Jeffrey Epstein was a mysterious man, but the gruesome crimes that he committed made him an infamous sex offender. The renowned financier in America is the epitome of how money and power play help you keep afloat before everything comes dwindling. Jeffrey died in prison on August 10, 2019, 35 days after his arrest.
Jeffrey Epstein had been charged with engaging in sexual acts with girls as young as 14. He faced sex trafficking charges for recruiting young girls at his New York and Palm Beach residences. If he had faced the charges, Epstein could have been in prison for 45 years. A medical examiner in New York declared the cause of death to be suicide. He left a nine-figure wealth at the time of his death.
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Jeffrey Epstein Accumulated $577 Million Worth Of Wealth
In 2007, the authorities charged Jeffrey with sex trafficking and sexual abuse. There were allegations that he would bring girls for massages at his home, and he masturbated and had intercourse with them.
But he only received 18 months of jail time due to his relations with US Attorney Alexander Acosta and striking a deal with the prosecutors after the indictment. But after the articles in the Miami Herald and the court proceedings, they charged him and his co-conspirator, Ghislaine Maxwell.
In August 2019, when Jeffrey Epstein was found dead in prison, the New York Post got its hands on his will. He filed the will in St. Thomas, on the US Virgin Islands. The document revealed that the former schoolteacher accumulated $577,672,654 worth of wealth in his lifetime. He has put it in a trust named ‘The 1953 Trust.’
Epstein did not get married, and he did not have any biological children. So they transferred all his wealth to his younger brother, Mark Epstein, a businessman, and real estate investor. Along with him, Epstein’s girlfriend, Karyna Shuliak, will also be one of the beneficiaries.
As per the Miami Herald, Morse Genealogical Services, an organization, has started searching for the illegitimate children that Epstein unknowingly fathered. Morse told the outlet, “We have reason to believe that based on his [Epstein’s] behavior there may be some unidentified children that are out there, and as such, they would likely be entitled to claim against the estate.”
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How Did Epstein Earn His Fortune?
Jeffrey Epstein was a man of many businesses, legal and illegal. The 66-year-old financier had many influential friends in his circle, including Bill Clinton, Donald Trump, Prince Andrew, and others. He had a humbling beginning with a job at the investment bank Bear Stearns. In 1982, he founded his firm, J. Epstein and Co., and joined hands with clients who had wealth above $1 billion. Soon, he was handling billions of dollars of wealth for his clients.
Epstein handled his business from St. James Island in the US Virgin Islands. One of Epstein’s most decorated clients was Les Wexner, the owner of Victoria’s Secret. Along with him, he managed Express, Bath & Body Works, and his lingerie brand. However, Wexner severed ties with him in 2007 due to his increasing meddling in Victoria’s Secret business. There are many conspiracy theories that he may have earned his money through money laundering, offshore investments to evade taxes, and running a Ponzi scheme within his influential circle.
But, the earned wealth, apart from its beneficiaries, will go down the drain. There are many costs to be covered, including the legal fees of five legal firms, which are more than the compensatory funds available to the victim. The compensation fund has exceeded $121 million for 135 women. The estate in the US Virgin Islands is subject to a civil fraud dispute.
The property is where Epstein conducted his heinous crimes, including withholding $70 million in tax revenues. They settled the dispute for more than $105 million. Many of his assets, including the yacht on the island, helicopters, and Gulf Jet, were sold below market value, leaving him facing a heavy loss. They also sold his former Manhattan house and Palm Beach house for a mere $66 million, which is less than the valuation of his Manhattan property.
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