Jeffrey Epstein's Ex-Deutsche Bank Wealth Manager Leaves U.S. Firm

While the reason for his departure remains unclear, the U.S. Department of Justice released a trove of materials earlier this year related to its investigation on Epstein. In them, Oldfield's work during his tenure at Deutsche Bank, leading a team that served the late financier, was detailed in several excerpts.

His other clients while working in wealth management at Germany's biggest bank included Third Lake Capital, a Florida-based family office for the billionaire Wanek dynasty behind U.S. home-wear giant Ashley Furniture Industries.

As a result, their private investment firm was one of several which also found some of their innermost details publicly disclosed as part of the so-called Epstein Files, raising concern over unwarranted harm to their reputations.

Robert Forsythe, head of the Waneks' family office, is an indirect shareholder of Third Lake Associates as well as another firm where Oldfield held an executive role, filings show. Both companies are registered to the same Florida address as the Waneks' family office, along with others bearing the Third Lake title that span real estate development and accounting services.

In a Feb. 5 post on X, Ashley Furniture said neither the company nor its owners "ever" had any business, financial or personal relationship with Epstein. That came after social media users posted a list of Deutsche Bank accounts that included those for the billionaire family and late financier.

A representative for Third Lake Capital and the Waneks, who aren't accused of any wrongdoing, declined to comment. The family have a net worth of about $6.6 billion through their Arcadia, Wisconsin-based furniture-maker, according to the Bloomberg Billionaires Index.

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Deutsche Bank became Epstein's main financial institution after JPMorgan Chase & Co ended an approximately 15-year relationship with the convicted sex offender in 2013. Oldfield took on Epstein's account in 2017 and set about trying to develop a relationship with the financier and his family office, Southern Financial, according to the files.

A spokesperson for Deutsche Bank declined to comment. The lender has previously said it deeply regrets its historical association with Epstein and learned from its shortcomings. It has paid more than $200 million in total fines and lawsuit settlements in relation to its past dealings with him, without admitting any wrongdoing.

Client profiles for Deutsche Bank's wealth-management plans for 2018 cite Oldfield as Epstein's primary contact and describe an "opportunity to grow" its dealings with the former Bear Stearns trader, despite citing him as being among the German lender's "most challenging" clients.

The Frankfurt-based bank severed its relationship with Epstein in 2019, shortly before federal authorities charged him with sex-trafficking offenses and he died by suicide in a Manhattan prison cell.

Oldfield, meantime, left the German lender the next year, when he was discharged after allegations related to a "lack of expected" diligence over a client relationship, filings show. There's no suggestion he was aware of Epstein's crime.

Oldfield, a Georgetown University finance graduate, spent about six years at Deutsche Bank after joining the lender from Credit Suisse, where he worked more than a decade.

In late 2020, he joined Third Lake Partners, an offshoot of the Waneks' family office that's open to money from other members of the world's ultra-wealthy, serving as chief strategy officer, regulatory filings show. He was registered from early 2024 at Third Lake Associates, which facilitates transactions across public and private markets, according to its website.

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