1 ICCQCOHs 1 2 3 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK ------------------------------x UNITED STATES OF AMERICA v. 4 18 CR 602 (WHP) 18 CR 850 (WHP) Sentence MICHAEL COHEN 5 6 Defendant ------------------------------x 7 New York, N.Y. December 12, 2018 11:00 a.m. 8 9 10 Before: HON. WILLIAM H. PAULEY III District Judge 11 12 13 14 15 APPEARANCES GEOFFREY S. BERMAN United States Attorney for the Southern District of New York NICHOLAS ROOS THOMAS McKAY RACHEL MAIMIN ANDREA GRISWOLD Assistant United States Attorneys 16 17 18 19 UNITED STATES DEPARTMENT OF JUSTICE Special Counsel's Office JEANNIE S. RHEE ANDREW D. GOLDSTEIN L. RUSH ATKINSON Assistant United States Attorneys 20 21 22 PETRILLO KLEIN & BOXER LLP Attorneys for Defendant GUY PETRILLO AMY LESTER 23 24 -Also PresentHEATHER D'AGOSTINO, FBI MICKEY ROBINSON, FBI 25 SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 2 ICCQCOHs 1 (Case called) 2 DEPUTY CLERK: 3 Attorney's Office. 4 MR. ROOS: 5 Nicks Roos, Thomas McKay, Rachel Maimin and Andrea Griswold. 8 9 For the United States Attorney's Office, good morning. 6 7 Appearances for the United States DEPUTY CLERK: Appearances for Special Counsel's Office. 10 MS. RHEE: Jeannie Rhee on behalf of Special Counsel's 11 Office. I'm joined here today by Andrew Goldstein and Rush 12 Atkinson. 13 FBI Heather D'Agostino and Mickey Robinson. Also in the courtroom in the back, we're joined by 14 DEPUTY CLERK: Appearances for the defendant. 15 MR. PETRILLO: Good morning, your Honor. 16 Guy Petrillo and Amy Lester for Michael Cohen. 17 THE COURT: 18 19 20 Good morning to all of you, and I note the presence of the defendant, Mr. Cohen, at counsel table. This matter is on for sentencing. ready to proceed? 21 MR. ROOS: 22 MR. PETRILLO: 23 MS. RHEE: 24 THE COURT: 25 Are the parties Yes, your Honor. Yes, your Honor. Yes, your Honor. First, Mr. Petrillo, have you reviewed with your client the presentence investigation report? SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 3 ICCQCOHs 1 MR. PETRILLO: 2 THE COURT: 3 6 Are there any factual matters set forth in the report that you believe warrant modification or correction? 4 5 I have, your Honor. MR. PETRILLO: Not at this time, your Honor. Thank you. THE COURT: Mr. Roos, are there any factual matters 7 set forth in the presentence report that the government 8 believes warrant modification or correction? 9 MR. ROOS: 10 THE COURT: 11 MS. RHEE: 12 THE COURT: 13 MR. PETRILLO: 14 No, your Honor. What about the Special Counsel's Office? No, your Honor. Very well. Your Honor, just to confirm, did the Court receive our letter of last night? 15 THE COURT: I did. 16 MR. PETRILLO: 17 THE COURT: 18 Now, the parties here, before I hear from them, have a Very well. I did. 19 difference of opinion concerning the guidelines calculation, 20 and, in particular, the grouping analysis for 18 CR 602. 21 Defense counsel argues that the tax evasion counts are 22 not closely related to the other counts and, therefore, should 23 not be grouped together. 24 3D1.2 specifically enumerates guidelines that are to be 25 grouped, which include Section 2T1.1 for the tax evasion The government counters that Section SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 4 ICCQCOHs 1 counts, Section 2B1.1 for the false statement count, and 2 Section 2C1.8 for the illegal campaign contributions counts. 3 This Court finds the government's argument to be 4 correct as a matter of law where the offense levels are 5 principally determined by the amount of loss. 6 States v. Gordon, 291 F.3d 181, 192 (2d.Cir 2002). 7 See United Accordingly, this Court makes the following guidelines 8 calculations: Grouping all eight counts of 18 CR 602 together, 9 the base offense level is 7. Because the loss here exceeded 10 $1.5 million, but was less than $3.5 million, an increase of 16 11 levels is warranted. 12 Further, because the offense involved the use of 13 sophisticated means, including Mr. Cohen's creation of shell 14 companies and fake invoices, a further two-level enhancement is 15 appropriate. 16 Finally, because Mr. Cohen used special skills as a 17 licensed attorney to facilitate the commission and concealment 18 of these offenses, a further two-level enhancement is 19 warranted. 20 that is, the counts charged in 18 CR 602, is 27. 21 Thus, the adjusted offense level for group one, Now, Mr. Cohen pled guilty to these crimes in a timely 22 manner before me and, accordingly, I grant him a three-level 23 reduction for acceptance of responsibility. 24 offense level is 24. 25 convictions, and, therefore, his Criminal History Category is a Thus, his total The defendant has no prior criminal SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 5 ICCQCOHs 1 I. With a total offense level of 24 and a Criminal History 2 Category of I, Mr. Cohen's guideline range is 51 to 63 months 3 of imprisonment on the eight charges of income tax evasion, 4 making false statements to a banking institution, and the two 5 campaign finance crimes. 6 Now, with respect to Mr. Cohen's plea to making false 7 statements to Congress, that is separately grouped and has a 8 base offense level of 6. 9 Counsel's Office and Mr. Cohen that no enhancements are This Court agrees with the Special 10 appropriate. 11 colleague, Judge Carter, and, accordingly, I grant him a 12 two-level reduction for acceptance of responsibility on this 13 offense. 14 History Category of I, his guidelines range for making false 15 statements to Congress is zero to six months of imprisonment. 16 Accordingly, no multiple account adjustment applies. 17 18 19 20 Mr. Cohen pled guilty to this crime before my So, with a total offense level of 4 and a Criminal And so with the guidelines calculation resolved, I will hear now from the parties. Mr. Petrillo, do you wish to be heard on behalf of Mr. Cohen? 21 MR. PETRILLO: I do, your Honor. Thank you. 22 Your Honor, may it please the Court, thank you. 23 My partner, Amy Lester, and I have the privilege of 24 representing Michael Cohen and the honor of having met some of 25 the members of his family who are present here today. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 The 6 ICCQCOHs 1 group is larger than I've met, but it includes his mother and 2 father, his mother-in-law and his father-in-law, his wife and 3 children, and his brother and sisters, along with a niece and a 4 cousin. 5 Your Honor, we have made a sentencing submission with 6 numerous letters in support of the character of Mr. Cohen, and 7 it would not be our purpose today to repeat all of what we have 8 already written. 9 proceed otherwise, I would like first to address the remarkable 10 nature and significance of the life decision made by Mr. Cohen 11 to cooperate with the DOJ Special Counsel and the relevance 12 and, respectfully, the importance of that cooperation, not only 13 to this specific man and your Honor's evaluation of this 14 specific man, but also to the Court's consideration of how 15 Mr. Cohen's cooperation promotes respect for law and the 16 courage of the individual to stand up to power and influence. 