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JPMorgan accused of continued ties with Jeffrey Epstein
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JPMorgan Chase maintained ties with the sex trafficker and financier Jeffrey Epstein until just a few months before his suicide in 2019, a court filing claims.
The US Virgin Islands government, pursuing a lawsuit against the bank, alleges JPMorgan continued to handle business related to Epstein, despite removing him as a client in 2013.
While their ongoing relationship is partially redacted, the banker responsible for Epstein's accounts was permitted to maintain contact as a "potential source of referrals."
Read More: US Virgin Islands seeks $190 million from JPMorgan in Epstein case
The US Virgin Islands claims Epstein brought high-end clientele, including Google co-founder Sergey Brin.
He was kept as a client due to the lucrative business he brought to their private wealth division.
According to court documents, in 2003, he was the unit’s "top revenue generator", bringing in over twice the amount earned by the next biggest client.
JPMorgan had served as Epstein's banker for 15 years until 2013, when Deutsche took over his accounts.
However, new documents indicate the bank went beyond handling his personal holdings.
Read More: JPMorgan reaches $290 million settlement with Jeffrey Epstein’s victims
It also opened accounts for his alleged victims and co-conspirators while managing financial transactions between them.
JPMorgan had expressed regret for its past association with Epstein but denied complicity in his crimes, instead accusing the US Virgin Islands government of facilitating those crimes.
The ongoing litigation by the US Virgin Islands stands apart from settlements reached with Epstein's victims against JPMorgan and Deutsche Bank for $290 million and $75 million, respectively.
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Plaintiffs claim JPMorgan was aware of Epstein's criminal activities and suspicious account transactions but failed to take action.
Court documents reveal JPMorgan held bank accounts not only for Epstein but also for those linked to his abuse, including recruiters and accomplices.
From 2006 to 2013, Epstein used his JPMorgan account to send substantial sums to these individuals, with some payments sent via foreign wires to Eastern Europe.
The bank was also involved in handling payments for school tuition and rent expenses for some women associated with Epstein.
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