3 3104/4
2962/13 2981/20 2981/24
February 10th [1] 3099/3
2992/1 2993/3 3071/15
February 15th [1] 2951/17
3082/24 3103/15
February 26 [1] 3096/5
finish [2] 3023/12 3067/21
fed [2] 2985/23 3007/9
Finn [8] 2982/7 2982/19
fed -- you [1] 2985/23
2983/14 2983/23 2984/4
federal [7] 2982/11 2982/13
2984/23 2987/25 2989/7
2982/18 2983/3 2986/2 3032/8 firm [9] 2929/6 3028/1
3032/13
3032/17 3080/9 3080/11
FedEx [2] 3032/24 3056/2
3080/19 3081/1 3081/5
FedEx'd [3] 3033/3 3033/10
3086/18
3033/11
first [25] 2948/18 2970/8
fee [3] 2949/25 3094/18
2975/5 2975/10 2981/22
3118
F
first... [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 3102/19
firstly [1] 3021/15
Fitzwater [2] 2982/13 2985/18
five [12] 2931/7 2950/4
2958/21 2959/4 2967/14
2967/15 2967/18 3006/23
3035/21 3055/20 3079/14
3082/25
five-star [1] 3006/23
five-year [2] 2958/21 2959/4
flee [1] 3059/20
flexible [2] 2936/8 2937/14
flip [5] 2969/10 2972/15
2973/17 3046/13 3046/14
Floor [2] 2928/21 2929/4
Florida [3] 3000/12 3000/13
3061/4
flotilla [2] 2965/17 2965/20
flow [7] 2938/14 2943/8
2971/13 2973/20 3026/3
3038/15 3086/22
flowed [2] 2941/2 2941/17
flown [1] 3076/15
fluctuated [1] 2952/21
fluorescent [3] 3069/8
3070/24 3070/25
fly [1] 2967/21
flying [3] 2938/5 3043/19
3043/20
focus [4] 3060/15 3062/17
3067/10 3068/8
focusing [5] 2973/19 3017/23
3062/22 3062/25 3080/5
follow [4] 2937/10 2981/9
3039/10 3052/21
followed [1] 2958/7
following [4] 3028/16 3056/7
3075/24 3079/10
foot [1] 2965/15
footnote [2] 3000/22 3000/23
footnoted [1] 3000/21
foregoing [1] 3104/2
forever [1] 2989/13
forget [1] 3068/23
forging [1] 3057/12
form [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 3084/13
formal [1] 3084/9
format [1] 3036/20
former [1] 2983/15
formula [1] 3021/24
forte [1] 2969/22
forth [1] 2985/25
fortunate [1] 3086/13
forward [5] 3001/11 3061/13
3084/12 3084/14 3096/18
forwarded [2] 3033/15 3033/23
forwarding [1] 3061/3
found [3] 2990/1 3013/16
3086/13
foundation [7] 3018/24 3064/9
3064/13 3064/16 3065/7

3077/12 3077/16
four [3] 2966/1 2966/2
2967/18
frame [1] 2937/12
Franck [2] 3046/21 3048/21
frankly [1] 3068/23
fraud [11] 2944/5 2944/8
3019/4 3019/8 3028/20
3028/22 3034/16 3034/19
3034/20 3085/6 3102/2
fraudulent [8] 3021/18 3051/7
3051/8 3066/16 3067/1
3078/21 3079/25 3081/11
Freeway [1] 2977/5
frequency [1] 3092/17
frequently [8] 3014/7 3036/1
3036/11 3041/15 3043/21
3092/9 3092/14 3092/18
Friday [2] 2933/21 3100/4
Friedli [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 3101/1
Friedli's [1] 3099/23
friend [1] 2958/12
friendly [1] 3007/9
frivolously [1] 2983/14
front [6] 2936/22 2959/10
2978/24 2989/5 2992/23
3038/10
FSRC [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 3087/8
FSRC's [3] 3079/1 3079/13
3084/4
full [6] 2998/19 3001/23
3036/23 3060/21 3069/14
3070/9
function [1] 3037/17
fund [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 3097/17
funded [2] 2956/8 2995/12
funding [4] 2959/20 2992/18
2996/8 3008/21
funds [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 3091/11
furnishings [1] 3097/18
further [11] 2944/4 2944/13
2945/11 2963/16 2968/1
2979/6 3010/3 3030/11
3047/10 3079/17 3100/10
future [1] 2952/3
G
gain [2] 3012/8 3021/11
gained [1] 3021/15
gains [2] 3012/7 3012/8
gallons [1] 3007/10
game [2] 2936/1 3043/13
gas [1] 3012/25
gathers [1] 2991/11
gave [8] 2931/18 2932/22
2933/7 2933/21 2982/8 2989/3
2990/22 3031/17
general [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 3085/21
Generale [8] 2939/2 2948/4
2948/19 3091/16 3093/7
3094/10 3094/12 3095/12
generally [4] 2952/22 2982/2
3009/21 3009/23
generic [2] 3011/3 3011/5
gentlemen [3] 2940/20 3025/17
3103/13
get [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 3082/8
gets [3] 2989/16 2989/19
3059/7
getting [10] 2958/16 2975/6
3047/13 3047/16 3053/10
3054/23 3058/9 3058/25
3059/10 3070/9
gettings [1] 3053/13
gifts [2] 3042/15 3042/21
Gil [1] 2945/17
give [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 3083/8
given [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
3088/14
giving [2] 2979/15 2984/23
global [5] 2945/21 2960/13
2960/14 3025/8 3049/25
glossy [1] 3023/4
3119
3019/23 3026/12 3031/8

G
3032/9 3032/15 3032/22
go [56] 2933/10 2933/20
3035/4 3044/5 3058/2 3058/4
2938/9 2940/19 2942/19
3060/8 3063/17 3063/25
2947/4 2947/16 2947/25
3067/13 3067/13 3077/3
2952/6 2959/6 2960/16 2962/2 3079/5 3087/7 3093/6 3101/13
2962/14 2963/7 2964/24
government's [5] 2932/25
2966/10 2967/7 2968/1
2938/10 2944/8 2996/7
2968/23 2970/5 2991/16
3030/21
2992/4 2993/15 3013/8 3020/4 great [6] 2975/8 2982/17
3021/21 3023/12 3025/24
3020/13 3043/13 3070/16
3026/14 3026/15 3026/16
3100/2
3026/24 3027/22 3030/2
greedy [3] 3100/18 3100/21
3030/22 3033/1 3038/6
3100/24
3038/17 3040/6 3042/5
Green [1] 3009/11
3045/22 3049/2 3050/15
Gregg [1] 2928/12
3061/5 3062/1 3063/15
grounds [1] 2980/21
3067/22 3076/25 3083/10
group [43] 2938/16 2939/14
3083/14 3083/17 3083/21
2939/24 2940/3 2942/10
3083/25 3090/11 3091/20
2945/15 2945/19 2946/25
3103/9
2949/15 2949/17 2949/19
God [2] 3085/18 3086/11
2949/20 2949/22 2951/7
goes [8] 2936/8 2936/14
2958/8 2960/12 2960/17
2942/1 2942/2 2945/16
2960/23 2961/2 2961/8
2970/24 3019/7 3067/7
2961/11 2967/10 2995/6
going [75] 2931/23 2932/1
2995/11 2996/20 2996/22
2933/3 2933/4 2933/19
2997/4 3000/5 3012/22 3013/9
2933/22 2933/23 2936/1
3013/16 3013/17 3026/19
2936/6 2937/13 2938/7
3028/1 3028/5 3029/15
2940/13 2940/16 2941/4
3029/23 3031/18 3033/5
2942/15 2943/9 2945/10
3078/9 3080/8 3095/18
2946/13 2948/8 2948/10
3095/21
2950/19 2952/6 2955/9
growing [1] 3098/6
2965/21 2972/18 2973/8
growth [1] 3099/1
2978/9 2978/11 2981/8
Guardian [2] 3020/23 3086/16
2982/21 2983/3 2985/8
guess [7] 2966/6 2969/12
2988/16 2989/12 2990/17
2969/18 2982/10 2982/24
2991/13 3002/19 3004/5
2989/6 2989/17
3005/11 3026/11 3027/17
guidance [1] 2982/24
3036/24 3040/5 3041/7 3042/5 Guideline [1] 2983/17
3044/5 3054/2 3054/3 3054/4 guilty [7] 2931/24 2931/25
3055/15 3059/13 3059/16
2991/4 3019/4 3034/17
3059/17 3060/8 3067/3
3034/21 3034/22
3067/14 3071/11 3072/15
H
3073/25 3079/10 3082/8
H-09-CR-342-1 [1] 2928/3
3082/13 3083/5 3084/14
3092/1 3093/5 3094/6 3095/12 had [121] 2931/21 2931/22
3096/18 3097/12 3099/4
2933/10 2933/12 2933/13
3099/5 3099/6 3099/8 3100/16 2934/11 2934/21 2934/22
gone [4] 2960/19 2963/13
2934/23 2935/8 2936/9 2938/4
2965/5 3032/13
2938/5 2938/13 2938/15
good [6] 2958/7 2981/25
2939/10 2945/5 2952/10
2982/6 3010/24 3012/16
2958/7 2958/12 2960/19
3103/18
2961/7 2963/13 2964/18
got [21] 2931/25 2934/3
2965/3 2965/5 2966/17
2954/11 2959/10 2959/11
2966/18 2968/12 2969/5
2981/12 2982/11 2983/2
2971/2 2973/6 2974/5 2974/11
2984/13 2985/20 2985/21
2975/3 2976/10 2977/4 2977/5
2991/5 2999/14 3017/22
2979/11 2984/4 2985/10
3018/24 3041/2 3054/6
2985/12 2986/10 2987/7
3055/14 3065/12 3068/1
2990/17 2994/7 2994/10
3083/3
2996/9 3000/1 3000/2 3000/18
government [52] 2928/11
3000/20 3001/1 3001/4
2932/4 2933/16 2934/25
3004/24 3009/25 3016/22
2943/5 2943/9 2945/10 2948/6 3020/22 3021/7 3021/16
2959/15 2977/9 2980/1 2980/8 3025/8 3025/14 3037/22
2980/10 2980/12 2983/19
3039/3 3040/19 3041/23
2984/14 2989/23 2991/5
3042/15 3043/4 3048/24
2991/6 2991/18 2992/1 2993/2 3050/8 3051/18 3053/5
3053/12 3053/17 3053/24
2995/4 2996/19 2997/14
2999/1 2999/6 3001/12 3002/3 3054/21 3056/6 3056/20
3057/7 3058/1 3060/3 3061/21
3002/20 3005/9 3014/9
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 3103/6
hadn't [1] 3043/3
half [4] 2932/15 2981/22
2986/14 2988/2
hand [7] 2975/5 2975/8 2975/9
2984/5 3007/12 3039/19
3066/5
handed [5] 3038/21 3040/2
3055/24 3056/3 3056/6
handled [1] 2975/6
hands [2] 2972/14 2973/3
Hang [5] 2937/25 2980/2
3069/12 3071/18 3075/17
hangar [6] 3040/9 3040/17
3040/23 3054/9 3054/10
3055/25
hanging [1] 3086/10
happen [7] 2975/10 2997/24
2997/24 2998/5 2998/6
3036/21 3101/23
happened [8] 2932/7 2934/21
2958/8 2998/22 3030/1
3041/10 3094/5 3102/17
happening [2] 3037/4 3092/19
happens [2] 2970/23 3069/7
happy [1] 3083/6
hard [2] 3007/21 3011/21
harder [1] 2937/15
Harry [7] 2974/11 2975/17
2976/8 2977/2 2992/12 2996/4
2997/6
has [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 3093/25
have [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
3120
H
have... [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
3103/15
haven't [6] 2934/9 2934/11
2935/7 2935/8 2985/12
3070/21
having [2] 3000/19 3068/11
he [268]
he'd [1] 2981/11
he'll [5] 2940/17 2989/17
2998/14 3055/17 3055/18
he'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 3089/17
head [1] 3082/23
headed [1] 3044/14
headquarters [3] 2960/13
3006/25 3008/24
heads [1] 3028/17
health [3] 3061/16 3061/17
3102/9
hear [5] 2936/18 2937/4
2962/22 2991/25 3057/17
heard [3] 2933/5 2966/2
2981/20
hearing [4] 2984/21 2986/11
2988/24 2989/19
hearsay [4] 3064/18 3064/21
3068/2 3077/13
heat [1] 2938/5
held [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
3087/12
helicopter [1] 3054/7
Hello [1] 3100/2
help [2] 2934/11 2977/23

