Monica Lindeen vs SEC USCA Case #15-1149 Document #1583793

8/20/2019 Monica Lindeen vs SEC USCA Case #15-1149 Document #1583793

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6RRHS7 AFB 6BC\ ^H YFEH U7DBX FB 6RRHSDBX ADSAUCFS GVFG VF7 ^HHB RDCHE TDGV GVH

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FAGD6B7 TDGV SH7QHAG G6 RSFUE 6S EHAHDGg FBE G6 SHeUDSH fGVH RDCDBX 6R FB\ E6AUYHBG

RDCHE TDGV GVH 36YYD77D6Bg R6S fB6GDAH QUSQ67H7 FBE GVH F77H77YHBG 6R FB\ RHH8g

9: .82838 aaS@AI@9Id@]I8

JSHHYQGD6B DB %2/$& GUSB7 6B GVH YHFBDBX 6R fA6OHSHE 7HAUSDG\8g 36BXSH77

DG7HCR EHRDBHE fA6OHSHE 7HAUSDG\g G6 DBACUEH AHSGFDB G\QH7 6R 7HAUSDGDH7L 7UAV F7 GV67H

CD7GHE 6B GVH %HT 16S_ 2G6A_ *WAVFBXH8 9: .82838 aaS@Î@9I@&I8 36BXSH77 FC76 XFOH

GVH 36YYD77D6B HWQSH77 FUGV6SDG\ G6 EH7DXBFGH 6GVHS 7HAUSDGDH7 F7 RFCCDBX TDGVDB GVH

EHRDBDGD6B 6R fA6OHSHE 7HAUSDG\8g $B QFSGDAUCFSL 2HAGD6B 9b@Î@Ì 7GFGH7 GVFG f"F+ 7HAUSDG\

D7 F A6OHSHE 7HAUSDG\ TDGV SH7QHAG G6 GVH 6RRHS 6S 7FCH 6R GVH 7HAUSDG\ G6 eUFCDRDHE

QUSAVF7HS7L F7 EHRDBHE ^\ GVH 36YYD77D6B ^\ SUCH8g 9: .82838 aaS@Î@Ì8 36BXSH77

7QHADRDHE GVFG f"D+B QSH7ASD^DBX 7UAV SUCHL GVH 36YYD77D6B YF\ EHRDBH GVH GHSY

seUFCDRDHE QUSAVF7HSj EDRRHSHBGC\ TDGV SH7QHAG G6 EDRRHSHBG AFGHX6SDH7 6R 7HAUSDGDH7L

A6B7D7GHBG TDGV GVH QU^CDA DBGHSH7G FBE QS6GHAGD6B 6R DBOH7G6S78g &2 8

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DBASHF7H &YHSDAFB k6^ ASHFGD6B FBE HA6B6YDA XS6TGV ^\ DYQS6ODBX FAAH77 G6 GVH

QU^CDA AFQDGFC YFS_HG7 l l l 8gI8 0DGCH $N FDY7 G6 SHODGFCDhH )HXUCFGD6B &8 $G SHQCDAFGH7

GVH 2YFCC 36YQFB\ 3FQDGFC #6SYFGD6B &AG 6R ]?99 @48)8 9?a?IL TVDAV T6UCE VFOH

DBASHF7HE GVH 6RRHSDBX CDYDG G6 i:? YDCCD6B DB 6SEHS G6 fVHCQ 7YFCC D77UHS7L 7UAV F7

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22/71

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OHBGUSH;AFQDGFC ^FA_HE A6YQFBDH7L XFDB FAAH77 G6 RUBEDBX TDGV6UG GVH A67G7 FBE EHCF\7

F776ADFGHE TDGV GVH RUCC;7AFCH 7HAUSDGDH7 SHXD7GSFGD6B QS6AH778g 48)8 ) *J8 %,8 99];]?cL

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6R 2GFGH CFT7 SHXUCFGDBX 7HAUSDGDH7 6RRHSDBX7L 6S s(CUH 2_\ CFT7jL 6B )HXUCFGD6B &

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FYHBEYHBG7L FXSHHE GVFG GVH A67G7 6R A6YQC\DBX TDGV 7GFGH CFT T6UCE ED7A6USFXH U7H

