Latest / The Vault: The Epstein Files / Jeffrey Epstein And The Transcript From His 1981 SEC Deposition (Part 1) (7/26/26)

Transcript

Jeffrey Epstein And The Transcript From His 1981 SEC Deposition (Part 1) (7/26/26) · The Vault: The Epstein Files

• 0:00
  Speaker 1: What's up, everyone, and welcome to another episode of the
• 0:02
  Speaker 1: Epstein Chronicles. In this episode, we're going to start taking
• 0:06
  Speaker 1: a look at Jeffrey Epstein's deposition with the SEC. And
• 0:11
  Speaker 1: this deposition was taken back in nineteen eighty one, your
• 0:16
  Speaker 1: boy was one years old, and it's a very very
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  Speaker 1: telling and informative deposition when it comes to Jeffrey Epstein
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  Speaker 1: and who the man was at the time, and it also,
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  Speaker 1: in my opinion, is a genesis of his usefulness to
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  Speaker 1: the government. So with that said, let's dive in on
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  Speaker 1: the record. We're located in the conference room at the
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  Speaker 1: offices of the United States Security and Exchange Commission, New
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  Speaker 1: York Regional Office. Sir, my name is redacted. I'm a
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  Speaker 1: member of the staff of the US Security and Exchange Commission,
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  Speaker 1: and in connection with a matter of interest to the Commission,
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  Speaker 1: a formal order directing private investigation has been authorized by
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  Speaker 1: the Commission, and I've been delegated with certain authorities by
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  Speaker 1: the Commission, as have certain other individuals on the staff.
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  Speaker 1: In connection with those authorities, I have the power to
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  Speaker 1: swear you in as a witness. I would like you
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  Speaker 1: to rise and please raise your right hand whereupon Jeffrey Epstein,
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  Speaker 1: having been first duly sworn, was examined and testified as follows.
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  Speaker 1: As is customary and proceedings of this type, I'd like
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  Speaker 1: to advise you that the Security and Exchange Commission is
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  Speaker 1: involved in investigation into certain transactions in securities relating to
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  Speaker 1: the saying Joe's Mineral Corporation. As you may also be aware,
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  Speaker 1: there has been a recent tender offer and there's been
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  Speaker 1: a good deal of litigation in connection with that. Mister Layman,
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  Speaker 1: there are two recent tender offers redacted. Well, okay, specifically,
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  Speaker 1: I'm referring to the Seagram's tender offer. There's been a
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  Speaker 1: good deal of litigation, and as you've probably all read,
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  Speaker 1: the Commission is investigating this matter. Mister Layman, please answer
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  Speaker 1: the question if he asks it by responding as or no. Yes,
• 2:00
  Speaker 1: you have to answer yes or no for the record.
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  Speaker 1: I would like to ask you a number of questions
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  Speaker 1: in connection with our investigation. But before I ask you
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  Speaker 1: any questions or you give any answers, I must advise
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  Speaker 1: you of certain of your rights under the law. Epstein, Okay,
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  Speaker 1: the record should reflect that. Prior to going on the
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  Speaker 1: record today, I made available to counsel and mister Epstein
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  Speaker 1: a copy of the order directing private investigation. Have you
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  Speaker 1: had an opportunity to look at this document? Epstein. I'd
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  Speaker 1: just like to see it again for a second. Please,
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  Speaker 1: prus is the document? Thank you, mister Layman. Yes, we
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  Speaker 1: have redacted. I will leave it on the table during
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  Speaker 1: our discussions today and it'll be available to you if
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  Speaker 1: you wish to review it at any time. Epstein. Thank you. Question. Also,
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  Speaker 1: prior to going on the record, I tender to the
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  Speaker 1: Witness and Council a multi page document entitled Exhibit to
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  Speaker 1: be used in formal investigations. Mister Epstein, have you received
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  Speaker 1: that document? Epstein? Yes? I have question. Have you had
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  Speaker 1: an opportunity to review the document with your council? Epstein? Yes, sir, question,
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  Speaker 1: May I have your copy back? Please? All right? I've
• 3:07
  Speaker 1: marked a copy identical copy Division Exhibit one, Epstein. If
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  Speaker 1: you would like to take a look at them and
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  Speaker 1: compare them to make sure they are one and the same,
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  Speaker 1: you may do so. Epstein. Yes, fine, they're the same. Question.