helpful [1] 2940/9
helping [1] 3085/5
her [5] 2937/8 2945/5
2946/22 3000/6 3082/23
here [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 3094/23
Here's [2] 3008/9 3034/15
heretofore [1] 3074/17
hesitate [1] 3100/10
Hewlett [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
3103/6
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 3102/5
hide [1] 2987/3
high [5] 2941/9 2966/20
3023/25 3024/3 3026/15
high-end [1] 2966/20
higher [6] 2951/15 3001/1
3098/5 3098/7 3098/8 3098/18
highest [1] 2946/12
highlight [7] 2943/12 2965/2
2997/16 3026/25 3027/3
3027/9 3035/9
highlighted [3] 2972/16
3069/7 3083/21
highly [2] 2962/10 3010/17
hill [2] 3006/14 3091/22
hillside [1] 3007/8
him [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 3103/4
himself [1] 3085/2
hired [3] 3086/2 3086/6
3086/7
his [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 3102/9
hit [4] 2942/21 2957/5
2986/18 3012/10
HITTNER [1] 2928/8
hold [10] 2970/1 3011/1
3027/9 3052/8 3059/2 3068/14
3075/5 3080/23 3093/24
3097/2
holder [1] 2942/14
holders [2] 2939/13 2946/24
holding [2] 2965/8 3014/4
holdings [8] 2969/10 2970/14
2970/15 2970/24 3012/5
3012/22 3012/23 3013/9
hollering [1] 3085/16
honor [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
3121
H
honor... [9] 3093/10 3094/1
3094/7 3094/15 3097/7
3100/19 3101/13 3102/22
3103/9
Honor's [1] 2931/14
HONORABLE [1] 2928/8
honors [1] 3103/12
hope [1] 2962/7
hostile [1] 2936/25
hostility [1] 2936/23
HotDocs [1] 2932/25
hour [2] 2986/14 2988/2
house [3] 3003/19 3045/3
3056/9
houses [1] 3087/1
HOUSTON [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 3102/15
how [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
3102/19
How's [1] 2937/8
Howard [1] 2928/15
however [2] 2979/9 3084/8
HSLN [1] 3061/14
hundred [6] 2932/12 2961/10
2965/15 2971/11 3008/15
3008/16
hung [1] 3103/4
hurt [3] 2933/18 2934/11
2980/25
hurts [2] 2934/1 2936/12
I
I'd [2] 2934/10 2941/20
I'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 3081/14
I'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 3097/9
i's [1] 3061/11
I've [12] 2941/9 2959/11
2982/11 2982/21 2983/4
2983/5 2985/20 2985/21
2987/6 2987/6 3041/2 3057/22
IB5 [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
3057/10
IB5's [1] 3051/9
idea [5] 2952/21 2952/22
2976/22 2992/10 3011/5
identical [1] 2954/6
identification [1] 2992/2
identified [5] 2932/23 2935/7
2948/18 3034/2 3093/25
identify [1] 3095/11
identifying [1] 3051/9
if [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 3101/23
II [8] 2939/14 3016/3 3016/9
3017/18 3018/16 3049/2
3049/4 3049/6
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
3088/15
illustrate [1] 3012/12
IMF [2] 3058/3 3058/6
immediately [2] 2979/6 2998/7
implicated [1] 2980/14
importance [1] 3051/25
important [2] 2961/23 3098/19
impose [2] 3016/1 3090/4
impression [1] 3005/5
improper [3] 2935/17 2961/13
2961/19
inaccurate [2] 3000/23 3051/1
incident [1] 3040/8
include [2] 2961/1 3081/20
included [6] 2932/21 2943/17
2943/18 2947/13 3008/21
3088/4
including [3] 2945/16 3044/22
3096/24
inclusive [1] 2961/5
income [2] 2976/3 2992/18
inconvenience [3] 2934/2
2936/12 2989/7
inconveniencing [1] 2984/7
increase [4] 3096/7 3096/11
3098/16 3099/16
increased [3] 2941/10 2969/12
3100/12
increasing [1] 3100/7
indeed [3] 2988/18 2990/24
3122
I
indeed... [1] 3050/25
independent [3] 2973/23
2973/25 3068/1
INDEX [1] 2930/1
India [1] 3058/1
indicate [4] 2971/8 3005/21
3028/4 3033/18
indicated [1] 3030/4
indicating [2] 2970/6 3072/3
indispensable [1] 3102/3
individual [11] 2945/4
2948/17 2964/19 3026/21
3035/24 3041/23 3045/2
3054/24 3057/18 3060/17
3102/20
individually [1] 2982/9
individuals [5] 2945/16
2946/12 2949/17 2957/23
3035/22
indulgence [2] 2969/16 3038/5
industries [1] 3012/25
industry [1] 3012/24
inflammatory [1] 3066/21
inflated [4] 2972/12 3021/18
3048/16 3048/18
information [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
3097/18
informed [4] 3062/23 3092/20
3096/10 3100/4
infuse [1] 2943/3
initial [2] 2981/23 2989/2
Initially [1] 3029/9
initials [1] 2962/23
initiate [1] 3059/17
Inland [1] 3092/5
innocent [1] 2991/3
inquiries [2] 2962/20 3098/23
inquisitive [1] 3061/13
inside [3] 3040/17 3040/24
3040/25
installment [1] 2997/20
installments [1] 2954/8
instance [2] 2944/17 3013/8
instead [2] 3031/15 3095/18
institution [4] 3021/15
3045/3 3047/19 3051/4
institutions [9] 3047/5
3048/5 3048/22 3048/24
3049/4 3049/11 3051/5
3051/10 3055/1
instructed [1] 2990/5
instruction [9] 2979/9
2979/13 2979/16 2979/22
2979/22 2979/24 2980/2
2980/24 2981/1
instructions [8] 2954/6
2954/7 2980/10 2980/13
2990/21 3022/3 3052/5 3053/1
instrument [1] 3066/19
intact [1] 2949/5
intent [1] 3055/6
intention [1] 2984/7

intercompany [1] 2964/15
interest [5] 2964/3 2982/2
2997/20 3021/11 3037/4
interesting [1] 2990/17
interim [3] 2975/14 3024/6
3024/18
intermediary [4] 3046/19
3047/4 3047/18 3051/5
internal [3] 2939/24 2959/4
2967/9
International [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 3094/12
intervals [1] 2964/17
intervene [1] 3055/3
intimation [1] 2987/16
into [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 3103/9
invest [2] 3011/16 3012/3
invested [3] 3048/7 3061/18
3087/12
investigated [1] 3067/24
investigating [2] 3064/23
3073/19
investigation [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 3076/6
investing [1] 2962/6
investment [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 3087/2
investments [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 3062/11
investor [1] 2966/21
investors [4] 2961/2 2962/5
2962/12 3013/5
invitation [1] 3084/7
invoicing [1] 3090/25

involve [1] 3086/18
involved [1] 3004/8
involving [1] 2987/17
irregular [1] 3025/7
IRS [4] 2959/3 2975/12
2975/14 2976/2
is [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 3101/18
Islands [12] 2946/1 2946/3
2946/5 2946/7 2946/17
2946/19 2946/20 2966/17
2966/19 2966/22 2968/2
3099/5
isn't [5] 2973/7 2983/3
2985/1 2989/12 3068/9
issue [7] 2931/10 2934/20
2981/10 3043/1 3065/7
3074/18 3088/4
issued [2] 3080/20 3081/6
issuer [3] 3046/20 3047/4
3047/18
issues [7] 2975/12 2985/13
3042/3 3042/10 3058/13
3079/19 3085/17
issuing [1] 3022/13
it [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 3099/14
item [2] 2947/9 3034/3
itemization [1] 3045/10
items [7] 3037/4 3042/4
3044/21 3045/19 3081/21
3087/21 3088/15
its [9] 2938/16 2946/11
3123
2989/19 2990/13 2990/15

I
2990/18 2990/20 3005/16
its... [7] 3045/5 3048/10
3025/22 3028/17 3069/3
3066/21 3071/21 3079/17
3069/11 3082/17 3082/19
3081/10 3081/19
just [143] 2933/6 2934/1
itself [5] 2981/4 2984/19
2938/13 2941/2 2941/6
3061/1 3064/24 3068/21
2941/11 2942/13 2943/5
2943/12 2943/23 2946/6
J
2947/11 2948/18 2949/1
jackpot [1] 3012/10
2952/5 2953/16 2955/8
Jacobs [4] 3066/2 3066/5
2955/24 2956/18 2958/7
3077/1 3078/4
2959/16 2959/24 2960/16
jam [2] 2982/23 2982/23
2960/16 2961/12 2961/25
James [3] 2938/10 2982/7
2963/15 2964/8 2964/10
3100/11
2964/21 2964/24 2966/8
January [5] 2955/14 2995/21
2968/3 2969/8 2970/2 2972/24
3085/7 3102/17 3102/25
2973/18 2977/13 2979/12
January 1 [1] 3102/25
2979/13 2979/14 2979/18
January 1st [2] 2995/21
2981/21 2982/2 2983/5
3102/17
2983/10 2984/5 2984/15
January 28th [1] 2955/14
2986/25 2987/4 2989/22
Jason [1] 3009/11
2991/9 2991/23 2993/1 2993/5
jet [1] 2967/18
2993/12 2993/17 2994/20
Jim [1] 3085/18
2995/11 2996/6 2997/15
job [2] 2975/8 2987/7
2997/16 2998/1 2998/2
John [1] 2929/3
2999/13 3000/16 3002/10
John's [1] 3033/12
3002/17 3003/4 3005/12
join [2] 3035/15 3035/19
3005/21 3008/25 3011/3
joined [2] 2942/4 3035/20
3011/12 3014/10 3016/1
joke [1] 3083/1
3019/20 3020/5 3020/8 3022/4
JR [1] 3061/13
3026/4 3026/11 3026/22
jrodriguezt [1] 3060/17
3026/25 3027/19 3028/21
Juan [2] 3060/19 3060/21
3031/11 3032/21 3033/13
judge [32] 2928/8 2931/18
3033/14 3034/14 3035/7
2932/2 2932/13 2932/24
3035/8 3035/9 3038/23
2933/5 2934/5 2934/20 2935/1 3039/11 3039/21 3045/23
2935/24 2937/19 2962/20
3046/12 3047/24 3049/2
2963/5 2982/12 2982/13
3051/10 3055/17 3056/22
2982/18 2983/3 2983/16
3058/6 3058/9 3060/25 3061/1
2984/12 2985/1 2985/19
3061/5 3062/1 3062/7 3062/13
2986/24 2988/4 2989/4
3062/25 3064/24 3068/13
2989/22 2990/7 3035/24
3068/21 3068/25 3069/2
3045/23 3052/24 3070/24
3069/7 3069/15 3069/20
3073/24 3083/13
3069/22 3070/1 3070/7 3070/8
Judge Fitzwater [1] 2982/13
3070/13 3071/11 3076/6
Judge Schell [2] 2982/12
3076/22 3077/15 3078/17
2985/19
3079/6 3079/10 3079/14
judges [6] 2982/19 2982/23
3080/5 3081/20 3083/21
2985/22 2986/19 2988/22
3084/2 3086/1 3093/18 3097/9
2988/25
3103/2 3103/14
July [2] 2948/16 2952/18
Justice [1] 2928/15
July 24th [1] 2948/16
K
July 31 [1] 2952/18
jump [3] 2952/5 3001/11
keep [7] 2979/23 2988/13
3071/11
2989/21 2990/21 3027/17
June [7] 2952/5 3066/8 3071/3 3069/15 3094/6
3078/20 3079/1 3079/4 3100/9 keeping [1] 2982/3
June 4th [1] 2952/5
Kenneth [1] 2929/6
June 9 [3] 3078/20 3079/1
Kill [1] 3083/4
3079/4
kind [4] 2946/10 2980/25
June 9th [2] 3066/8 3071/3
3003/15 3029/9
Junell [2] 3026/23 3031/16
King [47] 2945/3 2945/4
Junell's [3] 3027/25 3028/12
3037/23 3037/25 3038/1
3029/3
3038/7 3038/21 3039/19
jurisdiction [1] 2989/9
3039/20 3040/3 3040/6 3041/2
jury [32] 2928/7 2931/2
3041/8 3041/13 3041/18
2931/6 2937/21 2938/2
3042/1 3042/10 3042/14
2961/22 2962/1 2978/1
3042/21 3043/1 3043/5
2978/24 2979/9 2981/18
3043/12 3043/14 3043/19
2981/21 2982/3 2982/11
3043/24 3044/2 3044/14
2983/21 2984/1 2984/18
3055/2 3055/5 3059/10
2984/22 2986/5 2986/15
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
3081/13
King's [2] 3070/15 3083/25
knew [9] 2931/23 2932/1
2939/20 2955/1 2955/6
3022/16 3064/25 3073/9
3073/23
know [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
3099/18
knowing [1] 2988/8
knowledge [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 3092/25
knowledgeable [1] 3061/12
known [1] 3091/6
knows [1] 3067/8
Kuhrt [9] 2945/20 2945/20
2945/21 2960/14 3049/25
3053/15 3053/17 3053/23
3054/3
L
labeled [1] 3046/19
Ladies [3] 2940/20 3025/17
3103/13
LAM [1] 3046/20
landscaping [2] 3007/14
3008/2
lapel [2] 2941/5 2969/19
laptop [4] 2959/7 3027/5
3032/21 3101/13
large [1] 2972/16
larger [1] 3096/24
largest [1] 2965/14
last [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 3100/4
lasted [1] 3034/17
late [5] 2931/3 2934/12
2934/25 2935/18 3057/14
later [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
3124
L
latter [1] 3015/25
law [8] 2929/3 2929/6 2985/5
2985/6 2985/9 2985/10
2985/10 2985/11
laws [2] 3079/16 3084/14
lawyer [6] 2944/8 2983/15
2983/22 2985/9 3000/8 3000/9
lawyers [2] 2983/13 3083/7
laying [1] 3051/9
lead [3] 3068/22 3070/7
3070/7
lead-in [1] 3068/22
leading [7] 2973/10 3015/6
3023/10 3023/14 3045/14
3072/12 3072/15
lean [1] 3006/6
leaning [1] 2936/24
learn [3] 3004/4 3062/21
3102/19
learned [5] 3004/6 3019/16
3053/16 3062/18 3103/2
least [6] 2934/8 2936/21
2946/18 2988/20 3047/6
3061/9
leave [5] 2979/14 2982/1
2984/12 3010/10 3083/5
led [2] 3061/11 3086/11
ledger [1] 2947/14
Lee [1] 2945/3
left [4] 3006/13 3058/22
3060/7 3066/5
legal [6] 2973/22 2984/24
2985/2 2986/8 2986/8 3071/25
legally [1] 3071/24
legitimate [1] 2983/6
lended [1] 2999/22
lender [4] 2993/10 2993/14
2993/22 2995/6
Leroy [3] 3037/23 3071/4
3076/24
less [2] 2960/4 3041/16
let [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 3069/20
let's [11] 2938/1 2959/11
2977/23 2987/6 2987/11
2987/12 2987/13 2988/10
2990/13 3027/17 3083/10
letter [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 3101/19
letterhead [2] 3076/17
3077/24
letters [2] 2946/4 2955/1
level [1] 3007/19
lie [2] 3021/18 3047/7
light [1] 3090/7
lighted [1] 3007/22
like [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 3098/10
Likewise [2] 3020/5 3020/10
limine [1] 3014/11
limited [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 3094/13
Limited's [1] 3030/10
limiting [5] 3017/9 3052/1
3052/5 3052/13 3053/1
line [10] 2933/25 2945/22
2986/18 2988/8 3013/19
3028/2 3038/22 3044/21
3045/19 3080/5
liquid [4] 2962/10 3016/5
3017/17 3018/16
list [2] 2931/15 3046/20
listed [9] 2963/19 2964/16
2968/3 3014/13 3015/9 3018/5
3048/17 3051/5 3086/20
listening [1] 2934/6
listing [1] 3055/17
little [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 3082/13
loan [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 3089/7
loans [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 3089/5
located [12] 2939/1 2950/10
3017/3 3028/4 3028/7 3040/10
3048/11 3054/8 3081/7 3082/5
3091/15 3091/25
location [1] 2960/12
logged [1] 3031/24
London [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
3087/23
long-term [1] 3020/16
longer [2] 3082/14 3101/23
look [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 3096/13
looked [8] 2980/19 3002/17
3076/6 3076/7 3079/6 3081/20
3096/24 3098/10
looking [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
3095/24
looks [6] 2937/18 2969/4
2969/5 2969/7 3032/22 3033/3
loop [1] 3054/2
looping [1] 2972/8
Lopez [8] 2945/17 2945/17
2945/18 2960/15 3053/15
3053/17 3053/23 3054/3
losing [2] 3021/6 3021/7
loss [4] 3025/1 3025/6
3044/21 3086/22
lot [5] 2937/15 2938/5
3044/22 3061/1 3066/15
loudly [2] 2969/20 2969/21
low [1] 3026/14
lower [6] 3000/25 3001/3
3006/1 3006/1 3006/8 3024/3
lucky [1] 3103/8
lunch [2] 2936/3 2938/8
M
machine [2] 3063/10 3063/15
made [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
3098/4
mail [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 3099/21
main [1] 3026/24
mainland [2] 3043/17 3043/19
maintain [2] 2934/7 2935/10
maintenance [1] 3008/1
major [1] 3020/14
make [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 3089/9
maker [1] 2993/12
3125
M
makes [1] 3068/2
making [10] 2936/14 2940/14
2957/8 2979/2 3076/8 3076/11
3088/16 3089/2 3092/10
3092/14
Maldonado [6] 2945/12 2945/13
2945/14 2946/21 2947/6
2947/18
man [2] 3018/24 3037/23
management [1] 2961/5
manager [6] 2939/15 2945/14
2986/23 2988/1 3039/8 3039/8
managers [1] 3087/11
Managing [1] 2939/12
many [12] 2931/21 2966/4
2966/6 2967/13 3010/5
3013/10 3013/10 3035/20
3051/8 3066/14 3078/23
3086/16
march [6] 2951/24 2952/4
2995/18 3020/18 3078/25
3093/12
March 14th [1] 3093/12
March 15th [2] 2951/24 2952/4
March 2000 [1] 3020/18
mark [2] 2945/20 3020/19
marked [2] 2932/5 3095/5
market [3] 3020/12 3025/7
3027/1
marketable [3] 3010/17
3017/14 3018/25
marketing [2] 3016/5 3035/3
marketplace [1] 3012/8
markets [7] 2969/1 3013/17
3013/24 3014/4 3021/13
3025/8 3037/2
master [1] 2931/15
match [1] 2969/23
material [1] 3066/21
materiality [1] 3066/18
materials [4] 3016/5 3035/3
3062/12 3087/7
matter [9] 2938/7 2981/14
2986/8 3066/15 3066/24
3068/4 3068/5 3070/21 3094/2
matters [3] 2931/5 3079/3
3079/19
Mauricio [9] 3062/23 3075/14
3076/16 3085/1 3085/5
3085/14 3085/15 3085/18
3085/20
maximum [1] 2973/21
may [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
3099/25
May 19th [1] 3099/25
maybe [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
3058/23
McGuire [2] 2929/6 2929/6
me [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
3102/21
mean [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
3098/8
meaning [7] 2959/21 2967/18
2986/2 3001/4 3003/21 3009/9
3085/20
means [1] 2981/6
meat [2] 3069/24 3070/9
mechanical [1] 2928/24
mechanics [1] 3028/24
media [5] 2979/23 2979/24
2991/10 3059/18 3059/22
meet [11] 2935/18 2935/18
2962/11 3036/1 3036/3 3036/4
3036/6 3036/12 3036/13
3039/19 3043/12
meeting [8] 2974/10 2997/7
3036/9 3036/23 3040/6
3040/16 3040/19 3055/24
meetings [5] 3009/5 3036/14
3036/15 3036/20 3100/3
memorandum [1] 3084/10
men [1] 3053/25
mention [2] 2952/11 2990/20
mentioned [11] 2939/6 2942/2
2991/14 3003/4 3003/12
3009/25 3016/22 3038/1
3082/13 3087/15 3103/14
mere [1] 2934/2
merely [2] 2940/20 3064/22
mess [1] 3081/16
message [1] 3036/25
messenger [1] 3083/4
met [5] 3036/21 3036/22
3057/22 3057/23 3076/15
metals [1] 3016/4
meter [1] 3046/9
methodology [1] 3022/5
Mexican [1] 3020/14
Meylan [4] 3099/21 3099/22
3099/23 3099/25
Michelle [1] 3009/13

