The Source of All His Wealth

On page 64 of the SDNY prosecution memo, federal prosecutors summarized the findings of an attorney proffer given on July 25, 2019 — eighteen days after Jeffrey Epstein's arrest. The proffer came from the legal team of Leslie Wexner, the billionaire founder of L Brands, the parent company of Victoria's Secret.1

The prosecutors wrote a single sentence that reframes the entire Epstein case:

"That misconduct, together with fees that Epstein paid himself for his services to Wexner, appears to account for virtually all of Epstein's wealth."1

Virtually all of it. Not some. Not a significant portion. Virtually all.

Every private jet. Every island compound. Every Manhattan townhouse. Every payoff to every victim. Every dollar that funded the logistics of a trafficking operation spanning three decades — all of it traces back to one man's money.

The Financial Manager

Les Wexner first met Jeffrey Epstein in the 1980s through a mutual friend. After a couple of other acquaintances recommended Epstein as well, Wexner brought him on to help with investments.1

What began as financial advisory work became total control. Over time, Epstein became more involved in Wexner's finances until he controlled all of Wexner's personal finances with "virtually no oversight."1 In 1991, Epstein obtained a power of attorney from Wexner, filed in Franklin County, Ohio — giving him authority to borrow money, pay expenses, sign contracts, and handle financial dealings on Wexner's behalf.2

"He had absolute control" of Wexner's wealth, according to one person quoted in documents filed in Franklin County.2

Wexner's company controlled Abercrombie & Fitch, The Limited, Express, and Victoria's Secret, and his wealth would eventually grow to more than $7 billion.2 Epstein managed all of it. And Epstein had no other clients. When Wexner departed in 2007, Financial Trust Company's fee income — the entity through which Epstein managed wealth — collapsed from $66 million in 2006 to $4 million in 2007 to $100,000 in 2008.3

Wexner was not one client among many. He was the only client. And his money built Epstein's empire.

The Townhouse

In 1989, Wexner purchased a property at 9 East 71st Street in Manhattan — a former school building — through the Nine East 71st Street Corporation, which he wholly owned.4 The property would later be valued at between $55 million and $86 million.4

In 1998, Epstein sold himself this mansion at what prosecutors described as "a deeply discounted price" — approximately $20 million for a property worth three to four times that amount.1 He also sold himself a private plane that previously belonged to Wexner, again at a deeply discounted price.1

This was not a random real estate transaction. The 9 East 71st Street mansion became the central location of Epstein's abuse operation. It was where victims were brought for "massages." It was where Ghislaine Maxwell lived and coordinated logistics. It was where federal agents executed a search warrant on July 6, 2019, and where photographs of victims were found.5

The SDNY's corporate prosecution analysis memo — a separate document analyzing whether Epstein's shell companies could be charged — describes the property transfer in clinical detail and notes that Epstein committed criminal acts at this address "beginning in at least 2002."4

The house that Wexner built became the house where children were abused.

The Brand

Epstein had no formal role in L Brands or Victoria's Secret.1 But he used the brand name as a weapon.

In a civil complaint filed by a victim identified as "Juliette," Epstein told her that "his good friend Les Wexner owned Victoria's Secret" during her recruitment — using the brand as a credibility lure to draw her into his operation.6 In a separate document, an allegation describes Wexner asking a victim to "dress up in baby doll lingerie of the type made by Victoria's Secret."7

At some point, Wexner heard a rumor that Epstein might be holding himself out as connected to Victoria's Secret. When Wexner asked Epstein about it, Epstein denied doing so.1

But the SDNY prosecution memo also records that Epstein introduced Wexner to "other prominent people who knew Epstein, such as Prince Andrew, professors at Harvard, and a sultan in Dubai."1 The relationship was not purely financial. It was the social infrastructure through which Epstein built his network of powerful contacts — and through which he accessed victims.

The Settlement

In 2007, Wexner discovered the theft. Epstein told him he was having "legal problems involving an overly aggressive police chief and some sort of massage" and that he was "being blackmailed."1 This was Epstein's characterization of the Palm Beach Police Department investigation that had uncovered his abuse of dozens of minors.

Wexner's wife looked into the state of their finances and discovered that Epstein had misappropriated a significant amount of the family's funds. "Epstein frequently bought property on behalf of the Wexners and then sold it to himself for a fraction of the cost."1

The Wexners withdrew the power of attorney and hired counsel. Epstein agreed to return $100 million in January 2008.1

But the settlement had an unusual structure. Epstein's C.O.U.Q. Foundation — with Richard Kahn replacing Ghislaine Maxwell as treasurer — contributed $46 million in stock and other assets to Wexner's YLK Charitable Fund in 2008, just before Epstein started his Palm Beach jail sentence.8 The charitable routing of nearly half the settlement raises questions about the financial mechanics and tax implications of the arrangement.

The Wexners did not report the theft to law enforcement. As prosecutors noted: "The Wexners did not want to bring unnecessary public attention to the issue."1

What They Knew

On a slide prepared for an FBI case presentation, under the heading "PROMINENT NAMES," the Wexner entry contains an extraordinary claim:9

A victim "stated Epstein earned his money from having homosexual sex with Wexner."9

This allegation — that the financial relationship between Epstein and Wexner was itself sexual in nature — was reported to the FBI through anonymous NTOCs (National Threat Operations Center tips).9 It has never been publicly investigated. Wexner has denied any sexual relationship with Epstein.

Separately, in a recorded telephone interview on April 7, 2011, Virginia Giuffre was asked whether Les Wexner would have "relevant information about Jeffrey's taking advantage of underage girls" if he told the truth. Her answer:10

"I think he has relevant information, but I don't think he'll tell you the truth."10

Both Les and Abigail Wexner gave attorney proffers to the SDNY on July 25, 2019 — eighteen days after Epstein's arrest. They claimed no knowledge of any inappropriate activity.1 Their proffers were conducted through counsel, not in the presence of FBI agents — a distinction noted in the case presentation, which separates "FBI-attended Proffers" (Groff, Visoski, Rodgers) from "SDNY Attorney Proffers" (Les Wexner, Abigail Wexner).11

No criminal charges have ever been filed against Les Wexner. No law enforcement agency has announced an investigation into his role. The 2007 Non-Prosecution Agreement's blanket immunity provision for unnamed "potential co-conspirators" may cover him as well.12

As late as November 2015, someone texted Epstein: "Are you still close w Les Wexner? He seems very nice."13 This was eight years after the claimed severance. Epstein's response is not recorded.