# Stuart Garawitz Vice President, National Sales, Development Corporation for Israel. Email [email protected], phone 212.446.5862. Author of the cover message under which the "State of Israel Economic Summary" PowerPoint was distributed in February 2025. The 2/11/2025 distribution was sent through Tyler Lee at DCI to "Undisclosed recipients" and was subsequently re-forwarded by Ethan Behling on 2/13/2025. Garawitz's message frames the document as evidence that Israel's economy "remained resilient" despite the war and that "its financial outlook reflects optimism, perseverance, and promise in 2025." It quotes Israel Accountant General Yali Rothenberg from the 1/15/2025 briefing: "2025 is predicted to be the rebound year from the war." The substantive marketing language in the message is: "Now more than ever, an investment in Israel bonds is greater than just a smart financial decision; it is a commitment to strengthening and securing the future of Israel's economy and resilience and building tomorrow, together." The closing solicits investment via israelbonds.com, the 888.764.2631 number, or the [email protected] address. The attached PowerPoint, titled "State of Israel: Economic Overview" and dated February 2025, runs seven content pages with charts on debt-to-GDP development 2009 through 2024, current account surplus, GDP growth versus OECD peers, the Tel Aviv Stock Exchange's 27.2 percent 2024 rise versus the S&P 500's 23 percent, high-tech capital raising of $9.6 billion across 453 deals, and the assertion that "Israel Bonds has raised more than $4 billion globally since the war started on Oct. 7." It uses two Rothenberg quotes and closes with "BUILDING TOMORROW, TOGETHER." Garawitz's institutional role positions him above Behling in the DCI sales hierarchy and provides the substantive marketing content rather than the calendar reminders. The Milligan custodian production captured a second Garawitz-authored email not in the ATRS staff batch: a 2/18/2025 personally-addressed message to Dennis Milligan transmitting the same Economic Summary PowerPoint, with cc to Stuart Garawitz himself and to Ana Torres. The body adapts the broadcast template with personal salutation and closing: "Dear Dennis... Thank you again for all your support and I look forward to speaking with you soon." This documents an ongoing personal sales relationship between Garawitz and Milligan distinct from the broadcast-distribution version sent through Behling on 2/13/2025. The cc to Ana Torres implies an internal DCI account-management structure around the Milligan relationship. The Spadoni production confirms Garawitz's structural role at DCI. The internal rate sheet email from Luis Jimenez on 4/15/2025 names Garawitz as one of three required institutional-sales reviewers ("Keep in mind that all sales should be reviewed by Larry, Stuart or myself"). The three reviewers per Jimenez are Berman (National Managing Director), Garawitz (Vice President, National Sales), and Jimenez himself (Associate Director, National Sales). ## Evidence > "Stuart Garawitz, Vice President, National Sales, E [email protected], P 212.446.5862" > Garawitz email signature distributed by Tyler Lee, Emails2.pdf p.17, 2/11/2025 > "Now more than ever, an investment in Israel bonds is greater than just a smart financial decision; it is a commitment to strengthening and securing the future of Israel's economy and resilience and building tomorrow, together." > Garawitz cover message, Emails2.pdf p.17, 2/11/2025 > "At our exclusive economic briefing in January that many of you attended, Accountant General of Israel's Ministry of Finance Yali Rothenberg noted, '2025 is predicted to be the rebound year from the war. You can see that things have turned in favor of Israel as reflected in the markets.'" > Garawitz cover message, Emails2.pdf p.17, 2/11/2025 > "Israel Bonds has raised more than $4 billion globally since the war started on Oct. 7, reflecting strong investor confidence in Israel" > State of Israel Economic Summary PowerPoint, Emails2.pdf p.25, February 2025 > "Dear Dennis, Last year was a challenging one for Israel, but despite all challenges, the Jewish State rose to the occasion... Thank you again for all your support and I look forward to speaking with you soon." > Stuart Garawitz to Dennis