Jeffrey Epstein’s victims fear they won’t get a penny in compensation as paedo moved £475million fortune into a shady secret trust days before suicide
PAEDO Jeffrey Epstein’s victims face not get a penny compensation because he moved his massive £475million fortune into a secret trust just before he killed himself.
It's been revealed the shamed tycoon instructed lawyers to put all his assets into the trust 48 hours before he hanged himself in his New York jail cell.
However, as the paperwork was filed in the US Virgin Islands legal experts now fear it will be very difficult for his victims to get anything from his estate.
Adam Horowitz, a US attorney who settled eight civil lawsuits against Epstein on behalf of victims a decade ago, said the trust will be now have to be interpreted under local law.
While most American states have a laws related to trusts and avoiding creditors - like Epstein’s sexual assault victims - Horowitz said he is not sure the same rules apply in the tax haven.
"The creditors are going to have to become well-versed in Virgin Islands law,” Horowitz told the Sun-Sentinel today.
"It could be very different from Florida or New York law.”
However, before news of Epstein's will broke overnight, Mr Horowitz admitted he feared the worst.
“He knew that people were bringing claims against him . . . he may well have shielded his assets,” he
“It wouldn’t surprise me if a large portion of his estate is protected.”
However, he believes those fighting for compensation may have a legal case to challenge the move.
"The fact that he took his own life just two days later suggests he may not have been of sound mind,” said Horowitz.
"On the other hand, it can be argued that it was all very calculated by someone who knew exactly what they were doing.”
Some legal experts now say the trust move sums Epstein up.
“He is in some way as brilliant in death as he was in life — an evil genius,” said James Marsh, a lawyer for two Epstein accusers told the
He added that he would either hire an associate in the Virgin Islands to help him navigate the court system there or have to pass its bar exam himself.
On Saturday, Lisa Bloom, who represents two of Epstein’s alleged victims, called on the administrator of Epstein’s estate to freeze his assets “so his victims can get full and fair compensation for the life-long injuries he caused them”.
PAEDO'S ASSETS: Breakdown of Jeffrey Epstein's fortune
- Cash: $56,547,773
- Fixed income: $14,304,679
- Equities: $112,679,138
- Hedge funds and private equity: $194,986,301
- Properties
- Manhattan townhouse: $55,931,000
- New Mexico Zorro Ranch: $17,246,208
- Florida pad: $12,380,209
- Paris apartment: $8,672,823
- Two isles in Virgin Islands: $Total 86,372, 823
One of those suing his estate is actress Jennifer Araoz who claims Epstein raped her in 2002 when she was 15, after a “recruiter” working for the tycoon groomed her under the guise of career help.
Launching her lawsuit in New York last week Araoz told reporters: "“Today is my first step toward reclaiming my power.
“Jeffrey Epstein and his network of enablers stole from me. They robbed me of my youth, my identity, my innocence and my self-worth. For too long, they escaped accountability.”
The father of a woman who claims she was abused by Epstein is today demanding justice.
Paul Sjoberg believes Epstein’s death in custody 10 days ago should not mean his daughter Johanna and other victims are denied justice.
Urging that all those involved in the abuse be probed, he said: “The investigation must continue. I don’t know what Johanna thinks but for me, it should. Justice must be done.”
However, news of Epstein's trust move is now being seen as a major setback for all those seeking payback.
WILL SHOCK
A source told the : “It’s pretty boiler-plate — it’s what we call a ‘pour-over will,’ which means everything pours over to a trust. It’s done that way for privacy reasons.
“What is more unusual is the date, the fact that all of this was done just days before he died,’’ said the source, who asked to remain anonymous.
“He probably knew he was going to take his own life. He could have thought: ‘I need to get my ducks in a row.’”
The 21-page filing includes a copy of Epstein’s death certificate from August 15, five days after his suicide - and lists ‘Immediate Cause: Pending Further Study’.
New York’s Medical Examiner’s Office has since ruled that Epstein killed himself.
The will notes that Epstein’s only potential heir was his brother Mark Epstein.
Its executors are named as two of Epstein’s long-time employees, lawyer Darren Indyke and businessman Richard Kahn.
A third man, Boris Nikolic, is listed as an alternate.
They are set to receive £206,000 for their work on Epstein’s estate.
The 66-year-old’s will was filed with court officials in St. Thomas in the US Virgin Islands.
Who is Jeffrey Epstein and what was he accused of?
Jeffrey Epstein is a US financier who was convicted of soliciting an underage girl for prostitution in 2008.
He was arrested on July 6, 2019 for sex trafficking minors in Florida and New York.
Epstein was arrested on July 6, 2019 on sex trafficking charges.
Court documents allege that at least 40 underage girls were brought to Epstein’s mansion for sexual encounters.
He was arrested at Teterboro Airport in New Jersey.
FBI agents are also said to have broken down the door to his Manhattan townhouse.
He pleaded not guilty to child sex trafficking charges in New York and could face 45 years in prison if found guilty.
On July 18, a federal judge said that the disgraced financier presented a "danger to the community" and must stay in one of New York's toughest prisons while he awaits a trial over the sex trafficking accusations.
The shamed financier was locked up amid fears he would flee the country.
Epstein owned two isles in the Virgin Islands worth a total of more than $86 million (£70 million).
One of the Caribbean isles, Little St. James Island, was dubbed “Paedophile Island’’ by locals who said they witnessed a parade what looked like barely legal girls there.
Epstein had been sued by a multitude of sex accusers before his death and now victims are going for a slice of his fortune.
Newly unearthed court documents have claimed that Epstein once had three 12-year-old girls from poor families flown in from France as a sick birthday present for himself.
Virginia Roberts said in court papers that the girls who were flown in were molested by the financier and returned to France the following day.
She said: “The worst one that I heard from his own mouth was this pretty 12-year-old girls he had flown in for his birthday.”
Epstein signed his last will and testament on August 8 - two days before he killed himself while awaiting trial on child sex charges.
DODGING JUSTICE
The disgraced financier was found “unresponsive” in his cell at around 6.30 am local time on Saturday August 10.
He had been on suicide watch at the prison, having been found with marks around his neck on 23 July.
But sources report he was taken off suicide watch after just one week.
Epstein's suicide by hanging came just 12 days after being removed from the suicide watch.
His death sparked outrage as many believed he was "dodging justice”.
Epstein was to face a 45-year prison sentence if convicted of multiple counts of sexually abusing underage girls.
Guards, who were meant to be overseeing the 66-year-old, reportedly fell asleep for three hours before he hanged himself and then faked the logs to cover their mistakes.
The two guards in the special housing unit where Epstein was held should have been checking on him every 30 minutes, according to protocol.
MOST READ IN NEWS
But they had actually been asleep for some or all of the three hours at the Metropolitan Correctional Center, officials told the New York Times.
US Attorney General William Barr has shaken up leadership at the federal Bureau of Prisons following the suicide.
He has removed its acting chief. Kathleen Hawk Sawyer, a veteran of the Bureau of Prisons, will return to the agency to serve as its director.
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