Les Wexner “Conned” By Epstein
Billionaire retail magnate Les Wexner told U.S. lawmakers this week that he was “naive” and “conned” by disgraced financier Jeffrey Epstein, offering his most detailed public account yet of how Epstein gained extraordinary control over his personal finances and inner circle. “Jeffrey Epstein would “name drop” President Donald Trump as one of the many high-profile people he claimed to know, billionaire retail magnate Leslie Wexner said this week in a congressional deposition about the notorious sex offender,” according to CNBC News.
He appeared before a committee who was examining the failures connected directly to Epstein. This was a relationship that began in the 1980’s, and he describes as being a profound betrayal.
Epstein, who died in federal custody in 2019 while awaiting trial on sex trafficking charges, cultivated relationships with politicians, academics, business leaders and royalty, presenting himself as a financial mastermind and philanthropist. His arrest and subsequent death ignited questions about how he maintained access to powerful circles for decades.
Relationship Built On Trust
Les Wexner, the founder of L Brands and architect of a vast retail empire that once included Victoria’s Secret and Bath & Body Works, was for years Epstein’s most prominent client. In the 1990’s, Les Wexner was able to grant Epstein a full power of attorney (POA), which granted him access to billions of dollars in assets.
Lawmakers pressed Wexner on why he would entrust such authority to someone with an opaque background. Wexner acknowledged that the decision now seems inexplicable. “I did not conduct the level of due diligence I should have,” he said. “I allowed myself to be impressed by credentials and introductions that, in hindsight, were carefully constructed illusions.”
At the absolute peak of the association between them, Epstein was able to manage foundations and oversee Wexner’s investments. Epstein also acquired a townhouse from Wexner, one of the biggest private residences in the city at the time.
Courtesy of Mike Goad (Flickr CC0)Claims of Deception
Wexner told lawmakers he began to suspect financial irregularities in the mid-2000s. He said he ultimately discovered that Epstein had misappropriated significant sums of money. Wexner has previously stated that Epstein stole “vast amounts” from him, though exact figures have never been publicly detailed.
During the hearing, Wexner described confronting Epstein and severing ties. “When I realized I had been deceived, I terminated every relationship immediately,” he said. “I regret not seeing the warning signs sooner.”
Committee members questioned how Epstein, who lacked a formal financial services firm and whose academic claims were later debunked, managed to present himself as an elite adviser. Wexner attributed Epstein’s success to social engineering and an ability to exploit elite networks. “He was highly skilled at telling people what they wanted to hear,” Wexner said. “He created an aura of exclusivity and intelligence that masked his true character.”
Scrutiny of Powerful Associations
Lawmakers are examining whether institutions, including universities, financial firms and government agencies, failed to act decisively when warning signs emerged. Wexner’s testimony adds to that narrative, highlighting how personal trust and reputation can override caution. “U.S. House Democrats who deposed Les Wexner at his New Albany mansion Wednesday say they have doubts about Wexner’s denials regarding his ties to convicted sex offender Jeffrey Epstein,” according to WOSU News.
Several members of Congress expressed sympathy for Wexner’s claim of deception but emphasized that his experience underscores systemic weaknesses. “This was not just one con,” one lawmaker said during the hearing. “It was a pattern of manipulation that thrived in elite environments.”
Victims and Accountability
The focus of the hearing repeatedly returned to Epstein’s victims. Survivors have long argued that the powerful men in Epstein’s orbit enabled him, whether knowingly or through negligence. Wexner said he had no knowledge of Epstein’s abuse while their relationship was ongoing and condemned the crimes in unequivocal terms.
“My heart goes out to every victim,” he said. “Had I known anything about this conduct, I would have acted immediately and decisively.”
Oversight and Influence
Wexner’s appearance before Congress also raises broader questions about governance and accountability in private wealth management. Granting power of attorney over vast fortunes is rare but not unprecedented among ultra-wealthy individuals who rely on trusted advisers. Financial experts note that such arrangements require rigorous oversight mechanisms to prevent abuse.
The hearing concluded without immediate legislative proposals, but committee leaders indicated they are considering reforms related to financial transparency and institutional reporting obligations. They also signaled further testimony from other individuals who had ties to Epstein.
A Tarnished Legacy
“I cannot undo the past,” Wexner said in closing remarks. “But I can acknowledge my mistakes and support efforts to ensure this never happens again.”
Lawmakers are continuing to see the connections that are being made and that were made before with Epstein, and are trying to crack down on all people associated with him.
Sources:
WOSU News: U.S. House Democrats say they don’t believe Les Wexner’s denials about ties to Jeffrey Epstein
CNBC News: Epstein would ‘name drop’ Trump, Les Wexner says in deposition video
Featured Image Courtesy of Wexner Center’s Flickr Page – Creative Commons License
Inset Image Courtesy of Mike Goad’s Flickr Page – Creative Commons License