6R F SHOD7HE )HXUCFGD6B &8 (.,1,/+-? 0)8)7/) L K&c9dc] o B8


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7HAUSDGDH7 FSH 6RRHSHE FBE 76CE QUS7UFBG G6 F 0DHS ] 6RRHSDBX 6R GVD7 )HXUCFGD6B &8g &2D

FG K&]a9q 9a 38#8)8 ]`?8]:c8 & 0DHS ] 7HAUSDG\ D7 GVU7 F fA6OHSHE 7HAUSDG\g UBEHS

2HAGD6B 9bL TVDAV QS6VD^DG7 7GFGH7 RS6Y SHeUDSDBX SHXD7GSFGD6B FBE eUFCDRDAFGD6B 6R 7UAV

6RRHSDBX7L 6S HBXFXDBX DB YHSDG SHODHTL ^UG QSH7HSOH7 GVHDS FBGDRSFUEL B6GDAH;RDCDBXL FBE

RHH FUGV6SDG\8 32,1*+-? 0)8)7/)A K&]`]8

0VH 36YYD77D6B GDHE DG7 feUFCDRDHE QUSAVF7HSg EHRDBDGD6B G6 GVH SHeUDSHYHBG7

R6S 0DHS ] 6RRHSDBX7 ^HAFU7H 6R GVH DBOH7G6S QS6GHAGD6B7 GVH\ ASHFGH8 32,1*+-? 0)8)7/) L

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TVHGVHS DG7 SUCH T6UCE fQS6Y6GH HRRDADHBA\L A6YQHGDGD6BL FBE AFQDGFC R6SYFGD6B8g

9: .82838 aa^@^I8 3DGDBX GVH -&, SHQ6SGL A6YYHBG CHGGHS7L FBE 6GVHS EFGFL GVH

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DB QFSG ^HAFU7H 6R GVH A67G7 6R 7GFGH;CFT A6YQCDFBAH8 32,1*+-? 0)8)7/) L K&]


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FAA6SEFBAH TDGV CFT8g : .82838 a?c@]I@&I8 0VD7 36USG SHODHT7 GVH 36YYD77D6Bj7

EHRDBDGD6B 6R feUFCDRDHE QUSAVF7HSgrGVH 6BC\ QFSG 6R GVH SUCH GVFG QHGDGD6BHS7

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UGDCDhH )HXUCFGD6B & ^\ HCDYDBFGDBX GVH A67G7 6R 7GFGH;CFT A6YQCDFBAH FBE QS6GHAG7

DBOH7G6S7 GVS6UXV OFSD6U7 SHeUDSHYHBG7L DBACUEDBX F QUSAVF7H CDYDGFGD6B R6S B6B;

