Pages 2501-3151 contain THREE categories of financial records for Richard C. Litman:
Pages 2598-2606 document regular bi-weekly ACH transfers from Fidelity account 645375268 to this brokerage account throughout 2022:
| Date | Amount | Reference |
|---|---|---|
| 1/05/2022 | $2,500.00 | AFBT |
| 1/20/2022 | $1,408.75 | B69M |
| 1/26/2022 | $1,091.25 | BGJU |
| 2/04/2022 | $2,500.00 | CCF9 |
| 2/18/2022 | $2,500.00 | CXGR |
| 3/04/2022 | $2,500.00 | E1LX |
| 3/18/2022 | $2,500.00 | EOC2 |
| 4/05/2022 | $2,500.00 | G035 |
| 4/20/2022 | $2,500.00 | GVLI |
| 5/05/2022 | $2,500.00 | I42L |
| 5/20/2022 | $2,500.00 | IRRI |
| 6/03/2022 | $2,500.00 | JWQH |
| 6/17/2022 | $2,500.00 | KLTX |
| 7/05/2022 | $2,500.00 | LVHO |
| 7/20/2022 | $2,500.00 | MN65 |
| 8/05/2022 | $2,500.00 | NY0K |
| 8/19/2022 | $2,500.00 | OLKL |
| 9/02/2022 | $1,527.26 | PR87 |
| 9/08/2022 | $972.74 | -- |
| 9/20/2022 | $2,500.00 | QM7L |
Pattern: ~$2,500 every 2 weeks = ~$5,000/month outflow from Fidelity 645375268 for personal living expenses in 2022. This is the SAME Fidelity account documented in Finding #104 (where NGM sent W-2 advance payments). The Fidelity account served as a pass-through: NGM deposits arrived as periodic lump sums, and Litman drew down ~$5,000/month for personal expenses via ACH to his BoA brokerage.
Total Fidelity ACH in 2022 (visible on these pages): ~$45,000 (Jan-Sep partial, roughly $5K/month)
Page 2612 (Bates ~RL_009426): - 8/24: Transfer of 3,982 shares of FREEDOM BANK OF VA stock into this account (from account 72773447-1, Richard C. Litman). Value listed as $0.00 (likely a cost-basis transfer, not a sale). - 8/24: Transfer of 100 shares of GREATER ATLANTIC FINL CORP stock - 8/24: Transfer of 10 shares of GREATR ATLANTIC CAP TR I 6.50% PFD CONVERTIBLE - 8/27: Journal entry of $377,733.35 from account 54818333 (Litman Richard C)
SIGNIFICANCE: This independently confirms Litman's deep personal financial ties to Freedom Bank of Virginia. He held 3,982 shares of Freedom Bank stock -- consistent with his role as Chairman of the Executive Loan Committee (Finding #105). Greater Atlantic Financial Corp and Greater Atlantic Capital Trust are related entities (Greater Atlantic Financial Corp was a bank holding company). The $377,733.35 journal entry appears to be a consolidation of accounts.
THIS IS LITMAN'S PERSONAL FREEDOM BANK CHECKING ACCOUNT -- NOT the NGM trust accounts (220001028 / 220001002). The account number is redacted on statements but this is clearly personal (pays Litman's mortgage, car payments, utilities, insurance, Amex, IRS taxes).
| Statement Ending | Approximate Balance |
|---|---|
| 10/15/2018 | $10,905.89 |
| 11/15/2018 | $22,835.50 |
| 12/14/2018 | $42,728.15 |
| Statement Ending | Approximate Balance |
|---|---|
| 01/15/2019 | $8,211.93 |
| 02/15/2019 | $1,455.30 |
| 03/15/2019 | $35.90 |
| 04/15/2019 | $200,744.65 |
| 05/15/2019 | $169,777.47 |
| 06/14/2019 | $164,969.06 |
| 09/13/2019 | $54,982.75 |
| 11/15/2019 | $31,700.03 |
| Statement Ending | Approximate Balance |
|---|---|
| 01/15/2020 | $8,322.64 |
| 02/14/2020 | $55,014.59 |
| 03/13/2020 | $23,308.45 |
| 04/15/2020 | $14,319.66 |
| 05/15/2020 | $14,436.25 |
| 06/15/2020 | $31,270.63 |
| 07/15/2020 | $38,325.05 |
| 08/14/2020 | $65,044.19 |
| 09/15/2020 | $74,681.48 |
| 10/15/2020 | $82,471.96 |
| 11/13/2020 | (balance data truncated) |
| 12/15/2020 | $16,855.45 |
| Statement Ending | Approximate Balance |
|---|---|
| 01/15/2021 | (blank page only) |
| 02/12/2021 | (blank page only) |
| 03/15/2021 | $11,170.92 |
| 04/15/2021 | $10,301.91 |
| 06/15/2021 | $3,563.89 |
| 09/15/2021 | $2,368.31 |
| 10/15/2021 | $1,986.45 |
| 11/15/2021 | $1,594.96 |
| 12/15/2021 | $956.50 |
The Freedom Bank personal account shows a dramatic financial decline: - Peak: ~$200,744 (April 2019) -- just after a massive deposit cycle - Post-SOL cutoff (June 2020): $31,270 -- still substantial - Late 2020: Rose to $82,471 (Oct 2020) - 2021 steady decline: From ~$11K (March) to $956.50 (December 2021) - By December 2021, the account was nearly empty.
