Jack,

First, I want to thank you — sincerely — for everything you’ve done for my son, Leon. You’ve been extraordinarily generous with your time and counsel, and I’ve never forgotten that. You’ve shown a lot of heart, and I deeply appreciate it.

On business: I recently received a U.S. fundraising proposal that I declined. The plan would have put an outside fundraiser in charge of leading a large U.S. buildout and capital raise, creating new fund entities for U.S. taxable and non-taxable investors, and having NLC advance all legal and setup costs while carrying a fixed $25,000 per month in overhead for offices, staff, and travel. It was far too heavy on fixed costs and not aligned with how I want to grow — lean, flexible, and focused on investment and revenue, not new SG&A.

Separately, I’ve read through the SEC and DOJ materials connected with your name. I understand those rulings look ominous — they clearly limit certain activities in the U.S. securities and advisory space.¹ But I also know you’ve tried to restart your career in legitimate capital formation, and I respect that effort. I like you personally and would genuinely like to help you — and, ideally, find a way for both of us to build something productive together.

If you’re interested, I’d like to explore what might be possible within those legal and regulatory boundaries. Perhaps that means focusing on unconventional or offshore capital-raising strategies, or other structures and exemptions that don’t cross the SEC lines. My intent would be to approach it with proper legal counsel and transparency, but to think creatively about how to operate where we’re permitted to — not where we’re restricted.

Let’s discuss it when you have time. I’d like to see if there’s a legitimate, constructive way to collaborate. Either way, I want you to know I think highly of you, and I’m grateful for what you’ve done for Leon and for me personally.

Sincerely,
Nicholas

Note
1) Public records reference the SEC’s 2020 enforcement action and settlement related to AML Bitcoin (Civil Action No. 20-cv-04190-RS) and the DOJ case in the Northern District of California (Case 3:20-cr-00260-RS). These include permanent associational bars under Section 15(b)(6) of the Exchange Act and related injunctions under Sections 5 & 17(a) of the Securities Act. I understand these restrict U.S. securities-related activities but may not preclude other lawful business roles.