119-867: Jeffrey Edward Epstein ( / ˈ ɛ p s t iː n / EP -steen ; January 20, 1953 – August 10, 2019) was an American financier and child sex offender . Born and raised in New York City, Epstein began his professional life as a teacher at the Dalton School despite lacking a college degree. After his dismissal from the school in 1976, he entered the banking and finance sector, working at Bear Stearns in various roles before starting his own firm. Epstein cultivated an elite social circle and procured many women and children whom he and his associates sexually abused. In 2005, police in Palm Beach, Florida , began investigating Epstein after
238-535: A Nobel Prize in Physics , a Pritzker Prize , 3 National Medal of Arts Awards, 15 Rome Prizes , 26 Guggenheim Fellowships , 3 MacArthur Fellowships , 9 Chrysler Design Awards , 3 Emmy Awards, a Tony, a Grammy, a Queen Elizabeth Prize for Engineering , and 3 Thomas Jefferson Awards for Public Architecture . The institution has also had 40 Fulbright Scholars since 2001 and 13 National Science Foundation Graduate Research Fellowships since 2004. Notable faculty of
357-691: A double-taxation treaty with the US, accepted by the Internal Revenue Service (IRS). Non-qualified dividends paid by other foreign companies or entities; for example, those receiving income derived from interest on bonds held by a mutual fund, are taxed at the regular and generally higher rate of income tax. When applied to 2013, this is on a sliding scale up to 39.6%, with an additional 3.8% surtax for high-income taxpayers ($ 200,000 for singles, $ 250,000 for married couples). A financier ( / f ɪ n ə n ˈ s ɪər , f ə -, - ˈ n æ n -/ )
476-527: A limited partner . In 1981, Epstein was asked to leave Bear Stearns for, according to his sworn testimony, being guilty of a " Reg D violation". Even though Epstein departed abruptly, he remained close to Cayne and Greenberg and was a client of Bear Stearns until its collapse in 2008 . In August 1981, Epstein founded his own consulting firm, Intercontinental Assets Group Inc. (IAG), which assisted clients in recovering stolen money from fraudulent brokers and lawyers. Epstein described his work at this time as being
595-669: A sliding scale . On May 8, 2013, a group of students occupied President Bharucha's office in protest over news reports about ending free tuition. The administration, board of trustees, and those members of the Cooper Union community who had been occupying the Office of the President since early May reached an agreement that ended the occupation on July 12. Throughout 2013, 2014, and 2015, the Committee to Save Cooper Union (CSCU) —
714-408: A celebrity and pop culture magazine founded by Maer Roshan . Epstein and Zuckerman were equal partners in the venture. Roshan, as its editor-in-chief, retained a small ownership stake. It folded after three issues as a print publication and became exclusively an online one. Epstein was the president of the company Liquid Funding Ltd. between 2000 and 2007. The company was an early pioneer in expanding
833-464: A coalition of former and current students, alumni and faculty — campaigned to reverse this decision, urging the president and the board of trustees to return Cooper Union to "its tuition-free and merit-based mission, ensure the school’s fiscal recovery, and establish better governance structures." On September 1, 2015, the school and the CSCU announced the CSCU's lawsuit against the school's administration
952-634: A female friend later said. In 1967, Epstein attended the National Music Camp at the Interlochen Center for the Arts . He began playing the piano when he was five, and was regarded as a talented musician by friends. He graduated in 1969 from Lafayette High School at age 16, having skipped two grades. Later that year, he attended advanced math classes at Cooper Union until he changed colleges in 1971. From September 1971, he attended
1071-448: A fire-resistant hollow brick tile he used in the building's construction. The building was the first in the world to be built with an elevator shaft, because Cooper, in 1853, was confident an elevator would soon be invented. However, he expected them to be cylindrical, so he designed the shaft in the shape of a circle. The building was declared a National Historic Landmark in 1961, and a New York City Landmark in 1965, and added to
1190-501: A full-height Grand Atrium, prevalent interior windows, a four-story linear central staircase, and upper-level skyways , which reflect the design intention of inspiring, socially interactive space for students and faculty. In addition, the building's design allows for up to 75% natural lighting , further reducing energy costs. In 2010, 41 Cooper Square became the first academic and laboratory structure in New York City to meet Platinum-level LEED standards for energy efficiency. The building
1309-502: A high-level bounty hunter . He told friends that he worked sometimes as a consultant for governments and the very wealthy to recover embezzled funds, while at other times he worked for clients who had embezzled funds. Spanish actress and heiress Ana Obregón was one such wealthy client, whom Epstein helped in 1982 to recover her father's millions in lost investments, which had disappeared when Drysdale Government Securities collapsed because of fraud . Epstein also stated to some people at
SECTION 10
#17327724374601428-579: A high-school transcript and other items found in Epstein's trash and home allegedly showed that some of the girls involved were under 18, the youngest being 14, with many under 16. The police search of Epstein's home found two hidden cameras and large numbers of photos of girls throughout the house, some of whom the police had interviewed in the course of their investigation. Adriana Ross, a former model from Poland who became an Epstein assistant, reportedly removed computer drives and other electronic equipment from
1547-522: A knowledge of some of the higher branches of education, could obtain tuition in studies not named in the regular course taught in our public schools." Discrimination based on ethnicity, religion, or sex was expressly prohibited. Originally intended to be named simply "the Union", the Cooper Union began with adult education in night classes on the subjects of applied sciences and architectural drawing , as well as day classes primarily intended for women on
1666-548: A lenient plea deal because he was told that Epstein "belonged to intelligence", was "above his pay grade" and to "leave it alone". Epstein agreed to plead guilty in Florida state court to two felony prostitution charges, serve eighteen months in prison, register as a sex offender, and pay restitution to three dozen victims identified by the FBI. The plea deal was later described as a " sweetheart deal ". A federal judge later found that
