This week a brand new four-part true crime docuseries dropped on Netflix, exploring one of the vital excessive profile legal circumstances of final 12 months – that of Jeffrey Epstein.
The programme takes an in depth take a look at the disturbing accusations levelled towards the billionaire businessman, who was a convicted intercourse offender and was within the strategy of being charged with federal crimes earlier than he was discovered lifeless in his jail cell final August.
Whereas many are conscious of the costs towards him and his standing as one of many richest males within the US, much less individuals know fairly how he made his cash within the first place – so we’ve answered these questions beneath…
How did Jeffrey Epstein make his cash?
The second episode of Filthy Wealthy charts the billionaire’s rise to energy in some element, outlining his journey from his working class upbringing in Coney Island to changing into one of many world’s wealthiest males.
The episode reveals how Epstein left faculty after attending for 2 years and sought a profession on Wall Avenue, following a quick spell educating at a prestigious Manhattan faculty, The Dalton College.
His first job on the planet of finance got here at funding financial institution Bear Stearns, the place he reported to a dealer named Alan “Ace” Greenberg and was shortly recognized as a rising star – quickly changing into a restricted associate and, when it was found he had lied on his CV, being given a second likelihood by the upper ups within the firm.
Nevertheless, after accruing a few years expertise on the financial institution, Epstein quietly left underneath barely suspicious circumstances, purportedly after breaking some guidelines.
As is explored within the documentary, a few of those that labored alongside and knew him throughout this time famous that he was a mysterious determine, with Fox Enterprise senior correspondent Charles Gasparino saying, “I’ve been overlaying Wall Avenue since at the very least 1991. , Jeffrey Epstein was all the time somebody whose identify popped up, however couldn’t actually nail it down. He was a cipher.
“Individuals I do know on Wall Avenue depart trails. His path was elusive. So, it was simply kind of odd that there was this man that folks talked about so much that didn’t have a lot of a footprint within the funding world.”
After his departure from Bear Stearns, Epstein met Steven Hoffenberg, who was then CEO at Towers Monetary Company, and located employment there – which Hoffenberg admits in Jeffrey Epstein: Filthy Wealthy that he “deeply regrets”.
Hoffenberg claims that he was conscious that Epstein had cheated and stolen cash on his expense account in his earlier employment – and that this appealed to him on the time as a result of his firm was operating a Ponzi scheme, exaggerating the corporate’s worth utilizing false financial institution statements in a bid to deliver buyers on board.
The unlawful scheme was an enormous success, and Hoffenberg and Epstein made thousands and thousands of the again of it – with Hoffenberg later being convicted of fraud and sentenced to 20 years in jail.
One other part of Epstein’s profession which noticed him accrue his wealth was the alliance he fashioned with Les Wexner, chief of L Manufacturers (which owns, amongst others, Victoria’s Secret and Abercrombie and Fitch). Epstein was given energy of legal professional over Wexner’s monetary affairs, though their partnership did not keep rosy, with Wexner accusing Epstein of misappropriating in extra of $46 million of his funds and chopping ties with the financier in 2007.
In essence, then, he’s alleged to have stolen cash from Wexner, with director Lisa Bryant telling Leisure Weekly, “As we outlined within the sequence, his one important and presumably solely consumer was Leslie Wexner, and he managed to ingrain himself in his life, and I believe he was duped by him as properly.
“As we discovered, he stole cash proper out from underneath him — a person who’s wealthy and highly effective in his personal proper. However Epstein managed to steal him blind.”
Epstein’s wealth was additionally boosted by his property investments over time – he owned mansions throughout the US and likewise owned the personal island Little Saint John within the Virgin Islands, the place a lot of his legal behaviour is alleged to have occurred.
So Epstein’s wealth got here from quite a few sources – his capability to swindle himself into Wall Avenue, his involvement in unlawful Ponzi schemes, and, allegedly, the outright stealing of absurd quantities of cash, chief amongst them.