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

Summary

The Epstein Chronicles

Episode: Jeffrey Epstein And The Transcript From His 1981 SEC Deposition (Part 1)

Host: Bobby Capucci

Release Date: July 26, 2026

---

Episode Overview

In this episode, host Bobby Capucci dives into the rarely discussed 1981 SEC deposition of Jeffrey Epstein, offering listeners a look at the early days of Epstein’s professional life and his first entanglements with government authorities. Capucci frames this deposition as pivotal in understanding how Epstein’s trajectory toward becoming an influential and protected figure began, suggesting that this moment may have marked the genesis of his "usefulness to the government."

---

Key Discussion Points & Insights

1. Setting the Scene: The 1981 SEC Deposition

Timestamp: 01:31–04:00

• The episode centers entirely on a reading and breakdown of the official transcript from Epstein’s SEC testimony.
• Epstein is questioned by unnamed SEC officials, with his attorney Mark E. Layman (assistant director of law and compliance at Bear Stearns) present.
• The investigation relates to transactions involving St. Joe’s Mineral Corporation, alongside attention to recent tender offers (Seagram’s), with the SEC making clear the possibility of litigation and criminal liability.

Quote:

“In my opinion, [this deposition] is the genesis of his usefulness to the government.” (Bobby Capucci, 01:36)

---

2. Legal Rights and the Nature of Epstein’s Appearance

Timestamp: 04:00–09:00

• Epstein acknowledges the receipt and review of relevant documents outlining the SEC’s authority and investigation order.
• Multiple layers of legal counseling are clarified:
  • Epstein is represented both in a personal and corporate capacity by Layman.
  • Explicit discussion of potential conflicts of interest, since Epstein had recently left Bear Stearns.
• The official reminds Epstein of his Fifth Amendment rights and the penalties for perjury or making false statements, underscoring the legal gravity of the proceedings.

Quotes:

“At this time you have the right to be accompanied, advised, and represented by counsel of your own choosing…” (SEC Examiner, 06:04)
“Any evidence you give today may be used against you under the Fifth Amendment…” (SEC Examiner, 08:41)
“Do you understand that, Epstein?”
“Yes, I do.” (Epstein, 09:05)

---

3. Discussion of Epstein’s Resignation and Early Career

Timestamp: 09:51–13:00

• Epstein provides documentation regarding his resignation from Bear Stearns, including his resignation letter and internal memos, all officially entered into the record.
• He affirms that the signature on the resignation letter is his.
• Epstein confirms full legal name as Jeffrey Edward Epstein, born January 20, 1953 in Brooklyn, NY.
• Admits to maintaining two New York residences.

Quotes:

“That’s correct.” (Epstein confirming his signature, 09:56)
“I left Bear Stearns on March 12, 1981.” (Epstein, 13:24)

---

4. Epstein’s Background and Financial Footprint

Timestamp: 13:00–17:49

• Outlines his employment history:
  • Limited partner at Bear Stearns for five years (“I was a representative account executive…commodities and financial futures recommendations” – Epstein, 13:28)
  • Prior role as a teacher at the Dalton School (“No, I was just teaching. How long were you there? Two years.”)
• Education:
  • Lafayette High School (graduated)
  • Attended but did not graduate from Cooper Union and NYU Graduate School
• Declares no military service, corporate directorships, or managerial roles in past year.
• Discloses personal financial details:
  • Brokerage accounts only at Bear Stearns (provides account number)
  • Bank accounts at Chemical Bank and Immigrant Savings Bank (and previously at Citibank)
  • No safe deposit box
• Notable personal details:
  • Never married, no children
  • No involvement with professional societies, only social clubs (Atrium Club and a pool club)
  • Has a diary/log for his schedule, to be reviewed by SEC with counsel

Quotes:

“I was a limited partner at Bear Stearns.” (Epstein, 13:24)
“Prior to that? Dalton School. As part of your education? No, I was just teaching.” (13:28)
“No, I have not.” (Epstein, on other securities industry experience, 13:32)
“Chemical Bank, 55 Water Street...Immigrant Savings Bank...Citibank, a checking account and savings account, but no money in the checking account and $500 in the savings account.” (Epstein, 15:38–16:14)

• One unexpectedly candid admission:
  • He was once convicted of a crime in the UK for purchasing an antique sword stick (“The allegation was I bought an antique sword stick and they said that could not be carried in the country…” – Epstein, 17:10)
  • Dismisses the significance and asserts no felony or misdemeanor in the US.