Milligan, Israel Bonds State of Israel Economic Summary - 18 feb 25.pdf p.1, 2/18/2025 > "From: Stuart Garawitz / To: Dennis Milligan / CC: Stuart Garawitz, Ana Torres" > Israel Bonds State of Israel Economic Summary - 18 feb 25.pdf p.1, 2/18/2025 ## Cross-References [[ethan-behling]] DCI sales contact who redistributed Garawitz's broadcast message on 2/13/2025 [[ana-torres]] DCI staffer cc'd on Garawitz's personal Milligan correspondence [[yali-rothenberg]] Accountant General quoted in the cover message and PowerPoint [[lawrence-berman]] [[brad-young]] DCI senior sales colleagues [[dennis-milligan]] recipient of Garawitz's personal 2/18/2025 message [[dci-promotional-pipeline]] concept page [[luis-jimenez]] DCI Associate Director who named Garawitz as one of three institutional-sales reviewers [[atrs-foia-r1-staff-emails]] [[auditor-foia-r1-milligan]] [[auditor-foia-r1-spadoni]] [[apers-foia-r1-7-7-25]] source pages ## APERS R1 production additions (7/7/25) The 7/7/25 APERS R1 production cross-confirms Garawitz's role as one of three named DCI institutional-sales reviewers via two findings. First, Garawitz is cc'd on the 5/15/2025 3:13 PM Berman rate sheet to Borromeo (the same-day-as-IFSC-vote rate sheet exchange). Second, the 2/11/2025 12:31 PM and 2:33 PM Tyler Lee "On behalf of Stuart Garawitz: Israel Bonds' State of Israel Economic Summary" promotional broadcast that the wiki documented reaching the Auditor's office is now confirmed reaching APERS Borromeo's mailbox as well via the same Tyler Lee distribution. Garawitz's institutional-sales-reviewer role therefore extended consistently across the Auditor's office, ATRS, and APERS through the documented period. ## Treasury R1 7-7-25 production: Garawitz on the 11/2023 Walther wire-pending thread The Treasury R1 batch extends Garawitz's documented institutional-sales-reviewer role back to November 2023 on the Walther-era Treasurer's-office account. Garawitz is cc'd throughout the 11/1-11/2/2023 wire-pending email thread on the Walther $10M Israel Bonds purchase, alongside Berman, Mark Ng, Bill Mulvey, and Luis Jimenez. Berman's distribution pattern on the wire-pending thread (To: Pulley, Gladden, Mark Ng, Luis Jimenez, Bill Mulvey; Cc: Steve Pulley, Stuart Garawitz) places Garawitz in the senior-oversight cc tier alongside Pulley. Garawitz's documented institutional-sales-reviewer role therefore predates the wiki's prior earliest documentation by approximately 14 months and spans both Walther- and Thurston-era transactions at the Treasurer's office. [[treasury-foia-r1-7-7-25]] source page ## Treasury R2 Sub-batch 3 (Communications binders): cross-confirmation and December 2023 Naveh-Walther Zoom Sub-batch 3 cross-confirms Garawitz's continuing presence in DCI senior-sales-reviewer role across the Treasurer's-office account 2023-2025. Specific Sub-batch 3 findings: (1) **Garawitz arranged the December 14, 2023 DCI President & CEO Dani Naveh + VP Sales Stuart Garawitz Zoom thank-you call with Treasurer Walther** following the November 2023 $10M institutional purchase. Ana Torres (DCI Project Administrator, manager of Garawitz's calendar) coordinated logistics with Walther's calendar coordinator Bailey Hall. Eric Munson and David Scott attended on the Treasury side. The Naveh+Garawitz call documents that DCI senior leadership (CEO + VP Sales) personally engaged with the Walther-era Treasurer following the November 2023 purchase, parallel to the documented Garawitz-Milligan personal correspondence pattern (per the 2/18/2025 Economic Summary letter to Milligan). (2) **Garawitz cc'd on multiple Berman emails to Pulley + Burleson + Huffman across 2025**, including the 1/7/2025 Yali Rothenberg "exclusive briefing" invitation (1/15/2025 briefing), the 2/3/2025 January-1-maturity reinvestment pitch, the 2/18/2025 Israel-economy presentation distribution, and the 2/26/2025 spread analysis pitch. Garawitz's senior-sales-reviewer role extends across the Thurston-era Berman-Pulley correspondence as it did across the Walther-era and the Milligan-era. (3) **Berman's 4/17/2025 thank-you to Thurston** previewed future Naveh engagement: "I know our CEO Dani Naveh would like to thank you personally, and I will be arranging a time to set up a Zoom call... I know Dani would like to travel to Little Rock as well in the upcoming