Court Documents: Hedgefund Billionaire Implicated In Child-Sex Scandal
According to Business Insider, billionaire Glenn Dubin “is stepping back from the hedge fund industry to invest in private markets, a decision he said has nothing to do with his family’s connections to Jeffrey Epstein, he told Reuters” in January.
- Dubin “is the founder of multiple funds, including Highbridge Capital Management and, most recently, Engineers Gate, and has worked in hedge funds for 40 years. Now, he'll focus on his family office and other activities,” the report said.
- Dubin told Reuters that “his decision was unrelated to media reports about his family’s connections with Epstein, who was a convicted pedophile,” wrote Business Insider.
- Last month, Business Insider published an investigation “detailing how the relationship between Epstein and the Dubin family was much more complex than previously known. In August, Business Insider highlighted the family's social, philanthropic, and financial ties with Epstein over decades, including hedge fund investments made before Epstein went to jail in 2008 on charges including procuring a minor for prostitution,” the report stated.
- Recently released court documents from a case related to Epstein’s close associate Ghislaine Maxwell alleged that Dubin had participated in Epstein’s sex trafficking scheme. Reporter Andrew Feinberg posted on Twitter an excerpt from one of the documents:
- In his interview with Reuters, Dubin called the news coverage “false.” Dubin is now “returning his equity stake in the company – he invested about $100 million in 2014 – and turning over leadership to Greg Eisner,” Business Insider reported.
"It has always been my intention to pass the reins to the next generation of leaders at the right time and, as part of that plan, Greg has in essence been the acting CEO of Engineers Gate for the last few years," Dubin wrote in a Friday email to staff reviewed by Business Insider. "In a sense, after forty years, I am looking forward to transitioning from being an 'Investment Manager' to an 'Investor.'"
- Before Engineers Gate, “Dubin cofounded Highbridge Capital Management with childhood friend Henry Swieca in 1992,” the report continued. “JPMorgan bought a majority stake in the manager in 2004 and then acquired the rest of the firm in 2009. In June, Business Insider reported Highbridge was winding down its $2 billion multi-strategy fund to focus on the credit business.”