"How did Jeffrey Epstein, a college dropout who started off teaching math and physics, make a huge fortune? At least at the beginning, the man from a working-class family in Coney Island, New York, had luck on his side. Through connections, Epstein got a job at investment bank Bear Stearns, which gave him insight into high finance. In 1980, he was made a limited partner."
""He was a cypher," said Charles Gasparino, a senior correspondent at Fox Business Network in Netflix's 2020 documentary "Jeffrey Epstein: Filthy Rich." Normally, people on Wall Street leave trails, but Epstein was elusive. "Here was this guy that people talked about a lot, that didn't have much of a footprint in the investment world," said Gasparino. Jeffrey Epstein was known for his many extravagant properties, private jet travel and lavish gifts"
"In the late 1980s, he hired Epstein, who became his "partner in crime," according to an interview in the Netflix documentary. Hoffenberg was running what turned out to be a $460-million (387-million) Ponzi scheme. Epstein "took over the securities side, the fake assets side, he was manipulating stock price and trading stock illegally," said Hoffenberg. In 1993, it all came crashing down."
Jeffrey Epstein, a college dropout who initially taught math and physics, rose from a working-class Coney Island background. Early connections earned him a position at investment bank Bear Stearns and insight into high finance; he became a limited partner in 1980 and left five years later while keeping credibility from his tenure. Epstein cultivated a mysterious, low-footprint profile in financial circles despite public prominence and lavish properties, private jet travel, and extravagant gifts. Steven Hoffenberg later alleged that Epstein ran the securities side of a $460 million Ponzi scheme and manipulated stock trading. Epstein was never criminally charged.
Read at www.dw.com
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