---

Notable Quotes & Memorable Moments

• Capucci’s Framing of the Deposition:

  “This is a very, very telling and informative deposition when it comes to Jeffrey Epstein and who the man was and at the time.” (01:35)

• Early Glimpses of Evasion:
  • Epstein repeatedly gives succinct “No” answers to wide-ranging inquiries, foreshadowing the later combative or evasive posture he would take in legal scrutiny.
• Revelation of a UK Conviction:

  “I’ve been convicted of a crime in Great Britain…The allegation was I bought an antique sword stick and they said that could not be carried in the country.” (Epstein, 17:10)

• Documentation Entered into the Record:
  • The host and examination methodically mark and review Epstein’s resignation letter and related Bear Stearns documents as official exhibits, highlighting the attention to detail and paper trail at play.

---

Timestamps for Important Segments

| Segment | Timestamp | |-----------------------------------|------------| | Episode & theme introduction | 01:31-02:30| | Start of SEC deposition transcript| 03:00 | | Rights and legal context | 04:30-09:30| | Confirming resignation documents | 09:51-10:00| | Personal data (name, address) | 12:28-13:00| | Professional & educational history| 13:24-14:30| | Financial details & accounts | 15:08-16:15| | Conviction in the UK disclosed | 17:10 | | Episode wrap-up | 17:49 |

---

Overall Tone & Approach

Capucci’s tone is diligent, sober, and fact-focused—committed to unpacking the dense, bureaucratic details of Epstein’s first SEC encounter. The host stresses that this deposition offers insight not just into Epstein’s emerging professional persona, but the beginnings of patterns that would define his subsequent criminal activity and the tolerance (or neglect) of powerful institutions.

---

Conclusion

This first part of the episode methodically tracks Epstein’s 1981 SEC deposition, shining light on his association with Bear Stearns, his relatively modest early background, and his first brush with government oversight. Capucci hints at the greater importance of these early records in understanding Epstein’s ability to navigate elite circles and the government’s mechanisms. The episode serves as an essential primer to the roots of the Epstein saga, promising more revelations in future parts.

Transcript

[Interviewer]

What's up everybody?

[Bretzky]

It's Bretzky and America is turning 250 and I can't think of a better way to celebrate that than playing on an American owned social casino. Spinquest.com with all of your favorite games, live crafts, bubble craps, live blackjack, there's no better place to play for free and win real cash prizes.

[Spinquest Announcer]

Spinquest.com Spinquest is a free to play social casino void where prohibited. Visit spinquest.com for more details.

[Cachava Advertiser]

When maintaining your daily wellness rituals is important to you, the change in routine during the summer can feel daunting. Cachava's new travel packs help you stick to your daily ritual even when you're on the go. Just one packet of Cachava's all in One Nutrition Shake provides complete nutrition with 25 grams of protein, 6 grams of fiber, greens, adaptogens and much more. So you'll be fueled and ready for wherever life or your summer adventures take you. No fillers, no nonsense, just the good stuff your body craves. Craves. Plus, it actually tastes delicious. But you can try it for yourself because the variety pack includes all six delicious fan favorites. Chocolate, vanilla, chai, matcha, coconut, acai and strawberry. So instead of worrying about sticking to your daily ritual, simplify it with Kachava. Go to kachava.com and use code NEWS for 15% off. That's K-A-H-A-V-A.com code NEWS what's up everyone,

