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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

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UNITED STATES DISTRICT COURT

WESTERN DISTRICT OF TEXAS

AUSTIN DIVISION

SECURITIES AND EXCHANGE ) Docket No. A 20-CA-273 RP

COMMISSION )

)

vs. ) Austin, Texas

)

META 1 COIN TRUST, ROBERT )

P. DUNLAP, INDIVIDUALLY )

AND D/B/A CLEAR )

INTERNATIONAL TRUST, )

NICOLE BOWDLER, AND )

DAVID A. SCHMIDT ) July 22, 2020

TRANSCRIPT OF VIDEOCONFERENCE SHOW CAUSE HEARING

BEFORE THE HONORABLE ROBERT L. PITMAN

APPEARANCES:

For the Plaintiff: Mr. James E. Etri

Ms. Jennifer D. Reece

Securities & Exchange Commission

801 Cherry Street, 19th Floor

Fort Worth, Texas 76102

For the Defendant: Mr. David A. Schmidt

Pro Se

2519 North Ocean Boulevard,

Suite 413

Boca Raton, Florida 33432

Court Reporter: Ms. Lily Iva Reznik, CRR, RMR

501 West 5th Street, Suite 4153

Austin, Texas 78701

(512)391-8792

Proceedings reported by computerized stenography,

transcript produced by computer-aided transcription.

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

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THE COURT: If the clerk will call the case and

if you could make announcements for the record, please.

THE CLERK: A-20-CV-273, Securities And Exchange

Commission vs. Meta 1 Coin Trust, and others, for show

cause hearing.

MS. REECE: Good afternoon, your Honor.

This is Jennifer Reese appearing for the

plaintiff. And I believe Jim Etri is also on the line.

THE COURT: Mr. Etri, are you on the line? I

think you're muted.

MR. ETRI: Yes. I'm online.

THE COURT: Okay. Thank you very much.

And, Mr. Schmidt, are you there online?

MR. SCHMIDT: Yes, I'm here.

THE COURT: All right. Good afternoon, Mr.

Schmidt, and thank you for joining us today.

So let me start off by saying that I regret that

it took what it did to get your attention and to get you

to appear. I don't know that I need to give you a full

recap. Obviously you have not been responsive to the

orders of the Court for several months now, and in the

absence of any appearance, you were found in contempt by

this court.

So, I mean, if it's not apparent by now, if you

believe that the Court doesn't have jurisdiction or that

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

3

you have some sort of immunity, which you have suggested

at some point, the way to bring that to my attention and

to have me consider that is to respond to the orders of

the Court, because that's the only way I have to see

whether or not the things you're saying have merit; and

when you don't appear and you don't respond to the orders

of the Court, then the only recourse I have is the one I

took.

Regrettably, the timing was about the worst it

could have been because my intention was and the intention

of a contempt -- a civil contempt finding is to hold

someone in contempt until such time as they do comply with

the Court's order so they -- the intention was that you

would be brought to Austin to appear before me so that we

could sort that out. It was terrible timing because of

the coronavirus and you were in the wrong place at the

wrong time and I kept asking where you were and the

marshals kept telling me that they were -- it was

impossible to transport you.

And so, finally, on my own, I said, you know

what, enough is enough, let's get him out of there and

give him an opportunity to make this right. And so,

that's kind of where we are now.

Let me ask the SEC to give me an update on sort

of where -- what their perspective is about whether or not

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

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you have appropriately responded to the orders of the

Court so that I have the best up-to-date knowledge.

Ms. Reece, would you like to give me an update?

MS. REECE: Yes, sir.

There has been no response whatsoever. He was

released from custody on Monday, I believe, and the very

next day, he was back on YouTube posting a video about his

arrest and his future plans for more workshops and making

a number of misrepresentations, including, you know, that

he never scammed anyone, he never received a dime from

anyone, which is demonstrably false. He was, you know,

promising to reschedule these investor workshops as soon

as the coronavirus made it possible to do so and generally

kind of lulling investors into this sense of security that

everything's fine, don't worry about it, I'm released.

