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EXCLUSIVE: The @nytimes obtained nearly two decades of Jeffrey Epstein’s financial statements. @mattgoldstein26 and I have been poring over the records. Here are some of our takeaways and lingering questions.
nytimes.com/2019/10/03/bus…
nytimes.com/2019/10/03/bus…
@nytimes @MattGoldstein26 In 1998, Jeffrey Epstein shifted his business to the U.S. Virgin Islands, where he took advantage of tax incentives. His advising firm, Financial Trust, reported to the V.I. government that it had made hundreds of millions in fees, peaking in 2004.
nytimes.com/2019/08/28/bus…
nytimes.com/2019/08/28/bus…
@nytimes @MattGoldstein26 But by 2008, Jeffrey Epstein was under criminal investigation, he had lost his biggest client — Les Wexner — and the financial crisis had begun. Over the next four years, Financial Trust reported more than $150 million in losses. nytimes.com/2019/10/03/bus… 
@nytimes @MattGoldstein26 In 2012, Financial Trust asked officials to note that it no longer managed money so it wouldn’t have to register with federal securities regulators. That year, Jeffrey Epstein opened Southern Trust, a DNA research company. nytimes.com/2019/10/03/bus…
@nytimes @MattGoldstein26 Over the next several years, money started to pour in to Southern Trust, which reported more than $200 million in revenue. The company also got a $30.5 million loan in 2017. nytimes.com/2019/10/03/bus…
@nytimes @MattGoldstein26 So all of this raises a host of questions: What clients were paying Jeffrey Epstein and what were they paying for? Who underwrote the loan and what was it for? Is Southern Trust a DNA company or an advisory firm? nytimes.com/2019/10/03/bus…
@nytimes @MattGoldstein26 Along the way, Jeffrey Epstein’s businesses began funding an unnamed subsidiary with more than $100 million. It grew to account for more than half of Southern Trust’s $391 million in assets at the end of 2017. What was its name and what was its purpose? nytimes.com/2019/10/03/bus…
@nytimes @MattGoldstein26 Thanks for reading along. Have any insights? DM me or @mattgoldstein26 nytimes.com/2019/10/03/bus…
