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Epstein’s frmr Wall Street mentor suspects billionaire’s fortune amassed through fraud with ‘tainted money’ borrowed from Deutsche bank

Epstein’s frmr Wall Street mentor suspects billionaire’s fortune amassed through fraud with ‘tainted money’ borrowed from Deutsche bank

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The origins of Jeffrey Epstein’s financial empire remain a mystery to even billionaires. But the investor’s former Wall Street mentor has one theory about how Epstein amassed his fortune: Fraud. In a phone interview with Observer, Steven Hoffenberg alleged Epstein participated in a Ponzi scheme the two ran together in the 1980s, before using the ill-gotten gains to launch his investment company with the help of financial loans from Deutsche Bank. “Its a very simplistic financial fraud that he concealed from everybody that gave him tainted money,” said Hoffenberg. “He never told anybody, and I literally mean anybody, that gave him any money since he left Towers, that he was part of Towers. And that’s a securities fraud because when you take money from people, you have to tell them your history.” Hoffenberg oversaw Towers Financial, but was sentenced to 20 years in jail in 1997 for defrauding clients out of $450 million. Although Epstein was never charged in the case, a lawsuit filed…
Source: Epstein’s frmr Wall Street mentor suspects billionaire’s fortune amassed through fraud with ‘tainted money’ borrowed from Deutsche bank

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