microphone [5] 2941/4 2945/9
2998/1 3006/5 3038/10
mid [3] 3023/3 3036/10
3036/11
middle [5] 2935/8 2947/17
3057/14 3060/16 3068/2
midnight [3] 2931/11 2931/20
2936/6
might [6] 2940/9 2966/2
3005/12 3010/24 3027/19
3037/4
mike [3] 2941/5 2969/19
2978/5
miles [2] 3010/5 3010/7
million [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 3048/4
millions [2] 2932/21 2933/6
mind [5] 2981/12 2988/11
2988/13 2990/21 3019/7
mine [1] 3070/24
mini [1] 2961/21
minus [1] 3082/25
minute [4] 2977/22 2977/24
2979/18 3025/18
minutes [6] 2931/8 2938/6
2981/16 2988/2 3082/15
3082/25
misconduct [2] 3074/22 3075/2
missing [3] 3016/11 3048/19
3048/20
Mississippi [1] 3057/1
misspoken [1] 3081/2
misstatement [1] 3080/24
mistakes [1] 3056/20
mistrial [6] 2978/12 2978/12
2978/13 2979/8 2979/15
2980/22
misunderstood [2] 2966/3
2966/10
mock [1] 3054/8
mode [1] 3046/2
model [1] 3054/8
models [1] 2967/3
moment [3] 2943/6 2981/14
3027/24
Monday [8] 2936/1 2936/4
2936/7 2936/9 2937/13
2937/15 3056/7 3103/16
monetary [3] 3058/7 3058/10
3058/13
money [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
3126
M
money... [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 3099/6
monies [5] 2951/9 2970/13
2975/15 2992/17 3091/14
month [3] 3096/8 3096/18
3098/13
monthly [4] 3092/21 3099/7
3100/5 3100/9
months [8] 2931/21 2973/16
2973/21 2974/19 2974/19
3001/21 3078/23 3079/14
Montserrat [2] 3101/15
3101/19
Moore [1] 3080/3
more [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
3090/4
morning [11] 2931/4 2931/14
2932/10 2932/17 2933/21
2935/6 2936/1 2937/23 2982/6
2986/13 3026/2
mortar [1] 3003/19
most [9] 2932/3 2936/21
2968/21 2983/24 2997/22
3013/23 3023/1 3035/23
3079/13
motion [9] 2978/25 2979/2
2979/8 2979/15 2980/22
2980/23 2985/8 2986/8
3014/11
MOU [2] 3084/10 3084/12
move [5] 2941/8 2964/14
2964/18 2964/19 3046/14
moved [3] 2964/21 3037/19
3097/25
moving [10] 2978/12 2989/2
2989/21 2991/15 3006/16
3006/22 3030/20 3098/13
3103/13 3103/15
Mr [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 3004/1
Mr. Alvarado [4] 3076/16
3076/20 3077/9 3085/20
Mr. Amadio [3] 2934/23
2934/24 3093/22
Mr. Ashe [6] 3054/15 3054/21
3054/22 3055/3 3055/10
3055/16
Mr. Ashe's [1] 3054/13
Mr. Blaise [1] 3095/16
Mr. 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 3097/6
Mr. Davis' [2] 2947/3 2984/16
Mr. Failing [4] 2976/10
2977/3 2977/4 2992/13
Mr. Finn [7] 2982/19 2983/14
2983/23 2984/4 2984/23
2987/25 2989/7
Mr. Friedli [10] 2949/6
2949/12 2949/18 2950/9
3093/14 3094/17 3095/20
3096/6 3100/4 3101/1
Mr. Harry [5] 2974/11 2975/17
2977/2 2992/12 2997/6
Mr. 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
3103/6
Mr. 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 3102/5
Mr. James [1] 2982/7
Mr. Junell [1] 3031/16
Mr. Junell's [3] 3027/25
3028/12 3029/3
Mr. 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 3081/13
Mr. King's [2] 3070/15
3083/25
Mr. Kuhrt [8] 2945/20 2945/21
2960/14 3049/25 3053/15
3053/17 3053/23 3054/3
Mr. Leroy [1] 3076/24
Mr. Lopez [6] 2945/17 2945/18
2960/15 3053/15 3053/23
3054/3
Mr. Mauricio [3] 3062/23
3076/16 3085/1
Mr. Moore [1] 3080/3
Mr. Paul [1] 3054/14
Mr. Rodriguez [6] 3056/22
3061/3 3061/23 3062/8
3062/14 3062/16
Mr. Rodriguez' [1] 3061/7
Mr. Scardino [3] 2934/21
2977/18 2981/13
Mr. 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
3092/25
Mr. Stellmach [9] 2933/5
2938/9 2961/12 2969/23
2977/15 3015/5 3038/22
3046/23 3066/9
Mr. 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 3060/7
Ms [2] 3099/23 3099/25
Ms. [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 3099/22
Ms. Althea [1] 2945/4
Ms. Crick [2] 3041/24 3041/25
Ms. Elizabeth [1] 3077/1
Ms. Jacobs [2] 3066/5 3078/4
Ms. Maldonado [4] 2945/13
2945/14 2946/21 2947/18
Ms. Meylan [1] 3099/22
Ms. Suarez [3] 3000/18
3127
3006/5 3021/3 3038/10

M
3056/21 3059/4 3062/6 3069/5
Ms. Suarez... [2] 3000/20
3083/2
3000/21
needed [2] 2951/11 3034/9
much [34] 2934/25 2936/12
needs [1] 2990/25
2950/24 2951/1 2951/17
negotiated [1] 3092/22
2952/6 2952/15 2952/20
neighborhood [5] 2958/25
2952/22 2953/2 2953/9
3008/15 3041/14 3096/3
2955/14 2957/8 2963/13
3101/10
2965/5 2968/15 2968/20
net [1] 2946/12
2994/14 3008/10 3016/6
never [4] 2932/19 2963/5
3017/18 3024/5 3029/19
2983/5 2991/8
3041/12 3049/6 3058/9
Nevertheless [1] 3084/6
3059/18 3068/24 3095/11
new [12] 2928/16 2995/23
3096/6 3096/15 3096/20
3050/12 3050/16 3061/11
3097/12 3101/8
3097/19 3097/22 3097/25
multi [1] 3007/10
3098/1 3098/2 3098/3 3098/17
multifarious [1] 3018/1
newer [1] 3098/19
multiple [2] 2936/21 3048/4
news [2] 3060/24 3103/3
must [2] 3061/10 3084/11
newspapers [2] 2991/10 3060/1
Muswell [1] 3091/22
next [27] 2933/20 2942/6
my [34] 2936/7 2943/15
2947/4 2947/16 2986/12
2954/11 2957/25 2958/12
2986/13 2986/15 2988/3
2958/18 2963/25 2967/1
2993/10 2993/18 2994/12
2967/6 2968/10 2968/13
2994/19 2994/25 2995/4
2969/22 2975/7 2975/9 2982/6 2995/14 3020/14 3027/7
2982/11 2982/17 2983/18
3030/1 3030/6 3039/11
2988/1 2989/24 2990/17
3055/11 3056/7 3073/5
2994/8 2999/8 3014/1 3022/3
3074/19 3079/10 3079/20
3025/14 3050/24 3051/12
3084/1
3056/9 3066/19 3080/22
nicely [1] 2991/15
3085/18 3095/14 3100/3
nickname [1] 3009/2
myself [11] 2939/22 2940/6
night [9] 2931/11 2932/16
2942/12 2942/23 2961/22
2934/9 2934/12 2934/25
2975/7 2986/20 2988/25
2936/7 3007/22 3038/3 3041/9
3013/19 3034/24 3040/21
night-lighted [1] 3007/22
Nimmer [1] 2985/4
N
Nineties [2] 3036/10 3036/11
name [35] 2938/25 2939/2
no [135] 2933/4 2934/6
2940/2 2940/3 2942/19
2935/11 2939/25 2941/6
2944/20 2950/11 2950/15
2943/18 2945/24 2948/24
2950/16 2957/22 2957/23
2950/14 2950/18 2951/13
2957/25 2958/1 2958/5 2971/1 2954/9 2954/12 2957/13
2982/6 3000/6 3007/25
2960/4 2961/5 2962/16
3026/21 3028/12 3029/15
2962/16 2963/6 2963/23
3029/25 3031/22 3033/17
2964/5 2966/8 2967/6 2970/1
3033/19 3038/19 3039/1
2970/22 2972/3 2972/14
3048/1 3049/4 3054/11
2973/3 2973/12 2973/25
3054/13 3057/19 3060/21
2974/6 2977/8 2977/21
3061/15 3076/23
2977/21 2979/14 2979/25
named [4] 2948/17 2958/3
2981/10 2981/14 2984/7
3037/23 3057/18
2984/13 2985/23 2987/11
names [3] 2946/18 3046/20
2987/15 2987/16 2988/12
3047/4
2989/14 2990/23 2990/25
narrative [1] 2941/21
2992/19 2994/2 2994/5 2994/8
narrow [5] 2932/5 2935/6
2994/11 2995/8 2995/25
2935/22 3011/10 3011/11
2996/12 2996/15 2997/13
narrower [1] 2932/25
2998/14 2998/21 2998/25
narrowing [1] 3011/8
3001/25 3002/22 3003/3
NASDAQ [1] 3020/17
3004/10 3004/13 3004/16
national [1] 2985/11
3009/1 3010/18 3011/25
nature [2] 2950/1 2988/6
3012/2 3015/10 3015/12
navy [1] 2965/21
3018/24 3019/14 3021/2
necessarily [2] 3023/6 3099/1 3021/5 3023/19 3024/1
necessary [1] 2988/25
3024/20 3026/12 3027/5
need [28] 2931/4 2941/4
3027/13 3028/17 3028/24
2948/8 2948/9 2962/21
3031/9 3037/10 3037/13
2965/17 2969/18 2969/18
3037/18 3040/4 3041/11
2970/1 2975/24 2977/21
3041/16 3043/23 3046/5
2977/22 2977/22 2983/1
3046/7 3048/14 3050/6
2984/10 2986/7 2986/7
3050/23 3051/16 3052/11
2987/24 2988/20 2990/11
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
3101/21
Nobody [1] 3047/11
non [2] 3042/4 3078/14
non-business [1] 3042/4
non-public [1] 3078/14
nonresponsive [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 3100/19
noon [4] 2935/19 2936/3
2937/18 2938/8
normal [5] 2957/2 2957/4
3012/8 3089/5 3090/18
normally [1] 3090/2
north [2] 3010/4 3054/7
northeast [1] 3010/4
northeastern [1] 3054/7
not [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
3128
numbered [1] 2939/21

