The secret path of Epstein’s wealth Report by Deutsche Welle

As reported by Deutsche Welle, Jeffrey Epstein, the notorious financier and convicted sex offender, amassed a staggering fortune despite starting as a college dropout and former math and physics teacher.

Epstein, who came from a working-class family in Coney Island, New York, benefited early from a mix of luck and connections. Through contacts, he secured a position at investment bank Bear Stearns, where he gained insight into high finance and, in 1980, became a limited partner.

After five years, Epstein left Bear Stearns but leveraged the credibility and networks he had established to maintain his presence in financial circles.

Despite his visibility, Epstein’s exact activities remained opaque. Charles Gasparino, a Fox Business Network correspondent featured in Netflix’s 2020 documentary Jeffrey Epstein: Filthy Rich, described him as “a cypher.” Unlike most Wall Street figures, Epstein left almost no public trail.

Steven Hoffenberg, former CEO of Towers Financial Corporation, claimed Epstein worked closely with him in the late 1980s on what became a $460-million (€387-million) Ponzi scheme. Hoffenberg described Epstein as taking over the securities and fake-assets operations, manipulating stock prices and trading illegally.

In 1993, Hoffenberg pleaded guilty and received a 20-year prison sentence. Epstein, however, was never charged, leaving uncertainty about his precise role and financial gain.

Epstein’s wealth grew substantially after meeting Les Wexner, the Columbus, Ohio retail mogul behind Victoria’s Secret and The Limited. By promoting himself as a financial advisor, Epstein gained control of Wexner’s personal finances in 1991.

He reportedly paid himself large fees, acquired a property portfolio, and gained a private jet. The relationship ended in 2007 amid scandal, when Wexner discovered that Epstein had “misappropriated vast sums of money,” according to Wexner’s later statements.

US prosecutors’ reports indicate Epstein’s fortune largely derived from misappropriated funds and excessive fees from Wexner. Epstein allegedly sold Wexner-owned assets, including a private jet and a Manhattan townhouse, to himself at discounted prices and resold properties bought on Wexner’s behalf.

In 2008, Epstein returned $100 million to Wexner in a private settlement to avoid a public court case, yet retained significant assets and cash. For over a decade, the public remained largely unaware of these transactions.

Beyond finances, Epstein gained credibility through his association with Wexner. Others in elite circles trusted him by extension, enabling him to cultivate a network that included high-profile figures such as former President Bill Clinton, the Rockefeller family, and private equity billionaire Leon Black.

Although allegations of exploitation and excessive fees circulated quietly, Wexner was the only figure to publicly claim outright theft.

Even after becoming a registered sex offender in 2008, Epstein maintained financial influence. He held accounts with JPMorgan from 1998 to 2013, before the bank closed his accounts. JPMorgan later settled claims with the US Virgin Islands for $75 million and with a group of Epstein’s victims for $290 million, without admitting wrongdoing.

Deutsche Bank subsequently accepted Epstein as a client in 2013. He eventually had approximately 40 accounts with the bank before the relationship ended shortly before his death. The bank also settled for $75 million with victims, acknowledging no wrongdoing.

Arrested on July 6, 2019, for sex trafficking of minors, Epstein was found dead in his jail cell on August 10, 2019. Probate documents in the US Virgin Islands listed assets totaling $577 million, including $56.5 million in cash, $194 million in hedge funds and private equity, $112 million in equities, and properties in the Virgin Islands, New Mexico, New York City, Palm Beach, and Paris.

Taxes, legal fees, upkeep, and settlements have since diminished the estate, yet questions about its origin remain.

A months-long investigation by The New York Times, concluded in December 2025, traced Epstein’s fortune to “scams, theft, and lies.” According to the newspaper, “Epstein was less a financial genius than a prodigious manipulator and liar… Again and again, he proved willing to operate on the edge of criminality and burn bridges in his pursuit of wealth and power.”

By Tamilla Hasanova