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UNITED STATES DISTRICT COURTSOUTHERN DISTRICT OF NEW YORK__________________________________ x

:UNITED STATES OF AMERICA :

: Docket No. 10 CR 417-01 (JSR)

- v. - ::SAMARTH AGRAWAL, : SENTENCING MEMORANDUM

:Defendant :

___________________________________ x

We submit this Memorandum to address only one issue arising in the Presentence Report: the

specific offense characteristic under Section 2B1.1(b)(1)(K), which seeks to increase the

recommended guideline by 20 levels. (Paragraph 31 p. 8). Then, we will invite the Court's attention to

our view of the applicable Section 3553(a) factors.

I. Actual and Intended Loss

There was no pecuniary harm caused to Societe Generale (hereafter SocGen), nor was any

intended by the defendant.

Actual Loss

There was no actual loss to Societe Generale (SocGen). The application notes to the

Sentencing Guidelines define actual loss to require that pecuniary harm actually resulted from the

offense. U.S.S.G. 2B1.1 n.3(A)(i). Any information or code originating from SocGen never resulted in

a single trade, nor is there evidence that it was disseminated to any person outside of Tower Research

Capital LLC (Tower). Any coding or information about SocGen's trading systems that may have

been in Tower's possession, incomplete as it was and insufficient to create a useable program, was

voluntarily protected from dissemination since Tower had just as much incentive to keep their trading

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programming secret as did SocGen.1 See Agrawal at pp. 1156, 19-20; 1157, 2-5; 1160, 10-12; Lal at p.

157-58 (discussing Tower's non-disclosure policy).

Intended Loss

There was no intended loss because Agrawal never intended to cause any pecuniary harm to

SocGen. Intended loss refers to the pecuniary harm that was intended to result from the offense.

U.S.S.G. 2B1.1 n.3(A)(ii). In this Circuit, this standard refers to the subjective intent of the defendant.

United States v. Confredo, 528 F.3d 143, 152 (2d Cir. 2008); see U.S.S.G. 2F1.1(historical note 2001);

see also United Statesd v. Kirincic, No. 04 Cr. 4092, 2007 U.S. Dist. LEXIS 80146 (S.D.N.Y. Oct. 29,

2007)(Under U.S.S.G. 2B1.1...intention governs.). The trading opportunities sought and available

to SocGen were so radically different from those sought and available to Tower, that it never occurred

to Mr. Agrawal that Tower's trading activities could have a pecuniary impact on SocGen.

The group in which Mr. Agrawal worked at SocGen was entirely focused on an index arbitrage

strategy, powered by the DQS program. See Agrawal at pp. 922, 7-13; 926, 6-8. An index arbitrage

strategy is designed to profit on small discrepancies between the actual price of a stock index and the

theoretical price of futures in that same stock index. A computer programmed to effect such a strategy

does so by buying the individual stocks that make up the index while simultaneously selling the futures

in that index, or vice versa. See Lal at p. 65-68. The program must calculate the worth of the basket of

stocks in that index in order to determine whether the index is priced correctly, or whether there is a

small discrepancy. Where there lies a discrepancy, there is an opportunity for profit. Because these

opportunities generate a profit of a fraction of a cent, millions of such transactions must be effected to

create any substantial profit.

Because millions of these trades must be executed to create any substantial profit, this kind of

1 Indeed, once a trade secret is misappropriated, the misappropriator will often have the same incentive as the originatorto maintain the confidentiality of the secret in order to profit from the proprietary knowledge. Faiveley TransportMalmo AB v. Wabtec Corp., 559 F.3d 110, 119 (2d Cir. 2009).

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strategy requires massive amounts of low-cost capital, in the billions of dollars, to invest in these

purchases. Additionally, the opportunity to make each of these tiny profits is critically dependent upon

the transactional costs of these trades. If the cost of trading, or access to capital, is increased even

infinitesimally, it is no longer profitable to engage in such a trading strategy. As a result, only the

largest and most well-funded banking institutions with access to extremely low-cost capital can

capitalize on such a strategy.