FAASHEDGHE DBOH7G6S7 FBE HBVFBAHE ED7AC67USH8 0VH SHCHF7H FC76 HWQCFDB7 TV\ GVH

36YYD77D6B AV67H F EHRDBDGD6B 6R feUFCDRDHE QUSAVF7HSg R6S 0DHS ] 7HAUSDGDH7 GVFG TF7

EDRRHSHBG RS6Y F EHRDBDGD6B FQQCDAF^CH G6 FCC 7HAUSDGDH7 GVFG GVH 36YYD77D6B VFE

QS6Q67HEL ÛG BHOHS FE6QGHEL Y6SH GVFB F EHAFEH ^HR6SH GVH K,(2 &AG8

`8 0VH 36YYD77D6B 7FGD7RDHE DG7 6^CDXFGD6B UBEHS 2HAGD6B ]@Î G6 F77H77 GVH

HA6B6YDA A6B7HeUHBAH7 6R DG7 SUCH8 JHGDGD6BHS7 E6 B6G A6BGH7G GVH 36YYD77D6Bj7

A6B7DEHSFGD6B 6R TVHGVHS DG7 SUCH TDCC QS6Y6GH HRRDADHBA\L A6YQHGDGD6BL FBE AFQDGFC

R6SYFGD6B8 )FGVHSL GVH\ A6BGHBE GVFG GVH 36YYD77D6B RFDCHE G6 F77H77 GVH HRRHAG7 6R

QSHHYQGD6B 6B DBOH7G6S QS6GHAGD6B8 (UG QHGDGD6BHS7 DXB6SH GVH 36YYD77D6Bj7 FBFC\7D7

6R GVH A67G7 FBE ^HBHRDG7 6R 7GFGH SHXD7GSFGD6B FBE eUFCDRDAFGD6B CFT7 RS6Y GVH

QHS7QHAGDOH 6R ^6GV DBOH7G6S7 FBE D77UHS78 0VH 36YYD77D6B SHF76BF^C\ A6BACUEHE

GVFG FCGV6UXV QSHHYQGD6B T6UCE SHY6OH 76YH SHODHT R6S 0DHS ] 6RRHSDBX7L GVH

SHeUDSHYHBG7 R6S 7UAV 6RRHSDBX7L F7 THCC F7 GVH QSH7HBAH 6R RHEHSFC FBE 7GFGH FBGDRSFUE

FUGV6SDG\L T6UCE FEHeUFGHC\ QS6GHAG DBOH7G6S7 TVDCH SHEUADBX A67G7 R6S D77UHS78

/6SH6OHSL GVH 36YYD77D6B A6B7DEHSHE F BHTL A66SEDBFGHE 7GFGH SHODHT QS6AH77 F7 FB

FCGHSBFGDOH G6 QSHHYQGD6BL ÛG UCGDYFGHC\ A6BACUEHE GVFG QSHHYQGD6B R6S 0DHS ]

6RRHSDBX7 T6UCE ^HGGHS FAA6YQCD7V GVH 6^kHAGDOH7 6R GVH K,(2 &AG ^HAFU7H 6R GVH

UBQS6OHB BFGUSH 6R GVH A66SEDBFGHE SHODHT QS6AH77 R6S 7UAV 6RRHSDBX78

!"#$ #&'( )*+,**-. /0123(45 )*+678.7 9:;(*?>@A*+ B&C( @. 0D 8*


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31/71

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9: .82838 aaS@FI@9I@&I @EH7DXBFGD6B F7 F fA6OHSHE 7HAUSDG\g GSDXXHS7 QSHHYQGD6BI8

2HAGD6B 9b@Î@Ì RUSGVHS 7GFGH7 GVFG f"D+B QSH7ASD^DBX 7UAV SUCHL GVH 36YYD77D6B YF\

EHRDBH GVH GHSY seUFCDRDHE QUSAVF7HSj EDRRHSHBGC\ TDGV SH7QHAG G6 EDRRHSHBG AFGHX6SDH7 6R

7HAUSDGDH7L A6B7D7GHBG TDGV GVH QU^CDA DBGHSH7G FBE GVH QS6GHAGD6B 6R DBOH7G6S78g

9: .82838 aaS@Î@Ì8 0VH K,(2 &AG HWQFBEHE GVH CD7G 6R fA6OHSHE 7HAUSDGDH7g ^\

SHRHSHBAH G6 GVD7 EHRDBDGD6BFC FUGV6SDG\q DG DBACUEHE 7HAUSDGDH7 6RRHSHE QUS7UFBG G6 fF

SUCH 6S SHXUCFGD6B FE6QGHE QUS7UFBG G6 7HAGD6B `@Î@]Ig FBE f6RRHSHE 6S 76CE G6 F

eUFCDRDHE QUSAVF7HSL F7 EHRDBHE ^\ GVH 36YYD77D6B QUS7UFBG G6 QFSFXSFQV @Ì TDGV

SH7QHAG G6 GVFG QUSAVF7H 6S 7FCH8g 9: .82838 aaS@Î@@A*+ B&C( 7* 0D 8*


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36BXSH77 XSFBG7 HWQSH77 EHRDBDGD6BFC FUGV6SDG\ G6 FB FXHBA\L GVD7 36USG U7UFCC\ Y6OH7

G6 '


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EDAGD6BFSDH7 AFBB6G DBOFSDF^C\ A6BGS6C 6US A6B7DEHSFGD6B 6R 7GFGUG6S\ CFBXUFXHgI8 $R F

EDAGD6BFS\ EHADEH7 fGVH YHFBDBX 6R F GHSY HOHB TVHB 36BXSH77 HWQSH77C\ EHCHXFGH7

FUGV6SDG\ G6 EHRDBH GVH 7UQQ67HEC\ sQCFDBj GHSY G6 FB FXHBA\Lg DG T6UCE XDOH GVH 7GFGUGH

fF BHT FBE UBDBGHBEHE YHFBDBXg FBE fUBEHSYDBH 36BXSH77j7 F^DCDG\ G6 EHCHXFGH GVH

Q6THS G6 EHRDBH GHSY78g 09/< ;-+BD R)2D '*.D BD T9.H)88 L ac` #8`E a:


