[GRADE B -- CBS News, New York Times reporting + EFTA documents, February 2026]
On December 28, 2012 -- four days after the family visit to Little St. James Island -- Lutnick and Epstein each signed agreements to acquire stakes in AdFin Solutions Inc., a digital advertising technology company.
Lutnick's spokesperson claimed he "would not have any knowledge of who the other investors were" as a minority investor. However:
WHAT THIS SHOWS AND DOES NOT SHOW: The documents establish a direct co-investment between Lutnick and Epstein, executed days after a personal visit, with ongoing business communications through 2018. The claim of not knowing co-investors is contradicted by the timeline (island visit → 4 days → joint signing) and the continued direct communications about the venture. This does NOT establish illegal activity -- co-investing in a startup is legal regardless of the character of other investors. However, it directly refutes Lutnick's public claim of having "cut ties" with Epstein in 2005.