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specialist in securities and corporate law, advised Becker
regarding his disclosure obligations under the securities laws
and his protection against liability. In so advising Becker,
DiGiovanna was not responsible for, and did not get, independent
verification of any of the representations in the offering
materials. He never visited PI or saw a Sentinel EPE recycler.
DiGiovanna did not have any education or experience in
engineering, plastics materials, or plastics recycling.
Leicht and Tucker also familiarized themselves with the
Plastics Recycling transactions.10 Leicht has a B.A. degree in
finance and accounting from Penn State University, a J.D. from
SUNY Buffalo, and an LL.M. in Taxation from New York University
School of Law. Leicht ran a mathematical check on the numbers
contained in the offering materials for Becker, but he did not
test the underlying assumptions upon which they were based. He
also visited PI in Hyannis and met with Miller and other insiders
to the transactions. Leicht never communicated an opinion as to
the value of the recyclers other than what was presented in the
9(...continued)
with respect to the Spears case.
10 Leicht testified only in docket No. 28082-89 (the Farrell
case). His testimony has been disregarded with respect to docket
No. 27393-89 (the Spears case).
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