Thread by @karolcummins: "Epstein Flourished as He Forged Bond With Les Wexner Epstein now charged in sex-trafficking case, built ties with Leslie Wexner that extende […]"

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Epstein Flourished as He Forged Bond With Les Wexner

Epstein now charged in sex-trafficking case, built ties with Leslie Wexner that extended into billionaire’s investments, charities
wsj.com/articles/epste…

Epstein was presented to Wexner as a “math and finance genius” and came highly recommended by Bear Stearns chief executive Alan Greenberg and Jimmy Cayne, another senior Bear Stearns executive.
wsj.com/articles/epste…

💰Bear Sterns-TOC Panama💰

https://twitter.com/karolcummins/status/1104175117356036096?s=21

📌Questions surround Wexner foundation funded by Epstein
dispatch.com/news/20190711/…

🔑In December 2007, Mrs. Wexner formed the YLK Charitable Fund.

🔑A month later, Epstein, who then recently had been accused of having sex with children in Florida, donated $47 million to the fund through his company and his own foundation.
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🔑It would be the only money donated to the fund, according to records.
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📌Epstein for years was a Wexner financial advisor and in 1998 was identified as president — along with Wexner — of the New Albany Co. in Ohio business records.
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🔑Epstein owned land in the New Albany development, including a home on King George Drive that he owned from 1994 until selling it for $0 to the Wexners in December 2007, shortly before he donated money to Abigail Wexner's YLK Foundation.
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The timeline involving Epstein and the Wexner foundation overlaps a significant period in the investigation and prosecution of Epstein in the underage sex case.

📌Sept 2007, feds drafted a 53-page indictment against Epstein
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🔑During those nine months between the initial indictment and final deal, Epstein had time to put his financial house in order.
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In December 2007, the YLK Charitable Fund was formed, with Mrs. Wexner as president. The letters YLK are the initials of Mrs. Wexner's late father, Yehuda L. Koppel.
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🔑A month later, in January 2008, Epstein donated $47 million to it through his private foundation, COUQ, and his company, Financial Trust Co.

The donation was made up of mostly of shares of Apple along with other investments, tax records show.
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In February 2008, a month after Epstein donated the money, Mr. Wexner announced that Dennis Hersch would replace Epstein as his business manager.
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Previously, Epstein had been Mr. Wexner's personal investment manager and a trustee of two Wexner foundations.
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Wexner and Epstein also shared an interest in a Manhattan mansion bought in 1989 for $13.2 million — at the time a record price for a Manhattan townhome — by a corporation controlled by Wexner and Epstein, according to the New York Times.
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Wexner did a gut renovation & then spent at least that much on artwork (Picasso’s), Art Deco furnishings, Russian antiques, rosewood tables and doors and a gut renovation of the home.

Security devices, including a network of cameras, were installed.
nytimes.com/2019/07/08/nyr…

Wexner never moved in, but Epstein did.

In 2011, Epstein transferred ownership of the property from a trust connected to Mr. Epstein and Mr. Wexner to Maple Inc., a United States Virgin Islands-based entity under Mr. Epstein’s control
nytimes.com/2019/07/08/nyr…

🔑The transfer document, from Nine East 71st Street Corporation to Maple Inc., did not list a purchase price, indicating that it did not involve any exchange of money.
nytimes.com/2019/07/08/nyr…

Epstein was released from jail in July 2009. In December 2010, records show, the YLK Charitable Fund was shut down and its remaining assets — about $33.3 million — were transferred to the Wexner Family Charitable Fund
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During the three years in which the YLK fund was in existence, it made two donations totaling $6.5 million to the Columbus Foundation.

Also, the fund was set up during the recession, and some of the assets in the fund declined in value.
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🔑Why the YLK was created and dissolved three year later is unclear.
The $47 million would be just a fraction of Mr. Wexner's net worth, estimated by Forbes magazine at $4.7 billion. Forbes said he is Ohio's richest person.

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