Deposition of Timothy P. Coffey — Blue Flame Medical LLC v. Chain Bridge Bank, N.A. (E.D. Va., Dkt. 132-63)
Summary
Case 1:20-cv-00658, Document 132-63, is Exhibit 63, an excerpt of the remote deposition of Timothy P. Coffey, taken by Zoom on Thursday, February 11, 2021, in Blue Flame Medical LLC v. Chain Bridge Bank, N.A. The witness testifies that a call to Chain Bridge Bank was transferred to David Evinger, who said "we're holding this wire right now", and that the intent of the call was to get Chain Bridge Bank to hold the funds. The witness says the directive was to call and ask for a recall of funds and that the reason behind that decision is not known to the witness. The witness agrees that Chain Bridge Bank returned the funds after being told JPMorgan would recall them and after a request for a Fed service message.
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“Deposition of Timothy P. Coffey — Blue Flame Medical LLC v. Chain Bridge Bank, N.A. (E.D. Va., Dkt. 132-63).”
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EXHIBIT 63
Timothy P. Coffey HIGHLY CONFIDENTIAL 2/11/2021
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1 IN THE UNITED STATES DISTRICT COURT
2 FOR THE EASTERN DISTRICT OF VIRGINIA
3 (Alexandria Division)
4 - - - - - - - - - - - - - - - X
5 BLUE FLAME MEDICAL LLC, :
6 Plaintiff, :
7 v. : Civil Action No.
8 CHAIN BRIDGE BANK, N.A., : 1:20-cv-00658
9 JOHN J. BROUGH and DAVID M. :
10 EVINGER, :
11 Defendants. : HIGHLY
12 _____________________________ : CONFIDENTIAL
13 CHAIN BRIDGE BANK, N.A., :
14 Third-Party Plaintiff, :
15 v. :
16 JPMORGAN CHASE BANK, N.A., :
17 Third-Party Defendant. :
18 - - - - - - - - - - - - - - - X
19 Remote Deposition
20 Thursday, February 11, 2021
21 Deposition via Zoom of TIMOTHY P. COFFEY,
22 a witness herein, called for examination by counsel
www.trustpoint.one 800.FOR.DEPO
www.aldersonreporting.com (800.367.3376)
Timothy P. Coffey HIGHLY CONFIDENTIAL 2/11/2021
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1 was that you spoke with who picked up the phone at
2 Chain Bridge Bank that there were concerns of fraud
3 with respect to the transaction?
4 A. Do I recall saying that; is that the
5 question?
6 Q. Yes.
7 A. Yes.
8 Q. And then was your call transferred to
9 somebody else at Chain Bridge Bank?
10 A. Very quickly, I was transferred to -- I
11 believe the name was David Everton. My understanding
12 was he was the president of the bank. But very
13 quickly I was transferred to him.
14 Q. I see. And would the name David Evinger
15 refresh your recollection at all?
16 A. Yes.
17 Q. Does that sound right?
18 A. Yes. Sorry.
19 Q. What did you discuss with -- excuse me.
20 What did you discuss with Mr. Evinger on that phone
21 call?
22 A. When I got to David Evinger, he was
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1 already well aware of this wire transfer. I had
2 advised him that I was calling from JPMorgan Chase,
3 there was some suspicion about the wire and, if I
4 recall, he very quickly said, oh, we -- we're holding
5 this wire right now. We have similar suspicions,
6 too. So he had already been engaged in holding on to
7 the funds at that time.
8 Q. Did you -- you shared with him that
9 JPMorgan viewed the transaction as suspicious?
10 A. Yes, I'm sure I did.
11 Q. Did you discuss with him any of the
12 reasons that led JPMorgan to be suspicious regarding
13 this wire transfer?
14 A. I did not.
15 Q. Do you recall what else you learned from
16 Mr. Evinger on the call?
17 A. What I recall was him clearly stating that
18 they had suspicion about the wire, they're holding
19 the wire. And that was really the intent of my phone
20 call is to get them to hold the funds.
21 Q. So your goal in calling Chain Bridge Bank
22 was to get them to hold the funds?
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1 A. Yes.
2 Q. Did you -- did you ask Mr. Evinger to hold
3 the funds?
