Deposition of Scott Rothstein re - Trustee Services

Deposition of Scott Rothstein re - Trustee Services Deposition of Scott Rothstein re - Trustee Services

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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

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

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