N
numbers [25] 2961/22 2968/22
not... [10] 3085/15 3085/16
3049/9 3049/13 3049/20
3086/16 3086/24 3086/25
3049/21 3050/1 3050/4
3089/21 3094/2 3095/6 3095/9 3050/16 3050/17 3050/19
3100/10
3051/2 3051/7 3051/7 3051/15
notations [1] 2940/23
3051/21 3053/5 3053/6 3053/6
note [24] 2964/20 2980/13
3053/11 3053/11 3053/14
2984/15 2993/6 2993/7
3053/18 3055/9 3087/10
2993/12 2993/18 2994/17
NW [1] 2928/16
2994/25 2995/2 2995/4
O
2995/19 2996/13 2996/21
o'clock [3] 3082/25 3083/5
2997/5 2997/25 3001/22
3083/9
3002/7 3002/11 3002/14
oath [1] 3037/22
3015/23 3015/25 3016/19
object [26] 2931/13 2940/13
3016/20
noted [1] 2977/10
2944/7 2953/8 2953/13
notes [25] 2976/19 2990/18
2954/15 2973/10 2974/12
2998/11 3015/4 3017/25
2991/23 2992/17 2992/19
3018/23 3039/24 3041/4
2992/20 2992/21 2992/24
3045/14 3047/10 3049/16
2993/14 2994/4 2994/7
3064/9 3064/13 3072/18
2995/23 2995/24 2996/1
3072/25 3073/11 3073/22
2996/10 2996/18 2997/12
3074/23 3077/12 3097/13
2997/22 2998/5 2998/8
objecting [1] 2935/5
2998/20 2998/23 3002/20
objection [25] 2934/8 2935/10
3002/20 3003/4
nothing [2] 2985/7 2987/3
2935/11 2953/15 2955/4
notice [8] 2931/18 3053/24
2955/12 2992/1 2992/3
2996/23 3011/2 3016/13
3067/19 3067/23 3068/19
3026/13 3031/9 3034/18
3068/25 3070/10 3100/10
notified [2] 2982/8 2994/3
3052/7 3052/19 3056/11
notify [1] 3071/23
3064/15 3065/19 3068/16
November [4] 3060/23 3062/3
3072/19 3077/18 3093/25
3097/11 3097/11
3096/20 3101/15
November 14th [1] 3060/23
objectionable [1] 2990/2
November 1st [1] 3096/20
obligation [4] 2979/14
2979/25 2988/13 2990/23
observation [1] 3006/13
now [45] 2931/6 2933/20
obstruct [1] 3067/5
obstructed [1] 3067/25
2937/20 2939/3 2941/10
obstructing [1] 3067/6
2960/21 2961/12 2966/23
obstruction [1] 3067/16
2971/25 2974/5 2976/18
obvious [2] 2962/23 3008/8
2977/23 2979/10 2981/16
2982/5 2983/4 2985/4 2985/21 obviously [2] 2985/22 2987/1
occasion [1] 3039/23
2986/8 2987/19 2987/25
occasions [3] 2956/14 2960/6
2989/12 2995/6 3003/12
3022/2 3025/18 3029/5 3030/1 3087/15
October [3] 3020/11 3057/14
3030/20 3030/22 3034/16
3037/19 3037/21 3043/14
3085/23
October 10th [1] 3085/23
3051/12 3066/17 3067/3
3068/3 3068/4 3068/22 3070/9 October 2008 [1] 3057/14
3082/14 3083/6 3083/9 3086/1 off [14] 2933/24 2936/16
number [45] 2932/2 2939/6
2945/9 2957/4 2964/22 2979/6
2939/8 2943/13 2943/19
2986/4 2989/16 3012/12
2944/2 2945/16 2961/1 2961/3 3059/5 3073/12 3090/4
2964/8 2972/9 2977/9 2982/11 3097/12 3101/23
offer [2] 3069/11 3077/11
2983/1 2983/4 2987/18
offered [4] 3068/3 3094/1
2997/15 2999/3 3008/21
3094/2 3094/4
3012/25 3014/22 3017/13
offering [8] 3064/21 3064/25
3018/17 3021/8 3021/15
3066/14 3066/23 3067/9
3021/17 3021/18 3021/18
3068/5 3068/7 3095/2
3021/21 3022/10 3022/24
offers [3] 2991/18 3012/5
3023/8 3023/18 3023/25
3012/7
3024/3 3024/3 3024/14
office [11] 2955/21 2960/13
3024/17 3026/23 3031/22
2977/4 2977/5 2977/7 2977/7
3033/17 3033/20 3050/20
3049/25 3066/6 3079/24
3087/2 3087/15
Number 108.731 [1] 2939/8
3080/3 3086/10
officer [11] 2932/8 2945/18
Number 3333 [1] 2997/15
number one [1] 2983/1
2947/12 2949/8 2960/15
Number two [1] 2983/4
2997/3 2997/11 3018/20
number/client [1] 3033/17
3019/1 3070/3 3094/11
officers [2] 2988/19 2999/20

offices [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
3098/20
official [3] 2929/8 3070/2
3104/7
offset [1] 2964/20
offshore [1] 3080/14
often [1] 2960/2
oh [9] 2948/8 2974/25
2984/13 2998/3 3000/13
3002/7 3027/4 3083/3 3095/15
oil [1] 3012/25
okay [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 3102/23
old [2] 3050/12 3098/10
on [239]
on-site [1] 3079/14
on-the-books [1] 3091/10
on-time [1] 2998/19
onboard [1] 2932/1
once [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 3041/17
one [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
3129
3007/18 3008/7 3009/13

O
3009/20 3010/2 3012/1
one... [53] 2983/13 2985/20
3012/22 3012/24 3013/9
2985/25 2986/25 2987/18
3013/20 3013/22 3015/22
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one million [1] 2947/23
3087/1 3088/15 3089/16
one-of-a-kind [1] 2946/10
3098/24
one-off [1] 2957/4
order [7] 2933/13 2953/25
only [15] 2935/5 2936/13
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ordinary [4] 2975/15 2987/20
3019/20 3039/21 3049/6
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3054/6 3057/7 3067/9 3068/7 organization [5] 2939/20
open [8] 2960/8 2982/1
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3006/19 3011/3 3031/23
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origin [1] 3077/16
opened [1] 3063/3
original [5] 2969/12 3051/12
opening [3] 3032/12 3034/4
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operating [3] 2958/9 2967/11
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operation [3] 2948/21 3003/23 origins [1] 2938/16
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operations [2] 3003/20
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opinion [5] 2984/24 3018/25
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opportunities [1] 3013/16
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opportunity [5] 2933/1
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option [1] 2979/16
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or [144] 2933/18 2935/18
3018/12 3030/12 3031/4
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others [4] 2942/19 3003/11
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otherwise [3] 2940/23 2992/19
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ought [1] 2986/10
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our [22] 2932/16 2933/13
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ours [1] 3027/11
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ousted [1] 2945/5
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out [60] 2934/10 2935/20
3000/9 3001/1 3001/19
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overall [1] 3049/7
overdraft [1] 2958/14
overhead [5] 3005/9 3005/17
3005/17 3045/22 3093/7
overinflated [1] 3049/1
overlooking [1] 3006/14
overnight [2] 3032/8 3032/13
Overrule [2] 2955/12 3072/19
overruled [13] 2973/11 2979/8
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3074/1 3077/18 3089/19
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oversaw [1] 3019/2
overseas [1] 2939/15
overseeing [1] 3004/8
overseen [1] 3037/6
overview [1] 3070/14
owed [2] 3018/12 3019/13
own [8] 2932/16 2938/21
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owned [9] 2949/4 2962/10
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2967/24 2970/18 2970/20
3015/2
owner [1] 2958/2
ownership [2] 2964/3 2971/1
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package [5] 3034/3 3034/4
3039/17 3044/12 3057/17
pad [1] 2990/18
page [40] 2930/2 2947/16
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people [5] 2967/21 2969/25
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per [2] 2981/24 3096/8
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percent [14] 2932/12 2932/12
pain [2] 2933/19 2933/19
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paper [2] 3031/24 3031/25
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paperwork [1] 2973/22
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paragraph [18] 2997/15
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perfect [1] 3070/16
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perform [2] 3037/16 3051/20
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perhaps [2] 2961/22 3061/10
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period [7] 2958/21 2975/13
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paragraphs [1] 3084/2
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parameters [1] 3013/4
person [8] 2983/22 3022/23
parcels [1] 2946/11
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Paris [2] 2939/2 3091/16
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parking [1] 3007/23
personal [30] 2938/15 2938/20
Parras [1] 2929/3
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part [15] 2939/14 2946/17
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particular [27] 2938/23
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3039/3 3043/16 3091/21
2949/14 2951/11 2952/1
personally [13] 2941/3
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2956/11 2957/18 2957/19
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persons [1] 3001/21
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perspective [2] 3013/5
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particularly [1] 2948/5
pertained [3] 2996/3 2996/4
particulars [1] 2947/15
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parties [1] 3001/18
pertinent [1] 3031/23
party [1] 3071/22
peso [1] 3020/15
pass [1] 3053/7
Philosophy [1] 3035/6
passed [3] 3102/18 3103/6
phone [2] 2988/22 3103/4
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physical [2] 3102/5 3102/10
passenger [2] 2967/19 2967/19 physically [1] 3040/2
past [4] 3020/6 3020/10
pick [4] 2998/2 3023/17
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patent [3] 2985/3 2985/6
picked [3] 2978/18 2978/20
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Patricia [2] 2945/12 2947/6
picking [2] 3021/21 3022/23
Paul [2] 3054/11 3054/14
picks [1] 2998/1
Pavilion [2] 3006/23 3033/12 picture [3] 3005/16 3005/24
pay [8] 2943/2 2945/1
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piece [3] 2963/24 3031/24
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payable [1] 2964/23
pieces [2] 3014/6 3068/18
paying [4] 2952/12 3041/12
pilots [1] 3057/17
3073/9 3088/22
Pitch [2] 3040/10 3040/17
payment [11] 2956/16 2972/13 Pitch Drive [1] 3040/17
place [14] 2958/21 2967/18

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placed [3] 3010/19 3011/24
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places [1] 3090/17
plan [2] 2947/24 2982/10
plane [2] 3043/17 3056/23
planes [6] 2967/17 2967/20
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planning [3] 2966/24 2967/2
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plans [1] 3009/25
planted [1] 3060/1
play [1] 3049/19
playing [1] 3076/13
plea [3] 2983/24 2984/16
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please [22] 2931/8 2937/21
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3000/6 3014/15 3015/15
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pleases [1] 2978/2
pled [6] 2931/24 2931/25
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plowed [1] 3022/16
plus [4] 2947/23 2999/22
3066/21 3082/25
PO [2] 2928/13 2929/7
pocket [2] 2955/10 2955/11
point [25] 2934/2 2934/10
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pointed [1] 3041/1
pointer [2] 3005/18 3005/21
political [1] 3020/11
politicians [1] 2949/19
Ponzi [2] 3063/6 3066/16
populate [1] 2944/17
port [1] 3022/17
portfolio [5] 3021/12 3035/7
3049/7 3055/17 3061/9
portion [9] 2959/16 2962/24
3039/24 3052/17 3064/4
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position [9] 2937/15 2949/12
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positive [1] 2982/3
possession [1] 3072/23
possible [4] 3066/16 3067/1
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possibly [4] 2952/13 2968/21
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postdate [1] 3002/21
potential [6] 3009/15 3050/24
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potential... [4] 3050/25
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potentially [2] 3074/22
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pouch [2] 3032/6 3032/7
pouches [3] 3032/16 3032/22
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pounds [9] 3096/2 3096/8
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3100/12 3100/13 3101/4
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practicing [1] 2983/4
Praveen [1] 3057/18
precious [1] 3016/4
precise [3] 3014/10 3017/8
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precisely [2] 3068/9 3069/3
predecessor [1] 2948/20
prejudice [1] 2937/14
prejudicial [1] 3066/21
prepare [2] 2933/14 2940/22
prepared [7] 2960/10 2960/11
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preparing [1] 3049/19
prerogative [1] 2962/17
present [13] 2931/2 2938/2
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president [5] 2948/18 2994/6
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Preston [1] 2929/4
presume [1] 2967/12
presumed [1] 2991/3
pretty [2] 3008/7 3021/23
previous [4] 2955/24 2999/12
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primarily [2] 2975/12 3013/19
primary [1] 2982/3
principal [1] 2997/20
printed [1] 3071/8
Printing [2] 3007/11 3007/15
prior [9] 2931/14 2959/24
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private [47] 2948/21 2962/9
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privilege [2] 2987/3 2987/17
privileged [9] 3064/7 3065/24
3069/10 3070/12 3071/7

