The 1991 Power of Attorney
In 1991, Leslie Wexner granted Jeffrey Epstein a power of attorney giving Epstein authority to act on Wexner’s behalf in financial matters. The scope of the document was described as broad.
What the Document Authorized
A power of attorney for financial matters can authorize the holder to: open and close bank accounts, buy and sell assets, make investments, hire and fire employees, enter into contracts, and make gifts in the name of the grantor.
The Unusual Scope
Financial advisors with legitimate client relationships typically operate within defined mandates they can invest according to agreed parameters but do not hold full power of attorney. The scope of Epstein’s authorization over Wexner’s affairs was extraordinarily broad for what was nominally an arm’s-length professional relationship.
The Mansion Transfer
The 1996 transfer of the Manhattan townhouse was one documented use of or consequence of this relationship. Whether the power of attorney was directly used, the transfer illustrated the degree of financial intimacy.
Wexner’s Later Account
Wexner described discovering that Epstein had misused his access, taking money beyond what was authorized. The precise amount allegedly misappropriated was not publicly established.