17 Rather, unless your Honor would like me to When Mr. Cohen authorized us to contact the Special 18 Counsel's Office in July, he did so to offer his relevant 19 knowledge to the investigation knowing that he would face as a 20 result when his offer became public a barrage of attack by the 21 President. 22 investigation, and he knew that there might come a time when he 23 would appear in court, and there would be no Special Counsel to 24 stand up for him, as there is today. 25 He knew that the President might shut down the He moved forward nonetheless. So it is true, as has SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 7 ICCQCOHs 1 been pointed out by the government, that part of what Mr. Cohen 2 did in coming forward is similar to what many folks who are 3 expecting criminal charges do in that expectation. 4 time he acknowledged that it was more than possible that his 5 case might proceed from mere investigation to charges and that 6 his offer to assist could help him in some fashion should there 7 be charges and should there be a proceeding. 8 the case that his decision was an importantly different 9 decision from the usual decision to cooperate. At that But it is also He came forward 10 to offer evidence against the most powerful person in our 11 country. 12 knowing how the politics would play out, and not knowing 13 whether the Special Counsel would even survive, nor could he 14 anticipate the full measure of attack that has been made 15 against him; not only by the President, who continues to say 16 that people like Mr. Cohen who cooperate with the Special 17 Counsel are weaklings and those who hold fast and clam up are 18 heroes, but also attacks by partisans and by citizens who 19 happen to be aligned with the President. 20 have included threats against him and his family. 21 He did so not knowing what the result would be, not And those attacks So, respectfully, this is not a standard case of 22 cooperation. The cooperation here should be viewed under a 23 non-standard or in a non-standard framework. 24 investigation, the Special Counsel's investigation is of the 25 utmost national significance, no less than seen 40 plus years The SCO's SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 8 ICCQCOHs 1 ago in the days of Watergate. 2 respectfully, your Honor, it is important that others in 3 Mr. Cohen's position who provide assistance to this historic 4 inquiry take renewed courage from this proceeding, and that law 5 enforcement and the promotion of respect for law also receive a 6 boost from what happens here today. 7 say that he's always respected law enforcement. 8 supported it. 9 In the light of that reality, Mr. Cohen would want me to He's always In the plea agreement with the Special Counsel, the 10 Special Counsel committed, subject to conditions that have been 11 fully satisfied, to bring to your Honor's attention for 12 sentencing purposes in both cases the nature and extent of 13 Mr. Cohen's cooperation with that office. 14 says Mr. Cohen has gone to significant lengths to assist the 15 investigation, providing information on core topics under 16 investigation, and is committed to continue to assist. 17 The Special Counsel The office says the information provided has been 18 credible and consistent with other evidence obtained in its 19 investigation. 20 cooperation in four specific respects that are detailed in the 21 Special Counsel letter to the Court. 22 according to the Special Counsel, has made substantial and 23 significant efforts to remediate his own misconduct, accept 24 responsibility for his actions, and assist the Special 25 Counsel's investigation. The office further says that it has been useful And, finally, Mr. Cohen, SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 9 ICCQCOHs 1 Even the Southern District which has submitted a 2 somewhat sharp memo, which I will comment on in a few minutes, 3 to the Court, agrees that Mr. Cohen's assistance to the Special 4 Counsel was significant. 5 that his provision of information to law enforcement in matters 6 of national interest is deserving of credit. 7 page 37 of the memo. 8 9 That's at page 17 of its memo. And And that's at Your Honor, in this exceptionally important matter, Mr. Cohen's cooperation is overwhelmingly the factor, we 10 submit, that should substantially mitigate his sentence, and 11 his action stands in profound contrast to the decision of some 12 others not to cooperate and allegedly to double deal while 13 pretending to cooperate. 14 But that's not all. We also ask the Court 15 respectfully that it consider Mr. Cohen's life of good works as 16 it considers the sentence in this case. 17 memo, and as supported by the letters sent with the memo, he 18 has been a prodigious fundraiser for the St. Jude's Children's 19 Hospital. 20 As we set forth in our He has been the key figure at a Manhattan private 21 school in the raising of funds committed to financial aid for 22 students without means to attend and who otherwise would not be 23 able to attend absent his efforts. 24 25 He has done likewise impressive fundraising for Operation Smile and assisted the Weatherford Foundation with SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 10 ICCQCOHs 1 active personal efforts to advance the role model program of 2 that athletes' organization. 3 Your Honor has read, I have no doubt, of the aid and 4 assistance Mr. Cohen provides regularly to children and friends 5 when they need to find medical care and stands by them in their 6 times of illness and hard times. 7 Whatever millions of words are said and written about 8 Mr. Cohen, and certainly he's in the paper every day, and on TV 9 there's coverage, sometimes it appears 24/7, this is a man of 10 generous spirit and the submissions to the Court demonstrate 11 that. 12 There is some mention in the Southern District's memo 13 regarding emphasis on his own contributions financially, but I 14 don't find it in our memo. 15 that he puts himself out to raise money for very, very 16 worthwhile organizations. 17 this is a man whose first instinct is to help. 18 The crux of what we're saying is He puts his whole body into it, and When it comes to Mr. Cohen's capacity to follow 19 through in his commitment to lead a good and law-abiding life, 20 I would also like to underscore what the Court has been 21 informed of by several members of the bar. 22 of integrity and honorable intentions and care for the 23 underserved, a man who does not engage in sharp business 24 practices. 25 All portray a man To be sure, the Southern District points out that like SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 11 ICCQCOHs 1 many clients that lawyers meet from time to time, Mr. Cohen has 2 occasionally erupted in frustration at what he perceives to be 3 wrongs. 