Official Richart Ruddie Blog - Internet Entrepreneur

Deferred Sales Trust vs Delaware Deferred Sales Trust (DST)

A Deferred Sales Trust (DST) is a legal and tax strategy that allows a seller to defer capital gains taxes on the sale of an asset, such as real estate or a business, by using a trust to hold the sale proceeds.

In a typical DST transaction, the seller transfers the ownership of the asset to a third-party trust company in exchange for a promissory note. The trust company then sells the asset to a buyer and holds the sale proceeds in the trust. The seller receives payments from the trust over time, while the trust invests the sale proceeds to generate income.

By using a DST, the seller can defer the payment of capital gains taxes on the sale of the asset until they receive payments from the trust. This can provide several benefits, including increased cash flow, the ability to diversify investments, and potentially lower overall taxes.

It's important to note that DSTs are complex legal and tax structures that must be carefully planned and executed. They may not be suitable for all sellers, and it's recommended to work with experienced professionals, such as attorneys and tax advisors, to evaluate the potential benefits and risks of a DST transaction.

A Delaware Deferred Sales Trust (DDST) is a type of Deferred Sales Trust (DST) that is established under Delaware state law. While both types of trusts allow a seller to defer capital gains taxes on the sale of an asset, there are some differences between the two.

One of the key differences between a DDST and a regular DST is the state law that governs the trust. A DDST is established under Delaware state law, while a regular DST may be established under the laws of any state. Delaware is often chosen for DSTs because of its favorable trust laws and the availability of experienced trustees who specialize in DSTs.

Another difference is the level of complexity involved in setting up and managing the trusts. DDSTs may require more complex legal and tax planning than regular DSTs, as they must comply with both Delaware and federal tax laws. This may make them more expensive to establish and maintain than regular DSTs.

Overall, the decision to use a DDST or a regular DST will depend on a variety of factors, including the seller's individual circumstances, the type of asset being sold, and the tax and legal implications of each option. It's important to work with experienced professionals to evaluate the potential benefits and risks of each option before making a decision.

One of my favorite things about the AI revolution is being able to ask questions when somebody asks about a DST vs. DDST and you can provide context and information. What I do notice that is omitted is a 1% fee typically paid to the trustee for handling the DST.     

Ryan Blank "Storage King" Helping me Find Storage Opportunities

My good pal and self storage guru Ryan Blank deserves accolades for all of the great storage unit deals he's lined up for me over the last few years. Including one in an opportunity zone in Hyattsville, Maryland in Prince Georges County MD. not too far from Owings Mills and Pikesville where we grew up in Baltimore county. The project's pre-construction process was started last year when we closed on the development of the project and financed the balance using Peoples Bank.

 

The mall at Princes George's has a Macys, Target, Old Navy, DSW, H&M, TJ Maxx, Express, Ulta, Ross, Marshalls, and soon a self storage facility for our fellow PG County residents.

 

Ryan Blank has spent the last few years in business development and investor relations for the Poverni Sheikh Group based out of Baltimore. In a fairly short period of time, he has had a very specific focus on self-storage facilities and has helped build up a nice portfolio including this project I invested in located outside of Washington, D.C.

Fortunately from the very beginning, he has found a ton of great opportunities and so far they have all been big successes, as he is building an impressive portfolio up and down the mid-atlantic region from New Jersey, Pennsylvania, and Maryland.

 

The journey to getting where he is today took knowledge, work ethic, and dedication to becoming an expert in self-storage facilities and reminds me of the book Relentless where those who strive to be a king of their industry have to put in the grit and hard work to be successful. As he continues to grow, Blank and the Poverni Sheikh Group have continued to grow and expand.

 

Taking the Next Step with the Poverni Sheikh Group

Getting to the Poverni Sheikh Group took a little bit of time for Ryan Blank. He worked in finance, real estate investing, and other sectors of the business world before getting into business development and investor relations with the Baltimore based firm. When the opportunity opened up, he felt like it was a perfect opportunity to make the most out of a situation utilizing his skills to help others prosper and join in as LP's to build storage units.

 

If there is one aspect Blank fell in love with early on, it was fundraising. Getting the opportunity to work directly with investors can seem intimidating to some, but Blank relied heavily on his confidence that any project he presented could take off (and so far that has been the case). Proper funding is necessary to make dreams into reality, and Blank’s mastered that at this point and investors like myself have been very happy with the results.

