Other documents allege JPMorgan executives knew about Epstein’s sex crimes

[ad_1]

Jeffrey Epstein’s misdeeds were known to JPMorgan executives several years before the bank severed ties with the financier, according to new court documents.

JP Morgan’s relationship with Epstein in allowing his sex trafficking business to access large sums of money each year went well beyond a normal (and legal) banking relationship, according to the filing, which also alleged that JPMorgan executives reported potentially suspicious cash withdrawals made by Epstein.

Epstein was a client of the bank from 1998 to 2013. He was a registered sex offender during the final years of his relationship with JPMorgan, following a 2008 conviction for sex crimes involving an underage girl.

He died in prison in 2019 while awaiting trial on federal charges of operating a sex trafficking ring in the early 2000s.

The recent court filings are part of a lawsuit against JPMorgan by the US Virgin Islands, where Epstein had a home. There are currently several lawsuits against JPMorgan over its ties to the disgraced financier.

Wednesday’s filing revealed that Mary Erdoes, CEO of JPMorgan Asset & Wealth Management, admitted in her deposition that JPMorgan knew in 2006 that Epstein was accused of paying cash for underage girls and young women to be brought at his house, according to CNBC.

JPMorgan declined to comment on the filing with CNBC.

Lawyers for the bank have denied claims that the executives knew of crimes for which Epstein was awaiting trial at the time of his death and accused the US Virgin Islands government of searching deeper pockets in court records.

Wednesday’s filing shows that bank executives debated whether it was appropriate to continue working with Epstein as early as 2006. JPMorgans’ rapid response team noted that Epstein was withdrawing between $40,000 and $80,000 in cash several times a month, totaling more than $750,000 a year, The Independent reported.

The team decided that his accounts would be classified as high risk, but the bank maintained a relationship with him for several more years, according to the filing.

[ad_2]