4 became very angry when a bank refused to focus on a transaction 5 that would have allowed him to sell his taxi medallions at a 6 time when doing so would have been lucrative, waited so long 7 before they approved the transactions, that the transaction 8 melted away as the market dipped. 9 and that is cited in the Southern District's memo as evidence For example, as the Southern District points out, he He expressed frustration, 10 of a bad character. 11 office on a regular basis frustrated with life. 12 immature and meaningless observation in my view as to his 13 character. 14 I have so many clients who come into my That's an It's simplistic and it's unfair. Mr. Alpstein says, a lawyer who's worked with 15 Mr. Cohen on transactions, "Every seller of a transaction on 16 which I've represented Michael would say without equivocation 17 that Michael was and is an honest, responsible, and fair 18 businessman." 19 The man is 52 years old. There's a long record of how 20 he has conducted himself in business and with financial 21 institutions. 22 Cohen. 23 dealing with Michael Cohen. 24 turned away. 25 No bank has ever lost money dealing with Michael I'll say that again: No bank has ever lost money No friend in need has ever been Your Honor, we addressed the offense conduct, and I SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 12 ICCQCOHs 1 had not planned to say more than a few words about it until I 2 read the Southern District's memo, and I just want to say few 3 words in response to the memo. 4 I know that you've read all the materials. 5 least of all, Michael Cohen, or has said that a false statement 6 to a bank is other than serious. 7 the point that the home equity line of credit as to which the 8 application was false was ten times oversecured at the time of 9 the application and that no money damage resulted. No one is saying, In this case, we simply made 10 make it right? 11 the conduct into some kind of proportion. 12 No. And I don't want to belabor it; It does not make it right. Does that But it puts No one is saying, least of us, Michael Cohen, that tax 13 evasion of any kind is other than serious. 14 information in this case, however, says that the crux of the 15 conduct was failing to identify deposits as income to an 16 accountant who received bank statements. 17 right? 18 proportion and points out that the Court here is not dealing 19 with a mastermind of tax deception. 20 No. It doesn't make it right. The speaking Does that make it But it puts in Ms. Lester and I were given three to four days to 21 speak to the tax charges in this case before they were filed. 22 They were not specified. 23 entailed, I was met with stony silence and no realistic 24 opportunity to meet with the tax division, as is common. 25 believe that we would have had a very strong chance of When asked questions about what they SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 I 13 ICCQCOHs 1 diverting the case from the criminal track had we had that 2 opportunity. 3 But life is tough and Michael Cohen accepts that. 4 accept it. 5 point is to say that the offense is well within the heartland 6 of cases that are routinely treated in a non-criminal context, 7 solely so that your Honor can consider the punishment aspect 8 associated with the criminal tax evasion that has been 9 admitted, and that no one is trying to push away as someone 10 11 Our point is not to explain the conduct away. We Our else's fault. I will say very little on the campaign charges, the 12 campaign finance charges, and the statement to the legislature. 13 I do want to point out what Mr. Gerber, a lawyer in New York, 14 writes to the Court. 15 committee, and he's written on behalf of Mr. Cohen that he's 16 seen many attorneys succumb to the wishes of a particularly 17 persuasive client. 18 extraordinary power of persuasion got him elected to the 19 highest office in the land." 20 serious, but Mr. Gerber's experience is certainly worthy of 21 note, as the Court takes into account the human element of what 22 happened here. 23 He's a former member of the grievance "Mr. Cohen," he writes, "had a client whose Again, the conduct is quite Based on all these factors, your Honor, most 24 importantly cooperation, good works, and the nature of the 25 offenses, we respectfully submit that the case calls for a full SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 14 ICCQCOHs 1 consideration of mercy as your Honor sentences our client, 2 Michael Cohen. 3 A few words on what the Southern District has 4 submitted. It is not the case that Mr. Cohen has declined to 5 answer questions from the Southern District or from our duly 6 authorized U.S. Attorney's Offices, state law enforcement 7 entities, and Congress. 8 a long-term cooperation agreement for personal reasons and 9 because he wants both to remove himself and to remove his He's ready to do that. He is wary of 10 family from the glare of the cameras and try to work his way 11 and their way back from an abnormal life. 12 an agreement would be indeterminate. 13 in this case. 14 himself available for questioning on investigated matters, and 15 indeed, as you know, he's already met with the Southern 16 District on one of those matters. 17 The period of such The press is overwhelming But none of this is to say he will not make But it's also unfair and it's mere innuendo that 18 Mr. Cohen would not describe his own misconduct, as the 19 government says twice, "if any." 20 that search warrants were executed in this case. 21 all of his papers, computers, devices, phones, and recordings 22 were seized and dozens of agents, and at least four Assistant 23 U.S. Attorneys and supervisors questioned dozens and dozens of 24 witnesses and reviewed the evidence. 25 He pled to what he pled to, and the plea agreement immunized I know the Court is aware As a result, They know what is there. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 15 ICCQCOHs 1 him for the conduct that the plea agreement immunized him for. 2 When the government repeats twice that Mr. Cohen declined to 3 disclose his prior bad acts "if any," they come forward with 4 nothing to suggest that they don't know everything already, 5 much less that there's anything there. 6 At the end of the day, it's not that important, your 7 Honor. I just don't think it's fair. I don't really 8 understand the strident tone of the memo, and trying to put it 9 into context, I'm looking at the beginning of the case. First, 10 an unwillingness to delineate charges, a claim that I should 11 already know what they are. 12 categories of alleged offenses were set forth. 13 the plea, a courthouse press conference on a plea of guilty. 14 submit, your Honor, that no other defendant would be treated in 15 this fashion on these offenses, but Mr. Cohen had the 16 misfortune to have been counsel to the President. 17 A few days to respond once three And then after I This rush to charge and media display suggest, 18 respectfully, that the Court should take with a healthy grain 19 of salt the contentions by the Southern District of New York 20 that Mr. Cohen left them at the altar of a Southern District 21 cooperation agreement. 