1785-625: A level-three registered sex offender in New York since 2010, the New York Police Department never enforced the ninety-day regulation, though non-compliance is a felony. The immunity agreement and Epstein's lenient treatment were the subject of ongoing public dispute. The Palm Beach police chief accused the state of giving him preferential treatment, and the Miami Herald said U.S. Attorney Acosta gave Epstein "the deal of
1904-626: A lifelong designation. At that hearing, the Manhattan assistant district attorney, Jennifer Gaffney, argued unsuccessfully that the level should be reduced to a low-risk "level one" and was chided by the judge. Despite opposition from Epstein's lawyer that he had a "main" home in the U.S. Virgin Islands, the judge confirmed he personally must check in with the New York Police Department every ninety days. Though Epstein had been
2023-742: A lifetime". Following Epstein's arrest in July 2019, on sex trafficking charges, Acosta resigned as Secretary of Labor effective July 19, 2019. After the accusations against Epstein became public, several persons and institutions returned donations that they had received from him, including Eliot Spitzer , Bill Richardson , and the Palm Beach Police Department. Harvard University announced it would not return any money. Various charitable donations that Epstein had made to finance children's education were also questioned. On June 18, 2010, Epstein's former house manager, Alfredo Rodriguez,
2142-453: A low-level junior assistant to a floor trader. He swiftly moved up to become an options trader , working in the special products division, and then advised the bank's wealthiest clients, such as Seagram president Edgar Bronfman , on tax mitigation strategies. Jimmy Cayne , the bank's later chief executive officer, praised Epstein's skill with wealthy clients and complex products. In 1980, four years after joining Bear Stearns, Epstein became
2261-602: A media room in the New York mansion where there were individuals monitoring the pinhole cameras throughout the house. The media room was accessed through a hidden door. She stated that in the media room "there were men sitting here. And I looked on the cameras, and I saw toilet, toilet, bed, bed, toilet, bed." She added that "It was very obvious that they were, like, monitoring private moments." Epstein allegedly "lent" girls to powerful people to ingratiate himself with them and also to gain possible blackmail information. According to
2380-485: A new building called 41 Cooper Square . A new classroom, laboratory, and studio facility designed by Thom Mayne replaced the aging Hewitt Academic Building at 41 Cooper Square . In contrast to the Foundation Building, 41 Cooper Square is of modern, environmentally "green" design , housing nine above-ground floors and two basements. The structure features unconventional architectural features, including
2499-612: A new tuition-based cross-disciplinary graduate program, expand its fee-based continuing education programs, and impose tuition on some students in its existing graduate programs. In December 2012, as a protest against the possibility of undergraduate tuition being charged, 11 students occupied a suite in the Foundation Building for a week. Charging high tuition was complicated by the school's lack of customary amenities offered by other high-tuition schools. The college ended its free tuition policy for undergraduates in 2014, but offers need-based tuition remission to incoming undergraduates on
SECTION 20
#17327724374602618-472: A number of research scientists and visited different Israeli military bases . Epstein installed concealed cameras in numerous places on his properties to allegedly record sexual activity with underage girls of prominent people for criminal purposes such as blackmail . Ghislaine Maxwell , Epstein's long-term girlfriend and companion, told a friend that Epstein's private island in the Virgin Islands
2737-499: A parent reported that he had sexually abused her 14-year-old daughter. Federal officials identified 36 girls, some as young as 14 years old, whom Epstein had allegedly sexually abused. Epstein pleaded guilty and was convicted in 2008 by a Florida state court of procuring a child for prostitution and of soliciting a prostitute. He was convicted of only these two crimes as part of a controversial plea deal , and served almost 13 months in custody but with extensive work release . Epstein
2856-449: A practice it discontinued in 2014, instead offering a half-tuition scholarship to each admitted student. As of 2024 , nearly half of its undergraduate students were attending on a tuition-free basis. In September 2024 the school announced that for the next four years, all students (including current students) would not pay tuition for their senior year. The Cooper Union was founded in 1859 by American industrialist Peter Cooper , one of
2975-624: A repricing process and general freeze in the CDO market. The repricing of the CDO assets caused the collapse of the fund three months later in July, and the eventual collapse of Bear Stearns in March 2008 . It is likely Epstein lost most of this investment, but it is not known how much was his. By the time that the Bear Stearns fund began to fail in May 2007, Epstein had begun to negotiate a plea deal with
3094-527: A search of his home. During the investigation, Palm Beach Police Chief Michael Reiter publicly accused the Palm Beach County state prosecutor, Barry Krischer, of being too lenient and called for help from the FBI. The Federal Bureau of Investigation (FBI) then became involved. Subsequently, the police alleged that Epstein had paid several girls to perform sexual acts with him. Interviews with five alleged victims and seventeen witnesses under oath,
3213-400: A series of open forums were held with students, faculty, and alumni to address a financial crisis. Current and past students voiced opposition to charging tuition. The then-president of the school, Jamshed Bharucha , indicated depletion of the school's endowment required additional sources of funding. In 2012, the college announced approval from its board of trustees to attempt to establish
3332-549: A smaller, more modern alternative to the Great Hall. A substantial portion of the annual budget, which supports the full-tuition scholarships in addition to the school's costs, is generated through revenues from real estate. Its endowment is over $ 600 million. The land under the Chrysler Building is owned by the endowment, and as of 2009, Cooper Union received $ 7 million per year from this parcel. Further, under
3451-621: A third time on April 23, 2007, along with Senator Edward Kennedy , Henry Kissinger , Norman Mailer , and others, at the memorial service for historian Arthur M. Schlesinger Jr. Most recently, Barack Obama delivered an economic policy speech at Cooper Union's Great Hall on April 22, 2010. On September 22, 2014, President of the Palestinian National Authority Mahmoud Abbas delivered his first formal speech in English. Other historic speakers in
