# Auditor's Office FOIA Production R2, Brady Custodian (FOIA Response 6-25-25) A 222-PDF Outlook PST-style export from Jason Brady's email account at the Office of the Auditor of State. The production is a separate FOIA response (6/25/25) from the ATRS R1 production (6/18/25). Where the prior ATRS R1 Brady sub-batch contained only 2 PDFs (the 10/23/2024 outreach chain), this production captures the full Brady mailbox: 180 Inbox, 21 Sent-Items, 16 Calendar, 5 Deleted-Items, 2 Flagged-Emails, 2 Recoverable-Items. The materials substantially expand the documented scope of the Auditor's office activity. Where prior batches documented the Israel Bonds outreach as a discrete pension investment campaign, this production reveals that the Auditor's office is the Arkansas operational node of the State Financial Officers Foundation (SFOF), a national 501(c)(3) network that runs both an industrial sign-on letter operation (Tesla, ESG, CCP, debanking, USTR, etc.) and a parallel investment-promotion track (Israel Bonds, presumably others). Israel Bonds is one of multiple SFOF-aligned activities the Auditor's office actively coordinated. ## Mailbox structure The PDFs are organized in Outlook PST-style folder structure preserved from the export: - **Top-of-Information-Store/Inbox** (180 PDFs): incoming mail - **Top-of-Information-Store/Sent-Items** (21 PDFs): Brady's outgoing - **Top-of-Information-Store/Calendar** (16 PDFs): mostly SFOF Policy Zoom invites and the April 14 Capitol meeting - **Top-of-Information-Store/Deleted-Items** (5 PDFs): items Brady deleted - **Top-of-Information-Store/Recoverable-Items** (2 PDFs): items Brady deleted then attempted to recover or that the system recovered - **Folder-Memberships/Flagged-Emails** (2 PDFs): two task entries Brady created in Outlook flagged as priorities, both SFOF-related ("Thank you + SFOF follow up" and "❗SFOF NATIONAL MEETING IMPORTANT INFO") ## File composition Approximately 50 of the 180 Inbox PDFs are DCI Israel Bonds promotional emails matching the templates documented at [[dci-promotional-pipeline]]. Approximately 29 are SFOF correspondence (event invitations, policy letters, news updates). The remaining approximately 100 split across substantive policy correspondence (multiple SFOF sign-on letters with reply chains), APERS Board materials, Arkansas State Board of Finance materials, Auditor's office internal correspondence, and a handful of Israel Bonds operational items (introductions, meeting setups). Brady's Sent-Items show the operational pattern: meeting acceptances for SFOF and Capitol-tour events, forwards of SFOF letters and DCI invitations to Spadoni and Stacy Peterson (Auditor's office staff), and his own drafted letter to Sen. Dotson and Rep. Warren for Milligan's signature. The two drafts of "Auditor's speech to SFOF 4 23 25" document Brady's role as ghost-writer of Milligan's SFOF Spring National Meeting speech. ## What this batch establishes ### Milligan was a past chair of SFOF The single most consequential new fact in the production. Brady's draft of Milligan's SFOF Spring National Meeting speech (sent 4/3/2025) opens: "Many of my colleagues know me but for those who do not, I am the Auditor of State in Arkansas in my first term. However, prior to that, I was the Treasurer of State for Arkansas for two or 8 years. I also have the honor of being a past chair of SFOF." This is the first documented evidence that Milligan held a national leadership position at the State Financial Officers Foundation. It refines the earlier finding that he received the SFOF newsletter from CEO Oleka in November 2024 as one of many state financial officers on a templated mailing list. Milligan is not a peripheral SFOF participant; he is a former chair of the organization that distributed the Garrity Israel Bonds case study to the network. See [[sfof]] update. ### Milligan delivered a speech to SFOF on 4/24/2025 at 10:45 AM Per Adam Slayton (SFOF Director of Operations) confirming to Spadoni on 4/14/2025: "Auditor Milligan will be speaking starting at 10:45 am on Thursday, April 24th." This is during the SFOF 2025 Spring National Meeting at Omni Orlando ChampionsGate (April 22-24, 2025), nine days after the Berman/Young Capitol tour and approximately five weeks before the ATRS Board action. The speech topic per Brady's draft is not Israel Bonds. It is Unclaimed Property and a coordinated effort by state Auditors and Treasurers to recover approximately $38 billion held by the US Treasury that belongs to citizens. The draft is unfinished and includes editorial bracket notes ("This paragraph explains briefly what ucp is", "blah blah blah"). The speech draft contains a notable framing: "let's be honest, if we 'Conservatives' in this room will lock arms and join forces, with Republicans in control of the White House, House and Senate, and if we are willing to play ball with the US Treasury, I feel strongly we can get this done." The 