22 decision that he would respond truthfully to any investigative 23 topic, but that it was not in his or his family's interest to 24 remain in the constant glare and under the requirements of a 25 cooperation agreement which could go on for months and months Rather, he made a personal and rational SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 16 ICCQCOHs 1 and years and years. And he sat down with Southern, and they 2 found him "forthright and credible." Page 15. 3 The rules of the Southern District of New York as to 4 how every case of cooperation should proceed, of course, were 5 given to us by the minor gods and woe unto those who fail to 6 follow their scriptures, but they don't mean that they work in 7 every situation, no matter the facts, no matter the 8 circumstances. 9 about how the standard procedure will play out. 10 They don't mean the prosecutor is always right And, effectively, your Honor, the Southern District 11 would have this Court penalize Mr. Cohen because he did not 12 follow their standard form agreement and procedure even though 13 he cooperated with the Special Counsel, provided them with 14 forthright and credible information, and offered, and hereby 15 offers, to respond to any other questions, and they would do it 16 without putting forth anything to suggest that there's any 17 there there by way of prior bad acts. 18 Honor, is erroneous. 19 asking you to consider. 20 prosecutor to ask a Court to sentence a defendant on 21 hypothetical facts and circumstances rather than based on the 22 facts and circumstances that the Court actually knows. 23 facts and circumstances do not present a mystery of the kind 24 that the office's memorandum seeks to suggest. 25 what's behind it, and it's peculiar in a context in which a This approach, your It's error to consider what they are It's fundamentally unfair for a Those I don't know SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 17 ICCQCOHs 1 sibling office of the DOJ agrees that Mr. Cohen cooperated as 2 set forth in the plea agreement and as reported to your Honor 3 in the Special Counsel's letter. 4 I'm not going to overly speculate about what's going 5 on here. I think the Court has as much experience as I in 6 these matters, but I would suggest that power to the Southern 7 District if they want to make a bigger case than they've 8 already made, God bless them. 9 of pride involved here in not being at the center of attention. And maybe there's a little bit 10 Who knows? 11 fraud case and a big taxi medallion case followed by these 12 pleas is somehow disappointing. 13 Maybe all those articles about a big financial It's not for me to say. We respectfully request, your Honor, a variance under 14 the guidelines and the exercise of leniency in the imposition 15 of sentence on Mr. Cohen, and we request that on behalf of our 16 client and his family. 17 to help, not only the Special Counsel but a lot of people. 18 is a very good man. 19 Thank you. 20 THE COURT: 21 Ms. Rhee, does the Special Counsel's Office wish to be 22 He has done, Michael has, a good deal Thank you, Mr. Petrillo. heard? 23 MS. RHEE: 24 Thank you, your Honor. 25 He Yes, your Honor. On behalf of the Special Counsel's Office, our remarks will be brief. We rely, and we SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 18 ICCQCOHs 1 speak primarily through our written submission which has 2 already been submitted to this Court. 3 we just have two discrete, important points that we want to 4 highlight for the Court's attention. 5 In supplement to that, The first is that the offense that Mr. Cohen pled to 6 in 18 CR 850 was a serious criminal violation. As Mr. Petrillo 7 alluded to, the subject at issue here that Mr. Cohen actively 8 misled Congress about was an issue of national importance and 9 interest, and Mr. Cohen intentionally repeated many of the 10 false statements to us at the Special Counsel's Office 11 initially when we met with him in July. 12 statements were intended to limit ongoing investigations into 13 Russian interference in a U.S. presidential election, and the 14 question of any links or coordination between a campaign and a 15 foreign government. 16 were material, why those lies were consequential. And those false Our submission elucidates why those lies 17 But what we really want to leave with the Court today 18 for the Court's consideration is Mr. Cohen's interactions with 19 the Special Counsel's Office since that initial voluntary 20 interview in July. 21 bring his assistance to your attention for due consideration at 22 this sentencing, and what we want to say about that is that 23 Mr. Cohen has endeavored from his second session with us in 24 September of this year going forward to this day, he has 25 endeavored to account for his criminal misconduct in numerous The government has agreed with Mr. Cohen to SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 19 ICCQCOHs 1 ways. 2 he told Congress. 3 reliable information about core Russia-related issues under 4 investigation and within the purview of the Special Counsel's 5 Office. 6 particulars at this time given our ongoing investigation, but 7 we hope that we have sufficiently outlined for the Court that 8 they were ranging, and that they were helpful. 9 He has fully accepted responsibility for the lies that He has provided our office with credible and There is only so much that we can say about the Finally, your Honor, what we want to highlight for 10 this Court is that one of the things that we and the Special 11 Counsel's Office have most appreciated about Mr. Cohen's 12 assistance is that he has provided valuable information, 13 investigative information, to us while taking care and being 14 careful to note what he knows and what he doesn't know. 15 than inflate the value of any information that he has brought 16 forward to us in what he had to provide, Mr. Cohen has sought 17 to tell us the truth, and that is of utmost value to us as we 18 seek in our office to determine what in fact occurred. 19 Rather And so we want to highlight that for the Court and to 20 underscore what we set out in our submission about the value, 21 the nature, the reliability, and the credibility of Mr. Cohen's 22 assistance. 23 THE COURT: Thank you, Ms. Rhee. 24 MS. RHEE: Thank you, your Honor. 25 THE COURT: Mr. Roos, does the United States SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 20 ICCQCOHs 1 Attorney's Office wish to be heard? 2 MR. ROOS: Yes, your Honor. Thank you. 3 Your Honor, I'd like to start where Mr. Petrillo 4 ended, which is to share a few words about the information that 5 Mr. Cohen provided to law enforcement and the credit that is 6 appropriate. 7 Now, we agree that Mr. Cohen's decision to provide 8 information to the Special Counsel's Office in matters of 9 national interest is deserving of credit, and we defer to SCO's 10 description of Mr. Cohen's assistance to them and in their 11 investigation. 