Opinion ID: 3171512
Heading Depth: 3
Heading Rank: 1

Heading: Bravata

Text: Bravata urges us to vacate his conspiracy conviction due to the lack of proof on the agreement element. The government elicited testimony that “three people independently may or may not [have] given misrepresentations,” but it offered no proof of an agreement. In fact, the jury heard ample testimony that Bravata agreed with Trabulsy to lie to investors. Together, they sold a BBC Equities investment to Boerkoel, misrepresenting the safety of principal and the source of the guaranteed interest payments. Trabulsy heard Bravata falsely assure other investors of the safety of their principal. Although they knew that the “company would collapse” without new investor funds, they continued jointly executing BBC Equities’ business plan, engaging in “weekly conversations . . . about the need for new investor funds because of the lack of money available to cover expenses.” Trabulsy told Bravata that they needed new investor money to keep the doors open, and Bravata responded, “I better go get some.” Knowing their representations were false, Bravata and Trabulsy even co-signed a September 2008 letter reassuring investors that the company’s “portfolio position is strong” and encouraging investors to tell their friends and family “to take money out of the market and park it in an account” with BBC Equities. They agreed that “PPMs were not a good thing for investors to read due to the language that disclosed the ability for loss of principal, risk of investment.” And, in - 14 - Case Nos. 13-2380, 13-2381, 13-2591, 15-1370, United States v. Bravata furtherance of their scheme, Bravata attempted to conceal the PPMs from investors, telling sales representatives to “sidetrack” requests for PPMs. The jury reasonably could infer that Trabulsy and Bravata together founded, operated, and advertised BBC Equities to defraud investors.