Stephane Reverre, the former head of Index Arbitrage and Quantitative Trading for Tokyo, and

later the New York offices of SocGen, described this very distinction in his book entitled The

Complete Arbitrage Deskbook. Reverre wrote that the amounts required to be borrowed in index

arbitrage often reach several billion dollars and can be borrowed in minutes...with no difficulty

whatsoever for a trader in a large bank. Reverre, S. The Complete Arbitrage Deskbook, McGraw-Hill

(2001), p.7. The flexibility to borrow such large amounts, he explained, is critical...and it is available

only to the largest names and the most creditworthy institutions. Id. He went on to note that index

arbitrage is extremely capital intensive...[and] it is available only to institutions with low-cost funding...

[i]n other words, it is really worth implementing only on a large scale. Id. at 390; see Agrawal at p.

983-84, 988.

SocGen had access to approximately $3 billion a day with which to run its index arbitrage

strategy, and this capital came to the banks virtually free from the Federal Reserve. See Lal at p.171, 5-

9; Agrawal at p. 983, 17-21. Tower could provide Agrawal only $25 million with which to trade,

amounting to less than one percent of SocGen's accessible resources. See Lal at 171, 10-14. The

enormous difference in capital available meant that Agrawal would not be able to engage in index

arbitrage trading at Tower. He had to build a distinct trading model applicable to his much smaller

pool. See Agrawal at p. 988, 2-8.

Additionally, SocGen's strategy was further made profitable by its receipt of rebates from the

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exchanges on which it traded on account of the enormous volume of its trades. SocGen had access to

the New York Stock Exchange (NYSE), where it made approximately 50% of its profits from its

index arbitrage strategy. See Agrawal at p. 989, 3-5 Tower, on the other hand, did not have access to

trading on the NYSE, removing it even further from effecting a strategy even remotely competitive

with SocGen's. See Agrawal at p. 988, 19-989, 5.

As a result of the massive difference between the $3 billion of accessible almost-free cash at

SocGen and the $25 million at Tower at significant cost, the opportunities in the market available to

SocGen are far beyond those available to Tower. See Lal at p. 133, 18-25 (If you have to pay too

much for it, then it makes the trade not profitable anymore.); Agrawal at pp. 983, 24-984, 4; 988, 19-

24. With his substantial education and experience in this area, Agrawal was aware that it simply would

be impossible to engage in an index arbitrage strategy like that at SocGen. See Lal at p. 132, 14-16

(Agrawal was concerned that at Tower, being a smaller hedge fund, the prices that we would receive

would not be as good as what he was getting at SocGen.). In fact, Mr. Agrawal saw the radical

difference as a personal challenge to build a new trading strategy in a new environment: [Tower] was

a different opportunity. It was about building something again, very good experience to buil[d]

something again...but they don't have the resources I want or would need for the kind of experience I

have. But if I am successful, then it would be something for the next considerable amount of time.

See Agrawal at 988, 2-8. It was never Agrawal's intention to trade at Tower at SocGen's expense.

Since there was no actual loss to SocGen, and no intent to cause it on the part of the defendant,

the addition of 20 levels in Paragraph 31 of the PSR should be changed to zero, and the total offense

level to six.

II. Section 3553(a) Factors

Attached to this Memorandum is a group of 34 letters, which we submit to the Court for its

consideration. These letters establish a cluster of characteristics that mirror those relied upon by Your

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Honor in support of your imposition of a non-guideline sentence in United States v. Adelson, 441 F.

Supp. 2d 506 (S.D.N.Y. 2006).

First, the defendant here, like the defendant in Adelson, supra, was sucked into the fraud

charged here. Id. at 513. Indeed, Your Honor made a relevant observation regarding this defendant

during the trial: ...but one is driven to the inference that what is going on here is the sympathy

defense, and one would be hard-pressed not to feel some sympathy for this defendant. Transcript of

Trial Proceedings p. 1099, 7-10. The defendant here committed the offense to which he testified on

account of a confluence of utterly bizarre circumstances. The strongest and strangest event is the

manner in which the defendant received from Richard Idris the secret computer programs that became

the subject of his subsequent and ultimately unlawful conduct. The defendant had not asked for these

programs. Idris simply gave a number of proprietary trading programs to the defendant, and testified

that, with the exception of one, the DQS program, he, simultaneously and by some never explained

mistake, had given the defendant five or six others as well. Thus, the vortex into which the

defendant fell was created.

