Billionaire: Epstein misappropriated ‘vast sums’ from wealth

Advertisement

Advertise with us

NEW YORK - The retail titan behind Victoria's Secret has accused the financier Jeffrey Epstein of misappropriating "vast sums" of his fortune while managing his personal finances more than a decade ago.

Read this article for free:


or

Already have an account? Log in here »

To continue reading, please subscribe:

Subscribe and receive a limited-edition Free Press branded hat or tote.

Digital Subscription

One year of digital access for only $205*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles

*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.

To continue reading, please subscribe:

Add Free Press access to your Brandon Sun subscription for only an additional

$1 for the first 4 weeks*

  • Enjoy unlimited reading on winnipegfreepress.com
  • Read the E-Edition, our digital replica newspaper
  • Access News Break, our award-winning app
  • Play interactive puzzles
Start now

*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.

Hey there, time traveller!
This article was published 08/08/2019 (2589 days ago), so information in it may no longer be current.

NEW YORK – The retail titan behind Victoria’s Secret has accused the financier Jeffrey Epstein of misappropriating “vast sums” of his fortune while managing his personal finances more than a decade ago.

Ohio billionaire Leslie Wexner said in a letter Wednesday that he recovered “some of the funds” but severed ties with Epstein in 2007 as sexual abuse allegations first surfaced against him in Florida.

The letter was first reported by The Wall Street Journal, which put the amount of misappropriated money at more than $46 million.

FILE - This March 28, 2017, file photo, provided by the New York State Sex Offender Registry shows Jeffrey Epstein. The retail titan behind Victoria's Secret says the financier Jeffrey Epstein misappropriated “vast sums” of his fortune while managing his personal finances. Ohio billionaire Leslie Wexner said in a letter Wednesday, Aug. 7, 2019 that he recovered “some of the funds” but severed ties with Epstein in 2007 as sexual abuse allegations first surfaced against him in Florida. (New York State Sex Offender Registry via AP, File)
FILE - This March 28, 2017, file photo, provided by the New York State Sex Offender Registry shows Jeffrey Epstein. The retail titan behind Victoria's Secret says the financier Jeffrey Epstein misappropriated “vast sums” of his fortune while managing his personal finances. Ohio billionaire Leslie Wexner said in a letter Wednesday, Aug. 7, 2019 that he recovered “some of the funds” but severed ties with Epstein in 2007 as sexual abuse allegations first surfaced against him in Florida. (New York State Sex Offender Registry via AP, File)

It’s unclear whether Wexner reported the allegations to law enforcement.

“This was, frankly, a tremendous shock, even though it clearly pales in comparison to the unthinkable allegations against him now,” Wexner wrote.

He added that he was “sickened” by Epstein’s alleged abuse of dozens of underage girls in New York and Florida.

Epstein, 66, has pleaded not guilty to federal sex trafficking charges. His lawyer did not respond to a request for comment.

Wexner is the founder and chief executive officer of L Brands, a fashion retailer based in Ohio. The company’s board recently hired an outside law firm to review any role Epstein may have played at the business.

Epstein managed Wexner’s fortune beginning in the late 1980s and helped straighten out the finances for a real estate development Wexner was backing in a wealthy Columbus, Ohio, suburb.

It was through Wexner that Epstein acquired his seven-story Manhattan mansion less than a block from Central Park, a 21,000-square-foot residence that has been valued at about $77 million.

Wexner said he believed he could trust Epstein at first based on “friends who vouched for and recommended him as a knowledgeable financial professional.”

“I am embarrassed that, like so many others, I was deceived by Mr. Epstein,” he wrote in the letter. “I know now that my trust in him was grossly misplaced and I deeply regret having ever crossed his path.”

Report Error Submit a Tip

More Stories

Weekender festivities to take over downtown

Sheldon Birnie 3 minute read Preview

Weekender festivities to take over downtown

Sheldon Birnie 3 minute read 6:00 AM CDT

Come one, come all, to Graham Avenue this weekend.