[Interviewer]

and welcome to another episode of the Epstein Chronicles. In this episode, we're going to start taking a look at Jeffrey Epstein's deposition with the SEC. And this deposition was taken back in 1981. Your boy was 1 years old. And it's a very, very telling and informative deposition when it comes to Jeffrey Epstein and who the man was and at the time. And it also, in my opinion, is the genesis of his usefulness to the government. So with that said, let's dive in on the record. We're located in the conference room at the offices of the United States Security and Exchange Commission, New York Regional Office. Sir, my name is redacted. I'm a member of the staff of the U.S. security and exchange Commission. And in connection with with a matter of interest to the Commission, a formal order directing private investigation has been authorized by the Commission. And I've been delegated with certain authorities by the Commission, as have certain other individuals on the staff in connection with those authorities. I have the power to swear you in as a witness. I would like you to rise and Please raise your right hand. Whereupon Jeffrey Epstein, having been first duly sworn, was examined and and testified as follows. As is customary in proceedings of this type, I'd like to advise you that the Security and Exchange Commission is involved in investigation into certain transactions and securities relating to the St. Joe's Mineral Corporation. As you may also be aware, there has been a recent tender offer and there's been a good deal of litigation in connection with that. Mr. Layman. There are two recent tender offers redacted. Well, okay. Specifically referring to the Seagram's tender offer, there's been a good deal of litigation and as you've probably all read, the Commission is investigating this matter. Mr. Layman, please answer the question if he asks it by responding yes or no. Redacted. Yes, you have to answer yes or no. For the record, I would like to ask you a number of questions in connection with our investigation. But before I ask you any questions or you give any answers, I must advise you of certain of your rights under the law. Epstein. Okay. The record should reflect that prior to going on the record today, I made available to counsel and Mr. Epstein a copy of the order directing private investigation. Have you had an opportunity to look at this document? Epstein? I'd just like to see it again for a second, please. Proves as the document. Thank you, Mr. Layman. Yes, we have. I will leave it on the table during our discussions today and it'll be available to you if you wish to review it at any time. Epstein. Thank you. Question. Also, prior to going on the record, I tendered to the witness and counsel a multi page document entitled Exhibit to be used in formal investigations. Mr. Epstein. Have you received that document? Epstein? Yes, I have. Have you had an opportunity to review the document with your counsel? Abstein. Yes, sir. May I have your copy back, please? Alright, I've marked a copy, identical copy, Division Exhibit 1, Epstein. If you would like to take a look at them and compare them to make sure they are one and the same, you may do so. Yes, fine. They're the same. I will ask the reporter to mark Division Exhibit 1, Epstein. And I will leave this copy with you for your own purposes. Mr. Epstein, I'd like to advise you that at this time that you have the right to be accompanied, advised and represented by counsel of your own choosing in your appearance before the staff of this commission. Epstein. Do you understand that? Epstein Answers Yes. Question. Do you have counsel with you today, Epstein? Yes, I do. Question. Would counsel please identify himself for the record, Mr. Layman? Yes. My name is Mark E. Lehman. L E H M A N. Redacted. Mr. Layman. You your firm or employer, Mr. Layman? I'm employed by Bear, Stearns Co. As the assistant Director of Law and Compliance. Redacted. And Bear Asterns address and phone number gives the phone number question. Mr. Epstein, you have been asked to come down today on a voluntary basis. I should advise you that the staff does have subpoena power. But in the particular instance today, you have appeared on a voluntary basis. The witness. We will so stipulate accordingly. You can discontinue this examination at any time that you feel fit to do so, Epstein. Fine. Thank you. All right. Now, you've also been asked to appear on a personal basis. Rather than on a representative basis as an employee of a firm or organization. Do you understand that, Epstein? Yes. Question, Counsel. In what capacity do you appear today on Mr. Epstein's behalf? Mr. Layman? I appear in both capacities. The capacity as his individual attorney. And also I've disclosed to him, as he well knows, that I'm an attorney for Bear, Stearns and Company. Redacted. Very well, Counselor. In the event that a conflict of interest arises. Or a potential conflict of interest arises, I will leave it to your sound exercise of discretion to make that known to the witness. And to make the appropriate arrangements at that time. Mr. Layman. For the record, I would note, as we had met with the Commission before and were questioned before and in this order pertains to an investigation into the trading of a tender offer for St. Joe's Minerals. And in that, Mr. Epstein is no longer employed by my firm. But his registration had absolutely nothing to do with St. Joe Minerals. I have discussed this in detail with Mr. Epstein, and he understands and I will use my own judgment if there is any possible conflict of interest. Redacted. Very well. All right. Mr. Epstein. I wish to advise you that my. That any evidence you give today may be used against you under the Fifth Amendment of the United States Constitution. You are under no obligation or compulsion to incriminate yourself or hold yourself out to fine, forfeiture or punishment. Epstein. I understand. Redacted. You should also know that under Title 18, Section1100 of the US Code. Whomever may make a false statement to members of the staff may be subject to fine, punishment or imprisonment. Do you understand that, Epstein? Yes, I do. You should also know that anyone making false statements to members of the staff under oath may be subject to perjury charges. Do you understand that, Epstein? Yes, I do. If at any time during the course of the examination today, you. You wish to consult with counsel outside the hearing or presence of the staff members or the reporter, please indicate that to me and we will make suitable arrangements. Understand, Epstein? Yes, I do. You should also know that the reporter will not terminate or stop the record at your request or your counsel's request. The reporter will only stop it at my request or another member of the staff's. Do you understand, Epstein? Yes, I do. Question. If you wish to stop the record for any purpose, please indicate to me or one of the other staff members and we'll make the suitable and appropriate arrangements. Epstein. Yes. Thank you. Mr. Epstein, when I spoke with you the other day, I asked if, when you came down today, you would provide us, if you have any with any documents in your possession relating to your resignation or. Or termination at Bear Asterns. Do you have any documents with you today, Epstein? I have a copy of my resignation letter. Redacted. Let the record reflect that Mr. Epstein just handed me a two page document on the letterhead Jeffrey E. Epstein, bear Stearns Co. Dated March 25, 1981. It's addressed to the Executive Committee. I asked the reporter to mark this as Agency Exhibit 2. Mr. Lehman. In addition, I have a statement that was issued by the Executive committee that was issued to the firm and also a cover memo dated March 12, 1981 from Mr. Epstein to the Executive Committee. Redacted. Thank you. Let the record reflect that I've been handed by Mr. Epstein three pages stapled together. The topmost page on the letterhead, Jeffrey E. Epstein, Bear Stearns Co. Dated March 12, 1981. And the executive Committee.

