EPSTEIN
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From: Adrian Cox
Sent: 25 July 2019 23:33
To: Troy Gravitt <
Subject: WSJ: Jeffrey Epstein Burrowed Into the Lives of the Rich and Made a Fortune (I)
Classification: For Internal use only
Hi Troy -- interesting this all-encompassing WSJ Epstein story just out, with Jenny Strasburg as one of the
writers, doesn't mention DB at all. Best, A
https://www.wsi.com/articles/jeffrey-epstein-burrowed-into-the-lives-of-the-rich-and-made-a-fortune-
11564092553
Jeffrey Epstein Burrowed Into the Lives of the Rich and Made a Fortune
Financier now jailed on sex-trafficking charges was a savvy salesman who advised a small group of super
wealthy clients, including retail mogul Leslie Wexner
By Khadeeja Safdar, Rebecca Davis O'Brien, Gregory Zuckerman and Jenny Strasburg
July 25, 2019 6:09 pm ET
Jeffrey Epstein built a fortune of more than half a billion dollars leveraging unusually close relationships
with a small group of rich and powerful individuals over four decades.
He became deeply entwined in the financial lives of his clients, who put him in charge of their charities,
placed his name on deeds for their properties and let him control their savings.
Mr. Epstein profited from associations with retail magnate Leslie Wexner, financier Leon Black, Johnson
& Johnson heiress Elizabeth Johnson and hedge-fund billionaire Glenn Dubin, among others. He pitched
clients tax-saving strategies, handled prenuptial agreements, estate planning and other personal
matters, and inserted himself into one of the largest hedge-fund deals on record, increasing his wealth
each step along the way.
Mr. Epstein earned more than $200 million from Mr. Wexner alone, according to estimates by people
familiar with the relationship. For more than 15 years, a power-of-attorney document allowed Mr.
Epstein to act on Mr. Wexner's behalf in legal or financial dealings.
A detailed account of his professional life, based on legal documents and interviews with a wide range of
his associates, shows how Mr. Epstein, a college dropout from Coney Island in Brooklyn, also benefited
from good timing and a knack for self-promotion, latching onto deep-pocketed clients as their wealth
soared and markets surged.
People sought out Mr. Epstein because they were convinced he "was the only person capable of turning
their money into exponentially more," said a person who worked with him in the 1980s and 1990s. "He
was charming, smart, a very likable guy."
Earlier this month, Mr. Epstein pleaded not guilty to sex-trafficking counts stemming from what federal
prosecutors alleged was a yearslong scheme to procure and sexually abuse dozens of girls. He faces up
to 45 years in prison if convicted. Mr. Epstein has been denied bail and is in federal custody.
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0057460
CONFIDENTIAL
SDNY_GM_00203644
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On Tuesday, Mr. Epstein was moved to a suicide-watch unit at the detention center where he is being
held, after officers found him unconscious in his cell with marks on his neck, according to people familiar
with the matter.
His July 6 arrest came amid criticism of a 2007 nonprosecution agreement with federal prosecutors in
Florida, which he signed to resolve an investigation into similar allegations. As part of that deal, Mr.
Epstein pleaded guilty in 2008 to state prostitution counts and spent much of his 13-month sentence
outside prison due to work-release privileges.
In a court filing after his arrest this month, Mr. Epstein listed assets worth more than $550 million, an
accounting a federal prosecutor said in court "is more significant for what it does not include than what
it does." Mr. Epstein listed no debts, and no art; he gave no indication of foreign accounts.
People who have known or worked with Mr. Epstein over the past four decades say the figure likely
doesn't represent the full picture of his fortune. While he may have made money from overseas
investments or other endeavors, the bulk of his wealth appears to have come from a small number of
very wealthy clients.
Lawyers for Mr. Epstein didn't respond to requests for comment.
Early in his career, Mr. Epstein forged profitable relationships, often by charming powerful people. As a
math teacher at Manhattan's elite Dalton School, he so impressed the father of one student that the
father urged a friend—Bear Stearns Cos. Chief Executive Alan "Ace" Greenberg—to hire Mr. Epstein. Mr.
Greenberg did so in 1976.
At Bear Stearns, Mr. Epstein worked for Michael Tennenbaum, a senior executive, selling the firm's
analyses of stock options to clients. Soon, Mr. Tennenbaum learned that Mr. Epstein had padded his