Astrid Stawiarz/Stringer and Patrick McMullan/Getty Images
- Victoria's Secret billionaire Leslie Wexner said convicted sex offender Jeffrey Epstein "misappropriated vast sums of money" from his fortune while Epstein was his financial advisor.
- Wexner was one of Epstein's only known clients, and observers say that Epstein's decades-long relationship to the high-powered billionaire contributed to his success.
- While the two had previously been described as "close personal friends," Wexner last month said he "regretted" ever crossing paths with Epstein and said 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.
Victoria's Secret billionaire Leslie Wexner said convicted sex offender Jeffrey Epstein "misappropriated vast sums of money" from his fortune while Epstein was his financial advisor.
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, claimed 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.
According to CNBC, Wexner's letter did not specify how much money was recovered from Epstein's financial mismanagement. Though 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 alleged in his letter that this amount represented only a "portion" of the total sum mishandled by Epstein.
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 the disgraced financier 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 also one of Epstein's only known clients, and observers say that Epstein's decades-long relationship to the high-powered billionaire contributed to his success. Epstein is said to have received millions of dollars from Wexner, and reportedly owned mansions and private planes previously owned by Wexner or his companies.
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 only served 13 months in a private wing of the Palm Beach County Jail where he was allowed to work in an office six days per week.
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.
https://www.businessinsider.com/victorias-secret-leslie-wexner-says-jeffrey-epstein-cheated-46-million-2019-8
2019-08-08 07:50:37Z
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