The victims who pursue monetary settlements from the estate of Jeffrey Epstein can wait 30 years or more before they see any compensation due to the fact that he has deposited his Last Will and Testament on the US Virgin Islands.
That's because there are only two people who handle all probate cases in the US Virgin Islands, and those are the same two people who are also responsible for all traffic and small claims on US territory.
In addition, the heirs of Epstein's legacy remain unknown because he has placed his fortune in trust, and those individuals will have access to the money that remains for them in the time needed to settle the case.
However, victims can receive significant settlements from the estate, and soon, if the government seeks a civil claim for confiscation.
And Epstein seems to be eligible, as it seems that he has accumulated his fortune on the millions he earned while working at Towers Financial, in an arrangement that has been successfully prosecuted by the US Attorney & # 39; s Office.
The only thing the government has to prove is that the $ 460 million worth of counterfeit banknotes and bonds sold during Epstein's term laid the foundation for his fortune, in which case they could successfully conquer his entire estate.
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Size is important: there are only two judges in the US Virgin Islands, where Jeffrey Epstein (above in 2005) has filed his will and testament, and they also handle traffic and minor claims
Home: Victims who have filed settlement claims against the Epstein estate will probably have to wait 20 or 30 years before they can see money (Epstein & # 39; s house on the Virgin Islands above)
Confiscation of civilian assets is a process whereby the government can confiscate the assets of a person if it is determined that they have been obtained illegally.
The money seized in these cases is almost always used to first pay a refund to victims who have submitted claims against the estate.
This happened in 1995, when the government was able to successfully collect $ 180 million from the Swiss bank accounts of the Colombian drug lord Julio Cesar Nasser David and his wife, which was a record amount at the time.
In more recent years, $ 2.2 billion was raised from the widow of Bernie Madoff investor Jeffry Picower, although she had not committed any illegal acts and was unaware of the Ponzi scheme of the disgraced financier.
Epstein began to build his fortune, worth $ 600 million per his will and testament, during his days at Towers Financial.
Steven Hoffenberg already committed illegal activities in 1987 when Jeffrey Epstein joined him at Towers Financial and lied about the money the collection agency took to pursue new investors.
Hoffenberg explained it a little differently in an interview on the Broken: Jeffrey Epstein podcast, which says: & # 39; We were stuck in this accounting estimation problem that they call illegality. & # 39;
It was at that time that he was introduced to Jeffrey Epstein, who after being fired from Bear Sterns had traveled around the world for six years and had worked for men as international arms dealer Adnan Khashoggi.
Conspirator: Epstein could be said to have built up his entire $ 600 million fortune with the sale of $ 460 million in counterfeit banknotes at Towers Financial (partner of Epstein at Towers, Steve Hoffenberg in 1993)
He described Epstein as an & # 39; extraordinary beautiful personality & # 39; and noted: & # 39; Epstein came under your skin. He discovered you immediately and he was able to beautify and tell you what you wanted to hear. & # 39;
That was certainly the case with Hoffenberg, who said that Epstein's response to the situation at Towers Financial would double.
& # 39; I was shocked at his way of thinking in the criminal mindset. Jeffrey Epstein came in and took over as the expert brain of this part of the Towers Financial scam, & said Hoffenberg.
Epstein's first conspiracy failed miserably, with his failed bids to purchase Pan American Airways and later Emery Air Freight Corp on the back of Towers who took over two failing insurance companies.
He and Hoffenberg then went in a different direction and began to sell investors false bonds on the debts that Towers would collect.
According to Hoffenberg, this scheme was applied several times by the men and earned hundreds of millions of dollars for the company.
They did this by showing investors debt information, some of which were medical bills that were completely fake and that were used by taking names from a New York City phone book.
The men even invested the investors to see their employees working hard to collect debts in a carefully choreographed routine according to court records.
At the same time, Epstein cut himself checks for advisory fees, but did it all quietly and under the radar.
He was never charged with indictment when the fraud was committed, and Hoffenberg never brought him to court.
However, he prosecuted Epstein after his release and was sentenced to 20 years in prison for his crimes in 1993.
And so, since Epstein's money seems to have been earned here, in a scheme that has been successfully prosecuted by the US Attorney's Office, it would make sense for the government to make an attempt to forfeit civilian assets.
Otherwise, the two candidate judges in the US Virgin Islands will spend decades selecting the estate.
Money matters: his only heir is mentioned as his brother Mark (above with Maria Marra in 2016) although it says that he would only be ready to receive all personal belongings from Epstein without testament
Epstein named his brother Mark the only heir and named old lawyer Darren Indyke and close friend Richard Kahn as the executors of his estate.
He placed all his interests in a trust that he called The 1953 Trust, presumably after the year of his birth.
Epstein divided his personal belongings into 12 categories:
- CASH: $ 56,547,773
- FIXED INCOME INVESTMENTS: $ 14,304,679
- Shares: $ 112,679,138
- AVIATION ASSETS, CAR & # 39; S, BOATS: $ 18,551,700
- HEDGE FUNDS, PRIVATE OWN INVESTMENTS: $ 194,986,301
- NYC MANSION (9 EAST 71ST STREET): $ 55,931,000
- NEW MEXICO PROPERTY (ZORRO RANCH): $ 17,246,208
- PARIS APARTMENT (AVENUE FOCH): $ 8,672,823
- PALM BEACH MANSION (EL BRILLO DRIVE): $ 12,380,209
- LARGE SAINT JAMES (US VIRGIN ISLANDS): $ 22,498,600
- SMALL HOLY JAMES & RED HOOK HARBOR: $ 63,874,223
- FINE ARTS, ANTIQUE, OTHER PROPERTY: TBD
That amounts to $ 577,672,654 in personal belongings.
This number is likely to exceed $ 600 million once Epstein's other assets are included in the comparison.
In addition to his brother, Epstein is survived by two aunts, an uncle and a cousin who all live in New York.
Indyke, a Florida resident and New York-based Kahn, were both called executors, despite the fact that neither of the men lives in the US Virgin Islands.
Victims' lawyers quickly filed motions in the days after his death so that they could begin the process of filing a claim on part of Epstein's estate
Bradley Edwards filed a Caveat of Notice of Trust for two of his Palm Beach clients within two days of Epstein's suicide. Other lawyers did the same in both Florida and New York.
Now they are again stuck waiting for their day in court.
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