Money: Mystery Around Jeffrey Epstein's Fortune and How He Made It - PressFrom - United Kingdom
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MoneyMystery Around Jeffrey Epstein's Fortune and How He Made It

22:26  09 july  2019
22:26  09 july  2019 Source:   msn.com

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Epstein ’ s early career is better documented. He was born in 1953 and raised in Brooklyn. Epstein dropped out of Cooper Union and New York For all his infamy, there are scant details of how he made his money. Although he ’s frequently been called a billionaire, his net worth is hard to ascertain.

Jeffrey Epstein , a billionaire New York financier long accused of molesting dozens of young girls, has been charged by federal prosecutors with sex For all his infamy, there are scant details of how he made his money. While he ’ s frequently been called a billionaire, his net worth is hard to ascertain.

Mystery Around Jeffrey Epstein's Fortune and How He Made It © Thomson Reuters Geoffrey Berman, United States Attorney for the Southern District of New York, points to a photograph of Jeffrey Epstein as he announces the financier's charges of sex trafficking of minors and conspiracy to commit sex trafficking of minors, in New York, U.S., July 8, 2019. REUTERS/Shannon Stapleton

(Bloomberg) -- In a neighborhood of millionaires and billionaires, close to New York’s famous Museum Mile, two initials discreetly adorn the entrance of one of the city’s most opulent mansions: J.E.

The letters stand for Jeffrey Epstein, the self-described “collector’’ of rich and powerful men, who has been accused of sexually assaulting girls inside the luxurious Manhattan home.

Jeffrey Epstein, billionaire long accused of molesting minors, arrested in N.Y.

Jeffrey Epstein, billionaire long accused of molesting minors, arrested in N.Y. The financier and registered sex offender had avoided federal criminal charges in 2007 and 2008 in a widely criticized plea deal after he was accused of paying dozens of underage girls for sexual massages in Florida.

Epstein ’ s money management business had an exclusive focus: It would serve only billionaires. Epstein reportedly made all the investment calls. Wexner, who has a .7 billion fortune on the Bloomberg Billionaires Index, declined to comment. He cut ties with Epstein more than a decade ago

The letters stand for Jeffrey Epstein , the self-described “collector’’ of rich and powerful men, who has been accused of sexually assaulting girls inside the He joined Bear Stearns in 1976 as a lowly junior assistant to a floor trader. In a swift rise, trading options, he made partner four years later, with former

On Monday, as federal prosecutors unsealed new charges claiming Epstein ran a sex-trafficking ring that lured dozens of young women to the house, its heavy wood doors bore crowbar marks -- evidence of how authorities forced their way in over the sultry Fourth of July weekend. Prosecutors say they discovered hundreds, possibly thousands of suggestive photographs, including those of what appeared to be underage girls.

Video: Authorities urge anyone who may have been victimized by Jeffrey Epstein to come forward (Fox News)

The latest turn in the long, lurid saga of Jeff Epstein comes more than a decade after a secretive plea deal enabled him to avoid similar charges in Florida. Now, familiar questions are swirling again about his possible links to a Who’s Who of prominent political and business figures.

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"Two of Jeffrey Epstein ’ s victims appeared at his bail hearing in New York today, facing him for the first time in a decade — a dramatic turn to his stunning arrest "SCOOP: Epstein ' s lawyer has already made a proffer to SDNY. Epstein will agree to cooperate with the investigation, including giving up

Jeffrey Edward Epstein (born January 20, 1953) is an American financier and registered sex offender. Epstein began his career at the investment bank Bear Stearns, before forming his own firm

For all his infamy, there are scant details of how he made his money. While he’s frequently been called a billionaire, his net worth is hard to ascertain. He ran a money management firm catering to the ultra-rich, primarily for Victoria’s Secret founder Les Wexner, but its assets were never made public and few on Wall Street have dealt with him as a financier or money manager.

Mystery Around Jeffrey Epstein's Fortune and How He Made It © Photographer: Amanda Gordon/Bloomberg Epstein House

According to his lawyers more than a decade ago, he had a net worth in excess of nine figures. Today, so little is known about Epstein’s current business or clients that the only things that can be valued with any certainty are his properties. The Manhattan mansion is estimated to be worth at least $77 million, according to a federal document submitted in advance of Epstein’s bail hearing.

