Deposition of Scott Rothstein re - Trustee Services
Deposition of Scott Rothstein re - Trustee Services Deposition of Scott Rothstein re - Trustee Services
1 Q. Do you know if this e-mail is in reference Page 42 2 to that Picou deal we were discussing previously? 3 A. It appears to be. 4 Q. If you can review that for just a minute and 5 let me know if that refreshes your recollection as to 6 the specifics of that deal. 7 A. It does. 8 Q. How does that -- I mean, what recollection 9 does that refresh? 10 A. To ways I crafted this particular deal was 11 to enable a certain amount of money to be given to 12 Mr. Picou and certain amount of money to be infused 13 into the Ponzi scheme. I pitched it as a deal 14 specifically to help our friend, Mr. Picou. That's 15 about it. 16 Q. Do you remember why Mr. Picou needed the 17 money at that time? 18 A. I don't recall specifically. 19 Q. Mr. Lipsitz has previously discussed that 20 you represented to him, Mr. Lipsitz, that Mr. Picou, 21 through his company, Southern Grouts and Mortars, that 22 he had an employee who was electrocuted on the job. 23 Does that sound familiar? 24 A. That may have been what I told them, but 25 that would not have been true, that would have been a
1 lie. Page 43 2 Q. It would have been a lie that Mr. Picou had 3 an employee who was electrocuted? 4 A. No, he did have an employee who was 5 electrocuted, but the way I pitched it to them was not 6 the real reason. As I testified earlier, either would 7 have been pertaining to one of Mr. Picou's gambling 8 debts or for money that he needed that either he 9 didn't want his daughter to see or his ex-wife or soon 10 to be ex-wife to see. 11 Q. Do you remember what you specifically told 12 Mr. Tonacchio and/or Mr. Lipsitz regarding Mr. Picou's 13 employee and how that gave rise to a need for funds? 14 A. I don't recall specifically, no. But 15 whatever it was, it was nonsense. 16 Q. Mr. Lipsitz I think has testified that what 17 you represented to him was that Mr. Picou had this 18 employee who had been killed, that this employee's 19 family had sued Mr. Picou and/or his business, and 20 that he, Mr. Picou, was interested in settling with 21 the family but did not have the funds to do so. Does 22 that comply with your recollection? 23 A. I don't have a specific recollection one way 24 or the other, but that certainly sounds plausible as 25 to how I would have pitched it. Because that was a
- Page 1 and 2: 1 UNITED STATES DISTRICT COURT FOR
- Page 3 and 4: 1 ALSO PRESENT: 2 Domenick Tonacchi
- Page 5 and 6: 1 MR. LIPSITZ: Barry Lipsitz. Page
- Page 7 and 8: 1 A. That's correct. Page 7 2 Q. Ma
- Page 9 and 10: 1 first had a home just off of A1A
- Page 11 and 12: 1 A. It was an investment vehicle.
- Page 13 and 14: 1 where Mr. Lipsitz was there. Othe
- Page 15 and 16: 1 A. Yes, it's certainly possible.
- Page 17 and 18: 1 establishment? Page 17 2 A. A han
- Page 19 and 20: 1 Q. Who else would have accompanie
- Page 21 and 22: 1 private jet with Mr. Lipsitz? Pag
- Page 23 and 24: 1 Q. And this is an e-mail in June
- Page 25 and 26: 1 Q. Okay. If you see the text of t
- Page 27 and 28: 1 went to that graduation party? Pa
- Page 29 and 30: 1 to name the people? Page 29 2 MR.
- Page 31 and 32: 1 of them was there. Page 31 2 Q. W
- Page 33 and 34: 1 A. I do. Page 33 2 Q. Is that pho
- Page 35 and 36: 1 they are. Page 35 2 Q. You never
- Page 37 and 38: 1 watch for Mr. Tonacchio? Page 37
- Page 39 and 40: 1 Q. So if Mr. Lipsitz previously t
- Page 41: 1 THE WITNESS: If you could show me
- Page 45 and 46: 1 to mean additional money over and
- Page 47 and 48: 1 risk. Page 47 2 MR. PHILLIPS: Obj
- Page 49 and 50: 1 very long period of time. Page 49
- Page 51 and 52: 1 they could make a lot of money wi
- Page 53 and 54: 1 in reference to the Picou loan? P
- Page 55 and 56: 1 e-mail that goes with this specif
- Page 57 and 58: 1 explain that to me? Page 57 2 A.
- Page 59 and 60: 1 BY MR. GAY: Page 59 2 Q. And look
- Page 61 and 62: 1 excuse me. "Late payment penalty
- Page 63 and 64: 1 Q. But you would refer to each of
- Page 65 and 66: 1 determine whether or not a specif
- Page 67 and 68: 1 Morse and the Levys. Was there an
- Page 69 and 70: 1 A. You know, I don't recall speci
- Page 71 and 72: 1 Q. If you'd look at Document 0022
- Page 73 and 74: 1 A. Yes. Page 73 2 Q. That's an e-
- Page 75 and 76: 1 and it says an hour or less. Page
- Page 77 and 78: 1 Q. So when you generally refer to
- Page 79 and 80: 1 A. Yes, sir. Page 79 2 Q. So acco
- Page 81 and 82: 1 it says, "It was great getting to
- Page 83 and 84: 1 THE WITNESS: I don't. I don't hav
- Page 85 and 86: 1 e-mail, no, sir. Page 85 2 Q. Loo
- Page 87 and 88: 1 then when I finally did have the
- Page 89 and 90: 1 construction loan or something of
- Page 91 and 92: 1 A. I do. Page 91 2 Q. About the m
1 lie.<br />
Page 43<br />
2 Q. It would have been a lie that Mr. Picou had<br />
3 an employee who was electrocuted?<br />
4 A. No, he did have an employee who was<br />
5 electrocuted, but the way I pitched it to them was not<br />
6 the <strong>re</strong>al <strong>re</strong>ason. As I testified earlier, either would<br />
7 have been pertaining to one <strong>of</strong> Mr. Picou's gambling<br />
8 debts or for money that he needed that either he<br />
9 didn't want his daughter to see or his ex-wife or soon<br />
10 to be ex-wife to see.<br />
11 Q. Do you <strong>re</strong>member what you specifically told<br />
12 Mr. Tonacchio and/or Mr. Lipsitz <strong>re</strong>garding Mr. Picou's<br />
13 employee and how that gave rise to a need for funds?<br />
14 A. I don't <strong>re</strong>call specifically, no. But<br />
15 whatever it was, it was nonsense.<br />
16 Q. Mr. Lipsitz I think has testified that what<br />
17 you <strong>re</strong>p<strong>re</strong>sented to him was that Mr. Picou had this<br />
18 employee who had been killed, that this employee's<br />
19 family had sued Mr. Picou and/or his business, and<br />
20 that he, Mr. Picou, was inte<strong>re</strong>sted in settling with<br />
21 the family but did not have the funds to do so. Does<br />
22 that comply with your <strong>re</strong>collection?<br />
23 A. I don't have a specific <strong>re</strong>collection one way<br />
24 or the other, but that certainly sounds plausible as<br />
25 to how I would have pitched it. Because that was a