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feUFCDRDHE QUSAVF7HSg ÛG DG U7HE F AS677;SHRHSHBAHL TVDAV HRRHAGDOHC\ DBA6SQ6SFGH7

GV67H SHeUDSHYHBG78 $B FB\ HOHBGL GVH 36YYD77D6Bj7 YHGV6E 6R EHRDBDBX feUFCDRDHE

QUSAVF7HSg @DB )UCH ]:cI ^\ SHRHSHBAH G6 0DHS ] 6RRHSDBX7 @DB )UCH ]:9I FAA6SE7 TDGV

2HAGD6B 9bL TVDAV FUGV6SDhHE GVH 36YYD77D6B G6 EHRDBH GVH GHSY EDRRHSHBGC\ R6S

fEDRRHSHBG AFGHX6SDH7 6R 7HAUSDGDH7g FBEL Y6SH 7QHADRDAFCC\L fTDGV SH7QHAG G6 GVH

QUSAVF7H 6S 7FCHg 6R 2HAGD6B ̀ @Î@]I 7HAUSDGDH78 9: .82838 aaS@Î@ÌL aaS@


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36YYD77D6B QS6GHAGHE DBOH7G6S7 DB BUYHS6U7 TF\7L DBACUEDBX GVS6UXV GVH QUSAVF7H

CDYDGFGD6B EH7ASD^HE F^6OH FBE GVH 7DXBDRDAFBG SHQ6SGDBX 6^CDXFGD6B7 R6S D77UHS78

32,1*+-? 0)8)7/) L K&]``8 0VH7H QS6GHAGD6B7 FSH DB FEEDGD6B G6 GV67H GVFG FQQC\ G6 FCC

)HXUCFGD6B & 6RRHSDBX7L DBACUEDBX eUFCDRDAFGD6B ^\ 36YYD77D6B 7GFRRL ADODC CDF^DCDG\ R6S

D77UHS7L FBE f^FE FAG6Sg ED7eUFCDRDAFGD6B8 &2 8 JHGDGD6BHS7 E6TBQCF\ 6S A6YQCHGHC\

DXB6SH GVH7H QFSG7 6R GVH SUCH F7 THCC F7 GVH RFAG GVFG HB7USDBX A6B7D7GHBA\ fTDGV GVH

QU^CDA DBGHSH7Gg SHeUDSH7 GVH 36YYD77D6B G6 A6B7DEHS YFB\ RFAG6S7L DBACUEDBX

36BXSH77j7 DBGHBG G6 HBVFBAH GVH FGGSFAGDOHBH77 6R )HXUCFGD6B & FBE G6 XDOH DBOH7G6S7

FAAH77 G6 7HAUSDGDH7 6RRHSHE ^\ 7YFCC A6YQFBDH78

JHGDGD6BHS7j ASDGDAD7Y 6R GVH QS6AH77 R6S OHSDR\DBX A6YQCDFBAH TDGV GVH

DBOH7GYHBG CDYDGFGD6B EHY6B7GSFGH7 V6T GVHDS FSXUYHBG EHQFSG7 RS6Y '


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2HAGD6B ]b G6 GVH 2HAUSDGDH7 &AG F7 QFSG 6R %2/$&L TVDAV FUGV6SDhHE GVH 36YYD77D6B

G6 ASHFGH 2HAGD6B : HWHYQGD6B7rFUGV6SDG\ GVFG GVH 36YYD77D6B A6UCE VFOH DBO6_HE

G6 ASHFGH 0DHS ] 7HAUSDGDH7 HOHB TDGV6UG GVH K,(2 &AGr36BXSH77 EDE B6G A6BEDGD6B

7UAV HWHYQGD6B7 6B DBOH7G6S7 VFODBX F AHSGFDB CHOHC 6R 76QVD7GDAFGD6B 6S THFCGV8

2HAGD6B 9?:@FIL 99? 2GFG8 FG `


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0DGCH $$$ 6R GVH K,(2 &AG RUSGVHS UBEHSYDBH7 QHGDGD6BHS7j A6BGHBGD6B GVFG

