US Virgin Islands Sues JPMorgan Over Jeffrey Epstein Sex Trafficking Scheme

Mr. Epstein was a client of JPMorgan’s high-end banking services for 15 years, a relationship that continued well after his 2008 conviction even though the bank’s employees raised alarms about the legal and reputational risks. The bank ejected him as a client in 2013.

Tuesday’s lawsuit, parts of which were redacted from public view, said the bank’s failure to cut ties with Mr. Epstein after his 2008 conviction, as well as its failure to scrutinize his activities when new sexual abuse allegations against him became public, amounted to helping Mr. Epstein carry out his schemes.

The lawsuit cited civil racketeering claims that the territory’s attorney general, Denise N. George, filed in 2020 against Mr. Epstein’s estate. The 2020 case described a complex operation focused on bringing women and girls to Little St. James Island, where they were abused and then paid to stay silent.

On Nov. 30, Ms. George and the estate announced an agreement to settle the case for around $105 million, including $80 million in repayments to the government for tax benefits that Mr. Epstein inappropriately obtained, and about half the proceeds from the sale of Mr. Epstein’s island, which could total $55 million. Neither the estate nor its executors admitted wrongdoing as part of the settlement.

This week’s lawsuit against JPMorgan seeks to force the bank to turn over profits from its business with Mr. Epstein and his companies and to pay unspecified amounts in penalties and damages to the government.

Article source: https://www.nytimes.com/2022/12/28/business/jeffrey-epstein-jpmorgan-virgin-islands.html