Latest / The Vault: The Epstein Files / Jeffrey Epstein And The Transcript From His 1981 SEC Deposition (Part 4) (7/27/26)

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Jeffrey Epstein And The Transcript From His 1981 SEC Deposition (Part 4) (7/27/26) · The Vault: The Epstein Files

• 0:00
  Speaker 1: What's up, everyone, and welcome to another episode of the
• 0:03
  Speaker 1: Epstein Chronicles. In this episode, we're going to pick up
• 0:06
  Speaker 1: where we left off with Jeffrey Epstein and his deposition
• 0:09
  Speaker 1: with the SEC from nineteen eighty one. Question have you
• 0:18
  Speaker 1: communicated orally by smoke signal? Answer? Nothing to do with
• 0:22
  Speaker 1: Saint Joe. Question I didn't ask if it was restricted
• 0:25
  Speaker 1: to Saint Joe. I'm asking if you had any communication
• 0:28
  Speaker 1: with the Executive Committee other than Exhibit two and Exhibit three.
• 0:33
  Speaker 1: Answer I have spoken again, as I've stated to redacted
• 0:37
  Speaker 1: afterward after I handed in the resignation regarding the resignation circumstances.
• 0:42
  Speaker 1: Question did redacted to come up with this conversation or
• 0:45
  Speaker 1: come up in this conversation? Answer only my feelings for redacted,
• 0:49
  Speaker 1: being as he's someone who's helped me along. Question would
• 0:52
  Speaker 1: help you in what way? Answer you know that he
• 0:55
  Speaker 1: had helped me? Question that he had helped you? Answer yeah,
• 0:58
  Speaker 1: and I felt that remorse leaving the firm. Question how
• 1:02
  Speaker 1: had redacted helped you? Answer? He had explained many things
• 1:05
  Speaker 1: to me in the firm. He'd been a friend. Question
• 1:09
  Speaker 1: completely redacted. Question was there any discussion in connection with
• 1:14
  Speaker 1: the circumstances of your leaving concerning expense accounts and claims
• 1:18
  Speaker 1: for reimbursement of expenses by you against Bari Stearns. Answer
• 1:22
  Speaker 1: there was a discussion on March That second discussion March
• 1:25
  Speaker 1: ninth regarding they had asked me what the situation was
• 1:29
  Speaker 1: with some expenses I had put in, and it was
• 1:31
  Speaker 1: my recollection that none of the expenses went back to
• 1:34
  Speaker 1: nineteen seventy eight, And then they came back and said, yeah,
• 1:37
  Speaker 1: in fact, someone who is the financial officer had said
• 1:41
  Speaker 1: the expenses did go back to nineteen seventy eight. That's all.
• 1:45
  Speaker 1: Question How much was involved in expenses back into nineteen
• 1:48
  Speaker 1: seventy eight? Answer in seventy eight question yeah, answer, I
• 1:53
  Speaker 1: don't really know. I have never seen the expenses that
• 1:56
  Speaker 1: they gets cut off by the guy asking questions. Who
• 1:59
  Speaker 1: was it that you spoke to about this? Epstein redacted question?
• 2:04
  Speaker 1: Was there any allegation or a suggestion that there may
• 2:07
  Speaker 1: have been putting in claims for reimbursement that you were
• 2:10
  Speaker 1: not entitled to answer? There was discussion whether in fact
• 2:13
  Speaker 1: I had ever put in an airline ticket for someone
• 2:16
  Speaker 1: else and not myself, and I said that it was
• 2:19
  Speaker 1: possible in fact, since my secretary handles my expenses, I
• 2:23
  Speaker 1: was sure that if someone else's airline ticket was in there,
• 2:26
  Speaker 1: it wasn't asked for reimbursement for two people. It was
• 2:28
  Speaker 1: in fact the wrong ticket, but I never saw the expenses.
• 2:31
  Speaker 1: It wasn't shown. Question do you know how much was
• 2:35
  Speaker 1: in dispute? Answer? Well, if it was an airline ticket,
• 2:38
  Speaker 1: it could have been much money, but I don't really know.
• 2:41
  Speaker 1: I don't think it was any money in dispute. They
• 2:45
  Speaker 1: asked me whether or not I had put it in
• 2:47
  Speaker 1: for someone else. I said not to my recollection, and
• 2:49
  Speaker 1: they came back and said, someone remembers seeing a different
• 2:52
  Speaker 1: airline ticket. And that's the extent of it. Question this
• 2:56
  Speaker 1: was someone had remembered seeing a different airline ticket. Did
• 2:59
  Speaker 1: they tell you how long ago? Answer? No. Question do
• 3:03
  Speaker 1: you know why that subject was brought up at the time?