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privileges [1] 3071/25
probably [9] 2935/20 2947/9
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3046/1 3046/2 3052/16
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problem [7] 2934/13 2980/13
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problems [2] 3070/10 3074/17
proceed [1] 2982/20
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proceedings [3] 2928/24
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process [10] 2974/24 2974/25
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processes [1] 3055/8
processing [1] 3097/19
produce [2] 3022/5 3025/8
produced [5] 2928/24 2932/16
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producing [1] 3021/13
production [1] 2932/21
products [5] 3045/2 3045/2
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professionals [1] 2949/18
profile [4] 3098/5 3098/7
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profit [24] 3020/24 3021/4
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3025/14 3044/20 3086/21
profitable [1] 3021/1
program [4] 3073/20 3074/21
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project [6] 2946/1 2946/8
2946/9 2947/13 3007/9 3009/2
projector [1] 3093/8
projects [12] 3003/17 3004/2
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promise [1] 2963/3
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promissory [17] 2991/23
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promoted [1] 2968/6
promotional [3] 3005/7
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prompting [1] 3020/19
promulgated [1] 3013/4
proof [2] 2981/2 3067/25
proper [3] 2934/19 2935/20
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properties [2] 2966/24
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property [1] 3019/6
propose [1] 3024/3
proposed [4] 3011/16 3011/19
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proposes [1] 2931/12
proposition [1] 3021/6
prosecution [1] 2989/23
prosecutor [1] 3089/18
prospective [1] 3009/7
protection [1] 2958/14
protections [1] 3035/3
prove [6] 2940/22 2962/7
2975/21 2991/7 3067/14
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proved [1] 2991/4
provide [1] 2975/20
providing [1] 3080/1
provision [1] 2998/23
public [3] 3010/14 3070/2
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publicly [2] 3010/14 3024/15
published [1] 3024/6
Publishing [2] 3007/11
3007/15
pull [3] 2944/25 3002/3
3055/5
purchase [5] 2970/16 3026/8
3030/13 3031/1 3034/6
purchased [7] 2948/21 2949/4
2969/11 2971/18 2971/21
3026/25 3032/4
purchases [3] 2952/12 3012/23
3032/3
purchasing [1] 3032/18
purpose [7] 2939/10 2944/25
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3065/19
purposes [3] 3014/11 3051/4
3072/19
push [1] 3021/17
pushed [1] 3021/24
put [23] 2938/4 2964/12
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putting [3] 2986/4 2991/23
3004/15
Q
quadrant [3] 3006/1 3006/2
3006/9
qualifications [1] 2949/17
qualify [1] 3019/1
quarter [9] 3024/24 3025/1
3025/4 3025/4 3041/16
3041/17 3044/17 3050/11
3055/13
quarterly [4] 2960/4 3035/10
3037/15 3044/11
quash [1] 2985/8
question [44] 2932/10 2932/13
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3040/11 3050/24 3051/12
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3132
Q
question... [11] 3073/5
3073/14 3073/22 3073/23
3074/19 3074/24 3081/17
3084/18 3092/13 3097/12
3097/13
questioning [2] 2988/8 3070/4
questions [12] 2940/14
2962/23 2970/5 2984/17
2987/16 3068/18 3068/23
3068/25 3069/23 3070/5
3086/17 3100/10
quick [1] 3070/13
quickly [1] 2935/1
quieted [1] 3056/10
quit [1] 3088/1
quite [2] 2985/21 2999/10
R
radio [1] 3059/25
raise [4] 2987/19 3087/25
3103/11 3103/12
raised [1] 3043/1
range [2] 2959/1 2991/22
rapidly [1] 2989/2
RAS [2] 2948/2 2971/25
rate [3] 3096/14 3100/22
3101/7
rather [2] 2941/11 2995/18
Ray [1] 2985/4
RBS [3] 3046/20 3048/1
3048/3
re [1] 2980/2
reach [2] 2987/25 3083/9
reaches [1] 2980/21
read [27] 2937/8 2947/7
2947/20 2980/5 2984/18
2993/12 2997/18 3020/8
3020/8 3038/22 3052/15
3052/17 3061/7 3062/5
3065/25 3069/12 3069/14
3069/20 3071/17 3075/1
3078/19 3079/11 3079/20
3084/4 3094/20 3095/25
3100/1
reads [4] 2945/22 2950/10
3064/7 3065/24
ready [7] 2931/20 2934/24
2937/20 2982/19 3025/19
3082/15 3103/16
real [14] 2945/25 2946/9
2952/12 2963/12 2963/13
2972/24 3003/16 3004/25
3007/4 3017/2 3017/3 3017/21
3070/10 3070/12
reality [1] 2934/21
realize [1] 2951/22
really [6] 2969/24 2981/9
3028/17 3069/5 3073/3
3103/14
reason [11] 2935/4 2956/24
2982/22 2983/7 2985/2
2992/13 3030/22 3096/23
3097/5 3097/9 3099/6
reasonable [6] 2936/15 2988/1
2991/4 2991/7 3021/11
3021/16
reasons [1] 3101/17
recall [13] 2960/23 2968/22
2995/8 3007/2 3007/6 3018/13
3025/2 3054/18 3058/17
3058/23 3084/21 3099/10

3102/16
receipt [2] 3068/10 3078/13
receivable [1] 2964/23
receive [12] 2956/11 2956/13
2956/14 2957/22 2957/24
2958/6 2960/2 2964/3 3014/3
3049/14 3050/2 3091/11
received [25] 2931/12 2934/8
2935/6 2955/19 2955/20
2955/20 2956/14 2957/14
2957/21 2963/17 2965/3
2967/7 2982/22 3028/6
3030/17 3043/4 3049/21
3050/1 3050/4 3056/9 3064/20
3065/8 3066/1 3072/22
3102/20
receiving [10] 2954/22
2957/12 3014/13 3042/22
3043/15 3062/2 3063/22
3096/17 3099/17 3103/3
recent [1] 3079/14
Recess [3] 2981/17 3025/21
3082/16
recessed [1] 3103/19
recession [1] 3020/14
recipient [1] 3068/9
recognize [15] 2950/13
2950/14 2950/14 2959/19
3032/10 3044/10 3054/11
3054/13 3057/19 3057/21
3061/15 3063/17 3063/20
3077/3 3077/6
recollection [1] 3049/9
recommendations [2] 3013/15
3013/18
record [13] 2935/2 2936/14
2980/14 2981/4 2981/19
2988/16 2989/22 3052/17
3058/6 3061/24 3073/13
3094/5 3104/2
recorded [5] 2928/24 2964/10
3089/21 3089/21 3089/25
records [3] 2943/19 3080/6
3093/6
red [2] 2990/18 3007/12
refer [1] 3079/5
reference [4] 2933/6 3008/23
3078/9 3079/4
references [3] 3020/20
3066/15 3066/24
referencing [1] 2979/10
referral [2] 3013/23 3033/17
referred [3] 2966/21 3064/11
3078/20
referring [5] 2946/23 2959/24
3024/9 3085/13 3085/22
refers [3] 2966/20 3061/8
3061/14
reflected [5] 2970/7 2972/10
3008/20 3046/21 3099/13
regard [1] 3098/22
regarding [3] 3058/20 3059/22
3102/4
Regards [1] 3061/13
region [1] 3061/4
regularly [2] 3036/6 3036/9
regulated [3] 3080/11 3080/14
3081/6
regulations [1] 3079/17
regulator [11] 2945/1 2945/2
3037/23 3039/19 3041/24
3051/15 3051/18 3051/19

3072/10 3072/10 3074/17
regulators [2] 3049/10 3051/2
regulatory [7] 3041/20
3044/13 3048/10 3050/22
3061/11 3077/25 3079/23
related [11] 2931/10 3001/18
3040/11 3042/4 3045/9
3075/10 3082/2 3096/25
3097/18 3098/15 3098/16
relating [2] 3075/3 3084/24
relation [2] 2974/17 3005/24
relationship [3] 2948/19
3074/16 3079/22
relative [1] 2991/10
relayed [3] 3043/6 3078/22
3079/21
relevance [1] 3066/17
relevant [2] 3066/20 3068/10
rely [1] 3086/15
remember [10] 2933/16 2933/20
2936/5 2950/2 2951/13
2991/10 3042/24 3056/1
3058/19 3100/17
remind [6] 2945/13 2979/23
2980/5 3091/15 3093/13
3094/9
reminded [1] 2979/13
reminder [1] 2991/9
reminding [2] 2981/1 3090/9
remove [1] 2940/24
rendered [1] 3090/2
repaid [2] 2968/8 2968/16
repay [5] 2968/11 2968/15
3017/22 3017/23 3019/13
repayment [1] 2975/11
repeat [3] 2950/25 3084/18
3092/13
repeatedly [1] 3079/24
rephrase [3] 3023/15 3050/24
3081/14
replace [2] 3041/23 3101/20
replaced [2] 2945/4 3041/25
replied [3] 2948/2 3056/15
3085/12
reply [1] 3076/5
report [54] 2933/2 2959/21
2960/10 2992/18 2996/9
2999/2 3000/17 3001/7
3001/12 3001/15 3002/17
3002/25 3008/21 3008/22
3008/23 3019/24 3020/22
3021/4 3021/14 3021/23
3022/4 3022/14 3022/24
3023/5 3023/8 3023/20
3023/21 3024/6 3024/18
3024/24 3024/25 3025/6
3025/12 3045/1 3045/24
3047/7 3047/7 3047/25 3048/9
3048/13 3049/15 3049/19
3049/22 3050/1 3050/2 3050/8
3050/9 3050/12 3050/16
3050/21 3051/11 3052/5
3053/8 3088/4
reported [18] 3017/7 3017/17
3020/24 3021/10 3021/12
3024/5 3024/15 3025/1
3025/14 3045/2 3045/2 3045/4
3047/6 3050/20 3051/7
3062/12 3062/16 3087/10
reporter [4] 2929/8 2937/7
3052/18 3104/7
3133
R
Reporter's [1] 3104/1
reporting [7] 3022/7 3022/10
3023/25 3044/11 3050/11
3050/11 3088/11
reports [9] 2960/21 2974/4
3003/8 3014/3 3023/3 3049/10
3084/5 3084/8 3087/8
represent [7] 2946/3 2970/12
2982/5 2982/7 3017/13
3017/13 3033/22
representatives [1] 3058/12
represented [5] 2967/11
2972/15 2992/17 3021/16
3049/6
represents [2] 2969/9 2969/10
Republic [1] 3047/25
request [13] 2950/8 2953/11
3039/7 3039/8 3039/15
3071/21 3076/9 3081/20
3081/24 3082/19 3084/1
3084/5 3087/17
requested [6] 3039/16 3039/16
3052/17 3079/24 3081/23
3082/2
requesting [2] 2947/2 3081/13
requests [3] 2953/20 3084/9
3087/15
require [1] 3086/25
required [1] 3098/7
requirement [1] 2990/25
research [1] 2987/11
resolution [1] 3085/17
resolved [1] 2938/7
resolving [1] 3060/4
resort [7] 2946/10 2946/11
2946/13 2966/21 3010/1
3010/1 3054/8
respect [4] 2966/5 2982/17
2987/4 3072/1
respectfully [1] 3068/4
response [23] 2931/17 2935/3
2940/14 2945/24 2947/5
2947/25 2979/4 3002/22
3047/15 3062/1 3062/2 3062/3
3070/15 3076/8 3076/11
3076/14 3079/1 3079/4
3083/25 3084/5 3092/12
3099/25 3100/1
responses [1] 3067/15
responsible [2] 2975/6
3018/20
rest [1] 2991/23
Restate [1] 3015/15
restaurant [3] 3006/23
3007/16 3007/18
restaurants [1] 3004/2
result [1] 2958/23
resulting [1] 3016/11
resume [6] 2945/7 2976/17
3014/15 3025/19 3082/15
3103/16
retail [1] 3012/24
retained [1] 3085/14
returns [2] 3021/13 3022/24
revealed [1] 3079/2
revenue [3] 2959/4 3092/5
3092/5
review [6] 2934/22 3032/9
3036/25 3037/2 3078/25
3084/7
reviewed [2] 3035/10 3037/15

revisit [1] 2938/7
Richard [1] 2985/18
right [71] 2931/25 2933/3
2933/19 2935/2 2935/21
2935/22 2937/20 2938/9
2941/24 2954/16 2962/13
2963/7 2970/4 2971/9 2972/17
2978/11 2978/15 2978/17
2979/7 2979/11 2980/3 2980/9
2980/19 2981/12 2981/13
2984/2 2987/9 2987/18
2989/10 2989/12 2990/12
2990/13 2991/16 2992/4
2999/12 3006/1 3006/2 3006/8
3006/23 3006/24 3007/8
3007/11 3007/12 3007/13
3010/10 3018/20 3025/17
3025/24 3028/2 3029/8
3029/16 3030/8 3030/22
3034/13 3045/6 3046/8
3064/14 3064/17 3065/19
3068/22 3069/17 3072/11
3082/9 3082/18 3082/20
3083/8 3083/12 3083/14
3083/14 3095/4 3097/16
right-hand [1] 3007/12
rights [1] 2988/14
rigid [1] 2937/13
ringing [1] 2995/23
rings [1] 2987/13
risk [5] 3050/21 3050/24
3050/25 3051/1 3051/17
roads [1] 3008/1
ROBERT [2] 2928/5 2928/20
Rock [1] 3007/21
Rodriguez [8] 3056/22 3060/19
3060/21 3061/3 3061/23
3062/8 3062/14 3062/16
Rodriguez' [1] 3061/7
Rodriguez-Tolentino [1]
3060/21
role [2] 3049/19 3076/14
roof [1] 3007/12
room [2] 3040/23 3040/24
route [1] 2958/8
routed [2] 2938/15 2942/21
Royal [1] 3048/1
rule [2] 2937/13 2980/23
ruling [7] 2931/14 2933/3
2935/4 2936/2 2936/7 2936/11
2979/15
run [4] 2977/25 2986/19
3042/11 3046/9
run-on [1] 3042/11
running [1] 3063/6
Rusk [1] 2929/10
Russian [1] 3020/15
3056/21 3058/25 3059/10