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  Speaker 1: I will ask the reporter to mark Division Exhibit one Epstein,
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  Speaker 1: and I will leave this copy with you for your
• 3:27
  Speaker 1: own purposes. Mister Epstein, I'd like to advise you that
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  Speaker 1: at this time that you have the right to be accompanied, advised,
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  Speaker 1: and represented by counsel of your own choosing in your
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  Speaker 1: appearance before the staff of this commission. Epstein, do you
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  Speaker 1: understand that? Epstein answers yes. Question. Do you have counsel
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  Speaker 1: with you today? Epstein, yes, I do. Question. Would counsel
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  Speaker 1: please identify himself for the record, mister Layman? Yes. My
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  Speaker 1: name is Mark E. Layman L E. H m An
• 3:59
  Speaker 1: redacted Layman. You your firm or employer, mister Layman, I'm
• 4:04
  Speaker 1: employed by Barri Stearns and Company as the assistant director
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  Speaker 1: of Law and Compliance. Redacted in Barri Stearns's address and
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  Speaker 1: phone number gives the phone number. Question. Mister Epstein, you've
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  Speaker 1: been asked to come down today on a voluntary basis.
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  Speaker 1: I should advise you that the staff does have subpoena power,
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  Speaker 1: but in the particular instance today you have appeared on
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  Speaker 1: a voluntary basis the witness. We will so stipulate redacted Accordingly.
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  Speaker 1: You can discontinue this examination at any time that you
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  Speaker 1: feel fit to do so. Epstein, fine, thank you. Question
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  Speaker 1: all right. Now, you've also been asked to appear on
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  Speaker 1: a personal basis rather than on a representative basis as
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  Speaker 1: an employee of a firm or organization. Do you understand that, Epstein? Yes, question, Council,
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  Speaker 1: and what capacity do you appear today on mister Epstein's behalf,
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  Speaker 1: Mister Layman, I appear in both capacities, the capacity as
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  Speaker 1: his individual attorney, and also I've disclosed to him as
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  Speaker 1: he well knows, that I'm an attorney for bear Stearns
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  Speaker 1: and Company redacted very well counselor. In the event that
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  Speaker 1: a conflict of interest arises, or a potential conflict of
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  Speaker 1: interest arises, I will leave it to your sound exercise
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  Speaker 1: of discretion to make that known to the witness and
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  Speaker 1: to make the appropriate arrangements at that time. Mister Layman,
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  Speaker 1: for the record, I would note as we had met
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  Speaker 1: with the Commission before and were questioned before and in
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  Speaker 1: this order pertains to an investigation into the trading of
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  Speaker 1: a tender offer for Saint Joe's minerals, and in that
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  Speaker 1: mister Epstein is no longer employed by my firm, but
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  Speaker 1: his registration had absolutely nothing to do with Saint joe Minerals.
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  Speaker 1: I have discussed this in detail with mister Epstein, and
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  Speaker 1: he understands, and I will use my own judgment if
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  Speaker 1: there is any possible conflict of interests redacted Very well,
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  Speaker 1: all right, mister Epstein. I wish to advise you that
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  Speaker 1: any evidence you give today may be used against you
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  Speaker 1: under the Fifth Amendment of the United States Constitution. You
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  Speaker 1: were under no obligation or compulsion to incriminate yourself or
• 6:02
  Speaker 1: hold yourself out to fine, forfeiture or punishment. Epstein, I understand, redacted.
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  Speaker 1: You should also know that under Title eighteen, Section one
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  Speaker 1: thousand and one of the US Code, whomever may make
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  Speaker 1: a false statement to members of the staff may be
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  Speaker 1: subject to fine, punishment, or imprisonment. Do you understand that, Epstein, Yes,
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  Speaker 1: I do. Question. You should also know that anyone making
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  Speaker 1: false statements to members of the staff under oath may
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  Speaker 1: be subject to perjury charges. Do you understand that, Epstein, Yes,
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  Speaker 1: I do. Question. If at any time during the course
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  Speaker 1: of the examination today you wish to consult with counsel
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  Speaker 1: outside the hearing or a presence of the staff members
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  Speaker 1: or the reporter, please indicate that to me and we
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  Speaker 1: will make suitable arrangements. Understand Epstein, Yes, I do. Redacted.
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  Speaker 1: You should also know that the reporter will not terminate
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  Speaker 1: or stop the record at your request or your council's request.
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  Speaker 1: The reporter will only stop it at my request or
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  Speaker 1: another member of the staffs. Do you understand, Epstein, Yes,
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  Speaker 1: I do. Question accordingly, If you wish to stop the
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  Speaker 1: record for any purpose, please indicate to me or one
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  Speaker 1: of the other staff members and will make the suitable
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  Speaker 1: and appropriate arrangements. Epstein, yes, thank you, redacted. Question mister Epstein.