501(c)(3) compliance disclaimer SFOF appends to its emails ("should not be construed as an endorsement for, or opposition to, any candidate, potential candidate, political party, or PAC by SFOF") is in textual tension with the explicitly partisan framing in the speech the organization invited and showcased. ### SFOF runs an industrial multi-state sign-on letter operation In the period covered by this production (October 2024 through June 2025), SFOF circulated at least eight sign-on letters from state financial officers to federal officials. Each letter operated on tight turnaround (24-72 hours from circulation to signature deadline) and gathered approximately 22 signatures. The letters documented in this batch: - **National Debt letter** (10/2024) to address the federal debt; Brady asked SFOF to add Milligan's name on 10/2/2024 - **China Divestment Letter** (10/11/2024) discussed at SFOF policy meeting in Anchorage; Brady forwarded for Milligan's signature - **SEC Chair / DOL Letter** (1/21/2025) regarding ESG investing after the 5th Circuit American Airlines ruling - **President Trump / USTR Letter** (2/12/2025) regarding European ESG investing policies - **Letter on federal debanking legislation** (3/4/2025) timed to legislation drop - **Asset managers, proxy advisors, and SEC guidance letter** (3/17/2025) regarding DEI/ESG shareholder proposals - **Tesla letter** (3/24-25/2025) to US AG Pam Bondi "condemning the attacks on Tesla that are driving down Tesla stock, which subsequently hurts public pensions"; at least 19 state financial officers signed including Milligan - **CCP delisting letter** (5/1/2025) to SEC; 23 state financial officers signed The letters are coordinated by SFOF CEO OJ Oleka and SFOF EVP Policy & Government Affairs Noah Wall. Brady's role at the Auditor's office is operational liaison: he receives the drafts, asks Spadoni to print, asks for Milligan to be added to signature lists. See [[sfof-policy-letter-operation]]. ### November 5, 2024 election day meeting at APERS The previously-undocumented November 2024 in-person Berman trip is now documented to have included a meeting on Tuesday, November 5, 2024 (Election Day) with Carlos Borromeo (APERS Chief Investment Officer / Deputy Director Investments & Finance) and Ashley Golleher at APERS. Berman wrote a thank-you on 11/7/2024 at 3:50 PM: "Thanks again for your kind hospitality, and for spending so much time with Brad and me on election day! I hope we were able to give you a better understanding of our firm and our products. We certainly appreciate you offer to introduce us to your fixed income managers." Berman followed up on 1/15/2025 asking Borromeo to send "a letter of introduction to the managers you think make best sense for our products." Borromeo's 2/12/2025 reply was procedurally cautious: he forwarded Berman's information to APERS investment managers but did not personally introduce. See [[carlos-borromeo]] and [[ashley-golleher]] entity pages. ### Arkansas State Board of Finance Arkansas has a State Board of Finance separate from ATRS and APERS. The Treasurer's office distributes meeting documents to a wide list including the Auditor (Milligan), Auditor's staff (Brady, Spadoni), DFA Secretary (Hudson) and DFA staff, the State Bank Commissioner (Susannah Marshall at [email protected]), Treasurer (Thurston) and Treasury staff (Bill Huffman, Kenneth Burleson, Sandra Blount), Governor's office staff (Erica Freeman, Judd Deere, Selby Tucker), and various private-sector bankers and reporters. The State Bank Commissioner is the statutory ATRS Investment Committee ex officio member who has not appeared anywhere else in the FOIA productions. See [[susannah-marshall]] and [[arkansas-state-board-of-finance]]. ### DCI continued sales pitch using current military events After the ATRS 6/2/2025 Board action, DCI continued sending marketing emails to Brady. The 6/17/2025 "Watch Today's Virtual Briefing with Ambassador Leiter" email used Israeli Ambassador Yechiel Leiter's "Operation Rising Lion" briefing (the Israeli military operation against Iran) as the sales context: "Israel is bold, resilient, and unwavering in its mission to protect its people, its future and the free world. Now more than ever, it's time to act! Your support for Israel makes a difference. Invest in Israel bonds." The 6/19/2025 "A Message from Our CEO" email opened: "Last night, our President & CEO Dani Naveh lived what no parent ever should. At 12:18 am ET, sirens sounded across Israel. While on FaceTime with his three children, an Iranian missile struck their home." The email used the Iranian strike on the family home of DCI President and CEO Dani Naveh as marketing context for Israel Bonds purchases. This is the same sales-and-political-solidarity rhetorical pattern documented at [[dci-promotional-pipeline]] and [[sfof-state-financial-officer-network]]. ## What this batch does not contain No correspondence between Brady and Milligan