January 4th 2024.
The question of Jeffrey Epstein's wealth has been at the heart of the case that has captivated the world. Many have wondered how a man born into a middle-class family in Coney Island, New York City in 1953 managed to acquire such an immense fortune.
Epstein's story began in 1976 when he found a job teaching maths at the Dalton School. His skill for the subject caught the attention of Alan 'Ace' Greenberg, the CEO of investment bank Bear Stearns. Greenberg saw potential in Epstein and encouraged him to pursue a career on Wall Street.
Epstein rose through the ranks rapidly and within four years he was a limited partner. However, he was fired the following year due to accusations of allocating shares to a person believed to be his girlfriend. This propelled Epstein to set up his own wealth management business, J. Epstein and Co., in 1982.
Epstein's success was immediate, and he became a sought after adviser to the world's wealthiest people and biggest financial institutions. He made millions of dollars through his business, with one of his most notable clients being Les Wexner, the business giant behind L Brands.
The relationship between Wexner and Epstein was incredibly close, with Epstein even writing Wexner's prenuptial agreement. According to the Wall Street Journal, Epstein made around $200 million from his work with Wexner over a period of 20 years.
Epstein's fortune began to unravel in 2007 when he pleaded guilty to soliciting and procuring a minor for prostitution, and was sentenced to 13 months in a work-release program. He was cut off by Wexner and JP Morgan, but still had enough assets to declare more than $550 million in assets in July 2019.
Epstein's death in August of that year prompted even more questions about his life. However, the origin of his wealth is not a complete mystery. It was the result of his mathematical skill, a lucky break from Alan Greenberg, and the close relationship he had with Les Wexner.
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