JP Morgan Bank May Have Had Closer Ties with Jeffrey Epstein Than it Admitted

JP Morgan Bank May Have Had Closer Ties with Jeffrey Epstein Than it Admitted

By: Ellen Cans

New evidence shows that JP Morgan Bank may have had deeper ties with Jeffrey Epstein than the bank previously acknowledged.

As reported by the Wall Street Journal, two lawsuits filed in Manhattan Federal Court against JP Morgan late last year, are now drawing attention to the financial institute’s extensive ties with Epstein.  The late financier, who died by suicide in his New York jail cell in 2019 while awaiting trial on sex-trafficking charges, had been convicted of soliciting a minor for prostitution back in 2008.

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The two most recent lawsuits allege that JPMorgan Chase “turned a blind eye” to the evidence, and knowingly benefitted from Epstein’s sex trafficking. The pair of suits were brought: one by a woman who has accused Epstein of sexual abuse, and the other by U.S. Virgin Islands, where Epstein had a private island getaway for his alleged disrepute.  The suits allege that the banking giant moved the money that was used to pay off Epstein’s purported victims, making the bank an enabler.  The suits also allege that JPMorgan executives and compliance staffers repeatedly warned the bank about unusual activity by Epstein and classifying them as ‘high risk’.  “See below new allegations of an investigation related to child trafficking—are you still comfortable with this client who is now a registered sex offender,” one compliance officer wrote in a 2010 email, as per a recent filing in the Virgin Islands suit.   Per the WSJ, JPMorgan kept its ties with Epstein at that time and allowed him to borrow against his $50 million account that year.

JPMorgan closed Epstein’s accounts in 2013. JPMorgan has said that it can’t be held liable for the crimes of a client. In relation to the two lawsuits, JPMorgan has given the court documents regarding interactions between Epstein and some 20 bank executives and employees. Many of them have given sworn testimony in depositions.  Last week, a judge ruled that Chief Executive Jamie Dimon will also be questioned in May, for up to seven hours in depositions, in regards to accusations of complicity by the bank, per CNBC.  The fresh documents, uncovered in the suits, show that Epstein was treated by the bank like a star client – even after his first conviction.

Per the WSJ, the documents show that Mary Erdoes, a top lieutenant to CEO Dimon, visited Epstein’s Manhattan townhouse in 2011 and 2013. Ms. Erdoes had previously stated, through a JPMorgan spokesman, that the only time she remembered meeting Mr. Epstein was when she dismissed him from being a client of JPMorgan’s private bank. Ms. Erdoes declined to comment for the WSJ.

Justin Nelson, one of Epstein’s bankers at JPMorgan, also visited Epstein’s townhouse about seven times between 2014 and 2017, and he also traveled to Epstein’s ranch in New Mexico in Jan. 2016, as per sources for the WSJ.

A JPMorgan spokesman said the bank’s level of interaction with Epstein was not out of the ordinary for a client of the private bank. The spokesman also said that all meetings held with Epstein after 2013, were in regard to the accounts of other JPMorgan bank clients whom Epstein represented.  JPMorgan has argued that Jes Staley, former chief of investment banking at the bank, should be held legally responsible and not the bank. The bank sued Staley last month, alleging he concealed his “inappropriate relationship” with Epstein. For his part, Mr. Staley has said he did not know about Epstein’s alleged crimes and regrets their long-standing friendship.