In April 1981, Jeffrey Epstein testified before the Securities and Exchange Commission as part of an inquiry involving trading in St. Joe Minerals securities. Epstein described himself as a limited partner and account executive at Bear Stearns who assisted the sales force with commodities and financial-futures recommendations. The questioning focused heavily on his recent departure from the firm, his handling of client accounts and an incident in which he had loaned money to a close friend who used it in connection with a brokerage account. Epstein acknowledged making the loan but insisted it had not been concealed and said he had not initially understood that such an arrangement presented a regulatory problem.
Epstein maintained that his resignation was unrelated to the St. Joe Minerals investigation and said he left because he was dissatisfied with how Bear Stearns handled the inquiry into the loan. He repeatedly denied discussing St. Joe Minerals with members of the firm’s executive committee and portrayed his departure as voluntary, submitting resignation letters dated March 12 and March 25. The testimony also revealed details about his rapid rise at Bear Stearns and his compensation: he said he had earned more than $200,000 the previous year, including a $135,000 bonus, and expected another sizable payment after leaving. Overall, the deposition showed Epstein defending his conduct, minimizing the seriousness of the loan arrangement and distancing his resignation from the securities matter under investigation.
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