36BXSH77 DB7D7G7 6B GH7G7 6R DBOH7G6S 76QVD7GDAFGD6B F7 F QSHSHeUD7DGH R6S QSHHYQGD6B8

JHG8 (S8


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0VH 36YYD77D6Bj7 SUCHrFBE DG7 A6B7DEHSFGD6B7 6R DBOH7G6S QS6GHAGD6B FBE

AFQDGFC R6SYFGD6BrFAA6SE7 TDGV GVH QUSQ67H 6R %2/$& FBE GVH K,(2 &AG8 36BXSH77

HBFAGHE %2/$& G6 fQS6Y6GH HRRDADHBA\ FBE AFQDGFC R6SYFGD6B DB GVH RDBFBADFC

YFS_HG78g 48)8 3,%#8 ) *J8 %,8 9?


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MVDCH DG D7 HB6UXV GVFG 36BXSH77 HWQSH77C\ XFOH GVH Q6THS G6 QSHHYQG G6 GVH

36YYD77D6B DB 2HAGD6B 9b@^I@`IL DG D7 7DXBDRDAFBG GVFG GVD7 EHCHXFGD6B 6R QSHHYQGDOH

FUGV6SDG\ D7 B6G FB 6UGCDHSL F7 QHGDGD6BHS7 ACFDY8 JHG8 (S8 =L @A*+ B&C( -* 0D 8*


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D7 Y6SH QS6^FGDOH 6R A6BXSH77D6BFC DBGHBG GVFB GVH QCFDB GHWG8g ',-/94). !8)=/D 3//I- BD

%' 3L `


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7HAUSDGDH7g 76 GVFG GVH7H 7HAUSDGDH7 TDCC f^H SHXUCFGHE HWACU7DOHC\ ^\ GVH #HEHSFC

X6OHSBYHBG8g 48)8 ) *J8 %,8 9?@A*+ B&C( -- 0D 8*


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0DGCH $N 6R GVH K,(2 &AG EDE B6G A6BGFDB FB\ QSHHYQGDOH CFBXUFXH8 48)8 9?a?L 99]GV

36BX8 @/FS8 9


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GVH feUFCDRDHE QUSAVF7HSg HWHYQGD6B FC6BX TDGV GVH ̂ S6_HS;EHFCHS HWHYQGD6B8 (UG DG

EDE B6G8 &BE DR 36BXSH77 EDE B6G A6BGHYQCFGH QSHHYQGD6BL DG T6UCE B6G VFOH 6SEHSHE

fF 7GUE\ 6B GVH DYQFAG 6R 2GFGH CFT7 SHXUCFGDBX 7HAUSDGDH7 6RRHSDBX7L 6S s(CUH 2_\ CFT7Lj

6B 6RRHSDBX7 YFEH UBEHS )HXUCFGD6B &8g K,(2 &AG 2HAGD6B


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7U^7HeUHBG CHXD7CFGDOH VD7G6S\ D7 fF QFSGDAUCFSC\ EFBXHS6U7 XS6UBE 6B TVDAV G6 SH7G FB

DBGHSQSHGFGD6B 6R F QSD6S 7GFGUGH TVHB DG A6BAHSB7L F7 DG E6H7 VHSHL F QS6Q67FC GVFG E6H7

B6G ^HA6YH CFTLg FBE TVHB GVH HBFAGHE CFT EHCHXFGH7 EHRDBDGD6BFCL FBE GVU7

QSHHYQGDOHL FUGV6SDG\ TDGV6UG F SHeUDSHYHBG GVFG GVH 36YYD77D6B DBA6SQ6SFGH GH7G7 6R

DBOH7G6S 76QVD7GDAFGD6B8 6)) (T^' BD ZEa ',.1DA


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SUCHYF_DBX FUGV6SDG\ G6 GVH 36YYD77D6BLg A6USG7 f6TH GVH 36YYD77D6Bj7 kUEXYHBG

sY6SH GVFB YHSH EHRHSHBAH 6S THDXVG8jg ;-+*)2 6*7*)/ BD $IY7?7- L :]9 .828 c


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YHFB DBOH7G6S7 G6 TV6Y 0DHS ] 7HAUSDGDH7 FSH 6RRHSHE 6S 76CE8 JHG8 (S8 :bdc`8 %HDGVHS