Agrawal already had a vulnerability contributing to these events. He was deeply hurt by the

way in which he was ignored by his colleagues at SocGen, who spoke French to each other literally

through him. One evening he found himself in an elevator together with his colleagues in his trading

unit who, unbeknownst to him, had all been invited to a dinner that evening. When the elevator opened

at the lobby, everyone walked to the right; the defendant to the left. See Exhs. 1,2.

And, most significantly, the defendant's conduct with Tower and his use of the programs beyond

the authorization he had been given was a complete aberration. Summed up by Munish Saini, the

defendant's former roommate and now a Vice President on the Credit Trading Desk at HSBC, Samarth

was always the one who had the most ethical stand.... See Exh. 3.

The defendant's uncle and a tax officer for the Government of India, Rajender Goel, recalled

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The defendant was recognized by one of his professors at Columbia for being a standout

amongst students. See Exh. 9. Dr. Garud Iyengar, professor of Industrial Engineering and Operations

Research, commented that Samarth was ethical to a fault in all his coursework; when others would try

to stretch the definition of what was allowed and ethical in terms of school work, Samarth would never

flout any rule explicit or implicit. Id.

Similarly, Vaibhav Kalia, a Quantitative Analyst with HSBC and the defendant's former

roommate and classmate at Columbia, regarded the defendant as being ethically [a]gainst the trend

amongst his classmates at Columbia, who had secured job offers but were continuing to look for better

ones. See Exh. 10. Kalia: Samarth did the morally responsible act of accepting only Societe

Generale's offer, after which he signed out of the placement service. Id. He was also very honest in

his work, recalled Rahul Ajmera, another of the defendant's roommates at Columbia and now a

Structurer at Deutsche Bank, discussing an incident in which pretty much the entire class was caught

copying the assignments from a few students and he was one of those few to have the clean title. See

Exh. 11.

Throughout his life, those who have known him well comment on the defendant's commitment

to following the rules without any short cuts. When his older sister, Dr. Charu Agrawak MD,

mentioned that she had received an email claiming she had won the lottery, the defendant responded

Didi (Sister), just don't forget what there are no short cuts to success and wealth and that there is no

easy money. You just delete this email and forget it.' And I did just as I was guided by a brother and

friend.... See Exh. 12.

Another friend, Nancy Dhundia, came to know the defendant when she first moved from India

to the United States and the defendant went out of his way to help her feel comfortable and adapt to her

new surroundings. See Exh. 1. Mrs. Dhundia commented: I remember how Sam and I had an

ongoing debate, where he always used to say, 'Nancy, things are always fair, they may not seem fair to

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you...'and I feel he really believed that. I think that it must have taken this believe [sic], and all his

courage, to speak the truth in court. Id. The defendant's brother, Saksham, mirrored this sentiment:

[t]hroughout his incarceration, apart from worrying about our parents, he had only one thought

simply to tell the court (and his family and friends) the truth. See Exh. 13.

The defendant's commitment to honoring the rules, despite harmful consequences, has

continued even under the stressful conditions of life in jail during the pendency of these proceedings.

As noted by his bunk-mate in jail, Matt Getto, the defendant is the only Indian and the only Hindu in

the jail, and is harassed and targeted by bullies constantly. See Exh. 14. Because there is no meal plan

to cater to a Hindu diet, which prohibits consumption of beef, the defendant has chosen to observe his

religious beliefs with the only option generally available: rice and beans every day. Id.

Generosity of Spirit

We are guided here by this Court's analysis of 3553(a) factors in Adelson. 441 F. Supp. 2d at

512-15. The Court considered evidence of Adelson's generosity of spirit, his response to people in his

life in trouble, and his good works and deep humanity. All of these, the Court found, had not

[been] performed to gain status or enhance his image. Id. at 514. We now ask this Court to consider

Mr. Agrawal's strikingly similar character.

Like those written about Adelson, the letters about Agrawal include only some of the numerous

acts of compassion and generosity that date back to the defendant's childhood and have continued to

the present, and define him as being in the short category of people who we know we can rely on to

be there for us no matter what we might need. Id. at 513. As a friend of the defendant, Asmaa Parkar,

put it, [o]ne would never find him saying no to a friend in need. See Exh. 15.