Organizers of the Weekender hope to welcome thousands of Winnipeggers to the streets and parking lots in and around the Graham Avenue pedestrian mall in what they are billing as “Downtown’s Biggest Street Party.”

Starting Friday evening and running through Sunday, the free festival boasts a plethora of ways by which visitors can enjoy themselves. From food trucks to markets, games to live music, classic cars and free bike repairs, the festival aims to provide a little something for everyone.

“The Weekender is truly about bringing people together, to have fun, to experience all that downtown has to offer,” says Olivia Billson, director of communications and public relations for Downtown Winnipeg BIZ, which is putting on the festival in conjunction with Smith Events and Arch Events.

Read
6:00 AM CDT

All that glitters … could work here

Editorial 4 minute read Preview

All that glitters … could work here

Editorial 4 minute read Yesterday at 2:00 AM CDT

Sometimes, it’s hard to even suggest a change, because it seems there is always a plethora of people ready to tell you that your idea just won’t work.

Read
Yesterday at 2:00 AM CDT

Hydro working to restore service to pockets of River Heights

Malak Abas 6 minute read Preview

Hydro working to restore service to pockets of River Heights

Malak Abas 6 minute read Updated: Yesterday at 8:33 PM CDT

When Sheila Fenby’s basement began filling with water Sunday night, it felt like déjà vu.

Read
Updated: Yesterday at 8:33 PM CDT

Forgo faceoff and augment wife’s self-esteem

Maureen Scurfield 5 minute read 2:00 AM CDT

DEAR MISS LONELYHEARTS: I’m married to a woman who’s older than I am, and it’s the second marriages for both of us. She’s beautiful, even after having what she calls “a few nips and tucks.”

Seriously, it was more than a few.

Her former husband insisted she had to appear a lot younger than him — so ridiculous!

I’ve never seen even one picture of her when she was not wrinkle-free.

‘Dynacare sucks:’ premier muses about bringing lab services back into public system after strike halted

Free Press staff 3 minute read Preview

‘Dynacare sucks:’ premier muses about bringing lab services back into public system after strike halted

Free Press staff 3 minute read 10:13 AM CDT

Manitoba’s premier said the province is looking at bringing diagnostic lab services back into the public system rather than continuing to contract Dynacare, declaring the for-profit company “sucks.”

“Maybe we’ll take over the whole system… we’re working on it, we’re looking at it, the situation is not great, this company’s making a mess — I think it’s pretty clear I’m not happy with them,” Premier Wab Kinew told CBC Radio Wednesday morning. “At the same time, nobody should be trying to use people’s health care as leverage.”

Kinew made the comments the day after the Manitoba Labour Board cut short a strike by 350 lab technicians and technologists employed by Dynacare, which administers blood, urine and other medical tests for patients in Winnipeg, Brandon and surrounding communities.

Dynacare, which is contracted by the provincial government, performs the majority of non-emergency blood and urine tests in the province.

Read
10:13 AM CDT

Trump ramps up retaliation against Canada, banning imports of booze, other products

Kelly Geraldine Malone, The Canadian Press 6 minute read Preview

Trump ramps up retaliation against Canada, banning imports of booze, other products

Kelly Geraldine Malone, The Canadian Press 6 minute read Updated: Yesterday at 10:13 PM CDT

WASHINGTON - U.S. President Donald Trump signed new executive orders on Tuesday, ramping up retaliation after Canada imposed its latest set of duties on the United States. 

The five orders, which will take effect later this month, will completely bar imports of certain Canadian goods, including motorcycles, some dairy products and alcoholic beverages.

U.S. Trade Representative Jamieson Greer, in a statement later Tuesday, said the decision was a "natural consequence" of Canada's "discriminatory" treatment of American exports.

"After weeks of good faith and intensive efforts between U.S. and Canadian negotiators, Canada walked away from a near-final trade deal that offered better treatment than any other trading partner, and instead Canada chose to embark on senseless retaliation against the United States," Greer said in the statement.

Read
Updated: Yesterday at 10:13 PM CDT