about Israel Bonds investment merits or strategy. The Brady-to-Milligan communications captured are all logistical (forwarding promotional invites, transmitting drafts). No documentation of the substance of any of the eight 4/14-15 Capitol tour meetings. The post-tour follow-up correspondence is operational (rate sheets, contact list, thank-yous) rather than substantive deliberation. No Brady correspondence with the State Bank Commissioner (Susannah Marshall) about Israel Bonds or any other matter. Marshall's appearance is only on the State Board of Finance distribution lists. ## Evidence > "Many of my colleagues know me but for those who do not, I am the Auditor of State in Arkansas in my first term. However, prior to that, I was the Treasurer of State for Arkansas for two or 8 years. I also have the honor of being a past chair of SFOF." > Brady draft of Milligan SFOF speech, update sfof speech.pdf p.1, 4/3/2025 > "let's be honest, if we 'Conservatives' in this room will lock arms and join forces, with Republicans in control of the White House, House and Senate, and if we are willing to play ball with the US Treasury, I feel strongly we can get this done" > Brady draft of Milligan SFOF speech, update sfof speech.pdf p.1, 4/3/2025 > "Auditor Milligan will be speaking starting at 10:45 am on Thursday, April 24th." > Adam Slayton (SFOF Director of Operations) to Wendy Spadoni, FW Auditor Milligan - Presentation Time.pdf p.1, 4/14/2025 > "Thanks again for your kind hospitality, and for spending so much time with Brad and me on election day! I hope we were able to give you a better understanding of our firm and our products. We certainly appreciate you offer to introduce us to your fixed income managers." > Lawrence Berman to Carlos Borromeo and Ashley Golleher, Introductions.pdf p.1, 11/7/2024 (quoted from later forward) > "Thank you for reaching out to APERS and my apologies for the delayed reply. I have shared your information with our investment managers for their review. If they determine there is an opportunity that aligns with the strategy they manage for APERS they will reach out as appropriate." > Carlos Borromeo to Lawrence Berman, RE Introductions.pdf p.1, 2/12/2025 > "Please add Auditor Milligan's name to this letter. If you would send the final version back to us, please. Thank you - Jason" > Jason Brady to Noah Wall (SFOF), RE National Debt Letter For Signature.pdf p.1, 10/2/2024 > "OJ ... would you please have your person change us to Dennis Milligan, Arkansas instead of Alabama. We wouldn't want to insult the good folks to our east. I mean, we do both thank God everyday for Mississippi! Ha ha" > Jason Brady to OJ Oleka, RE Letter addressing Tesla attacks driving down pension values_1.pdf p.1, 3/25/2025 > "Please see the attached letter to US Attorney General Pam Bondi condemning the attacks on Tesla that are driving down Tesla stock, which subsequently hurts public pensions and other state treasury investments due to investments in Tesla." > OJ Oleka SFOF letter circulation, RE Letter addressing Tesla attacks driving down pension values_1.pdf p.1, 3/25/2025 > "For those of you who have the statutory or executive authority to add to a list some institutional investors that would be hostile to fiduciary duty -- as defined within your state -- and after review of these documents you choose to add any of the listed institutional investors to that list, please let me know." > OJ Oleka, Article and Letter of Potential Interest.pdf p.1, 11/14/2024 > "Last night, our President & CEO Dani Naveh lived what no parent ever should. At 12:18 am ET, sirens sounded across Israel. While on FaceTime with his three children, an Iranian missile struck their home." > DCI marketing email to Jason Brady, A Message from Our CEO.pdf p.1, 6/19/2025 > "Israel is bold, resilient, and unwavering in its mission to protect its people, its future and the free world. Now more than ever, it's time to act! Your support for Israel makes a difference. Invest in Israel bonds." > DCI marketing email to Jason Brady, Watch Today's Virtual Briefing with Ambassador Leiter.pdf p.1, 6/17/2025 ## Cross-References [[atrs-foia-r1-staff-emails]] [[auditor-foia-r1-brady]] [[auditor-foia-r1-milligan]] [[auditor-foia-r1-spadoni]] companion source pages from prior FOIA productions [[jason-brady]] [[dennis-milligan]] [[wendy-spadoni]] [[lawrence-berman]] [[brad-young]] [[stuart-garawitz]] [[oj-oleka]] [[sfof]] entities updated with this batch's evidence [[carlos-borromeo]] [[ashley-golleher]] [[noah-wall]] [[adam-slayton]] [[kristina-duke]] [[susannah-marshall]] [[dani-naveh]] new entities introduced by this batch [[sfof-policy-letter-operation]] [[arkansas-state-board-of-finance]] new concept pages developed from this batch [[sfof-state-financial-officer-network]] [[dci-promotional-pipeline]] [[auditor-as-dci-channel]] [[auditor-multi-official-capitol-tour]] companion concept pages updated with this batch's evidence