Misrepresented the nature of his arrest or that

he was arrested because he didn't appear for a court

hearing, which, of course, was not true. Did exacerbate

matters but, of course, the contempt was based on a lot

more than that. He has never filed an accounting. He's

never gotten in touch with me about anything to ask for

more time or for anything like that. And so, that's kind

of his story and at the same time, as far as the scheme is

concerned, the Meta 1 website is still up and running.

Since the initial TRO, the Court's initial order

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

5

in March, they have posted almost daily, as we told the

Court earlier, that's continued. There's been over 100

YouTube videos up and they're still up, accessible

worldwide. Meta 1 continues to communicate to investors

in newsletters -- regular e-mail newsletters. Notably in

July, there were a couple of newsletters that went out

about Mr. Schmidt's arrest saying that he had been

illegally detained and falsely stating that the, you know,

Meta 1 legal team was all over it and that they were

working on his release, which was imminent.

Of course, we've heard not one thing from a

single lawyer on this, let alone any kind of legal team.

And kind of portraying Mr. Schmidt as like a, quote,

freedom fighter. This was a direct quote from the

newsletter that went out to investors saying that, you

know, he's been illegally detained and that history has

shown that freedom fighters have been imprisoned by those

that opposed anyone standing up for rights or justice, et

cetera.

On July 14th, there was another newsletter that

went out to investors with continuing lulling statements

about how this deployment was going and indicating that

there's no issues and whatnot, saying things like the Meta

1 coins are minted and in a vault. Again, we're talking

about a crypto currency so I don't even understand what

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

6

that means.

And then, in terms of the asset freeze kind of in

addition to other contemptuous acts, we know they're

taking in money from investors. I hear from investors all

the time. They're taking in money, they're soliciting

money and I know they're spending money to live because

they've got -- at a minimum, they get groceries and

nobody's ever come to me asking for any relief from the

Court's asset freeze.

So I don't know -- of course, since we've had no

communication from the defendants, I can't -- I'm not in a

position to say where they're getting the money or where

they're depositing investor money. But that's one of the

main things, your Honor, that's so -- that's such a

problem is because we need someone to tell us where

investor money is being held so that we can continue to

try to marshal those assets and get them back to

investors.

THE COURT: Thank you.

Mr. Schmidt, would you like to respond to that?

MR. SCHMIDT: Yes, I would.

Your Honor, my understanding is that I am here

based on your order and also, the day after I was arrested

from the order that came from Magistrate William Matthew

that I'm here to answer two questions. And first of all,

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

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I want to make it clear, I am not Meta 1. I am David

Schmidt, Dave Schmidt and I have absolutely nothing,

nothing to do with Meta 1's finances, administration, and

all of those things.

The only thing I have ever done is promoted and

talked about Meta 1 because I believe in what they do. I

want to be very clear, Ms. Reece. I have never received a

dime from Meta 1. Never. I have not taken in any

financial compensation. They have never paid me any

money. I've never received any money. I have only talked

about Meta 1.

And, your Honor, if I may address the two

questions I was asked to address, I'm required to -- I'm

reading right from, you know, your statement. I am

required to provide a sworn accounting of investor funds.

I can't. I don't know how many clients Meta 1 has. I

don't know how much money they have. I don't know what

banks they are using. I don't know the names of the

banks. I don't know the bank account numbers. I have

never had any access whatsoever to Meta 1's finances. I

have no financial contracts with them. I have no legal

contracts with them and I have never been involved in

their administration.

So I can't answer that question when I've never

had access to their finances. What -- I made some

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

8

misjudgments in the past. I'm willing to admit that. But

I wanted to be here separate than Mr. Dunlap and Meta 1.

What he does is his business. That is not me. That is

not mine because I am not Meta 1.