3570-502: A very unusual arrangement, New York City real-estate taxes assessed against the Chrysler lease, held by Aby Rosen , are paid to Cooper Union, not the city. This arrangement would be voided if Cooper Union sold the real estate. In 2006, Tishman Speyer signed a deal with the school to pay rent that has escalated to $ 32.5 million in 2018. Around October 29, 2011, rumors circulated the school was in serious financial trouble. On October 31,
3689-732: A view to committing offenses. The prosecutors said that the goal of the investigation is to find possible crimes committed in France and elsewhere against French citizens. Financier An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital the investor usually purchases some species of property. Types of investments include equity , debt , securities , real estate , infrastructure , currency , commodity , token , derivatives such as put and call options , futures , forwards , etc. This definition makes no distinction between
Jeffrey Epstein - Misplaced Pages Continue
3808-425: A woman contacted Florida's Palm Beach Police Department and alleged that her 14-year-old stepdaughter had been taken to Epstein's mansion by an older girl. While there, she was allegedly paid $ 300 (equivalent to $ 470 in 2023) to strip and massage Epstein. She had allegedly undressed, but left the encounter wearing her underwear. Palm Beach Police began a thirteen-month undercover investigation of Epstein, including
3927-547: A year of probation on house arrest until August 2010. While on probation, he was allowed numerous trips on his corporate jet to his residences in Manhattan and the U.S. Virgin Islands . He was allowed long shopping trips and walks around Palm Beach "for exercise". After a contested hearing in January 2011, and an appeal, he stayed registered in New York State as a "level three" (high risk of repeat offense) sex offender ,
4046-496: Is risk attitude . Investor protection through government involves regulations and enforcement by government agencies to ensure that market is fair and fraudulent activities are eliminated. An example of a government agency that protects investors is the U.S. Securities and Exchange Commission (SEC), which works to protect reasonable investors in the United States . Similar protections exist in other countries, including
4165-451: Is a person whose primary occupation is either facilitating or directly providing investments to up-and-coming or established companies and businesses , typically involving large sums of money and usually involving private equity and venture capital , mergers and acquisitions , leveraged buyouts , corporate finance , investment banking , or large-scale asset management . A financier makes money through this process when their investment
4284-562: Is dedicated completely to School of Art studio and classroom space in addition to the art studio spaces located throughout the building. The lowest basement level consists almost completely of the school's large machine shops and design laboratories, as well as much of the HVAC and supply infrastructure . The building's first basement level houses primarily the Frederick P. Rose Auditorium, a 198-capacity lecture hall and event space designed as
4403-403: Is paid back with interest, from part of the company's equity awarded to them as specified by the business deal, or a financier can generate income through commission , performance, and management fees. A financier can also promote the success of a financed business by allowing the business to take advantage of the financier's reputation. The more experienced and capable the financier is, the more
4522-538: Is the largest of the three schools by a significant margin. The school offers ABET -accredited Bachelor of Engineering (BE) degree programs in core engineering fields and an interdisciplinary Bachelor of Science in Engineering (BSE) degree. Opportunities are also available for engineering students to pursue minors in bioengineering, chemistry, computer science, humanities and social sciences, and mathematics. Specialized facilities for teaching and research include
4641-608: The Limitless . By 1995, Epstein was a director of the Wexner Foundation and Wexner Heritage Foundation. He was also the president of Wexner's Property, which developed part of the town of New Albany outside Columbus, Ohio , where Wexner lived. Epstein made millions in fees by managing Wexner's financial affairs. Although never employed by L Brands, he frequently corresponded with the company executives. Epstein often attended Victoria's Secret fashion shows , and hosted
4760-676: The Courant Institute of Mathematical Sciences at New York University studying mathematical physiology , but left without receiving a degree in June 1974. Epstein started working in September 1974 as a physics and mathematics teacher for teens at the Dalton School on the Upper East Side of Manhattan . Donald Barr , who served as the headmaster until June 1974, was known to have made several unconventional recruitments at
4879-570: The FBI began its own investigation of Epstein, nicknamed "Operation Leap Year". It resulted in a fifty-three page indictment in June 2007. Alexander Acosta , then the U.S. Attorney for the Southern District of Florida , agreed to a plea deal, which Alan Dershowitz helped to negotiate, to grant immunity from all federal criminal charges to Epstein, along with four named co-conspirators and any unnamed "potential co-conspirators". According to
Jeffrey Epstein - Misplaced Pages Continue
4998-533: The Greenback Party , becoming the oldest person ever nominated for the office by a political party . Cooper's dream was to give talented young people the one privilege he lacked: a good education from an institution which was "open and free to all". To achieve these goals, Cooper designated the bulk of his wealth to The Cooper Union. According to The New York Times in 1863, "It was rare that those of limited means, however eager they might be to acquire
5117-594: The Historic American Engineering Record in 1971. On February 27, 1860, the school's Great Hall, located in the basement level of the Foundation Building, became the site of a historic address by Abraham Lincoln . "Lincoln made his address on a snowy night before about 1,500 persons." Widely reported in the press and reprinted throughout the North in pamphlet form, the speech galvanized support for Lincoln and contributed to his gaining
5236-572: The Maurice Kanbar Center for Biomedical Engineering established in 2002 and the interdisciplinary Maker Space Lab, established in 2020 for the use of engineering, art, and architecture students. The School of Engineering offers master's degrees in chemical, civil, electrical, or mechanical engineering. Cooper Union undergraduate engineering students may earn a bachelor's degree and a master's degree in as little as five years. Consisting of roughly 200 students and 70 faculty members,
