Jeffrey Epstein raked in $200 million after legal and financial crises
Jeffrey Epsteins biggest client had deserted him, his money management firm had lost more than $150 million during the financial crisis, and he was a registered sex offender. But after he started a new company with a wildly speculative business plan in 2012, Mr. Epstein had no problem pulling in cash.
His start-up, Southern Trust, reported more than $200 million in revenues over the next five years, according to a review of previously unreported financial statements filed in the Virgin Islands.
Despite a name that calls to mind a financial services firm, the fledgling company with a handful of employees said it was developing a DNA data-mining service. Southern Trust was trying to gauge customers predisposition to cancer by basically organizing mathematical algorithms, Mr. Epstein told Virgin Islands officials as he sought a lucrative tax break in 2012.
Mr. Epsteins business revival is documented in financial statements and other filings obtained by The New York Times. The documents from Southern Trust and his earlier firm, Financial Trust offer a glimpse of Mr. Epsteins mysterious finances. They show that Financial Trust peaked at the end of 2004, when it reported $563 million in assets and net income of $108 million. And they demonstrate how Mr. Epstein rebuilt his business in his later years, with Southern Trust reporting $175 million in retained earnings leftover profits that can be reinvested in 2017, the last year for which statements were available.
But the documents do not say who was paying vast sums of money to Mr. Epsteins new venture just a few years after his 2008 guilty plea to soliciting a minor for prostitution. Nor do they offer an explanation for why customers would hand over money to a man who had apparently switched from financial services to DNA research.
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