Anwar et al v. Fairfield Greenwich Limited et al
Filing
787
DECLARATION of Savvas A. Foukas in Opposition re: #775 FIRST MOTION to Certify Class.. Document filed by PricewaterhouseCoopers Accountants Netherlands N.V., Pricewaterhousecoopers L.L.P.. (Attachments: #1 Exhibit A, #2 Exhibit B, #3 Exhibit C, #4 Exhibit D, #5 Exhibit E, #6 Exhibit F, #7 Exhibit G, #8 Exhibit H, #9 Exhibit I, #10 Exhibit J, #11 Exhibit K, #12 Exhibit L, #13 Exhibit M, #14 Exhibit N, #15 Exhibit O, #16 Exhibit P, #17 Exhibit Q, #18 Certificate of Service)(Maguire, William)
Exhibit H
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UNITED STATES DISTRICT COURT
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SOUTHERN DISTRICT OF NEW YORK
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PASHA S. ANWAR, et al.,
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Plaintiffs,
Civil Action No.
09-CV-0118(VM)
vs.
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FAIRFIELD GREENWICH LIMITED, et al.,
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Defendants.
------------------------------------x
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* * *CONFIDENTIAL* * *
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VIDEOTAPED DEPOSITION OF LAURENCE WIENER
12
New York, New York
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July 26, 2011
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Reported by:
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KATHY S. KLEPFER, RMR, RPR, CRR, CLR
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JOB NO. 39765
TSG Reporting - Worldwide
877-702-9580
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CONFIDENTIAL - L. Wiener
auditor was?
A. PwC.
Q. Do you understand that there is more
Q
y
than one entity or company with the term "PwC"
in its name?
A. Yes.
Q. What do you understand about that?
Q
y
A. There's many countries have a PwC.
y
Q. Do you understand that it's a
Q
y
different firm in different countries?
MR. HARROD: Objection.
j
A. I don't understand -- I'm not sure of
their makeup.
p
Q. Okay. How did you know that PwC was
Q
y
y
the auditor for Fairfield Sentry?
y
A. It's listed in the placement -- PPM
p
and it's listed on their marketing.
Q. Whose marketing?
Q
g
A. Fairfield. Their -- their Website.
Q. Okay. I'd like to just ask you,
Q
y
j
y ,
before y actually invested, y hadn't seen
you
y
, you
any audited financial statements for Fairfield
y
Sentry, had you?
y
A. No. I relied on that FGG had seen it.
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CONFIDENTIAL - L. Wiener
Q. Did you ever meet with anyone from PwC
Q
y
(Canada) before you invested -)
A. No.
Q. -- in Fairfield Sentry?
Q
A. No.
Q. Did you ever speak with anyone from
Q
y
p
y
PwC (Canada) before you invested in Fairfield
(
Sentry?
A. No.
Q. Did you ever receive any materials
Q
y
y
from anyone at -- from PwC (Canada) before you
y
invested in Fairfield Sentry?
A. No.
Q. Any mailings at all from PwC (Canada)?
Q
y
A. No.
Q. So you had no contact with PwC
Q
y
(
(Canada) before y decided to invest in
)
you
Fairfield Sentry; is that right?
y
A. Correct.
MR. HARROD: Objection.
Q. You didn't rely on anything PwC
(Canada) did in making the decision to invest,
did you?
MR. HARROD: Objection.
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CONFIDENTIAL - L. Wiener
A. I think I relied on that they had
audited statements for many years that they
supplied to FGG.
Q. But you hadn't seen any of these
audited statements -A. No, I hadn't seen any.
Q. -- at the time that you invested; is
that right?
A. I hadn't seen them, no, not
personally.
y
Q
Q. Do y understand that PwC (
you
(Canada)
)
was not the auditor for Bernard Madoff or his
company BLMIS, correct?
p y
A. Yes.
Q
Q. And y understand when I -- what I
you
mean when I say BLMIS?
y
A. Yes, I do.
,
Q
Q. Okay. Who was the auditor for BLMIS?
y
A. I didn't -- I didn't know when I made
my investment.
y
Q
Q. You didn't know who the auditor was
for Madoff's company?
p y
A. No. It wasn't something I was
g
interested in. I was investing with Fairfield.