[Jeffrey Epstein]

And.

[Interviewer]

And the signature block appears to be the signature of Jeffrey E. Epstein. Is that correct, Epstein?

[Jeffrey Epstein]

That's correct.

[Interviewer]

Redacted. That's your signature, Epstein? That's correct. Hey everybody.

[Lady Luck]

Lady Luck here. And we're celebrating America's 250th birthday. Now all summer long I'm going to be celebrating by playing on finquest.com which is an American owned social casino. It obviously features over a thousand slot games and live blackjack. Live. Live bubble craps. Head on over to spinquest.com get yourself a $30 coin pack for just 10 bucks.

[Spinquest Announcer]

Spinquest is a free to play social casino void where prohibited. Visit spinquest.com for more details.

[Bubba Wallace]

Bubba Wallace here from 2311 Racing on the track. My car's look is everything. But today I'm talking about more than just paint schemes. I'm talking about my favorite games at Chumba Casino. Check out exclusives like Stampede Fury and my own King Croc fur. It's just as wild as my car looked in Texas. With over 200 games and new ones. Weekly play for [e-mail]. let's Chumba.

[Chumba Casino Announcer]

Sponsored by Chumba Casino.

[Interviewer]

No purchase necessary.

[Chumba Casino Announcer]

VGW Group Voidwear prohibited by law. 21/members and conditions apply.

