The only problem with the "not compromat" theory is, why was he so wealthy? Or is there a simple story behind that, that I have been misled about.
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He helped rich people hide money. For example, if they were in a divorce, so they wouldn't have to split it 50/50. By cavorting with the rich he was able to find the richest of clients.
He could have been funded by an intel agency, but I don't like to believe things just because it might be true if there isn't really better evidence.