12 assessment, frankly, that defense counsel has made. 13 We don't dispute any of that assessment or the But for the reasons that we've detailed in our 14 sentencing memorandum, any downward variance that Mr. Cohen 15 receives should be modest. 16 provided was in the context of a case where the guidelines 17 range is zero to six months. 18 Special Counsel Office's case. Any successful assistance Mr. Cohen It's within the context of the 19 But here, he is facing three additional categories of 20 crimes, eight total charges, and didn't come anywhere close to 21 assisting this office in an investigation. 22 about this. 23 cooperating. 24 cooperate, but for all the hypothesizing that Mr. Petrillo has 25 done, Mr. Cohen can't have it both ways. There is no mystery No one is attempting to penalize Mr. Cohen for not Quite the opposite, there is no obligation to There is a standard SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 21 ICCQCOHs 1 way in which this office conducts cooperation. 2 familiar with it. 3 significance or the nature of the case, whether or not it 4 receives public attention, for us to depart from that practice. 5 We've treated Mr. Cohen just the way we treat every other 6 defendant that deals with the United States Attorney's Office. 7 Your Honor is There is no reason, no matter the Now, Mr. Cohen, he chose not to pursue the path of 8 full cooperation. He didn't provide substantial assistance to 9 the government in this investigation, and he doesn't have a 5K 10 letter. 11 variance, the variance urged by the defendant isn't warranted 12 here. 13 the message that a defendant who chooses a different path, a 14 selective cooperation on only particular subjects can receive 15 the credit that so many defendants seek when they expose 16 themselves completely to the government. 17 And for these reasons, our view is that a significant To do so would send the wrong message. It would send Now, I'd like to touch on two points, two of the 18 3553(a) factors that in the government's view are so important 19 here, and they really go to what Mr. Petrillo said about the 20 nature and the seriousness of these offenses. 21 So, first, the defendant pled guilty to four crimes 22 here, your Honor, and Mr. Petrillo, he identified areas in 23 which certain crimes in their view may not be as serious, but 24 he pled guilty to four different crimes, and your Honor is 25 sentencing Mr. Cohen not only on four different charges but SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 22 ICCQCOHs 1 four separate crimes. 2 Each merits punishment in its own right. 3 harm, and taken together there is a compounding effect. 4 Collectively, the charges portray a pattern of deception, of 5 brazenness, and of greed that manifested in multiple aspects of 6 Mr. Cohen's professional life. 7 Each of those charges is itself serious. Each cause a distinct In particular, Mr. Cohen's conduct related to the 8 election is serious because of the tremendous societal cost 9 associated with the campaign finance crimes and the lies to 10 Congress. 11 the political campaign from allegations of impropriety, and, by 12 his own admission, he committed the campaign finance crimes for 13 the purpose of influencing the election. 14 Mr. Cohen committed these deceptive acts to protect He also, quite brazenly, stole millions of dollars in 15 income from the IRS. 16 describes the ways in which this is really nothing more than a 17 civil matter. 18 crimes went on for at least five years. 19 of dollars of income that was deliberately not reported to the 20 IRS. 21 It's something quite different. 22 willful, and that's what the defendant's plea reflects. 23 And on this subject, defense counsel But that is not the case, your Honor. These tax They involve millions This is not a case of an assessed tax not being paid. It was deliberate, it was Now, together these crimes implicate core defining 24 parts of our democracy: Government funded by the people, free 25 and transparent elections. And in committing these crimes, SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 23 ICCQCOHs 1 Mr. Cohen has eroded faith in the electoral process and 2 compromised the rule of law. 3 leniency because of what he claims he's done for the republic, 4 the same can be true in the way in which he's undermined it. 5 All of these facts, your Honor, favor a substantial custodial 6 sentence. 7 And so just as he asks for But the second reason why a substantial custodial 8 sentence is warranted here is because of the need to promote 9 deterrence. And when it comes to Mr. Cohen, his training and 10 experience as an attorney should have been a deterrent to his 11 own criminal conduct. 12 furtherance of his crimes, and that is a significant point that 13 should be taken into consideration in sentencing. 14 substantial sentence would serve as a deterrent to future 15 criminal conduct by this particular defendant. 16 Instead, he used his legal license in A But more importantly, your Honor, a substantial 17 sentence would also serve as a general deterrent to future 18 criminal conduct by individuals like Mr. Cohen. 19 particularly important in the context of tax evasion and the 20 campaign's finance crimes, crimes that are difficult to detect, 21 that are so frequently orchestrated through private 22 transactions kept secret from the public. The unfairness here 23 is not to Mr. Cohen. Particularly in 24 light of the public interest in this case, a meaningful 25 sentence of imprisonment, one that sends a message, an It's to the public. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 This is 24 ICCQCOHs 1 appropriate message about the seriousness of these crimes is 2 appropriate. 3 that even powerful and privileged individuals cannot violate 4 these laws with impunity. 5 6 That sort of message must be sent in this case, Unless the Court has any questions for the government, we otherwise rest on our submission 7 THE COURT: 8 MR. PETRILLO: 9 Thank you, Mr. Roos. Just a point of clarification, your Honor, if I may. 10 THE COURT: Yes. 11 MR. PETRILLO: Go ahead, Mr. Petrillo. I just want to be clear because I 12 wasn't sure whether Mr. Roos affirmed or failed to affirm that 13 the government; that is, the Southern District, by a letter 14 dated November 29 in this case captioned with this case number 15 that is the first plea before your Honor, agreed that the 16 defendant's provision of information to the Special Counsel is 17 a factor to be considered by the Court under Title 18 18 U.S. Code, Section 3553(a) in the first case, not just the 19 second case. 20 Mr. Roos was delineating between the two cases. 21 have misheard, but I want to make sure it's clear. And I wasn't sure whether I heard properly that 22 MR. ROOS: 23 THE COURT: 24 MR. ROOS: 25 I may just Your Honor, if I may? You may. I believe this was the first point I addressed, but to clarify any confusion, the government's view SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 25 ICCQCOHs 1 is that the defendant provided information that was valuable to 2 the Special Counsel's Office. 