[Godfather Slots Announcer]

Step into the world of power, loyalty and luck.

[Godfather Character]

I'm gonna make him an offer he can't refuse.

[Godfather Slots Announcer]

With family. Cannolis and spins mean everything.

[Godfather Character]

Now you want to get me mixed up in the family business.

[Godfather Slots Announcer]

Introducing the [e-mail] test your luck in the shadowy world of the Godfather slots.

[Godfather Character]

Someday I will call upon you to do a service for me.

[Godfather Slots Announcer]

Play the Godfather [e-mail] Welcome to the family.

[Chumba Casino Announcer]

No purchase necessary. VGW Group Void. We're prohibited by law. 21 plus terms and conditions apply.

[Interviewer]

Question. The second page is entitled Memo. It's on the letterhead of Bear Skirns dated March 12, 1981. An address to all partners, all branch managers, account executives from the executive committee. And this memo appears to relate to Mr. Epstein. The third sheet is entitled Uniform Termination Notice for securities Industry Representative and or Agent Number one. The topmost line. Individual's name, Jeffrey Epstein. Middle initial E. Mr. Layman, I call your attention. Redacted to the reverse side of the last document. There's writing there, also redacted. Okay, very well. The last most document, the one captioned at the top. Uniform Termination Notice. There is three typed paragraphs on the back of that document. I'd ask the reporter to mark these exhibit number three. Question. Mr. Epstein, have you ever gone by any other name other than Jeffrey E. Epstein or any other known by any other name?

[Jeffrey Epstein]

No.

[Interviewer]

Question. What does the E stand for? Edward. May I have your date of birth and place of birth? January 20, 1953, Brooklyn, New York. May I have your present home address and telephone number? Gives them that. Do you maintain any other address or residence? I maintain a residence at 265 E. 66th St. Phone number is 772-9416.

[Jeffrey Epstein]

Queen.

[Interviewer]

Question. That's new York City, New York, New York. The record should reflect that Redacted. Has now entered the room and joined the table. This is Mr. Lehman. Mr. Epstein. Question. Mr. Epstein. Do you maintain a telephone credit card? No. Question. Are you presently employed?

[Jeffrey Epstein]

Answer. No.

[Interviewer]

Question. Mr. Layman, please. Mr. Epstein, you don't have to look at me. You can answer Redacted's question.

[Jeffrey Epstein]

No.

[Interviewer]

When was your most recent date of employment? I left Bear Stearns on March 12, 1981. Question and that time, what was your capacity at Bear Stearns? I was a limited partner at Bear Stearns. Question what were your functions as a limited partner? I was a representative account executive designated to help out with commodities and financial futures recommendations to the sales force. Question how long were you with Bear Stearns? Five years. Question and where were your previous to that Dalton school? Question. As part of your education? No, I was just teaching. How long were you there? Two years. Question have you held any other position in the securities industry other than gets cut off by Epstein? No, I have not. May I have a brief resume of your educational background? Sure. By Epstein. I went to Lafayette High School in Brooklyn, which I graduated from. Then I went to Cooper Union, which I did not graduate from. And I spent some time at New York University Graduate School, which I did not graduate from. Did you ever serve in the military?

[Jeffrey Epstein]

No.

[Interviewer]

Other than your position as a limited partner of Bear Stearns, do you presently or have you in the past year held a position in any managerial capacity in any other firm?

[Jeffrey Epstein]

No.

[Interviewer]

Question. Are you a 5% stockholder in any corporation?

[Jeffrey Epstein]

Answer no.

[Interviewer]

Question. Are you an officer or director of any corporation?

[Jeffrey Epstein]

Answer no.

[Interviewer]

Question have you been in the past year?

[Jeffrey Epstein]

Answer no.

[Interviewer]

Question. Have you been a member of any other limited partnerships?

[Jeffrey Epstein]

Answer no.

[Interviewer]

Question. Have you been in the past year?

[Jeffrey Epstein]

No.