 

Growing with Each Project

 

To keep investors interested and to please the Poverni Sheikh Group as a whole, Ryan Blank is learning to grow with each project. A relatively new completed one in Woodbridge, New Jersey ended up being a perfect example of being patient and finding the right investment opportunity for the company.

Sam Bankman-Fried's Indictment Full Document Download

The great fall from grace FTX and Alameda Founder Sam Bankman-Fried was indicted today by the Southern District of New York (SDNY). Below is the document that can be a bit hard to find online as most news outlets and places have coverage of the arrest in the Bahamas but do not share the full "sealed" 14 page document for the United States of America vs. Sam Bankman Fried aka SBF

 

You can download the full copy here:

Download U.s._v._bankman-fried_indictment_0

 

An HTML version of the text is below:

F theUN工TED STATES D工STRICT COURT SOUTHERN DISTRICT OF NEW YORK

 

UNITED STATES OF AMER工CA

- V.   -

SAMUEL BANKMAN-FRIED,

a/k/a  "SBF,11

Defendan七．

 

SEALED 工ND工CTMENT

22 Cr.

汇｝缰1胄 6 7 3

X

COUNT ONE

 

(Conspiracy七o Commi七 Wire Fraud on Cus七omers)

The.Grand Jury Charges:

1. From a七 leas七 in or abou七 2019, up 七o and including土n or abou七 November 2022, in 七he Sou七hern Dis七rict of New York, 、and elsewhere, SAMUEL BANKMAN-FRIED, a/k/a "SBF," 七he defendan七， and远hers known  and· unknown,  willfully  and  knowingly  did.  combine,

 

conspire, confedera七e, and_agree 七oge七her a·n-·气，d w一让一

 

h each o七her 七o

 

．  一

commi七 wire fraud, in violation of Ti七le 18, Uni七ed S七a七es Code, Sec七ion 1343.

2. 工七 was a part and objec七 of 七he conspiracy 七ha七 SAMUEL BANKMAN-FRIED, a/k/a "SBF," 七he defendan七， and o七hers known and unknown, knowingly having devised and in七ending 七o devise a scheme and ar七ifice 七o defraud, and for ob七aining money and proper七y by means of false and fraudulen七 pre七enses, representa七ions, and promises, wou-ld and did 七ransmi七 and cause 七o be 七ransmi七七ed by means of wire, radio, and 七elevision communica七ion in in七ers七a七e

 

and些reign    commerce,_ wri七ings,    signs_, si_gnals,      pictures,     and s9unds for七he_ purl?ose of                       execu七ing such scheme and artifice,            in violation of Ti七le 18,                    Uni七ed S七a七es Code, Sec七ion 1343,七o wi七， BANK阳证FRIED agreed with o七hers七o defraud cus七orners of                                FTX.com by        misappropria七ing七hose                       cus七orners'deposi七s      and using丘ose

deposi七S 七o· pay expenses and deb七s of   Alameda     esearch, BAN阳屯怼 FRIED'-s proprietary cryp七o hedge fund, and七o make inves七men七s.

(Title 18, Uni七ed S七a七es Code, Section 1349.)

COUNT TWO

(Wire Fraud on Cus七omers) The Grand Jury further                              charges:

3. From a七leas七in or abou七2019, up to and including in

or abou七November  2022, in the Sou七hern Dis七ric七of          New York and elsewhere,             SAMUEL     BANKMAN-FR工ED,      a/k/a    "SBF,"七he                        defendan七， knowingly        having                  devised         and in七ending七o     devise     a    scheme  and ar七ifice-七o defraud, and for ob七aining money- and proper七y by means of                false  an_dfraudulen七pre七enses, represe 七a七ions  and promises, 七ransmi七七ed and caused 七o be                七ransmi七七ed by means of   wire, radio, and七elevision communica已on in in七ers七ate and    foreign commerce, writings, signs,            signals, pic七ures, and sounds for七he purpose of execu七ing such scheme and ar七ifice,七o wi七，BANKMAN-FR工ED, along

w让：h  o七hers,       engaged in  a scheme to defraud  cus七omers of     FTX.com

by   misappropria七ing     those    cus七omers'deposi七s,      and  using七hose

 

depos斗七旦七o pay expen 竺� and deb七s of_ Alameda Research, BANKMAN­ FRIED's proprie七ary  cryp七o  hedge  fund,  and七o  make inves七rnen七s.