3059/23 3059/25 3063/2
3063/9 3063/15 3065/8
3075/14 3076/5 3076/15
3081/1 3085/12 3085/15
3085/18 3085/20 3086/10
3086/15 3087/21 3089/4
3098/5 3100/18 3103/6 3103/8
salary [2] 2951/6 2951/9
sales [2] 2952/3 3099/1
same [21] 2946/4 2948/22
2948/24 2948/24 2949/2
2951/20 2955/24 2962/18
2966/22 2971/11 2971/15
2971/24 2981/15 2985/3
2986/3 3002/18 3030/11
3078/6 3079/8 3079/9 3087/6
sat [3] 2983/16 3021/20
3022/15
saw [16] 2943/8 2996/7 3004/5
3008/20 3018/11 3018/15
3020/14 3027/25 3032/24
3071/7 3074/3 3074/7 3078/6
3081/12 3083/19 3086/10
say [41] 2936/12 2936/15
2951/15 2952/23 2961/13
2964/15 2965/18 2966/6
2971/25 2975/3 2978/24
2980/15 2981/13 2984/14
2985/2 2988/18 2988/25
2996/6 3009/17 3011/21
3017/5 3025/11 3031/22
3032/7 3034/7 3043/2 3043/7
3043/12 3043/19 3048/20
3050/3 3053/16 3063/13
3082/23 3083/10 3086/8
3089/14 3090/22 3098/18
3098/22 3103/7
saying [7] 2937/10 2966/8
2982/2 2987/25 3068/3 3068/5
3100/24
says [7] 2953/10 2981/14
2987/13 3024/8 3070/16
3089/18 3089/18
scandals [1] 3020/20
Scardino [5] 2928/20 2928/20
2934/21 2977/18 2981/13
schedule [1] 3044/21
scheduled [1] 2985/17
schedules [1] 3086/21
Schell [3] 2982/12 2985/18
2985/19
scheme [6] 2944/13 3050/21
3063/6 3066/16 3067/1
3074/10
school [2] 2985/5 2985/10
scope [2] 2932/25 3011/8
Scotland [1] 3048/1
scroll [4] 2963/15 2965/1
S
3060/25 3078/12
safety [1] 3079/15
seat [3] 2945/7 2976/17
said [61] 2933/8 2933/16
3014/15
2933/20 2936/5 2944/25
seated [5] 2931/3 2938/3
2975/5 2975/7 2975/8 2978/8
2990/16 3025/23 3082/18
2980/14 2980/16 2981/5
SEC [43] 3063/5 3064/23
2981/22 2985/7 2985/7
3066/16 3066/19 3066/25
2991/14 3000/20 3005/5
3067/5 3067/6 3067/8 3067/10
3008/12 3018/4 3022/1 3022/1 3067/18 3067/24 3067/25
3024/24 3038/3 3041/2 3043/3 3070/16 3071/23 3072/9
3043/8 3045/5 3051/13 3053/3 3072/24 3073/17 3073/19
3053/6 3053/21 3055/15
3074/8 3074/21 3075/11
3055/17 3055/23 3056/13
3075/21 3076/4 3076/8 3076/9
3134
S
SEC... [18] 3076/11 3076/18
3078/23 3078/24 3079/13
3080/12 3080/16 3080/17
3081/6 3081/9 3081/12
3081/13 3081/19 3082/8
3083/23 3084/6 3084/11
3084/13
SEC's [4] 3075/2 3080/2
3084/1 3084/5
second [11] 2947/22 2980/2
2993/24 3027/18 3064/21
3068/14 3075/17 3077/14
3083/19 3083/21 3093/18
seconds [1] 2970/2
section [10] 2999/20 3001/13
3021/12 3021/19 3045/1
3045/11 3054/23 3059/11
3086/24 3087/2
securing [1] 2966/24
securities [10] 2952/3
3010/17 3017/13 3048/8
3062/19 3063/2 3066/3 3066/4
3077/2 3078/3
see [60] 2933/10 2935/21
2936/2 2936/8 2937/18
2941/24 2943/5 2943/10
2948/25 2954/2 2955/22
2960/7 2966/17 2969/2 2973/4
2977/25 2981/16 2984/13
2988/22 2993/24 2999/9
3000/13 3002/7 3005/16
3014/9 3014/17 3014/20
3015/21 3018/17 3025/19
3028/1 3028/2 3032/21
3033/14 3033/17 3035/13
3040/5 3040/15 3040/22
3040/25 3041/2 3045/21
3045/25 3053/3 3054/25
3055/7 3055/8 3055/11 3061/1
3061/3 3064/8 3066/17
3078/10 3078/12 3082/15
3083/9 3090/8 3100/2 3101/13
3103/16
seeing [1] 3029/3
seem [1] 2962/23
seen [5] 2932/19 2960/17
2991/24 3052/3 3070/21
selected [1] 3086/8
sell [3] 2967/20 3021/5
3021/6
selling [4] 2946/11 3080/19
3080/20 3081/6
semiannually [1] 2950/5
send [6] 2954/7 3026/7
3056/23 3062/14 3076/17
3099/24
sending [3] 3026/9 3063/15
3065/16
sense [3] 3012/20 3043/21
3101/8
sensitive [1] 3062/10
sent [28] 2945/17 2945/20
2950/24 2951/1 2953/23
3000/19 3026/4 3030/4 3030/4
3032/1 3032/5 3032/14
3032/16 3034/10 3038/7
3044/12 3065/25 3066/2
3072/4 3076/9 3078/1 3078/2
3081/19 3090/17 3091/21
3092/4 3095/24 3100/1
sentence [3] 2947/22 3035/9

3083/19
sentences [1] 3020/9
separate [8] 2939/18 2939/19
2956/3 2956/6 2956/6 2967/23
2968/3 3066/20
separated [1] 3101/6
separately [1] 2949/3
September [1] 2953/2
September 26 [1] 2953/2
series [1] 3058/19
serious [1] 3075/14
served [1] 3095/20
service [2] 2959/4 2975/24
serviced [2] 2975/20 2992/20
services [6] 3041/20 3044/13
3050/22 3077/25 3079/23
3090/2
servicing [1] 2975/20
serving [1] 2949/22
set [13] 2935/6 2947/13
2957/3 2966/15 2967/3
2982/12 2986/11 2986/14
2996/3 2997/8 3035/10
3037/15 3069/14
setup [1] 3054/8
several [5] 2967/10 2982/13
3036/2 3042/16 3055/18
SFG [1] 2964/16
shaking [2] 3028/17 3082/23
shall [1] 2997/21
shape [1] 2981/25
share [1] 3103/3
shared [4] 3013/20 3054/1
3067/14 3085/4
shareholder [4] 2959/20
2992/17 2996/8 3008/21
sharing [1] 3000/18
she [8] 2947/2 2947/7
2947/20 2947/25 3000/8
3000/8 3078/6 3099/24
sheet [10] 3007/3 3007/5
3021/19 3032/2 3032/25
3044/20 3047/22 3050/17
3059/12 3086/21
shell [6] 2965/8 2970/13
2970/16 2971/3 2971/21
3012/21
shifts [1] 2991/8
shingle [1] 3086/10
shook [1] 2975/9
short [2] 2939/2 2951/23
short-term [1] 2951/23
shorter [1] 2989/3
shortly [1] 3056/6
shot [2] 2987/14 3005/10
should [18] 2957/8 2959/3
2965/18 2973/18 2975/18
2983/25 2987/21 3008/23
3034/7 3039/10 3055/12
3066/20 3087/21 3098/5
3099/19 3100/8 3100/9
3100/22
show [23] 2972/17 2975/11
2975/24 2977/9 2992/19
3012/19 3018/24 3022/14
3038/6 3038/23 3044/5
3064/25 3067/9 3067/25
3068/7 3069/25 3070/15
3070/19 3071/11 3076/19
3076/21 3094/24 3099/20
showed [7] 2976/20 3031/17
3063/7 3077/7 3077/15

