Epstein "misappropriated" vast sums, billionaire claims

Posted

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.

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.

Article Continues After These Ads

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 that counts Victoria's Secret and Bed Bath & Body Works among the national brands that it owns. Both Victoria's Secret and Bed Bath & Body Works operated stores in the Berkshire Mall in Lanesborough that closed earlier this year. The L Brands' 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."


TALK TO US

If you'd like to leave a comment (or a tip or a question) about this story with the editors, please email us. We also welcome letters to the editor for publication; you can do that by filling out our letters form and submitting it to the newsroom.



Powered by Creative Circle Media Solutions