Leslie Wexner Says Jeffrey Epstein 'Misappropriated Vast Sums of Money From Me'
August 07 2019 - 7:36PM
Dow Jones News
By Khadeeja Safdar
Leslie Wexner, the billionaire behind Victoria's Secret, said in
a letter that his former money manager Jeffrey Epstein
misappropriated more than $46 million of his fortune, revealing for
the first time the financial fallout from his relationship with the
disgraced financier.
The founder and chief executive of L Brands Inc. told members of
his Wexner Foundation that the missing funds were uncovered after
Mr. Wexner decided in 2007 to sever ties with Mr. Epstein. Mr.
Wexner began the separation process after allegations against Mr.
Epstein surfaced involving sexual abuse of underage girls.
"We discovered that he had misappropriated vast sums of money
from me and my family," Mr. Wexner wrote in a letter Wednesday to
the foundation. "This was, frankly, a tremendous shock, even though
it clearly pales in comparison to the unthinkable allegations
against him now."
In January 2008, Mr. Epstein transferred $46 million worth of
investments to a Wexner charitable fund, tax records show. Mr.
Wexner said the transfer was only a portion of the funds that his
money manager had allegedly misappropriated. "All of that money --
every dollar of it -- was originally Wexner family money," he
wrote.
A lawyer for Mr. Epstein couldn't immediately be reached for
comment.
Last month, Mr. Epstein pleaded not guilty to sex-trafficking
counts stemming from what federal prosecutors alleged was a
yearslong scheme to procure and sexually abuse dozens of girls. He
faces up to 45 years in prison if convicted. Mr. Epstein has been
denied bail and is in federal custody.
Write to Khadeeja Safdar at khadeeja.safdar@wsj.com
(END) Dow Jones Newswires
August 07, 2019 19:21 ET (23:21 GMT)
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