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  Speaker 1: When I spoke with you the other day, I asked
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  Speaker 1: if when you came down today you would provide us
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  Speaker 1: if you have any with any documents in your possession
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  Speaker 1: relating to your resignation or termination at Baris Stearns. Do
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  Speaker 1: you have any documents with you today? Epstein? I have
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  Speaker 1: a copy of my resignation letter redacted. Let the record
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  Speaker 1: reflect that mister Ebstein just handed me a two page
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  Speaker 1: document on the letterhead Jeffrey E. Epstein, Barri Stearns and Company,
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  Speaker 1: dated March twenty fifth, nineteen eighty one. It's addressed to
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  Speaker 1: the Executive Committee. I asked a reporter to mark this
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  Speaker 1: as agency exhibit to mister Lehmann. In addition, I have
• 7:56
  Speaker 1: a statement that was issued by the Executive Committee that
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  Speaker 1: was issued to the firm, and also a cover memo
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  Speaker 1: dated March twelfth, nineteen eighty one, from mister Epstein to
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  Speaker 1: the Executive Committee redacted. Thank you. Let the record reflect
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  Speaker 1: that I've been handed by mister Epstein. Three pages stabled together.
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  Speaker 1: The topmost page on the letter head Jeffrey Epstein, Barristerns
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  Speaker 1: and Company, dated March twelfth, nineteen eighty one, and the
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  Speaker 1: Executive Committee, and the signature block appears to be the
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  Speaker 1: signature of Jeffrey Epstein. Is that correct, Epstein? That's correct? Redacted?
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  Speaker 1: That's your signature, Epstein, that's correct. Question. The second page
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  Speaker 1: is entitled memo. It's on the letterhead of bar Stearns,
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  Speaker 1: dated March twelfth, nineteen eighty one, and addressed to all partners,
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  Speaker 1: all branch managers, account executives from the Executive Committee. And
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  Speaker 1: this memo appears to relate to mister Epstein. The third
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  Speaker 1: sheet is entitled uniform termination Notice for Securities Industry Representative
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  Speaker 1: and or Agent number one. The topmost line individual's name
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  Speaker 1: Jeffrey Epstein, middle initial E mister Layman. I call your
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  Speaker 1: attention redacted to the reverse side of the last document.
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  Speaker 1: There's writing there also redacted. Okay, very well. The last
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  Speaker 1: most document, the one captioned that the top uniform termination notice.
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  Speaker 1: There is three type paragraphs on the back of that document.
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  Speaker 1: I'd ask the reporter to mark mark the's exhibit number three. Question,
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  Speaker 1: mister Epstein, have you ever gone by any other name
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  Speaker 1: other than Jeffrey e Epstein or any other known by
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  Speaker 1: any other name? Answer? No. Question What does the E
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  Speaker 1: stand for? Answer edward. Question May I have your date
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  Speaker 1: of birth and place of birth? Answer January twentieth, nineteen
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  Speaker 1: fifty three, Brooklyn, New York. Question May I have your
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  Speaker 1: present home address and telephone number? Gives them that question?
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  Speaker 1: Do you maintain any other address or a residence? Answer
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  Speaker 1: I maintain a residence at two sixty five East sixty
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  Speaker 1: sixth Street. Phone number is seven seven to two nine
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  Speaker 1: four one six. Question that's New York City. Answer new York,
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  Speaker 1: New York redacted. The record should reflect that redacted has
• 10:01
  Speaker 1: now entered the room and joined the table. Redacted. This
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  Speaker 1: is mister Lehman, mister Epstein. Question mister Epstein, do you
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  Speaker 1: maintain a telephone credit card? Answer? No? Question Are you
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  Speaker 1: presently employed? Answer? No question, mister Layman. Please, mister Epstein,
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  Speaker 1: you don't have to look at me. You can answer
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  Speaker 1: redacted's question. Answer no question. When was your most recent
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  Speaker 1: date of employment? Answer? I left bear Stearns on March twelfth,
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  Speaker 1: nineteen eighty one. Question and at that time, what was
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  Speaker 1: your capacity at Bari Stearns. Answer? I was a limited
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  Speaker 1: partner at Barras Stearns. Question what were your functions as
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  Speaker 1: a limited partner? Answer? I was a representative account executive
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  Speaker 1: design designated to help out with commodities and financial futures
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  Speaker 1: recommendations to the sales force. Question how long were you
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  Speaker 1: with Barra Stearns answer five years? Question and where were
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  Speaker 1: your previous to that? Answered Dalton School? Question as part
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  Speaker 1: of your education? Answer no, I was just teaching. Question
• 11:02
  Speaker 1: how long were you there? Answer two years? Question have
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  Speaker 1: you held any other position in the securities industry other
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  Speaker 1: than gets cut off by Epstein. No I have not. Question,
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  Speaker 1: may have a brief resume of your educational background? Answer
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  Speaker 1: sure by Epstein. I went to Lafayette Highchool in Brooklyn,
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  Speaker 1: which I graduated from. Then I went to Cooper Union,
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  Speaker 1: which I did not graduate from, and I spent some
• 11:26
  Speaker 1: time at New York University Graduate School, which I did
• 11:29
  Speaker 1: not graduate from. Question did you ever serve in the military?