(Ti七le 18,  Uni七ed  S七a七es  Code,  Sec七ions  1343 and 2.)

COUNT THREE

(Conspiracy七o Cammi七Wire Fraud on Lenders) The Grand Jury fur七her charges:

4. From a七leas七in or abou七June 2022, up七o and including in or abqut November 2022, in the Sou七hern Dis七ric七of New York, and elsewhere, SAMUEL BANKMAN-FRIED, a/k/a "SBF,"七he defendant,

and o七hers known and unknown, willfully andknowingly did combine, conspire,                        confed甲ra七e,    and   agree七ogether     and w江h each o七her七o

commi七wire fraud, in viola七ion of           Ti七le 18,    Uni七ed S七a七es Code, Sec七ions 1343.

5. 工七 was a par七 and objec七of   七he conspiracy 七ha七 SAMUEL BANKMAN-FR工ED,     a/k/a "SBF,"    the defendan七，and o七hers known and unknown, knowingly having devised and in七ending七o devise a scheme and ar七ifice七o defraud,                                  and.for      ob七aining money and proper七y by means       of                      false                       and fraudulen七．pre七enses, represen七a七ions, and promises,.would and did七ransmi七and                cause七o be transmitted by means of      wire, radio,               and七elevision communica七ion in in七ers七a七e and       foreign      commerce,                            wri七ings,                       signs,  signals, pic七ures,  and sounds for七he purpose of                   execu七ing such scheme and ar七ifice, in viola七ion of Ti七le 18,           Uni七ed S七a七es Code, Section 1343,七o wi七， BAN叩-FR工ED agreed wi七h      o七hers七o          defraud lenders七o        Alameda

 

Research,_ BANKMAN:-FRIED's proprie七ary cryp七o hedge fund, by providing false and misleading informa七ion七o七hose lenders regarding Alameda Research's  financial  condi七ion.

(Title 18, Uni七eds七a七es Code, Section 1349.)

COUNT FOUR

(Wire Fraud on Lenders) The Grand Jury fur七her                                       charges:

6. From a七leas七in or abou七2019, up七o and including in or abou七November 2022, in七he Sou七hern Dis七ric七of New York and elsewhere,                          SAMUEL BANKMAN-FRIED,  a/k/a             "SBF,,,七he           defendan七， knowingly       having          d vised   and in七ending七o de;ise a scheme      and artifice七o defraud, and for                   ob七aining money and proper七y by means of       false and fraudulen七pre七enses, represen七ations and promises, 七ransmi七七ed and    caused 七o be                    七ransmi七七ed by means of         wire, radio, and七elevision communica七ion in in七ersta七e and foreign commerce, wri七ings, signs, signals, pie七ures, and sounds for七he purpose of execu七ing such scheme and ar七ifice,                 to wi七，BANKMAN-FRIED,        along wi七h o七hers,    engaged in            a scheme七o              defraud lenders七o Alameda Research,   BANKMAN-FRIED's     proprietary       cryp七o  hedge  fund,  by providing  false  and misleading  informa七ion七o七hose  lenders

regarding Alameda Research's financial      condition.

(Ti七le 18,  Uni七ed  S七a七es  Code,  Sec七ions  1343 and 2.)

 

COUNT FIVE

-(Conspiracy 七o Co玉血ic Commodities  Fraua)

The Grana Jury fur七her charges:

7. From a七leas七in or abou七2019, up七o and including in or about November 2022, in the Sou七hern Dis七ric七of New York, and elsewhere, SAMUEL BANKMAN-FRIED, a/k/a "SBF," the defendan七，and

心ers  known  and  unknown,  willfully  and knowingly  did  combine,

conspire, confedera七e, and agree toge七her and wi七h each o七her七o commi七an  offense  agains七the  Uni七ed  S七a七es,七o wit,  commodi七ies

fraud, in viola七ion of T 七le 7, Uni七eds七a七es Code, Sec七ions 9(1) and 13(a) (5), and T江le 17, Code of F鱼deral Regula已ons, Sec巨on 180.1.

