A month after Jeffrey Epstein’s death in jail, JPMorgan Chase alerted U.S. authorities about over one billion dollars in suspicious transactions linked to him. This was revealed in recently unsealed court documents.
On September 26, 2019, the bank filed a Suspicious Activity Report (SAR) detailing Epstein’s dealings from 2003 to 2019. These transactions involved various companies, high-profile individuals, and two Russian banks, Alfa Bank and Sberbank.
In the report, JPMorgan highlighted concerns about Epstein due to negative media coverage regarding his alleged sex trafficking of minors, financial misappropriation claims, multiple bank accounts, and connections to two U.S. presidents.
Epstein was arrested in July 2019 on charges of trafficking underage girls and died by suicide in jail shortly after. The unsealed records, part of a lawsuit between the U.S. Virgin Islands and JPMorgan Chase, also reveal that in 2023, the bank agreed to pay $290 million to settle a class-action lawsuit from Epstein’s survivors and another $75 million to the U.S. Virgin Islands, where Epstein owned an island.
Public demand for transparency about Epstein has increased globally. The Justice Department feels pressure to disclose more details about its investigation, and lawmakers are actively seeking information.
Among the newly released documents are emails between Epstein and Jes Staley, a former JPMorgan executive who resigned from Barclays amid scrutiny over his ties to Epstein. In court, Staley acknowledged he had a sexual relationship with one of Epstein’s assistants but claimed ignorance about Epstein’s dealings with underage girls.
Interestingly, earlier communications from Epstein suggested he could help Staley recruit high-profile clients, including tech giants like the co-founders of Google. None of these figures have been accused of wrongdoing.
JPMorgan had flagged Epstein’s accounts multiple times before his death and closed them in 2013 after he pleaded guilty to state charges and reached a non-prosecution agreement. The unsealed records date back as far as 2002, showing a long history of concern over Epstein.
Patricia Wexler, a spokesperson for JPMorgan, stated that while the SARs confirm the bank’s awareness of Epstein’s activities, it appears no law enforcement actions were taken based on these reports for years.
One significant Wall Street figure involved was Leon Black, an associate of Epstein who argued he only sought Epstein’s advice for tax and estate planning. In fact, he reportedly parted ways with Epstein because of his disruptive behavior.
Senator Ron Wyden has raised questions about whether JPMorgan ignored Epstein’s conduct for profit. In response, the bank claimed that except for Staley, its executives acted with integrity and wouldn’t have kept Epstein as a client if they knew about his crimes.
As this case unfolds, the impact on the banking and legal systems raises questions about accountability and the responsibilities of financial institutions in monitoring suspicious activity.
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