Francisco D’Agostino, a Venezuelan businessman once sanctioned by the United States for helping Caracas evade oil restrictions, maintained a close relationship with disgraced American financier Jeffrey Epstein, pitching business deals, offering political intelligence and proposing introductions to some of Venezuela’s most powerful figures, newly released records show.

Emails made public by the U.S. Justice Department reveal that D’Agostino — brother-in-law of veteran opposition leader Henry Ramos Allup — communicated frequently with Epstein beginning in 2012, as Venezuela grappled with uncertainty over President Hugo Chávez’s declining health – and after Epstein had been arrested on state felony charges of procuring a minor for prostitution and solicitation of a prostitute.

The correspondence shows D’Agostino positioning himself as a bridge between Epstein and Venezuela’s political and financial elite between 2012 and 2018, before Washington imposed sweeping sanctions on the country’s oil industry.

A ‘fun’ friendship

The relationship appears to have begun after D’Agostino visited Epstein’s private island in the U.S. Virgin Islands, later central to federal sex-trafficking allegations against the financier.

“I had so much fun in Little St. Jeffrey,” D’Agostino wrote in an Oct. 2, 2012, email. “The water gazelle is really stunning... what a beautiful and smart girl. Anyway, I enjoyed very much talking to you and would love to continue to explore the different possibilities to make some money together… I see the beginning of a fun longlasting friendship.” One of the documents did not redact the name of the person D’Agostino was referring to, but the Miami Herald withheld the woman’s name. The names of several Epstein victims have appeared unredacted in the documents made public so far.

Epstein responded warmly in subsequent exchanges and sought D’Agostino’s advice as Venezuela entered a politically fragile moment.

In December 2012, with Chávez battling cancer in Cuba, D’Agostino offered blunt political analysis.

“It seems very accurate that Chavez has about 6 months left or less,” he wrote, noting that the constitution would require elections within 30 days of the president’s death. “I think there is a very high probability that someone from the Chavez movement, but less radical will win the elections.”

Chávez died on March 5, 2013. His successor, Nicolás Maduro, narrowly won the following month’s presidential vote in an election the opposition heavily denounced as fraudulent.

D’Agostino also visited Epstein in New York several times throughout the years, according to emails between the two as well as schedules sent to Epstein shared in the trove of documents.

On Oct. 12, 2012, Epstein wrote to D’Agostino, “ah [redacted] I will see if she is can stay tomorw” and appears to attach a photo of a woman, whose face has been redacted, wearing lingerie.

Later, in 2013, D’Agostino sent Epstein an email that in part says “I want to take [redacted] to Los Roques. Is that cool with you?”

D’Agostino also sent Epstein a colorful New Years Eve message in 2013 “I hope the three magic kings arrive for you,” he wrote, followed by : “Fuc’KING’ Drin’KING’ And Smo’KING’.”

Oil, bonds and political access

At the same time, D’Agostino advised Epstein on potential investments in bonds issued by Venezuela’s state oil company, Petróleos de Venezuela, PDVSA. Beginning in 2012, Epstein purchased at least $4.5 million in PDVSA bonds set to mature in 2015 — just as Venezuela’s oil revenues were beginning a steep decline.

Over 2014 and 2015, the country’s oil revenues fell roughly 40%, according to public data, amid collapsing global prices, rising corruption and plunging production.

In another email, D’Agostino outlined a series of introductions he could arrange for Epstein during a proposed trip to Venezuela — a list that reads like a cross-section of the country’s power structure at the height of Chávez’s influence.

He proposed meetings with Baldo Sansó, described as a financial advisor to PDVSA and brother-in-law of then–oil minister Rafael Ramírez; General Alejandro Andrade, head of Venezuela’s treasury and a close Chávez ally; and Jorge Hernández, whom he characterized as “one of Chavez closest friends.”

He also mentioned Yuchi Chen, described as the Chinese government’s representative in Venezuela overseeing bilateral agreements — a key role at a time when Beijing was extending billions of dollars in oil-backed loans to Caracas.

Beyond political insiders, D’Agostino suggested introductions to major private-sector figures, including telecom executives Eduardo Stigol of Intercable and Oswaldo Cisneros of Digitel — whom he described as “probably the wealthiest Venezuelan” — as well as banker José María Nogueroles, owner of BNC, the institution D’Agostino indicated they were interested in acquiring.