A friend from the defendant's childhood, Himanshu Chaturvedi, recalled studying with the

defendant for India's very difficult engineering entrance exam. See Exh. 16. Chaturvedi, now a

Product Manager with RSG Media Systems, commented that when he thinks of the defendant, I think

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In early September 2006, barely a month into their master's program, Samarth noticed me

worrying about my application and offered to help, commented Mamta Jain, a classmate of the

defendant's at Columbia, now an employee of a leading NY investment bank. See Exh. 19. He sat

with me all evening...I left the library that night feeling relieved, satisfied and most importantly,

amazed. Amazed at how someone could be so helpful to a fellow classmate whom he has known for

barely a month and especially at how he was so helpful to a person competingwith him for the same

position! Id. Jain continued about the defendant's generosity: Samarth would help me prepare for

interviews and speak to me before every interview to raise my morale and confidence, even if helping

me meant that he had one less hour to prepare for his midterm exam the next day. Id.

Another classmate in the Columbia Master's program, Ramya Gopalakrishnan, felt similarly

about the defendant's genuine inclination to help everyone out. See Exh. 2. Sam was the go-to guy

for most students if they were unclear about fundamental concepts in stochastic calculus or derivative

asset pricing. Id. One night stood out to Mr. Gopalakrishnan, when [e]veryone was burning the

midnight oil in the library, preparing for a test the next morning. Sam spent hours that night going over

concepts with students that came to him for help at the expense of his own time before the test. In

spite of the fierce competition in the program which most students handled as 'to each his own', Sam

selflessly helped everyone with their homework assignments, test preparations, job interviews. Id.

Vaibhav Kalia, the defendant's former roommate, noted that the defendant never missed an

opportunity to reach out to others especially in their difficult times. See Exh. 10. Time after time,

those in the defendant's life saw him use his academic gifts for the benefit of others. He spent

countless hours breaking down the taxing course material and taught many of us patiently into the wee

hours of the night, often to his own detriment. I can confidently say that at least 8 students from out

class owe Samarth more than a grade in many a course. Id. Another former roommate, Rahul Ajmera,

similarly recalls how helpful the defendant was in explaining difficult concepts to his batchmates. See

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Exh. 11.

This selflessness with respect to his classmates was even noticed by one of his professors, Dr.

Garud Iyengar: He was very generous with his time and help towards other students in the program

who were struggling. I would often see him holding informal help session to go over the material

taught in class I recall at least two students commenting that they would not have survived Columbia

but for Samarth's help! See Exh. 9.

The generosity extended long after his days in academia, continually opening his heart to, and

caring for friends moving from overseas to the NY area. A classmate from IIT and longtime friend,

Garvit Vaish is now working for Ernst & Young. See Exh. 7. In 2007, when he was recently married

and living near the defendant, Vaish recalls that he was flying to Phoenix regularly but did not have to

worry about my wife's well-being, because Samarth was like a younger brother to her and always

around to help. I still remember that in the first few months, not only did he guide us on how to

navigate life in New York but even used to help my wife with daily necessities while I was away.

When the couple returned to India, expecting their first child, Samarth would call us regularly to

enquire about her health and life in general. Id.

Karan Dhundia was a college classmate and longtime friend of the defendant, who now works

for ZS Associates, a sales and marketing consulting firm. See Exh. 20. When he was transferred to the

Princeton office in 2009, he and his young wife were new to the United States. Samarth was

instrumental in helping us get settled in the U.S....Recalling some of the incidents I wanted to buy a

car but I did not have a credit history in the U.S., Samarth was generous enough to offer to become a

co-signer for my car loan. Id. Samarth also offered his assistance in helping Dhundia's wife with

everything from spices and vegetables to furniture. Id.

Mr. Dhundia's wife, Nancy, echoed these sentiments, reflecting on how she turned to Sam upon

first emigrating to the United States. See Exh. 1. Even though he was busy with work, he could

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always find those five minutes with solution and suggestions to all my petty questions...For me, Sam

really came as a surprise as we don't have anything in common, yet he always treated me with the same

attention and patience that he had for his close friends. Id.

Another friend, Gurmeet Singh, a doctor of Electrical and Computer Engineering with BNP

Paribas, had the same experience upon moving from India to Jersey City, where he became the

defendant's neighbor. See Exh. 21. Dr. Singh noted, I cannot forget how helpful he was to my life.

After marriage in May 2009, she moved to Jersey City from India leaving behind her friends and job in

New Delhi. Among my friends, she liked Sam very much and Sam encouraged her to move forward

with her education, which she did. Id.

