In a shocking revelation, court filings made public by U.S. Virgin Islands officials have accused JPMorgan Chase of maintaining ties with the disgraced financier Jeffrey Epstein until just a few months before his death in 2019. The U.S. territory has filed a lawsuit against the New York-based bank, alleging that it not only facilitated Epstein’s heinous abuse of young women and child sex trafficking but also continued to engage in business with him even after officially closing his accounts.
Epstein’s association with JPMorgan dates back to 1998 when the bank became his banker, a relationship that spanned 15 years. However, in 2013, Deutsche Bank took over his accounts after JPMorgan had “exited” him as a client. The recent court documents indicate that despite officially ending the formal banking relationship, JPMorgan still accepted referrals from Epstein right up until his arrest in 2019.
The bank’s executives have been at odds over the handling of Epstein’s accounts. According to the filings, one of the bankers responsible for managing Epstein’s accounts was authorized to maintain the relationship as “a potential source of referrals.” This illustrates how the bank continued to tap into Epstein’s extensive network of wealthy individuals despite his widely-known status as a convicted sex offender. Shockingly, the banker met with Epstein at least eight times during this period.
JPMorgan’s decision to retain Epstein as a client is believed to have been influenced by the substantial revenue he brought to the bank’s private wealth division. In 2003, he was the unit’s top revenue generator, surpassing all other clients by a significant margin. Epstein’s connections reportedly led to high-value clients, including prominent figures like Google co-founder Sergey Brin, which benefited the bank’s business.
The lawsuit filed by the U.S. Virgin Islands seeks $190 million in damages. However, JPMorgan has denied the allegations and expressed remorse for its previous association with Epstein. The bank has countered the charges by accusing the U.S. territory of attempting to deflect blame from its own failure to take appropriate action against Epstein’s crimes.
While the bank has settled lawsuits brought by Epstein’s victims for substantial amounts, the current litigation by the U.S. Virgin Islands sets a different tone. The filings indicate that JPMorgan was aware of the allegations against Epstein and even flagged suspicious activities on his accounts, but chose not to act. The lawsuit filed by the U.S. Virgin Islands seeks $190 million in damages. However, JPMorgan has denied the allegations and expressed remorse for its previous association with Epstein.
The most damning evidence revealed in the documents is the existence of emails exchanged between JPMorgan executives, which indicated their knowledge of Epstein’s preference for young women. In one such email from 2012, an executive made a disturbing comparison of a client’s house to Epstein’s, referring to the latter’s residence as having “nymphettes.” Compliance staffers also raised concerns about Epstein’s involvement with a young woman who opened accounts at JPMorgan’s private bank under Epstein’s sponsorship.
Court documents suggest that from 2006 to 2013, Epstein utilized his JPMorgan account to send substantial amounts of money to alleged co-conspirators, some of whom were located in Eastern Europe. The bank also facilitated payments for school tuition and rent expenses for women linked to Epstein.
In conclusion, the allegations against JPMorgan Chase in its handling of business with Jeffrey Epstein reveal a dark and disturbing chapter in the bank’s history. The bank’s continued association with Epstein, even after his convictions, raises serious questions about ethical practices and the responsibility of financial institutions in preventing and reporting criminal activities. As the case unfolds, the world watches closely to see how justice will be served for Epstein’s victims and whether accountability will be held against the financial behemoth that stood by his side until the very end.