The second question is that I was to basically

cease marketing, selling Meta 1 coin, discontinuing Meta

1's operations, stop creating marketing videos, and stop

e-mailing the putative investors. I can't stop anything

I've never done. What I do -- my newsletters, you could

see my name on the back of the Cosmic Connections, I have

almost 16,000 people on my e-mail list. I have between 6

and 8,000 people who read my newsletters that I put out

each week. When I did the one last night, that is to my

list, not Meta 1's list. I have nothing to do with -- let

me address each one of those if I can go back.

I have never, ever sold a Meta 1 coin. Never. I

have never been marketing. Now, marketing to me is when

you are making statements with an intention to receive a

financial remuneration. I have promoted Meta 1. I talked

about Meta 1. I've had Mr. Dunlap on my radio programs.

I've had about 200 versions of my program and I basically

have had him on as a guest about four or five times. And

I've had him in my workshops that I do but my workshops

are not about Meta 1. It's entirely different stuff.

Meta 1 is only a part of what I do. I can't -- I don't

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

9

sell Meta 1 coins. I'm supposed to discontinue Meta 1's

operations. I've never been involved with Meta 1's

operations. I don't know who their staff is that does

those operations.

Stop creating marketing videos. I don't know who

their staff is that puts those videos together. Their

videos are their videos, not my videos. And I'm to stop

e-mailing their putative investors. My e-mail list is my

list. Meta 1's list is their list. We have never

combined the lists. Now, there are some people from my

list that are part of Meta 1, but that is their individual

choice.

People choose to make their choices of what they

want to do because I said I believed in what they do. The

legal issues are something that's different. But so when

I'm here, I'm being thrown in with Meta 1 when I have

nothing to do with Meta 1 other than talking about them.

I think that's pretty much my statement, your Honor.

THE COURT: Okay. Well, let me suggest to begin

with, assuming all or any of that is true, you were in a

perfect position to tell me all of that several months ago

when you were asked those questions and given a full

opportunity to say everything you've just said. You

didn't and you never contested the things that they were

saying. You never gave me your side of the story, which

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

10

I'm eager to hear.

Look, I don't look for ways to put people in

custody. I'm trying to think, I think you're the first

person in my career that I have ever put into custody on a

civil contempt charge. It's very unusual and it's not

something I wanted to do. But at some point, because you

simply were stonewalling me and not responding, that's all

I could do.

So I'll give you the full opportunity to make

those representations in a -- in the context of this

lawsuit and what I mean by that is, you are a properly

served and named defendant of a lawsuit that is pending in

my court and when that happens, you have certain

responsibilities. I would advise you, of course, to get

legal counsel and that's always best to have someone

looking out for your interests and to -- if there are

deficiencies in jurisdiction or if there are immunity

issues or anything else that you suggest, those are things

that you or someone on your behalf need to bring to my

attention so that I can properly consider those and

believe me, I will. That's my job.

MR. SCHMIDT: If I may.

THE COURT: Let me just finish and then, I'll

give you an opportunity. What I would suggest is that,

you know, now that you're communicating and now that you

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

11

seem to be engaged in the process, I would encourage you

to get legal counsel so that they can tell you sort of the

best way to bring those things to my attention so that if

all or some of that that you just told me is true and that

you, in fact, are not in violation of the Court's order,

then you need to get that in front of me in an appropriate

fashion. You need to be participating in this litigation

and I will give you the heads up. Part of what will

happen is that the SEC will have the opportunity to engage

in discovery and that is to ask questions, either written

or verbal questions, to get into some of those issues.

And I haven't prejudged any evidence and if you

in a proper format within the context of this litigation

get all of that in front of me and I find that you have

not violated these court's order or that I shouldn't have

awarded those in the first place, I'm all ears. But

you've gotta engage and that's what you're doing today and

I appreciate that.