Sapan Shah reflected the same gratitude to the defendant for help with the transition from India

to the United States: I was lucky to have him living in New York as he greatly helped us settle down

in the city. He would regularly check on me and my wife if there was anything he could help us....

See Exh. 6.

The defendant's kindness extended to even the smallest gestures of kindness, but the pattern was

clear. Recalling an incident in which the defendant woke up early and walked through the snow to

deliver papers to him, whom the defendant had met only the night before, Rahul Modi explained that

[h]e would give his friends almost anything they needed, even if this was at his own expense and even

if he had a need for that thing. See Exh. 22. At one time, Modi, a friend from their neighborhood in

New Jersey who works in finance for a Fortune 500 Company, remembered that the defendant had

been ill and mentioned that he would be spending the weekend at home, watching movies on his

projector. When Modi stopped by, he found the defendant watching documentaries on his laptop. He

told me that a common friend of ours wanted to borrow the projector for the weekend and he gave it to

him. I was surprised and later came to know from the common friend that Sam neither disclosed his

condition to him nor hesitated even a bit to lend his projector. Id.

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confinement. He has taught stochastic calculus to the smartest students at Columbia, and basics of

physics to fellow inmates at the MCC...all through the 10 harshest months of his life, remarked Mr.

Kalia. See Exh. 10. Indeed, the defendant's bunk-mate for the past nine months, Matt Getto, mirrored

these sentiments. See Exh. 14. The harsh realities of prison life have been exponentially increased for

a caring and honest person of Sam's nature. Yet, [i]n spite of all the many reasons to avoid contact

with other inmates, Sam's kind and giving nature leads him to continue helping others. In prison

nothing is free but Sam offers his services, typing letters for people, free of charge even though many

offer him to pay. Id.

As Your Honor concluded in Adelson:

But, surely, if ever a man is to receive credit for the good he has done,and his immediate misconduct assessed in the context of his overall lifehereto, it should be at the moment of his sentencing, when his very futurehangs in the balance. This elementary principle of weighing the good withthe bad, which is basic to all great religions, moral philosophies, andsystems of justice, was plainly part of what Congress had in mind when itdirected courts to consider, as a necessary sentencing factor, 'the historyand characteristics of the defendant.' 411 F. Supp. 2d at 513-14.2

Commitment to Family

In the words of his mother, a biology teacher, [t]he single most important thing in Samarth's

life is his family. See Exh. 26. Anyone who has met the defendant even for a short period of time

becomes immediately aware of how committed the defendant is to honoring, supporting, and caring for

his parents no matter how far he may be.

Anurag Goel, the defendant's cousin, is the director of a residential real estate company and

Secretary of a social initiative that works for the welfare of local migrant laborer communities. See

Exh. 27. He described the unique bonds within the Agrawal family: [a]s your honor is probably

2 At times, we do fail to realize that a moment's ignorance or stupidity can ruin all the achievements till date. Humanbeings make mistakes and they learn from them, so would Samarth; his past history should also be an indication of hischaracter and not just this one mistake.., said Kamal Ramnani, a college classmate of the defendant. See Exh. 34.

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aware, in our country the responsibility of a man towards his parents outweighs his commitment even

towards his wife and children. Samarth's parents are almost entirely dependent on him. Samarth

himself often spoke about returning to India soon and have his parents stay with him. Id.

The defendant's college professor, Professor A.K. Gupta, recalled the defendant's dedication to

his family. Samarth was definitely more rooted with his family than the average youngster staying

away from his parents for the first time. He visited his parents often, and talked about them when he

visited us at our home. Even at that age, he was sure that in the long term he wanted to live with his

parents. See Exh. 28.

During those college years, while Samarth was working towards his engineering degree in New

Delhi, his aunt was diagnosed with cancer. The defendant's cousin, Anurag Goel recalled how

Samarth proved to be a tremendous source of comfort for us during those times. He visited his aunt in

the hospital often and stayed for long hours. See Exh. 27. The surgeon treating his aunt, Dr. Pawan

Gupta, was impressed with Agrawal. See Exh. 29. Not only did the defendant come frequently to

visit his aunt during her chemotherapy sessions...[h]e would also accompany his aunt to visit other

cancer patients and shared expenses and counsel with them. Id. The defendant involved himself in

cancer awareness activities, including organizing session around New Delhi aimed at disseminating

basic information to women who were at risk of getting cancer. Id. Even when the defendant moved

to the United States, he continued supporting the cause, encouraging friends in India to volunteer and

attending activities whenever possible during his trips to India. I think he wanted to simply remain in

touch so that he was able to contribute more with full capacity on his arrival to India permanently,

added Dr. Gupta. Id.