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CONFIDENTIAL - L. Wiener
Q. So you didn't do any investigation to
Q
y
y
g
find out who Madoff's auditor was?
A. No. I figured Fairfield would do
that.
Q. Have you since learned the identity of
Q
y
Madoff's auditor?
A. I've heard of it. It's a small little
one-man, two-man outfit.
,
Q. Okay.
Q
y
A. Horowitz or something.
g
Q. If you could turn back to the document
Q
y
that was previously marked Exhibit 4.
p
A. Uh-huh.
Q. This is the e-mail from Marty Klenert
Q
to you on November 26, 2007?
y
,
A. Yeah, I'm trying to find it.
Q. Oh.
Q
A. Okay. I found it.
y
Q. You remember receiving this e-mail and
Q
the attached documents?
A. Yes, I remember the wiring
,
instructions.
Q. Do you remember reading and reviewing
Q
y
it when you received it?
69 (Pages 270 to 273)
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CONFIDENTIAL - L. Wiener
Q. Okay. Now let's turn to Exhibit 12.
Q
y
A. Okay.
Q. I'd like to point your attention to
paragraph 4 where you have stated that, in
deciding to make the investment in the fund, you
reviewed and relied upon a variety of document
provided by defendants.
You didn't review or rely upon
documents provided by PricewaterhouseCoopers
(Netherlands) with respect to that statement,
correct?
MR. HARROD: Objection.
Q. You can answer the question.
A. Correct.
Q. And where you continue in that
Q
y
p g p
paragraph to say that the "PPM identified the
y
auditor as PricewaterhouseCoopers (Netherlands)
p (
and stated that the audited accounts as of the
close of the last immediately fiscal year and
y
y
the auditor's letter of consent were available
for review at the fund's registered office in
g
the British Virgin Islands, how were you -- you
g
,
y
y
were only aware of that information based on the
y
PPM that you received; is that correct?
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CONFIDENTIAL - L. Wiener
A. Correct.
Q. Okay. Let's move to paragraph 5. You
Q
y
p g p
refer in this paragraph to the access that y
p g p
you
had to Fairfield Greenwich Group's Website.
p
None of the documents that you
y
reviewed on Fairfield Greenwich's Website were
related to PricewaterhouseCoopers (Netherlands);
is that correct?
MR. HARROD: Objection.
j
A. I don't believe they -- they stated
y
y
what country or I don't remember what country
y
the PwC was relating to on the Website.
g
Q. Well, what I'm asking you about is
Q
,
gy
when you reviewed the Fairfield Greenwich
y
Website, I believe you have testified today that
,
y
you looked at that Website often, right?
A. Yes.
Q. But nothing that you looked or -Q
strike that.
You did not review any audited
y
financial statements from that Website, correct?
,
A. I believe they only had a -- they
y
y
y
mentioned PwC. I don't -- I can't remember -- I
can't remember if they had an audited statement
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CONFIDENTIAL - L. Wiener
on there or not. I don't think so, but I can't
remember.
Q
Q. Well -A. But they did mention that PwC was the
auditor.
Q
Q. And is that because y -- y read
you you
that in the private placement memorandum, is
p
p
,
that how you knew that PwC was the auditor?
y
A. And it was also mentioned on the
Website.
Q
Q. Do y remember where you saw it on
you
the Website?
A. No, I don't remember where on the
Website.
Q
Q. Okay. Let's look at p g p 12.
y
paragraph
You stated in paragraph 12 that in the course of
p g p
making all of your investment decisions with
g
y
respect to the fund, you relied solely on
p
,y
y
information p
provided by defendants.
y
You're not referring there to anything
g
that was provided to you by
p
y
y
PricewaterhouseCoopers (Netherlands)?
p (
MR. HARROD: Objection.
Q. Is that correct?
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CONFIDENTIAL - L. Wiener
A. Only indirectly.
y
y
Q. And when you say "only indirectly,"
Q
y
what do you mean?
y
A. That the audits were provided to FGG,
p
,
who then relayed that PwC found no problems with
y
the financials.
