Jeffrey Epstein raked in a cool $200 million when he launched his start-up company, Southern Trust, just years after he registered as a sex offender and his other start-up company faltered during the financial crisis, according to a report.
The late disgraced financier launched Southern Trust in 2012 with a few employees, calling it a DNA “data-mining” service, according to unreported financial statements from the Virgin Islands obtained by the New York Times.
Epstein said his start-up was all about “basically organizing mathematical algorithms” to see how much customers would be predisposed to certain cancers, according to the report.
The company reported more than $200 million in revenue over the next five years, according to the financial statements from the Virgin Islands, where he claimed residency at two private islands.
The statements show how Epstein became a financial machine. His previous company, Financial Trust, peaked towards the end of 2004.
The money management firm reported $563 million in assets and a net income of $108 million before it tanked due to the financial crisis, the documents state.
In 2017, the last year statements were available, Southern Trust reported “$175 million in retained earnings,” according to the New York Post.
Epstein, 66, was found dead in his jail cell on August 10 while awaiting trial on several federal sex trafficking charges.
The New York City medical examiner officially ruled his death a suicide by hanging.
COMMENTS
Please let us know if you're having issues with commenting.