How did sex offender Epstein make his $560 million fortune?
The release of documents pertaining to Jeffrey Epstein on Wednesday and Thursday exposed the vast network of elites connected to the late infamous American financier and convicted sex offender. It also sheds light on his fortune and its origins. His net worth was estimated at around $560 million at the time of his death, per CBS News. Epstein, who died by suicide in 2019, owned properties in Manhattan, Palm Beach, New Mexico, Paris, and two Caribbean islands worth $86 million.
Epstein's early life, his career
Epstein was the grandson of Jewish immigrants and was raised in Brooklyn, where he excelled in math. He briefly attended Cooper Union and New York University before beginning his career as a math teacher in 1974 at the Dalton School. After two years, he moved to investment banking with Bear Stearns, led by CEO Alan Greenberg. In 1988, he established J. Epstein & Company, a financial management firm that only accepted clients with at least $1 billion in assets.
Know about Epstein's financial connections
Epstein eventually managed finances for billionaires like Les Wexner, founder and CEO of L Brands, and Leon Black, Chairman of Apollo Global Management. For more than a decade, Epstein was Wexner's personal money manager and business adviser, making hundreds of millions of dollars managing Wexner's billions. Wexner later expressed regret for his association with Epstein, stating he was "NEVER aware" of his illegal activity. Separately, Black allegedly paid Epstein $158 million for tax and estate planning services.
Epstein had dealings with JP Morgan Chase, Deutsche Bank
Financial institutions like JP Morgan Chase and Deutsche Bank (DB) also had dealings with Epstein. They loaned him money and allowed large cash withdrawals between 1998 and 2013. JP Morgan expressed regret for their association in June 2023, calling Epstein's actions "monstrous." It settled a class-action lawsuit by Epstein's victims last year, with compensation expected for 200 women, per CBS News. DB also paid $75 million to settle a lawsuit alleging it "knowingly benefited" from Epstein's sex trafficking and business.
Epstein owned 2 luxurious islands worth nearly $30 million
It's still unclear how Epstein achieved such rapid success. However, it is believed Epstein became involved in money laundering and criminal activities when he started his firm. According to the New York Post, Epstein owned two islands. He paid $7.95 million for the 75-acre Little St. James in 1998, and in 2016, he bought the 165-acre Great St. James for over $20 million. The lingering question of how Epstein obtained his riches was reignited by the recent release of documents.
Know about unsealed documents
The documents are part of a now-settled defamation suit filed against Epstein's former lover Ghislaine Maxwell in 2015 by one of his victims, Virginia Giuffre. She alleged that Epstein sexually abused her as a minor and that Maxwell aided in the abuse. Many heavyweights, including former US President Bill Clinton, Prince Andrew, Stephen Hawking, and others, were mentioned in the documents. Thursday's release included 19 documents, mostly legal discussions and depositions regarding a previously settled suit against Maxwell.
