A purportedly classified Air Force Office of Special Investigations memo dated November 17, 1980 describes the photographic analysis of an alleged 37-foot, saucer-shaped craft bearing a distinctive three-sided symbol. But the most explosive claim is buried deeper in the document. The memo asserts that although the U.S. Air Force had publicly withdrawn from UFO investigations after the termination of Project Blue Book, classified investigations continued behind the scenes under a Top Secret program known as “Project Aquarius.” Access, it claims, was restricted to an extraordinarily secretive group identified only as “MJ TWELVE.” If authentic, the implications would be extraordinary. But there is another possibility—and it may be just as disturbing. The document is widely regarded by UFO historians and researchers as possible military disinformation, allegedly connected to the extraordinary campaign surrounding Albuquerque physicist and civilian UFO investigator Paul Bennewitz. Bennewitz had begun detecting unusual electronic signals and observing unexplained aerial activity near Kirtland Air Force Base. He became convinced he was uncovering evidence of extraterrestrial operations. What he may actually have stumbled across, however, were fragments of highly classified U.S. aerospace, electronic-warfare, surveillance, or weapons programs. According to this interpretation, rather than simply telling Bennewitz to stop looking, elements associated with U.S. counterintelligence may have done something far more sophisticated: They gave him a story. A story filled with crashed saucers, secret government programs, alien communications, underground bases—and eventually names such as Project Aquarius and MJ-12. The objective would not necessarily have been to convince the entire world that extraterrestrials were real. It may have been to convince one persistent investigator that what he was observing belonged to an alien conspiracy rather than a classified American military program. If so, the November 17, 1980 memo occupies a fascinating place in UFO history. It may not be evidence of a secret government UFO program at all. It may instead be evidence of something we know intelligence agencies are capable of doing: hiding one secret behind another to maintain plausible deniability.