Q. But you never actually looked at any
Q
y
y
financial statements for Fairfield Sentry
p p
prepared by PricewaterhouseCoopers
y
(Netherlands), correct?
),
A. Before I invested?
Q. Well, I believe your testimony today
Q
,
y
y
has been that the only audited financial
y
statement you saw was the 2007 statement that
y
you looked at earlier. Do you recall that?
y
A. Yes, but that's why I asked. You
,
y
meant before I invested? Because I did see an
audited statement.
Q. Prepared by -- my question was whether
Q
p
y
yq
y
you saw an audited financial statement prepared
p p
by PricewaterhouseCoopers (Netherlands)?
y
p (
)
A. I -- the only one I saw was the one
that I got in 2008.
Q. When you received a financial
76 (Pages 298 to 301)
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877-702-9580
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CONFIDENTIAL - L. Wiener
time.
THE WITNESS: Okay.
y
MS. PIERCE: We're going to go back to
g g
counsel for the Citco defendants.
MS. IZQUIERDO: I have less than five
Q
minutes worth of questions.
q
EXAMINATION BY
MS. IZQUIERDO:
Q
Q. I just wanted to clarify some
Q
j
y
q
questions that I had asked you earlier. I
y
believe you testified that PacWest Health
y
Medical Center has -- has one permanent -- one
p
full-time employee, that's you, and two
p y ,
y ,
part-time employees, is that correct?
p
A. Correct.
Q. Is that currently?
Q
A. Yes.
Q. Okay. And I believe you testified
Q
y
y
that the trust was formed, the retirement trust
,
was formed in 1999 or 2000, around that time
period?
A. Around that time.
Q. How many employees did PacWest have at
Q
y p y
the time the trust was formed?
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CONFIDENTIAL - L. Wiener
A. It's the same two. Or, actually they
,
y y
were different p p then, but they were -- had
people
,
y
different, but it was still the same p
,
positions.
Q. So, at the time the trust was formed
Q
,
in 1999 or 2000, did PacWest have the same -,
the same number of employees, two part-time
p y ,
p
employees and you, yourself, one full-time
p y
employee?
p y
A. 2001? It might have only had one
g
part-time employee.
p y
Q. What about in -- at the time the
Q
investment was made in Fairfield Sentry?
A. That's 2007. It had two. Two
part-time.
Q. How many hours per week do your two
Q
y
p
part-time employees work?
p y
A. They have about 15 hours each.
y
MS. IZQUIERDO: That's all we have.
Q
Thank you.
y
THE WITNESS: Okay.
y
THE VIDEOGRAPHER: That concludes the
video record for today. The time is now
y
4:31 P.M. We are now off the record.
(Pause.)
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CONFIDENTIAL - L. Wiener
THE VIDEOGRAPHER: The time is 4:32
P.M. We are reopening the deposition
momentarily for a declaration by counsel.
MR. HARROD: Plaintiffs' counsel would
like to designate the testimony today as
confidential pursuant to the Protective
Order in the case.
That's it. Thank you.
THE VIDEOGRAPHER: Thank you. Now
that closes the video deposition for today.
The time is 4:32 P.M. We are now off the
record.
oOo
____________________
LAURENCE WIENER
Subscribed and sworn to
before me this day
of
2011.
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_______________________
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CONFIDENTIAL - L. Wiener
CERTIFICATE
STATE OF NEW YORK )
: ss
COUNTY OF NEW YORK)
I, Kathy S. Klepfer, a Registered
Merit Reporter and Notary Public within and
for the State of New York, do hereby
certify:
That LAURENCE WIENER, the witness
whose deposition is herein before set forth,
was duly sworn by me and that such
deposition is a true record of the testimony
given by such witness.
I further certify that I am not
related to any of the parties to this action
by blood or marriage and that I am in no way
interested in the outcome of this matter.
In witness whereof, I have hereunto
set my hand this 1st day of August, 2011.
------------------------------KATHY S. KLEPFER, RPR, RMR, CRR, CLR
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877-702-9580
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