How Epstein bought so wealthy | EUROtoday

How did Jeffrey Epstein, a university dropout who began off educating math and physics, make an enormous fortune?

At least firstly, the person from a working-class household in Coney Island, New York, had luck on his aspect.

Through connections, Epstein bought a job at funding financial institution Bear Stearns, which gave him perception into excessive finance. In 1980, he was made a restricted companion.

After 5 years, he left the financial institution however used his time there and contacts as an indication of credibility.

Jeffrey Epstein was a man of thriller and finance

After he left Bear Stearns, Epstein’s title resurfaced in monetary circles, but it surely was exhausting to say what he really did.

“He was a cypher,” mentioned Charles Gasparino, a senior correspondent at Fox Business Network in Netflix’s 2020 documentary “Jeffrey Epstein: Filthy Rich.” Normally, individuals on Wall Street depart trails, however Epstein was elusive.

“Here was this guy that people talked about a lot, that didn’t have much of a footprint in the investment world,” mentioned Gasparino.

Epstein’s alleged hyperlinks to a Ponzi scheme

Steven Hoffenberg, the previous CEO of Towers Financial Corporation, claimed to know a part of the story.

In the late Nineteen Eighties, he employed Epstein, who grew to become his “partner in crime,” in accordance with an interview within the Netflix documentary. Hoffenberg was operating what turned out to be a $460-million (€387-million) Ponzi scheme.

Epstein “took over the securities side, the fake assets side, he was manipulating stock price and trading stock illegally,” mentioned Hoffenberg.

In 1993, all of it got here crashing down. Hoffenberg pleaded responsible and was sentenced to twenty years in jail. Epstein was by no means charged with any crime, so it’s exhausting to know what, if any, half he performed and what he gained financially.

The Les Wexner connection

In the mid-Nineteen Eighties, Epstein met Les Wexner, the Columbus, Ohio-based retail mogul behind Victoria’s Secret and The Limited. Epstein promoted himself as a monetary advisor and bought the keys to the billionaire’s funds in 1991.

Epstein assumed management of Wexner’s private monetary affairs, paid himself handsomely and bought a property portfolio and a non-public jet.

He and Wexner parted methods in 2007 as a scandal enveloped the financier. Only then did Wexner uncover that Epstein had “misappropriated vast sums of money from me and my family,” as he later wrote.

Where did Jeffrey Epstein’s preliminary wealth come from?

Epstein had stolen or misappropriated a number of hundred million {dollars} belonging to Wexner, in accordance with a report by US prosecutors just lately made public.

“That misconduct, together with fees that Epstein paid himself for his services to Wexner, appears to account for virtually all of Epstein’s wealth,” in accordance with legal professionals within the report.

Epstein bought himself a non-public jet that belonged to Wexner for a fraction of the fee. He did the identical with a townhouse in New York City. Epstein additionally purchased property on behalf of Wexner after which resold it to himself at discounted costs, the report provides.

In 2008, Epstein returned $100 million to Wexner in a non-public settlement somewhat than face a public courtroom case. Wexner lower all ties with Epstein however by no means filed an official criticism.

Still, Epstein walked away with property and an enormous pile of money. Since Wexner didn’t go public for over a decade, nobody knew what occurred.

How Epstein exploited Wexner’s hyperlinks

But Wexner gave Epstein one thing else, too. If Wexner was perceived as trusting Epstein, others might moderately belief him and his monetary recommendation. Epstein used this credibility to entry a rising listing of who’s who.

He was not afraid to throw round names like Clinton and Rockefeller. It appeared to work, and distinguished people had been pulled into his private community, reminiscent of personal fairness billionaire Leon Black.

Over the years, there have been quiet allegations of extreme charges or exploitation, but it surely seems Wexner is the one one to publicly declare outright theft.

The position of JP Morgan and Deutsche Bank

Even after Epstein grew to become a registered intercourse offender in 2008 and hung out in jail, many nonetheless got here to him for recommendation, a truth underscored by the most recent Department of Justice doc launch.

Many corporations had been additionally blissful to get his enterprise. His banks have come below particular scrutiny.

Epstein used JPMorgan from 1998 till 2013, when it closed his accounts. A decade later, with out admitting any wrongdoing, the financial institution paid $75 million to settle claims by the US Virgin Islands and $290 million to settle a lawsuit by a bunch of Epstein’s victims.

After he was pressured out of JPMorgan, Deutsche Bank let Epstein open an account in 2013. Later, he had roughly 40 accounts earlier than the financial institution ended its relationship shortly earlier than his loss of life.

The financial institution has mentioned it regrets its reference to Epstein and agreed to pay a $75-million settlement to a bunch of his victims with out admitting wrongdoing.

What occurred to Jeffrey Epstein’s fortune?

Epstein was arrested on July 6, 2019, and charged with intercourse trafficking of minors. He was discovered lifeless in his jail cell on August 10 the identical yr.

When his will went to probate courtroom within the US Virgin Islands — the place he was a resident — it had a listing of property totaling $577 million, together with $56.5 million in money and practically $194 million in hedge funds and personal fairness investments plus $112 million in equities. It additionally listed the businesses that owned his properties within the Virgin Islands, New Mexico, New York City, Palm Beach and Paris.

But taxes, repairs, authorized charges and enormous settlements have eaten away on the property. This has not stopped individuals from attempting to elucidate the place it originated within the first place.

The New York Times concluded a months-long investigation in December 2025. After digging by means of hundreds of pages of information, the paper concluded that Epstein constructed his fortune by means of “scams, theft and lies.”

“Epstein was less a financial genius than a prodigious manipulator and liar,” in accordance with the paper. “Again and again, he proved willing to operate on the edge of criminality and burn bridges in his pursuit of wealth and power.”

Edited by: Ashutosh Pandey