Jeffrey Epstein’s financial dealings have always been shrouded in mystery. More than a decade later, people are still asking how he made his incredible wealth, which was close to $600 million at his death in 2019. Between 1999 and 2018, he racked up more than $490 million in fees. Despite this unbelievable figure, he had neither a license as a tax attorney nor certification as a public accountant. This incongruence throws into question the sincerity of his fortune. It thus simultaneously diminishes the importance of his ideas and undermines the power he had over elite circles.
Epstein’s financial machinations really started to form under the umbrella of his Financial Trust Company, that supposedly brought in $300 million in fees. Yet by 2006, the company had experienced a dramatic drop off, earning less than $5 million in total over a five-year period. Even through this bust, Epstein kept making big payouts for his celebrity clients. Notably, Leon Black, a prominent financier, paid Epstein $170 million for what was described as “purported tax and estate planning advice.”
Epstein structured highly profitable deals that greatly increased his revenue. He pocketed a cool $15 million for brokering the sale of a portion of a $1.3 billion stake in Glenn Dubin’s Highbridge Capital Management hedge fund to a foreign bank. His estate recently revealed that he was sitting on about $380 million in cash and investments. This remarkable talent was in many ways a natural genius, though he had no formal qualifications.
Wealthy beyond measure, Epstein’s connections to influential people were, paradise papers be damned, more valuable than his riches. Jes Staley, who would soon become CEO of Barclays, was an important link for Epstein. And Epstein had these bank executives meet with countless other powerful elite including… These ranged from Google co-founder Sergey Brin to global luminaries such as Israeli Prime Minister Benjamin Netanyahu, Bill Gates, Elon Musk and Emirati billionaire Sultan Ahmed bin Sulayem.
On the personal wealth front, Epstein wasn’t shy about doing his money justice. Till the late ‘90s, he lived in a rent-controlled two-bedroom Manhattan Upper East Side apartment. Then, he relocated to a townhouse on 68th Street, and subsequently to an enormous 28,000-square-foot mansion on 71st Street that Les Wexner deeded to him in 2011. He flaunted his wealth with several luxury watches, including one beautiful timepiece valued at $35K. As seen in a detailed expense report dated December 21, 2005.
Epstein’s financial genius cannot be questioned, but even with his exacting financial brilliance, Epstein’s 2008 conviction for sex crimes devastated his business reputation. Following this legal setback, he returned to New York with the intent to salvage what remained of his public image. He described himself in a 2013 corporate filing as “an experienced and successful financier and businessman” and “one of the pioneers of derivative and option-based investing.”
And still, even after these claims, his financial dealings kept the eyebrows climbing. In 2020, Les Wexner made rare public comments asserting that Epstein had “misappropriated” over $46 million from his personal fortune. This accusation was made following Epstein’s 2019 arrest. This claim brought attention to the duplicitous and exploitative nature of Epstein’s financial transactions and the exploitation that permeated within his relationships.
As Epstein worked his way up the wealth-and-political-connected ladder, he developed a reputation that extended beyond finance. One mutual friend referred to him as “a starfucker.” This label implied that his ambition drove him to actively pursue relationships with the rich and connected. This behavior was underscored by another acquaintance’s description of him as “a wrecking ball rolling across countries,” illustrating the magnitude of his ambitions.
In a 2020 earnings call, then-CEO Leon Black said he “deeply” regretted his ties with Epstein. He announced that he “profoundly” regretted those connections. This well-deserved recognition reveals the uncomfortable, nettlesome realities of Epstein’s connections in elite social circles. It highlights the grave implications from his misconduct.