A few years later, recalled the defendant's sister, Dr. Charu Agrawal, when our father

underwent angioplasty in 2000 due to a sudden heart attack, he was the only one to handle everything

as me and my younger brother was in far cities in hostel at that time. See Exh. 12. The defendant was

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at his mother's side when she fell ill recently in India. Id. His sister writes that Samarth has been a

very dedicated and loving son. He is the closest to our mother. When she underwent surgery last year,

he was with her 24 hours a day for all the days she was in the hospital and told everyone else to relax.

Id.

Dr. Nitin Garg MD, an anaestheologist and the defendant's brother in law, reports the same

observations: I have noticed the special bond that Samarth shares with his parents. He is a totally

dedicated child, noting that Samarth made it sure that he was with [his mother] every moment of the

hospitalization. See Exh. 30. The defendant is also exceptionally dedicated to his toddler nephew:

[w]henever he visited India, his entire luggage would consist of nothing else but variety of toys for his

nephew. I always wonder how much time he must have invested in picking up the best and the choicest

toys from a small child. Id. Summing up his opinion of a man who is more than a relative, he is a

friend, Dr. Garg averred that I can vouch for him to be one of the best souls on this earth I have ever

met. Id.

In addition to unwavering support for his family, the defendant single-mindedly sought to make

his parents proud. In his high school years, the defendant sought to achieve his best for his parents.

Saurabh Awasthi, a long time friend of the defendant, classmate at IIT and currently a management

consultant with Kinapse, recalled that [w]henever I lost focus and was low in self-confidence because

of the fatiguing nature of the preparation for the [college entrance exam], Samarth was a source of

inspiration and motivation. During such times, he would tell me how an IIT degree would improve our

lives and those of our parents and enable us to realize our dreams. His passion was contagious and

helped me continue to push through. See Exh. 31. Awasthi continued, ...Samarth was also extremely

dedicated to his family. He has been a dutiful son and a responsible brother. IIT aspirants in our

neighborhood still idolize him. Id.

Commenting on the day the defendant graduated from IIT, Pranav Gupta said I saw him

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holding his degree, meeting his parents and touching their feet. He was so happy and happier were his

parents to see their son reaching the first milestone in his promising life. See Exh. 24. In the years

that followed, Gupta was struck by how he cares about his family even while focusing on his career.

Rahul Modi, echoed that I can very clearly say that for him, his family comes first...He made a very

clear point that his family was his priority and he would much rather spend time with them when they

need him even if this meant setting aside his career... See Exh. 22.

Karan Keswani, a friend of the defendant's from their neighborhood in New Jersey and a

Software Professional with Pixel Systems, agreed: [e]ven though he has been a workaholic, his family

has always been his first priority. He absolutely loves and respects his family. See Exh. 32.

Describing how the defendant always kept a picture of his grandfather by his bed, a former roommate,

Kapil Dhingra, added that [h]e used to talk about his parents, about how much energy and time they

had invested in him, about how much he loved his parents and brother, and how proud he wanted them

to be of him. See Exh. 23.

It is in large part because of the exceptionally close bond between the defendant and his family

that these proceedings have been devastating to the Agrawal family. In the words of his sister, Dr.

Charu Agrawal, Samarth is the peacemaker and the life-blood of our family, especially for my mother.

He is the life of my parents. Any untoward things that happens to Samarth directly has its

consequences on the lives of the entire family. See Exh. 12. Rajender Goel, the defendant's uncle,

commented on the plight of Samarth's parents during this trial, how much older they have grown, and

how their own employment has been affected. See Exh. 4. The family has been in continuous agony

since the day of the defendant's arrest. Id. Indeed, the defendant's father, N.C. Agrawal, even refers to

this case as our trial, explaining that [h]e is our life and since his arrest, each day seems to be worse

and more painful than the previous day after this episode. See Exh. 33. Anurag Goel, the defendant's

cousin, reported that Samarth's mother (my aunt) does not keep well, and the stress of the one last year

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seems to have taken a severe toll on her health. I am constantly in touch with Samarth's parents and

have seen their deep suffering through this tragic episode. See Exh. 27.