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  Speaker 1: Answer no question. Other than your position as a limited
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  Speaker 1: partner of bear Stearns, do you presently, or have you
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  Speaker 1: in the past year, held a position in any managerial
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  Speaker 1: capacity in any other firm? Answer no question. Are you
• 11:46
  Speaker 1: a five percent stockholder in any corporation? Answer no question.
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  Speaker 1: Are you an officer or director of any corporation? Answer
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  Speaker 1: no question. Have you been in the past year? Answer
• 11:58
  Speaker 1: no question. Have you been a member of any other
• 12:00
  Speaker 1: limited partnerships? Answer no question. Have you been in the
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  Speaker 1: past year? Answer no question. Do you maintain any brokerage
• 12:08
  Speaker 1: account security brokerage accounts? Answer yes, I do. Question where
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  Speaker 1: are those brokerage accounts? Answer bear Stearns. Question do you
• 12:16
  Speaker 1: have any other accounts other than bear Sterns Epstein? No question.
• 12:21
  Speaker 1: Have you had any accounts at any other firm other
• 12:23
  Speaker 1: than bear Sterns? Answer no question. Would you know your
• 12:26
  Speaker 1: account number? Offhand? Gives it to them? Question? Are you married?
• 12:30
  Speaker 1: Answer no question. Have you been? Answer no? Do you
• 12:33
  Speaker 1: maintain do you have children? Answer no question. Do you
• 12:36
  Speaker 1: maintain any bank accounts? Answer yes. Question where do you
• 12:41
  Speaker 1: maintain those bank accounts checking in savings answer Chemical Bank,
• 12:45
  Speaker 1: fifty five Water Street. That's my checking account. An immigrant
• 12:48
  Speaker 1: savings bank, it's right across the street. It's Water Street
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  Speaker 1: as well. That's my savings account. Do you maintain a
• 12:54
  Speaker 1: safe deposit box question answer no question have you in
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  Speaker 1: the past year? Answer no question. Have you maintained any
• 13:02
  Speaker 1: other bank account in the past year? Answer a city bank,
• 13:05
  Speaker 1: a checking account, and savings account, but no money in
• 13:08
  Speaker 1: the checking account and five hundred in the savings account.
• 13:11
  Speaker 1: Answer of those accounts still active? Answer no question. In
• 13:15
  Speaker 1: connection with your employment at bear Stearns, do you maintain
• 13:18
  Speaker 1: a personal calendar, desk, diary, appointment book or telephone log?
• 13:22
  Speaker 1: Answer I do maintain somewhat of a diary, but not
• 13:25
  Speaker 1: a telephone log. Question Do you have that diary with
• 13:28
  Speaker 1: you today? Answer no question. Do you have it in
• 13:31
  Speaker 1: your possession in some other place? Answer yes, Question I
• 13:36
  Speaker 1: would ask you to provide that to the staff. Answer
• 13:38
  Speaker 1: a copy of it or question the original mister Layman
• 13:42
  Speaker 1: for what time period? Question the past six months? Mister Layman,
• 13:46
  Speaker 1: any particular subject matter in the diary? May he excise
• 13:50
  Speaker 1: personal matters from that redacted? Well? Perhaps what we can do.
• 13:54
  Speaker 1: If you want to sit down with me, we can
• 13:55
  Speaker 1: go over it, and if there are matters that should
• 13:57
  Speaker 1: be excised, we can do that. At that point, I'm
• 14:00
  Speaker 1: sure we can work in a joint action. Question sir,
• 14:04
  Speaker 1: have you ever been convicted of a crime or indicted
• 14:06
  Speaker 1: for a crime. Answer I've been convicted of a crime
• 14:09
  Speaker 1: in Great Britain. At one point, I don't believe it's
• 14:12
  Speaker 1: no federal jurisdiction. Question do you know offhand whether it
• 14:16
  Speaker 1: was a felony or misdemeanor? Answer no, I don't. Question
• 14:20
  Speaker 1: what did it concern? What was the allegation and what
• 14:23
  Speaker 1: was the conviction? The witness Epstein. The allegation was I
• 14:27
  Speaker 1: bought an antique swordstick and they said that could not
• 14:30
  Speaker 1: be carried in the country. It had to be shipped out.
• 14:33
  Speaker 1: Question do you belong to any business societies, fraternities or
• 14:36
  Speaker 1: social clubs? Answer by Epstein the Atrium Club in New
• 14:40
  Speaker 1: York and pool club. But no question you don't belong
• 14:43
  Speaker 1: to any professional organizations? Answer no. All right, folks, We're
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  Speaker 1: going to wrap up right here and in the next
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  Speaker 1: episode dealing with the topic, we're gonna pick up where
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  Speaker 1: we left off. All the information that goes with this
• 14:55
  Speaker 1: episode can be found in the description box.