In this episode of Adam Talks, IRA Financial’s Adam Bergman Esq. discusses a sensitive subject, Jeffrey Epstein, and the crazy ways he accumulated his wealth.
The Jeffrey Epstein story has been hot news for the last several years after Netflix released its four-part docuseries, Filthy Rich. Various conspiracy theories have surfaced after his death. Epstein was a bad guy who did many horrible things. The question the public wants answered is who else was involved in his warped world, and why were people just giving him money.
A Little About Jeffrey Epstein
Without getting into too much detail of Jeffrey Epstein, we’ll just share some knowledge we have about this man. If you are interested in his story, feel free to listen to the podcast. Epstein was a college dropout who ended up committing suicide in jail as he awaited trial for sex trafficking.
Looking into how Jeffrey Epstein made his money is a strange and confusing journey. He’s tied to different things depending on who you ask or where you look. Epstein’s wealth seems to have come from a money management firm he owned, which was based out of the U.S. Virgin Islands. This firm was originally called J. Epstein & Co., but would later be renamed to Financial Trust Co.
However, Financial Trust Co. has no public records or even any known clients. Though Les Wexner (founder of L Brands) is sometimes referred to as Epstein’s only client. Epstein said his fortune came from the fees he charged his billionaire clients, according to Vanity Fair.
Millions of dollars were given to Mr. Epstein, although, why is somewhat of a mystery. Supposedly, they were fees for financial and other advice. But that’s highly doubtful.
From Adam Bergman
I was a tax lawyer for nine years at some of the largest law firms in the world and worked on accounts of billionaires and we would not charge even a million dollars for this type of advice and planning.
I have billionaires that are clients of IRA Financial and I can promise they are not paying me millions of dollars in fees to help me save them potentially millions in taxes with their Roth IRA transactions.
US private equity firms spend an average of $10.5 million annually on outside counsel legal fees. The vast majority (92%) spend between $2 million and $25 million – although 6 percent spend more than $25 million
This is as crazy as selling a house the trulia says is worth $450K for $75 million… it is unconscionable.. actually easier to defend house purchase because at least a tangible asset was exchanged.. what advice did epsetin really give??
The Epstein-Leon Black fee arrangement creates more questions than answers and adds further intrigue to the Epstein saga. The question is what will Ghislaine Maxwell say? She is accused of helping Epstein traffic and sexually abuse underage girls and of perjury for denying involvement in such a scheme when she gave her deposition under oath.
She may be the only person on Earth who can tell us all why Epstein was able to have such control over Wexner, Black, and other billionaires. Was it extortion or insider trading or both?
As we mentioned at the beginning, we’re not going to give Jeffrey Epstein too much space here. Feel free if his situation intrigues you at all. For more interesting and educational episodes, be sure to check out our SoundCloud page. Thanks for listening and catch you next time!
Feel free to reach out to Mr. Bergman if you have any thoughts on this subject!