But I will tell you this, too. You've gotta

engage and if you don't, you got your chance and I have to

tell you, nobody asked me to let you out. You know,

nobody's contacted me on your behalf, no legal counsel or

anyone else. It's just I got to inquiring and I thought,

you know what, it's not right that this guy has not been

given the opportunity to get to Austin to appear in front

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

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of me. And so, I hope you take that as a gesture that I

am -- I feel strongly about your ability to be able to do

and say the things you just did.

But you've gotta do it in the context of this

litigation and I hope you've gotten a taste of what will

happen if you don't. Because what I don't want and what I

don't think anybody wants is for you to end up back where

you were. Now, this is not a time for that. And this is

not a good time at all -- there's never a good time to be

in custody but especially now and especially in Florida.

So I don't want to go back to that place. I

don't want to get into that situation. So really, what I

would encourage you to do is to get legal counsel, step

back and say, what should I have done in the beginning in

the context of this lawsuit to properly respond to

properly get these things in front of the judge so that

the judge will be able to consider the things that I need

him to consider.

Do you understand?

MR. SCHMIDT: I do. I think my past actions,

looking back, it was an obvious oversight and mistake on

my part. I was letting Mr. Pitman take the lead and I've

said I'm not doing that anymore.

THE COURT: Mr. Who?

MR. SCHMIDT: Mr. Pitman of Meta 1. Robert

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

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Pitman of Meta 1.

THE COURT: No. I'm Robert Pitman.

MR. SCHMIDT: Excuse me, I mean Robert Dunlap.

THE COURT: Please don't get us confused.

MR. SCHMIDT: I'm sorry. My mistake. I was

allowing him to take the lead because he was the primary

person that was involved and I began to realize, wait a

minute, this isn't working, I need to totally separate

myself from him. I need to take care of myself. And so,

I am here to be a part of the process. I'm here to work

with the process and I'm here, you know, to answer the

questions that are there and I'll do the best that I can.

But I do want to reiterate, I am not Meta 1. I

have nothing to do with Meta 1 on a legal, financial, or

administrative issues whatsoever. All I've done is talked

about them on my programs and I've had Mr. Dunlap on as a

guest on my programs and in workshops and that's it. I

have -- I don't know their finances and I don't know the

legal structure and I don't know their administration's

structure.

THE COURT: Okay. And I'll take that at face

value at this point, but let me just tell ya that there is

a -- an order in effect that orders you not to market or

attempt to sell. And by market, I don't interpret market,

just for your information, the same way you do. I don't

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14:26:41

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

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care whether you're being paid or not. If you do anything

that I consider to be marketing the Meta 1 coin or make

any false or misleading statements, whether you're being

paid for it or not, whether you're a principal in Meta 1

or not, I will consider that to be a violation of the

order that was entered in this case.

(Proceedings concluded.)

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LILY I. REZNIK, OFFICIAL COURT REPORTER

U.S. DISTRICT COURT, WESTERN DISTRICT OF TEXAS (AUSTIN)

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* * * * * *

UNITED STATES DISTRICT COURT )

WESTERN DISTRICT OF TEXAS )

I, LILY I. REZNIK, Certified Realtime Reporter,

Registered Merit Reporter, in my capacity as Official

Court Reporter of the United States District Court,

Western District of Texas, do certify that the foregoing

is a correct transcript from the record of proceedings in

the above-entitled matter.

I certify that the transcript fees and format comply

with those prescribed by the Court and Judicial Conference

of the United States.

WITNESS MY OFFICIAL HAND this the 15th day of October,

2023.

~~~~~~~~~~~~~~~~~~~~~~~

LILY I . REZNIK, CRR, RMR

Official Court Reporter

United States District Court

Austin Division

501 West 5 t h Street ,

Suite 4153

Austin , Texas 78701

( 512 ) 391 - 8792

SOT Certification N o . 4481

Expires : 1 - 3 1 - 2 5

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