months." The future Naveh-Thurston engagement parallels the documented December 2023 Naveh-Walther engagement, mediated through Garawitz's calendar management. [[treasury-foia-r2-9-23-25]] source page (Sub-batch 3 section) [[ana-torres]] DCI Project Administrator who manages Garawitz's calendar and arranges executive thank-you calls [[bailey-hall]] Treasury staffer (Walther era) Torres coordinated with on the December 2023 Naveh-Walther Zoom call ## Securities production: CRD #861993, Direct Owners VP-Sales role with Control/Influence Y flag, and the 2014 non-public control-affiliate disclosure The Arkansas Securities Department FOIA production at [[securities-foia-r1-4-20-26]] documents three substantively new findings on Garawitz: **(1) CRD #861993, AR registration effective 01/19/2011.** Per ASD-151: > "861993 | GARAWITZ | STUART | NEAL | 1/19/2011" > ASD-151_Registered-Broker-Dealer-Agents.pdf, page 1 Garawitz holds CRD #861993 with an AR registration effective date of January 19, 2011, predating his 01/2012 Direct Owners VP-Sales effective date by approximately one year. The AR registration predates the wiki's documented Arkansas-Israel-Bonds purchase chronology entirely; Garawitz has been AR-registered as a DCI broker-dealer agent for 15 years as of the April 2026 production date. **(2) Direct Owners VP-Sales role with Control/Influence Y flag.** Per ASD-023: > "GARAWITZ, STUART NEAL | Individual | VICE PRESIDENT - SALES | 01/2012 | Less than 5% | Y | N | 861993" > ASD-023_Direct-Owners-Executive-Officers-CRD-Redacted.pdf, page 1 Garawitz is one of four DCI officers flagged with Control/Influence = Y on the Direct Owners filing (the others being [[jordan-horvath]], [[erik-kruger]], and [[dani-naveh]]). The Control/Influence Y designation indicates Garawitz exercises documented operational control over DCI's sales activities at the Direct-Owners-filing level. The 01/2012 effective date for the VP-Sales role places him in DCI's senior sales leadership across the entire wiki-documented Arkansas Israel Bonds engagement period. **(3) Garawitz is the subject of the only non-public FINRA disclosure on DCI's record (Occurrence 1711997, filed 07/10/2014).** Per ASD-010: > "BD DRP - Control Affiliate / Control Affiliate Name: GARAWITZ, STUART NEAL / CRD#: 861993 / Registered: Y" > ASD-010_Current-Disclosure-Summary-CRD-Occurrence-1711997.pdf, page 2 The 07/10/2014 BD Amendment identifies Garawitz as the control-affiliate subject of a regulatory action under Form BD Items 11D2 and 11D5. The "Publicly Disclosable: No" classification means the substantive event details are not disclosable through public FINRA channels; all the DRP fields beyond the Control Affiliate identification (regulator, sanction, allegations, resolution, dollar amount) are blank in the production. The wiki has no documented Garawitz-personal regulatory matter from 2014; the production does not advance that question beyond the existence of the BD Amendment filing. The 07/10/2014 filing date is in the 2014 cluster of DCI organizational events: the March 2014 parent-organization name change of [[association-for-development-of-israel]], the May 2014 board reconstitution adding eight new directors at DCI, and Garawitz's own 01/2012 VP-Sales effective date (two-and-a-half years prior to the disclosure). Whether the 2014 events are causally connected to a Garawitz-personal regulatory matter is not documented in the production. The structural finding: Garawitz is the only DCI officer documented at all three levels — AR broker-dealer agent registration (since 01/2011), Direct Owners executive officer with Control/Influence Y flag (since 01/2012), and FINRA disclosure-event control affiliate (07/2014). The triple-documentation makes Garawitz the most thoroughly state-and-federal-regulator-documented DCI individual in the wiki's record. [[securities-foia-r1-4-20-26]] source page [[dci-finra-disclosure-events]] concept page on the four FINRA Current Disclosure Summary occurrences including the 2014 Garawitz control-affiliate filing [[dci-arkansas-limited-registration]] concept page on DCI's AR Limited registration scope under which Garawitz operates as AR-registered agent [[development-corporation-for-israel]] DCI entity page with the broader senior-leadership and Control/Influence Y context