Jeffrey Epstein’s wealth was built primarily through managing the fortunes of extremely wealthy individuals and families.
Here’s a closer look at the key aspects of his financial career:
Bear Stearns and Financial Consulting: Epstein started at Bear Stearns in 1976 and swiftly became an options trader, later advising high-net-worth clients on tax mitigation strategies. After leaving Bear Stearns, he established his own consulting and financial management firms, focusing on managing money for the ultra-rich.
Leslie Wexner: A significant portion of Epstein’s wealth was derived from his close relationship with retail magnate Leslie Wexner. Epstein acted as Wexner’s financial advisor for nearly two decades, managing a substantial portion of his fortune.
Other High-Net-Worth Individuals: Beyond Wexner, Epstein also provided tax and estate planning services to other billionaires, notably Leon Black, the co-founder of Apollo Global Management.
Real Estate and Investments: Epstein accumulated a considerable portfolio of properties, including a mansion in Manhattan, an estate in Palm Beach, a ranch in New Mexico, an apartment in Paris, and two private islands in the U.S. Virgin Islands. He also invested in hedge funds and private equity.
Tax Advantages: Epstein relocated his firm, Financial Trust Company, to the U.S. Virgin Islands, enabling him to significantly reduce his federal income tax obligations.
Questions surrounding Epstein’s wealth:
It’s important to note that the full extent of Epstein’s wealth and how he acquired it remains shrouded in some mystery.
In 2019, Forbes reviewed court filings and other records related to his finances and concluded that he largely relied on two billionaire clients and a tax strategy to build his fortune
Forbes estimated that upward of 75% of Epstein’s fee income between 1999 and 2018 came from Wexner and Black.
Jeffrey Epstein had accounts with multiple banks, most notably JPMorgan Chase and Deutsche Bank.
Based on recent reporting, there is evidence suggesting that Jeffrey Epstein used Russian banks to process payments related to his sex trafficking operation.
According to Senator Ron Wyden’s office, their investigation into Epstein’s finances uncovered evidence of:
Epstein utilizing multiple Russian banks for payments linked to sex trafficking. Many of the women targeted reportedly came from Russia, Belarus, Turkey, and Turkmenistan.
Hundreds of millions of dollars in wire transfers sent to Epstein via Russian banks that have since been sanctioned by the US government. These transfers appear to be correlated with the movement of women or girls globally.
Deutsche Bank, which accepted Epstein as a client despite the risks, processed billions of euros in payments from Russia and other former Soviet states for Danske Bank, which had been flagged as high-risk. The bank ignored internal warnings about these risks until late 2015, according to Reuters.