Malcolm I. Lewin and Trina Lewin - Page 33

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          clients and that there was a sufficient base of end-users for the           
          machines; yet he never saw PI’s client list.  At the time of the            
          closing of the various partnerships, Becker did not know who the            
          end-users were or whether there were any end-users actually                 
          committed to the transaction.                                               
               Becker purportedly checked the price of the pellets by                 
          reading trade journals of the plastics industry.  He did not,               
          however, use those same journals to investigate the recyclers’              
          purported value.  In concluding that the SAB partnerships would             
          be economically profitable, Becker made two assumptions that he             
          concedes were unsupported by any hard data:  (1) That there was a           
          market for the pellets, and (2) that market demand for them would           
               Becker had a financial interest in the SAB recycling                   
          partnerships generally.  Directly or indirectly he received fees            
          of more than $500,000 with respect to the SAB recycling                     
          partnerships.  Becker also received fees for investment advice              
          from some individual investors and from the SAB recycling                   
          partnerships for preparing their partnership returns.  As Becker            
          himself indicated in his testimony, potential investors could not           
          have read the memorandum and remained ignorant of the financial             
          benefits accruing to him.                                                   
               Petitioner is a very well-educated and highly accomplished             
          and sophisticated attorney.  Without question, he possessed the             

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