The man and the money

Where did Epstein’s money come from?

A college dropout, a private school, Bear Stearns, a Ponzi scheme and one very rich client

RECORD / AT A GLANCE

Partly true

The outline is documented: Dalton, Bear Stearns, Towers Financial and years of control over Wexner’s fortune. The legend of a genius money manager to many billionaires is not. Much of his wealth traces to a few very rich men, and Wexner says some of it was taken from him.

THE EVENTS / THE INVESTIGATION / THE STORY

The chronology.

READ THE FILE

Evidence & assessment.

Open an article for its evidence, labeled AI assessment and numbered sources. Read the complete static edition ↗

WHAT PEOPLE SAY ABOUT THIS FILE

The claims, rated.

7 claims people make about this file, each rated documented, partly true, disputed, unproven or false. Think a rating is wrong? Use Dispute or Support, or join the Discussion.

DOCUMENTED The man and the money

“Epstein taught at an elite Manhattan school without a college degree.”

He left Cooper Union and NYU without degrees and taught math and physics at Dalton from 1974 to 1976.

Who says it: Contemporary accounts and former students.

The evidence in this file ↗ · On the full claims board ↗

DOCUMENTED The man and the money

“Epstein worked for a man who ran a giant Ponzi scheme.”

He consulted for Steven Hoffenberg at Towers Financial in the late 1980s. Hoffenberg went to prison; Epstein was never charged.

Who says it: Court records, Hoffenberg’s own account.

The evidence in this file ↗ · On the full claims board ↗

DOCUMENTED The man and the money

“Les Wexner gave Epstein control of his fortune.”

Wexner gave him power of attorney in 1991; Epstein ended up with Wexner’s Manhattan townhouse. Wexner later said Epstein “misappropriated vast sums.”

Who says it: Wexner’s own letter and testimony.

The evidence in this file ↗ · On the full claims board ↗

DOCUMENTED The man and the money

“Leon Black paid Epstein $158 million.”

A review his firm commissioned found Black paid Epstein $158 million from 2012 to 2017 for tax and estate advice. That he paid a convicted sex offender that much is documented; the review found no evidence he took part in Epstein’s crimes.

Who says it: Apollo’s outside review.

The evidence in this file ↗ · On the full claims board ↗

PARTLY TRUE The man and the money

“Donald Barr wrote a sci-fi novel about sex slavery, proving a link to Epstein.”

The 1973 novel Space Relations is real and involves sexual slavery. It is not evidence of anything about Epstein.

Who says it: Viral posts.

The evidence in this file ↗ · On the full claims board ↗

DISPUTED The man and the money

“William Barr’s father hired Epstein at Dalton.”

Donald Barr was headmaster until 1974, around when Epstein arrived; who actually hired him is disputed, and accounts conflict.

Who says it: Viral posts since 2019.

The evidence in this file ↗ · On the full claims board ↗

FALSE The man and the money

“Epstein was a genius money manager for many billionaires.”

No evidence shows a roster of billionaire clients. His fortune traces mainly to Wexner and, later, Leon Black.

Who says it: Epstein’s own publicity in the 1990s and 2000s.

The evidence in this file ↗ · On the full claims board ↗

All 211 rated claims ↗

OPEN THE RECORD

Sources & limits.

Numbered citations in each article identify the relevant sources. These records have different purposes and evidentiary weight.

  1. Los Angeles Times: The mystery around Jeffrey Epstein’s fortune and how he made it, 8 Jul 2019 ↗

    Business reporting on Dalton, Bear Stearns and why so little is known about his clients. Written days after the 2019 arrest.

  2. Miami Herald: “Poor, smart and desperate to be rich”: how Epstein went from teaching to Wall Street, Jul 2019 (archived) ↗

    Interviews with Ace Greenberg’s family and others about his hiring at Bear Stearns. Archived copy.

  3. Snopes: Did Bill Barr’s father “mentor” Jeffrey Epstein and write a “bizarre” novel? 2019 ↗

    Checks the Dalton hiring story and Donald Barr’s 1973 science-fiction novel.

  4. NPR: A young Jeffrey Epstein made an impression on his high school students, Aug 2019 ↗

    Former Dalton students and colleagues on his time there.

  5. CBS News: Epstein worked at Towers Financial with Steven Hoffenberg, 2019 ↗

    Hoffenberg’s on-camera account and the court record of the Towers Ponzi scheme. Hoffenberg was a convicted fraudster; Epstein was never charged over Towers.

  6. PBS NewsHour: What documents show about Wexner and Epstein, Feb 2026 ↗

    Summary of the 1991 power of attorney and the property transfers.

  7. The Wexner Foundation: Letter from Les Wexner, Aug 2019 ↗

    Wexner’s own statement that Epstein “misappropriated vast sums” from him and his family. A party’s account.

  8. New York Times: Leslie Wexner accuses Jeffrey Epstein of misappropriating “vast sums of money,” 7 Aug 2019 ↗

    Report on the Wexner letter, with context on the power of attorney.

  9. AP: Mogul Les Wexner tells members of Congress he was “duped” by Epstein, Feb 2026 ↗

    Wire report on his deposition to the House Oversight Committee.

  10. ABC News: Wexner, in deposition, says he had no knowledge of Epstein’s criminal activity, 18 Feb 2026 ↗

    Second report on the deposition, with his “master manipulator” description.

  11. WOSU Public Media: House Oversight Committee releases video of Les Wexner’s deposition, 19 Feb 2026 ↗

    Detailed account of the five-hour deposition at his New Albany home, with direct quotes.

  12. DOJ and FBI: Memorandum on the Epstein investigation, 7 Jul 2025 ↗

    Two pages: no incriminating “client list,” no credible evidence of blackmail, death ruled a suicide, jail video released. The agencies’ own conclusion, attacked from the left and the right.

  13. CNBC: Apollo’s Leon Black paid Jeffrey Epstein $158 million, will retire as CEO, 25 Jan 2021 ↗

    Report on the Dechert review Black’s firm commissioned. A review paid for by the company.

← The Epstein Files hub: the story, the full timeline and every file

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