FSXUYHBG D7 QHS7UF7DOHrFBE GVH 36YYD77D6B 7FGD7RDH7 '


51/71

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:@A*+ B&C( +* 0D 8*


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K&]`98 $G HWQCFDBHE GVFG CDB_DBX GVH EHRDBDGD6B G6 GVH SHeUDSHYHBG7 R6S 0DHS ] 6RRHSDBX7

ASHFGH7 DBOH7G6S QS6GHAGD6B7L 7UAV F7 @9I FUEDGHE RDBFBADFC 7GFGHYHBG7 DB 6RRHSDBX

ADSAUCFS7 FBE GVH RDCDBX 6R FBBUFC FUEDGHE 7GFGHYHBG7 TDGV GVH 36YYD77D6Bq @]I FBBUFC

FBE 7HYDFBBUFC SHQ6SGDBX TDGV FEEDGD6BFC SHeUDSHYHBG7 R6S DBGHSDY UQEFGH7L TVDAV

F77USH7 F A6BGDBU6U7 RC6T 6R DBR6SYFGD6Bq @`I GVH SHeUDSHYHBG GVFG DBOH7G6S7 ^H

FAASHEDGHE DBOH7G6S7 6S 7U^kHAG G6 GVH 9?t QUSAVF7H CDYDGFGD6B8 &2 8 FG K&]`?L ]``8

&BE GVH 36YYD77D6B HWQCFDBHE V6T GVH7H QS6GHAGD6B7 FSH CF\HSHE FG6Q GV67H

FQQCDAF^CH G6 FCC )HXUCFGD6B & 6RRHSDBX7L 7UAV F7 GVH 36YYD77D6Bj7 eUFCDRDAFGD6B

QS6AH77L D77UHS CDF^DCDG\ UBEHS 2HAGD6B 9]@FI@]IL D77UHS HCDXD^DCDG\ SHeUDSHYHBG7L f^FE

FAG6Sg ED7eUFCDRDAFGD6BL RHEHSFC FBGDRSFUE 7GFGUGH7L FBE GVH 7GFGH7j Q6THS fG6 DBOH7GDXFGH

FBE ^SDBX HBR6SAHYHBG FAGD6B7 SH7QHAG G6 RSFUEUCHBG GSFB7FAGD6B78g &2D FG K&]`]d`


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58/71

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A6YQC\ TDGV HBVFBAHE FBE A6BGDBUDBX ED7AC67USH SHeUDSHYHBG7 GVFG FSH fF_DB G6 TVFG

D7 SHeUDSHE 6R 7YFCCHS SHQ6SGDBX A6YQFBDH7 DB F QS67QHAGU7 R6S F SHXD7GHSHE 6RRHSDBXLg

TVDAV ^HBHRDG7 DBOH7G6S7 ^\ RFADCDGFGDBX fY6SH DBR6SYFGD6BFCC\ HRRDADHBG QSDADBX FBE

^HGGHS CDeUDEDG\ R6S FYHBEHE )HXUCFGD6B & 7HAUSDGDH78g 32,1*+-? 0)8)7/) L K&]?]L ]`bL

]::L ]:=8 /6SH6OHSL GVH 36YYD77D6B HOFCUFGHE GVH fQ6GHBGDFC DBOH7G6S QS6GHAGD6B

^HBHRDG7 F7 THCC F7 A67G7 RS6Y DYQ67DBX DBOH7GYHBG CDYDG7 DB )HXUCFGD6B & 6RRHSDBX7Lg

A6BACUEDBXL R6S DB7GFBAHL GVFG HOHB GV6UXV GVH 9?t QUSAVF7H CDYDGFGD6B R6S B6B;

FAASHEDGHE DBOH7G6S7 DB 0DHS ] 6RRHSDBX7 A6UCE EHGHS AFQDGFC R6SYFGD6B FBE SH7GSDAG

Q6GHBGDFC DBOH7G6S XFDBL GVH CDYDGFGD6B fD7 FB FQQS6QSDFGH YHFB7 6R QS6GHAGDBX DBOH7G6S7

TVDCH QS6Y6GDBX HRRDADHBA\L A6YQHGDGD6BL FBE AFQDGFC R6SYFGD6B8g &2 8 FG K&]