8. 工七was a  par七and an objec七of  七he  conspiracy七ha七SAMUEL

BANKMAN-FRIED,    a/k/a    "SBF,"七he   defendan七，and  o七hers  known and unknown,                             willfully     an knowingly,          would  and       did,     directly     and indirec七 us mploy,            and_ a七七emp七七o use  and      emplo    - connec旦on         w让h             a                               swap,       a    contract                of  sale of          a commodi七yin in七ersta七e commerce, and for fu七ure delivery on and subjec七七o七he rules of       a registered en七让y, a manipula七ive and decep七ive device and con七rivance,                  in                      con七raven七ion  of         Ti七le 17,  Code of Federal Regulations,  Sec七ion  18 o.1,   by:  (a)  using  and  employing,  and a七七emp七ing 七o use  and  employ, a manipula七ive device, scheme, and ar豆fice 七o defraud; (b) making, and a七七emp七ing to make, an un七rue and misleading s七a七emen七of a material fac七and omi七七ing 七0  S七a七e

 

a ma七erial    fac七necessary in order to make七hes七atemen七s made no七 untrue and misleading; and (c)  engaging, and at七emp七ing七o engage in     an act, prac七ice,      and course of business,             which              opera七ed    and would opera七e as a frau                             and decei七upon a person,  in viola豆on of Ti七le 7,                Uni七ed S七a七es Code, Sec巨ons  9 (1)                         and 13 (a) (5),七o wi七， BANKMAN平R工ED agreed wi七h o七hers七o defraud cus七omers of   FTX.com七rading        or -in七ending                to                  trade       swaps by misappr':p豆a七ing七hose

customers'depos江sand using七hose deposi七S七o pay expenses and deb七s of Alameda Research_, BANKMAN-FR工ED's proprietary cry产o hedge fund, and七o make inves七men七s.

9. In furtherance  of  the  conspiracy  and七o  effec七七he

illegal objec七七hereof,七he following over七ac七，among others, was

commi七七e_d in 七he Southern Dis七ric七of    New York  and elsewhere:  in

or     abou七June      2022,      SAMUEL BANKMAN-FRIED,    a/k/a      "SBF,"七he

｀

defendan七·，a-nd -0七-her-s m-lsa-pp王-2p-ria七-ed FTX. com cus七omer  depos1ts in                  o;der七o,                         a;ong     o七her七hings,      sa芦百fy  loan obligati;ns   owed by

Alameda Research.

(Ti七le  18,     Uni七ed S七a七es Code, Sec七ion 3 71.)

COUNT SIX

(Conspiracy七o Commi七Securi七ies Fraud) The Grand Jury fur七her                                        charges:

10. From a七leas七in or abou七May 2022, up to and including

in or abou七November    2022, in七he Sou七hern Dis七rict    of   New York, and elsewhere,                                    SAMUEL BANKMAN-FR工ED,    a/k/a  "SBF,"七he  defendan巳

 

and others  known and  unknown,  willfully andknowingly did combine,

-                                 -      -

conspire, confedera七e, and agree七oge七her and w迂h each other七o comrni七an offense agains七七he Uni七ed S七a七es,七o wi七，securi七ies fraud in viola七ion of Ti七le 15, Uni七ed S七a七es Code, Sec七ions 78j (b) and  78ff,  and· Ti七le  17,. Code  of  Federal  Regula豆ons,  Sec七ion

240.lOb-5.

11. 工七was a par七and an objec七of 七he conspiracy七hat SAMUEL BANKMAN- FRIED, a/k/a "SBF, "七he defendan七，and o七hers known and unknown, willfully and knowingly would and did, direc七ly and indirec七ly, by use of a means and instrumen七ai让y of inters七a七e commerce and of七he  mails,  and of  a  facili七y  of  a  na七ional securi七ies exchange, use and employ, in connection wi七h the purchase andsale of a securi七yregis七ered on a na已onal securities exchange and any securi七y not so regis七ered, a manipula七ive and decep七ive device and con七rivance, in vio1a七ion of Ti七 e 17,  Code of Federal Regula巨OJ?-S, Sec七ion 240.lOb-5, by: (a) employing a device,  scheme,·  and  artifice七o  defraud;  (b) making  an  un七rue

S七a七emen七of    ma七erial    fac七and  omi七七ing   七0      S七a七e   a    ma七erial    fac七 necessary   in   order七o   make七he             s七a七ernen七s   made,             in七he     ligh七of七he   circums七ances   under   which七hey   were  made,   no七rni.sleading;   and

(c)  engaging in an ac七，prac七ice,  and course of  business which opera七ed and would opera七e as a fraud and.decei七upon a person, in viola七ion of Ti七le 15,  Uni七ed S七a七es Code, Sec七ions 78j (b) and 78ff,七o  wi七，BANKMAN-FR工ED agreed  wi七h  o七hers七o  engage  in  a

 

scheme-to    defraud   inves七ors in    FTX. com by providing     false     and mislead ng                          informa七ion     to     those    inves七ors regarding   FTX. com's financial                       condi七ion.