3084/20 3101/19
showing [8] 2943/8 2971/7
2971/13 3031/8 3046/3
3063/17 3080/7 3087/11
shown [7] 2942/17 2976/13
3006/11 3023/2 3047/23
3056/23 3101/2
SIB [2] 2970/8 2970/8
SIBL [11] 3061/8 3078/22
3078/25 3078/25 3079/2
3079/3 3079/18 3079/19
3079/25 3090/17 3091/14
SIBL's [2] 3079/15 3084/8
Sid [1] 2985/18
side [7] 2936/3 2936/21
2936/22 2980/19 3006/13
3007/12 3061/19
sided [1] 3095/7
sides [3] 2933/23 2961/21
2987/14
sign [6] 2992/10 2992/21
2996/18 2997/5 3088/6
3101/23
signage [2] 3007/23 3007/23
signatories [2] 2940/5
2942/12
signatory [6] 2950/17 2993/24
2994/17 2994/23 2995/2
3003/5
signature [3] 2983/4 2994/2
2997/1
signed [15] 2942/12 2983/2
2983/2 2995/23 2996/2
2996/21 2996/22 2997/3
2997/9 2997/23 2997/24
3003/8 3020/2 3022/7 3022/9
signer [2] 2958/2 2995/9
significant [2] 2982/13
2982/15
signing [3] 2994/1 2995/24
3014/1
similar [4] 2949/17 3001/20
3032/3 3086/19
simple [1] 2941/16
simply [4] 3010/13 3021/10
3021/24 3058/11
since [4] 2931/24 2931/25
3020/12 3083/10
single [5] 2953/24 2995/18
3022/13 3023/17 3024/19
sir [329]
sit [6] 2934/14 2996/17
3014/5 3021/20 3022/19
3023/17
site [1] 3079/14
sitting [2] 3022/12 3023/6
situated [1] 3056/25
situation [4] 2975/23 2989/8
3037/2 3060/4
six [4] 2934/8 2967/15
2967/15 3055/20
size [1] 2951/14
Sjoblom [1] 3085/13
skilled [1] 2983/22
skim [2] 2956/20 3060/25
skimming [1] 2956/18
slow [2] 3011/2 3066/13
slush [28] 2941/18 2942/6
2942/8 2942/13 2942/15
2942/18 2942/21 2943/16
2943/23 2944/6 2944/12
3135
S
slush... [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 3097/17
small [5] 2965/21 2998/9
3068/17 3098/11 3098/12
snookered [1] 3083/3
so [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
3103/15
so-called [3] 2949/14 3016/11
3021/17
SocGen [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 3099/23
Societe [7] 2939/2 2948/4
2948/19 3093/7 3094/10
3094/11 3095/12
sold [4] 3010/14 3017/20
3018/4 3018/19
solicitor [1] 3035/24
Solutions [2] 3061/16 3061/17
solve [1] 3057/15
solved [1] 3057/16
solvency [1] 3079/16
some [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 3099/24
somebody [5] 2983/20 3031/15
3073/1 3077/16 3083/1
somehow [1] 3070/20
someone [2] 2983/2 3070/11
something [12] 2949/25 2962/8
2970/20 2975/22 2978/8
3013/6 3014/10 3044/3 3065/1
3070/19 3083/11 3089/16
sometimes [3] 2962/22 3009/15
3042/6
somewhere [4] 2941/12 2958/25
3010/2 3029/6
sons [1] 2958/12
soon [1] 2980/11
sorry [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
3094/23
sort [4] 2938/7 2983/21
2986/7 3037/22
Sotto [3] 2977/17 2979/19
3075/18
sound [1] 2988/16
soundproof [1] 2938/5
source [3] 2946/23 2954/22
2956/9
SOUTHERN [1] 2928/1
Southwest [1] 2977/4
speak [3] 2969/20 2969/21
3042/1
Speaking [1] 2976/8
speaks [2] 2981/4 2984/18
special [1] 2957/4
specialist [3] 2975/17 2976/9
3058/2
specific [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 3081/23
speculation [3] 3018/1 3018/2
3020/17
speed [1] 2933/17
spend [1] 3054/4
spending [1] 2962/12
spent [5] 2959/21 2964/18
2966/18 2966/18 3004/11
spoke [3] 3004/6 3011/21
3042/14
sport [1] 3007/17
spreadsheet [3] 2963/20
2969/4 3014/18
square [2] 3010/5 3010/7
St. [2] 2960/13 3033/12
St. Croix [1] 2960/13
St. John's [1] 3033/12
stadium [1] 3007/23
staff [8] 2933/12 2942/11
2960/11 2964/17 2975/7
3075/18 3098/9 3098/17
staffing [1] 3098/16
stage [2] 2946/17 3053/7
stand [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 3092/7
standardize [1] 3058/13
standing [4] 2989/10 3065/9
3079/3 3100/7
stands [3] 2936/7 2945/23
3008/9
STANFORD [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 3092/25
stanfordeagle.com [1] 3060/17
star [2] 2967/22 3006/23
start [2] 2933/23 2970/5
started [1] 3086/3
starting [5] 2941/24 3012/18
3035/4 3038/14 3090/15
starts [2] 3030/20 3052/10
state [10] 2955/4 2981/19
2985/21 2985/22 2985/24
2986/2 2998/14 3019/7
3036/24 3081/3
stated [5] 3009/22 3010/13
3021/10 3058/11 3102/8
statement [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 3095/14
statements [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 3101/24
states [25] 2928/1 2928/3
2928/8 2951/22 2983/15
3136
S
states... [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 3084/15
stating [3] 3003/8 3061/23
3088/5
staying [2] 2983/11 3059/19
steer [2] 2990/5 3055/6
Stellmach [11] 2928/14 2933/5
2938/9 2961/12 2969/23
2977/15 2977/17 3015/5
3038/22 3046/23 3066/9
stenography [1] 2928/24
step [3] 3012/12 3055/12
3090/4
steps [6] 3011/13 3059/14
3059/16 3059/22 3059/24
3060/3
sterling [7] 3096/2 3096/8
3096/8 3099/15 3100/7 3100/8
3101/4
stern [1] 3056/10
sticky [2] 2987/4 3007/16
still [8] 2933/10 2933/14
2990/22 3025/12 3063/11
3065/7 3072/18 3095/21
stock [2] 3010/15 3020/12
stocks [3] 3016/4 3017/17
3020/17
stood [1] 2949/3
stop [3] 3030/6 3036/9 3055/3
storage [1] 3007/10
straight [3] 2955/10 2955/10
2984/22
strategy [2] 3035/9 3037/14
street [3] 2928/21 2929/10
3098/12
stretch [1] 3067/17
structure [1] 2957/2
stuck [2] 2975/5 2975/8
study [2] 3058/12 3058/13
style [1] 3007/18
styled [3] 2940/3 2959/20
3066/25
stymie [1] 3067/15
Suarez [5] 3000/1 3000/7
3000/18 3000/20 3000/21
subject [4] 2945/22 2992/2
2992/2 3099/22
submission [1] 3044/16
submit [1] 3045/5
submitting [1] 3051/21
subpoena [6] 2982/8 2982/22
2983/1 2983/6 2983/13 2984/5
subpoenaed [3] 2983/5 2983/8
2985/14
subscription [1] 3034/9
subsequent [6] 2949/4 2974/4
3078/25 3086/21 3089/7
3096/13
subsidiary [2] 2949/5 3044/21
substance [1] 3070/6
substantive [2] 3028/20
3028/21
suburban [1] 3091/22
succeeded [1] 3060/4
successful [1] 3084/12
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 3088/8
takes [1] 2970/2
taking [7] 2938/19 2943/24
2956/18 2974/17 2984/8
2996/14 3043/21
talk [11] 2935/17 2936/3
2936/19 2986/22 2987/12
2988/22 3008/7 3010/11
3057/18 3062/6 3062/7
talked [8] 2976/18 2984/3
3016/2 3016/3 3026/2 3088/24
3089/11 3089/12
talking [7] 2939/5 2939/9
2939/17 2978/4 2981/21
3019/21 3028/25
Tampa [1] 3061/4
targets [1] 2957/5
tax [5] 2975/17 2976/8
2976/9 2976/24 2976/25
taxes [2] 2958/16 2976/15
teach [1] 2985/9
teacher [1] 2958/7
team [1] 2989/23
technical [1] 3027/15
Technically [1] 3097/2
technician [1] 3046/5
technology [1] 3020/17
telephone [2] 3036/14 3078/23
tell [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 3103/5
T
telling [3] 3037/22 3081/23
t's [1] 3061/10
3087/23
table [2] 2978/19 3040/24
template [1] 3050/10
tactical [1] 2983/7
ten [2] 2950/4 2968/21
take [40] 2934/19 2935/25
tendered [1] 3050/9
2937/17 2938/20 2945/9
term [4] 2944/8 2951/23
2951/12 2952/16 2953/2
3020/16 3034/18
2963/4 2963/5 2977/22
terminal [1] 3055/25
2977/24 2984/23 2986/4
terms [7] 2969/8 2997/22
2987/24 2991/1 2991/11
2998/5 2998/23 3001/20
3025/18 3030/8 3034/14
3016/2 3070/4
3039/10 3039/12 3040/15
testified [9] 2938/10 2948/5
3043/8 3043/17 3049/8
2955/8 2992/7 3003/13
3055/18 3055/18 3057/12
3025/11 3034/16 3037/21
3059/13 3059/16 3064/14
3064/20
3067/2 3070/22 3082/11
testify [7] 2978/15 2978/16
3082/13 3083/8 3092/7 3095/1 2979/25 2981/7 2981/9
3102/12
2981/11 2982/22
such [12] 2975/19 2992/11
3080/1 3080/4 3080/5 3081/10
3084/8 3084/11 3086/12
3086/21 3087/8 3098/25
sufficient [1] 3012/6
suggested [2] 2997/6 3010/24
suggestion [2] 2985/16 2986/3
suggestions [1] 2987/16
summarized [1] 3032/5
summary [3] 2961/21 3032/14
3084/8
Sun [1] 2967/22
Superbowl [3] 3042/23 3043/1
3043/14
supervision [1] 3079/18
supervisor [1] 3057/25
support [5] 2940/23 3005/7
3055/1 3079/24 3081/10
supporting [6] 3031/21
3044/21 3080/4 3080/6
3081/10 3083/23
supposed [6] 2985/2 2985/9
2985/9 3035/4 3047/18
3048/11
sure [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 3070/19
surprise [1] 2954/21
surprised [4] 3072/23 3073/1
3073/3 3073/7
suspected [1] 3078/21
sustain [3] 2953/14 2985/8
3052/19
sustained [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 3074/24
SVCH [1] 2970/14
Swiss [7] 2944/5 2949/10
2950/9 2951/12 2956/8
2956/24 3092/15
switch [4] 2941/12 2962/4
3032/20 3045/23
Switzerland [10] 2938/24
2939/21 2941/18 2942/16
2943/16 2957/9 3091/18
3092/10 3094/14 3097/17
system [4] 2941/11 2942/10
3061/16 3061/17
3137
T
testifying [5] 2978/4 2978/8
2978/15 2980/15 2983/19
testimony [11] 2938/17
2940/22 2959/23 2966/20
2973/7 2978/3 2978/7 2989/24
3016/12 3019/18 3039/21
TEXAS [12] 2928/1 2928/4
2929/11 2945/15 2982/12
3000/9 3000/10 3028/5
3029/24 3033/5 3035/23
3102/10
text [3] 3078/12 3084/2
3095/24
than [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
3055/20
Thank [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
3103/18
Thanks [3] 3046/8 3062/6
3090/9
that [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 3100/19
their [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
3068/6
them [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 3087/22
theme [2] 3007/16 3007/17
then [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
3099/24
theory [6] 2961/13 2961/23
2961/25 2962/3 2962/18
3030/21
there [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 3101/16
there'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
3101/16
thereafter [1] 2985/21
therefore [1] 3022/4
these [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 3093/6
These -- in [1] 2977/13
they [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
3138
2984/4 2989/4 3071/13 3081/1

T
thoughts [1] 2984/22
they... [2] 3098/11 3101/5
thousand [2] 2950/4 2968/21
they'll [1] 2936/15
thousands [1] 3007/10
they're [26] 2932/4 2932/22
threat [2] 2963/3 2963/5
2933/18 2933/19 2933/20
threaten [1] 3088/1
2935/12 2955/9 2968/2
three [13] 2954/3 2965/14
2975/18 2975/19 2979/13
2965/14 2965/25 2966/1
2980/20 2981/25 2988/10
2966/7 2966/8 2973/21
2988/11 2988/14 3002/23
3001/11 3020/8 3055/18
3013/3 3030/21 3066/14
3055/18 3055/20
3066/23 3068/3 3068/4 3068/6 through [61] 2933/10 2933/21
3095/6 3095/7
2938/15 2940/17 2942/21
they've [2] 2987/4 3068/1
2943/16 2943/19 2944/12
thing [16] 2958/7 2982/3
2946/24 2950/19 2950/24
2985/3 2986/3 2990/20
2952/3 2952/6 2958/20
3005/22 3047/8 3066/24
2958/22 2960/16 2964/15
3067/3 3067/19 3070/21
2970/5 2972/11 2972/18
3070/22 3070/22 3076/5
2975/14 2981/9 2981/20
3083/7 3086/13
2991/19 2993/2 2993/5
things [5] 2934/22 2983/23
2993/15 2994/20 2995/18
3001/17 3042/6 3058/13
3002/19 3004/5 3006/11
think [47] 2932/3 2933/21
3008/25 3012/19 3013/24
2935/16 2937/4 2948/7
3014/8 3018/11 3018/15
2948/14 2965/5 2966/2 2970/1 3021/21 3028/7 3031/9 3032/9
2976/17 2979/3 2979/5
3036/24 3039/12 3051/19
2980/14 2981/5 2983/14
3053/7 3058/3 3059/17
2986/25 2988/19 2988/20
3059/25 3059/25 3064/20
2989/13 2991/13 2995/21
3070/2 3079/17 3082/8 3089/6
2999/8 3005/9 3005/13
3090/5 3090/11 3090/11
3005/22 3018/15 3019/25
3090/12 3090/16 3091/13
3023/11 3032/24 3034/13
Throughout [1] 3020/21
3037/21 3039/10 3041/16
tickets [5] 2967/21 3042/23
3046/17 3046/24 3050/23
3043/1 3043/4 3043/14
3051/17 3067/17 3067/18
tie [1] 2941/9
3072/16 3080/24 3081/16
Tier [25] 2939/14 3015/17
3083/12 3093/20 3094/1
3015/20 3015/22 3015/24
3097/10 3097/11
3016/2 3016/3 3016/3 3016/9
third [9] 2965/2 3020/5
3016/9 3016/10 3016/10
3025/4 3035/8 3044/17
3016/19 3016/24 3017/1
3055/13 3071/22 3078/16
3017/6 3017/12 3017/16
3078/17
3017/18 3017/21 3018/19
third-party [1] 3071/22
3049/2 3049/4 3049/6 3088/15
this [268]
Tier I [2] 3016/9 3017/16
thoroughly [1] 2934/12
Tier II [7] 2939/14 3016/3
those [73] 2931/13 2935/9
3016/9 3017/18 3049/2 3049/4
2939/11 2939/14 2939/18
3049/6
2946/23 2948/1 2948/1
Tier III [15] 3015/17 3015/20
2956/16 2956/17 2957/7
3015/22 3015/24 3016/2
2957/12 2957/15 2957/22
3016/10 3016/10 3016/19
2957/24 2957/25 2958/6
3016/24 3017/1 3017/6
2960/23 2963/20 2963/22
3017/12 3017/21 3018/19
2964/3 2964/18 2964/19
3088/15
2972/18 2975/14 2975/20
Tiers [1] 3018/16
2976/10 2980/10 2991/21
Tiers I [1] 3018/16
2992/14 2992/20 2992/23
till [1] 2977/25
2995/7 2995/22 2996/4
time [86] 2933/12 2937/12
2998/10 3002/21 3003/4
2942/3 2949/3 2949/14 2952/1
3004/8 3004/11 3013/16
2952/11 2952/11 2952/16
3013/18 3016/24 3018/25
2953/24 2958/1 2958/14
3023/24 3027/15 3031/10
2961/20 2961/20 2962/18
3031/19 3032/10 3032/10
2962/18 2966/21 2973/14
3034/2 3034/14 3038/2
2977/25 2979/1 2979/2
3044/22 3051/4 3051/7
2980/20 2980/24 2981/24
3053/25 3055/9 3061/15
2985/13 2985/25 2986/4
3080/8 3082/5 3082/8 3084/2
2986/12 2986/13 2987/19
3084/4 3087/21 3089/9
2989/2 2989/5 2989/18
3089/24 3089/24 3089/25
2989/18 2990/21 2991/18
3090/2 3091/10 3092/6 3102/7 2992/7 2992/8 2996/3 2996/5
though [5] 2968/17 2980/13
2996/7 2996/17 2997/25
2987/14 3011/23 3016/10
2998/19 3010/23 3019/15
thought [6] 2965/22 2983/12
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
3103/16
timeline [1] 2989/4
timely [1] 2979/3
times [10] 2942/24 2968/17
2976/11 2976/12 2986/10
3013/11 3013/22 3036/2
3036/13 3042/16
TIOC [2] 2945/22 2946/3
Tiwari [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
3061/12
today [8] 2936/2 2936/8
2937/13 2938/8 3034/16
3082/14 3082/20 3083/6
together [12] 2974/11 2976/22
2991/11 3014/5 3014/7 3019/3
3039/9 3051/23 3069/1
3076/20 3077/9 3084/14
told [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 3092/3
Tolentino [1] 3060/21
Tom [1] 3085/13
tomorrow [1] 2947/24
tonight [1] 2935/18
too [7] 3023/25 3028/17
3058/9 3058/25 3059/7
3059/11 3086/16
took [12] 2953/9 2958/21
2962/7 2968/15 2973/15
2973/22 3022/5 3040/6 3054/5
3054/6 3059/21 3059/24
top [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
3090/15
topic [4] 2953/22 3025/16
3085/3 3087/25
Toronto [4] 3028/8 3028/10
3030/5 3030/10
Tortola [1] 3090/19
total [12] 2943/10 2952/20
2952/24 2953/4 2960/18
2963/17 2965/2 3008/22
3016/8 3032/4 3050/19 3101/7
totaled [1] 3016/6
totaling [1] 2996/10
touch [2] 3026/4 3043/3
tough [2] 2937/2 2988/7
3139
T
tour [4] 3007/7 3054/3 3054/6
3054/7
tournament [2] 2968/5 2968/8
toward [5] 2968/23 2968/24
3053/25 3062/10 3078/10
tower [2] 3006/13 3006/15
town [1] 3098/11
track [1] 2966/15
tracking [1] 3030/21
traded [1] 3010/14
trail [1] 2956/15
transaction [8] 2947/15
2973/17 2974/7 2974/17
2974/19 2974/20 2974/22
3029/18
transactions [6] 2966/15
2996/5 2996/7 3001/18
3001/20 3004/5
transcript [3] 2928/7 2928/24
3104/2
transcription [1] 2928/24
transfer [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
3099/14
transferred [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
3101/3
transfers [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
3101/5
transpired [1] 2987/1
transportation [1] 2967/9
travel [1] 3102/15
treasury [2] 2945/14 3041/21
trial [9] 2928/7 2931/24
2933/14 2936/13 2936/14
2982/9 2982/20 2985/19
2985/24
trials [3] 2982/12 2982/13
2985/17
tried [1] 2936/22
trips [1] 3043/17
trouble [1] 3068/19
true [5] 2981/23 2987/13
3019/15 3059/4 3064/24
trust [6] 3006/16 3006/17
3006/18 3006/19 3053/19
3085/19
trusted [1] 3053/22
truth [9] 3064/22 3066/15
3066/23 3068/4 3068/5
3068/24 3083/10 3094/2
3094/4
truthful [1] 3037/8
try [6] 2959/11 2969/21
2969/23 2989/7 3058/13
3008/10 3084/10 3089/14

