by Pam Martens and Russ Martens, Wall St On Parade:
The Attorney General’s office of the U.S. Virgin Islands (USVI) has filed a First Amended Complaint against JPMorgan Chase that has less redactions than an earlier version. The complaint makes devastating and detailed charges. It charges that the bank sat on a pile of evidence that Jeffrey Epstein was running a child sex trafficking ring as it continued to keep him as a client; accept his lucrative referrals of wealthy clients; and provided him with large sums of cash and wire transfers to pay off victims – one of whom was a “14-year old sex slave.”
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Attorneys for the bank are now resisting allowing Chairman and CEO Jamie Dimon from being deposed under oath in the matter as to what he knew and when he knew it.
The case is USVI v JPMorgan Chase Bank N.A. (22-cv-10904) in U.S. District Court for the Southern District of New York. As is becoming a regular occurrence when there is a politically sensitive case involving JPMorgan Chase, Judge Jed Rakoff is the presiding judge. (See Judge Rakoff Signs a Dangerous Protective Order in Whistleblower Case Against 5-Count Felon JPMorgan Chase.)
The lawsuit includes the following charges against JPMorgan Chase, the largest bank in the United States with more than 5,000 local branches serving mom and pop accounts:
“JP Morgan did business with Jeffrey Epstein from as early as 1998 to 2013. In that time, JP Morgan serviced approximately fifty-five Epstein-related accounts collectively worth hundreds of millions of dollars.
“…at least 20 individuals paid through JP Morgan accounts were victims of trafficking and sexual assault in Little St. James, New York, and/or other Epstein properties. These women were trafficked and abused during different intervals between at least 2003 and July 2019, when Epstein was arrested and jailed, and these women received payments, typically multiple payments, between 2003 and 2013 in excess of $1 million collectively. Epstein also withdrew more than $775,000 in cash over that time frame from JP Morgan accounts, especially significant as Epstein was known to pay for ‘massages,’ or sexual encounters, in cash. Financial information also reflects payments drawn from JP Morgan accounts of nearly $1.5 million to known recruiters, including to the MC2 modeling agency, and another $150,000 to a private investigative firm.”
“In 2006, JP Morgan’s Global Corporate Security Division found ‘[s]everal newspaper articles . . . that detail the indictment of Jeffrey Epstein in Florida on felony charges of soliciting underage prostitutes.’ At that time, JP Morgan decided to continue doing business with Epstein but concluded his account ‘should be classified as high risk’ and require special approval.”
“In January 2011, JP Morgan’s AML [Anti Money Laundering] compliance director requested re-approval for the bank’s relationship with Epstein from JP Morgan’s then-General Counsel ‘in light of the new allegations of human trafficking . . .’ Another JP Morgan employee responded: ‘I thought we did that in approving a $50 million new line of credit last month?’ ”
“In JP Morgan’s January 2011 review of Epstein’s accounts, the bank concluded there were ‘no material updates’ but noted: ‘A few news stories during 2010 connects Jeffrey Epstein to human trafficking. The coverage team . . . all met to discuss the situation and agreed to enhance monitoring and document a discussion with the client. Jes Staley discussed the topic with Jeffrey Epstein who replied there was no truth to the allegations, no evidence and was not expecting any problems…”
“In March 2011, JP Morgan’s Global Corporate Security Division reported:
“Numerous articles detail various law enforcement agencies investigating Jeffrey Epstein for allegedly participating, directly or indirectly, in child trafficking and molesting underage girls. Jeffrey Epstein has settled a dozen civil lawsuits out of court from his victims regarding solicitation for an undisclosed amount.”
“JP Morgan’s banking relationship with Epstein was known at the highest levels of the bank. For instance, an August 2008 internal email states, ‘I would count Epstein’s assets as a probable outflow for ’08 ($120mm or so?) as I can’t imagine it will stay (pending Dimon review).’ ”
Let’s pause right here for a moment. JPMorgan Chase has a history of employing some of the most sophisticated sleuths in the country, including people with prior employment at the CIA, FBI and Secret Service. To believe that JPMorgan Chase did not know what Epstein was all about by 2011 is to believe in the tooth fairy.
In July 2006, the Palm Beach, Florida Police Chief, Michael Reiter, had handed a deeply investigated case over to the FBI according to the courageous reporting of Julie K. Brown in the Miami Herald in November of 2018. According to Brown, by November 2006, “The FBI begins interviewing potential witnesses and victims from Florida, New York and New Mexico.” It took just eight months of FBI interviews for the U.S. Attorney’s office to have a 53-page Federal indictment ready to file against Epstein involving sexual assaults against multiple underage girls. But the indictment was never filed. (You can read the sordid details of how the case was corrupted by the leading U.S. Attorney for the Justice Department, Alex Acosta, in the Miami Herald here.)
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