Case 1:13-cv-03905-LGS-FM Document 36-7 Filed 09/02/13 Page 1 of 4
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`JOSHUA BERNSTEIN VS.
`BAYROCK GROUP LLC
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`FELIX H. SATER
`March 9, 2010
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`Original File 92879B.TXT
`Min-U-Script® with Word Index
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`Case 1:13-cv-03905-LGS-FM Document 36-7 Filed 09/02/13 Page 2 of 4
`JOSHUA BERNSTEIN VS.
`BAYROCK GROUP LLC
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`Page 1
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` 1 SUPREME COURT OF THE STATE OF NEW YORK
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` 2 COUNTY OF WESTCHESTER
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` 3 JOSHUA BERNSTEIN,
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` 4 Plaintiff,
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` 5 -against-
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` 6 BAYROCK GROUP LLC,
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` 7 Defendant.
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` 8 Index No. 02579/09
` ------------------------------------x
` 9
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`10
` 11 Martine Avenue
`11 White Plains, New York
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`12
` March 9, 2010
`13 4:10 p.m.
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`14
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`15 Deposition of FELIX H. SATER, held
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`16 at the Law Offices of Gerry E. Feinberg, pursuant
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`17 to subpoena and court order, before Barbara
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`18 Driscoll, a Notary Public of the State of New
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`19 York.
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`20
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`21
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`22
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`23 ELLEN GRAUER COURT REPORTING CO. LLC
` 126 East 56th Street, Fifth Floor
`24 New York, New York 10022
` 212-750-6434
`25 Ref: 92879B
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`FELIX H. SATER
`March 9, 2010
`Page 3
` 1 ------------------- I N D E X -------------------
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` 2 WITNESS EXAMINATION PAGE
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` 3 FELIX H. SATER MR. FEINBERG 4
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` 4 MR. OBERLANDER 54
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` 5 MR. DOMB 67
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` 6
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` 7
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` 8 ---------------- E X H I B I T S ----------------
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` 9 PLAINTIFF'S DESCRIPTION FOR I.D.
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`10 Exhibit 32 E-mail from Mr. Bernstein 36
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`11 to you, September of 2007
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`12 Exhibit 33 E-mail to Maria Simonchyk, 48
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`13 September 9, 2008
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`14 Exhibit 34 Compilation of two e-mails, 50
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`15 March 19, 2008
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`16 Exhibit 35 E-mail 51
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`17 Exhibit 36 E-mail, September 16 52
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`18 Exhibit 37 August 29, 2003 letter 55
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`19 addressed to Jody Kris
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`20 Exhibit 38 Presentation binder for FL 59
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`21
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`22
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`23
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`24
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`25
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` 1 A P P E A R A N C E S:
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` 2
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` 3 GERRY E. FEINBERG, ESQ.
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` 4 Attorney for Plaintiff
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` 5 11 Martine Avenue
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` 6 White Plains, New York 10606-0134
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` 7 and
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` 8 FREDERICK M. OBERLANDER, ESQ.
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` 9 28 Sycamore Lane
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`10 PO Box 1870
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`11 Montauk, New York 11954
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`12
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`13
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`14 AKERMAN SENTERFITT LLP
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`15 Attorneys for Defendant
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`16 335 Madison Avenue, Suite 2600
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`17 New York, New York 10017-4636
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`18 BY: MARTIN DOMB, ESQ.
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`19
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`20
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`21 ALSO PRESENT:
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`22 Joshua Bernstein
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`23 Brian Halberg, Esq.
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`24 Julius R. Schwarz
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`25
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`Page 2
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`Page 4
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` 1 S T I P U L A T I O N S
` 2
` 3 IT IS HEREBY STIPULATED AND AGREED, by
` 4 and between the attorneys for the respective
` 5 parties herein, that filing and sealing be and the
` 6 same are hereby waived.
` 7
` 8 IT IS FURTHER STIPULATED AND AGREED
` 9 that all objections, except as to the form of the
`10 question, shall be reserved to the time
`11 of the trial.
