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JeffreyEpstein1980

Jeffrey Edward Epstein (1980)

Jeffrey Edward Epstein (January 20, 1953 – August 10, 2019) was an American financier, socialite, and convicted sex offender.

Bear Stearns

In 1980, four years after joining Bear Stearns, Jeffrey Epstein became a limited partner.[1]

Bear Stearns was a New York-based global investment bank, securities trading and brokerage firm.[2]

In 1981, Epstein was asked to leave Bear Stearns. According to his sworn testimony, he was guilty of a "Reg D violation".[1]

Though Epstein’s severance was abrupt, he remained close to Jimmy Cayne and Alan Greenberg and was a client of Bear Stearns until it collapsed in 2008.[1]

Jimmy Cayne, the bank's later chief executive officer, supplied Epstein with wealthy clients and complex products.[1]

Alan Greenberg, was the chief executive officer of Bear Stearns, whose son and daughter were going to Dalton School.[1] Dalton, originally “Children's University School”, is a private, coeducational college preparatory school on New York City's Upper East Side.[3] Epstein previously worked at the Children’s School in the late 1970s, where he allegedly showed inappropriate behavior toward underage students at the time. Epstein was dismissed from Dalton for "poor performance".[4]

During Epstein’s time teaching, Alan Greenberg's daughter, Lynne Koeppel, had arranged a parent-teacher conference where Epstein influenced a Dalton School parent into advocating for him to Greenberg. Upon Epstein’s dismissal from the School, Alan Greenberg offered him a job at Bear Stearns.[4]

Intercontinental Assets Group

In August 1981, Epstein founded his own consulting firm, Intercontinental Assets Group Inc. (IAG), which assisted clients in recovering stolen money from fraudulent brokers and lawyers. Epstein described his work at this time as being a high-level bounty hunter. He told friends that he worked sometimes as a consultant for governments and the very wealthy to recover embezzled funds, while at other times he worked for clients who had embezzled funds. Spanish actress and heiress Ana Obregón was one such wealthy client, whom Epstein helped in 1982 to recover her father's millions in lost investments, which had disappeared when Drysdale Government Securities collapsed because of fraud.[5]

Iran–Contra affair

Welcome to Miami
Former U.S. attorney in Miami Alexander Acosta, who handled Jeffery Epstein's criminal case in 2008, told Trump transition interviewers in 2017 that one of Epstein’s attorneys told Acosta that "Epstein 'belonged to intelligence' and to leave it alone" and that Epstein was "above his pay grade".[6]

In 1985, one of Jeffrey Epstein's clients was Saudi Arabian businessman Adnan Khashoggi, a middleman who transferred American weapons from Israel to Iran in the Iran–Contra affair.[5]

Adnan Khashoggi was one of several defense contractors that Epstein knew. During the Iran–Contra affair, Epstein traveled between the United States, Europe, and Southwest Asia.[5]

Epstein possessed an Austrian passport that had his photo but a false name. The passport showed his place of residence in Saudi Arabia.[5]

Victoria's Secret

Wexner's Property
In July 1991, Leslie Wexner granted Jeffrey Epstein full power of attorney over his affairs. The power of attorney allowed Epstein to hire people, sign checks, buy and sell properties, and borrow money.[7]

By 1995, Epstein was a director of the Wexner Foundation and Wexner Heritage Foundation. He was also the president of Wexner's Property, which developed part of the town of New Albany outside Columbus, Ohio where Wexner lived.[7]

Epstein made millions in fees by managing Wexner's financial affairs. Although never employed by L Brands, he corresponded frequently with the company executives.[7]

Jeffrey Epstein told some people at the time that he was an intelligence agent. While in London, Epstein met Steven Hoffenberg. They had been introduced through Douglas Leese, a defense contractor, and John Mitchell, the former U.S. Attorney General.[5]

While in Palm Beach, Florida, Epstein met Leslie Wexner through their mutual acquaintances, insurance executive Robert Meister and his wife, in 1986.[7]

Leslie Wexner is chairman and CEO of L Brands (formerly The Limited, Inc.) and Victoria's Secret. A year later, Epstein became Wexner's financial adviser and served as his right-hand man. Within the year, Epstein had sorted out Wexner's entangled finances. Epstein often attended Victoria's Secret fashion shows, and hosted the models at his New York City home, Herbert N. Straus House, as well as helping aspiring models get work with the company.[7]