12. In fur七herance of七he conspiracy and七o effec七七he illegal objec七．七hereof,七he following overt ac七，among o七hers, was commi七七ed in 七he Sou七hern Dis七ric七of New York and elsewhere: on or abou七Sep七ember 18, 2022,_SAMUEL BANKMAN-FRIED, a/k/a'.'SBF,"七he defendan七，caused an email七o be sen七七o an FTX inve s七or in New York, New York七ha七con七ained ma七erially false informa七ion abou七FTX's financial condi七i

(Ti七le 18, Uni七ed S七a七es Code, Sec七ion 371.)

COUNT SEVEN

(Conspiracy七o Commi七Money Laundering} The Grand Jury fur七her                                       charges:

13. From a七least in or abou七2020,  up七o and including in

．一

or abou七November    2022, in七he Sou七he工n Dis七ri_c七of New York, and

elsewhere, ·SAMUEL BANKMAN-FR工ED, a/k/a "SBF,"七he defendan七，and 0七hers known and unknown, in七en七ionally and knowingl_y did combine, conspire, confedera七e, and agree七oge七her and wi七h each o七her七o viola七e Ti七le 18,  Uni七ed S七a七es Code, Sec七ions 1956 (a) (1) (B) (i)

and 1957(a).

14. 工七was a par七and an objec七of 七he conspiracy tha七SAMUEL BANKMAN-FR工ED, a/k/a "SBF,"七he defendan七，．and o七hers known and unknown, in  an offense  in  and af feeting  in七ers七a七e  and  foreign

 

commerce,  knowing七ha七七he  proper七y  involved  in  a  financial七ransac七ion,七o wi七，one or more mone七ary七ransfers, represen七ed七he proceeds of some form of unlawful ac七iv让y, would and did conduc七and a七七emp七七o conduc七such a financial七ransac七ion, which in  fac七involved七he  proceeds  of  specified  unlawful  ac七ivity,七o

wi七，七he wire fraud· alleged in Count Two of this Indic七men七， knowing七ha七七he七ransac七ion was designedfn w ole and in par七七o

conceal and disguise七he na七ure,七he loca旦on,七he source,七he ownership, and the con七;ol of七he proceeds of specified unlawful ac七ivi七y, in viola七ion of Ti七le 18, Uni七ed S七a七es Code, Sec七ion 1956 (a) (1) (B) (i).

15. 工七 was a    fur七her    par七 and  an  objec七 of    七he   conspiracy

七ha七SAMUEL-BANKMAl炉FRIED, a/k/a "SBF,"七he defendan七，and o七hers known      and                unknown,                  wi七hin七he         Uni七ed     S七a七es,      would      and     did

knowingly�虚莘e  and旦七七竺巴pt    七o eng旦ge    in  a mone七ary＿一七ransac己on                

in criminally derived property of  a value grea七er七han $10,000 and七ha七was derived from specified.unlawful ac七iv迂y,七0 W江，七he wire fraud alleged in Coun七Two of七his工ndic七ment, in viola七ion of ·Ti七le 18,  Uni七ed S七a七es Code, Section 1957(a).

(Ti七le 18,  Uni七ed S七a七es Code, Sec七ion 1956 (h).)