`12
`13 IT IS FURTHER STIPULATED AND AGREED
`14 that the within deposition may be signed and sworn
`15 to before any officer authorized to administer an
`16 oath, with the same force and effect as if signed
`17 and sworn to before the officer before whom the
`18 within deposition was taken.
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`25
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`Case 1:13-cv-03905-LGS-FM Document 36-7 Filed 09/02/13 Page 3 of 4
`JOSHUA BERNSTEIN VS.
`BAYROCK GROUP LLC
`
`Page 5
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`FELIX H. SATER
`March 9, 2010
`Page 7
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` 1 F E L I X H. S A T E R,
` 2 called as a witness, having been first
` 3 duly sworn by the Notary Public (Barbara
` 4 Driscoll), was examined and testified as
` 5 follows:
` 6 EXAMINATION BY
` 7 MR. FEINBERG:
` 8 Q. Please state your name.
` 9 A. Felix Sater.
`10 Q. Would you state your address.
`11 A. 130 Shore Road, Port Washington, New
`12 York 11050.
`13 Q. My name is Gary Feinberg --
`14 A. How are you, Mr. Feinberg?
`15 Q. Sorry to keep you waiting all day
`16 today.
`17 A. I am more upset about the other thing.
`18 MR. DOMB: You're noting the time that
`19 we started this deposition?
`20 THE WITNESS: It is 10 after four.
`21 Q. I am asking you a series of questions.
`22 If you don't understand any question, please let
`23 me know and I will try to rephrase it for you.
`24 Is Mr. Domb acting as your attorney
`25 here today?
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` 1 SATER
` 2 University.
` 3 Q. How far did you go?
` 4 A. A year or two in both.
` 5 Q. When did you go to college?
` 6 When did you finish whatever you were
` 7 doing in college?
` 8 A. 1983, 1984, I am guessing.
` 9 Q. After finishing that schooling, did you
`10 become employed?
`11 A. Yes.
`12 Q. Who did you become employed with?
`13 A. Bear Stearns.
`14 Q. What did you do for Bear Stearns?
`15 A. I started as assistant cold caller --
`16 as a cold caller.
`17 Q. Did you have any licenses?
`18 A. No.
`19 Q. You had no license when you started.
`20 Did there ever come a time when you
`21 obtained a license?
`22 A. Yes.
`23 Q. What license did you obtain?
`24 A. I obtained a series 7 and a series 63.
`25 Q. When were those obtained?
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`Page 6
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`Page 8
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` 1 SATER
` 2 A. Yes.
` 3 Q. If there is a question posed to you,
` 4 please try to answer the question before -- you
` 5 cannot have a conversation with him before you at
` 6 least attempt to answer the question --
` 7 A. I can't have a conversation until I
` 8 attempted --
` 9 Q. If the question is posed to you, answer
`10 the question. If there is no question posed to
`11 you, you can have a conversation with him. He
`12 will make whatever objections he feels are
`13 warranted.
`14 Answer verbally for the reporter
`15 because she can't take down moving your head.
`16 A. Understood.
`17 Q. First question, are you on any
`18 medication or is there any other reason that you
`19 can't be testifying truthfully today?
`20 A. No.
`21 Q. Tell me what your educational
`22 background is.
`23 A. I have some college.
`24 Q. Where did you go to college?
`25 A. Kingsborough Community College and Pace
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` 1 SATER
` 2 A. Sometime between six to 12 months after
` 3 starting my employment at Bear Stearns.
` 4 Q. How long did your employment continue?
` 5 A. I changed jobs maybe -- I don't know.
` 6 I don't remember the dates. I changed jobs within
` 7 the year and went to work at a firm, Lattenberg
` 8 Thalman. I stayed there for a while and then went
` 9 over to Lehman Brothers; stayed at Lehman Brothers
`10 for a while; don't remember the extent or the
`11 exact length of the time.
`12 Then went to work for a company called
`13 Gruntal; spent a number of years there. Then went
`14 to work for Shearson Lehman Brothers. That takes
`15 us into probably 1994, I would guess.
`16 Q. Did there come a time when you exited
`17 the securities business?
`18 A. Yes.
`19 Q. When was that?
`20 A. I am guessing 1994, 1995.
`21 Q. Was there a reason why you exited the
`22 securities business?