4 A. I'm sure I asked him to -- if they could
5 either restrict or hold the funds. And at that point
6 I remember -- I recall him saying to me, we've
7 already held the funds. We had the same suspicions.
8 Q. Did you -- did you discuss with him
9 whether JPMorgan was conducting an investigation
10 regarding the Blue Flame transaction?
11 A. No. The intent of that first original
12 phone call was to get them to hold the funds.
13 Q. Did you discuss with him whether JPMorgan
14 would be reaching out to Chain Bridge Bank again
15 later in the day?
16 A. Yes.
17 Q. Do you recall what you told Mr. Evinger
18 about that?
19 A. I don't recall the exact words.
20 Q. Do you recall more generally what you
21 communicated to Mr. Evinger?
22 A. The intent of the phone call was get the
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1 MR. SCHOENFELD: Objection.
2 THE WITNESS: I would assume that that was
3 the reason for people being concerned and the red
4 flags involved, yes, that we were protecting all
5 parties involved.
6 BY MR. BURKE:
7 Q. Stepping back from the Blue Flame
8 transaction, but thinking more broadly about other
9 investigations of wire transactions you've been
10 involved in, is that generally JPMorgan's goal, when
11 it -- when you would be involved in an investigation
12 of a wire transaction that had been initiated by one
13 of your customers, would you be seeking to protect
14 the customer?
15 MR. SCHOENFELD: Objection.
16 THE WITNESS: Yes.
17 BY MR. BURKE:
18 Q. Mr. Coffey, do you hold a belief that
19 Chain Bridge would have returned the funds to
20 JPMorgan even if JPMorgan hadn't issued a recall
21 request for the funds?
22 A. Yes.
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1 Q. And can you tell me every fact you're
2 aware of that supports your belief that Chain Bridge
3 would have returned the funds even if JPMorgan hadn't
4 made the recall request?
5 MR. SCHOENFELD: Object to the form. You
6 can answer.
7 THE WITNESS: Based upon the word -- you
8 said -- belief is when I engaged Chain Bridge, they
9 were already holding the funds before I even got in
10 touch with them. So they had already started some
11 sort of internal investigation of some of the red
12 flags that they had saw.
13 My belief, again, is that Chain Bridge was
14 suspicious of the transaction, wanted to return it,
15 and when JPMorgan Chase, which is one of the bigger
16 banks that is out there, came in and said, hey, we're
17 a little suspicious, too, that was the icing on the
18 cake they needed to send the funds back.
19 BY MR. BURKE:
20 Q. But thinking back to the phone
21 conversations we discussed earlier today, didn't
22 Mr. Korpal share some of the reasons that JPMorgan
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1 had become suspicious of the transaction on the
2 second phone conversation that we discussed that you
3 had with the Chain Bridge personnel?
4 A. He did.
5 MR. SCHOENFELD: Objection. Just give me
6 a second. Objection.
7 BY MR. BURKE:
8 Q. But Chain Bridge didn't return the funds
9 immediately after that conversation with you and
10 Mr. Korpal, did they?
11 A. No.
12 Q. Chain Bridge didn't return the funds until
13 after you had called them and informed them that
14 JPMorgan would be recalling the funds, right?
15 MR. SCHOENFELD: Objection.
16 THE WITNESS: My -- my directive was to
17 call them and ask for a recall of funds, which is
18 what I did. What drove that decision in the
19 background, I'm not privy to that.
20 Again, could have been conversations
21 Rakesh had with state of California or conversations
22 he had with David directly, but I can't speak on
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1 behalf of that.
2 BY MR. BURKE:
3 Q. I understand that perspective, but I don't
4 think that was really my question. I think my
5 question was simpler than that.
6 Just in terms of timing, Chain Bridge
7 didn't return the funds back to JPMorgan until after
8 you called them and told them that you would be
9 recalling the funds; is that correct?
10 A. Correct. Their request to send a Fed
11 service message is what drove the return of funds,
12 correct.
13 Q. Well, on that conversation we were
14 speaking about a little bit ago when you called the
15 Chain Bridge personnel and informed them that
16 JPMorgan would be recalling the funds, it was after
17 you informed them that JPMorgan would be recalling
18 the funds that you then discussed whether Chain
19 Bridge would want a service message, right?
20 A. That is correct.
21 Q. And Chain Bridge didn't return the funds
22 until after they had received the service message
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