5355-424: The Miami Herald , the non-prosecution agreement "essentially shut down an ongoing FBI probe into whether there were more victims and other powerful people who took part in Epstein's sex crimes". At the time, this halted the investigation and sealed the indictment. The Miami Herald said: "Acosta agreed, despite a federal law to the contrary, that the deal would be kept from the victims." Acosta later said he offered
5474-546: The New York City Department of Parks and Recreation as a groundskeeper and gardener. Jeffrey was the older of two siblings; he and his brother Mark grew up in the working-class neighborhood of Sea Gate , a private gated community in Coney Island , Brooklyn. Epstein was referred to as "Bear" by his parents while Mark was known as "Puggie". Neighbors described the Epstein family as being, "so gentle,
5593-543: The Southern District of New York charged him with sex trafficking and conspiracy to traffic minors for sex. The grand jury indictment alleges that "dozens" of underage girls were brought into Epstein's mansions for sexual encounters. Judge Kenneth Marra was to decide whether the non-prosecution agreement that protected Epstein from the more serious charges should still stand. Epstein requested to be released on bond, offering to post $ 100 million with
5712-456: The U.S. Attorney's Office concerning imminent charges for sex with minors. In August 2007, a month after the fund collapsed, the U.S. attorney in Miami, Alexander Acosta , entered into direct discussions about the plea agreement. Acosta brokered a lenient deal, according to him, because he had been ordered by higher government officials, who told him that Epstein was an individual of importance to
5831-654: The United Kingdom where individual investors have certain protections via the Financial Services Compensation Scheme (FSCS). Company dividends are paid from net income , which has the tax already deducted. Therefore, shareholders are given some respite with a preferential tax rate of 15% on " qualified dividends " in the event of the company being domiciled in the United States. Alternatively, in another country having
5950-500: The collapse of Bear Stearns in March 2008 and set in motion the financial crisis of 2007–2008 and the subsequent Great Recession . If Liquid Funding were left holding large amounts of such securities as collateral, it could have lost large amounts of money. Between 2002 and 2005, Epstein invested $ 80 million in the D.B. Zwirn Special Opportunities Fund, a hedge fund that invested in illiquid debt securities. In November 2006, Epstein attempted to redeem his investment after he
6069-416: The 2024-2025 academic year and that they were proceeding as planned towards their goal of 100% coverage in the 2029 fiscal year. Admission to Cooper Union is highly competitive, with an acceptance rate of 12% across the three schools. The Cooper Union's School of Engineering is named in honor of Albert Nerken, a chemical engineering alumnus of the school. Its enrollment includes about 550 students, and
SECTION 50
#17327724374606188-484: The Albert Nerken School of Engineering. It offers undergraduate and master's degree programs exclusively in the fields of architecture , fine arts (undergraduate only), and engineering as well as a shared core curriculum in the humanities and social sciences. The Cooper Union was one of very few American institutions of higher learning to offer a full-tuition scholarship to every admitted student,
6307-586: The Cooper Union School of Art offers a Bachelor of Fine Arts (BFA) degree and a Certificate of Fine Arts. As a member school of AICAD , School of Art students may participate in exchange programs with the other colleges in the association, including California Institute of the Arts and Otis College of Art and Design . The Cooper Union Art program is often referred to as " generalist " or "versatile" when compared to other Fine Arts colleges; incoming students do not choose an academic major within
6426-480: The Department of Justice, he kept compact discs locked in his safe in his New York mansion with handwritten labels that included the description: "young [name] + [name]". Epstein implied that he had blackmail material when he told a New York Times reporter in 2018, off the record, that he had dirt on powerful people, including information about their sexual proclivities and recreational drug use. In March 2005,
6545-582: The Fine Arts field, but instead are permitted and encouraged to select courses from any of the School of Art's departments. The curriculum place heavy emphasis on each student's creative and imaginative abilities, rather than technical precision in a specific medium. Located in both public spaces and specialized rooms, Cooper Union's galleries provide space for installations and showcases by students, faculty, and guest artists. Popular gallery locations include
6664-400: The Foundation Building are used primarily for interdisciplinary exhibitions with the School of Architecture. For presentations of video and digital media, the Great Hall and 41 Cooper Square's Rose Auditorium are used. The Irwin S. Chanin School of Architecture at The Cooper Union offers a five-year NAAB accredited program established by John Hejduk . The philosophical foundation of the school
6783-518: The Great Hall have included Frederick Douglass , Susan B. Anthony , Elizabeth Cady Stanton , and Mark Twain . The Great Hall continues to serve as an important metropolitan art space and has hosted lectures and performances by such key figures as Joseph Campbell , Steve Reich , Salman Rushdie , Ralph Nader , Hamza Yusuf , Richard Stallman , Rudolph Giuliani , Pema Chodron , Michael Bloomberg , Evo Morales , and Venezuelan president Hugo Chávez . When not occupied by external or hosted events,
6902-554: The Great Hall is made accessible to students and faculty for large lectures and recreational activities, including the school's annual Culture Show. In 1994, the Cooper Union Forum of Public Programs was honored with a Village Award from the Greenwich Village Society for Historic Preservation . In late 2008, the Great Hall was closed to students and outside events for the first major renovation of
7021-411: The Great Hall lobby in the Foundation Building and newly opened 41 Cooper Gallery in 41 Cooper Square, which provides a two-story high space for large, three-dimensional exhibitions and works visible from both the building lobby and 7th street through large plate-glass windows. In addition, numerous smaller exhibition spaces exist throughout both buildings on campus. Larger spaces on the upper floors of
7140-690: The Party's nomination for the presidency . It is now referred to as the Cooper Union Address . Since then, the Great Hall has served as a platform for historic addresses by American Presidents Grant , Cleveland , Taft , Theodore Roosevelt , Woodrow Wilson , and Bill Clinton . Clinton spoke on May 12, 1993, about reducing the federal deficit and again on May 23, 2006, as the Keynote Speaker at The Cooper Union's 147th Commencement, along with Anna Deavere Smith . He appeared