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GSFEH;6RR7p D77UHS7 TV6 GF_H FEOFBGFXH 6R GVH VDXVHS CDYDG7 R6S 0DHS ] 6RRHSDBX7 FSH

SHeUDSHE G6 QS6ODEH Y6SH HWGHB7DOH FBE 6BX6DBX ED7AC67USH7L FBE QSHHYQGD6B R6S

GV67H 6RRHSDBX7 f7V6UCE C6THS GVH A6YQCDFBAH ÛSEHB7 DYQ67HE 6B D77UHS7L FBE QFSGC\

6RR7HG GVH A67G7 6R GVH DBASHF7HE ED7AC67USH FBE GSFB7FAGD6BFC SHeUDSHYHBG78g &2D FG

K&]:=8 2HG FXFDB7G GVH ^FA_ES6Q 6R GVH K,(2 &AGL GVH 36YYD77D6B SHF76BHE GVFG GVH

YFSXDBFC SHEUAGD6B DB DBOH7G6S QS6GHAGD6B AFU7HE ^\ GVH QSHHYQGD6B 6R 7GFGH CFT7 TF7

kU7GDRDHE ^\ GVH ^HBHRDG 6R SHEUAHE A6YQCDFBAH A67G7 R6S D77UHS7 6R 0DHS ] 6RRHSDBX78 &2 8

-DOHB GVH GV6S6UXVBH77 6R GVD7 ED7AU77D6BL QHGDGD6BHS7j fFS^DGSFS\;FBE;

AFQSDAD6U7 AVFCCHBXH ^6DC7 E6TB G6 F Q6CDA\ ED7FXSHHYHBGg TDGV GVH 36YYD77D6B8

(9G8+= '+*+b)- L `c< #8È FG 9]c`8 (UG QHGDGD6BHS7j ED7FQQS6OFC 6R GVH 36YYD77D6Bj7

Q6CDA\ AV6DAH E6H7 B6G YHFB GVFG GVH 36YYD77D6B RFDCHE G6 SHF76BF^C\ HWQCFDB TV\ DG

YFEH GVFG AV6DAH8 &2 8 2DYDCFSC\L GVH RFAG GVFG GVH 36YYD77D6B ED7AU77HEL ÛG ED7FXSHHE

TDGVL GVH ODHT7 6R A6YYHBGHS7 F^6UG V6T ^H7G G6 QS6GHAG DBOH7G6S7 TVDCH HBA6USFXDBX

AFQDGFC R6SYFGD6B E6H7 B6G YHFB GVFG GVH 36YYD77D6B fDXB6SHE A6YYHBGHS

A6BAHSB78g ',417.) JHG8 (S8 c< H+*< 32,1*+-? 0)8)7/) L K&]:b B89?]c8

JHGDGD6BHS7 ASDGDADhH GVH 36YYD77D6B R6S B6G f7V6TDBX GVFG GVH ADGHE RFAG6S7 TDCC

FAGUFCC\ YDGDXFGH GVH DEHBGDRDHE A67G7 6R QSHHYQGD6B8g JHG8 (S8 ca8 %&2&& 7DYDCFSC\

ASDGDADhH7 GVH 36YYD77D6B R6S SHC\DBX 6B fCDGGCH G6 B6 HODEHBAHg SHXFSEDBX GVH A67G7 6R

7GFGH;CFT A6YQCDFBAH FBE 7GFGH;CFT QSHHYQGD6B8 %&2&& (S8 ]cd]a8 -DOHB GVH

EHFSGV 6R )HXUCFGD6B & 6RRHSDBX7 DB GVH QF7G EHAFEHL V6THOHSL DG 7V6UCE B6G ^H

7USQSD7DBX GVFG GVH 36YYD77D6B CFA_HE fA6YQSHVHB7DOHL DBEHQHBEHBG EFGFg F^6UG

!"#$ #&'( )*+,**-. /0123(45 )*+678.7 9:;(*?>@A*+ B&C( ?- 0D 8*


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A67G7 6R QSHHYQGD6B R6S DBOH7G6S7 FBE GVH A67G7 6R 7GFGH;CFT A6YQCDFBAH R6S D77UHS78