3 that's the reason why the government is seeking or recommends a 4 modest variance in this case as opposed to seeking a guideline 5 sentence. 6 yes. We don't dispute that. And So I guess the answer to Mr. Petrillo's question is 7 THE COURT: 8 Mr. Petrillo, does your client wish to address the 9 All right. Thank you. Court before sentence is imposed? 10 MR. PETRILLO: He does, your Honor, and he's asked me 11 just to clarify because he heard -- and, again, I may have 12 heard it incorrectly, that -- the amount of restitution in this 13 case; that is, the amount due and owing to the IRS is 14 approximately $1.393 million, and he's under the impression the 15 Court may have said that the guidelines range started where it 16 did because the loss amount was one and a half million. 17 just wanted to make sure that that point was entered into the 18 record. 19 though, and I am only noting it for the record. And he It doesn't change our position on the guidelines 20 And Mr. Cohen would like to be heard, your Honor. 21 THE COURT: 22 THE DEFENDANT: 23 I'll hear from Mr. Cohen now. Your Honor, stand here or to the podium? 24 25 Fine. THE COURT: I think it would be best to take the podium. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 26 ICCQCOHs 1 THE DEFENDANT: Thank you, your Honor. 2 I stand before your Honor humbly and painfully aware 3 that we are here today for one reason: 4 that I pled guilty to on August 21, and as well on November 29. 5 Because of my actions I take full responsibility for each act that I pled 6 guilty to, the personal ones to me and those involving the 7 President of the United States of America. 8 his book, "Man's Search for Meaning," he wrote, "There are 9 forces beyond your control that can take away everything you 10 possess except one thing, your freedom to choose how you will 11 respond to the situation." 12 Viktor Frankl in Your Honor, this may seem hard to believe, but today 13 is one of the most meaningful days of my life. The irony is 14 today is the day I am getting my freedom back as you sit at the 15 bench and you contemplate my fate. 16 I have been living in a personal and mental 17 incarceration ever since the fateful day that I accepted the 18 offer to work for a famous real estate mogul whose business 19 acumen I truly admired. 20 little to be admired. 21 the conduct which has brought me here today, and it was my own 22 weakness, and a blind loyalty to this man that led me to choose 23 a path of darkness over light. 24 to participate in the elicit act of the President rather than 25 to listen to my own inner voice which should have warned me In fact, I now know that there is I want to be clear. I blame myself for It is for these reasons I chose SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 27 ICCQCOHs 1 that the campaign finance violations that I later pled guilty 2 to were insidious. 3 Recently, the President Tweeted a statement calling me 4 weak, and he was correct, but for a much different reason than 5 he was implying. 6 was my duty to cover up his dirty deeds rather than to listen 7 to my own inner voice and my moral compass. 8 characterized as a blind loyalty to Donald Trump, and I was 9 weak for not having the strength to question and to refuse his It was because time and time again I felt it My weakness can be 10 demands. 11 mental incarceration, which no matter what is decided today, 12 owning this mistake will free me to be once more the person I 13 really am. 14 I have already spent years living a personal and Your Honor, I love my family more than anything in the 15 world: 16 love of my life, my wife Laura, my pride and joy, my daughter 17 Samantha, my son, Jake. 18 supersede the suffering that I live with on a daily basis, 19 knowing that my actions have brought undeserved pain and shame 20 upon my family. 21 My dad who is here today, my mom, my in-laws, siblings, There is no sentence that could I deserve that pain. They do not. I also stand before my children, for them to see their 22 father taking responsibility for his mistakes, mistakes that 23 have forced them to bear a shameful spotlight which they have 24 done nothing to deserve, and this breaks my heart. 25 greatest punishment has been seeing the unbearable pain that my SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 For me, the 28 ICCQCOHs 1 actions and my associations have brought to my entire family. 2 My mom, my dad, this isn't what they deserve to see in their 3 older age, especially when as a child they emphasized to all of 4 us the difference between right and wrong. 5 And I'm sorry. I believed during this process that there were only 6 two things I could do to minimize the pain to my family: 7 my guilt and move these proceedings along. 8 not enter into a cooperation agreement. 9 sentenced without asking for adjournment. Admit This is why I did I have elected to be I have given 10 information during countless hours of meetings with prosecutors 11 that have been cited as substantial, meaningful and credible. 12 I have chosen this unorthodox path because the faster I am 13 sentenced, the sooner I can return to my family, be the father 14 I want to be, the husband I want to be, and a productive member 15 of society again. 16 in place to do the right thing. 17 cooperate with government, offering as much information as I 18 truthfully possess. 19 I do not need a cooperation agreement to be And I will continue to I stand behind my statement that I made to George 20 Stephanopoulos, that my wife, my daughter, my son have my first 21 loyalty and always will. 22 departure as a loyal soldier to the President bears a very 23 hefty price. 24 25 I put family and country first. My For months now the President of the United States, one of the most powerful men in the world, publicly mocks me, SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 29 ICCQCOHs 1 calling me a rat and a liar, and insists that the Court 2 sentence me to the absolute maximum time in prison. 3 is this improper; it creates a false sense that the President 4 can weigh in on the outcome of judicial proceedings that 5 implicate him. 6 inundated with character assassinations over the past almost 7 two years, I still stand today, and I am committed to proving 8 my integrity and ensuring that history will not remember me as 9 the villain of his story. Not only Despite being vilified by the press and I now know that every action I take 10 in the future has to be well thought out and with honorable 11 intention because I wish to leave no room for future mistakes 12 in my life. 13 And so I beseech your Honor to consider this path that 14 I am currently taking when sentencing me today. 15 apologize to my entire family for what my actions have put them 16 through. 17 the world outside. 