• 3:05
  Speaker 1: Answer there was a fact about again going over that
• 3:08
  Speaker 1: had gone on. I think this is fine. Regarding the
• 3:11
  Speaker 1: violation of fee is ridiculous. I think it's excessive. And
• 3:15
  Speaker 1: there was a fact about carelessness. You've been careless in
• 3:18
  Speaker 1: the past, That's how it was brought up. Question do
• 3:22
  Speaker 1: you have an understanding that anyone other than the people
• 3:24
  Speaker 1: that we've mentioned in this testimony have traded in Saint
• 3:27
  Speaker 1: Joe stock Er options answer no. Question upon your termination
• 3:32
  Speaker 1: or a resignation at Barri Searn's, were you promised or
• 3:35
  Speaker 1: did you come to expect any sort of compensation package? Answer? I,
• 3:39
  Speaker 1: in fact I get paid on a yearly basis. I
• 3:42
  Speaker 1: get a salary plus a bonus. I was paid normally
• 3:44
  Speaker 1: in May, and in fact he said that I would
• 3:47
  Speaker 1: get paid for my work until March twelfth. Question what
• 3:50
  Speaker 1: about the bonus? Answer that's when I draw the money.
• 3:53
  Speaker 1: Question So you anticipate receiving that bonus in May sometime?
• 3:57
  Speaker 1: Answer yes, Question House ofbstantial is that bonus? Answer? I
• 4:02
  Speaker 1: don't know what you mean by substantial. It's a lot
• 4:04
  Speaker 1: of money. Question how much money is involved? Answer? It's
• 4:08
  Speaker 1: a subjective bonus, so it's very questionable. It could be
• 4:11
  Speaker 1: anywhere between fifty and one hundred and fifty thousand. Question
• 4:15
  Speaker 1: what are your expectations? Answer it's unclear. My guess is
• 4:19
  Speaker 1: about one hundred. Question what is the bonus based on? Answer?
• 4:23
  Speaker 1: The system with the firm works is based on many
• 4:25
  Speaker 1: different factors. Commissions generated. I don't have salaried employees are
• 4:30
  Speaker 1: given a very low salary and then compensated at the
• 4:33
  Speaker 1: end of the year, broadly based on how the firm
• 4:36
  Speaker 1: does as a total entity and your participation towards those profits.
• 4:40
  Speaker 1: Question you're a salaried employee or where a salaried employee?
• 4:44
  Speaker 1: Is that right? Answer? I was a salaried employee and
• 4:47
  Speaker 1: I receive commissions and a bonus. Question What was your salary?
• 4:50
  Speaker 1: Answer forty two thousand. Question you understood that in connection
• 4:54
  Speaker 1: with your resignation, you would receive your salary through March twelfth?
• 4:58
  Speaker 1: Is that correct? Answer? Yes, sir. Question did you have
• 5:01
  Speaker 1: any understanding that you would receive any additional salary beyond
• 5:05
  Speaker 1: March twelve? Answer no, sir. Question was that ever discussed?
• 5:08
  Speaker 1: Answer no, sir, question with anyone answer no, sir. Again,
• 5:12
  Speaker 1: the bonus was in fact discussed. Question And how much
• 5:16
  Speaker 1: of a bonus did you make the previous year in total? Answer? Well,
• 5:19
  Speaker 1: bonus in total my total compensation. You see, we discussed
• 5:23
  Speaker 1: things in terms of total compensation, and last year was
• 5:25
  Speaker 1: over two hundred thousand. Question and of that two hundred thousand,
• 5:30
  Speaker 1: some of it was answer one hundred and thirty five thousand.
• 5:33
  Speaker 1: Was the bonus Question one hundred and thirty five was
• 5:36
  Speaker 1: the bonus? And you know how you came to expect
• 5:38
  Speaker 1: one hundred thousand bonus for your employment through March. Answer again,
• 5:43
  Speaker 1: it's a subjective thing. I felt that I had done
• 5:45
  Speaker 1: a good job this year as last year. Question but
• 5:48
  Speaker 1: you've only been there for three months of the year.