3091/24 3092/18
understood [8] 2937/16
3025/13 3064/23 3067/10
3068/8 3073/23 3085/21
3085/24
underway [2] 2931/4 2975/13
undisclosed [1] 2943/21
Unfortunately [1] 3041/2
unhappy [1] 3083/7
UNITED [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
3084/15
University [1] 2985/5
unless [2] 2976/2 2976/13
unprofitable [2] 3024/24
3024/25
unreasonable [2] 3025/8
3025/10
until [5] 2990/11 2991/3
2996/5 2996/7 3100/9
unusual [8] 2951/14 2951/16
2983/12 2983/25 2988/6
3012/7 3012/8 3012/8
up [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
U
3072/16 3078/17 3085/3
U.S [2] 2928/15 2929/10
3087/10 3100/16 3103/4
ultimately [1] 3030/9
update [1] 3037/3
ultra [1] 2966/20
updates [1] 2960/2
unable [1] 3055/5
updating [2] 3050/12 3050/16
unaffiliated [1] 3001/20
upon [6] 2936/8 2981/23
uncomfortable [1] 3023/25
3021/17 3065/15 3074/2
uncovered [1] 3074/22
3086/15
under [13] 2960/14 2968/3
upper [2] 2946/12 3065/21
2975/13 2989/8 2990/23
upstairs [1] 3098/11
2997/22 2998/5 2999/20
uptake [1] 3066/13
3027/1 3035/6 3046/19 3051/5 us [72] 2928/12 2932/5
3076/23
2932/16 2932/17 2932/23
undercover [1] 3075/2
2933/7 2934/9 2934/11
underground [1] 3007/10
2934/11 2935/15 2938/14
underlying [1] 3087/9
2940/7 2940/17 2941/1
understand [22] 2931/4
2945/13 2950/22 2951/3
2935/16 2935/23 2936/17
2955/18 2960/9 2960/18
2937/1 2938/4 2946/22 2949/1 2969/8 2970/4 2993/5 2993/5
2954/11 2965/23 2976/6
2994/14 2997/18 3005/22
2976/7 2980/18 2982/16
3006/11 3010/11 3011/20
3021/25 3026/12 3028/18
3012/13 3012/19 3020/9
3031/9 3073/18 3081/15
3021/8 3023/24 3031/19
3081/17 3082/19
3033/21 3036/4 3039/12
understandably [1] 2934/23
3040/8 3046/9 3046/9 3047/24
understanding [9] 2944/4
3050/15 3054/20 3065/25
2967/1 2975/22 2984/4
3071/17 3071/23 3072/10
3060/10
trying [8] 2985/4 2986/3
3012/19 3023/20 3067/11
3068/3 3068/6 3071/18
Tupelo [1] 3057/1
turn [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
3101/12
turned [1] 3007/7
turning [4] 2941/12 3046/12
3099/3 3099/12
TV [4] 2980/5 2991/10 3046/2
3046/3
twenty [2] 2968/21 3008/16
twice [2] 3036/13 3101/10
two [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
3103/14
TX [4] 2928/13 2928/22
2929/5 2929/7
type [6] 2963/11 2965/7
3003/17 3007/18 3036/24
3044/18
types [8] 2952/9 2956/13
2967/17 3033/14 3042/3
3042/9 3061/12 3087/4
3140
U
us... [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 3101/10
US Securities [1] 3078/3
use [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 3093/7
used [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 3022/5
users [1] 3058/14
using [4] 2941/1 2948/5
3043/24 3089/9
usually [2] 2978/23 3036/22
utilized [1] 3031/23
V
vacuum [1] 2988/8
validate [1] 3080/2
value [11] 2947/24 2969/11
2971/17 2971/24 2972/13
3017/6 3018/25 3019/6
3047/22 3050/18 3050/18
valued [1] 2973/24
various [3] 2959/22 2964/16
3012/23
venture [8] 2966/16 2966/22
2970/14 2970/15 2970/24
2973/19 3012/21 3013/9
verbally [2] 2974/10 3078/22
verification [3] 3055/7
3055/9 3059/11
verified [1] 3088/5
verify [3] 3055/16 3086/20
3086/24
verifying [1] 3087/2
version [1] 2983/2
versus [3] 2967/25 2986/2
3099/7
very [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 3100/3
vetting [1] 3013/25
vice [1] 2948/18
vice-president [1] 2948/18
view [1] 2936/13
violation [1] 2978/10
Virgin [1] 3099/5
visible [1] 3091/6
visions [1] 2946/10
visit [5] 2934/16 2934/18
2990/17 3084/7 3084/12

visits [1] 3079/18
visual [1] 3005/5
voce [3] 2977/17 2979/19
3075/18
voice [2] 3056/10 3056/10
voir [1] 2991/6
volume [3] 2928/9 2941/10
2941/12
W
wait [4] 3067/21 3067/21
3068/14 3077/14
waiting [2] 2946/25 3026/15
walk [9] 2940/17 2993/5
2994/20 3006/11 3012/19
3039/12 3090/5 3090/15
3091/13
walked [2] 3008/25 3018/11
Wally [1] 3009/3
Walther [1] 3083/20
want [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
3103/11
wanted [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 3092/3
wanting [1] 3054/24
warm [1] 2937/23
Warren [1] 2928/15
was [527]
was no [1] 3021/5
Washington [2] 2928/16 3100/3
wasn't [5] 2931/20 2973/6
2997/25 3022/24 3101/23
water [3] 3007/9 3007/10
3022/17
way [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 3086/25
ways [4] 2963/4 3013/14
3026/7 3026/9
we [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
3103/15
we've [9] 2931/22 2933/12
2933/13 2933/13 2934/24
2960/16 2991/24 3016/3
3067/4
week [7] 2933/20 2985/20
2986/12 2986/13 2986/15
2988/3 3100/3
week's [1] 3101/6
weekend [7] 2933/17 2933/22
2935/18 2936/5 2936/15
3056/1 3056/1
weekly [1] 3099/22
weeks [3] 2974/19 2985/20
3103/14
well [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
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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 3100/17
went [12] 2943/1 2943/16
2944/5 2964/6 2979/6 3013/22
3013/24 3014/8 3018/15
3020/13 3028/7 3030/9
were [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
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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
3141
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were... [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
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3093/2 3098/6 3098/11
3098/11 3099/8 3100/3 3101/2
3101/2 3101/5
weren't [11] 2962/10 2962/10
2996/2 3022/12 3022/22
3023/6 3037/6 3050/7 3073/7
3074/15 3089/25
Westheimer [2] 2977/5 3033/5
what [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
3099/13
whatever [6] 2942/14 2971/12
2981/13 2982/22 3006/6
3029/9
when [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
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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
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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
3103/4
where [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 3102/11
whether [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 3088/22
which [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 3096/14
while [6] 2987/3 2990/19
2991/9 3006/6 3009/4 3027/15
white [1] 2990/18
who [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 3102/14
who's [5] 2948/17 2959/10
2975/5 2994/1 3003/5
whole [6] 2934/1 2980/22
3047/8 3067/3 3070/21
3088/14
whom [2] 3076/25 3078/1
whose [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
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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 3100/15
wicket [2] 2987/5 3007/17
wider [1] 3046/3
will [23] 2931/6 2934/2
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2969/20 2977/23 2979/12
2980/24 2982/19 2985/22
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wire [5] 3026/9 3028/20
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wireless [1] 3012/24
wiring [2] 3031/1 3031/15
wise [5] 2972/14 2981/24
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wish [2] 2933/2 3079/13
withdrawal [5] 2951/14
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withdrawn [2] 3034/23 3038/20
within [11] 2932/4 2939/20
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without [8] 2988/8 3002/19
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witness [35] 2930/3 2931/23
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2935/8 2938/10 2940/16
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3068/1 3070/5 3089/17
3089/18
witness' [1] 2983/13
witnessed [1] 3020/10
witnesses [1] 2988/12
won't [1] 2935/9
wondering [2] 2983/5 3038/5
word [1] 2942/6
words [9] 2940/15 2946/5
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words that [1] 2940/15
work [10] 2977/3 2984/9
2987/10 2987/14 2988/23
3005/22 3024/4 3026/15
3142
W
work... [2] 3045/23 3066/5
worked [3] 3009/4 3019/11
3072/6
working [12] 2931/19 2932/6
2934/24 2934/25 2945/14
2959/12 3027/15 3065/1
3075/14 3084/14 3085/16
3086/3
world [8] 2946/12 3007/22
3009/3 3021/12 3037/2
3058/12 3058/14 3061/11
world-class [1] 3007/22
worldwide [1] 3025/7
worst [1] 3020/12
worth [2] 2946/12 3018/22
would [189]
wouldn't [2] 2937/9 2954/7
write [4] 2990/17 3031/6
3067/15 3088/6
writes [1] 2947/2
writing [1] 2989/15
written [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 3085/21
wrong [2] 3056/13 3056/17
wrote [10] 2942/6 2947/7
2947/20 2951/25 2956/17
2973/3 3062/5 3076/19
3076/22 3085/18
Y
yacht [3] 2965/8 2965/9
2965/16
yachts [6] 2965/14 2965/18
2966/1 2968/11 2980/16
3015/1
Yeah [7] 2935/13 2941/14
2969/13 3000/6 3083/8
3093/24 3093/24
year [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
3102/21
years [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
3089/5
yelling [1] 3085/16
yellow [2] 2972/16 3069/8
yes [356]
yesterday [9] 2931/14 2931/19
2931/19 2937/12 2938/13
2966/2 3019/18 3034/16
3037/21
yesterday's [1] 2959/23
yet [9] 2966/23 2988/22
2999/10 3010/14 3010/14
3043/4 3067/13 3070/18
3070/22
Yolanda [2] 2999/25 3000/7
York [1] 2928/16
you [620]
you but [1] 2985/22
you'll [4] 2962/16 2962/22
2962/24 3056/17
you'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
3097/12
you're entitled [1] 3072/16
you've [5] 2932/19 2934/3
2936/9 2986/10 2988/7
your [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
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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
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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
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3026/17 3027/5 3027/19
3028/19 3028/23 3029/1
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3034/14 3037/11 3038/6
3038/12 3039/21 3041/19
3042/12 3046/9 3049/9
3051/14 3052/23 3060/10
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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
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3102/22 3103/9
yours [1] 3027/12
yourself [6] 2945/16 2947/12
2956/18 2982/18 3059/5
3062/14
yourselves [1] 2988/23

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

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2928

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF TEXAS

UNITED STATES OF AMERICA

TRANSCRIPT OF JURY TRIAL

FOR THE GOVERNMENT:

FOR THE DEFENDANT:

Proceedings recorded by mechanical stenography, transcript

Cheryll K. Barron, CSR, CM, FCRR

FOR THE DEFENDANT: (Continued)

Cheryll K. Barron, CSR, CM, FCRR

Cheryll K. Barron, CSR, CM, FCRR

Direct Examination by Mr. Stellmach

Cheryll K. Barron, CSR, CM, FCRR

THE COURT: Thank you. Be seated. Sorry I'm late

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

discuss some matters.

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

(Jury not present)

Okay. Yes, sir.

to the defense exhibits. After midnight last night, we

received some additional exhibits the defense proposes to use

in cross-examination of Mr. Davis. We would object to those

exhibits based on your Honor's prior ruling yesterday morning.

THE COURT: Well, are they on their master list?

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

THE COURT: What's the response?

MR. PARRAS: Judge, that's why I gave notice to the

Court yesterday, because we were working all day yesterday to

be ready. It wasn't after midnight --

THE COURT: How many months have you had this?

MR. PARRAS: We've had this --

THE COURT: You knew this witness was going to

definitely come to trial, since the day that he pled guilty,

Cheryll K. Barron, CSR, CM, FCRR

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

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

that we originally marked that you asked us to narrow down. We

have been working on this.

hundred percent. I believe over 90 percent they are.

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

THE COURT: Yes, sir.

MR. STELLMACH: Approximately a half dozen of the

exhibits that were produced to us last night, based on our own

analysis this morning, have not previously been produced to us

in the 17,000 exhibits.

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

MR. STELLMACH: Well, they may -- some of them may be

included in the production of discovery, the millions of

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

that were identified for us.

MR. PARRAS: Judge, a number of these exhibits come

onboard, you knew he was going to be here.

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

Cheryll K. Barron, CSR, CM, FCRR

exhibits. I didn't have the opportunity to be able to give

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

THE COURT: All right. The ruling is going to stand.

MR. SCARDINO: Judge, if I may be heard, Mr. Stellmach

just made reference to the Court of the millions of exhibits

they gave to us and --

MR. STELLMACH: Not "exhibits." I said "documents."

MR. SCARDINO: Okay. I'm sorry. I stand corrected.

But we still had to go through to see if we