J. Epstein & Co.

Founded in 1988, J. Epstein & Co. ("JEC") was Jeffrey Epstein's Manhattan-based money-management boutique that catered to a single-digit roster of ultra-high-net-worth (UHNW) individuals—most notably retail magnate Leslie Wexner.

Year	Event
1988	JEC founded – E. 46th St office
1991	Power-of-Attorney from Wexner
1996	Redomicile → Financial Trust Co. (USVI)
2002	Citibank CBO litigation
2008	Epstein Florida conviction; FTC retains JPMorgan
2013	FTC reports US$ 390 m assets
2019	Epstein death; estate transfers $15.5 m via FTC

In 1996 the firm redomiciled to the U.S. Virgin Islands and was renamed Financial Trust Company Inc. Though small in head-count, JEC became the hub of Epstein's personal fortune, the conduit for nine-figure flows from client accounts and, according to later litigation, a platform that enabled wide-ranging tax, banking and reputational arbitrage.

Corporate Chronology

Year	Milestone	Evidence
1988	J. Epstein & Co. incorporated in New York; Epstein tells Vanity Fair he will only manage money for clients worth "a billion dollars +."	VF profile ¹
1991–94	Wexner grants Epstein sweeping power-of-attorney; JEC begins to run a significant share of the Wexner family office book.	NYT investigation ²
1995	Firm reportedly oversees > $500 m, almost all tied to Wexner entities.	VF, NY Mag ¹³
1996 (Jan)	JEC reincorporates in St. Thomas as Financial Trust Co. Inc. to exploit USVI Economic Development Commission tax incentives (90 % break on corporate and personal income tax).	LittleSis corporate data ⁴
1998–2008	FTC litigates, banks, and borrows using JEC legacy relationships (Citibank, Bear Stearns private bank, JPMorgan).	D.V.I. court filings ⁵
2013	FTC balance sheet peaks at US$ >390 m (USVI Banking Board filing).	USVI complaint ⁶
2019	FTC/estate transfers US$ 15.5 m to bank-shell Southern Country International Bank days after Epstein's death.	NYT reporting ⁷

Ownership & Leadership

Role	Name(s) / Details
Sole shareholder / Chairman	Jeffrey Edward Epstein
Directors (FT Co., 1996–2019)	Darren Indyke (attorney), Richard Kahn (accountant)
USVI office manager	Cecile de Jongh – liaison with Economic Development Commission
NYC admin & client service	Lesley Groff & Sarah Kellen

Business Model

Single-family-office style mandates – asset-allocation and custody outsourced to prime brokers (Bear Stearns, later JPMorgan). Performance fees negotiated privately; contemporaries cite 2 % flat plus 20 % of gains.

Special-situations lending – Epstein arranged bespoke credit lines (e.g., repo conduits, aircraft mortgages) for Wexner-controlled trusts via JEC.

Offshore structuring – Post-1996 move to USVI shaved ~90 % of personal income tax; JEC's successor FTC became the anchor for an expanding lattice of LLCs holding real-estate, aircraft and IP.

Client Roster (Confirmed)

Client	Approx. Start	Mandate Highlights
Leslie H. Wexner	1988	Full balance-sheet advisory, including relocation of assets to trusts in Delaware & USVI.
Abigail Wexner trusts	1990	Portfolio management; trustee roles.
Victoria's Secret executive circle	1992	Concentrated L Brands equity & derivatives.

Epstein repeatedly claimed additional billion-dollar clients but no documentary proof surfaced.

Litigation & Regulatory Footprint

2002-2004 Citibank/AIG CBO suit – Epstein/FTC sued Citibank over a US$ 10 m loan tied to an AIG-managed CBO after losses; court opinions illuminate JEC/FTC structure ⁵.
2008 Criminal plea (FL) – Though charges centered on solicitation, Financial Trust's capital flows drew SAR scrutiny at JPMorgan (see NYDFS-Deutsche Bank order 2020).
2023 USVI v. JPMorgan – Complaint details how JEC/FTC accounts facilitated >US$ 5 m in cash withdrawals 2003-13 ⁶.

Open Questions

The precise fee arrangement with Wexner remains undisclosed; estimates range from 0.5 % flat to 25 % performance upside.
No audited financials have surfaced; asset figures rely on selective court filings and USVI regulator excerpts.