Epstein’s Elite Wall Street Ties Revealed In Filing
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by Tyler Durden
Thu, 07/11/2019 – 10:38
Jeffrey Epstein’s wealth has long been a topic of discussion since becoming known as a ‘billionaire pedophile’ and other similar monickers. Described by prosecuitors this week as a “man of nearly infinite means,” a 2011 SEC filing has provided a window into the registered sex offender’s elite Wall Street links, according to the Financial Times.
Epstein, who caught a lucky break tutoring the son of Bear Stearns chairman Alan Greenberg before joining the firm, left the investment bank in 1981 to set up his own financial firm. While he reportedly managed money for billionaires for decades, most of Epstein’s dealings have been done in the shadows.
A 2011 SEC filing reveals that Epstein’s privately held firm, the Financial Trust Company, took a 6.1% stake in Pennsylvania-based catalytic converter maker Environmental Solutions Worldwide (ESW) backed by Leon Black, the billionaire founder of Apollo Global Management.
ESW itself has a checkered past. In 2002, its then-chairman Bengt Odner was accused by the SEC of participating with others in a $15 million “pump and dump” scheme with ESW stock. The case was settled a year later according to FT, with Odner ordered to pay a $25,000 civil penalty. Of note, ESW accepted Epstein’s investment several years after he had registered as a sex offender in a controversial 2008 plea deal in Florida.
Epstein’s connection to Black doesn’t stop there – as the financier served as a director on the Leon Black Family Foundation for over a decade until 2012 according to IRS filings. A spokeswoman for the foundation claims that Epstein had resigned in July 2007, and that his name continued to appear on the IRS filings “due to a recording error” for five years. A 2015 document signed by Epstein provided to the Financial Times appears to confirm this.
Epstein also built his wealth with Steven J. Hoffenberg and Leslie H. Wexner, the former of whom was convicted of running a giant Ponzi scheme, and the latter a clothing magnate.