7259-459: The School of Art, the Irwin S. Chanin School of Architecture, and the Albert Nerken School of Engineering. Since 1859, the Cooper Union has educated thousands of artists, architects, and engineers, many of them leaders in their fields. After 1864 there were a few attempts to merge Cooper Union and Columbia University , but these were never realized. The Cooper Hewitt, Smithsonian Design Museum ,
SECTION 60
#17327724374607378-514: The agreement. On June 30, 2008, after Epstein pleaded guilty to a state charge of procuring for prostitution a girl below age 18, he was sentenced to eighteen months in prison. While most convicted sex offenders in Florida are sent to state prison, Epstein was instead housed in a private wing of the Palm Beach County Stockade and, according to the sheriff's office, was, after 3 + 1 ⁄ 2 months, allowed to leave
7497-500: The architects Michael Webb , Peter Eisenman , Raimund Abraham , Lebbeus Woods , Diane Lewis and John Hejduk . The post-professional degree program in architecture was launched in 2009. Concentrations in one or a combination of three areas are offered: theory, history and criticism of architecture, urban studies and technologies. Cooper Union has developed an athletic program which fields teams in basketball, volleyball, and soccer. Awards received by Cooper Union alumni include
7616-619: The assets in 2009. Epstein later went to arbitration with Fortress over his redemption attempt. The outcome of that arbitration is not publicly known. In August 2006, Epstein, a month after the federal investigation of him began, invested $ 57 million in the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage hedge fund. This fund was highly leveraged in mortgage-backed collateralized debt obligations (CDOs). On April 18, 2007, an investor in
7735-556: The assets of clients with more than US$ 1 billion in net worth, although others have expressed skepticism that he was restrictive of the clients that he took. The only publicly known billionaire client of Epstein was Leslie Wexner , chairman and CEO of L Brands (formerly The Limited, Inc.) and Victoria's Secret . In 1986, Epstein met Wexner through their mutual acquaintances, insurance executive Robert Meister and his wife, in Palm Beach . A year later, Epstein became Wexner's financial adviser and served as his right-hand man. Within
7854-485: The case, told Fox Business Network "We would have been touting that if he had [cooperated]. The idea that Epstein helped in any prosecution is news to me." In 2015, the Israeli newspaper Haaretz reported that Epstein invested in the startup Reporty Homeland Security (rebranded as Carbyne in 2018). The startup was connected with Israel's defense industry. It was headed by former Israeli Prime Minister Ehud Barak , who
7973-423: The chief executive officer of Bear Stearns , whose son and daughter were attending the school. Greenberg's daughter, Lynne Koeppel, pointed to a parent-teacher conference where Epstein influenced another Dalton parent into advocating for him to Greenberg. In June 1976, after Epstein was dismissed from Dalton for "poor performance", Greenberg offered him a job at Bear Stearns. Epstein joined Bear Stearns in 1976 as
8092-498: The condition that he would also submit to house arrest in his New York City mansion. U.S. District Judge Richard M. Berman denied the request on July 18, saying that Epstein posed a danger to the public and a serious flight risk to avoid prosecution. On August 29, 2019, nineteen days after Epstein was found dead in his jail cell, the case against Epstein was closed by Judge Berman. Prosecutors stated they would continue an investigation for potential co-conspirators. On August 23, 2019,
8211-569: The financier as "a man who can make two dollars grow for himself where one grew for someone else before". Cooper Union The Cooper Union for the Advancement of Science and Art , commonly known as Cooper Union , is a private college on Cooper Square in Lower Manhattan, New York City. Peter Cooper founded the institution in 1859 after learning about the government-supported École Polytechnique in France. The school
8330-481: The financier will be able to contribute to the success of the financed entity, and the greater reward the financier will reap. The term, financier, is French , and derives from finance or payment . Financier is someone who handles money. Certain financier avenues require degrees and licenses including venture capitalists , hedge fund managers, trust fund managers, accountants , stockbrokers , financial advisors , or even public treasurers . Personal investing on
8449-551: The financier's Florida mansion before Palm Beach Police searched the home as part of their investigation. The court documents record that a search of Epstein's residence by Palm Beach Police detective Joseph Recarey in 2005 uncovered an incriminating Amazon receipt containing books on S&M . The books he ordered are titled: SM 101: A Realistic Introduction , SlaveCraft: Roadmaps for Erotic Servitude – Principles, Skills and Tools and Training with Miss Abernathy: A Workbook for Erotic Slaves and Their Owners . A former employee told
8568-411: The financiers bring to bear in their decisions gives a wide range of entrepreneurial ideas a chance for insightful evaluation. And, importantly, the financier and the entrepreneur do not need the state's or social partners' approval. Nor are they accountable later on to such social bodies if the project goes badly, not even to the financier's investors. So projects that would be too opaque and uncertain for
8687-427: The fund, who had $ 57 million invested, discussed redeeming his investment. At this time, the fund had a leverage ratio of 17:1, which meant for every dollar invested there were seventeen dollars of borrowed funds; therefore, the redemption of this investment would have been equivalent to removing $ 1 billion from the thinly traded CDO market. The selling of CDO assets to meet the redemptions that month began
8806-490: The government. As part of the negotiations, according to the Miami Herald , Epstein provided "unspecified information" to the Florida federal prosecutors for a more lenient sentence and was supposedly an unnamed key witness for the New York federal prosecutors in their unsuccessful June 2008 criminal case against the two managers of the failed Bear Stearns hedge fund. Alan Dershowitz , one of Epstein's Florida attorneys on
8925-444: The hall since 1978. The Cooper Union has schools in architecture, fine art , and engineering. At present, these three fields represent Cooper Union's degree programs. The Faculty of Humanities and Social Studies provides classes and faculty to all three programs. In 2002, the school decided to generate revenue by razing its engineering building and having it replaced with a commercial building, and replacing its Hewitt Building with
