USALife.info / NEWS / 2024 / 01 / 04 / UNRAVELING THE MYSTERY: HOW JEFFREY EPSTEIN MADE HIS FORTUNE
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Unraveling the Mystery: How Jeffrey Epstein Made His Fortune

15:32 04.01.2024

Newly released legal documents have once again brought attention to the notorious Jeffrey Epstein case, shedding light on his wealth and how he acquired it. Epstein, who was accused of sexually abusing numerous teenage girls, died by suicide in a federal prison in 2019. Despite not having a college degree, Epstein managed to socialize with prominent figures such as former U.S. presidents, software moguls, and members of the British royalty.

Epstein, the grandson of Jewish immigrants, grew up in Brooklyn and demonstrated exceptional talent in math. According to various news outlets and court documents, he graduated from high school early and briefly attended Cooper Union and New York University. When he died, court filings estimated his net worth to be around $560 million. Additionally, Epstein owned several luxurious properties, including a townhouse worth over $50 million in Manhattan, a mansion in Palm Beach valued at $12 million, a ranch in New Mexico worth just over $17 million, and an apartment in Paris estimated to be worth $8.6 million. His private Caribbean islands, Great St. James and Little St. James, were valued at $86 million but were purchased for $60 million in 2023 by billionaire Stephen Deckoff.

Epstein's career path started as a math teacher at The Dalton School in the 1970s. Although he left after two years due to poor performance, his tutoring of the son of Bear Stearns CEO Alan Greenberg led to a job at the investment bank. After Bear Stearns collapsed in 2008, Epstein became a money manager for billionaires like Les Wexner, the founder and CEO of L Brands, and Leon Black, the Chairman of Apollo Global Management. Black paid Epstein $158 million for tax and estate planning services, according to the Senate Finance Committee. A law firm hired by Apollo's board cleared Black of any wrongdoing. In 2021, Black agreed to pay $62.5 million to the U.S. Virgin Islands to resolve any potential claims related to Epstein's sex trafficking operation.

For over a decade, Epstein managed Wexner's finances, amassing hundreds of millions of dollars. However, both L Brands and Wexner distanced themselves from Epstein after his crimes were exposed. JPMorgan Chase also had financial dealings with Epstein, loaning him money and allowing him to withdraw large sums of cash from 1998 to 2013. The bank settled a class-action lawsuit related to Epstein's actions in 2022, with payouts expected to be made to nearly 200 women. Deutsche Bank, another institution with ties to Epstein, settled a lawsuit in 2023, agreeing to pay $75 million for allegedly benefiting from his sex trafficking and profiting from doing business with him.

Epstein's rise to wealth and prominence was a remarkable journey, starting from a school dropout to a high-flying financier. Before his involvement in the sex trafficking scandal, he was known for his connections to powerful figures, his ownership of private islands, and his successful financial management firm. However, his criminal activities and exploitation of young girls would ultimately overshadow any achievements he had in the finance world. Epstein's death in 2019 left behind a legacy of controversy and unanswered questions about his wealth and the extent of his connections.

/ Thursday, January 4, 2024, 3:32 PM /

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