 

y

COUNT E工GHT

(Consp正ac     七o Defraud 七he Uni七ed S七a七es 云五d- Violate 七he Campaign Finance Laws)

The  Grand Jury  fur七her  Charges:

16. From a七leas七in or about 2020, up七o and including in or abou七November 2022, in七he Sou七hern Dis七ric七of New York, and elsewhere, SAMUEL BANKMAN-FRIED, a/k/a "SBF,"七he defendan七，and远hers known and unknown, knowingly did combine, conspire, confedera七e, and agree toge七her and w迂h each o七her七o defraud七he United State百，in viola七ion of Ti七le 18,  Uni七ed S七a七es Code, Sec七ion  371,  and willfully and knowingly did  combine,  conspire,

confedera七e,     and agree七oge七her    and    w迂h   each o七her七o    comrni七 offenses                            against七he. United S七a七es by engaging in           viola巨ons       of federal law involving七he making, receiving,               andrepor七ing of            a con七ribu七ion, donation, or expendi七ure, in viola七ion of Ti七le 52,

                       _U_n_i_t d _SJ;召旦七es Code, 30109 (d) (1) (A) & (D) .                                                             

17. 工七 was par七and anobjec七of 七he conspiracy 七ha七SAMUEL BANKMAN平R工ED, a/k/a "SBF,"七he defendant, and others known and unknown, would and did defraud七he Uni七ed S七a七es, and  an  agency七hereof,  by impairing, obs七ruc七ing, and  def ea七ing七he  lawful func七ions of a depar七m_ent and agency of the Uni七ed S七a七es七hrough

decei七ful and dishones七means,七o wi七，七he Federal Elec七ion Commission's function七o adminis七er federal law concerning source and_amoun七res七ric七ions  in federal  elec七ions,  including七he prohib江ions  applicable  to cor:12.ora七e  con七ribu七ions  and  condui七

10

 

con七ribu七ions,      in     viola七ion      of     Ti七le     18,     Uni七ed   S七a七es  Code, Sec七ion 371.

18. I七was a  fur七her  par七and  objec七of七he  conspiracy七ha七 SAMUEL BANKMAN-FR工ED, a/k/a "SBF,"七he defendan七，and o七hers known and unknown,     would and             did      knowingly           and              willfully make contribu七ions七o candida七es for             federal         office,    join七fundraising commi七七ees, and independent expendi七ure committees in 七he names of

0七her  persons,  aggrega七ing七o $25,000 and more in a calendar year, in viola七ion of Ti七le 52,  United s七ates Code, Sec七ions 30122 and 30109 (d) (1) (A) & (D).

19. 工七 was a    fur七her par七and objec七of  七he conspiracy 七ha七 SAMUEL BANKMAN-FRIED, a/k/a "SBF,"七he defendan七，and others known and unknown,        would             and    did           knowingly     and willfully                make con七ribu七ions七o                    candidates        for federal                  office               and     join七

fundrai sing�i七七�� _1::>y_• a corpora旦on,  aggrega七ing 七o $25,000

and more  in  a calendar  year,  in  viola七ion  of  Ti七le- 52,  Uni七ed S七a七es Code, Sec七ions 30118 and 30109 (d) (1) (A).

11

 

20. In fur七herance of七he     conspira,cy    and   to     effec七七he illegal objec七S七hereof,    the  following over七act,                                  among o七hers, was commi七七ed in the Sou七hern Distric七of New York and elsewhere: in or abou七2022, SAMUEL BANKMAN-FR工ED a/k/a "SBF,"七he defendan七， and one or more o七her conspirators agreed七o and did make corpora七e

con七ribu七ions    七o    candida七es    and     commi七七ees    in      七he    Sou七hern Dis七ric七of                              New York飞hat     were.repor七ed土n七he  name  of     ano七her

person.

(Ti七le 18,      Uni七eds七a七es.Code, Sec七ion 371.) FORFEITURE ALLEGATIONS

21. As a resul七of comrni七七ing七he offenses alleged in Counts One, Two, Three, and Four of七his工ndic七men七，SAMUEL BANKMAN - FR工ED, a/k/a "SBF,"七he  defendan七，shall  forfei七七o七he  Uni七ed

 

Sta七es,         pursuan七        七o

 

Ti七le

 

18,

 

Uni七ed         S七a七es         Code,

足ec七ion 98:L(a)_(1._LJ_Q)      and         Title

 

28      United      §_七a仁es        Cod色

 

Sec七ion 2461(c),  any   and   all      proper七y,    real and personal,七ha七 cons七itu七es or is derived from proceeds七raceable七o七he commission of        said offenses, including bu七no七limi七ed七o a sum of_ mon至yin United    S七a七es          currency    represen七ing七he         amoun七of proceeds七raceable七o七he commission of              said offenses.

