Evidence Brief · BANK-5 · Series A ownership · Source-locked
AdFin: Two Southern Trust Wires, 1,428,571 Series A Shares
Southern Trust Company entered AdFin Solutions, Inc. in two 2013 Series A subsequent closings. The recovered chain joins bank execution, an executed stock-purchase agreement, purchaser schedules, and certificate tracking: roughly $625,000 of bank funding for 1,428,571 Series A Preferred shares.
Executive finding
This is a completed ownership chain, not a pitch or unsigned term sheet.
The evidence supports two funded Southern Trust closings into AdFin Solutions, Inc., a Delaware corporation. The executed purchaser schedule allocates Southern Trust 1,142,857 shares in April and 285,714 more in July. Bank records independently show the matching nominal $500,000 and $125,000 subscription payments.
Source provenance
Two funded bank legs plus the executed legal file
The bank receipts prove cash movement; the much larger SPA file supplies the executed ownership framework and purchaser schedules.
Southern Trust is the debit-account title; AdFin is the beneficiary; the payment detail identifies a Series A subscription.
This thumbnail is page 1 of the 122-page executed SPA document family. The purchaser schedules cited in the brief appear later in the linked file.
The one-page statement records the second nominal Series A payment to AdFin.
Receipt images are source/PDF viewer renders. Use the linked viewer for the controlling document and page navigation.
January 2013: the introduction precedes the investment
In EFTA00396676, David Mitchell asks when he can meet with Epstein “on ADFIN and the CEO.” The scheduling chain records Epstein approving a meeting date. The introduction comes after AdFin's December 2012 initial Series A closing and before Southern Trust appears in the April subsequent closing.
The timing supports a documentary introduction sequence. It does not establish that Mitchell exercised investment authority for Southern Trust.
April 10: $500,000 goes out; 1,142,857 shares appear on the schedule
The JPMorgan funds-transfer request at EFTA01579892 identifies Southern Trust Company, Inc. as the debit-account title, AdFin Solutions, Inc. as beneficiary, and $500,000 as the transfer amount. The payment detail reads “Subscription for Series A Preferred.”
The executed stock-purchase agreement at EFTA00289560 records Southern Trust in the April 10, 2013 Subsequent Closing for 1,142,857 Series A shares at an aggregate purchase price of $499,999.94.
That ownership entry is independently echoed by a Groff-to-Indyke file-tracking email at EFTA00392047, which describes the missing stock certificate for Southern Trust's April purchase of exactly 1,142,857 shares of Series A Preferred Stock.
July: a second $125,000 bank leg adds 285,714 shares
Southern Trust's June 29–July 31 JPMorgan statement at EFTA01500582 records a $125,000 Fedwire debit to AdFin Solutions with the reference “Subscription For Series A Preferred.”
The same executed SPA's July 23, 2013 Subsequent Closing lists Southern Trust for another 285,714 shares at $124,999.87.
The reconciliation: $625,000 at the bank, $624,999.81 on the legal schedule
The two bank legs total a nominal $625,000.00. The executed purchaser schedule totals $624,999.81. The 19-cent difference is consistent with the agreement's $0.4375 per-share pricing multiplied by integer share counts and the round-dollar wire instructions.
GAH therefore preserves both figures rather than silently forcing one to equal the other: bank cash transferred, $625,000; scheduled aggregate purchase price, $624,999.81.
What Southern Trust actually owned
Across the two executed closings, Southern Trust acquired 1,428,571 Series A Preferred shares. The closing schedule shows 7,940,935 Series A shares after the July closing, putting Southern Trust at roughly 18.0% of the Series A class on that schedule.
Run 9 estimated about 9% on a simple common-plus-Series-A denominator using 8 million founder common shares, but the full option/pool capitalization was not reconstructed. This brief therefore treats 18.0% of the Series A class as the cleaner document-bound percentage and does not assert a fully diluted company percentage.
Southern Trust was not in the December 2012 initial closing
The executed Exhibit A matters because it separates rounds. The December 28, 2012 Initial Closing lists Jonathan Leitersdorf and David Mitchell—not Southern Trust. Southern Trust enters only in the two later 2013 subsequent closings.
A later payment schedule also gave Southern Trust an option, not an obligation, to make an additional $225,280 investment. Run 9 found no matching Southern Trust bank execution for that option, so GAH does not count it as funded.
What the company was—and what the archive does not show
Run 9 identifies AdFin as an advertising-technology company built around sampling real-time ad-exchange bids and producing price/index information. The recovered AdFin material supports market observation and pricing/index functions.
The same review did not recover AdFin-owned demographic profiles, social graphs, campaign audiences, political-ad activity, or government/intelligence contracts. It also found no substantive Barak-archive crossover. Those negatives constrain the story: the documented fact here is a private Series A investment, not a political or intelligence architecture.
Claim / source / limit
| Claim | Source | Limit |
|---|---|---|
| Mitchell sought an AdFin/CEO meeting with Epstein before STC invested. | EFTA00396676 | Introduction does not prove investment authority. |
| Southern Trust sent a nominal $500K Series A subscription payment in April. | EFTA01579892 | Bank amount is six cents above scheduled legal purchase price. |
| April closing issued 1,142,857 shares to Southern Trust. | EFTA00289560; EFTA00392047 | Certificate image itself is not recovered in OCR; executed schedule proves allocation. |
| A second nominal $125K AdFin Series A bank leg posted in July. | EFTA01500582 | Bank statement date and legal closing date differ by eight days. |
| July closing added 285,714 shares. | EFTA00289560 | Executed schedule purchase price is $124,999.87. |
| Total Southern Trust Series A ownership was 1,428,571 shares. | EFTA00289560 | Does not by itself establish later exit value or eventual disposition. |
What this brief does not establish
- A funded Southern Trust investment in AdFin's December 2012 initial closing.
- Exercise of the later $225,280 optional investment.
- A documented profitable exit, redemption, or sale of Southern Trust's AdFin stake.
- Epstein as an AdFin director or unilateral control person.
- Political-ad, audience-targeting, intelligence, or government-contract activity by AdFin on the recovered record.
- A technical or data-sharing bridge from AdFin to Reporty/Carbyne or Barak-linked companies.
Why this one is BANK-5
The classification is simple: bank execution proves money moved; the executed SPA proves the security and share count; the certificate docket independently tracks the resulting stock certificate. That closes the chain from cash → legal instrument → ownership.
The machine-readable source list and reconciliation notes are published at source-manifest.json.
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