32,1*+-? 0)8)7/) L K&]:bq /)) 78/, +2 8 FG K&]`c @AFUGD6BDBX GVFG f"Y+FB\ 6R GVH ^HBHRDG7

FBE A67G7 ED7AU77HE ^HC6T FSH EDRRDAUCG G6 eUFBGDR\ TVHB FBFC\hDBX GVH CD_HC\ HRRHAG7 6R

GVH RDBFC SUCH7 6B HRRDADHBA\L A6YQHGDGD6BL FBE AFQDGFC R6SYFGD6BgI8 $B FB\ HOHBGL GVH

36YYD77D6B BHHE B6G eUFBGDR\ FCC DYQCDAFGD6B7 6R QSHHYQGD6Br2HAGD6B ]@^I E6H7 B6G

SHeUDSH GVH 36YYD77D6B fG6 YHF7USH GVH DYYHF7USF^CH8g Q7*I8 3//-D ,5 R5.DA a


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HBVFBAHE ED7AC67USH SHeUDSHYHBG7 HBF^CH DBOH7G6S7 G6 ^HGGHS HOFCUFGH GVH D77UHS FBE

GVH 6RRHSDBX8 32,1*+-? 0)8)7/) L K&]`aL ]@A*+ B&C( ?? 0D 8*


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D77UHS7L C6THSDBX GVH A67G7 6R FB 6RRHSDBXL ^UG DG SHF76BHE GVFG HOHB F 7GSHFYCDBHE

QS6AH77 fT6UCE FEE A67G FBE A6YQCHWDG\ l l l TVHB A6YQFSHE G6 36YYD77D6B SHODHT

FBE eUFCDRDAFGD6B FC6BH8g 32,1*+-? 0)8)7/) L K&]:=g 7==,.2 +2 8 FG K&]`` @HWQSH77DBX

A6BAHSB GVFG HOHB DR GVH QS6XSFY RUBAGD6BHE QS6QHSC\L f7GFGH 7HAUSDGDH7 CFT SHXD7GSFGD6B

FBE eUFCDRDAFGD6B SHeUDSHYHBG7 T6UCE ^H UBBHAH77FSDC\ EUQCDAFGHE R6SL FBE DYQ67H

UBBHAH77FS\ A67G7 6BL 7HAUSDGDH7 D77UHE DB 0DHS ] 6RRHSDBX7Lg TVDAV A6UCE EHGHS U7H 6R

)HXUCFGD6B &I8 /6SH6OHSL TVHSH fED7AC67USH 6S YHSDG SHODHTg CFT7 6R fQFSGDADQFGDBX

kUSD7EDAGD6B7 DYQ67H Y6SH HWGHB7DOH SHeUDSHYHBG7 6B GVH D77UHS GVFB 36YYD77D6B

SUCH7grF7 D7 GVH AF7H DB /F77FAVU7HGG7 FBE /6BGFBFrf76YH D77UHS7 YF\ DBAUS

FEEDGD6BFC HWQHB7H7 6S SHeUDSH FEEDGD6BFC GDYH G6 FEESH77 A6YYHBG78g &2D FG K&]:=8

0VH B6OHCG\ 6R GVD7 SHODHT QS6AH77 RFAG6SHE VHFODC\ DBG6 GVH 36YYD77D6Bj7

EHAD7D6B G6 SHkHAG DG F7 FB FCGHSBFGDOH R6S 0DHS ] 6RRHSDBX78 (HAFU7H RHT D77UHS7 VFE

U7HE GVH QS6XSFY TVHB GVH 36YYD77D6B FE6QGHE GVH SUCHL CDGGCH HODEHBAH HWD7GHE fG6

HOFCUFGH GVH HRRHAGDOHBH77 FBE GDYHCDBH77 6R A66SEDBFGHE SHODHT8g 32,1*+-? 0)8)7/) L

K&]:=8 &7 GVH 36YYD77D6B HWQCFDBHEL GVHSH TF7 UBAHSGFDBG\ F^6UG fTVHGVHS GVH

QS6XSFY TDCC ^H F^CH G6 FEESH77 GVH A6BAHSB7 SHCFGHE G6 7GFGH 7HAUSDGDH7 CFT A6YQCDFBAH

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Monica Lindeen vs SEC USCA Case #15-1149 Document #1583793