`23 A. Yes. I went into a different business.
`24 Q. What business did you go into?
`25 A. I was trying to do some work in Russia,
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`Case 1:13-cv-03905-LGS-FM Document 36-7 Filed 09/02/13 Page 4 of 4
`JOSHUA BERNSTEIN VS.
`BAYROCK GROUP LLC
`
`Page 9
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`FELIX H. SATER
`March 9, 2010
`Page 11
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` 1 SATER
` 2 telecommunications work.
` 3 Q. Were you ever convicted of a crime?
` 4 A. Yes.
` 5 Q. What was the crime you were convicted
` 6 of?
` 7 A. I was convicted of assault one.
` 8 Q. Were you ever convicted of any other
` 9 crimes?
`10 A. On the advice of counsel, I am not
`11 going to answer that question as I don't have to
`12 incriminate myself nor does this business
`13 litigation have anything to do or bearing on
`14 whether I am convicted of any crimes or not.
`15 On the advice of counsel, I won't
`16 answer past what I have already answered.
`17 Q. You already answered you were convicted
`18 of assault?
`19 A. Yes.
`20 Q. If you have actually been convicted,
`21 the fact that you have been convicted cannot
`22 constitute any testimony against your own
`23 interests and goes to your credibility depending
`24 upon what the nature of the conviction was and if
`25 it goes to a conviction related to something
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` 1 SATER
` 2 A. Yes.
` 3 Q. The grounds being again?
` 4 A. Not to incriminate myself and -- on
` 5 this issue and that I don't have to answer since
` 6 my convictions have -- or lack thereof have
` 7 nothing to do with what I am going to be
` 8 questioned about here.
` 9 MR. FEINBERG: They are. I will take a
`10 two-minute break. I will get a phone number
`11 for the judge and we will call the judge's
`12 chambers right now --
`13 THE WITNESS: She will have an ex-parte
`14 hearing with the judge --
`15 MR. FEINBERG: Off the record.
`16 (Off the record discussion.)
`17 Q. We will make application to the judge.
`18 You will have your counsel come back at the
`19 appropriate time. You understand that you're here
`20 pursuant to a direction of the court to answer
`21 questions.
`22 A. Absolutely. I would never, ever --
`23 MR. DOMB: Don't interrupt. Ask him a
`24 question.
`25 Q. You understand that --
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`Page 10
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`Page 12
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` 1 SATER
` 2 related to any sort of fraud, et cetera, it is
` 3 relevant to your credibility as a witness in this
` 4 case.
` 5 A. Probably not a very credible witness to
` 6 begin with.
` 7 Q. You're probably not a very credible
` 8 witness --
` 9 A. No. That is what you're saying, so --
`10 Q. No. I am asking you that. Are you
`11 refusing to answer the question --
`12 A. On the advice of counsel.
`13 Q. Is that your direction to him?
`14 A. He is not my counsel on this particular
`15 matter. My counsel is Leslie Caldwell from Morgan
`16 Lewis.
`17 Q. Is that criminal counsel?
`18 A. She is many things.
`19 Q. Is she here today?
`20 A. No.
`21 Q. Did she know you would be asked this
`22 question?
`23 A. Yes.
`24 Q. Did she advise you not to answer this
`25 question?
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` 1 SATER
` 2 A. Yes.
` 3 Q. You understand the direction is to come
` 4 here under subpoena and court order to give
` 5 testimony in this case. You understand that?
` 6 A. Yes.
` 7 Q. We will proceed from there.
` 8 Could you tell me, were you ever
` 9 employed by a company called Bayrock?
`10 A. Yes.
`11 Q. Are you still employed by Bayrock?
`12 A. No.
`13 Q. When did your employment cease?
`14 A. About two years ago.
`15 Q. What was your position while at
`16 Bayrock?
`17 A. Different. It was different monickers
`18 attached to it. Managing member, managing
`19 something, managing -- you know what, it was
`20 basic -- bottom line, I was probably number two
`21 man in the company. The actual position, I don't
`22 remember what it was. I had a few business cards.
`23 Q. When did you start?
`24 A. I guess in 2001, 2002, sometime around
`25 there.
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