TheLimitless
Epstein managed Wexner's wealth and different projects such as the building of Wexner’s yacht the Limitless. Limitless is one of the world's largest private superyachts.[7]

Towers Financial Corporation

Ponzi scheme
In 1993, Towers Financial Corporation imploded as one of the biggest Ponzi schemes in American history, losing its investors over US$450 million (equivalent to $796,441,000 in 2019). In court documents, Hoffenberg claimed that Epstein was intimately involved in the scheme. Because Epstein left the company in 1989, before it collapsed, he was never charged for being involved in the massive investor fraud. It is presently undetermined if Epstein acquired any stolen funds from the Towers Ponzi scheme.[8]

A company of the same was founded in 1998 and acquired by Old National Bancorp in 2014.[8]

Steven Hoffenberg hired Epstein in 1987, as a consultant for Towers Financial Corporation, a collection agency that bought debts people owed to hospitals, banks, and phone companies. Hoffenberg set Epstein up in offices in the "Villard Houses" in Manhattan and paid him US$25,000 per month for his consulting work (equivalent to $56,000 in 2019).[8]

Hoffenberg and Epstein were corporate raiders using Towers Financial as their raiding vessel. Hoffenberg and Epstein worked closely together and traveled everywhere on Hoffenberg's private jet. One of Epstein's first assignments for Hoffenberg was to implement a bid to take over Pan American World Airways in 1987 and Emery Air Freight Corp. in 1988. But their attempts proved unsuccessful.[8]

In 1989, Epstein left Towers Financial Corp.[8]

Onwayup

J. Epstein & Company

U.S. Virgin Islands
In 1996, Epstein changed the name of his firm to the Financial Trust Company and, for tax advantages, based it on the island of St. Thomas in the U.S. Virgin Islands. By relocating to the U.S. Virgin Islands, Epstein was able to reduce federal income taxes by 90 percent. The U.S. Virgin Islands acted as an offshore tax haven, while at the same time offering the advantages of being part of the United States banking system.

Beyond 1980s
In 2019, FBI raided Epstein’s Manhattan townhouse, the Herbert N. Straus House, with search warrants, turning up evidence of sex trafficking.[9] The large town house is situated at 9 East 71st Street, just east of Fifth Avenue, on the Upper East Side of Manhattan in New York City.[10] The Upper East Side Historic District was designated as a city district in 1981 and listed on the National Register of Historic Places in 1984. Upper East Side runs from 59th to 78th Streets along Fifth Avenue. Park Avenue Historic District was designated a city district in 2014. It encompasses 64 properties from 79th and 91st Streets.[11]

In 1988, while Epstein was still consulting for Hoffenberg, he founded his own financial management firm, J. Epstein & Company. The company managed assets of clients with more than US$1 billion in net worth. One publicly known billionaire client of Epstein was Leslie Wexner, chairman and CEO of L Brands (formerly The Limited, Inc.) and Victoria's Secret.[7]

TrumpandEpstein

Palm Beach, Florida

Terrific

References

  1. 1.0 1.1 1.2 1.3 1.4 Wikipedia, Jeffrey Epstein#Banking
  2. Wikipedia, Bear Stearns
  3. Wikipedia, Dalton School
  4. 4.0 4.1 Wikipedia, Jeffrey Epstein#Teaching
  5. 5.0 5.1 5.2 5.3 5.4 Wikipedia, Jeffrey Epstein#Financial consulting
  6. The Daily Beast, Jeffrey Epstein’s Sick Story Played Out for Years in Plain Sight, by Vicky Ward, Aug. 19, 2019
  7. 7.0 7.1 7.2 7.3 7.4 7.5 7.6 Wikipedia, Jeffrey Epstein#Financial management firm
  8. 8.0 8.1 8.2 8.3 8.4 Wikipedia, Jeffrey Epstein#Towers Financial Corporation
  9. Conspiracy, Jeffrey Epstein#Assets
  10. Wikipedia, Herbert N. Straus House
  11. Wikipedia, Upper East Side#Historic districts

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