The Wexner Power of Attorney: Analysis of an Unprecedented Transfer of Control

The Scope of the Power of Attorney

In 1991, Les Wexner, founder and chairman of Limited Brands (the parent company of Victoria’s Secret, Bath and Body Works, and other brands), granted Jeffrey Epstein one of the broadest private powers of attorney ever documented in the financial world. This document, which became public knowledge through journalist Vicky Ward, gave Epstein the right to “buy, sell, exchange, borrow, invest, pay, disburse, and generally manage” any of Wexner’s assets.

In practical terms, this power of attorney placed Epstein in a position rarely occupied even by the closest family members or trusted partners: full financial control over the fortune of a man whose wealth was measured in billions of dollars.

The Nature of the Wexner-Epstein Relationship

How did Epstein — a man without recognized financial credentials and without an apparent client portfolio — acquire such limitless trust from one of America’s wealthiest men? This question remained a puzzle for decades and has still not been fully answered.

Journalists and investigators reconstructed the timeline of the acquaintance: Wexner and Epstein met in the late 1980s through mutual acquaintances in New York business circles. Wexner was known for his trusting nature and his tendency to delegate financial matters to persons he trusted. Even so, it remains unclear why he granted Epstein such absolute authority without adequate safeguards.

Financial Benefits Epstein Obtained

Through the power of attorney (and other arrangements with Wexner) Epstein acquired:

• A Manhattan townhouse of approximately 21,000 square feet, which Wexner purchased and transferred to Epstein under circumstances that remain unexplained;
• Little Saint James island in the U.S. Virgin Islands;
• The “Zorro Ranch” estate in New Mexico;
• Access to Wexner’s aircraft and yacht;
• The ability to attract clients through Wexner’s referrals.

Their relationship ruptured around 2007, following Epstein’s first arrest in Florida. Wexner publicly stated that Epstein had abused his trust for years and had misappropriated “more than $46 million.”

Legal and Regulatory Questions

The power of attorney raised questions that neither criminal nor civil proceedings has fully answered. Did Wexner know what Epstein was actually doing? Did Epstein use leverage over Wexner — such as compromising material — to maintain his privileged position?

A Senate Finance Committee report published in 2020 disclosed that JPMorgan maintained accounts for both Wexner and Epstein and that the bank may have observed unusual transfers between the two clients. These questions remain without definitive answers and are part of the broader unresolved question about the network of enablers that allowed Epstein to accumulate billions.