Epstein begins career in finance
Jeffrey Epstein is hired at Bear Stearns through a Dalton School connection, rises to limited partner, then leaves under unclear circumstances to establish a secretive financial empire managing money for billionaire Les Wexner.
Bear Stearns
From 1973 to 1975, Jeffrey Epstein worked as a math and physics teacher at the Dalton School, an elite private school on Manhattan’s Upper East Side. The headmaster at the time was Donald Barr, father of future U.S. Attorney General William Barr. Epstein was hired despite lacking a college degree. A parent of one of his students facilitated an introduction to Bear Stearns, and in 1976, chairman Alan C. “Ace” Greenberg brought Epstein on board.
At Bear Stearns, Epstein worked as an options trader in the Special Products Division, advising wealthy clients on tax strategy and financial planning. He rose quickly through the ranks, making limited partner by 1980. His tenure ended in 1981. Reports indicate he was asked to leave following a policy violation, though the precise nature of the infraction has never been publicly confirmed by the firm.
J. Epstein & Co.
After departing Bear Stearns, Epstein founded his own firm, J. Epstein & Co., around 1982. The operation was remarkably opaque. In a 2002 profile by Landon Thomas Jr. in New York Magazine, Epstein claimed his firm required a minimum account balance of $1 billion, placing him in an extraordinarily narrow niche of financial management. No client list was ever publicly confirmed beyond one name: Leslie Wexner.
Epstein later registered the Financial Trust Company in the U.S. Virgin Islands, further obscuring the structure and scope of his financial dealings. Tax benefits available in the territory provided additional incentive for the arrangement. Despite years of scrutiny, investigators and journalists have never been able to fully map the sources of Epstein’s wealth.
The Wexner Connection
Around 1986 or 1987, Epstein was introduced to Les Wexner, the billionaire founder of The Limited (parent company of Victoria’s Secret, Bath & Body Works, and other retail brands). The introduction came through Robert Meister, vice chairman of the Aon Corporation.
The relationship quickly became unusually close. By 1991, Wexner had granted Epstein sweeping power of attorney, authorizing him to sign tax returns, manage finances, hire and fire employees, borrow money, and buy and sell real estate on Wexner’s behalf. In 1989, Wexner purchased the townhouse at 9 East 71st Street in Manhattan for approximately $13.2 million. In 1998, the property was transferred to Epstein for $0, according to property records. The 21,000-square-foot mansion would later become a central location in the criminal case against Epstein.
The Financial Mystery
The fundamental question of how Epstein accumulated a fortune estimated in the hundreds of millions of dollars has never been satisfactorily answered. His claimed business model — managing money exclusively for billionaires — was never independently verified. No former employees have publicly described the firm’s day-to-day investment operations. No major trading activity under his name has been identified in market records.
Some financial analysts have speculated that Epstein’s wealth derived primarily from his relationship with Wexner, either through management fees or through other arrangements that have not been disclosed. Wexner stated in 2019 that Epstein had misappropriated “vast sums” of his money, though he did not specify amounts or timelines. The full financial picture remains one of the most unresolved aspects of the Epstein case.