18 will be my life's work to make it right, and to become the best 19 version of myself. 20 And I want to My family has suffered immeasurably in the home and I know I have let them all down, and it Most all, I want to apologize to the people of the 21 United States. 22 was unjust. 23 I'm sure you've committed to this matter and the consideration 24 that you have given to my future. 25 You deserve to know the truth and lying to you I want to thank you, your Honor, for all the time Again, I want to thank my family, my friends, many who SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 30 ICCQCOHs 1 are here today, who are with me, especially all the people who 2 wrote letters on my behalf. 3 the tens of thousands of strangers who despite not knowing me 4 at all, not knowing me personally have shown kindness and 5 empathy in writing letters to me and offering support and 6 prayer. 7 promise I will be better. And I thank you, your Honor, I am truly sorry, and I 8 THE COURT: 9 THE DEFENDANT: 10 In addition, I would like to thank THE COURT: You may be seated, Mr. Cohen. Thank you. The defendant, Michael Cohen, comes before 11 this Court, having pled guilty to five counts of income tax 12 evasion, one count of making false statements to a banking 13 institution, one count of causing an unlawful corporate 14 contribution, and one count of an excessive campaign 15 contribution in the 18 CR 602 criminal case, and one count of 16 making false statements to the U.S. Congress in 18 CR 850. 17 Each of these crimes is a serious offense against the United 18 States. 19 Now, I've reviewed the revised presentence 20 investigation report, and I adopt the findings of fact in that 21 report as my own. 22 filed under seal as part of the record in each of these cases. 23 I have also reviewed all of the memoranda submitted by counsel 24 for the parties and the letters submitted on Mr. Cohen's 25 behalf. I will cause the report to be docketed and SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 31 ICCQCOHs 1 I previously reviewed the guidelines with all of you. 2 Suffice it to say at this juncture that with respect to the 3 first case, the guidelines range is 51 to 63 months of 4 imprisonment, and the guideline range on the second case is 5 zero to six months of imprisonment. 6 Guidelines should be the starting point and the initial 7 benchmark. 8 9 Of course, the Sentencing Turning to the 3553(a) factors, the question for this Court is what is the appropriate and just sentence for these 10 crimes and this defendant. 11 veritable smorgasbord of fraudulent conduct: 12 evasion, making false statements to a financial institution, 13 illegal campaign contributions, and making false statements to 14 Congress. 15 appears to have been motivated by personal greed and ambition. 16 Mr. Cohen pled guilty to a Willful tax Each of the crimes involved deception and each His extensive criminal conduct also has broader public 17 consequences. 18 personal income taxes for the tax years 2012 through 2016. 19 willfully failed to report $4 million earned through various 20 streams of income from leasing taxi medallions to consulting 21 fees and brokerage commissions. 22 Holmes famously said, "Taxes are the price we pay for a 23 civilized society." 24 25 Mr. Cohen evaded more than $1.3 million in He As Justice Oliver Wendell Now, Mr. Cohen also made a series of false statements to financial institutions regarding his liabilities and monthly SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 32 ICCQCOHs 1 expenses so that he would be approved for a $500,000 home 2 equity line of credit. 3 Further, Mr. Cohen committed two campaign finance 4 crimes on the eve of the 2016 presidential election with the 5 intent to influence the outcome of that election. 6 facilitated payments to silence two women who threatened to go 7 public with details of purported extramarital affairs, and 8 Mr. Cohen admitted that he did so in coordination with and at 9 the direction of Individual One. 10 He made or Finally, in a separate criminal proceeding filed by 11 the Special Counsel's Office, Mr. Cohen admitted that he made 12 false statements about a proposed business project in Moscow to 13 congressional committees investigating possible interference by 14 the Russian government with the 2016 presidential election. 15 Each of these crimes standing alone warrant serious punishment. 16 The financial harms are readily ascertainable. 17 Mr. Cohen's tax evasion offenses cheated the federal government 18 out of $1,393,858. 19 $500,000 line of credit he did not deserve. 20 campaign finance crimes may be measured by the amount of 21 unlawful contributions: 22 he coordinated, and the $130,000 hush money payment that he 23 funneled from his home equity loan through a shell corporation. 24 25 His deception caused a bank to approve a And even his The $150,000 hush money payment that While this is his first conviction, the magnitude, breadth, and duration of his criminal conduct requires specific SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 33 ICCQCOHs 1 deterrence. 2 but unlike the mine-run tax evasion or campaign finance 3 violation, Mr. Cohen's crimes implicate a far more insidious 4 harm to our democratic institutions, especially in view of his 5 subsequent plea to making false statements to Congress. 6 the need for general deterrence is amplified in this case. 7 Tax and campaign finance prosecutions are rare, Thus, Now, Mr. Cohen had a comfortable childhood and enjoyed 8 all the privileges of growing up in a close-knit, upper class 9 suburb on Long Island. He and his siblings had loving parents 10 who worked hard to provide everything for their children. 11 graduated from law school and practiced law in various law 12 firms until the Trump organization hired him as an attorney in 13 2007. 14 revolved around the Trump organization. 15 access to wealthy and powerful people, and he became one 16 himself. 17 He Thereafter, his entire professional life apparently He thrived on his The letters submitted on his behalf reveal a man 18 dedicated to his family and generous with his time and money to 19 help people in his own orbit. 20 written to me describing how Mr. Cohen came to their aid 21 without seeking anything in return. 22 generosity is laudable. 23 appears to have lost his moral compass and sought instead to 24 monetize his new-found influence. 25 unfortunately, has led him to this courtroom today. A number of individuals have Of course, that kind of But somewhere along the way Mr. Cohen That trajectory, SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 34 ICCQCOHs 1 While Mr. Cohen does not have a formal cooperation 2 agreement with the United States Attorney's Office, he has 3 nevertheless met with prosecutors on a number of occasions. 