You know his crimes, but I bet you don’t know how Jeffrey Epstein got rich

We’ve spent the best part of seven years hearing about Jeffrey Epstein, but amongst those abhorrent crimes, his wealth, net worth, and how he made his money get lost in the mix.

Epstein came from somewhat humble beginnings. His mother, Pauline Stolofsky, was a teaching aid, and his father, Seymour Epstein, was a groundskeeper. A childhood friend described him as “an average boy, very smart in math, slightly overweight, freckles, always smiling.”

Upon reaching adulthood, Epstein taught maths and calculus at the Dalton School on the Upper East Side of Manhattan. It was there that his life was changed forever.

Here’s how Jeffrey Epstein got rich

Credit: Vladislav Nekrasov/SOPA Images/Shutterstock

Jeffrey Epstein got his big break in 1976. In the late ’70s, the father of one of Epstein’s students said he was “wasting his time” at the school. He got in touch with Alan Greenberg, a senior executive at the investment bank Bear Stearns.

Alan liked to hire people of modest backgrounds with “a deep desire to become rich”, and upon hiring, a higher up described Epstein as “a hell of salesman.”

Over the next twenty years, Jeffrey Epstein’s wealth grew as he mingled with powerful people across the globe. He acted as a consultant for those powerful people, offering financial services and consulting. He was largely in the business of chasing people’s debts.

Most Read

Sorry in advance: Here are all the unhinged pics and clips of Beavo’s mum on OnlyFans

Japanese zoo releases new statement regarding Punch the monkey’s safety, and I’m not ok

This is what happens to Francesca’s money and title after her husband dies in Bridgerton

Though he made an impressive amount in consulting and working for major companies like Towers Financial Corporation, the big bucks started to appear in 1988 with the founding of J Epstein & Company. In a tale as old as time, he based his financial operations in the US Virgin Islands, a tax haven.

Though clearly skilled in the realm of finance, Epstein did experience losses. Several high-profile business moguls cut ties with him, and in 2008, he was hit hard by the financial crash. From 2008 to 2012, Epstein’s primary business recorded $166 million in net losses.

To this day, the way Epstein accumulated his fortune is still drenched in mystery, Forbes reported. At one point, Epstein claimed to only work with people worth at least $1 billion, but the ways he generated revenue, and from where, are still some of the biggest questions hanging over the late financier’s head.

What was Jeffrey Epstein’s net worth?

At the time of his arrest in 2019, Jeffrey Epstein’s net worth was a reported $577 million, but again, that’s just the money the US government could find.

After paying out hundreds of millions in settlements, his estate is only worth $120 million. Called the 1953 Trust, it’s managed by his lawyer, Darren Indyke, and his accountant, Richard Kahn. It will continue to go down, whether that be through settlements or through the general upkeep of the estate.

For more like this, like The Tab on Facebook. 

Featured image credit: Shutterstock