9044-555: The investors in the primary and secondary markets . That is, someone who provides a business with capital and someone who buys a stock are both investors. An investor who owns stock is a shareholder . There are two types of investors: retail investors and institutional investors . A retail investor is also known as an individual investor . There are several sub-types of institutional investor: Investors might also be classified according to their profiles . In this respect, an important distinctive investor psychology trait
9163-423: The jail on "work release" for up to twelve hours a day, six days a week. This contravened the sheriff's own policies requiring a maximum remaining sentence of ten months and making sex offenders ineligible for the privilege. He was allowed to come and go outside of specified release hours. Epstein's cell door was left unlocked, and he had access to the attorney room where a television was installed for him, before he
9282-489: The kind of debt that could be accepted on repurchase, or the repo market , which involves a lender giving money to a borrower in exchange for securities that the borrower then agrees to buy back at an agreed-upon later time and price. The innovation of Liquid Funding, and other early companies, was that instead of having stocks and bonds as the underlying securities, it had commercial mortgages and investment-grade residential mortgages bundled into complex securities as
9401-458: The mid-1980s, Epstein traveled multiple times between the United States, Europe, and Southwest Asia. While in London, Epstein met Steven Hoffenberg . They had been introduced through Douglas Leese, a defense contractor, and John Mitchell , the former U.S. Attorney General . Steven Hoffenberg hired Epstein in 1987 as a consultant for Towers Financial Corporation (unaffiliated with the company of
9520-526: The models at his New York City home , as well as helping aspiring models get work with the company. In 1996, Epstein changed the name of his firm to the Financial Trust Company and, for tax advantages , based it on the island of St. Thomas in the U.S. Virgin Islands . By relocating to the U.S. Virgin Islands, Epstein was able to reduce federal income taxes by 90 percent. The U.S. Virgin Islands acted as an offshore tax haven , while at
9639-472: The most gentle people". Epstein attended local public schools, first attending Public School 188, and then Mark Twain Junior High School nearby and usually earned money by tutoring classmates. Acquaintances considered Epstein "sweet and generous", although "quiet and nerdy", and nicknamed him "Eppy". "He was just an average boy, very smart in math, slightly overweight, freckles, always smiling,"
9758-558: The next full-term president. On January 15, 2018, the Free Education Committee (FEC) of the school's Board of Trustees released their recommended plan to return to full-tuition scholarships for undergraduates only by the academic year starting in the fall of 2028. In March 2018, the board released its approved, updated version with the same milestone. In 2024, the school announced that approximately 83% of undergraduate tuition costs would be covered by scholarships in
9877-483: The other hand, has no requirements and is open to all using the stock market or by word-of-mouth requests for money. A financier "will be a specialized financial intermediary in the sense that it has experience in liquidating the type of firm it is lending to". Economist Edmund Phelps has argued that the financier plays a role in directing capital to investments that governments and social organizations are constrained from playing: [T]he pluralism of experience that
9996-476: The photos were confirmed as those of underage females. In a locked safe, compact discs were found with handwritten labels including the descriptions: "Young [Name] + [Name]", "Misc nudes 1", and "Girl pics nude". Also found in the safe were $ 70,000 in cash, forty-eight diamonds, and a fraudulent Austrian passport, which expired in 1987, that had Epstein's photo but another name. The passport had numerous entrance and exit stamps, including entrance stamps that showed
10115-405: The police that Epstein would receive massages three times a day. Eventually the FBI compiled reports on "34 confirmed minors" eligible for restitution (increased to forty in the non-prosecution agreement) whose allegations of sexual abuse by Epstein included corroborating details. Julie Brown 's 2018 exposés in the Miami Herald identified eighty victims and located about sixty of them. She quotes
10234-501: The possibility of pursuing criminal charges against him, a judge dismissed all criminal charges on August 29, 2019. Epstein had a decades-long association with the British socialite Ghislaine Maxwell , who recruited young girls for him, leading to her 2021 conviction on U.S. federal charges of sex trafficking and conspiracy for helping him procure girls, including a 14-year-old, for child sexual abuse and prostitution. Jeffrey Epstein
10353-556: The prosecutor's office in Paris, France , opened a preliminary investigation into Epstein, after Yael Mellul wrote to the Paris prosecutor to report the international dimensions of the pedophile network involving Jeffrey Epstein, criticizing the slow pace of justice. He is being investigated for rape and sexual assault of minors under and over the age of 15, criminal association with a view to committing crimes, and association with criminals with
10472-464: The prosecutors had violated victims' rights by concealing the agreement from the victims and instead urging them to have "patience". According to an internal review conducted by the Department of Justice's Office of Professional Responsibility , released in November 2020, Acosta showed "poor judgment" in granting Epstein a non-prosecution agreement and failing to notify Epstein's alleged victims about
10591-443: The richest businessmen in the United States. Cooper was a workingman's son who had less than a year of formal schooling. Cooper designed and built America's first steam railroad engine and made a fortune with a glue factory and iron foundry. He was a principal investor and first president of the New York, Newfoundland and London Telegraph Company , which laid the first transatlantic telegraph cable , and once ran for President under
10710-580: The same name founded in 1998, and acquired by Old National Bancorp in 2014), a collection agency that bought debts people owed to hospitals, banks, and phone companies. Hoffenberg set Epstein up in offices in the Villard Houses in Manhattan and paid him US$ 25,000 per month for his consulting work (equivalent to $ 67,000 in 2023). Hoffenberg and Epstein then refashioned themselves as corporate raiders using Towers Financial as their raiding vessel. One of Epstein's first assignments for Hoffenberg