The defendant is painfully aware that, in the words of Abhishek Rathi, ...not just he, but his

parents as well are going through the punishment. His elderly parents have come from India and are

praying day in and day out for him. See Exh. 5. Another friend, Karan Keswani, hosted the

defendant's parents during the trial, commenting that [t]hey are modest, innocent, and so full of

principles and love. It is such an unfortunate and embarrassing phase of their life at this age which I

feel pity about. I could see tears in their eyes even though they wanted to hide it from me. See Exh.

32.

Given his unwavering love for his family, the defendant has already suffered immensely for the

pain his mistakes have cause his family. Noted his brother, Saksham Agrawal: [a]fter the trial, all I

have seen in Samarth is a constant agony...He is also painfully aware of the fact that his actions have

consequences not only for him but also for those he loves and who love him. And in that alone is his

suffering doubled he suffers himself from the pain he has caused his loved ones through his action.

See Exh. 13.

As You Honor concluded in Adelson, 'necessary' is the operative word, for Section 3553(a)

expressly dictates that '[t]he court shall impose a sentence sufficient, but not greater than necessary, to

comply with the purposes set forth in paragraph (2) of this subsection. Id. at 515. Samarth Agrawal

has already suffered sufficient punishment.

Samarth Agrawal has been punished severely already on account of the extraordinary qualities

and sensibilities that have been who he is his whole life. The enormous suffering experienced by his

parents, which he experiences constantly on account of the intensity and enormity and specialty of the

way he observes the Commandment Honor thy Father and Mother. Each day in prison and each day

after he is released from prison, for the rest of his life, he will feel responsible for the infliction of the

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destruction of so much of the emotional structure of his relationship with his mother and father. All of

the assumptions his parents have made, all of the expectations and aspirations they have held in their

hearts are forever shattered because, as he knows, he shattered them. His remorse is extraordinary in

large part because of the boundless love he has for his parents, as they have for him. The kind of

suffering he has experienced and will experience forever is unusual, very unusual, and very real, and

very painful.

The quality of his incarceration is another factor the Court should consider, and is presented

through a letter from his cellmate at the MCC, Matt Getto. (Mr. Getto is also a client of mine. I was

unaware of any aspect of Getto's decision to write the Court, and the letter itself, until after it had been

written and sent to me as afait de complet). See Exh. 14. Getto tells us about the circumstances of

Agrawal's day to day confinement. The defendant has, we are told, been unable to get any kind of diet

modification by the MCC and, as a result, his usual meal is rice and beans. Id. But the most serious

difficulty the defendant has faced during his ten-month incarceration has been the bullying by other

inmates because he is the only prisoner of Indian ethnicity. Id. It is ironic, that an important factor in

his decision to leave SocGen was his conflict with French colleagues. In a strange way, this same

conflict occurs again. But in jail, it is significantly more serious and frightening than being excluded

from a dinner to which everyone else was invited. In the midst of this trevail at the MCC, Getto reports

the defendant has reached into that reservoir of character, shared with the Court in the letters of his

friends and family that accompany this submission. Agrawal responds to insult and bullying with

expressions of his lifelong instinct to help those in need. Getto writes that the defendant types letters

for fellow inmates at no expense, tutors inmates in math, and teaches a physics class with the education

department. Id.

In terms of specific deterrence, we respectfully submit based upon this submission, that more

incarceration is not necessary. It is inconceivable that any further punishment need be inflicted upon

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this defendant whose awareness on so many levels, whose remorse is felt so deeply and in so many

ways, needs anything more to make certain that the law abiding nature of his lifelong way of living,

again presented in the letters attached to this submission, is easily sufficient. With regard to general

deterrence, the community of individuals for whom general deterrence is an important factor is well

aware of the shattered licenses, dreams, and aspirations of a brilliant career.

We look forward to our opportunity to address Your Honor on February 28 during the

defendant's sentencing proceedings, with the hope that this submission has been of assistance to the

Court.

Respectfully submitted,

/s/ Ivan S. Fisher

Ivan S. Fisher, Esq.Attorney for Defendant Samarth Agrawal

cc: Dan Levy, Esq.Thomas Brown, Esq.

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