A sociology professor has claimed that Jeffrey Epstein made his fortune through blackmail and embezzling millions from his own charities. Thomas Volscho, of the College of Staten Island, said the financier was a 'fraudster' who used threats to avoid repaying investors.
Volscho, who is writing a book about Epstein, said the source of his wealth has long been a 'mystery'. He pointed to a Virgin Islands corporate filing showing Epstein’s company had $82 million, and a deed for 14 parcels of land belonging to Johnson & Johnson heiress Elizabeth Ross Johnson. Epstein may have helped develop her Lightning Tree Farm in Dutchess County, a property worth $28 million.
The professor also referenced an NBC investigation which found that several organisations had not received donations Epstein claimed to have made through his charities, the Jeffrey Epstein VI Foundation and Gratitude America Ltd. 'I always suspected he was embezzling funds,' Volscho said. 'NBC is reporting that the charities hadn’t really received the donations he’d reported. So that could be a source of his finances.'
Volscho asserted that Epstein 'engaged in blackmail', but did not provide details. He cited court filings from Virginia Roberts, who claimed Epstein told her 'information is king' and that Bill Clinton visited because 'he owes me a favour'. 'Does he get investment money for his hedge fund that way? That’s a strong possibility. Does he not have to pay back investors using blackmail as a threat? That’s a possibility,' Volscho said.
Epstein also lied about his education, claiming he studied physics at Cooper Union when he mostly attended NYU. Volscho described Epstein’s finances as a 'major mirage', saying he would manage money, borrow against it, and count that as part of his hedge fund.