22. As a resul七 of commi七七ing the offense alleged in Coun七 Seven of七his Indic七men七，SAMUEL BANKMAN-FR工ED,                              a/k/a "SBF,"七he defendan七，shall                     forfei七七o七he Uni七ed States, pursuan七．七o Title 18, Uni七ed Sta七es Code, Sec七ion 982(a) (1), any           and.all                                       proper七y,

12

 

real  and personal,  involved  in  said  offense,  or  any  property七raceable to such proper七y, including bu七not limi七ed七o a sum of money in United States currencyrepresen七ing the amoun七of proper七y involved  in  said  offense.

23. If any of七he above-descri forfei七able property, as a resul七of                      any ac七or                 omission of七he defendan七：（a)· c_anno七be loca七ed                  upon七he              exercise      of      due     diligence;        (b)     has     been七ransferred or s ld七o, or deposi七ed with, a七hird person;                                     (c)• has been placed                            beyond七he                   jurisdic旦on      of七he     Cour七； （d)  has     been subs七an七ially diminished in value; or  (e) has been commingled with 0七her proper七y which canno七be      subdivided wi七hout difficulty;· it is七he inten七of七he Uni七ed S七a七es,               pursuan七七o Ti七le 21,         Uni七ed S七a七es    Code,            Sec七ion   853(p)                     and Title 28, United S七ates  Code, Sec七ion  2461(c),七o  seek forfei七ure  of  any o七her  proper七y of七he defendau七—up—区切evalue of七he_above forfe让able p兰9P互习3攻·

(Ti七le  18,     United S七a七es  Code, Sec七ion  982;

Title  21, Uni七ed S七a七es  Code,  Section  853; and

Ti七le  28,     united  S七a七es  Code,  section 24·61.)

庆沪～h”“佐＾

DAMIAN WIL荨AMS

Uni七ed  S七a七es  A七七orney

13

 

Form No. USA-33s-274    (Ed.  9-25-58)

 

UN工TED STATES DISTR工CT COURT SOUTHERN D工STRICT OF NEW YORK

 

UNITED STATES OF AMER工CA

-      V.        -

SAMUEL BANKMAN-FRIED,

a/k/a  "SBF,"

Defendan七．

 

SEALED INDICTMENT

22 Cr.

(Ti七le 7, United S七a七es Code, sec七ions 9 (1) and 13 (a) (5); Title 17, Code of

，

Federa·1 Regula七ions, Sec七ion 180.1; Ti七le

15,  Uni七ed  S七a七es  Code,  Sec七ions  78j (b)     and

78ff; T让le 17, Code of Federal Regula七ions, Sec七ion 240.lOb-5; Ti七le 18,

Uni七ed  S七a七es  Code,  Sec七ions  371,  1343,

一1-34-9,- 195·6丁－and—士95-7--;-Ti七l-e-52-, Bni七ed一 S七a七es  Code,  sec七ions  30118,  30122  and

30109(d)(l)(A)  & (D).)

DAMIAN WILL工AMS

Uni七ed  S七a七es  A七七orney

 

 

Exaggerated Scamming and Grifting

ESG is supposed to be about environmental, social, and governance and is a fantastic concept that was created to help improve standards across large corporations across the globe. Unfortunately an analyst at Muddy Waters research has a new meaning for ESG and it has nothing to do with the environment instead Hannon Armstrong stock is plummeting on the news of Muddy Waters saying in this instance it stands for Exaggerated, Scamming, and Grifting.

Now Hannon Armstrong is fighting back (Sounds like they could use a Brandefender to help they navigate this PR crisis. Their statement to CNBC is:

"The 'report' by this deceptive short-seller, for which the Justice Department is investigating for suspected coordinated manipulative trading, is an attempt to mislead and confuse the market. The report is replete with factual errors and numerous inflammatory and misleading statements ,Hannon Armstong's accounting is fully compliant and indicative of our performance. We are proud of our long history of transparent disclosure and best-in-class accounting practices."

Carson Block of Muddy Waters Research says its the first US public company dedicated to ESG where the disclosures were being declined and after a lot of digging into joint venture partners, PMI, Delaware UCC filings, former employees and the company has odd accounting practices with renewable projects with tax equity investments. While not illegal the book value change is taking the tax credit value and runs it as through its old income.

It's larget EMI Jupiter lost 380 million last year.

Disclosure I do not own or invest in Hannnon Armstrong HASI at this time but hope that those focusing on ESG are actually doing so to improve the environment.