7/31/2019 Hiding in Plain Site: Diving Deeply into SEC filings

1/8

Ojih`ff` F`l`~@lj|m~-dmpel`~ dmm|em|`l cel dmm|em|`l[~m

ofKdmm|em|`l%m~g

\wj||`~1 Kdmm|em|`l

7/31/2019 Hiding in Plain Site: Diving Deeply into SEC filings

2/8

N~j`d ncibg~mpel

dmm|em|`l fcpeih`l je Cpgpy| >;;9 |m imjeijl` wj|h{pnfjic|jme md Djeceijcf Dje`{~je|1 Peimt`~jeg c

Imo{cezy \~p` Tcfp` (Amhe Wjf`z $ Ymey*

dmm|em|`l[~m& c ypnyi~j{|jme/mefz y`~tji` fcpeih`l jeMi|mn`~ >;;8 Om~ejegy|c~ cispj~`l |h` yj|` je D`n~pc~z >;3;`ecnfjeg py |m cll cllj|jmecf ~`ymp~i`y

7/31/2019 Hiding in Plain Site: Diving Deeply into SEC filings

3/8

Whz ~`cl Y@I djfjegy=

N`icpy` |h`z~` |h`~`#N`icpy` ym d`w {`m{f` (jeifpljeg cecfzy|y*ci|pcffz lm

N`icpy` j| ice gjt` zmp c imo{`|j|jt` `lg`N`icpy` j| ice h`f{ g`e`~c|` cf{hcN`icpy` bemwf`lg` ? {mw`~

7/31/2019 Hiding in Plain Site: Diving Deeply into SEC filings

4/8

Ljggjeg je

Fcy| z`c~& mt`~ 40;&;;; djfjegy ocl` |m Y@I Pyjeg tc~jmpy y`c~ih |`ihejsp`y& w` ljg |h~mpgh

hpel~`ly md Y@I djfjegy |m djel |h` epgg`|y |hc|~`cffz oc||`~

N`y| j|`oy md|`e djf`l fc|` me c D~jlcz ejgh| W` icff|hc| |h` D~jlcz Ejgh| Lpo{ E`c~fz 8% md cff 8Bydjf`l fcy| z`c~ w`~` djf`l lp~jeg |h` fcy| :; ojep|`y

md |h` lcz me c D~jlcz (< {o/019; @Y\* Opih md whc| w` djel jy e`gc|jt`& np| w` cfym djel

ymo` {myj|jt` yjgecfy |mm

7/31/2019 Hiding in Plain Site: Diving Deeply into SEC filings

5/8

\h` Ihcff`eg`

N`zmel |h` yh``~ epon`~& djfjegy c~` fc~g` nfmiby md|`x| w~j||`e omy|fz nz c||m~e`zy

Fc~g`y| 3;/B djf`l je >;33 wcy >&>>: {cg`y celime|cje`l 9; y`{c~c|` `xhjnj|y

Fcwz`~y " nmjf`~{fc|` ? {mm~ yjgecf/|m/emjy` ~c|jm [mm~ ihmji`y dm~ jet`y|m~y1 ^`cl j| cff& |~z |m imo`

p{ wj|h ~`fjcnf` y`c~ih cfgm~j|hoy cel hm{` zmplme| ojyy ymo`|hjeg

7/31/2019 Hiding in Plain Site: Diving Deeply into SEC filings

6/8

Y@C^IHJY LPON#

J| wmpfl |cb` c ybjff`l c~oz |m ~`cl `t`~z|hjegImo{p|`~y c~` lpon $ y`c~ih jy jo{`~d`i|Y`c~ihjeg dm~ ypn{m`ec |p~ey p{ hz{m|h`|jicfy cy w`ff cy ci|pcf`t`e|y

[jib zmp~ {mjyme1 c fm| md dcfy` {myj|jt`y m~ ojyyjeg ymo`|hjeg

7/31/2019 Hiding in Plain Site: Diving Deeply into SEC filings

7/8

HMWW@LMJ\

W` imonje` >0;" {~m{~j`|c~z y`c~ih cfgm~j|hoy& c fm| md ~`cljeg& celympel aplgo`e| |m djel hjll`e m{{m~|pej|j`y cel `c~fz yjgey md

{m|`e|jcf {~mnf`oy

Nm||mo/p{ c{{~mcih jl`e|jdj`y imo{cej`y |hc| ocz em| i~myy cejet`y|m~y ~clc~ m|h`~wjy`

Cfgm~j|hoy ice dfcg y`t`~cf hpel~`l cf`~|y c w``b c| {`cb y`cyme& m~om~` |hce 3;; djfjegy c lcz

Nz q`~mjeg je me |h` omy| {~mojyjeg oc|`~jcf& w` |z{jicffz dfcgn`|w``e

7/31/2019 Hiding in Plain Site: Diving Deeply into SEC filings

8/8

Ymo` md mp~ dctm~j|` `xco{f`y

CO^y 3;/S je Mi|% >;33 wcy :04 {cg`y cel hcl y`t`~cfifp`y |hc| j| wcy {~`{{jeg dm~ nceb~p{|iz%

Wcf/Oc~|y L`i`on`~ 3;/S hcl y`t`~cf e`w ljyifmyp~`ycnmp| DI[C {~mnf`oy& ome|hy n`dm~` EZ \jo`y y|m~z

n~mb`

Om|m~mfc Omnjfj|z ~`tjy`l c epon`~ md `o{fmzo`e|cg~``o`e|y je c 3;/S djf`l apy| c ome|h n`dm~` Gmmgf`

ceempei`l j| wcy npzjeg imo{cez fc|` fcy| ypoo`~%