Staff Reports
Some of the women who accused Jeffrey Epstein, an American financier, of sexual assault have sued the banks, claiming that they enabled his alleged exploitation of minors.
The lawsuits, which were filed in New York, demanded monetary damages and class-action status. They were brought by the lawyers who regularly defended the women who accused Epstein.
In the case of Deutsche Bank, some of the conclusions of the investigation conducted by the New York state financial regulator regarding the bank's relationship with Epstein are cited. The bank's lawsuit also mentioned the connection between Epstein and a former JPMorgan executive.
One of the lawsuits that was filed against JPMorgan involved a former ballet dancer who says that she was sexually assaulted by Epstein from 2006 to 2013. She claims that he recruited other women, including his friends, for his sexual exploitation. The lawsuit also claims that large sums of money were withdrawn from the bank to pay the women.
Another woman sued Deutsche Bank, claiming that she was sexually assaulted by Epstein from 2003 to 2018. She also claims that the bank failed to act on numerous warning signs about his activities. According to the New York State Financial Regulator, there were over 40 accounts at Deutsche Bank that were linked to Epstein.
According to the lawsuits, both Deutsche Bank and JPMorgan were aware of Epstein's activities and enabled him to pay women for sex. He admitted in 2008 that he had used a minor to solicit prostitution. After he admitted his involvement in sex trafficking, both the banks continued working with him. Epstein, who was awaiting trial, passed away in 2019.
The lawsuits against JPMorgan claim that Epstein started working with the company in 1998. He then formed a close bond with one of the bank's senior executives, who was the head of its private banking division. When their relationship started to deteriorate in 2013, Epstein started working with Deutsche Bank.
The lawsuits against JPMorgan claim that the bank failed to act on warnings about Epstein's activities in order to gain financial gain. During the peak of his activities, he allegedly introduced one of the bank's executives to wealthy clients, and helped the bank complete a deal to acquire a majority stake in a private equity fund.
The lawsuits also claimed that the accounts of a long-time Epstein associate, known as Ghislaine Maxwell, were held by JPMorgan. From 1999 to 2007, she was allegedly paid over $31 million by Epstein as a reward for her assistance in sex trafficking. The court documents additionally indicated that during his time in Florida, while he was serving a prison sentence following his 2008 guilty plea, Mr. Staley visited him.
Paul Morris, who was one of Epstein's private wealth managers at both Deutsche Bank and JPMorgan, was sued by the women who accused him of helping Epstein despite his prior conviction. In 2013, he reportedly informed the banks' executives that his client's accounts could generate up to $300 million in annual fees and money flows.
In 2020, the New York State's financial regulator revealed that some of the money that Epstein made from his accounts were suspicious. For instance, he allegedly made over $2.65 million in payments to the beneficiaries of his trust fund, which was known as the Butterfly Trust. Some of the other payments that he made to individuals who were identified as coconspirators in his previous cases included rent, hotel accommodations, and tuition.
Following allegations made against Epstein in 2018, Deutsche Bank decided to cut ties with him. However, the lawsuit claimed that a representative of the company provided letters to other financial institutions regarding its client.
His estate was worth over $577 million, which has been the focus of various lawsuits. Last year, Maxwell was convicted for her role in helping Epstein recruit and groom young women for his sexual exploitation.
The preceding is a summary of an article that originally appeared on The Daily Cable.
