Leslie Wexner: Jeffrey Epstein cheated at least $46 million from me - Business Insider

  • The Victoria's Secret billionaire Leslie Wexner says the disgraced financier Jeffrey Epstein "misappropriated vast sums of money" from Wexner's fortune while serving as his financial adviser.
  • Wexner was one of Epstein's few known clients, and observers say Epstein's success could largely be credited to his decades-long relationship with the high-powered billionaire.
  • While the two had previously been described as "close personal friends," Wexner last month said that he "regretted" ever crossing paths with Epstein and that he "completely severed" all ties with Epstein 12 years ago.
  • Epstein was arrested last month and charged with sex trafficking and conspiracy to commit sex trafficking. He has pleaded not guilty. If convicted, he faces up to 45 years in prison.

The Victoria's Secret billionaire Leslie Wexner says the disgraced financier Jeffrey Epstein "misappropriated vast sums of money" from Wexner's fortune while serving as his financial adviser.

In a letter to members of his namesake Wexner Foundation, seen by The Wall Street Journal, the CEO and founder of L Brands, the parent company to Victoria's Secret, said that Epstein had "misappropriated vast sums of money from me and my family."

"This was, frankly, a tremendous shock, even though it clearly pales in comparison to the unthinkable allegations against him now," Wexner continued in the letter.

Epstein was arrested last month and charged with sex trafficking and conspiracy to commit sex trafficking over allegations involving girls as young as 14. He has pleaded not guilty. If convicted, he faces up to 45 years in prison.

It is unclear how much money is believed to have been mismanaged. According to The Journal, tax records indicate that Epstein made a $46 million contribution to a Wexner charitable fund in January 2008. In his letter, Wexner said this amount represented a "portion" of the sum he says Epstein mishandled, according to CNBC.

He added that "every dollar" of that money originally belonged to the Wexner family. A representative for Wexner did not comment to The Journal on whether the "misappropriation" was reported to authorities.

Business Insider could not immediately reach an attorney for Epstein for comment.

According to The New York Times, Wexner gave Epstein power of attorney in 1991, handing him almost complete control of his financial affairs for more than a decade. The power allowed Epstein to hire people, sign checks, buy and sell properties, and even borrow money on Wexner's behalf.

Wexner was one of Epstein's few known clients, and observers say Epstein's decades-long relationship with the high-powered billionaire contributed to his success. Epstein is said to have received millions of dollars from Wexner, and he reportedly owned mansions and private planes previously owned by Wexner or his companies.

Read more: Victoria's Secret billionaire Leslie Wexner gave near-total control of his finances to Jeffrey Epstein, according to a stunning new account of their controversial friendship

While the two were described as "close personal friends" in a 2002 lawsuit, the relationship between them soured after charges of sexual misconduct against Epstein surfaced. Wexner last month wrote in a company memo that he "regretted" ever crossing paths with Epstein and said he "completely severed" all ties with Epstein 12 years ago.

Epstein pleaded guilty to state charges of soliciting prostitution in June 2008 and registered as a sex offender as part of a deal cut with the US Attorney's Office in Miami. He was sentenced to 18 months in prison but served only 13 months in a private wing of the Palm Beach County Jail, and he was allowed to work in an office six days a week.


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