[Interviewer]

Question do you maintain any brokerage accounts, Security brokerage accounts? Yes, I do. Question where are those brokerage accounts? Bear Stearns. Question do you have any other accounts other than Bear Stearns?

[Jeffrey Epstein]

Epstein? No.

[Interviewer]

Question. Have you had any accounts at any other firm other than Bear Stearns?

[Jeffrey Epstein]

Answer no.

[Interviewer]

Question. Would you know your account number offhand? Gives it to him. Question Are you married?

[Jeffrey Epstein]

Answer no.

[Godfather Character]

Question.

[Interviewer]

Question have you been.

[Jeffrey Epstein]

Answer no.

[Interviewer]

Do you maintain. Do you have children?

[Jeffrey Epstein]

Answer no.

[Interviewer]

Question do you maintain any bank accounts? Answer yes. Question where do you maintain those bank accounts, Checking and savings? Answer Chemical Bank, 55 Water street that's my checking account. An immigrant savings bank. It's right across the street. It's Water street as well. That's my savings account. Do you maintain a safe deposit box? Question.

[Jeffrey Epstein]

Answer no.

[Interviewer]

Have you in the past year? No. Question. Have you maintained any other bank account in the past year? Citibank. A checking account and savings account. But no money in the checking account and 500 in the savings account. Answer Are those accounts still active?

[Jeffrey Epstein]

Answer no.

[Interviewer]

Question in connection with your employment at Bear Stearns, do you maintain a personal calendar, desk diary, appointment book or telephone log? I do maintain somewhat of a diary, but not a telephone Log Question do you have that diary with you today?

[Jeffrey Epstein]

No.

[Interviewer]

Question do you have it in your possession in some other place? Yes, I would ask you to provide that to the staff. A copy of it or question the original. Mr. Layman, for what time period? Question the past six months. Mr. Layman, any particular subject matter in the diary? May he excise the personal matters from that? Well, perhaps what we can do, if you want to sit down with me, we can go over it and if there are matters that should be excised, we can do that at that point I'm sure we can work in a joint action. Sir, have you ever been convicted of a crime or indicted for a crime? I've been convicted of a crime in Great Britain at one point. I don't believe it's no federal jurisdiction. Do you know offhand what whether it was a felony or a misdemeanor? Answer no, I don't. Question what did it concern what was the allegation and what was the conviction? The witness, Epstein the allegation was I bought an antique sword stick and they said that could not be carried in the country. It had to be shipped out. Question do you belong to any business societies, fraternities or social clubs? Answer by Epstein the atrium club in New York and pool club. But no question you don't belong to any professional organizations?

[Jeffrey Epstein]

Answer no.

[Interviewer]

All right folks, we're going to wrap up right here and in the next episode dealing with the topic, we're going to pick up where we left off. All the information that goes with this episode can be found in the description box. Hey everybody.

[Lady Luck]

Lady luck here. And we're celebrating America's 250th birthday. Now all summer long I'm going to be celebrating by playing on spring spinquest.com which is an American owned social casino. It obviously features over a thousand slot games and live blackjack, live craps, live bubble craps. Head on over to spinquest.com get yourself a $30 coin pack for just 10 bucks.

[Spinquest Announcer]

Spin Quest is a free to play social casino void where prohibited. Visit spinquest.com for more details.

[Godfather Slots Announcer]

Step into the world of power, loyalty and luck.

[Godfather Character]

I'm gonna make him an offer he

[Godfather Slots Announcer]

can't refuse with family. Cannolis and spins mean everything.

[Godfather Character]

Now you want to get mixed up in the family business.

[Godfather Slots Announcer]

Introducing the [e-mail] test your luck in the shadowy world of the Godfather slot.

[Godfather Character]

Someday I will call upon you to do a service for me.

[Godfather Slots Announcer]

Play the Godfather [e-mail] Welcome to the family.

[Chumba Casino Announcer]

No purchase necessary. VGW Group void. We're prohibited by law. 21 Terms and Conditions apply.