• 5:51
  Speaker 1: Answer no, we're on a May year, so it's ten
• 5:54
  Speaker 1: out of the twelve months. Question was there any discussion
• 5:57
  Speaker 1: about buying your interest out of the limited partnership over
• 6:00
  Speaker 1: and above any compensation that you may have received by
• 6:03
  Speaker 1: reason of your annual salary and bonus? Answer no. As
• 6:07
  Speaker 1: a matter of fact, there's a question that's not been
• 6:10
  Speaker 1: discussed yet. I don't believe whether in fact I can
• 6:12
  Speaker 1: get my limited partnership money out as it stands. Question
• 6:16
  Speaker 1: how much is tied up? Answer thirty thousand. Approximately, it's
• 6:20
  Speaker 1: a twenty plus participation, so the participation again is based
• 6:24
  Speaker 1: upon a full year, then pro rated back to ten.
• 6:27
  Speaker 1: Question who have you had those discussions with? Answer redacted?
• 6:31
  Speaker 1: Question what seems to be the snag? Answer? The firm
• 6:34
  Speaker 1: policy is varies for the different people as far as
• 6:37
  Speaker 1: when they decide a general partnership is structured such that
• 6:40
  Speaker 1: you don't want your partners taking out their capital, so
• 6:43
  Speaker 1: that most partners get their capital distributed over a certain
• 6:46
  Speaker 1: number of years. The number of years I'm not sure of,
• 6:49
  Speaker 1: and I don't know whether that's clear or not, whether
• 6:51
  Speaker 1: that applies to limited partners or not. Question, So it
• 6:56
  Speaker 1: would be your expectation that you would receive your money
• 6:58
  Speaker 1: over a period of time post to one lump sum.
• 7:01
  Speaker 1: Answer no, I believe it'll come in one lump because
• 7:04
  Speaker 1: the money is insignificant compared to the amount of money
• 7:07
  Speaker 1: in the partnership. Question do you anticipate then being bought
• 7:11
  Speaker 1: out of the partnership in some formal fashion? Answer? I
• 7:15
  Speaker 1: anticipate receiving my money back. Question do you have a
• 7:18
  Speaker 1: lawyer in connection with these negotiations? Answer there's no negotiation. Question,
• 7:24
  Speaker 1: this is a conversation between you and redacted. Answer yes.
• 7:27
  Speaker 1: Question do you have any sisters? Answer I do not.
• 7:31
  Speaker 1: Question do you have any brothers? Answer yes? Question or
• 7:34
  Speaker 1: any of them married? Answer no, I have one brother?
• 7:37
  Speaker 1: Question one brother? What is his name? Gives him the name?
• 7:40
  Speaker 1: Where does he live? All of this is redacted? Where's
• 7:43
  Speaker 1: he employed? What does he do? Have you had any
• 7:46
  Speaker 1: type of business dealings? With redacted question there's no relationship
• 7:49
  Speaker 1: with Bara Sterns. Question pardon answer other than bear Sterns.
• 7:54
  Speaker 1: No question. Have you been participant in any type of
• 7:57
  Speaker 1: business ventures with redacted answer no question. Do you have
• 8:02
  Speaker 1: any expectations of participating in any business ventures with redacted answer?
• 8:07
  Speaker 1: No question. Have you had any business participations with redacted
• 8:12
  Speaker 1: answer no, nor do I anticipate any question, mister Epstein,
• 8:16
  Speaker 1: did anyone at bear Stearns tell you in words or
• 8:18
  Speaker 1: substance that you should not divulge anything about Saint Joe
• 8:21
  Speaker 1: Minerals to the staff of the Securities and Exchange Commission?
• 8:25
  Speaker 1: Answer no question. Has anyone indicated to you in any way,
• 8:29
  Speaker 1: either directly or indirectly, in words or substance, that your
• 8:33
  Speaker 1: compensation for the past year or any future monies coming
• 8:36
  Speaker 1: to you from bear Stearns will be contingent upon your
• 8:40
  Speaker 1: not divulging information to the Securities and Exchange Commission? Answer
• 8:44
  Speaker 1: no question. Now I think earlier we asked for your
• 8:49
  Speaker 1: phone number and we got your phone number. Is that correct? Answer? Yes,
• 8:52
  Speaker 1: two phone numbers. Question two phone numbers? Those are for
• 8:55
  Speaker 1: your house in the city answer in Brooklyn. Question and
• 8:58
  Speaker 1: in Brooklyn? Can we get the phone records for those
• 9:01
  Speaker 1: two numbers from the first of the year January twelfth
• 9:04
  Speaker 1: or January first. Mister Lehman, do you have in your
• 9:07
  Speaker 1: possession your phone records for the period of time the
• 9:10
  Speaker 1: witness the phone bills? Question the toll charges the sheet
• 9:14
  Speaker 1: with the toll charges Epstein, I would doubt it. I could,
• 9:19
  Speaker 1: I guess, get them from the phone company. I don't
• 9:21
  Speaker 1: have them, mister Layman. The Commission can certainly subpoena the
• 9:24
  Speaker 1: telephone company for whatever phone records it wants redacted? All right.