10829-563: The same time offering the advantages of being part of the United States banking system . In 2003, Epstein bid to acquire New York magazine. Other bidders included advertising executive Donny Deutsch , investor Nelson Peltz , media mogul and New York Daily News publisher Mortimer Zuckerman , and film producer Harvey Weinstein . The ultimate buyer was Bruce Wasserstein , a longtime Wall Street investment banker , who paid US$ 55 million . In 2004, Epstein and Zuckerman committed up to US$ 25 million to finance Radar ,
10948-430: The state or social partners to endorse can be undertaken. The concept of the financier has been distinguished from that of a mere capitalist based on the asserted higher level of judgment required of the financier. However, financiers have also been mocked for their perceived tendency to generate wealth at the expense of others, and without engaging in tangible labor. For example, humorist George Helgesen Fitch described
11067-474: The subjects of photography, telegraphy, typewriting and shorthand in what was called the college's Female School of Design. The early institution also had a free reading room open day and night, the first in New York City (predating the New York Public Library system), and a new four-year nighttime engineering college for men and a few women. In 1883, a five-year curriculum in chemistry
11186-524: The then police chief Reiter as saying "This was 50-something 'shes' and one 'he'—and the 'shes' all basically told the same story." Details from the investigation included allegations that 12-year-old triplets were flown in from France for Epstein's birthday, and flown back the following day after being sexually abused by the financier. It was alleged that young girls were recruited from Brazil and other South American countries, former Soviet countries , and Europe, and that Jean-Luc Brunel 's "MC2" modeling agency
11305-484: The time that he was an intelligence agent . During the 1980s, Epstein possessed an Austrian passport that had his photo, but with a false name . The passport showed his place of residence as Saudi Arabia . In 2017, "a former senior White House official" reported that Alexander Acosta , the U.S. Attorney for the Southern District of Florida who had handled Epstein's criminal case in 2008, had stated to interviewers of President Donald Trump's first transition team: "I
11424-544: The time, although it is unclear whether he had a direct role in hiring Epstein. Three months after Barr's departure, Epstein began to teach at the school, despite his lack of credentials. Epstein allegedly showed inappropriate behavior toward underage female students at the time, paying them constant attention, and even showing up at a party where young people were drinking, according to a former student. Other former students also often saw him flirting with female students. Eventually, Epstein became acquainted with Alan Greenberg ,
11543-416: The underlying security. Liquid Funding was initially 40 percent owned by Bear Stearns. Through the help of the credit rating agencies – Standard & Poor's , Fitch Ratings and Moody's Investors Service – the new bundled securities were able to be created for companies so that they got a gold-plated AAA rating. The implosion of such complex securities, because of their inaccurate ratings, led to
11662-602: The use of the passport to enter France, Spain, the United Kingdom, and Saudi Arabia in the 1980s. The passport showed his place of residence as Saudi Arabia. According to his attorneys, Epstein had been advised to acquire the passport because "as an affluent member of the Jewish faith", he was in danger of being kidnapped while traveling abroad. On July 8, prosecutors with the Public Corruption Unit of
11781-404: The year, Epstein had sorted out Wexner's entangled finances. In July 1991, Wexner granted Epstein full power of attorney over his affairs. The power of attorney allowed Epstein to hire people, sign checks, buy and sell properties, borrow money, and do anything else of a legally binding nature on Wexner's behalf. Epstein managed Wexner's wealth and various projects such as the building of his yacht,
11900-525: Was added as an alternative to the applied science (engineering) program. A daytime engineering college was added in 1902, thanks to funds contributed by Andrew Carnegie . Initial board members included Daniel F. Tiemann , John E. Parsons , Horace Greeley and William Cullen Bryant , and those who availed themselves of the institute's courses in its early days included Augustus Saint-Gaudens , Thomas Alva Edison and William Francis Deegan . The Cooper Union's free classes have evolved into three schools:
12019-647: Was also at one time the defense minister, and chief of staff of the Israeli Defense Forces (IDF). The CEO of the company is Amir Elihai, a special forces officer, and Pinchas Bukhris, a director of the company and former defense ministry director general and commander of IDF cyber unit 8200 . Epstein and Barak, the head of Carbyne, were close, and Epstein often offered him lodging at one of his apartment units at 301 East 66th Street in Manhattan. Epstein had past experience with Israel's research and military sector. In April 2008, he went to Israel and met with
12138-400: Was also supplying girls to Epstein. In May 2006, Palm Beach police filed a probable cause affidavit saying that Epstein should be charged with four counts of unlawful sex with minors and one count of sexual abuse . On July 27, 2006, Epstein was arrested by the Palm Beach Police Department on state felony charges of procuring a minor for prostitution and solicitation of a prostitute. He
12257-439: Was arrested again on July 6, 2019, on federal charges for the sex trafficking of minors in Florida and New York. He died in his jail cell on August 10, 2019. The medical examiner ruled that his death was a suicide by hanging . Epstein's lawyers have disputed the ruling, and there has been significant public skepticism about the true cause of his death , resulting in numerous conspiracy theories . Since Epstein's death precluded
12376-796: Was arrested by the FBI - NYPD Crimes Against Children Task Force at Teterboro Airport in New Jersey on sex trafficking charges. He was jailed at the Metropolitan Correctional Center in New York City. According to witnesses and sources on the day of his arrest, about a dozen FBI agents forced open the door to his Manhattan townhouse, the Herbert N. Straus House , with search warrants. The search of his townhouse turned up evidence of sex trafficking and also found "hundreds – and perhaps thousands – of sexually suggestive photographs of fully – or partially – nude females". Some of