He also has properties in New Mexico, Paris and the U.S. Virgin Islands, where he has a private island, and a Palm Beach estate with an assessed value of more than $12 million. He shuttles between them by private jet and has at least 15 cars, including seven Chevrolet Suburbans, according to federal authorities.

U.S. financier Jeffrey Epstein charged with sex trafficking

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Jeffrey Epstein denies allegations by underage girls who say they were lured to his Palm Beach mansion Still, no one knew exactly what Epstein did, or how he was able to amass a personal The true number of Epstein ’ s victims may never be known. He will be a registered sex offender for the

Jeffrey Epstein circa 2003. Photo: Neil Rasmus/Patrick McMullan via Getty Image. Billionaire is a word that’ s often thrown around when discussing Jeffrey Epstein , and unlike some of his other common modifiers — convicted sex offender

Mystery Around Jeffrey Epstein's Fortune and How He Made It © Thomson Reuters Lawyer David Boies speaks outside Manhattan Federal Court after the arraignment of Jeffrey Epstein when the Southern District of New York announced charges of sex trafficking of minors and conspiracy to commit sex trafficking of minors, in New York, U.S., July 8, 2019. REUTERS/Shannon Stapleton

Epstein’s early career is better documented. Born in 1953 and raised in Brooklyn, Epstein dropped out of Cooper Union and NYU’s Courant Institute. He landed a gig teaching calculus and physics at Manhattan’s exclusive Dalton School between 1973 and 1975, according to a 2002 New York magazine profile, where his students included the son of Bear Stearns Chairman Alan Greenberg.

Mystery Around Jeffrey Epstein's Fortune and How He Made It © Thomson Reuters Courtney Wild, who claims to be a victim, leaves following the arraignment of U.S. financier Jeffrey Epstein after the Southern District of New York announced charges of sex trafficking of minors and conspiracy to commit sex trafficking of minors, in New York, U.S., July 8, 2019. REUTERS/Andrew Kelly

He joined Bear Stearns in 1976 as a lowly junior assistant to a floor trader. In a swift rise, trading options, he made partner four years later, with former Chief Executive Officer Jimmy Cayne praising his skills. He left in 1981 to set up J. Epstein & Co., but one bank executive said he remained close to Cayne and Greenberg and was a client until Bear Stearns’ demise.

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Read More: Mystery Around Jeffrey Epstein ’ s Fortune and How He Made It . Acosta’s plea deal with Epstein was reviewed when Trump nominated him to be Labor secretary, according to Senator Lamar Alexander, a Tennessee Republican who chairs the Health, Education, Labor and Pensions

Jeffrey Epstein wants a federal judge to find that sex-trafficking charges against him unsealed Monday in New York are pre-empted by a controversial plea deal the financier struck with prosecutors in Mystery Around Jeffrey Epstein ' s Fortune and How He Made It July 8, 2019, 4:01 PM EDT.

Gallery: How Jeffrey Epstein, the mysterious hedge-fund manager arrested on sex-trafficking charges, made his fortune (Business Insider)

Epstein’s money management business had an exclusive focus: It would serve only billionaires. Epstein reportedly made all the investment calls.

Since the 1990s, the company has been incorporated in the U.S. Virgin Islands and is now called Financial Trust Co. A person answering the phone at the Saint Thomas-based company hung up after a request for comment was made.

Mystery Around Jeffrey Epstein's Fortune and How He Made It © Thomson Reuters Michelle Licata and Courtney Wild, alleged victims, leave after the arraignment of U.S. financier Jeffrey Epstein as the Southern District of New York announced charges of sex trafficking of minors and conspiracy to commit sex trafficking of minors, in New York, U.S., July 8, 2019. REUTERS/Andrew Kelly

The main client was Wexner, the founder of underwear maker L Brands. Epstein started managing his money in the 1980s and a 2003 Vanity Fair profile noted the pair had a close relationship, close enough for Epstein to acquire the Manhattan mansion from Wexner.

It’s unclear how much Epstein paid and when he actually took ownership.