This pattern correlates with the timeline of NGM withholding Litman's share. The account that once held $200K was drained to under $1,000 by end of 2021.
| Date | Amount | Description |
|---|---|---|
| 02/15/2019 | $6,975.12 | AMEX EPAYMENT |
| 03/15/2019 | $9,848.72 | AMEX EPAYMENT |
| 04/15/2019 | $10,125.19 | AMEX EPAYMENT |
| 04/16/2020 | $10,000.00 | AMEX EPAYMENT |
| 05/05/2020 | $11,912.19 | AMEX EPAYMENT |
| 09/15/2020 | $10,841.96 | AMEX EPAYMENT |
Total monthly personal obligations: ~$18,000-$20,000/month
| Check # | Date | Amount | Notes |
|---|---|---|---|
| 2545 | 12/17/2018 | $4,668.00 | Large single check |
| 4376 | 10/26/2018 | $3,596.00 | |
| 5002 | 06/11/2020 | $10,000.00 | Large check right around SOL cutoff |
| 5053 | 03/23/2020 | $5,930.00 | |
| 9067 | 09/11/2019 | $3,461.32 | |
| 9076 | 04/23/2020 | $1,200.00 | |
| 9080 | 05/21/2020 | $1,697.62 |
Check number series: Multiple active check series (2xxx, 4xxx, 5xxx, 9xxx) suggest multiple checkbooks / possibly different accounts consolidated into one statement set.
The Freedom Bank personal checking account tells a story of financial strangulation:
Pre-SOL (2018-2019): Account maintained $5K-$200K balances. Litman could pay $380K to the IRS in one shot. Monthly obligations of ~$18-20K were easily met.
SOL Cutoff Period (June 2020): Balance at $31,270. Still meeting obligations but the cushion was shrinking.
Post-SOL (July-Oct 2020): Balance ROSE to $82,471 -- possibly receiving payments from NGM during this period.
2021 Decline: Balance fell continuously from ~$11K to $956.50 by December 2021. This coincides with the period when the 20% formula was supposedly being applied but Litman's personal account was being drained.
By December 2021, Litman had less than $1,000 in his Freedom Bank personal account -- while NGM was collecting millions in fees under his name.
The Fidelity account 645375268 was already active in January 2022 with regular ~$2,500 bi-weekly ACH outflows to Litman's BoA brokerage account. Finding #104 documents NGM deposits into this account from April 2024 through May 2025. This establishes the Fidelity account was Litman's primary personal finance conduit for at least 3+ years -- the payment cutoff in June 2025 severed a well-established financial lifeline.
Litman held 3,982 shares of Freedom Bank of VA stock in his Wells Fargo investment account (transferred 8/24, year unclear from annual statement but appears to be pre-2018 based on context). This independently confirms his deep financial ties to Freedom Bank beyond the board director role -- he was a significant shareholder. The shares of "Greater Atlantic Financial Corp" and "Greater Atlantic Capital Trust" suggest involvement in a related banking entity.
The $380,000 IRS tax payment on April 12, 2019 proves Litman was generating substantial income (estimated $800K-$1M+ gross) in 2018 while still practicing law. His disability claim beginning in June 2020 coincided with the drastic reduction in personal account balances, not with a gradual decline.
The last Freedom Bank personal statement is dated 12/15/2021 with a balance of $956.50. No statements after December 2021 appear in the arbitration discovery production. This raises the question of whether the account was closed or simply not produced post-2021. Given the $956.50 balance, the account may have been effectively abandoned by Litman.
Note: These are Litman's PERSONAL Freedom Bank checking statements -- the NGM trust accounts at Freedom Bank (220001028 and 220001002) are separate accounts and do NOT appear in this Bates range. The NGM trust account activity documented elsewhere (Finding #99: $24,495.15 balance, closed 7/28/2025) involves different Freedom Bank accounts.
Litman's documented monthly personal obligations were approximately $18,000-$20,000/month. When his Freedom Bank account declined from ~$82K (Oct 2020) to $956 (Dec 2021) -- a drawdown of ~$81K over 14 months (~$5,800/month net decline) -- it means he was supplementing from other sources but still slowly drowning. The NGM 20% payments were supposed to sustain this lifestyle but were being withheld or diverted.
None of the Freedom Bank personal checking statements contain direct references to "Nath," "NGM," "Goldberg," or identifiable NGM wire transfers. Payments from NGM apparently went to other accounts (Fidelity 645375268, or other bank accounts not in this production range). This is consistent with the theory that NGM payments were routed through a separate channel and the personal checking account was funded by Litman's own draws from those sources.
| # | Institution | Account Holder(s) | Type | Notes |
|---|---|---|---|---|
| 1 | Bank of America / Merrill Lynch | Victoria Grace Litman & Richard C Litman JT WROS | Brokerage + Cash Mgmt | Card 0314, Personal spending |
| 2 | Wells Fargo Advisors | Richard C Litman | Brokerage | FA: John J. Sciuto, Alexandria VA. Holdings: Freedom Bank stock, mutual funds. $392K total |
| 3 | Wells Fargo Advisors | Richard C Litman & Cheryl Litman JT WROS | Brokerage | $107K total (2017) |
| 4 | Bank of America / Merrill Lynch | Daniel Grant Litman & Richard C Litman JT WROS | Brokerage + Cash Mgmt | Card 7540, Daniel's personal spending (LA) |
| 5 | Freedom Bank of Virginia | Richard C Litman | Personal Checking ("Freedom Ba$ic") | 32 statements, Oct 2018 - Dec 2021 |
| 6 | Freedom Bank of Virginia | (personal loan) | Installment Loan #4980 | $7,641.07/month, paid off June 2020 |
| 7 | Fidelity Investments | Richard C Litman | Brokerage 645375268 | ACH source for personal spending (~$5K/month) |
Analysis covers PDF pages 2501-3151 (end of document). Prior pages (1-2500) analyzed in Parts 1-6.