12495-651: Was booked at the Palm Beach County jail and later released on a $ 3,000 bond. State prosecutor Krischer later convened a Palm Beach County grand jury , which was usually only done in capital cases . Presented evidence from only two victims, the grand jury returned a single charge of felony solicitation of prostitution , to which Epstein pleaded not guilty in August 2006. Epstein's defense lawyers included Roy Black , Gerald Lefcourt , Harvard Law School professor Alan Dershowitz , and former U.S. Solicitor General Ken Starr . Linguist Steven Pinker also assisted. In July 2006,
12614-497: Was born on January 20, 1953, in the Brooklyn borough of New York City. His parents Pauline "Paula" Stolofsky (1918–2004) and Seymour George Epstein (1916–1991) were Jewish and had married in 1952 shortly before his birth. Pauline worked as a school aide and was a homemaker. "Paula was a wonderful mother and homemaker, despite the fact that she had a full-time job," according to a former childhood friend of Epstein's. Seymour worked for
12733-417: Was built on a radical new model of American higher education based on Cooper's belief that an education "equal to the best technology schools established" should be accessible to those who qualify, independent of their race, religion, sex, wealth or social status, and should be "open and free to all". The college is divided into three schools: the Irwin S. Chanin School of Architecture, the School of Art, and
12852-446: Was completely wired for video and the friend believed that Maxwell and Epstein were videotaping everyone on the island as an insurance policy. When police raided his Palm Beach residence in 2006, two hidden cameras were discovered in his home. It was also reported that Epstein's mansion in New York was wired extensively with a video surveillance system. Maria Farmer , an artist who worked for Epstein in 1996, noted that Epstein showed her
12971-643: Was directly committed to the "Social Contract" and dedicated to education as "one of the last places that protects freedom, and teaching as a sociopolitical act, among other things." Among those other things were principles of free debate and theoretical discourse which drew source from deep wellsprings of lost histories such as the Bauhaus school of Architecture founded by Ludwig Mies van der Rohe . The faculty includes architects, design and construction managers such as Peter Eisenman , Samuel Anderson , Nader Tehrani , and Diana Agrest . Former faculty members include
13090-535: Was founded in 1897 as part of Cooper Union by Sarah, Eleanor, and Amy Hewitt, granddaughters of Peter Cooper. Cooper Union's Foundation Building is an Italianate brownstone building designed by architect Fred A. Petersen , one of the founders of the American Institute of Architects . It was the first structure in New York City to feature rolled-iron I-beams for structural support; Peter Cooper himself invented and produced these beams. Petersen patented
13209-399: Was funded in part by alumni donations, materialized in nameplates and other textual recognition throughout the building. Primarily designed to house the Cooper Union's School of Engineering and School of Art, the new building's first eight above-ground floors are populated by classrooms, small engineering laboratories, study lounges, art studio space, and faculty offices. The ninth, top floor
13328-559: Was informed of accounting irregularities in the fund. By this time, his investment had grown to $ 140 million. The D.B. Zwirn fund refused to redeem the investment. Hedge funds that invest in illiquid securities typically have years-long "lockups" on their capital for all investors and require redemption requests to be made in writing 60 to 90 days in advance. The fund was closed in 2008, and its remaining assets of approximately $ 2 billion, including Epstein's investment, were transferred to Fortress Investment Group when that firm bought
13447-486: Was intimately involved in the scheme. Epstein left the company by 1989 and was never charged for involvement in the massive investor fraud committed. It is unknown if Epstein acquired any stolen funds from the Towers Ponzi scheme. In 1988, while Epstein was still consulting for Hoffenberg, he founded his financial management firm, J. Epstein & Company. The company was said by Epstein to have been formed to manage
13566-455: Was moved to the Stockade's previously unstaffed infirmary. He worked at the office of a foundation he had created shortly before reporting to jail; he dissolved it after he had served his time. The Sheriff's Office received $ 128,000 from Epstein's non-profit to pay for the costs of extra services being provided during his work release. His office was monitored by "permit deputies" whose overtime
13685-511: Was paid by Epstein. They were required to wear suits, and checked in "welcomed guests" at the "front desk". Later the Sheriff's Office said these guest logs were destroyed per the department's "records retention" rules, although the Stockade visitor logs were not. Epstein was allowed to use his own driver to drive him between jail and his office and other appointments. Epstein served almost thirteen months before being released on July 22, 2009, for
13804-479: Was resolved in the form of a consent decree signed by Cooper Union, then-New York State's Attorney General Eric Schneiderman , and the CSCU. The decree includes provisions for returning to a sustainable, tuition-free policy, increased board transparency, additional student, faculty and alumni trustees, an independent financial monitor appointed by the Attorney General, and a search committee to identify
13923-501: Was sentenced to eighteen months' incarceration after being convicted on an obstruction charge for failing to turn over to police, and subsequently trying to sell a journal in which he had recorded Epstein's activities. FBI Special Agent Christina Pryor reviewed the material and agreed it was information "that would have been extremely useful in investigating and prosecuting the case, including names and contact information of material witnesses and additional victims". On July 6, 2019, Epstein
14042-650: Was to implement what turned out to be an unsuccessful bid to take over Pan American World Airways in 1987. A similar unsuccessful bid in 1988 was made to take over Emery Air Freight Corp . During this period, Hoffenberg and Epstein worked closely together and traveled everywhere on Hoffenberg's private jet. In 1993, Towers Financial Corporation imploded when it was exposed as one of the biggest Ponzi schemes in American history, losing over US$ 450 million of its investors' money (equivalent to $ 949,136,000 in 2023). In court documents, Hoffenberg claimed that Epstein
14161-530: Was told Epstein 'belonged to intelligence' and to 'leave it alone ' ", and that Epstein was "above his pay grade ". During this period, one of Epstein's clients was the Saudi Arabian businessman Adnan Khashoggi , who was the middleman in transferring American weapons from Israel to Iran as part of the Iran–Contra affair in the 1980s. Khashoggi was one of several defense contractors that he knew. In
#459540