JPMorgan processed more than $1 bln for Epstein, US Virgin Islands says
Source: Reuters
August 31, 2023 9:02 PM EDT
NEW YORK, Aug 31 (Reuters) - A lawyer for the U.S. Virgin Islands said on Thursday that JPMorgan Chase (JPM.N) told U.S. authorities it processed more than $1 billion for Jeffrey Epstein over 16 years. JPMorgan reported the transactions as suspicious to the U.S. Treasury Department following Epstein's suicide in 2019, Mimi Liu, a lawyer for the territory, said at a hearing concerning its lawsuit against the largest U.S. bank.
Reuters did not view the bank's disclosures to the Treasury, which are not public. A JPMorgan spokesperson declined to comment. Epstein had been a JPMorgan client from 1998 to 2013, when the bank fired him. The disgraced financier had been awaiting trial on sex trafficking charges at the time of his death.
The U.S. Virgin Islands, where Epstein owned two private islands, is suing JPMorgan for at least $190 million and likely much more, saying it ignored red flags that Epstein was running a sex trafficking operation because he was a lucrative client. JPMorgan has denied knowing that Epstein was running a sex trafficking operation, and has faulted the territory for having a cozy relationship with him.
Liu mentioned the $1 billion amount, which had not been previously disclosed, in arguing that U.S. District Judge Jed Rakoff in Manhattan should find before the case goes to trial that the bank participated in Epstein's sex trafficking. She said no reasonable juror could find that JPMorgan was in the dark about its jet-setting client. "JPMorgan was a full service bank for Jeffrey Epstein's sex trafficking," Liu said.
Read more: https://www.reuters.com/legal/jpmorgan-processed-more-than-1-bln-epstein-us-virgin-islands-says-2023-09-01/
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