4 The Special Counsel's Office notes that he has voluntarily 5 provided information "about his own conduct and that of others 6 on core topics under investigation" by the Special Counsel and 7 that the information he has provided has been "relevant and 8 useful."Further, the Special Counsel urges that any sentence 9 imposed in connection with 18 CR 850 should be concurrent to 10 any sentence imposed in the earlier case. 11 While the United States Attorney's Office acknowledges 12 that Mr. Cohen's assistance to the Special Counsel's Office was 13 "significant" and warrants a modest variance from the 14 guidelines range, they contend that it should not approach the 15 type of credit typically given to cooperating witnesses in this 16 district. 17 However, cooperation, even when it is not the product 18 of a formal agreement, should be encouraged where information 19 is provided that advances criminal investigations. 20 of justice would be less robust without the use of cooperating 21 witnesses to assist law enforcement. 22 Our system Based on the submissions of the parties, this Court 23 agrees that Mr. Cohen should receive some credit for providing 24 assistance to the Special Counsel's Office. 25 pledges to assist the Special Counsel's Office in further While Mr. Cohen SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 35 ICCQCOHs 1 investigations, that is not a matter that this Court can 2 consider now. 3 There is an acute need for the sentence here to 4 reflect the seriousness of the offenses and to promote respect 5 for the law. 6 Tax evasion undercuts the government's ability to provide 7 essential services on which we all depend. 8 banking institutions undermine the integrity of our financial 9 system. As a lawyer, Mr. Cohen should have known better. False statements to Campaign finance violations threaten the fairness of 10 elections, and false statements to Congress interfere with the 11 fact-finding process in matters of national importance. 12 While Mr. Cohen has taken steps to mitigate his 13 criminal conduct by pleading guilty and volunteering useful 14 information to prosecutors, that does not wipe the slate clean. 15 Mr. Cohen selected the information he disclosed to the 16 government. 17 assertion that no jail time is warranted. 18 firmly believes that a significant term of imprisonment is 19 fully justified in this highly publicized case to send a 20 message to those who contemplate avoiding their taxes, evading 21 campaign finance laws or lying to financial institutions or 22 Congress. 23 our citizenry in dealing with the government. 24 against that backdrop that I am prepared to sentence the 25 defendant. This Court cannot agree with the defendant's In fact, this Court Our democratic institutions depend on the honesty of And so it is SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 36 ICCQCOHs 1 Mr. Cohen I'd ask, sir, that you stand at this time. 2 Mr. Cohen, it's my judgment, sir, that on 18 CR 602 3 that you be sentenced to a term of 36 months of imprisonment to 4 be followed by three years of supervised release on each count 5 to be served concurrently with the sentence that I will impose 6 in a moment on 18 CR 850. 7 conditions of supervised release and the following special 8 condition: 9 access to any requested financial information. I'm imposing all of the standard That you provide the probation department with 10 Further, I'm going to enter an order of forfeiture in 11 this case in the amount of $500,000, and I'm going to enter an 12 order for restitution in the amount of $1,393,858. 13 going to impose a fine of $50,000, and the mandatory special 14 assessment of $800. I am also 15 Now, with respect to 18 CR 850, I sentence you to two 16 months of imprisonment to be served concurrently with the term 17 imposed in 18 CR 602 to be followed by three years of 18 supervised release, also to be served concurrently with the 19 term imposed in 18 CR 602, and with all of the standard 20 conditions of supervised release. 21 In this case with respect to 18 CR 850, I am also 22 going to impose a $50,000 fine in that case to recognize the 23 gravity of the harm of lying to Congress in matters of national 24 importance. 25 special assessment in that case of $100. And, once again, I will impose the mandatory SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 37 ICCQCOHs 1 2 Just to be clear, the sentence in the earlier case is concurrent on all counts in that information. 3 And so, Mr. Cohen, this constitutes the sentence of 4 this Court. I advise you that to the extent you have not 5 previously waived your right to appeal, you have the right to 6 appeal. 7 counsel, counsel will be provided to you free of cost. 8 Mr. Petrillo has done a superb job in navigating you through 9 this matter and bringing the sentencing submissions before the I advise you further that if you cannot afford 10 Court. I'm confident that he and Ms. Lester will advise you 11 further with respect to your appellate rights. 12 seated, sir. You may be 13 Are there any further applications at this time? 14 MR. ROOS: 15 THE COURT: 16 MS. RHEE: Not from the government, your Honor. Ms. Rhee. Your Honor, the Special Counsel's Office 17 would just like to confirm that there will be a separate 18 $50,000 fine. 19 THE COURT: 20 MS. RHEE: 21 THE COURT: Yes. Not to run concurrently. No, it's a separate fine. It's a separate 22 harm, and the guidelines in my view do not recognize the 23 gravity of the offense of making false statements to Congress. 24 MS. RHEE: 25 THE COURT: Thank you for the clarification. Mr. Petrillo. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 38 ICCQCOHs 1 MR. PETRILLO: Your Honor, if you would, would the 2 Court give consideration to voluntary surrender by the 3 defendant and consider recommending the designation of 4 Otisville as the place of imprisonment? 5 THE COURT: I will make that recommendation, and I 6 will allow for a voluntary surrender in this case. 7 surrender date are you seeking? 8 MR. PETRILLO: 9 10 11 What I don't have one particularly in mind, but from past experience it seems to take about 10 or 12 weeks for the BOP to -THE COURT: Right. Is March 6 all right? And if for 12 some reason you've not been notified of a designated 13 institution, just write a short note to me, and I will put the 14 surrender date over. 15 MR. PETRILLO: 16 THE COURT: 17 MR. PETRILLO: Very well. Go ahead. I have one other thing for the record 18 that doesn't require a ruling, but as you know, under United 19 States v. Ganais in the Second Circuit, it's incumbent upon the 20 defendant to demand his property back post a search procedure 21 as part of protecting his rights under the Fourth Amendment. 22 And so for the record, I'd like to make that demand and thus 23 have no confusion as to where that stands. 24 25 THE COURT: All right. I'm confident there will be further briefing with respect to that matter after this SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300 39 ICCQCOHs 1 proceeding is concluded, and I will await receipt of some 2 submission. 3 This matter is concluded. 4 (Adjourned) Have a good afternoon 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300