EPSTEIN-WEXNER POWER OF ATTORNEY — REVOCATION Franklin County Records / Court Filings — 2007
The revocation in 2007 of the power of attorney that Les Wexner had granted Jeffrey Epstein in 1991 marked the formal end of one of the most unusual financial relationships in modern corporate history — an arrangement that gave a relatively obscure financial advisor sweeping control over the affairs of one of America's wealthiest executives.
THE ORIGINAL 1991 POWER OF ATTORNEY: In 1991, Les Wexner, then chairman and CEO of The Limited Inc. (later L Brands), granted Jeffrey Epstein a broad power of attorney. The scope of this instrument was extraordinary by any standard of wealth management: it authorized Epstein to sign documents, execute financial transactions, manage investments, hire and fire employees, borrow money, and make legally binding decisions on Wexner's behalf across virtually all financial matters. Legal experts who later reviewed the arrangement described it as unusually expansive, noting that powers of attorney of this breadth are typically reserved for situations involving incapacity, not delegated to an external financial advisor.
SCOPE OF EPSTEIN'S AUTHORITY: During the approximately 16-year period the power of attorney was in effect, Epstein exercised broad authority over Wexner's financial affairs. This authority encompassed: — Management of personal investment portfolios — Real estate transactions, including the transfer of 9 East 71st Street — Oversight of certain corporate and business matters — Authority to execute legal documents and agreements in Wexner's name — Management of trust and estate planning structures
The breadth of Epstein's authority, combined with the duration of the arrangement, gave Epstein access to and control over hundreds of millions of dollars in assets belonging to one of the wealthiest individuals in the United States.
CIRCUMSTANCES OF REVOCATION: The power of attorney was revoked in 2007, the same year Epstein's criminal conduct in Palm Beach first came under serious law enforcement scrutiny. The Palm Beach Police Department had begun its investigation in 2005, and by 2007, federal prosecutors were negotiating the controversial non-prosecution agreement that would result in Epstein's 2008 plea deal. The timing of the revocation suggested that Wexner or his advisors recognized the reputational and legal risks of maintaining the arrangement as criminal proceedings against Epstein progressed.
"MISAPPROPRIATED VAST SUMS": In August 2019, following Epstein's arrest on federal sex trafficking charges and his subsequent death, Wexner addressed the Epstein relationship publicly for the first time in a letter to the Wexner Foundation board. In this letter, Wexner stated that he had discovered Epstein had "misappropriated vast sums of money" from him. Wexner did not specify the amounts allegedly misappropriated, and no public accounting of the claimed losses was provided. Wexner stated he was "embarrassed" by the association and that he had severed all ties with Epstein in 2007.
UNANSWERED QUESTIONS: The Wexner-Epstein financial relationship raised numerous questions that remained substantially unanswered in public proceedings: — The specific amount of assets Epstein managed or controlled under the power of attorney was never publicly disclosed — The claim that Epstein "misappropriated vast sums" was never accompanied by a public filing, lawsuit, or criminal referral by Wexner against Epstein, raising questions about whether the characterization was designed primarily for public relations purposes — Whether the 1998 transfer of 9 East 71st Street — recorded with $0 consideration — constituted one of the alleged misappropriations or was an authorized transaction was never clarified — How Epstein transitioned from a relatively unknown financial advisor to holding extraordinary power over a billionaire's finances was never fully explained — Whether the power of attorney facilitated any activities that Wexner was aware of beyond financial management remained a subject of speculation
LEGAL SIGNIFICANCE: The Epstein-Wexner power of attorney became an important exhibit in understanding how Epstein accumulated his wealth and built the financial infrastructure that supported his criminal enterprise. The arrangement illustrated the extraordinary access and authority that Epstein obtained through his financial management role and the degree to which his wealth may have been derived from, or augmented by, his management of Wexner's assets.