Jeffrey Epstein isn't a billionaire, Forbes report claims
Following Saturday’s arrest of hedge-fund manager Jeffrey Epstein, several media outlets declared him a "billionaire." However, there's little evidence he holds such a fortune, a new report states.
Epstein owns luxuries that include a 100-acre island in the Caribbean and one of the biggest mansions in New York. But the 66-year-old financier is very private about his source of wealth.
He refused to provide authorities with even basic information about his income and assets after his arrest. His attorney said Epstein’s lawyers intend to provide that information but want to make sure it’s correct first.
"He is a man of nearly infinite means," federal prosecutor Alex Rossmiller said in court.
However, Epstein is not a billionaire, according to several publications, which claim he amassed most of his wealth by managing others’ money.
"Little is known or said about Epstein's business except this: He manages money for the extremely wealthy," the Palm Beach Post reported in 2006 after Epstein's legal troubles began there. "He is said to handle accounts only of $1 billion or greater."
Forbes noted in a recent report that Epstein was never included in the publication’s world’ billionaire’s rankings because “there is scant proof he holds a ten-figure fortune.”
“The source of his wealth — a money management firm in the U.S. Virgin Islands — generates no public records, nor has his client list ever been released,” Forbes reported in 2010 with a headline that states he's "not a billionaire."
In a recent article, The New Yorker appeared to agree that no one really knows how much the financer is worth and called his career a "mystery." A decade ago, Epstein's lawyers said he had a "net worth in excess of nine figures," according to Bloomberg, though the publication reported his current worth is not immediately known.
Defendant Jeffrey Epstein, center, listens as Assistant U.S. Attorney Alex Rossmiller, right, addresses the court during Epstein's arraignment, Monday, July 8, 2019 in New York. (AP)
Some of his assets include six residences — including his private island and New York City mansion reportedly valued at $77 million. He also owns 15 cars and two private jets.
Epstein has been charged with the sex trafficking of dozens of underage girls. He appeared in New York City federal court Monday and pleaded not guilty to the charges. He will remain in jail at least until his July 15 bail hearing. He’s accused of creating maintaining a network that allowed him to sexually exploit and abuse dozens of underage girls from 2002 to 2005.
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The arrest comes amid renewed scrutiny of a once-secret plea deal that ended a federal investigation against him. The deal, which is being challenged in Florida federal court, allowed Epstein to plead guilty to lesser state charges of soliciting and procuring a person under age 18 for prostitution. He was sentenced to 13 months in jail and was required to reach financial settlements with dozens of his once-teenage victims and register as a sex offender.
The Associated Press contributed to this report.