• 9:29
  Speaker 1: Question do you presently have your March bill at least
• 9:32
  Speaker 1: or have you received your March bill yet? Answer? I
• 9:34
  Speaker 1: don't really know the March bill, being you're talking about
• 9:37
  Speaker 1: March first to date is the question? Answer no, I
• 9:40
  Speaker 1: don't believe so. Question all right. We would ask that
• 9:43
  Speaker 1: once it's received by you, that you forward it to us.
• 9:46
  Speaker 1: Answer okay, mister Layman. We will also ask to see
• 9:51
  Speaker 1: the original of the March twenty fifth letter division Exhibit two.
• 9:55
  Speaker 1: Mister Layman. Again, I'll check to see if it's available.
• 9:58
  Speaker 1: We certainly have no objection. Question. I would also ask
• 10:02
  Speaker 1: to speak with the responsible official to call their file
• 10:05
  Speaker 1: to see if there's any other documents in their possession
• 10:08
  Speaker 1: tending to mister Epstein's March twelfth, nineteen eighty one letter
• 10:11
  Speaker 1: of resignation. That's Divisions Exhibit three. Mister Layman again, I'll
• 10:16
  Speaker 1: check to see if it's available. I have no problem.
• 10:18
  Speaker 1: I'll ship it up here by messenger if you would
• 10:21
  Speaker 1: like whatever you want. Question including copies of mister Epstein's
• 10:24
  Speaker 1: diary Layman for the last six months. Question right, Layman,
• 10:29
  Speaker 1: We will endeavor to provide that to you. Mister Harris, okay.
• 10:32
  Speaker 1: Question last question today. Is it your testimony under oath
• 10:36
  Speaker 1: today that during the period of March ninth through March thirteenth,
• 10:39
  Speaker 1: nineteen eighty one, you did not have any information regarding
• 10:42
  Speaker 1: a proposed takeover of Saint Joe Mineral's Corporation by Seagrams.
• 10:47
  Speaker 1: Answer that's correct. Answer. Is it also your testimony that
• 10:51
  Speaker 1: you're unaware that anyone else at barri Stearns had such
• 10:54
  Speaker 1: information available? Answer that's correct. Question. And furthermore, you're aware
• 11:00
  Speaker 1: of anyone outside of bar Stearns who may have had
• 11:03
  Speaker 1: this information in their possession before the public announcement of
• 11:06
  Speaker 1: Seagram's takeover. Answer that's correct. Epstein, before you go off
• 11:11
  Speaker 1: the record. I just want to make it clear that,
• 11:13
  Speaker 1: to facilitate a non listing in the phone book, my
• 11:16
  Speaker 1: telephone is listed under Jeffrey Edwards. I just want to
• 11:20
  Speaker 1: make that clear. Question, all right, are you speaking of
• 11:23
  Speaker 1: the Manhattan answer. That's correct question, mister Layman. I'd like
• 11:28
  Speaker 1: to go up provide you with an opportunity before we
• 11:30
  Speaker 1: go off the record for you to clarify any points
• 11:33
  Speaker 1: that you feel need clarification. Mister Layman, I see no need.
• 11:37
  Speaker 1: I think his testimony was crystal clear that he knew
• 11:40
  Speaker 1: nothing about Saint Joe's minerals question. Okay, very well, we'll
• 11:44
  Speaker 1: adjourn for the record for the today. Of course, the
• 11:46
  Speaker 1: staff reserves the right to recall you sometime in the
• 11:49
  Speaker 1: future if we deem it necessary or appropriate. That being
• 11:53
  Speaker 1: the case, will adjourn until five thirty all right. So
• 11:56
  Speaker 1: that is the conclusion of the nineteen eighty one deposition
• 11:59
  Speaker 1: that Jeffrey Epstein gave to the SEC. All the information
• 12:04
  Speaker 1: that goes with that episode can be found in the
• 12:07
  Speaker 1: description box.