Wexner had purchased the property from the Birch Wathen School, a Manhattan prep school in 1989, according to city records. He sold it in 1998 to a Virgin Islands entity called NES LLC, according to a person familiar with the matter. Epstein is affiliated with NES, public records show.

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Jeffrey Edward Epstein (born January 20, 1953) is an American financier, philanthropist, and registered sex offender. Epstein began his career at the investment bank Bear Stearns. © Uma Sanghvi/Palm Beach Post, via Associated Press Jeffrey Epstein in custody in West Palm Beach, Fla

Andrew and Epstein made curious acquaintances. While Andrew benefited from the privilege bestowed by a British royal title, Epstein ’ s ascent is a classic The scale of Epstein ’ s own net worth has long been a mystery , although the financier made little effort to conceal how he was spending his fortune .

Mystery Around Jeffrey Epstein's Fortune and How He Made It © Thomson Reuters Michelle Licata and Courtney Wild, who say they are victims, leave following the arraignment of U.S. financier Jeffrey Epstein after the Southern District of New York announced charges of sex trafficking of minors and conspiracy to commit sex trafficking of minors, in New York, U.S., July 8, 2019. REUTERS/Carlo Allegri

There are no New York property records documenting a transfer until 2011, when the company that Wexner used to purchase the townhouse transferred it to Epstein’s Virgin Islands-based Maple Inc. for $0. Epstein signed for both sides of the transaction.

“People have said it’s like we have one brain between two of us: each has a side,” Epstein said in the 2003 profile.

Wexner, who has a $6.7 billion fortune on the Bloomberg Billionaires Index, declined to comment. He cut ties with Epstein more than a decade ago as suspicions about Epstein swirled, with alleged victims saying Epstein used his employees to bring local teen girls to his Florida mansion for sex and paid them to recruit new victims. The girls were as young as 13-years-old.

Mystery Around Jeffrey Epstein's Fortune and How He Made It © Photographer: Amanda Gordon/Bloomberg epstein house

None of Epstein’s other clients have been identified. But while his money management firm remains a black box, the same can’t be said of Epstein himself.

Even before the weekend, the non-prosecution deal he cut in 2008 has come under growing criticism in recent months, with critics calling for Labor Secretary Alexander Acosta, who was the lead prosecutor in the case, to resign since the Miami Herald revisited the case and the plea deal in a November report.

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Mystery Around Jeffrey Epstein ' s Fortune and How He Made It https "SCOOP: Epstein ' s lawyer has already made a proffer to SDNY. Epstein will agree to cooperate with the investigation, including giving up the names of individuals that paid for activities with underage girls in exchange for a

He said Epstein believed he had a “global resolution” with his deal in Florida. — With assistance by Bob Van Voris, and Patricia Hurtado. Mystery Around Jeffrey Epstein ' s Fortune and How He Made It July 8, 2019, 4:01 PM EDT.

Today, lurid details were splashed across the media as prosecutors detailed the alleged crimes that occurred at Epstein’s homes in Manhattan and Palm Beach, Florida, from 2002 to 2005 involving minors as young as 14 and accused Epstein of “creating a vast network of victims.”

Mystery Around Jeffrey Epstein's Fortune and How He Made It © Thomson Reuters A man walks past the front door of the upper east side home of Jeffrey Epstein, after the Southern District of New York announced charges of sex trafficking of minors and conspiracy to commit sex trafficking of minors, in New York, U.S., July 8, 2019. REUTERS/Carlo Allegri

Epstein paid victims hundreds of dollars in cash after sex acts, prosecutors said. They were initially recruited to give Epstein massages, which became increasingly sexual in nature. At least three of Epstein’s employees were involved in recruiting and scheduling minors for sexual encounters with him, as well as other unspecified “associates,” the U.S. said. One was based in New York, while two other assistants based at his mansion in Palm Beach were responsible for scheduling the encounters there and escorting victims to a room in the house, according to the indictment.

Prosecutors are attempting to seize the Manhattan townhouse through forfeiture proceedings, on the grounds that his spacious property was used for the sex trafficking. The townhouse was built in 1932 for Herbert Straus, whose parents owned R.H. Macy & Co. and is said to be one of the largest in Manhattan.

Epstein’s future address could be far less comfortable. The charges he faces carry a maximum 45 year prison term.

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