He also highlighted Alejandro Betancourt, co-founder of Derwick Associates, noting that the then-34-year-old businessman had secured more than $3 billion in government contracts and calling him a “very very interesting kid.”

The breadth of names — spanning oil, finance, telecommunications, banking, the military and Chinese state interests — underscores the level of access D’Agostino was signaling he could provide as he courted Epstein’s business.

In a Nov. 6, 2012, email, he wrote: “Alejandro Betancourt, my business partner, and I are available to meet you Monday November 19th. Shall we have lunch? Your place?”

Though they floated several dates for possible meetings in Caracas, it remains unclear whether Epstein ever made it.

In a Nov. 7, 2012, email, Epstein appears to reply to “Larry,” a likely a reference to Epstein’s pilot, Larry Visoski, that he does not “want to risk” going to Caracas.

In earlier emails, “Larry” tells Epstein that a company called “Hyperion Aviation” had been “involved with Drugs in Venezuela” in August 2012. Larry’s company’s name was “Hyperion Air, Inc.” which raised a “Red Flag,” the pilot said.

Later, Epstein tells D’Agostino that he would have to subject himself and his crew to a two-hour search if he were to go, so he didn’t think he was going to go through with it.

Years later: sanctions and scrutiny

In 2019, both D’Agostino and Epstein came under scrutiny from U.S. authorities.

The U.S. Treasury Department sanctioned D’Agostino for allegedly operating in Venezuela’s oil sector and materially assisting PDVSA after Washington imposed sweeping restrictions on the industry.

“D’Agostino was designated today for operating in the oil sector of the Venezuelan economy and because he has materially assisted, sponsored, or provided financial, material, or technological support for goods and services to back PDVSA,” Treasury said at the time.

Epstein was arrested the same year by federal authorities for charges related to alleged sexual abuse years earlier at Epstein’s homes in Palm Beach and Manhattan.

According to U.S. authorities, D’Agostino worked alongside Colombian businessman Álex Saab and others to coordinate the purchase and sale of Venezuelan crude.

Saab was extradited to the United States from Cape Verde and held in Miami as the lead defendant in a $350 million money-laundering conspiracy case tied to Maduro. The case was dismissed in December 2023 after then-President Joe Biden pardoned Saab as part of a prisoner exchange with the Venezuelan government. Saab was released and returned to Venezuela.

More than two years later — and weeks after Maduro was seized by U.S. forces in early January on drug-trafficking charges filed in New York — Saab could again face scrutiny from U.S. prosecutors in Miami, according to sources familiar with the matter, though no new charges have been publicly announced.

Treasury also sanctioned associates, companies and vessels allegedly involved in a network used by Maduro’s former oil minister, Tareck El Aissami, to evade sanctions and resell Venezuelan crude through clandestine channels.

The sanctions froze any assets under U.S. jurisdiction. Treasury removed D’Agostino from its sanctions list last year.

Separately, Derwick Associates has faced allegations from Transparencia Venezuela, the local chapter of Transparency International, which has estimated that the company overcharged the Venezuelan state by as much as $2.9 billion — allegations the company and its executives have denied.

Spanish media outlets reported in 2024 that Spain’s National Court had opened a preliminary inquiry into alleged financial irregularities involving former Derwick executives, including D’Agostino. He has denied holding any formal role at the firm and has not been convicted of wrongdoing.

D’Agostino has long drawn scrutiny in Venezuela because of his business ties and family connections. He is the brother of Diana D’Agostino, who is married to Ramos Allup, leader of Acción Democrática, one of the country’s principal opposition parties.

A revealing exchange

The newly released correspondence adds another layer to the complex web linking Venezuela’s embattled oil sector, politically connected businessmen and international financiers whose dealings spanned continents.

A visit to Epstein’s island was a recurring theme in the emails. In January 2013, Epstein invited D’Agostino back, telling him to “visit when you like.”

D’Agostino replied: “By the way…how is my water gazelle???”

Epstein responded that she was “here and naked.”

Later that year he asked again ‘How is the gazelle?” to which Epstein responded “two new ones added to the collection.”

Epstein was arrested in July 2019 on federal sex-trafficking charges and later found dead in a New York jail cell, in what authorities ruled a suicide.

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