Recently, the relationship between JPMorgan Chase and the deceased child sex trafficker Jeffrey Epstein was deeper than the firm initially acknowledged, according to new reports.
According to a new report from the Wall Street Journal, executives at JPMorgan Chase maintained close ties to Epstein even after his 2008 conviction for procuring the prostitution of a minor. The Wall Street Journal reported:
Mary Erdoes, a top lieutenant to Chief Executive Jamie Dimon, made two trips to Epstein’s townhouse on Manhattan’s Upper East Side, in 2011 and 2013, when Epstein still was a client of the bank, said the people familiar with the matter. She exchanged dozens of emails with him and discussedsharing with him fees related to a charitable fund the bank was considering launching, the people said.
The people said that John Duffy, who ran JPMorgan’s U.S. private bank for the ultrarich, went to Epstein’s townhouse for a meeting in April 2013. One month later, the private bank renewed an authorization allowing Epstein to borrow money against his accounts despite repeated warnings from compliance staffers about his unusual banking practices.
The people said that Justin Nelson, one of Epstein’s bankers at JPMorgan, had about a half-dozen meetings at Epstein’s townhouse between 2014 and 2017. He also traveled to Epstein’s ranch in New Mexico in 2016, the people said.
CEO of JPMorgan Chase, Jamie Dimon, is set to be deposed regarding the firm’s relationship with Epstein. Attorneys have uncovered internal corporate communications indicating a “Dimon review” into Epstein’s client status. However, the corporation has denied that Dimon had any knowledge of the supposed review. JPMorgan Chase faces legal action from the U.S. Virgin Islands and an unnamed Epstein victim claiming the firm benefited from the sexual predator’s crimes.
The American Tribune further reported on the allegations against JPMorgan Chase:
That allegation comes from the Financial Times, which reported that JP Morgan was aware by 2006 that Epstein had been accused of paying cash for young girls to be brought to his home, but then waited seven long years to drop him as a client. In fact, they even decided that Epstein “should go” in 2010, but then took three long years to actually drop him.
The allegation that it took seven years for the bank to drop Epstein after it knew what he was up to came from Mary Erdoes, who is now the head of asset management at JP Morgan. She said under oath in a recent deposition that JPMorgan knew about the accusations by 2006, the year he was arrested for soliciting a minor for prostitution in Florida.
Those allegations come as a result of a lawsuit brought by the US Virgin Islands against JP Morgan. In the lawsuits, the Virgin Islands is alleging that JP Morgan profited from human trafficking by maintaining Epstein as a client even after he was arrested for soliciting a minor for prostitution. JP Morgan has referred to the claim as “meritless.” The US Virgin Islands officials are seeking damages from the bank.
Jamie Dimon is set to testify under oath next month regarding the firm’s relationship with Epstein.
"*" indicates required fields